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OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) | |||||||
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Three Months Ended June 30, | ||||||
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2015 |
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2014 | ||||
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Cash flows from operating activities: |
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Net income for the period |
$ |
68,769 |
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|
$ |
88,148 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization of intangible assets |
64,585 |
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|
56,194 |
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Share-based compensation expense |
6,107 |
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|
4,199 |
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Excess tax benefits on share-based compensation expense |
(64) |
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|
(169) |
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Pension expense |
1,194 |
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|
1,268 |
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Amortization of debt issuance costs |
1,146 |
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|
1,131 |
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Amortization of deferred charges and credits |
2,632 |
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|
2,667 |
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Loss on sale and write down of property and equipment |
1,250 |
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|
— |
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Deferred taxes |
(10,541) |
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|
(8,131) |
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Release of unrealized gain on marketable securities to income |
— |
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— |
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Write off of unamortized debt issuance costs |
— |
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— |
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Changes in operating assets and liabilities: |
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Accounts receivable |
(33,371) |
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|
(36,315) |
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Prepaid expenses and other current assets |
467 |
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|
29,771 |
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Income taxes |
1,579 |
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|
5,730 |
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Deferred charges and credits |
— |
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— |
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Accounts payable and accrued liabilities |
31,033 |
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|
(3,600) |
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Deferred revenue |
70 |
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|
(3,421) |
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Other assets |
(3,039) |
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|
(2,558) |
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Net cash provided by operating activities |
131,817 |
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|
134,914 |
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Cash flows from investing activities: |
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Additions of property and equipment |
(16,460) |
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|
(13,825) |
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Proceeds from maturity of short-term investments |
9,925 |
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— |
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Purchase of Actuate Corporation, net of cash acquired |
(32) |
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— |
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Purchase of GXS Group, Inc., net of cash acquired |
— |
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|
785 |
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Purchase consideration for prior period acquisitions |
— |
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|
(222) |
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Other investing activities |
(1,659) |
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— |
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Net cash used in investing activities |
(8,226) |
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|
(13,262) |
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Cash flows from financing activities: |
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Excess tax benefits on share-based compensation expense |
64 |
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|
169 |
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Proceeds from issuance of Common Shares |
2,413 |
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|
5,090 |
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Purchase of Treasury Stock |
(8,875) |
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— |
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Repayment of long-term debt |
(9,799) |
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|
(13,412) |
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Debt issuance costs |
(195) |
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|
(653) |
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Payments of dividends to shareholders |
(24,455) |
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|
(21,001) |
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Net cash used in (provided by) financing activities |
(40,847) |
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(29,807) |
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Foreign exchange gain (loss) on cash held in foreign currencies |
4,078 |
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(26) |
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Increase in cash and cash equivalents during the period |
86,822 |
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|
91,819 |
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Cash and cash equivalents at beginning of the period |
613,177 |
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|
336,071 |
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Cash and cash equivalents at end of the period |
$ |
699,999 |
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$ |
427,890 |
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