Canada | 0-27544 | 98-0154400 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Item 2.02 | Results of Operations and Financial Condition |
Item 8.01. | Other Events. |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits |
Exhibit No. | Description | |
99.1 | Press Release issued by Open Text Corporation on July 31, 2013 |
OPEN TEXT CORPORATION | ||||
July 31, 2013 | By: | /s/ Paul McFeeters | ||
Paul McFeeters Chief Financial Officer and Chief Administrative Officer |
Exhibit No. | Description | |
99.1 | Press Release issued by Open Text Corporation on July 31, 2013 |
• | Total revenue for the period was $347.3 million, up 14% Y/Y |
• | License revenue was $78.8 million, up 1% Y/Y |
• | Cloud services revenue was $41.9 million |
• | Non-GAAP-based EPS, diluted was $1.43 compared to $1.17 Y/Y, up 22% Y/Y; GAAP-based EPS, diluted was $0.71 compared to $0.14 Y/Y (2) |
• | Non-GAAP-based income from operations was $102.4 million and 29% of revenues; GAAP-based income from operations was $49.5 million and 14% of revenues (2) |
• | Operating cash flow was $65.2 million, inclusive of a $27.0 million litigation settlement primarily relating to a legacy EasyLink liability, compared to $79.8 million Y/Y, down 18%Y/Y, with an ending cash balance of $470.4 million. |
• | Total revenue for the period was $1,363.3 million, up 13% Y/Y |
• | License revenue was $279.6 million, down 5% Y/Y |
• | Cloud services revenue was $173.8 million |
• | Non-GAAP-based EPS, diluted was $5.57 compared to $4.60 Y/Y, up 21% Y/Y; GAAP-based EPS, diluted was $2.51 compared to $2.13 Y/Y (2) |
• | Non-GAAP-based income from operations was $399.6 million and 29% of revenues; GAAP-based income from operations was $197.7 million and 15% of revenues (2) |
• | Operating cash flow was $318.5 million, inclusive of a $27.0 million litigation settlement primarily relating to a legacy EasyLink liability, compared to $266.5 million Y/Y, up 20%Y/Y. |
• | Services, public sector, financial and technology industries saw the most demand |
• | 5 license transactions over $1 million and 15 license transactions between $500K and $1 million |
• | Customer successes in the quarter include Apotex, CONSOL Energy, Daimler South East Asia Pte Ltd, Hasbro, MAN Diesel & Turbo, Marvel Entertainment, LLC, The U.S. Department of Education and Wellington City Council. |
• | OpenText unveils responsive, intuitive web experience management solution for targeted, more interactive online customer experiences and extends partner ecosystem for web experience management |
• | OpenText EIM products to support SAP HANA®, cloud and mobility offerings, and expands reach of its cloud-based solutions now included in SAP® Cloud for Travel solution |
• | OpenText acquires long-standing partner ICCM Professional Services Limited (ICCM), on May 23, 2013. Based in |
• | OpenText named a leader in independent research firm's Smart Process Applications report |
• | OpenText appoints Noriyuki Hayakawa as President, OpenText Japan |
Summary of Quarterly Results | |||||||||||||||
Q4 FY13 | Q3 FY13 | Q4 FY12 | % Change (Q/Q) | % Change (Y/Y) | |||||||||||
Revenue (million) | $ | 347.3 | $ | 337.7 | $ | 305.6 | 2.8 | % | 13.6 | % | |||||
GAAP-based gross margin | 66.0 | % | 63.9 | % | 65.8 | % | 210 | bps | 20 | bps | |||||
GAAP-based operating margin | 14.2 | % | 12.1 | % | 13.0 | % | 210 | bps | 120 | bps | |||||
GAAP-based EPS, diluted | $ | 0.71 | $ | 0.44 | $ | 0.14 | 61.4 | % | 407.1 | % | |||||
Non-GAAP-based gross margin (2) | 72.9 | % | 70.8 | % | 72.9 | % | 210 | bps | — | bps | |||||
Non-GAAP-based operating margin (2) | 29.5 | % | 26.8 | % | 27.7 | % | 270 | bps | 180 | bps | |||||
Non-GAAP-based EPS, diluted (2) | $ | 1.43 | $ | 1.26 | $ | 1.17 | 13.5 | % | 22.2 | % |
Summary of Year to Date Results | |||||||||||||
FY13 | Q3 YTD FY13 | FY12 | % Change (Y/Y) (bps) | ||||||||||
Revenue (million) | $ | 1,363.3 | $ | 1,016.1 | $ | 1,207.5 | 12.9 | % | |||||
GAAP-based gross margin | 64.4 | % | 63.8 | % | 65.4 | % | (100 | ) | bps | ||||
GAAP-based operating margin | 14.5 | % | 14.6 | % | 12.4 | % | 210 | bps | |||||
GAAP-based EPS, diluted | $ | 2.51 | $ | 1.80 | $ | 2.13 | 17.8 | % | |||||
