Open Text Announces Third Quarter 2005 Financial Results.WATERLOO, Ontario Coordinates: Waterloo is a city in Ontario, Canada. It is the smallest of the three cities in the Regional Municipality of Waterloo, and is adjacent to the larger city of Kitchener. -- Open Text(TM) Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OTEX OTEX Open Text Corporation (stock symbol) OTEX Orientation Technico-Economique de l’Exploitation )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ), a leading provider of Enterprise Content Management (ECM (1) (Enterprise Change Management) See version control and configuration management. (2) (Error Correcting Mode) A Group 3 fax capability that can test for errors within a row of pixels and request retransmission. ) software (1), today announced financial results for its third fiscal quarter ended March 31, 2005. Financial Highlights Total revenue for the third quarter was $105.2 million, compared to $80.2 million in the same period last year. License revenue for the quarter was $33 million, compared to $34.5 million in the same period last year. Revenue results were broadly based, with 51% derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , 42% from North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and 7% from the Middle East and Asia.Open Text reported adjusted net income for the third quarter of $10.7 million, or adjusted earnings per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) of $0.21, compared to $0.25 adjusted EPS from the same period last year. Open Text had 51.7 million fully-diluted shares outstanding for the three month period ended March 31, 2005. (2) Net income for the third quarter in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) was $5.3 million, or $0.10 EPS on a diluted basis. This compares to GAAP net income of $3.3 million, or $0.07 EPS in the same period a year ago. Total cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in the third quarter was $30 million, up 94% from the same period last year. The total cash on hand at quarter end was $99 million or $1.91 per diluted share. Total deferred revenue at quarter end was $80 million, up 18% over the same period a year ago. Days Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) was 68 days. During the quarter, the Company repurchased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1 million shares for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. at a cost of $18.9 million. "Driven by a need for compliance and efficiency, more of our customers are electing to increase the size and mix of their deployments to the entire Livelink ECM suite." said John Shackleton John Shackleton (? - 14 or 16 March 1767, London) was a British painter and draughtsman who produced history paintings and portraits. His parents and origins are unknown. Output , President of Open Text. "As the leader in ECM, we remain confident in our business and believe that focusing on our profitably is the best route for our future success." Guidance As announced on April 11, 2005, for the fourth quarter of fiscal 2005 (ending June June: see month. 30, 2005), the Company estimates revenue of $115 to $125 million with adjusted EPS of $0.30 to $0.40. Open Text's actual results for future periods may vary from the guidance presented and such variations may be material. Please see note (2) below for a reconciliation of non GAAP based financial measures, used in this press release, to GAAP based financial measures. Recent Highlights 1. Open Text Completes Rollout of Industry's Most Advanced E-mail Management Solutions Open Text has completed the rollout of the industry's most advanced e-mail management software as part of its Livelink ECM Solutions. The solutions include the first-ever integrated platform combining e-mail archiving Retaining e-mail messages for historical purposes or to be in compliance with many industry regulations. The file structure of e-mail is different than other data formats, and message archiving software is specialized for e-mail retention and searching. , records management and search capabilities. For more information use the following link: www.opentext.com/news/pr.html?id=1611 2. Open Text in "Leaders" Quadrant quadrant, in analytic geometry quadrant. 1 In analytic geometry, one of the four regions of the plane determined by two lines, the x-axis and the y-axis. for Integrated Document Archiving and Retrieval retrieval /re·triev·al/ (-tre´v'l) in psychology, the process of obtaining memory information from wherever it has been stored. re·triev·al n. Systems Gartner's well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. Magic Quadrants The Gartner Magic Quadrant is a proprietary research tool developed by Gartner Inc., a US based research and advisory firm. It is designed to provide an unbiased qualitative analysis of a “markets’ direction, maturity, and participants. are graphical representations of a technology vendor's performance in a market segment, and are based on Gartner's analysis of the vendor's vision and ability to execute that vision. For more information use the following link: www.opentext.com/news/pr.html?id=1591 3. German Banking Giant NORD/LB NORD/LB Norddeutsche Landesbank (German Bank) Chooses ECM Solution from Open Text German bank Norddeutsche Landesbank (NORD/LB) has chosen Open Text's Livelink to provide a full range of ECM capabilities to support its new staff information portal. NORD/LB is a global banking giant based in Hanover Hanover, city, Germany Hanover, Ger. Hannover, city (1994 pop. 524,820), capital of Lower Saxony, N Germany, on the Leine River and the Midland Canal. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , with more than EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 200 billion in assets and about 9,500 employees. For more information use the following link: www.opentext.com/news/pr.html?id=1587 4. LiveLinkUp Europe 2005: Open Text comes to the User Open Text hosted its user conference, LiveLinkUp Europe 2005. The central theme of the user conference was the Open Text SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. (R) strategy, which aims to integrate any type of business content in SAP processes. Open Text also unveiled its latest product roadmap A roadmap may refer to:
