8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 2, 2011

Open Text Corporation

(Exact name of Registrant as specified in its charter)

Canada	0-27544	98-0154400
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

275 Frank Tompa Drive, Waterloo, Ontario, Canada N2L 0A1

(Address of principal executive offices)

(519) 888-7111

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On February 2, 2011, Open Text Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2010. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued by Open Text Corporation on February 2, 2011.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OPEN TEXT CORPORATION
February 2, 2011	By:	/S/    PAUL MCFEETERS
		Paul McFeeters Chief Financial Officer

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Exhibit Index

Exhibit No.	Description
99.1	Press Release issued by Open Text Corporation on February 2, 2011.

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EX-99.1

Exhibit 99.1

OpenText Reports Second Quarter Fiscal 2011 Financial Results

Waterloo, ON, February 2, 2011 - Open Text(TM) Corporation (NASDAQ:OTEX) (TSX: OTC), today announced unaudited financial results for its second quarter ended December 31, 2010. (1)

Total revenue for the second quarter of fiscal 2011 was $267.5 million, up 7.9% compared to $247.8 million for the same period in the prior fiscal year. License revenue for the second quarter of fiscal 2011 was $79.2 million, up 8.9% compared to $72.7 million for the same period in the prior fiscal year.

Adjusted net income for the second quarter of fiscal 2011 was $70.5 million or $1.21 per share on a diluted basis, up 41% compared to $50.1 million or $0.87 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles (“US GAAP”) was $37.1 million or $0.64 per share on a diluted basis, compared to $21.2 million or $0.37 per share on a diluted basis for the same period in the prior fiscal year. (2)

Operating cash flow in the second quarter of fiscal 2011 was $40.0 million, compared to $32.5 million for the same period in the prior fiscal year.

The cash and cash equivalents balance as of December 31, 2010 was $340.8 million. Accounts receivable as of December 31, 2010 totaled $135.3 million, compared to $132.1 million as of June 30, 2010 and Days Sales Outstanding (DSO) was 44 days in the second quarter of fiscal 2011, compared to 52 days in the second quarter of fiscal 2010.

“We had an excellent quarter. With license sales rebounding, our sales groups are performing well in all regions,” said John Shackleton, President and Chief Executive Officer of OpenText. “We are encouraged by the level of demand for our compliance based solutions, especially in the financial services and energy verticals, and I am confident that we are on track to meet our targets for the fiscal year.”

Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.

Teleconference Call

OpenText will host a conference call on February 2, 2011 at 5:00 p.m. ET to discuss its final financial results.

Date:	Wednesday, February 2, 2011
Time:	5:00 p.m. ET/2:00 p.m. PT
Length:	60 minutes
Where:	416-644-3415
	800-814-4860 (Toll Free)

Investors should dial in approximately 10 minutes before the teleconference is scheduled to begin. A replay of the call will be available beginning February 2, 2011 at 7:00 p.m. ET through 11:59 p.m. on February 16, 2011 and can be accessed by dialing 416-640-1917 and using passcode 4399170 followed by the number sign.

For more information or to listen to the call via web cast, please use the following link:

http://www.opentext.com/2/global/ex_event.html?evtype=events&id=701D0000000Uk2VIAS

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About OpenText

OpenText(TM) is the world’s largest independent provider of Enterprise Content Management software. The company’s solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. OpenText supports approximately 46,000 customers in 114 countries and 12 languages. For more information about OpenText, visit www.opentext.com.

Certain statements in this press release, including statements about the financial conditions, and results of operations and earnings for Open Text Corporation (“OpenText” or “the Company”), may contain words such as “could”, “expects”, “may”, “should”, “will”, “anticipates”, “believes”, “intends”, “estimates”, “targets”, “plans”, “envisions”, “seeks” and other similar language and are considered forward-looking statements or information under applicable securities laws. These statements are based on the Company’s current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the Company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. The Company’s assumptions, although considered reasonable by the Company at the date of this press release, may provide to be inaccurate and consequently the Company’s actual results could differ materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products to market and to increase sales; (iii) the strength of the Company’s product development pipeline; (iv) the Company’s growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company’s competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company’s products to be realized by customers; and (viii) the demand for the Company’s product and the extent of deployment of the company’s products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated there under; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company’s customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company’s products or services; (viii) the continuous commitment of the Company’s customers; and (ix) demand for the Company’s products.

