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OPEN TEXT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) | |||||||||||
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Year Ended June 30, | ||||||||||
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2015 |
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2014 |
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2013 | ||||||
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Cash flows from operating activities: |
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Net income for the period |
$ |
234,406 |
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$ |
218,074 |
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$ |
148,520 |
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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 |
240,147 |
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|
186,177 |
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186,851 |
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Share-based compensation expense |
22,047 |
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19,906 |
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15,575 |
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Excess tax benefits on share-based compensation expense |
(1,675) |
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|
(1,844) |
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(915) |
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Pension expense |
4,796 |
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3,232 |
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1,448 |
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Amortization of debt issuance costs |
4,556 |
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3,191 |
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2,123 |
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Amortization of deferred charges and credits |
10,525 |
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11,307 |
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11,815 |
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Loss on sale and write down of property and equipment |
1,368 |
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15 |
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24 |
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Deferred taxes |
(14,578) |
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(12,334) |
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(5,796) |
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Release of unrealized gain on marketable securities to income |
(3,098) |
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— |
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— |
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Write off of unamortized debt issuance costs |
2,919 |
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— |
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— |
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Changes in operating assets and liabilities: |
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Accounts receivable |
43,189 |
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(17,186) |
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|
17,965 |
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Prepaid expenses and other current assets |
(3,534) |
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|
11,146 |
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|
4,242 |
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Income taxes |
2,933 |
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|
11,308 |
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(17,053) |
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Deferred charges and credits |
— |
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|
9,870 |
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(9,274) |
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Accounts payable and accrued liabilities |
(22,714) |
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(36,478) |
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(41,947) |
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Deferred revenue |
6,775 |
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16,601 |
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5,418 |
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Other assets |
(5,031) |
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(5,858) |
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(494) |
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Net cash provided by operating activities |
523,031 |
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|
417,127 |
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|
318,502 |
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Cash flows from investing activities: |
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Additions of property and equipment |
(77,046) |
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(42,268) |
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(23,107) |
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Proceeds from maturity of short-term investments |
17,017 |
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— |
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— |
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Purchase of patents |
— |
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(192) |
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(192) |
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Purchase of Actuate Corporation, net of cash acquired |
(291,800) |
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— |
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— |
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Purchase of Informative Graphics Corporation, net of cash acquired |
(35,180) |
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— |
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— |
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Purchase of GXS Group, Inc., net of cash acquired |
— |
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(1,076,886) |
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— |
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Purchase of Cordys Holding B.V., net of cash acquired |
— |
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(30,588) |
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— |
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Purchase of EasyLink Services International Corporation, net of cash acquired |
— |
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— |
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(315,331) |
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Purchase of Resonate KT Limited, net of cash acquired |
— |
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— |
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(19,366) |
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Purchase of ICCM Professional Services Limited, net of cash acquired |
— |
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— |
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(11,257) |
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Purchase of System Solutions Australia Pty Limited, net of cash acquired |
— |
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— |
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(516) |
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Purchase of a division of Spicer Corporation |
(222) |
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— |
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— |
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Purchase consideration for prior period acquisitions |
(590) |
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(887) |
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(875) |
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Other investing activities |
(10,574) |
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(2,547) |
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(3,750) |
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Net cash used in investing activities |
(398,395) |
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(1,153,368) |
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(374,394) |
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Cash flows from financing activities: |
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Excess tax benefits on share-based compensation expense |
1,675 |
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1,844 |
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|
915 |
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Proceeds from issuance of Common Shares |
15,240 |
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24,808 |
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16,347 |
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Equity issuance costs |
— |
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(144) |
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— |
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Purchase of Treasury Stock |
(10,126) |
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(1,275) |
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— |
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Proceeds from long-term debt |
800,000 |
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|
800,000 |
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— |
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Repayment of long-term debt |
(530,284) |
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(45,911) |
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(30,677) |
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Debt issuance costs |
(18,271) |
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(16,685) |
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— |
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Payments of dividends to shareholders |
(87,629) |
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(74,693) |
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(17,703) |
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Net cash used in (provided by) financing activities |
170,605 |
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|
687,944 |
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(31,118) |
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Foreign exchange gain (loss) on cash held in foreign currencies |
(23,132) |
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|
5,742 |
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(2,292) |
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Increase (decrease) in cash and cash equivalents during the period |
272,109 |
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|
(42,555) |
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(89,302) |
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Cash and cash equivalents at beginning of the period |
427,890 |
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|
470,445 |
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|
559,747 |
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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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$ |
470,445 |
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