IIROC Trading Halt - UPI

The following issues have been halted by IIROC:

Company: Universal Proptech Inc.

TSX-Venture Symbol: UPI

All Issues: No

Reason: At the Request of the Company Pending News

Halt Time (ET): 4:38 PM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada .

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/February2021/17/c8767.html

News Provided by Canada Newswire via QuoteMedia

Universal PropTech TSXV:UPI Artificial Intelligence Investing

OpenText Receives 2022 SAP® Pinnacle Award in the Partner Solution Success Category

Award highlights OpenText's deep commitment to partnership and driving innovation and solutions that enhance the customer experience

OpenText (NASDAQ: OTEX), (TSX: OTEX), today announced that it received a 2022 SAP ® Pinnacle Award in the Partner Solution Success category, recognizing its outstanding contributions as an SAP partner. SAP presents these awards annually to the top partners that have excelled in developing and growing their partnership with SAP and helping customers run better. Winners and finalists in 22 categories were chosen based on recommendations from SAP, customer feedback, and performance indicators.

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Universal PropTech Inc. Announces Departure of Officer

Universal Proptech Inc. (TSXV: UPI) ("UPI" or the "Company") announces that Frank Carnevale will step down as the Company's Chief Growth Officer to pursue a new opportunity on May 10, 2022.

Chris Hazelton, CEO of UPI commented: "On behalf of the Board of the Directors and the Management team, I would like to express our gratitude for the leadership, strategic influence and guidance Frank has provided to the Company over the last few years. We wish Frank the best in his new role."

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OpenText Showcases Latest Content Cloud Innovations at AIIM 2022

New capabilities help organizations harness the power of information to drive operational excellence and deliver better business outcomes

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), a long-standing market leader in content services for more than 17 years, will be at AIIM 2022 as a Diamond sponsor. This year, OpenText is showcasing new capabilities that enable organizations to embrace information management with the flexibility of choice off-cloud, private cloud, public cloud, or API. The OpenText™ Content Cloud™ innovations, including OpenText™ Core Content and OpenText™ Core Case Management empower organizations to adapt and master modern work in a multi-cloud environment through improved digital collaboration, fast and secure information access, and proper governance and compliance.

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Total Revenues (in millions)		Annual Recurring Revenues (in millions)		Cloud Revenues (in millions)
Reported	Constant Currency	Reported	Constant Currency	Reported	Constant Currency
$882.3	$899.4	$734.5	$747.7	$401.9	$406.6
+5.9%	+8.0%	+6.2%	+8.1%	+13.0%	+14.3%
Annual Recurring Revenues represent 83% of Total Revenues

Summary of Quarterly Results
(In millions, except per share data)	Q3 FY'22	Q3 FY'21	$ Change	% Change	Q3 FY'22 in CC*	% Change in CC*
Revenues:
Cloud services and subscriptions	$401.9	$355.8	$46.1	13.0%	$406.6	14.3%
Customer support	332.5	335.9	(3.4)	(1.0)%	341.1	1.5%
Total annual recurring revenues**	$734.5	$691.8	$42.7	6.2%	$747.7	8.1%
License	80.6	76.3	4.3	5.7%	82.7	8.4%
Professional service and other	67.2	64.9	2.3	3.6%	69.0	6.4%
Total revenues	$882.3	$832.9	$49.4	5.9%	$899.4	8.0%
GAAP-based operating income	$131.6	$152.4	($20.8)	(13.6)%	N/A	N/A
Non-GAAP-based operating income ⁽¹⁾	$262.2	$275.2	($13.0)	(4.7)%	$270.1	(1.9)%
GAAP-based net income attributable to OpenText	$74.7	$91.5	($16.8)	(18.4)%	N/A	N/A
GAAP-based EPS, diluted	$0.28	$0.33	($0.05)	(15.2)%	N/A	N/A
Non-GAAP-based EPS, diluted ⁽¹⁾⁽²⁾	$0.70	$0.75	($0.05)	(6.7)%	$0.73	(2.7)%
Adjusted EBITDA ⁽¹⁾	$284.5	$297.1	($12.6)	(4.3)%	$292.5	(1.5)%
Operating cash flows	$323.6	$63.6	$260.0	409.0%	N/A	N/A
Free cash flows ⁽¹⁾	$306.0	$50.3	$255.7	508.8%	N/A	N/A