For additional information with respect to risks and other factors which could occur, see the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2011 by Open Text Corporation. “OPENTEXT”, “OPENTEXT EVERYWHERE” and the “OPENTEXT ECM SUITE” are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.

Notes

(1) Based on comparison of historical revenue figures publicly disseminated by companies in the Enterprise Content Management (“ECM”) sector. All dollar amounts in this press release are in US Dollars unless otherwise indicated.

(2) Use of US Non-GAAP financial measures

In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US 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-US GAAP financial measures used by other companies and/or analysts and may

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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 adjusted net income and adjusted EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company’s results. The Company uses the financial measures adjusted EPS and adjusted net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of adjusted net income and adjusted EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Adjusted net income and adjusted EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company’s management believes that the presentation of adjusted net income and adjusted EPS provides useful information to investors because it excludes non-operational charges. The use of the term “non-operational charge” is defined by the Company as those that do not impact operating decisions taken by the Company’s management and is based upon the way the Company’s management evaluates the performance of the Company’s business for use in the Company’s internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company’s management excludes certain items from its analysis, such as amortization of acquired intangibles, restructuring costs, share-based compensation, other income (expense) and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company’s core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText’s performance or expected performance of recurring operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release.

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The following charts provide (unaudited) reconciliations of US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In ‘000s of USD	Three months ended December 31, 2010		Percentage			Six months ended December 31, 2010		Percentage			OpenText Fiscal 2011 Target Model
Revenue:
License	$	79,204		29.6	%	$	121,850		25.1	%	25-30%
Customer Support		136,702		51.1	%		266,459		55.0	%	52-57%
Service and Other		51,582		19.3	%		96,584		19.9	%	18-23%
Total Revenue		267,488					484,893
Cost of revenues (excluding amortization of acquired technology-based intangible assets)		68,163					126,134
Gross profit (excluding amortization of acquired technology-based intangible assets)		199,325		74.5	%		358,759		74.0	%	73-75%
Operating expenses:
Research & Development		34,268		12.8	%		65,231		13.5	%	14-16%
Sales & Marketing		58,603		21.9	%		102,783		21.2	%	21-23%
General & Administrative		19,478		7.3	%		39,288		8.1	%	8-10%
Depreciation		5,258		2.0	%		10,133		2.1	%	2%
		117,607					217,435
Gross margin less operating expenses		81,718					141,324
Add: Share -based compensation expense		2,737					5,337
Non GAAP-based Adjusted Operating Margin		84,455		31.6	%		146,661		30.2	%	25-30%
Less: Interest expense		2,473					6,608
Sub-total		81,982					140,053
Less: tax @ 14%		11,477					19,607
Non GAAP-based Adjusted Net Income	$	70,505				$	120,446
Non GAAP-based Adjusted Net Income per share	$	1.21				$	2.08

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Reconciliation of Non GAAP-based Adjusted Operating Margin to GAAP-based Net Income:

In ‘000s of USD	Three months  ended December 31, 2010		Six months ended December  31, 2010
Non GAAP-based Adjusted Operating Margin	$	84,455	$	146,661
Less:
Amortization		25,676		49,904
Share-based compensation expense		2,737		5,337
Special charges		3,461		6,656
Other expense, net		6,003		3,523
Interest expense, net		2,473		6,608
GAAP-based provision for income taxes		6,995		15,852
GAAP-based net income for the period	$	37,110	$	58,781

Reconciliation of Non GAAP based Adjusted Net income to GAAP-based Net Income:

