Open Text Corp Files 8-K: Corporate Updates
Ticker: OTEX · Form: 8-K · Filed: Jul 3, 2024 · CIK: 1002638
Sentiment: neutral
Topics: corporate-filing, 8-K, financial-statements
Related Tickers: OTEX
TL;DR
OTEX filed an 8-K on July 3rd with corporate info and financial statements.
AI Summary
Open Text Corporation filed an 8-K on July 3, 2024, reporting other events and financial statements. The filing details the company's corporate information, including its address at 275 Frank Tompa Drive, Waterloo, Ontario, Canada, and its fiscal year end of June 30.
Why It Matters
This 8-K filing provides essential corporate information and updates for Open Text Corporation, which is important for investors and stakeholders to stay informed about the company's structure and reporting.
Risk Assessment
Risk Level: low — This filing is a routine corporate disclosure and does not appear to contain any significant new risks or material adverse information.
Key Numbers
- 0630 — Fiscal Year End (Indicates the end of the company's financial reporting year.)
Key Players & Entities
- Open Text Corp (company) — Registrant
- July 3, 2024 (date) — Date of Report
- 275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1 (address) — Principal executive offices
- 519-888-7111 (phone_number) — Registrant's telephone number
FAQ
What is the primary purpose of this 8-K filing for Open Text Corporation?
The primary purpose of this 8-K filing is to report 'Other Events' and 'Financial Statements and Exhibits' as of July 3, 2024.
What is Open Text Corporation's principal executive office address?
Open Text Corporation's principal executive office is located at 275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1.
When does Open Text Corporation's fiscal year end?
Open Text Corporation's fiscal year ends on June 30.
What is the SEC file number for Open Text Corporation?
The SEC file number for Open Text Corporation is 000-27544.
What is the SIC code for Open Text Corporation?
The Standard Industrial Classification (SIC) code for Open Text Corporation is 7373, which corresponds to SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN.
Filing Stats: 1,121 words · 4 min read · ~4 pages · Grade level 14.9 · Accepted 2024-07-03 09:00:35
Key Financial Figures
- $200 m — nnualized cost savings of approximately $200 million, as well as the reinvestment of a
- $50 million — ll as the reinvestment of approximately $50 million annually for approximately 800 new role
- $60 million — Company expects to incur approximately $60 million in restructuring charges that will be s
- $150 million — result in net savings of approximately $150 million in Fiscal 2025. The Company will prov
Filing Documents
- otex-20240703.htm (8-K) — 31KB
- 0001002638-24-000034.txt ( ) — 156KB
- otex-20240703.xsd (EX-101.SCH) — 2KB
- otex-20240703_lab.xml (EX-101.LAB) — 22KB
- otex-20240703_pre.xml (EX-101.PRE) — 13KB
- otex-20240703_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On July 3, 2024, Open Text Corporation (the "Company") announced a business optimization plan. The plan is expected to result in the reduction of approximately 1,200 positions across the Company, with an annualized cost savings of approximately $200 million, as well as the reinvestment of approximately $50 million annually for approximately 800 new roles in Sales, Professional Services and Engineering. The business optimization plan is intended to strategically align the Company's workforce to support its growth and innovation plans. On an overall basis, the business optimization plan is expected to result in a 1.7% reduction of the Company's workforce, to approximately 23,000 employees. The Company expects to complete the business optimization plan substantially during the first quarter of its fiscal year 2025 ("Fiscal 2025"). The Company expects to incur approximately $60 million in restructuring charges that will be substantially recognized in the first quarter of Fiscal 2025, with the majority of such charges anticipated to be paid in cash during the same quarter. The Company expects the business optimization plan, when fully implemented, will result in net savings of approximately $150 million in Fiscal 2025. The Company will provide additional details of the business optimization plan as part of its fourth quarter and 2024 fiscal year end results. Cautionary Note Regarding Forward-Looking Statements Certain statements in this Current Report on Form 8-K contain forward-looking statements or information (forward-looking statements) within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities and Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and other applicable securities laws of the United States and Canada, and is subject to the safe harbors created by those provisions. All statements other than statements of historical facts are statements
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OPEN TEXT CORPORATION July 3, 2024 By: /s/ Michael F. Acedo Michael F. Acedo Executive Vice-President, Chief Legal Officer & Corporate Secretary