Summary of YTD Results
(In millions, except per share data)	FY'22 YTD	FY'21 YTD	$ Change	% Change	FY'22 YTD in CC*	% Change in CC*
Revenues:
Cloud services and subscriptions	$1,123.4	$1,047.3	$76.1	7.3%	$1,124.8	7.4%
Customer support	1,002.6	999.8	2.8	0.3%	1,005.0	0.5%
Total annual recurring revenues**	$2,126.0	$2,047.1	$79.0	3.9%	$2,129.8	4.0%
License	263.7	252.2	11.5	4.6%	265.8	5.4%
Professional service and other	201.7	193.3	8.4	4.3%	202.5	4.7%
Total revenues	$2,591.4	$2,492.6	$98.8	4.0%	$2,598.0	4.2%
GAAP-based operating income	$507.2	$569.2	($62.0)	(10.9)%	N/A	N/A
Non-GAAP-based operating income ⁽¹⁾	$886.0	$936.1	($50.1)	(5.4)%	$896.0	(4.3)%
GAAP-based net income attributable to OpenText	$294.9	$129.4	$165.5	127.9%	N/A	N/A
GAAP-based EPS, diluted	$1.08	$0.47	$0.61	129.8%	N/A	N/A
Non-GAAP-based EPS, diluted ⁽¹⁾⁽²⁾	$2.43	$2.59	($0.16)	(6.2)%	$2.46	(5.0)%
Adjusted EBITDA ⁽¹⁾	$951.4	$1,000.2	($48.9)	(4.9)%	$961.4	(3.9)%
Operating cash flows	$729.9	$579.9	$149.9	25.9%	N/A	N/A
Free cash flows ⁽¹⁾	$674.9	$543.7	$131.3	24.1%	N/A	N/A

Summary of Quarterly Results
	Q3 FY'22	Q2 FY'22	Q3 FY'21	% Change (Q3 FY'22 vs Q2 FY'22)		% Change (Q3 FY'22 vs Q3 FY'21)
Revenue (millions)	$882.3	$876.8	$832.9	0.6%		5.9%
GAAP-based gross margin	68.9%	70.2%	68.6%	(130)	bps	30	bps
Non-GAAP-based gross margin ⁽¹⁾	74.5%	76.4%	75.2%	(190)	bps	(70)	bps
GAAP-based EPS, diluted	$0.28	$0.32	$0.33	(12.5)%		(15.2)%
Non-GAAP-based EPS, diluted ⁽¹⁾⁽²⁾	$0.70	$0.89	$0.75	(21.3)%		(6.7)%

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)

	March 31, 2022	June 30, 2021
ASSETS	(unaudited)
Cash and cash equivalents	$ 1,633,702	$ 1,607,306
Accounts receivable trade, net of allowance for credit losses of $16,439 as of March 31, 2022 and $22,151 as of June 30, 2021	429,877	438,547
Contract assets	25,481	25,344
Income taxes recoverable	20,781	32,312
Prepaid expenses and other current assets	122,616	98,551
Total current assets	2,232,457	2,202,060
Property and equipment	227,830	233,595
Operating lease right of use assets	217,684	234,532
Long-term contract assets	20,049	19,222
Goodwill	5,265,189	4,691,673
Acquired intangible assets	1,181,266	1,187,260
Deferred tax assets	717,345	796,738
Other assets	257,301	208,894
Long-term income taxes recoverable	43,518	35,362
Total assets	$ 10,162,639	$ 9,609,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$ 404,545	$ 423,592
Current portion of long-term debt	10,000	10,000
Operating lease liabilities	59,182	58,315
Deferred revenues	936,750	852,629
Income taxes payable	7,483	17,368
Total current liabilities	1,417,960	1,361,904
Long-term liabilities:
Accrued liabilities	16,631	28,830
Pension liability	76,364	74,511
Long-term debt	4,210,582	3,578,859
Long-term operating lease liabilities	203,101	224,453
Long-term deferred revenues	90,736	98,989
Long-term income taxes payable	35,206	34,113
Deferred tax liabilities	56,208	108,224
Total long-term liabilities	4,688,828	4,147,979
Shareholders' equity:
Share capital and additional paid-in capital
270,231,166 and 271,540,755 Common Shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively; authorized Common Shares: unlimited	2,010,146	1,947,764
Accumulated other comprehensive income	17,266	66,238
Retained earnings	2,151,369	2,153,326
Treasury stock, at cost (2,776,420 and 1,567,664 shares at March 31, 2022 and June 30, 2021, respectively)	(124,033)	(69,386)
Total OpenText shareholders' equity	4,054,748	4,097,942
Non-controlling interests	1,103	1,511
Total shareholders' equity	4,055,851	4,099,453
Total liabilities and shareholders' equity	$ 10,162,639	$ 9,609,336