In ‘000s of USD				Per share						Per share
Non GAAP-based Adjusted Net Income	$	70,505		$	1.21		$	120,446		$	2.08
Less:
Amortization		25,676			0.44			49,904			0.86
Share-based compensation expense		2,737			0.05			5,337			0.09
Special charges		3,461			0.06			6,656			0.11
Other expense, net		6,003			0.10			3,523			0.06
GAAP-based provision for income taxes		6,995			0.12			15,852			0.28
Tax on non GAAP-based adjusted net income (per above), @14%		(11,477	)		(0.20	)		(19,607	)		(0.33	)
GAAP-based net income for the period	$	37,110		$	0.64		$	58,781		$	1.01

* Amounts may differ from those shown on the face of the financial statements due to non-material rounding adjustments.

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The following tables present non GAAP-based measures and their reconciliation to GAAP, for the three and six months ended December 31, 2009:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In ‘000s of USD	Three months ended December 31, 2009		Percentage			Six months ended December 31, 2009		Percentage			OpenText Fiscal 2010 Target Model
Revenue:
License	$	72,691		29.3	%	$	120,020		26.1	%		25-30	%
Customer Support		130,283		52.6	%		253,932		55.3	%		50-55	%
Service and Other		44,816		18.1	%		85,260		18.6	%		20-25	%
Total Revenue		247,790					459,212
Cost of revenues (excluding amortization of acquired technology-based intangible assets)		62,554					119,932
Gross profit (excluding amortization of acquired technology-based intangible assets)		185,236		74.8	%		339,280		73.9	%		72-75	%
Operating expenses:
Research & Development		34,347		13.9	%		65,889		14.3	%		14-16	%
Sales & Marketing		53,891		21.7	%		104,581		22.8	%		24-26	%
General & Administrative		22,377		9.0	%		43,602		9.5	%		9-10	%
Depreciation		4,398		1.8	%		8,545		1.9	%		2	%
		115,013					222,617
Gross margin less operating expenses		70,223					116,663
Add: Share -based compensation expense **		1,160					2,669
Non GAAP-based Adjusted Operating Margin.		71,383		28.8	%		119,332		26.0	%		22-27	%
Less: Interest expense		2,716					5,762
Sub-total		68,667					113,570
Less: tax @ 27%		18,540					30,664
Non GAAP-based Adjusted Net Income	$	50,127				$	82,906
Non GAAP-based Adjusted Net Income per share	$	0.87				$	1.46

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Reconciliation of Non GAAP-based Adjusted Operating Margin to GAAP-based Net Income:

In ‘000s of USD	Three months ended December 31, 2009		Six months ended December 31, 2009
Non GAAP-based Adjusted Operating Margin	$	71,383	$	119,332
Less:
Amortization		23,887		46,946
Share-based compensation expense		1,160		2,669
Special charges		10,423		29,012
Other expense (income), net		1,671		(1,769	)
Interest expense, net		2,716		5,762
GAAP-based provision for income taxes		10,325		13,781
GAAP-based net income for the period	$	21,201	$	22,931

Reconciliation of Non GAAP based Adjusted Net income to GAAP-based Net Income:

In ‘000s of USD				Per share						Per share
Non GAAP-based Adjusted Net Income	$	50,127		$	0.87		$	82,906		$	1.46
Less:
Amortization		23,887			0.41			46,946			0.83
Share-based compensation expense		1,160			0.02			2,669			0.05
Special charges		10,423			0.18			29,012			0.51
Other expense (income), net		1,671			0.03			(1,769	)		(0.03	)
GAAP-based provision for income taxes		10,325			0.18			13,781			0.24
Tax on non GAAP-based adjusted net income (per above), @27%		(18,540	)		(0.32	)		(30,664	)		(0.54	)
GAAP-based net income for the period	$	21,201		$	0.37		$	22,931		$	0.40

* Amounts may differ from those shown on the face of the financial statements due to non-material rounding adjustments.

** In addition $1.0 million and $3.2 million, respectively for the three and six months ended December 31, 2009, of share-based compensation is included within Special charges.

