OpenText Reports Second Quarter Fiscal Year 2018 Financial Results

 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands of U.S. dollars, except share and per share data)

(unaudited)

 
 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

2017

 

2016

 

2017

 

2016

Revenues:

             

License

$

135,244

   

$

97,764

   

$

213,475

   

$

158,420

 

Cloud services and subscriptions

208,121

   

175,061

   

401,974

   

344,748

 

Customer support

308,070

   

219,656

   

603,474

   

429,862

 

Professional service and other

82,970

   

50,228

   

156,169

   

101,343

 

Total revenues

734,405

   

542,709

   

1,375,092

   

1,034,373

 

Cost of revenues:

             

License

4,587

   

2,391

   

7,547

   

6,236

 

Cloud services and subscriptions

90,418

   

73,150

   

174,748

   

143,442

 

Customer support

33,194

   

27,349

   

65,985

   

53,087

 

Professional service and other

64,985

   

40,295

   

124,444

   

81,638

 

Amortization of acquired technology-based intangible assets

47,128

   

24,848

   

91,088

   

47,983

 

Total cost of revenues

240,312

   

168,033

   

463,812

   

332,386

 

Gross profit

494,093

   

374,676

   

911,280

   

701,987

 

Operating expenses:

             

Research and development

80,304

   

64,721

   

157,933

   

123,293

 

Sales and marketing

129,142

   

102,651

   

251,964

   

197,799

 

General and administrative

48,985

   

39,914

   

97,900

   

78,111

 

Depreciation

22,071

   

15,301

   

40,949

   

30,571

 

Amortization of acquired customer-based intangible assets

46,268

   

33,815

   

90,057

   

67,423

 

Special charges

715

   

11,117

   

18,746

   

23,571

 

Total operating expenses

327,485

   

267,519

   

657,549

   

520,768

 

Income from operations

166,608

   

107,157

   

253,731

   

181,219

 

Other income (expense), net

5,547

   

(3,558)

   

15,771

   

3,141

 

Interest and other related expense, net

(34,092)

   

(27,743)

   

(67,380)

   

(55,018)

 

Income before income taxes

138,063

   

75,856

   

202,122

   

129,342

 

Provision for (recovery of) income taxes

53,146

   

30,822

   

80,515

   

(828,603)

 

Net income for the period

$

84,917

   

$

45,034

   

$

121,607

   

$

957,945

 

Net (income) loss attributable to non-controlling interests

194

   

(12)

   

100

   

(39)

 

Net income attributable to OpenText

$

85,111

   

$

45,022

   

$

121,707

   

$

957,906

 

Earnings per share—basic attributable to OpenText

$

0.32

   

$

0.18

   

$

0.46

   

$

3.92

 

Earnings per share—diluted attributable to OpenText

$

0.32

   

$

0.18

   

$

0.46

   

$

3.89

 

Weighted average number of Common Shares outstanding—basic

265,504

   

245,653

   

265,153

   

244,282

 

Weighted average number of Common Shares outstanding—diluted

266,857

   

247,501

   

266,549

   

246,123

 

Dividends declared per Common Share

$

0.1320

   

$

0.1150

   

$

0.2640

   

$

0.2300

 

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