OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(unaudited)

Three Months Ended March 31,

Nine Months Ended March 31,

2015

2014

2015

2014

Cash flows from operating activities:

Net income for the period

$

26,491

$

45,796

$

165,637

$

129,926

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of intangible assets

63,195

52,353

175,562

129,983

Share-based compensation expense

6,562

4,418

15,940

15,707

Excess tax benefits on share-based compensation expense

16

(594)

(1,611)

(1,675)

Pension expense

1,180

1,174

3,602

1,964

Amortization of debt issuance costs

1,135

1,016

3,410

2,060

Amortization of deferred charges and credits

2,630

2,706

7,893

8,640

Loss on sale and write down of property and equipment

118

—

118

15

Deferred taxes

(5,256)

(1,005)

(4,037)

(4,203)

Release of unrealized gain on marketable securities to income

(3,098)

—

(3,098)

—

Write off of unamortized debt issuance costs

2,919

—

2,919

—

Changes in operating assets and liabilities:

Accounts receivable

36,311

9,953

76,560

19,129

Prepaid expenses and other current assets

(3,304)

(14,464)

(4,001)

(18,625)

Income taxes

(10,245)

3,169

1,354

5,578

Deferred charges and credits

—

1,382

—

9,870

Accounts payable and accrued liabilities

(16,421)

(22,032)

(53,747)

(32,878)

Deferred revenue

39,450

60,156

6,705

20,022

Other assets

1,428

(2,614)

(1,992)

(3,300)

Net cash provided by operating activities

143,111

141,414

391,214

282,213

Cash flows from investing activities:

Additions of property and equipment

(12,325)

(8,215)

(60,586)

(28,443)

Proceeds from maturity of short-term investments

7,092

—

7,092

—

Purchase of patents

—

—

—

(192)

Purchase of Actuate Corporation, net of cash acquired

(291,768)

—

(291,768)

—

Purchase of Informative Graphics Corporation, net of cash acquired

(35,180)

—

(35,180)

—

Purchase of GXS Group, Inc., net of cash acquired

—

(1,077,671)

—

(1,077,671)

Purchase of Cordys Holding B.V., net of cash acquired

—

—

—

(30,588)

Purchase of a division of Spicer Corporation

—

—

(222)

—

Purchase consideration for prior period acquisitions

(147)

(222)

(590)

(665)

Other investing activities

(482)

(1,573)

(8,915)

(2,547)

Net cash used in investing activities

(332,810)

(1,087,681)

(390,169)

(1,140,106)

Cash flows from financing activities:

Excess tax benefits on share-based compensation expense

(16)

594

1,611

1,675

Proceeds from issuance of Common Shares

3,689

14,289

12,827

19,718

Equity issuance costs

—

(144)

—

(144)

Purchase of Treasury Stock

(1,251)

(1,275)

(1,251)

(1,275)

Proceeds from long-term debt

800,000

800,000

800,000

800,000

Repayment of long-term debt

(493,655)

(13,412)

(520,485)

(32,499)

Debt issuance costs

(16,673)

(15,759)

(18,076)

(16,032)

Payments of dividends to shareholders

(21,075)

(18,224)

(63,174)

(53,692)

Net cash used in financing activities

271,019

766,069

211,452

717,751

Foreign exchange gain (loss) on cash held in foreign currencies

(10,953)

915

(27,210)

5,768

Increase (decrease) in cash and cash equivalents during the period

70,367

(179,283)

185,287

(134,374)

Cash and cash equivalents at beginning of the period

542,810

515,354

427,890

470,445

Cash and cash equivalents at end of the period

$

613,177

$

336,071

$

613,177

$

336,071