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(3) The following table provides a composition of our major currencies for revenue and expenses, expressed as a percentage, for the second quarter of fiscal 2011:

	Three months ended December 31, 2010
Currencies	% of Revenue			% of Expenses*
EURO		25	%		21	%
GBP		9	%		8	%
CHF		6	%		3	%
CAD		8	%		28	%
USD		43	%		29	%
Others		9	%		11	%
Total		100	%		100	%
	Six months ended December 31, 2010
Currencies	% of Revenue			% of Expenses*
EURO		25	%		20	%
GBP		9	%		8	%
CHF		5	%		3	%
CAD		8	%		29	%
USD		45	%		30	%
Others		8	%		10	%
Total		100	%		100	%

* Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and special charges.

For more information, please contact:

Greg Secord

Vice President, Investor Relations

Open Text Corporation

519-888-7111 ext.2408

gsecord@opentext.com

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OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

	December 31, 2010			June 30, 2010
	(Unaudited)
ASSETS
Cash and cash equivalents	$	340,783		$	326,192
Accounts receivable trade, net of allowance for doubtful accounts of $5,097 as of December 31, 2010 and $4,868 as of June 30, 2010		135,310			132,143
Income taxes recoverable		23,705			44,509
Prepaid expenses and other current assets		30,533			21,086
Deferred tax assets		14,448			20,242
Total current assets		544,779			544,172
Capital assets		65,652			54,286
Goodwill		705,208			666,055
Acquired intangible assets		321,313			328,193
Deferred tax assets		27,631			30,420
Other assets		19,734			16,896
Deferred charges		57,948			27,558
Long-term income taxes recoverable		43,386			48,102
Total assets	$	1,785,651		$	1,715,682
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	114,356		$	119,604
Current portion of long-term debt		15,450			15,486
Deferred revenues		202,852			219,752
Income taxes payable		42,120			39,666
Deferred tax liabilities		4,752			28,384
Total current liabilities		379,530			422,892
Long-term liabilities:
Accrued liabilities		10,362			15,755
Deferred credits		5,561			—
Pension liability		17,125			15,888
Long-term debt		283,529			285,026
Deferred revenues		10,704			10,085
Long-term income taxes payable		96,030			64,699
Deferred tax liabilities		28,057			13,459
Total long-term liabilities		451,368			404,912
Shareholders’ equity:
Share capital 57,041,399 and 56,825,995 Common Shares issued and outstanding at December 31, 2010 and June 30, 2010, respectively; Authorized Common Shares: unlimited		607,414			602,868
Additional paid-in capital		67,110			61,298
Accumulated other comprehensive income		54,256			44,021
Retained earnings		252,472			193,691
Treasury stock, at cost (572,413 and 307,579 shares, respectively at December 31, 2010 and June 30, 2010)		(26,499	)		(14,000	)
Total shareholders’ equity		954,753			887,878
Total liabilities and shareholders’ equity	$	1,785,651		$	1,715,682

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OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands of U.S. dollars, except share and per share data)

(Unaudited)

	Three months ended December 31,						Six months ended December 31,
	2010			2009			2010			2009
Revenues:
License	$	79,204		$	72,691		$	121,850		$	120,020
Customer support		136,702			130,283			266,459			253,932
Service and other		51,582			44,816			96,584			85,260
Total revenues		267,488			247,790			484,893			459,212
Cost of revenues:
License		5,463			4,633			8,965			7,778
Customer support		21,542			21,493			40,898			42,432
Service and other		41,158			36,428			76,271			69,722
Amortization of acquired technology-based intangible assets		16,420			15,152			31,847			29,294
Total cost of revenues		84,583			77,706			157,981			149,226
Gross profit		182,905			170,084			326,912			309,986
Operating expenses:
Research and development		34,268			34,347			65,231			65,889
Sales and marketing		58,603			53,891			102,783			104,581
General and administrative		19,478			22,377			39,288			43,602
Depreciation		5,258			4,398			10,133			8,545
Amortization of acquired customer-based intangible assets		9,256			8,735			18,057			17,652
Special charges		3,461			10,423			6,656			29,012
Total operating expenses		130,324			134,171			242,148			269,281
Income from operations		52,581			35,913			84,764			40,705
Other income (expense), net		(6,003	)		(1,671	)		(3,523	)		1,769
Interest expense, net		(2,473	)		(2,716	)		(6,608	)		(5,762	)
Income before income taxes		44,105			31,526			74,633			36,712
Provision for income taxes		6,995			10,325			15,852			13,781
Net income for the period	$	37,110		$	21,201		$	58,781		$	22,931
Net income per share—basic	$	0.65		$	0.38		$	1.03		$	0.41
Net income per share—diluted	$	0.64		$	0.37		$	1.01		$	0.40
Weighted average number of Common Shares outstanding—basic		57,019			56,403			56,950			55,895
Weighted average number of Common Shares outstanding—diluted		58,088			57,448			58,007			56,964