Non-GAAP-based gross margin (2) | 71.3 | % | 70.8 | % | 72.5 | % | (120 | ) | bps | ||||
Non-GAAP-based operating margin (2) | 29.3 | % | 29.2 | % | 27.3 | % | 200 | bps | |||||
Non-GAAP-based EPS, diluted (2) | $ | 5.57 | $ | 4.14 | $ | 4.60 | 21.1 | % |
OPEN TEXT CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share data) | |||||||
June 30, 2013 | June 30, 2012 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 470,445 | $ | 559,747 | |||
Accounts receivable trade, net of allowance for doubtful accounts of $4,871 as of June 30, 2013 and $5,655 as of June 30, 2012 | 174,927 | 163,664 | |||||
Income taxes recoverable | 17,173 | 17,849 | |||||
Prepaid expenses and other current assets | 43,464 | 45,613 | |||||
Deferred tax assets | 11,082 | 4,003 | |||||
Total current assets | 717,091 | 790,876 | |||||
Property and equipment | 88,364 | 81,157 | |||||
Goodwill | 1,246,872 | 1,040,234 | |||||
Acquired intangible assets | 363,615 | 312,563 | |||||
Deferred tax assets | 135,695 | 115,128 | |||||
Other assets | 25,082 | 22,137 | |||||
Deferred charges | 67,633 | 68,653 | |||||
Long-term income taxes recoverable | 10,465 | 13,545 | |||||
Total assets | $ | 2,654,817 | $ | 2,444,293 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 188,443 | $ | 132,015 | |||
Current portion of long-term debt | 51,742 | 41,374 | |||||
Deferred revenues | 282,387 | 273,987 | |||||
Income taxes payable | 4,184 | 27,806 | |||||
Deferred tax liabilities | 1,127 | 1,612 | |||||
Total current liabilities | 527,883 | 476,794 | |||||
Long-term liabilities: | |||||||
Accrued liabilities | 17,849 | 13,966 | |||||
Deferred credits | 11,608 | 10,086 | |||||
Pension liability | 24,509 | 22,074 | |||||
Long-term debt | 513,750 | 555,000 | |||||
Deferred revenues | 11,830 | 12,653 | |||||
Long-term income taxes payable | 140,508 | 147,623 | |||||
Deferred tax liabilities | 69,672 | 26,705 | |||||
Total long-term liabilities | 789,726 | 788,107 | |||||
Shareholders' equity: | |||||||
Share capital | |||||||
59,028,886 and 58,358,990 Common Shares issued and outstanding at June 30, 2013 and June 30, 2012, respectively; Authorized Common Shares: unlimited | 651,642 | 635,321 | |||||
Additional paid-in capital | 101,865 | 95,026 | |||||
Accumulated other comprehensive income | 39,890 | 44,364 | |||||
Retained earnings | 572,885 | 442,068 | |||||
Treasury stock, at cost (610,878 and 793,494 shares at June 30, 2013 and at June 30, 2012, respectively) | (29,074 | ) | (37,387 | ) | |||
Total shareholders' equity | 1,337,208 | 1,179,392 | |||||
Total liabilities and shareholders' equity | $ | 2,654,817 | $ | 2,444,293 |
Year Ended June 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
License | $ | 279,598 | $ | 293,719 | $ | 269,202 | ||||||
Cloud services | 173,799 | — | — | |||||||||
Customer support | 658,216 | 656,568 | 560,541 | |||||||||
Professional service and other | 251,723 | 257,186 | 203,560 | |||||||||
Total revenues | 1,363,336 | 1,207,473 | 1,033,303 | |||||||||
Cost of revenues: | ||||||||||||
License | 16,107 | 18,033 | 18,284 | |||||||||
Cloud services | 72,365 | — | — | |||||||||
Customer support | 106,948 | 110,504 | 86,834 | |||||||||
Professional service and other | 196,874 | 204,909 | 167,854 | |||||||||
Amortization of acquired technology-based intangible assets | 93,610 | 84,572 | 68,048 | |||||||||
Total cost of revenues | 485,904 | 418,018 | 341,020 | |||||||||
Gross profit | 877,432 | 789,455 | 692,283 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 164,010 | 169,043 | 145,992 | |||||||||
Sales and marketing | 289,157 | 274,544 | 232,332 | |||||||||
General and administrative | 109,325 | 97,072 | 86,696 | |||||||||
Depreciation | 24,496 | 21,587 | 22,116 | |||||||||
Amortization of acquired customer-based intangible assets | 68,745 | 53,326 | 38,966 | |||||||||
Special charges | 24,034 | 24,523 | 15,576 | |||||||||
Total operating expenses | 679,767 | 640,095 | 541,678 | |||||||||
Income from operations | 197,665 | 149,360 | 150,605 | |||||||||
Other income (expense), net | (2,473 | ) | 3,549 | (6,019 | ) | |||||||
Interest expense, net | (16,982 | ) | (15,564 | ) | (8,452 | ) | ||||||
Income before income taxes | 178,210 | 137,345 | 136,134 | |||||||||
