OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

(unaudited)

Three Months Ended March 31,

Nine Months Ended March 31,

2018

2017

2018

2017

Revenues:

License

$

84,113

$

87,227

$

297,588

$

245,647

Cloud services and subscriptions

209,102

177,109

611,076

521,857

Customer support

312,279

263,436

915,753

693,298

Professional service and other

80,385

65,358

236,554

166,701

Total revenues

685,879

593,130

2,060,971

1,627,503

Cost of revenues:

License

3,098

4,008

10,645

10,244

Cloud services and subscriptions

94,264

77,225

269,012

220,667

Customer support

33,820

34,442

99,805

87,529

Professional service and other

64,246

55,529

188,690

137,167

Amortization of acquired technology-based intangible assets

47,303

39,285

138,391

87,268

Total cost of revenues

242,731

210,489

706,543

542,875

Gross profit

443,148

382,641

1,354,428

1,084,628

Operating expenses:

Research and development

83,522

77,086

241,455

200,379

Sales and marketing

129,987

117,498

381,951

315,297

General and administrative

54,817

44,828

152,717

122,939

Depreciation

23,093

16,557

64,042

47,128

Amortization of acquired customer-based intangible assets

46,762

40,825

136,819

108,248

Special charges

2,644

20,586

21,390

44,157

Total operating expenses

340,825

317,380

998,374

838,148

Income from operations

102,323

65,261

356,054

246,480

Other income (expense), net

11,140

1,424

26,911

4,565

Interest and other related expense, net

(34,534)

(31,734)

(101,914)

(86,752)

Income before income taxes

78,929

34,951

281,051

164,293

Provision for (recovery of) income taxes

20,129

13,239

100,644

(815,364)

Net income for the period

$

58,800

$

21,712

$

180,407

$

979,657

Net (income) loss attributable to non-controlling interests

(6)

(96)

94

(135)

Net income attributable to OpenText

$

58,794

$

21,616

$

180,501

$

979,522

Earnings per share—basic attributable to OpenText

$

0.22

$

0.08

$

0.68

$

3.91

Earnings per share—diluted attributable to OpenText

$

0.22

$

0.08

$

0.68

$

3.88

Weighted average number of Common Shares outstanding—basic

266,572

263,329

265,619

250,538

Weighted average number of Common Shares outstanding—diluted

267,764

265,440

266,954

252,469

Dividends declared per Common Share

$

0.1320

$

0.1150

$

0.3960

$

0.3450