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OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

	Three months ended December 31,						Six months ended December 31,
	2010			2009			2010			2009
Cash flows from operating activities:
Net income for the period	$	37,110		$	21,201		$	58,781		$	22,931
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets		30,934			28,285			60,037			55,491
Share-based compensation expense		2,737			2,130			5,337			5,820
Excess tax benefits on share-based compensation expense		(130	)		(6	)		(562	)		(697	)
Pension expense		108			218			231			410
Amortization of debt issuance costs		334			468			667			734
Unrealized gain on financial instruments		—			(1,482	)		—			(3,872	)
Unrealized gain on marketable securities		—			—			—			(4,353	)
Deferred taxes		(3,650	)		1,657			(3,831	)		(1,300	)
Impairment charges		—			452			—			452
Changes in operating assets and liabilities:
Accounts receivable		(18,208	)		(6,541	)		9,670			1,387
Prepaid expenses and other current assets		1,839			(105	)		(689	)		(3,323	)
Income taxes		3,997			(3,217	)		36,859			(8,004	)
Deferred charges and credits		(1,542	)		—			(29,267	)		—
Accounts payable and accrued liabilities		4,679			318			(21,312	)		(6,534	)
Deferred revenue		(17,538	)		(11,592	)		(24,772	)		(24,029	)
Other assets		(667	)		682			(2,212	)		1,857
Net cash provided by operating activities		40,003			32,468			88,937			36,970
Cash flows from investing activities:
Additions of capital assets-net		(7,639	)		(4,099	)		(14,582	)		(11,764	)
Purchase of StreamServe Inc., net of cash acquired		(57,221	)		—			(57,221	)		—
Purchase of Vignette Corporation, net of cash acquired		—			—			—			(90,600	)
Purchase of eMotion LLC, net of cash acquired		—			(556	)		—			(556	)
Purchase consideration for prior period acquisitions		(1,408	)		(3,439	)		(2,814	)		(8,240	)
Investments in marketable securities		—			—			(668	)		—
Maturity of short-term investments		—			11,354			—			38,525
Net cash (used in) provided by investing activities		(66,268	)		3,260			(75,285	)		(72,635	)
Cash flow from financing activities:
Excess tax benefits on share-based compensation expense		130			6			562			697
Proceeds from issuance of Common Shares		1,307			1,665			4,553			6,142
Purchase of Treasury Stock		(12,499	)		—			(12,499	)		—
Repayment of long-term debt		(882	)		(870	)		(1,760	)		(1,734	)
Debt issuance costs		(29	)		—			(29	)		(1,024	)
Net cash (used in) provided by financing activities		(11,973	)		801			(9,173	)		4,081
Foreign exchange gain (loss) on cash held in foreign currencies		(5,671	)		(1,089	)		10,112			3,395
Increase (decrease) in cash and cash equivalents during the period		(43,909	)		35,440			14,591			(28,189	)
Cash and cash equivalents at beginning of the period		384,692			212,190			326,192			275,819
Cash and cash equivalents at end of the period	$	340,783		$	247,630		$	340,783		$	247,630

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