For more information use the following link: www.opentext.com/news/pr.html?id=1578 Upcoming Investor Events Open Text announced plans to participate in the following financial conferences. Note that event dates and times are subject to change after the release of this announcement. To confirm a date or learn about Webcast availability, visit the Company's Web site closer to the event date at: www.opentext.com/investor/investor_events/ May 25, 2005 UBS Global Software and IT Services Conference New York, NY June 14, 2005 Merrill Lynch Growth Stock conference Toronto, ON Teleconference Call Open Text will host a conference call on May 5, 2005, at 5:00 p.m. EDT to discuss its financial results. Date: Thursday, May 5th, 2005 Time: 5:00 p.m. EDT/2:00 p.m. PT Length: 60 minutes Where: 416-640-1907 Please dial-in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning May 5th, at 7:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT through 11:59 p.m. on May 19th, 2005 and can be accessed by dialing 416-640-1917 and using pass code #21119847. For more information or to listen to the call via Webcast, please use the following link: www.opentext.com/events/event.html?id=5367923 Additional materials, including accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial and operating statistics relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these financial results, may be obtained from the investor site within the Open Text corporate Web site at: www.opentext.com/investor/quarterly_reports/index.html About Open Text Open Text(TM) is a market leader in providing Enterprise Content Management (ECM) solutions that bring together people, processes and information in global organizations. Today, the company supports almost 20 million seats across 13,000 deployments in 114 countries and 12 languages worldwide. For more information on Open Text, go to: www.opentext.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 - Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties, including the risk that the Company will need to make adjustments to its financial results as part of the Company's quarterly and annual closing financial procedures and review by the Company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , that could cause the Company's actual results to differ materially from those anticipated. The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements relate to, among other things, the future performance of Open Text, the benefits and integration of any acquisition, the success of combined products following an acquisition, the strength of the Company's pipeline, the Company's growth and profitability prospects, the potential for growth in the ECM market and its estimated size, the Company's position in the market and future opportunities therein, the benefits of the Company's products to be realized by customers, and the demand for and the extent of deployment of the Company's products. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . The risks and uncertainties that may affect forward-looking statements include, among others, risks involved in the completion and integration of acquisitions, the possibility of fluctuations in currency exchange rates, the possibility of technical, logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2004 and the Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarters ended September September: see month. 30, 2004 and December December: see month. 31, 2004. Forward-looking statements are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change. Copyright (C) 2005 by Open Text Corporation. LIVELINK, LIVELINK MEETINGZONE, and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners. Notes (1) Based on comparison of future revenue guidance publicly disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. by companies in the Enterprise Content Management ("ECM") sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated. (2) Use of Non-GAAP financial measures In addition to reporting financial results in accordance with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. generally accepted accounting principles ("GAAP"), the Company provides certain non-GAAP financial measures that are not in accordance with GAAP. The Company's definition of these non-GAAP financial measures do not have a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP and may be different from similar non-GAAP financial measures used by other companies and may differ from period to period. The Company uses the financial measures adjusted net income and adjusted EPS to supplement the information provided in its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , which are presented in accordance with GAAP. The presentation of adjusted EPS and adjusted net income is not meant to be a substitute for net income per share or net income, respectively, presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures. Adjusted EPS and adjusted net income are calculated as net income (or per share on a diluted basis, as applicable), excluding the amortization of acquired intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , other income (loss), and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , all net of tax. The Company's management believes that the presentation of adjusted EPS and adjusted net income provides useful information to investors because it excludes non-operational charges and allows investors to evaluate the operational and financial performance of the Company's core business and is therefore a better indication of Open Text's performance or expected performance of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations and facilitates period-to-period comparison of operating performance. The following charts provide reconciliation (unaudited) of GAAP based financial measures to non-GAAP based financial measures referred to in this press release: Reconciliation (unaudited) of GAAP based Net Income to Adjusted Net Income (in thousands of US dollars) for the fiscal quarters ended March 31, 2005 and 2004:
Three months ended Three months ended
March 31, 2005 March 31, 2004
GAAP based Net Income $5,342 $3,279
Amortization of intangibles 6,424 3,062
Restructuring (275) 10,005
Other (Income)/Expense 1,215 (817)
Tax Impact on Above (2,045) (3,357)
Non-GAAP based Adjusted Net Income $10,661 $12,172
Reconciliation (unaudited) of GAAP based EPS to non-GAAP based EPS for the fiscal quarters ended March 31, 2005 and 2004; EPS has been calculated on a diluted basis:
Three months ended Three months ended
March 31, 2005 March 31, 2004
GAAP based EPS $0.10 $0.07
Amortization of intangibles 0.12 0.06
Restructuring - 0.21
Other (Income)/Expense 0.03 (0.02)
Tax Impact on Above (0.04) (0.07)
Non-GAAP EPS $0.21 $0.25
The guidance presented is based on (a) financial information prepared by Open Text consistent with the manner in which it reports its revenue, adjusted EPS and net income per share in accordance with GAAP and (b) the assumptions referred to in note (2). This guidance assumes minimal fluctuations of currency exchange rates. The following assumptions of Company management are an integral part of the guidance presented for the quarter ending June 30, 2005. Open Text's actual results for future periods may vary from the guidance presented and such variations may be material. (a) The guidance assumes a fully diluted weighted average number of shares for the quarter ended ending June 30, 2005, of approximately 51.0 million shares. (b) Assumptions have been made concerning revenue growth and income tax rates that will be in effect and which may change depending upon both the timing and jurisdiction of future revenues.