Provision for (recovery of) income taxes | 29,690 | 12,171 | 12,931 | |||||||||
Net income for the period | $ | 148,520 | $ | 125,174 | $ | 123,203 | ||||||
Earnings per share—basic | $ | 2.53 | $ | 2.16 | $ | 2.16 | ||||||
Earnings per share—diluted | $ | 2.51 | $ | 2.13 | $ | 2.11 | ||||||
Weighted average number of Common Shares outstanding—basic | 58,604 | 57,890 | 57,077 | |||||||||
Weighted average number of Common Shares outstanding—diluted | 59,062 | 58,734 | 58,260 | |||||||||
Dividends declared per Common Share | $ | 0.30 | $ | — | $ | — |
Three Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Revenues: | ||||||||
License | $ | 78,782 | $ | 78,031 | ||||
Cloud services | 41,890 | — | ||||||
Customer support | 164,889 | 163,128 | ||||||
Professional service and other | 61,706 | 64,465 | ||||||
Total revenues | 347,267 | 305,624 | ||||||
Cost of revenues: | ||||||||
License | 3,529 | 4,116 | ||||||
Cloud services | 17,696 | — | ||||||
Customer support | 25,351 | 27,780 | ||||||
Professional service and other | 47,879 | 51,358 | ||||||
Amortization of acquired technology-based intangible assets | 23,579 | 21,265 | ||||||
Total cost of revenues | 118,034 | 104,519 | ||||||
Gross profit | 229,233 | 201,105 | ||||||
Operating expenses: | ||||||||
Research and development | 42,383 | 41,195 | ||||||
Sales and marketing | 79,338 | 71,641 | ||||||
General and administrative | 27,857 | 24,186 | ||||||
Depreciation | 6,218 | 5,268 | ||||||
Amortization of acquired customer-based intangible assets | 17,197 | 13,378 | ||||||
Special charges | 6,767 | 5,747 | ||||||
Total operating expenses | 179,760 | 161,415 | ||||||
Income from operations | 49,473 | 39,690 | ||||||
Other income (expense), net | (4,180 | ) | (6,596 | ) | ||||
Interest expense, net | (3,990 | ) | (4,410 | ) | ||||
Income before income taxes | 41,303 | 28,684 | ||||||
Provision for (recovery of) income taxes | (869 | ) | 20,713 | |||||
Net income for the period | $ | 42,172 | $ | 7,971 | ||||
Earnings per share—basic | $ | 0.72 | $ | 0.14 | ||||
Earnings per share—diluted | $ | 0.71 | $ | 0.14 | ||||
Weighted average number of Common Shares outstanding—basic | 58,875 | 58,270 | ||||||
Weighted average number of Common Shares outstanding—diluted | 59,238 | 58,847 | ||||||
Dividends declared per Common share | $ | 0.30 | $ | — |
Year Ended June 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Net income for the period | $ | 148,520 | $ | 125,174 | $ | 123,203 | |||||
Other comprehensive income—net of tax: | |||||||||||
Net foreign currency translation adjustments | (1,879 | ) | (9,197 | ) | 15,388 | ||||||
Net unrealized gain (loss) on cash flow hedges | (2,536 | ) | (1,069 | ) | 1,275 | ||||||
Net actuarial gain (loss) relating to defined benefit pension plans | (59 | ) | (5,840 | ) | (214 | ) | |||||
Total other comprehensive income (loss), net, for the period | $ | (4,474 | ) | $ | (16,106 | ) | $ | 16,449 | |||
Total comprehensive income | $ | 144,046 | $ | 109,068 | $ | 139,652 |
Three Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Net income for the period | $ | 42,172 | $ | 7,971 | |||
Other comprehensive income—net of tax: | |||||||
Net foreign currency translation adjustments | 2,911 | 1,930 | |||||
Net unrealized gain (loss) on cash flow hedges | (2,194 | ) | (737 | ) | |||
Net actuarial gain (loss) relating to defined benefit pension plans | 474 | (2,318 | ) | ||||
Total other comprehensive income (loss), net, for the period | $ | 1,191 | $ | (1,125 | ) | ||
Total comprehensive income | $ | 43,363 | $ | 6,846 |
Year Ended June 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income for the period | $ | 148,520 | $ | 125,174 | $ | 123,203 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of intangible assets | 186,851 | 159,485 | 129,130 | ||||||||
Share-based compensation expense | 15,575 | 18,097 | 11,308 | ||||||||
Excess tax benefits on share-based compensation expense | (915 | ) | (2,723 | ) | (1,888 | ) | |||||
Pension expense | 910 | 543 | 552 | ||||||||
Amortization of debt issuance costs | 2,123 | 1,703 | 1,359 | ||||||||
Amortization of deferred charges and credits | 11,815 | 11,579 | 8,519 | ||||||||
