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Press Release: OpenText Reports Second Quarter -3-

· 02/04/2021 16:01
and other 46,619 53,604 93,200 107,942 Amortization of acquired technology-based intangible assets 54,091 42,299 112,128 82,597 Total cost of revenues 252,562 232,385 501,487 460,893 Gross profit 603,082 539,172 1,158,170 1,007,552 Operating expenses: Research and development 100,238 80,283 194,141 161,461 Sales and marketing 147,897 137,310 280,297 265,928 General and administrative 62,765 54,595 118,954 106,130 Depreciation 20,280 20,712 42,283 40,989 Amortization of acquired customer-based intangible assets 54,926 51,460 109,919 100,618 Special charges (recoveries) (17,494) 10,072 (4,250) 15,173 Total operating expenses 368,612 354,432 741,344 690,299 Income from operations 234,470 184,740 416,826 317,253 Other income (expense), net 5,251 1,972 8,134 (813) Interest and other related expense, net (37,595) (32,376) (76,684) (64,586) Income before income taxes 202,126 154,336 348,276 251,854 Provision for (recovery of) income taxes 267,559 46,818 310,303 69,909 Net income (loss) for the period $(65,433) $107,518 $ 37,973 $ 181,945 Net (income) loss attributable to non-controlling interests (44) (51) (74) (77) Net income (loss) attributable to OpenText $(65,477) $107,467 $ 37,899 $ 181,868 Earnings (loss) per share--basic attributable to OpenText $(0.24) $0.40 $ 0.14 $ 0.67 Earnings (loss) per share--diluted attributable to OpenText $(0.24) $0.40 $ 0.14 $ 0.67 Weighted average number of Common Shares outstanding--basic (in '000's) 272,433 270,450 272,210 270,232 Weighted average number of Common Shares outstanding--diluted (in '000's) 272,433 271,590 273,019 271,328 OPEN TEXT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of U.S. dollars) (unaudited) Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 Net income (loss) for the period $(65,433) $107,518 $37,973 $181,945 Other comprehensive income (loss)--net of tax: Net foreign currency translation adjustments 26,065 4,875 48,710 (736) Unrealized gain (loss) on cash flow hedges: Unrealized gain (loss) - net of tax expense (recovery) effect of $751 and $301 for the three months ended December 31, 2020 and 2019, respectively; $1,056 and $95 for the six months ended December 31, 2020 and 2019, respectively 2,082 833 2,927 261 (Gain) loss reclassified into net income (loss) - net of tax (expense) recovery effect of ($227) and ($26) for the three months ended December 31, 2020 and 2019, respectively; ($283) and ($23) for the six months ended December 31, 2020 and 2019, respectively (628) (72) (784) (64) Actuarial gain (loss) relating to defined benefit pension plans: Actuarial gain (loss) - net of tax expense (recovery) effect of ($441) and $1,308 for the three months ended December 31, 2020 and 2019, respectively; ($1,357) and $59 for the six months ended December 31, 2020 and 2019, respectively (981) 3,698 (2,686) 614 Amortization of actuarial (gain) loss into net income (loss) - net of tax (expense) recovery effect of $93 and $97 for the three months ended December 31, 2020 and 2019, respectively; $180 and $243 for the six months ended December 31, 2020 and 2019, respectively 243 260 484 491 Total other comprehensive income (loss) net, for the period 26,781 9,594 48,651 566 Total comprehensive income (loss) (38,652) 117,112 86,624 182,511 Comprehensive (income) loss attributable to non-controlling interests (44) (51) (74) (77) Total comprehensive income (loss) attributable to OpenText $(38,696) $117,061 $86,550 $182,434 OPEN TEXT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands of U.S. dollars and shares) (unaudited) Three Months Ended December 31, 2020 Common Shares and Accumulated Other Non- Additional Paid in Retained Comprehensive Controlling Capital Treasury Stock Earnings Income Interests Total Shares Amount Shares Amount Balance as of September 30, 2020 272,174 $1,872,411 (1,394) $(58,788) $2,213,053 $ 39,695 $ 1,349 $4,067,720 Issuance of Common Shares Under employee stock option plans 213 6,893 -- -- -- -- -- 6,893 Under employee stock purchase plans 202 7,260 -- -- -- -- -- 7,260 Share-based compensation -- 14,526 -- -- -- -- -- 14,526 Issuance of treasury stock -- (11,233) 293 11,233 -- -- -- -- Dividends declared ($0.2008 per Common Share) -- -- -- -- (54,500) -- -- (54,500) Other comprehensive income - net -- -- -- -- -- 26,781 -- 26,781 Net income (loss) for the quarter -- -- -- -- (65,477) -- 44 (65,433) Balance as of December 31, 2020 272,589 $1,889,857 (1,101) $(47,555) $2,093,076 $ 66,476 $ 1,393 $4,003,247 Three Months Ended December 31, 2019 Common Shares and Accumulated Other Non- Additional Paid in Retained Comprehensive Controlling Capital Treasury Stock Earnings Income Interests Total Shares Amount Shares Amount Balance as of September 30, 2019 270,190 $1,791,689 (1,103) $(41,190) $2,141,278 $ 15,096 $ 1,241 $3,908,114 Issuance of Common Shares Under employee stock option plans 231 6,783 -- -- -- -- -- 6,783 Under employee stock purchase plans 188 6,532 -- -- -- -- -- 6,532 Share-based compensation -- 7,783 -- -- -- -- -- 7,783 Issuance of treasury stock -- (9,124) 256 9,124 -- -- -- -- Dividends declared ($0.1746 per Common Share) -- -- -- -- (47,092) -- -- (47,092) Other comprehensive income - net -- -- -- -- -- 9,594 -- 9,594 Net income for the quarter -- -- -- -- 107,467 -- 51 107,518 Balance as of December 31, 2019 270,609 $1,803,663 (847) $(32,066) $2,201,653 $ 24,690 $ 1,292 $3,999,232 Six Months Ended December 31, 2020 Common Shares and Accumulated Other Non- Additional Paid in Retained Comprehensive Controlling Capital Treasury Stock Earnings Income Interests Total Shares Amount Shares Amount Balance as of June 30, 2020 271,863 $1,851,777 (622) $(23,608) $2,159,396 $ 17,825 $ 1,319 $4,006,709 Adoption of ASU 2016-13 - cumulative effect, net -- -- -- -- (2,450) -- -- (2,450) Issuance of Common Shares Under employee stock option plans 524 15,498 -- -- -- -- -- 15,498 Under employee stock purchase plans 202 7,553 193 6,690 -- -- -- 14,243 Share-based compensation -- 26,262 -- -- -- -- -- 26,262 Purchase of treasury stock -- -- (965) (41,870) -- -- -- (41,870) Issuance of treasury stock -- (11,233) 293 11,233 -- -- -- -- Dividends declared ($0.3754 per Common Share) -- -- -- -- (101,769) -- -- (101,769) Other comprehensive income - net -- -- -- -- -- 48,651 -- 48,651 Net income for the period -- -- -- -- 37,899 -- 74 37,973 Balance as of

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February 04, 2021 16:01 ET (21:01 GMT)