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Press Release: OpenText Reports Second Quarter -4-

· 02/04/2021 16:01
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 December 31, 2020 272,589 $1,889,857 (1,101) $(47,555) $ 2,093,076 $ 66,476 $ 1,393 $4,003,247 Six Months Ended December 31, 2019 Common Shares and Treasury Stock RetainedEarnings Accumulated Other Non- Total Additional Paid in Comprehensive Controlling Capital Income Interests Shares Amount Shares Amount Balance as of June 30, 2019 269,834 $1,774,214 (803) $(28,766) $ 2,113,883 $ 24,124 $ 1,215 $3,884,670 Issuance of Common Shares Under employee stock option plans 415 11,359 -- -- -- -- -- 11,359 Under employee stock purchase plans 360 12,540 -- -- -- -- -- 12,540 Share-based compensation -- 14,674 -- -- -- -- -- 14,674 Purchase of treasury stock -- -- (300) (12,424) -- -- -- (12,424) Issuance of treasury stock -- (9,124) 256 9,124 -- -- -- -- Dividends declared($0.3492 per Common Share) -- -- -- -- (94,098) -- -- (94,098) Other comprehensive income - net -- -- -- -- -- 566 -- 566 Net income for the period -- -- -- -- 181,868 -- 77 181,945 Balance as of December 31, 2019 270,609 $1,803,663 (847) $(32,066) $ 2,201,653 $ 24,690 $ 1,292 $3,999,232 OPEN TEXT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) Three Months Ended Six Months Ended December December 31, 31, 2020 2019 2020 2019 Cash flows from operating activities: Net income (loss) for the period $ (65,433) $ 107,518 $ 37,973 $ 181,945 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization of intangible assets 129,297 114,471 264,330 224,204 Share-based compensation expense 14,526 7,783 26,262 14,674 Pension expense 1,615 1,459 3,120 2,895 Amortization of debt issuance costs 1,142 1,149 2,254 2,276 Loss on sale and write down of property and equipment 380 -- 953 -- Deferred taxes 81,577 27,924 80,397 34,168 Share in net (income) loss of equity investees (2,034) (1,266) (8,255) (1,948) Changes in operating assets and liabilities: Accounts receivable (42,115) (55,833) 32,727 2,598 Contract assets (10,355) (10,458) (20,193) (17,659) Prepaid expenses and other current assets 11,457 1,111 7,966 (501) Income taxes 147,809 (7,944) 168,841 (891) Accounts payable and accrued liabilities 14,891 29,744 (36,538) (33,235) Deferred revenue 22,621 (2,924) (18,647) (64,093) Other assets (2,016) (3,327) (1,467) 2,357 Operating lease assets and liabilities, net (20,907) (2,169) (23,364) (2,105) Net cash provided by operating activities 282,455 207,238 516,359 344,685 Cash flows from investing activities: Additions of property and equipment (7,651) (19,598) (22,956) (38,212) Purchase of XMedius 444 -- 444 -- Purchase of Carbonite, Inc., net of cash and restricted cash acquired -- (1,216,639) -- (1,216,639) Purchase of Dynamic Solutions Group Inc. (371) (4,149) (371) (4,149) Other investing activities 867 (3,505) (1,370) (5,541) Net cash used in investing activities (6,711) (1,243,891) (24,253) (1,264,541) Cash flows from financing activities: Proceeds from issuance of Common Shares from exercise of stock options and ESPP 13,338 12,000 29,177 23,117 Proceeds from long-term debt and Revolver -- 750,000 -- 750,000 Repayment of long-term debt and Revolver (602,500) (2,500) (605,000) (5,000) Debt issuance costs -- (979) -- (979) Purchase of treasury stock -- -- (41,870) (12,424) Payments of dividends to shareholders (54,500) (47,092) (101,769) (94,098) Net cash provided by (used in) financing activities (643,662) 711,429 (719,462) 660,616 Foreign exchange gain (loss) on cash held in foreign currencies 22,979 3,640 33,771 (4,071) Increase (decrease) in cash, cash equivalents and restricted cash during the period (344,939) (321,584) (193,585) (263,311) Cash, cash equivalents and restricted cash at beginning of the period 1,848,617 1,001,816 1,697,263 943,543 Cash, cash equivalents and restricted cash at end of the period $1,503,678 $ 680,232 $1,503,678 $ 680,232 Reconciliation of cash, cash December 31, 2020 December 31, 2019 equivalents and restricted cash: Cash and cash equivalents $ 1,500,561 $ 675,403 Restricted cash (1) 3,117 4,829 Total cash, cash equivalents and restricted cash $ 1,503,678 $ 680,232 (1) Restricted cash is classified under the Prepaid expenses and other current assets and Other assets line items on the Condensed Consolidated Balance Sheets. Notes ----- (1) All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated. (2) Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses these Non-GAAP financial measures to supplement the information provided in its consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures are not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes

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