Loss on sale and write down of property and equipment | 24 | 203 | 12 | ||||||||
Deferred taxes | (5,796 | ) | (78,792 | ) | (17,779 | ) | |||||
Impairment and other non cash charges | — | 1,389 | (482 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 17,965 | 5,319 | 200 | ||||||||
Prepaid expenses and other current assets | 4,242 | (2,079 | ) | 1,833 | |||||||
Income taxes | (17,053 | ) | 68,601 | 9,444 | |||||||
Deferred charges and credits | (9,274 | ) | (22,035 | ) | (29,071 | ) | |||||
Accounts payable and accrued liabilities | (41,409 | ) | (17,812 | ) | (21,197 | ) | |||||
Deferred revenue | 5,418 | (4,581 | ) | 10,738 | |||||||
Other assets | (494 | ) | 2,419 | (2,660 | ) | ||||||
Net cash provided by operating activities | 318,502 | 266,490 | 223,221 | ||||||||
Cash flows from investing activities: | |||||||||||
Additions of property and equipment | (23,107 | ) | (25,828 | ) | (36,662 | ) | |||||
Purchase of patents | (192 | ) | (193 | ) | — | ||||||
Purchase of System Solutions Australia Pty Limited, net of cash acquired | (516 | ) | (1,738 | ) | — | ||||||
Purchase of EasyLink Services International Corporation, net of cash acquired | (315,331 | ) | — | — | |||||||
Purchase of Resonate KT Limited, net of cash acquired | (19,366 | ) | — | — | |||||||
Purchase of ICCM Professional Services Limited, net of cash acquired | (11,257 | ) | — | — | |||||||
Purchase of Operitel Corporation, net of cash acquired | — | (7,014 | ) | — | |||||||
Purchase of Global 360 Holding Corp., net of cash acquired | — | (245,653 | ) | — | |||||||
Purchase of StreamServe Inc., net of cash acquired | — | — | (57,221 | ) | |||||||
Purchase of weComm Limited, net of cash acquired | — | — | (20,198 | ) | |||||||
Purchase of Metastorm Inc., net of cash acquired | — | — | (168,657 | ) | |||||||
Purchase of New Generation Consulting Inc | — | — | (471 | ) | |||||||
Purchase consideration for prior period acquisitions | (875 | ) | (1,113 | ) | (4,577 | ) | |||||
Other investing activities | (3,750 | ) | — | 518 | |||||||
Net cash used in investing activities | (374,394 | ) | (281,539 | ) | (287,268 | ) | |||||
Cash flows from financing activities: | |||||||||||
Excess tax benefits on share-based compensation expense | 915 | 2,723 | 1,888 | ||||||||
Proceeds from issuance of Common Shares | 16,347 | 21,270 | 11,512 | ||||||||
Purchase of Treasury Stock | — | (10,888 | ) | (12,499 | ) | ||||||
Proceeds from long-term debt and revolver | — | 648,500 | — | ||||||||
Repayment of long-term debt and revolver | (30,677 | ) | (349,187 | ) | (3,575 | ) | |||||
Debt issuance costs | — | (9,834 | ) | (29 | ) | ||||||
Payments of dividends to shareholders | (17,703 | ) | — | — | |||||||
Net cash provided by (used in) financing activities | (31,118 | ) | 302,584 | (2,703 | ) | ||||||
Foreign exchange gain (loss) on cash held in foreign currencies | (2,292 | ) | (11,928 | ) | 24,698 | ||||||
Increase (decrease) in cash and cash equivalents during the period | (89,302 | ) | 275,607 | (42,052 | ) | ||||||
Cash and cash equivalents at beginning of the period | 559,747 | 284,140 | 326,192 | ||||||||
Cash and cash equivalents at end of the period | $ | 470,445 | $ | 559,747 | $ | 284,140 |
Three Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income for the period | $ | 42,172 | $ | 7,971 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of intangible assets | 46,994 | 39,911 | |||||
Share-based compensation expense | 5,422 | 4,691 | |||||
Excess tax benefits on share-based compensation expense | (303 | ) | (13 | ) | |||
Pension expense | 218 | 66 | |||||
Amortization of debt issuance costs | 532 | 537 | |||||
Amortization of deferred charges and credits | 3,195 | 3,122 | |||||
Loss on sale and write down of property and equipment | — | — | |||||
Deferred taxes | 1,566 | (57,700 | ) | ||||
Impairment and other non cash charges | — | 44 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 2,578 | 14,583 | |||||
Prepaid expenses and other current assets | 6,303 | 1,028 | |||||
Income taxes | (2,146 | ) | 69,551 | ||||
Deferred charges and credits | (12,854 | ) | 2,043 | ||||
Accounts payable and accrued liabilities | (14,233 | ) | 3,540 | ||||
Deferred revenue | (12,774 | ) | (13,078 | ) | |||