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Universal PropTech

Overview

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OpenText Receives 2022 SAP® Pinnacle Award in the Partner Solution Success Category

OpenText Reports Third Quarter Fiscal Year 2022 Financial Results

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OpenText Showcases Latest Content Cloud Innovations at AIIM 2022

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Quarterly Activities Report to 31 March 2022

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. dollars, except share and per share data)
(unaudited)

	Three Months Ended March 31,		Nine Months Ended March 31,
	2022	2021	2022	2021
Revenues:
Cloud services and subscriptions	$ 401,947	$ 355,845	$ 1,123,422	$ 1,047,285
Customer support	332,514	335,915	1,002,626	999,806
License	80,641	76,299	263,663	252,170
Professional service and other	67,181	64,872	201,679	193,327
Total revenues	882,283	832,931	2,591,390	2,492,588
Cost of revenues:
Cloud services and subscriptions	136,020	123,729	377,928	354,235
Customer support	31,763	30,953	90,914	89,815
License	3,196	2,810	10,906	9,601
Professional service and other	56,693	50,321	161,459	143,521
Amortization of acquired technology-based intangible assets	46,564	53,453	152,333	165,581
Total cost of revenues	274,236	261,266	793,540	762,753
Gross profit	608,047	571,665	1,797,850	1,729,835
Operating expenses:
Research and development	117,730	110,071	321,517	304,212
Sales and marketing	180,955	158,687	491,133	438,984
General and administrative	88,137	71,548	231,127	190,502
Depreciation	22,370	21,961	65,535	64,244
Amortization of acquired customer-based intangible assets	56,215	54,156	160,764	164,075
Special charges (recoveries)	11,031	2,846	20,592	(1,404)
Total operating expenses	476,438	419,269	1,290,668	1,160,613
Income from operations	131,609	152,396	507,182	569,222
Other income (expense), net	24,392	8,283	29,137	16,417
Interest and other related expense, net	(40,238)	(37,333)	(117,538)	(114,017)
Income before income taxes	115,763	123,346	418,781	471,622
Provision for income taxes	41,041	31,818	123,757	342,121
Net income for the period	$ 74,722	$ 91,528	$ 295,024	$ 129,501
Net (income) loss attributable to non-controlling interests	(41)	(38)	(130)	(112)
Net income attributable to OpenText	$ 74,681	$ 91,490	$ 294,894	$ 129,389
Earnings per share—basic attributable to OpenText	$ 0.28	$ 0.34	$ 1.09	$ 0.47
Earnings per share—diluted attributable to OpenText	$ 0.28	$ 0.33	$ 1.08	$ 0.47
Weighted average number of Common Shares outstanding—basic (in ' 000's)	270,693	272,832	271,623	272,414
Weighted average number of Common Shares outstanding—diluted (in ' 000's)	271,211	273,924	272,439	273,312

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands of U.S. dollars)
(unaudited)