OPEN TEXT CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except per share data)
Three months ended Nine months ended
March 31, March 31,
2005 2004 2005 2004
------------------ ------------------
Revenues:
License $ 33,033 $ 34,534 $ 99,559 $ 79,294
Customer support 46,902 28,578 132,236 69,926
Service 25,232 17,103 73,660 36,854
------------------ ------------------
Total revenues 105,167 80,215 305,455 186,074
Cost of revenues:
License 2,970 2,610 8,175 6,451
Customer support 9,010 5,608 24,566 12,843
Service 20,782 11,992 60,021 28,321
------------------ ------------------
Total cost of revenues 32,762 20,210 92,762 47,615
------------------ ------------------
Gross profit 72,405 60,005 212,693 138,459
Operating expenses:
Research and development 18,253 10,529 48,778 28,484
Sales and marketing 28,296 23,234 84,580 55,541
General and administrative 10,068 6,841 31,490 15,082
Depreciation 3,044 1,808 8,032 4,474
Amortization of acquired
intangible assets 6,424 3,062 17,999 5,884
Provision for restructuring (275) 10,005 (1,724) 10,005
------------------ ------------------
Total operating expenses 65,810 55,479 189,155 119,470
------------------ ------------------
Income from operations 6,595 4,526 23,538 18,989
Other income (expense) (1,215) 817 (3,839) 1,305
Interest income 454 517 1,059 954
------------------ ------------------
Income before income taxes 5,834 5,860 20,758 21,248
Provision for income taxes 1,449 1,556 5,479 5,897
------------------ ------------------
Income before minority interest 4,385 4,304 15,279 15,351
Minority interest (957) 1,025 (47) 1,025
------------------ ------------------
Net income for the period $ 5,342 $ 3,279 $ 15,326 $ 14,326
------------------ ------------------
------------------ ------------------
Basic earnings per share $ 0.11 $ 0.07 $ 0.30 $ 0.35
------------------ ------------------
------------------ ------------------
Diluted earnings per share $ 0.10 $ 0.07 $ 0.29 $ 0.32
------------------ ------------------
------------------ ------------------
Weighted average number of
Common Shares
outstanding
Basic 49,547 43,988 50,413 41,385
------------------ ------------------
------------------ ------------------
Diluted 51,733 47,777 52,754 44,649
------------------ ------------------
OPEN TEXT CORPORATION
UNAUDITED PRO FORMA SUPPLEMENTAL INFORMATION
FOR THE THREE AND NINE MONTH PERIODS ENDED MARCH 31, 2005 AND 2004
(In thousands of US dollars, except per share data)
Three month Nine month
period ended period ended
-------------------- ----------------------
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
-------------------- ----------------------
Net income (loss) $ 5,342 $ 3,279 $ 15,326 $ 14,326
Adjustments:
Provision for restructuring (275) 10,005 (1,724) 10,005
Amortization of
acquired intangible assets 6,424 3,062 17,999 5,884
Other (income) expense 1,215 (817) 3,839 (1,305)
Tax impact on above items (2,045) (3,357) (5,346) (3,357)
-------------------- ----------------------
Total adjustments 5,319 8,893 14,768 11,227
Adjusted net income $ 10,661 $ 12,172 $ 30,094 $ 25,553
-------------------- ----------------------
Adjusted diluted net
income per share $ 0.21 $ 0.25 $ 0.57 $ 0.57
-------------------- ----------------------
Shares used to compute
diluted earnings per share 51,733 47,777 52,754 44,649
-------------------- ----------------------
-------------------- ----------------------
OPEN TEXT CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
March 31, June 30,
2005 2004
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 98,926 $ 156,987
Accounts receivable - net of allowance for
doubtful accounts of $3,077 as of March
31, 2005 and $3,628 as of June 30, 2004 78,958 82,996
Income taxes recoverable 19,766 7,041
Prepaid expenses and other current assets 9,829 6,550
Deferred tax asset 12,100 18,776
---------- ----------
Total current assets 219,579 272,350
Capital assets 32,729 24,678
Goodwill 243,899 223,752