Other assets | (1,453 | ) | 3,550 | ||||
Net cash provided by operating activities | 65,217 | 79,846 | |||||
Cash flows from investing activities: | |||||||
Additions of property and equipment | (7,315 | ) | (4,447 | ) | |||
Purchase of patents | (192 | ) | — | ||||
Purchase of System Solutions Australia Pty Limited, net of cash acquired | — | — | |||||
Purchase of EasyLink Services International Corporation, net of cash acquired | — | — | |||||
Purchase of Resonate KT Limited, net of cash acquired | — | — | |||||
Purchase of ICCM Professional Services Limited, net of cash acquired | (11,257 | ) | — | ||||
Purchase of Operitel Corporation, net of cash acquired | — | (623 | ) | ||||
Purchase of Global 360 Holding Corp., net of cash acquired | — | — | |||||
Purchase of StreamServe Inc., net of cash acquired | — | — | |||||
Purchase of weComm Limited, net of cash acquired | — | — | |||||
Purchase of Metastorm Inc., net of cash acquired | — | — | |||||
Purchase of New Generation Consulting Inc | — | — | |||||
Purchase consideration for prior period acquisitions | (222 | ) | (187 | ) | |||
Other investing activities | (3,750 | ) | — | ||||
Net cash used in investing activities | (22,736 | ) | (5,257 | ) | |||
Cash flows from financing activities: | |||||||
Excess tax benefits on share-based compensation expense | 303 | 13 | |||||
Proceeds from issuance of Common Shares | 8,817 | 2,934 | |||||
Purchase of Treasury Stock | — | (10,888 | ) | ||||
Proceeds from long-term debt and revolver | — | — | |||||
Repayment of long-term debt and revolver | (7,669 | ) | (7,667 | ) | |||
Debt issuance costs | — | — | |||||
Payments of dividends to shareholders | (17,703 | ) | — | ||||
Net cash provided by (used in) financing activities | (16,252 | ) | (15,608 | ) | |||
Foreign exchange gain (loss) on cash held in foreign currencies | (2,695 | ) | (8,140 | ) | |||
Increase (decrease) in cash and cash equivalents during the period | 23,534 | 50,841 | |||||
Cash and cash equivalents at beginning of the period | 446,911 | 508,906 | |||||
Cash and cash equivalents at end of the period | $ | 470,445 | $ | 559,747 |
(1) | All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated. |
(2) | Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (non-GAAP).These non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company's results. |
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended June 30, 2013. ($ in thousands except for per share amounts) | |||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of revenues | |||||||||||||||
Cloud services | $ | 17,696 | $ | (48 | ) | (1 | ) | $ | 17,648 | ||||||
Customer Support | 25,351 | (159 | ) | (1 | ) | 25,192 | |||||||||
Professional Service and Other | 47,879 | (255 | ) | (1 | ) | 47,624 | |||||||||
Amortization of acquired technology-based intangible assets | 23,579 | (23,579 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 229,233 | 66.0 | % | 24,041 | (3 | ) | 253,274 | 72.9 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 42,383 | (526 | ) | (1 | ) | 41,857 | |||||||||
Sales and marketing | 79,338 | (2,476 | ) | (1 | ) | 76,862 | |||||||||
General and administrative | 27,857 | (1,958 | ) | (1 | ) | 25,899 | |||||||||
Amortization of acquired customer-based intangible assets | 17,197 | (17,197 | ) | (2 | ) | — | |||||||||
Special charges | 6,767 | (6,767 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 49,473 | 14.2 | % | 52,965 | (5 | ) | 102,438 | 29.5 | % | ||||||
Other income (expense), net | (4,180 | ) | 4,180 | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | (869 | ) | 14,652 | (7 | ) | 13,783 | |||||||||
GAAP-based net income / Non-GAAP-based net income | 42,172 | 42,493 | (8 | ) | 84,665 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 0.71 | $ | 0.72 | (8 | ) | $ | 1.43 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax recovery of approximately 2% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Three Months Ended June 30, 2013 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 84,665 | $ | 1.43 | ||
Less: | ||||||
Amortization | 40,776 | 0.69 | ||||
Share-based compensation | 5,422 | 0.09 | ||||
Special charges | 6,767 | 0.11 | ||||