	Three Months Ended March 31,		Nine Months Ended March 31,
	2022	2021	2022	2021
Net income for the period	$ 74,722	$ 91,528	$ 295,024	$ 129,501
Other comprehensive income (loss)—net of tax:
Net foreign currency translation adjustments	(13,073)	(12,568)	(44,512)	36,142
Unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) - net of tax expense (recovery) effect of $233 and $246 for the three months ended March 31, 2022 and 2021, respectively; ($158) and $1,302 for the nine months ended March 31, 2022 and 2021, respectively	648	681	(334)	3,608
(Gain) loss reclassified into net income - net of tax (expense) recovery effect of $79 and ($399) for the three months ended March 31, 2022 and 2021, respectively; ($24) and ($682) for the nine months ended March 31, 2022 and 2021, respectively	219	(1,108)	(86)	(1,892)
Actuarial gain (loss) relating to defined benefit pension plans:
Actuarial gain (loss) - net of tax expense (recovery) effect of ($579) and $944 for the three months ended March 31, 2022 and 2021, respectively; ($811) and ($413) for the nine months ended March 31, 2022 and 2021, respectively	(2,033)	344	(4,517)	(2,342)
Amortization of actuarial (gain) loss into net income - net of tax (expense) recovery effect of $66 and $95 for the three months ended March 31, 2022 and 2021, respectively; $134 and $275 for the nine months ended March 31, 2022 and 2021, respectively	156	249	477	733
Total other comprehensive income (loss) net, for the period	(14,083)	(12,402)	(48,972)	36,249
Total comprehensive income	60,639	79,126	246,052	165,750
Comprehensive (income) loss attributable to non- controlling interests	(41)	(38)	(130)	(112)
Total comprehensive income attributable to OpenText	$ 60,598	$ 79,088	$ 245,922	$ 165,638

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands of U.S. dollars and shares)
(unaudited)

	Three Months Ended March 31, 2022
	Common Shares and Additional Paid in Capital		Treasury Stock		Retained Earnings	Accumulated Other Comprehensive Income	Non- Controlling Interests	Total
	Shares	Amount	Shares	Amount	Retained Earnings	Accumulated Other Comprehensive Income	Non- Controlling Interests	Total
Balance as of December 31, 2021	271,006	$ 1,990,913	(1,476)	$ (67,966)	$ 2,174,467	$ 31,349	$ 1,062	$ 4,129,825
Issuance of Common Shares
Under employee stock option plans	53	1,863	—	—	—	—	—	1,863
Under employee stock purchase plans	172	7,003	—	—	—	—	—	7,003
Share-based compensation	—	16,748	—	—	—	—	—	16,748
Purchase of treasury stock	—	—	(1,300)	(56,067)	—	—	—	(56,067)
Repurchase of Common Shares	(1,000)	(6,381)	—	—	(38,702)	—	—	(45,083)
Dividends declared ($0.2209 per Common Share)	—	—	—	—	(59,077)	—	—	(59,077)
Other comprehensive income (loss) - net	—	—	—	—	—	(14,083)	—	(14,083)
Net income for the period	—	—	—	—	74,681	—	41	74,722
Balance as of March 31, 2022	270,231	$ 2,010,146	(2,776)	$ (124,033)	$ 2,151,369	$ 17,266	$ 1,103	$ 4,055,851

	Three Months Ended March 31, 2021
	Common Shares and Additional Paid in Capital		Treasury Stock		Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interests	Total
	Shares	Amount	Shares	Amount	Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interests	Total
Balance as of December 31, 2020	272,589	$ 1,889,857	(1,101)	$ (47,555)	$ 2,093,076	$ 66,476	$ 1,393	$ 4,003,247
Issuance of Common Shares
Under employee stock option plans	219	8,270	—	—	—	—	—	8,270
Under employee stock purchase plans	165	6,421	—	—	—	—	—	6,421
Share-based compensation	—	12,357	—	—	—	—	—	12,357
Purchase of treasury stock	—	—	(490)	(22,977)	—	—	—	(22,977)
Issuance of treasury stock	—	(1,146)	23	1,146	—	—	—	—
Dividends declared ($0.2008 per Common Share)	—	—	—	—	(54,519)	—	—	(54,519)
Other comprehensive income (loss) - net	—	—	—	—	—	(12,402)	—	(12,402)
Net income for the period	—	—	—	—	91,490	—	38	91,528
Balance as of March 31, 2021	272,973	$ 1,915,759	(1,568)	$ (69,386)	$ 2,130,047	$ 54,074	$ 1,431	$ 4,031,925

