OPEN TEXT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

Three Months Ended June 30,

2015

Cash flows from operating activities:

Net income for the period

$

68,769

$

88,148

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of intangible assets

64,585

56,194

Share-based compensation expense

6,107

4,199

Excess tax benefits on share-based compensation expense

(64)

(169)

Pension expense

1,194

1,268

Amortization of debt issuance costs

1,146

1,131

Amortization of deferred charges and credits

2,632

2,667

Loss on sale and write down of property and equipment

1,250

—

Deferred taxes

(10,541)

(8,131)

Release of unrealized gain on marketable securities to income

—

—

Write off of unamortized debt issuance costs

—

—

Changes in operating assets and liabilities:

Accounts receivable

(33,371)

(36,315)

Prepaid expenses and other current assets

467

29,771

Income taxes

1,579

5,730

Deferred charges and credits

—

—

Accounts payable and accrued liabilities

31,033

(3,600)

Deferred revenue

70

(3,421)

Other assets

(3,039)

(2,558)

Net cash provided by operating activities

131,817

134,914

Cash flows from investing activities:

Additions of property and equipment

(16,460)

(13,825)

Proceeds from maturity of short-term investments

9,925

—

Purchase of Actuate Corporation, net of cash acquired

(32)

—

Purchase of GXS Group, Inc., net of cash acquired

—

785

Purchase consideration for prior period acquisitions

—

(222)

Other investing activities

(1,659)

—

Net cash used in investing activities

(8,226)

(13,262)

Cash flows from financing activities:

Excess tax benefits on share-based compensation expense

64

169

Proceeds from issuance of Common Shares

2,413

5,090

Purchase of Treasury Stock

(8,875)

—

Repayment of long-term debt

(9,799)

(13,412)

Debt issuance costs

(195)

(653)

Payments of dividends to shareholders

(24,455)

(21,001)

Net cash used in (provided by) financing activities

(40,847)

(29,807)

Foreign exchange gain (loss) on cash held in foreign currencies

4,078

(26)

Increase in cash and cash equivalents during the period

86,822

91,819

Cash and cash equivalents at beginning of the period

613,177

336,071

Cash and cash equivalents at end of the period

$

699,999

$

427,890