Other (income) expense, net | 4,180 | 0.07 | ||||
GAAP-based provision for (recovery of) income taxes | (869 | ) | (0.01 | ) | ||
Non-GAAP-based provision for income taxes | (13,783 | ) | (0.23 | ) | ||
GAAP-based net income | $ | 42,172 | $ | 0.71 |
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the year ended June 30, 2013. ($ in thousands except for per share amounts) | |||||||||||||||
Year Ended June 30, 2013 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of revenues | |||||||||||||||
Cloud services | $ | 72,365 | $ | (128 | ) | (1 | ) | $ | 72,237 | ||||||
Customer Support | 106,948 | (434 | ) | (1 | ) | 106,514 | |||||||||
Professional Service and Other | 196,874 | (915 | ) | (1 | ) | 195,959 | |||||||||
Amortization of acquired technology-based intangible assets | 93,610 | (93,610 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 877,432 | 64.4 | % | 95,087 | (3 | ) | 972,519 | 71.3 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 164,010 | (1,693 | ) | (1 | ) | 162,317 | |||||||||
Sales and marketing | 289,157 | (8,429 | ) | (1 | ) | 280,728 | |||||||||
General and administrative | 109,325 | (3,976 | ) | (1 | ) | 105,349 | |||||||||
Amortization of acquired customer-based intangible assets | 68,745 | (68,745 | ) | (2 | ) | — | |||||||||
Special charges | 24,034 | (24,034 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 197,665 | 14.5 | % | 201,964 | (5 | ) | 399,629 | 29.3 | % | ||||||
Other income (expense), net | (2,473 | ) | 2,473 | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | 29,690 | 23,881 | (7 | ) | 53,571 | ||||||||||
GAAP-based net income / Non-GAAP-based net income | 148,520 | 180,556 | (8 | ) | 329,076 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 2.51 | $ | 3.06 | (8 | ) | $ | 5.57 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax provision of approximately 17% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Year Ended June 30, 2013 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 329,076 | $ | 5.57 | ||
Less: | ||||||
Amortization | 162,355 | 2.75 | ||||
Share-based compensation | 15,575 | 0.26 | ||||
Special charges | 24,034 | 0.41 | ||||
Other (income) expense, net | 2,473 | 0.04 | ||||
GAAP-based provision for (recovery of) income taxes | 29,690 | 0.50 | ||||
Non-GAAP-based provision for income taxes | (53,571 | ) | (0.90 | ) | ||
GAAP-based net income | $ | 148,520 | $ | 2.51 |
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended March 31, 2013. ($ in thousands except for per share amounts) | |||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of revenues | |||||||||||||||
Cloud services | $ | 18,741 | $ | (50 | ) | (1 | ) | $ | 18,691 | ||||||
Customer Support | 27,497 | (130 | ) | (1 | ) | 27,367 | |||||||||
Professional Service and Other | 49,701 | (295 | ) | (1 | ) | 49,406 | |||||||||
Amortization of acquired technology-based intangible assets | 23,058 | (23,058 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 215,619 | 63.9 | % | 23,533 | (3 | ) | 239,152 | 70.8 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 43,003 | (498 | ) | (1 | ) | 42,505 | |||||||||
Sales and marketing | 77,327 | (2,634 | ) | (1 | ) | 74,693 | |||||||||
General and administrative | 25,762 | (270 | ) | (1 | ) | 25,492 | |||||||||
Amortization of acquired customer-based intangible assets | 17,149 | (17,149 | ) | (2 | ) | — | |||||||||
Special charges | 5,444 | (5,444 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 40,870 | 12.1 | % | 49,528 | (5 | ) | 90,398 | 26.8 | % | ||||||
Other income (expense), net | 237 | (237 | ) | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | 11,187 | 893 | (7 | ) | 12,080 | ||||||||||
GAAP-based net income / Non-GAAP-based net income | 25,811 | 48,398 | (8 | ) | 74,209 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 0.44 | $ | 0.82 | (8 | ) | $ | 1.26 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax provision of approximately 30% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Three Months Ended March 31, 2013 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 74,209 | $ | 1.26 | ||
Less: | ||||||
Amortization | 40,207 | 0.68 | ||||
Share-based compensation | 3,877 | 0.07 | ||||