Deferred tax asset 31,239 27,668
Acquired intangible assets 134,770 116,588
Other assets 3,239 3,619
---------- ----------
$ 665,455 $ 668,655
---------- ----------
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 75,162 $ 94,075
Deferred revenues 79,561 62,661
Deferred tax liability 9,622 10,892
---------- ----------
Total current liabilities 164,345 167,628
Long term liabilities:
Accrued liabilities 29,453 21,520
Deferred revenues 437 915
Deferred tax liability 33,263 35,536
---------- ----------
Total long term liabilities 63,153 57,971
Minority interest 6,513 10,051
Shareholders' equity:
Share capital
49,040,997 and 51,054,786 Common Shares
issued and outstanding at March 31,2005,
and June 30, 2004, respectively 414,207 427,015
Additional Paid in Capital 22,341 -
Warrants issued - 22,705
Accumulated other comprehensive income:
Cumulative translation adjustment 24,417 1,814
Accumulated deficit (29,521) (18,529)
---------- ----------
Total shareholders' equity 431,444 433,005
---------- ----------
$ 665,455 $ 668,655
---------- ----------
---------- ----------
OPEN TEXT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of US dollars)
Three months ended Nine months ended
March 31, March 31,
2005 2004 2005 2004
------------------- ------------------
Cash flows from operating
activities:
Net income for the period $ 5,342 $ 3,279 $ 15,326 $ 14,326
Non-cash items:
Depreciation and amortization 9,468 4,870 26,031 10,358
Provision for (recovery of)
restructuring charges (275) 10,005 (1,724) 10,005
Undistributed earnings related
to Minority Interest (957) 1,025 (47) 1,025
Deferred income taxes 4,464 (2,494) 7,690 (2,394)
Other 572 (970) 1,362 (2,470)
Changes in operating assets and
liabilities
Accounts receivable 6,573 (3,799) 10,034 (3,828)
Prepaid expesnes and current
assets (1,732) (559) (2,637) (328)
Income taxes (4,564) (1,249) (11,255) (1,249)
Accounts payable and accrued
liabilities (6,903) (1,889) (8,735) (5,946)
Deferred revenue 17,932 7,176 10,701 1,136
------------------- ------------------
Net cash provided by operating
activities 29,920 15,395 46,746 20,635
------------------- ------------------
Cash flows used in investing
activities:
Acquisitions of capital
assets (4,910) (1,530) (12,581) (3,472)
Purchase of Optura, net of
cash acquired (3,345) - (3,345) -
Purchase of Vista, net of
cash acquired - - (23,690) -
Purchase of Artesia, net of
cash acquired - - (5,057) -
Purchase of Gauss Interprise
AG, net of cash acquired (66) - (1,045) (9,764)
Purchase of SER, net of cash
acquired - - (861) (3,403)
Purchase of IXOS net of cash
acquired (3,478) 24,637 (7,753) 24,637
Other acquisitions - (38) (333) (1,987)
Cash restricted foracquisitions - 46,837 - -
Business acquisition costs (1,054) (4,841) (8,228) (6,642)
Other - (281) - (281)
------------------- ------------------
Net cash provided by (used in)
investing activities (12,853) 64,784 (62,893) (912)
------------------- ------------------
Cash flow from financing
activities:
Payments of obligations under
capital leases - (74) (48) (224)
Proceeds from issuance of
Common Shares 1,598 6,938 4,667 16,325
Proceeds from warrants 45 1,120 770 1,120
Repurchase of Common Shares (18,950) - (47,792) -
Repayment of short term Bank
Loan - - (2,189) -
Other - (56) - (724)
------------------- ------------------
Net cash provided by (used in)
financing activities (17,307) 7,928 (44,592) 16,497
------------------- ------------------
Foreign exchange gain (loss) on
cash held in foreign currency (3,008) (184) 2,678 570
Increase (Decrease) in cash and
cash equivalents during the
period (3,248) 87,923 (58,061) 36,790
Cash and cash equivalents at
beginning of period 102,174 65,421 156,987 116,554
------------------- ------------------
Cash and cash equivalents at
end of period $ 98,926 $ 153,344 $ 98,926 $ 153,344
------------------- ------------------
------------------- ------------------
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