	Nine Months Ended March 31, 2021
	Common Shares and Additional Paid in Capital		Treasury Stock		Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interests	Total
	Shares	Amount	Shares	Amount	Retained Earnings	Accumulated Other Comprehensive Income	Non-Controlling Interests	Total
Balance as of June 30, 2020	271,863	$ 1,851,777	(622)	$ (23,608)	$ 2,159,396	$ 17,825	$ 1,319	$ 4,006,709
Adoption of ASU 2016-13 - cumulative effect, net	—	—	—	—	(2,450)	—	—	(2,450)
Issuance of Common Shares
Under employee stock option plans	743	23,768	—	—	—	—	—	23,768
Under employee stock purchase plans	367	13,974	193	6,690	—	—	—	20,664
Share-based compensation	—	38,619	—	—	—	—	—	38,619
Purchase of treasury stock	—	—	(1,455)	(64,847)	—	—	—	(64,847)
Issuance of treasury stock	—	(12,379)	316	12,379	—	—	—	—
Dividends declared ($0.5762 per Common Share)	—	—	—	—	(156,288)	—	—	(156,288)
Other comprehensive income (loss) - net	—	—	—	—	—	36,249	—	36,249
Net income for the period	—	—	—	—	129,389	—	112	129,501
Balance as of March 31, 2021	272,973	$ 1,915,759	(1,568)	$ (69,386)	$ 2,130,047	$ 54,074	$ 1,431	$ 4,031,925

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended March 31, 2022 *(In thousands, except for per share data)*
	Three Months Ended March 31, 2022
	GAAP-based Measures	GAAP-based Measures % of Total Revenue	Adjustments	Note	Non-GAAP-based Measures	Non-GAAP-based Measures % of Total Revenue
Cost of revenues
Cloud services and subscriptions	$ 136,020		$ (1,268)	(1)	$ 134,752
Customer support	31,763		(501)	(1)	31,262
Professional service and other	56,693		(907)	(1)	55,786
Amortization of acquired technology-based intangible assets	46,564		(46,564)	(2)	—
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%)	608,047	68.9%	49,240	(3)	657,287	74.5%
Operating expenses
Research and development	117,730		(4,350)	(1)	113,380
Sales and marketing	180,955		(5,761)	(1)	175,194
General and administrative	88,137		(3,961)	(1)	84,176
Amortization of acquired customer-based intangible assets	56,215		(56,215)	(2)	—
Special charges (recoveries)	11,031		(11,031)	(4)	—
GAAP-based income from operations / Non-GAAP- based income from operations	131,609		130,558	(5)	262,167
Other income (expense), net	24,392		(24,392)	(6)	—
Provision for income taxes	41,041		(9,971)	(7)	31,070
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText	74,681		116,137	(8)	190,818
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText	$ 0.28		$ 0.42	(8)	$ 0.70

(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 total revenue.
(4)	Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.
(5)	GAAP-based and Non-GAAP-based income from operations stated in dollars.
(6)	Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.
(7)	Adjustment relates to differences between the GAAP-based tax provision rate of approximately 35% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.


(8)	Reconciliation of GAAP-based net income to Non-GAAP-based net income:

	Three Months Ended March 31, 2022
		Per share diluted
GAAP-based net income, attributable to OpenText	$ 74,681	$ 0.28
Add:
Amortization	102,779	0.38
Share-based compensation	16,748	0.06
Special charges (recoveries)	11,031	0.04
Other (income) expense, net	(24,392)	(0.09)
GAAP-based provision for income taxes	41,041	0.15
Non-GAAP-based provision for income taxes	(31,070)	(0.12)
Non-GAAP-based net income, attributable to OpenText	$ 190,818	$ 0.70

Reconciliation of Adjusted EBITDA

	Three Months Ended March 31, 2022
GAAP-based net income, attributable to OpenText	$ 74,681
Add:
Provision for income taxes	41,041
Interest and other related expense, net	40,238
Amortization of acquired technology-based intangible assets	46,564
Amortization of acquired customer-based intangible assets	56,215
Depreciation	22,370
Share-based compensation	16,748
Special charges (recoveries)	11,031
Other (income) expense, net	(24,392)
Adjusted EBITDA	$ 284,496

GAAP-based net income margin	8.5%
Adjusted EBITDA margin	32.2%

Reconciliation of Free cash flows

	Three Months Ended March 31, 2022
GAAP-based cash flows provided by operating activities	$ 323,557
Add:
Capital expenditures ⁽¹⁾	(17,590)
Free cash flows	$ 305,967

⁽¹⁾ Defined as "Additions of property and equipment" in the Condensed Consolidated Statements of Cash Flows.