Special charges | 5,444 | 0.09 | ||||
Other (income) expense, net | (237 | ) | — | |||
GAAP-based provision for (recovery of) income taxes | 11,187 | 0.19 | ||||
Non-GAAP-based provision for income taxes | (12,080 | ) | (0.21 | ) | ||
GAAP-based net income | $ | 25,811 | $ | 0.44 |
Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the nine months ended March 31, 2013. ($ in thousands except for per share amounts) | |||||||||||||||
Nine Months Ended March 31, 2013 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of revenues | |||||||||||||||
Cloud services | $ | 54,669 | $ | (80 | ) | (1 | ) | $ | 54,589 | ||||||
Customer Support | 81,597 | (275 | ) | (1 | ) | 81,322 | |||||||||
Professional Service and Other | 148,995 | (660 | ) | (1 | ) | 148,335 | |||||||||
Amortization of acquired technology-based intangible assets | 70,031 | (70,031 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 648,199 | 63.8 | % | 71,046 | (3 | ) | 719,245 | 70.8 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 121,627 | (1,167 | ) | (1 | ) | 120,460 | |||||||||
Sales and marketing | 209,819 | (5,953 | ) | (1 | ) | 203,866 | |||||||||
General and administrative | 81,468 | (2,018 | ) | (1 | ) | 79,450 | |||||||||
Amortization of acquired customer-based intangible assets | 51,548 | (51,548 | ) | (2 | ) | — | |||||||||
Special charges | 17,267 | (17,267 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 148,192 | 14.6 | % | 148,999 | (5 | ) | 297,191 | 29.2 | % | ||||||
Other income (expense), net | 1,707 | (1,707 | ) | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | 30,559 | 9,229 | (7 | ) | 39,788 | ||||||||||
GAAP-based net income / Non-GAAP-based net income | 106,348 | 138,063 | (8 | ) | 244,411 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 1.80 | $ | 2.34 | (8 | ) | $ | 4.14 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax provision of approximately 22% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Nine Months Ended March 31, 2013 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 244,411 | $ | 4.14 | ||
Less: | ||||||
Amortization | 121,579 | 2.06 | ||||
Share-based compensation | 10,153 | 0.17 | ||||
Special charges | 17,267 | 0.29 | ||||
Other (income) expense, net | (1,707 | ) | (0.03 | ) | ||
GAAP-based provision for (recovery of) income taxes | 30,559 | 0.52 | ||||
Non-GAAP-based provision for income taxes | (39,788 | ) | (0.67 | ) | ||
GAAP-based net income | $ | 106,348 | $ | 1.80 |
Reconciliation of selected GAAP-based measures to Non GAAP-based measures for the three months ended June 30, 2012. ($ in thousands except for per share amounts) | |||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of Revenues: | |||||||||||||||
Customer Support | $ | 27,780 | $ | (58 | ) | (1 | ) | $ | 27,722 | ||||||
Professional Service and Other | 51,358 | (239 | ) | (1 | ) | 51,119 | |||||||||
Amortization of acquired technology-based intangible assets | 21,265 | (21,265 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 201,105 | 65.8 | % | 21,562 | (3 | ) | 222,667 | 72.9 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 41,195 | (1,066 | ) | (1 | ) | 40,129 | |||||||||
Sales and marketing | 71,641 | (2,771 | ) | (1 | ) | 68,870 | |||||||||
General and administrative | 24,186 | (557 | ) | (1 | ) | 23,629 | |||||||||
Amortization of acquired customer-based intangible assets | 13,378 | (13,378 | ) | (2 | ) | — | |||||||||
Special charges | 5,747 | (5,747 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 39,690 | 13.0 | % | 45,081 | (5 | ) | 84,771 | 27.7 | % | ||||||
Other income (expense), net | (6,596 | ) | 6,596 | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | 20,713 | (9,462 | ) | (7 | ) | 11,251 | |||||||||
GAAP-based net income / Non-GAAP-based net income | 7,971 | 61,139 | (8 | ) | 69,110 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 0.14 | $ | 1.03 | (8 | ) | $ | 1.17 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax provision of approximately 72% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Three Months Ended June 30, 2012 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 69,110 | $ | 1.17 | ||
Less: | ||||||
Amortization | 34,643 | 0.59 | ||||
