Open Text Corp (OTEX) Q3 2015 10-Q Quarterly Earnings

Short answer

Open Text Corp (OTEX) filed its Q3 2015 10-Q quarterly report on Oct 28, 2015 for the quarter ended Sep 30, 2015.

AI summary of MD&A and risk factor updates

Revenue $434.5M, down 4.2% YoY from $453.8M, driven by lower license and professional services revenue
GAAP operating margin 17.6% vs 22.7% YoY, gross margin 67.8% vs 67.6%
Best line: customer support revenue $185.7M, up $1.8M, margin 89.0% vs 87.5%; worst: professional services $49.7M, down $7.9M
Operating cash flow $92.7M, down 33.1%; cash $690.8M vs $700.0M at June 30, 2015
Capital deployment: $50.0M share repurchases and $23.3M dividends; Fiscal 2016 focus on cloud growth, earnings and cash flows
Headwinds: foreign exchange, lower deal volume, and IRS proposed tax adjustments of approximately $280M plus proposed penalties and interest

New IRS tax examination exposure: July 17, 2015 draft NOPA proposed $280 million U.S. federal tax increase plus 20% penalties and interest
Regulatory and compliance risk: IRS expected an additional approximately $80 million Fiscal 2012 adjustment tied to Global 360 integration
Operational risk: Fiscal 2015 restructuring plan projected $32.0 million to $35.0 million total costs through Fiscal 2016
Market risk: Total revenue declined 4.2% to $434.5 million, with license revenue down 11.8%
Financial risk: $1.586 billion debt outstanding, including $800 million Senior Notes due 2023 and floating-rate Term Loan B exposure

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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