Open Text Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Open Text Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance for the third quarter of fiscal year 2024.</b>

AI Summary

OPEN TEXT CORP (OTEX) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Open Text Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing was made on May 2, 2024. The company's principal business address is 275 Frank Tompa Drive, Waterloo, Ontario, Canada.

Why It Matters

For investors and stakeholders tracking OPEN TEXT CORP, this filing contains several important signals. This filing provides investors with up-to-date financial information on Open Text Corp.'s performance, including revenue, expenses, and balance sheet items, crucial for investment decisions. As a 10-Q filing, it offers a detailed look into the company's operational and financial health during the specified quarter, allowing for analysis of trends and comparison with previous periods.

Risk Assessment

Risk Level: medium — OPEN TEXT CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific financial performance data in the provided text prevents a more precise risk assessment.

Analyst Insight

Review the detailed financial statements within the full 10-Q filing to assess Open Text Corp.'s revenue streams, profitability, and debt levels for the quarter ending March 31, 2024.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 7373 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• OPEN TEXT CORP (company) — FILER
• OTEX (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 275 FRANK TOMPA DRIVE (address) — BUSINESS ADDRESS
• WATERLOO (location) — BUSINESS ADDRESS CITY
• ONTARIO CANADA (location) — BUSINESS ADDRESS STATE
• 519-888-7111 (phone) — BUSINESS PHONE

FAQ

Industry Context

Open Text Corp. operates in the software and services industry, focusing on enterprise information management solutions.

Regulatory Implications

As a publicly traded company, Open Text Corp. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the revenue breakdown by segment (Cloud Services & Subscriptions, Customer Support, License, Professional Services & Other) for the reported quarter.
2. Examine the company's balance sheet for changes in assets, liabilities, and equity compared to the previous fiscal year.
3. Review any disclosed risk factors or management's discussion and analysis (MD&A) for insights into operational challenges and future outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing (e.g., 10-Q for Dec 31, 2023, or 10-K for June 30, 2023) is not detailed in the provided text.

Filing Documents

• otex-20240331.htm (10-Q) — 2805KB
• q3-2410xqexhibit311.htm (EX-31.1) — 8KB
• q3-2410xqexhibit312.htm (EX-31.2) — 8KB
• q3-2410xqexhibit321.htm (EX-32.1) — 5KB
• q3-2410xqexhibit322.htm (EX-32.2) — 5KB
• 0001002638-24-000025.txt (&nbsp;) — 14347KB
• otex-20240331.xsd (EX-101.SCH) — 93KB
• otex-20240331_cal.xml (EX-101.CAL) — 159KB
• otex-20240331_def.xml (EX-101.DEF) — 604KB
• otex-20240331_lab.xml (EX-101.LAB) — 1063KB
• otex-20240331_pre.xml (EX-101.PRE) — 896KB
• otex-20240331_htm.xml (XML) — 2309KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Shareholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 83

Controls and Procedures

Item 4. Controls and Procedures 84

Other Information

Part II Other Information

Risk Factors

Item 1A. Risk Factors 85 Item 5. Other Information 85

Exhibits

Item 6. Exhibits 86

Signatures

Signatures 87 2 Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements OPEN TEXT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share data) March 31, 2024 June 30, 2023 ASSETS (unaudited) Cash and cash equivalents $ 1,125,323 $ 1,231,625 Accounts receivable trade, net of allowance for credit losses of $ 11,390 as of March 31, 2024 and $ 13,828 as of June 30, 2023 (Note 4) 654,190 682,517 Contract assets (Note 3) 66,124 71,196 Income taxes recoverable (Note 15) 14,119 68,161 Prepaid expenses and other current assets (Note 9) 212,261 221,732 Assets held for sale (Note 19) 2,120,311 — Total current assets 4,192,328 2,275,231 Property and equipment (Note 5) 346,073 356,904 Operating lease right of use assets (Note 6) 229,327 285,723 Long-term contract assets (Note 3) 42,659 64,553 Goodwill (Note 7) 7,528,147 8,662,603 Acquired intangible assets (Note 8) 2,624,117 4,080,879 Deferred tax assets (Note 15) 1,019,878 926,719 Other assets (Note 9) 314,580 342,318 Long-term income taxes recoverable (Note 15) 95,567 94,270 Total assets $ 16,392,676 $ 17,089,200 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities (Note 10) $ 898,611 $ 996,261 Current portion of long-term debt (Note 11) 45,850 320,850 Operating lease liabilities (Note 6) 80,960 91,425 Deferred revenues (Note 3) 1,583,638 1,721,781 Income taxes payable (Note 15) 150,990 89,297 Liabilities held for sale (Note 19) 228,106 — Total current liabilities 2,988,155 3,219,614 Long-term liabilities: Accrued liabilities (Note 10) 48,031 51,961 Pension liability, net (Note 12) 128,955 126,312 Long-term debt (Note 11) 8,305,670 8,562,096 Long-term operating lease liabilities (Note 6) 224,984 271,579 Long-term deferred revenues (Note 3) 170,544 217,771 Long-term income taxes payable (Note 15) 154,679 193,808 Deferred tax liabilities (Note 15) 241,013 423,955 Total long-term liabilities 9,273,876 9,847,482 Sharehol

View Full Filing

View this 10-Q filing on SEC EDGAR