Share-based compensation | 4,691 | 0.08 | ||||
Special charges | 5,747 | 0.10 | ||||
Other (income) expense, net | 6,596 | 0.11 | ||||
GAAP-based provision for (recovery of) income taxes | 20,713 | 0.35 | ||||
Non-GAAP-based provision for income taxes | (11,251 | ) | (0.20 | ) | ||
GAAP-based net income | $ | 7,971 | $ | 0.14 |
Reconciliation of selected GAAP-based measures to Non GAAP-based measures for year ended June 30, 2012. ($ in thousands except for per share amounts) | |||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||
GAAP-based Measures | GAAP-based Measures % of Revenue | Adjustments | Note | Non-GAAP-based Measures | Non-GAAP-based Measures % of Revenue | ||||||||||
Cost of Revenues: | |||||||||||||||
Customer Support | $ | 110,504 | $ | (169 | ) | (1 | ) | $ | 110,335 | ||||||
Professional Service and Other | 204,909 | (647 | ) | (1 | ) | 204,262 | |||||||||
Amortization of acquired technology-based intangible assets | 84,572 | (84,572 | ) | (2 | ) | — | |||||||||
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) | 789,455 | 65.4 | % | 85,388 | (3 | ) | 874,843 | 72.5 | % | ||||||
Operating Expenses | |||||||||||||||
Research and development | 169,043 | (3,939 | ) | (1 | ) | 165,104 | |||||||||
Sales and marketing | 274,544 | (8,811 | ) | (1 | ) | 265,733 | |||||||||
General and administrative | 97,072 | (4,531 | ) | (1 | ) | 92,541 | |||||||||
Amortization of acquired customer-based intangible assets | 53,326 | (53,326 | ) | (2 | ) | — | |||||||||
Special charges | 24,523 | (24,523 | ) | (4 | ) | — | |||||||||
GAAP-based income from operations and operating margin (%) / Non-GAAP-based income from operations and operating margin (%) | 149,360 | 12.4 | % | 180,518 | (5 | ) | 329,878 | 27.3 | % | ||||||
Other income (expense), net | 3,549 | (3,549 | ) | (6 | ) | — | |||||||||
Provision for (recovery of) income taxes | 12,171 | 31,833 | (7 | ) | 44,004 | ||||||||||
GAAP-based net income / Non-GAAP-based net income | 125,174 | 145,136 | (8 | ) | 270,310 | ||||||||||
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted | $ | 2.13 | $ | 2.47 | (8 | ) | $ | 4.60 |
(1) | Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. |
(2) | Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. |
(3) | GAAP-based and Non GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of revenue. |
(4) | Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generally incurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(5) | GAAP-based and Non GAAP-based income from operations stated in dollars, and operating margin stated as a percentage of revenue. |
(6) | Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense) relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and are hence excluded from our internal analysis of operating results. |
(7) | Adjustment relates to differences between the GAAP-based tax provision of approximately 9% and a non-GAAP-based tax rate of 14%; these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-based adjusted net income. |
(8) | Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: |
Year Ended June 30, 2012 | ||||||
Per share | ||||||
Non-GAAP-based net income | $ | 270,310 | $ | 4.60 | ||
Less: | ||||||
Amortization | 137,898 | 2.35 | ||||
Share-based compensation | 18,097 | 0.31 | ||||
Special charges | 24,523 | 0.42 | ||||
Other (income) expense, net | (3,549 | ) | (0.06 | ) | ||
GAAP-based provision for (recovery of) income taxes | 12,171 | 0.21 | ||||
Non-GAAP-based provision for income taxes | (44,004 | ) | (0.76 | ) | ||
GAAP-based net income | $ | 125,174 | $ | 2.13 |
(3) | The following tables provide a composition of our major currencies for revenue and expenses, expressed as a percentage, for the three months and year ended June 30, 2013: |
Three Months Ended June 30, 2013 | ||||
Currencies | % of Revenue | % of Expenses* | ||
EURO | 26 | % | 17 | % |
GBP | 8 | % | 8 | % |
CAD | 6 | % | 19 | % |
USD | 49 | % | 42 | % |
Other | 11 | % | 14 | % |
Total | 100 | % | 100 | % |
Year Ended June 30, 2013 | ||||
Currencies | % of Revenue | % of Expenses* | ||
EURO | 26 | % | 17 | % |
GBP | 8 | % | 8 | % |
CAD | 6 | % | 18 | % |
USD | 49 | % | 43 | % |
Other | 11 | % | 14 | % |
Total | 100 | % | 100 | % |