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the nine months ended March 31, 2022 *(In thousands, except for per share data)*
	Nine Months Ended March 31, 2022
	GAAP-based Measures	GAAP-based Measures % of Total Revenue	Adjustments	Note	Non-GAAP-based Measures	Non-GAAP-based Measures % of Total Revenue
Cost of revenues
Cloud services and subscriptions	$ 377,928		$ (3,072)	(1)	$ 374,856
Customer support	90,914		(1,631)	(1)	89,283
Professional service and other	161,459		(2,275)	(1)	159,184
Amortization of acquired technology-based intangible assets	152,333		(152,333)	(2)	—
GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%)	1,797,850	69.4%	159,311	(3)	1,957,161	75.5%
Operating expenses
Research and development	321,517		(9,936)	(1)	311,581
Sales and marketing	491,133		(15,377)	(1)	475,756
General and administrative	231,127		(12,800)	(1)	218,327
Amortization of acquired customer-based intangible assets	160,764		(160,764)	(2)	—
Special charges (recoveries)	20,592		(20,592)	(4)	—
GAAP-based income from operations / Non-GAAP- based income from operations	507,182		378,780	(5)	885,962
Other income (expense), net	29,137		(29,137)	(6)	—
Provision for income taxes	123,757		(16,178)	(7)	107,579
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText	294,894		365,821	(8)	660,715
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText	$ 1.08		$ 1.35	(8)	$ 2.43

Reconciliation of Adjusted EBITDA

	Nine Months Ended March 31, 2022
GAAP-based net income, attributable to OpenText	$ 294,894
Add:
Provision for income taxes	123,757
Interest and other related expense, net	117,538
Amortization of acquired technology-based intangible assets	152,333
Amortization of acquired customer-based intangible assets	160,764
Depreciation	65,535
Share-based compensation	45,091
Special charges (recoveries)	20,592
Other (income) expense, net	(29,137)
Adjusted EBITDA	$ 951,367

GAAP-based net income margin	11.4%
Adjusted EBITDA margin	36.7%

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended December 31, 2021 *(In thousands, except for per share data)*
	Three Months Ended December 31, 2021
	GAAP-based Measures	GAAP-based Measures % of Total Revenue	Adjustments	Note	Non-GAAP-based Measures	Non-GAAP-based Measures % of Total Revenue
Cost of revenues
Cloud services and subscriptions	$ 122,129		$ (897)	(1)	$ 121,232
Customer support	29,668		(409)	(1)	29,259
Professional service and other	53,041		(647)	(1)	52,394
Amortization of acquired technology-based intangible assets	52,602		(52,602)	(2)	—
GAAP-based gross profit and gross margin (%) /Non-GAAP-based gross profit and gross margin (%)	615,618	70.2%	54,555	(3)	670,173	76.4%
Operating expenses
Research and development	103,622		(2,652)	(1)	100,970
Sales and marketing	163,938		(5,006)	(1)	158,932
General and administrative	71,513		(4,798)	(1)	66,715
Amortization of acquired customer-based intangible assets	52,665		(52,665)	(2)	—
Special charges (recoveries)	9,217		(9,217)	(4)	—
GAAP-based income from operations / Non-GAAP- based income from operations	192,884		128,893	(5)	321,777
Other income (expense), net	(25,037)		25,037	(6)	—
Provision for income taxes	39,266		148	(7)	39,414
GAAP-based net income / Non-GAAP-based net income, attributable to OpenText	88,298		153,782	(8)	242,080
GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText	$ 0.32		$ 0.57	(8)	$ 0.89

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Currencies	% of Revenue	% of Expenses ⁽¹⁾	% of Revenue	% of Expenses ⁽¹⁾
EURO	21%	12%	24%	14%
GBP	5%	5%	5%	6%
CAD	3%	14%	3%	11%
USD	63%	53%	60%	53%
Other	8%	16%	8%	16%
Total	100%	100%	100%	100%