Short answer

Open Text Corp (OTEX) filed its fiscal 2011 10-K annual report with the SEC on Aug 15, 2011.

Top risk flagged: Global downturn: prolonged U.S. and European Union weakness could delay technology purchases and increase customer payment defaults

Open Text Corp FY2011 10-K analysis

AI summary of each section, grounded in the filing text

ECM software provider, combining content management, collaboration and process optimization for enterprise, government and mid-market customers
New OpenText Everywhere mobile application, enabling ECM content, processes and social collaboration across mobile devices
Three Fiscal 2011 acquisitions, including Metastorm for $182 million and weComm for $20.5 million, strengthening BPM and mobility
R&D spending $146.0 million, up from $129.4 million in Fiscal 2010
4,410 employees as of June 30, 2011, with approximately 49% of revenue generated outside North America

Revenue $1.033B, up 13.3% YoY, led by customer support $560.5M and license $269.2M
Gross margins: license 93.2% vs 92.9%, customer support 84.5% vs 83.5%, services 17.5% vs 18.7%
Best segment, customer support: revenue $560.5M, up $53.1M; worst margin, services and other: 17.5% vs 18.7%
Operating cash flow $223.2M, up 23.9%; capex $17.3M; acquisitions included Metastorm spending $168.7M
Fiscal 2012 outlook: license mix 25%-30%, support 52%-57%; macroeconomic downturns and acquisition financing key risks

Global downturn: prolonged U.S. and European Union weakness could delay technology purchases and increase customer payment defaults
International operations: foreign exchange movements, tariffs and import-export policy changes could reduce revenues and earnings
Third-party software: loss of licenses or vendor support could delay shipments and increase product-development costs
Cloud computing and software-as-a-service: emerging delivery models could erode OpenText’s enterprise content management market position
Acquisition debt: borrowings could increase interest expense and impose financial-performance covenants

Generated from the filing text; verify against the original. How to read a 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.