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BASIS OF PRESENTATION | 3 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements include the accounts of Open Text Corporation and our subsidiaries, collectively referred to as “OpenText” or the “Company.” We wholly own all of our subsidiaries with the exception of Open Text South Africa Proprietary Ltd. (OT South Africa), which as of September 30, 2023, was 70% owned by OpenText. All intercompany balances and transactions have been eliminated. The following Fiscal Year terms are used throughout this Quarterly Report on Form 10-Q:
Fiscal Year |  | Beginning Date |  | Ending Date
Fiscal 2025 |  | July 1, 2024 |  | June 30, 2025
Fiscal 2024 |  | July 1, 2023 |  | June 30, 2024
Fiscal 2023 |  | July 1, 2022 |  | June 30, 2023
Fiscal 2022 |  | July 1, 2021 |  | June 30, 2022
Fiscal 2021 |  | July 1, 2020 |  | June 30, 2021
Fiscal 2020 |  | July 1, 2019 |  | June 30, 2020
Fiscal 2019 |  | July 1, 2018 |  | June 30, 2019
Fiscal 2018 |  | July 1, 2017 |  | June 30, 2018
Fiscal 2017 |  | July 1, 2016 |  | June 30, 2017
Fiscal 2016 |  | July 1, 2015 |  | June 30, 2016
Fiscal 2015 |  | July 1, 2014 |  | June 30, 2015
Fiscal 2014 |  | July 1, 2013 |  | June 30, 2014
Fiscal 2013 |  | July 1, 2012 |  | June 30, 2013
Fiscal 2012 |  | July 1, 2011 |  | June 30, 2012
These Condensed Consolidated Financial Statements are expressed in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The information furnished reflects all adjustments necessary for a fair presentation of the results for the periods presented and includes the consolidated financial results of Micro Focus International Limited, formerly Micro Focus International plc, and its subsidiaries (Micro Focus), with effect from February 1, 2023 (see below and Note 19 “Acquisitions”). Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements. These estimates, judgments and assumptions are evaluated on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe are reasonable at that time, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. In particular, key estimates, judgments and assumptions include those related to: (i) revenue recognition, (ii) accounting for income taxes, (iii) testing of goodwill for impairment, (iv) the valuation of acquired intangible assets, (v) the valuation of long-lived assets, (vi) the recognition of contingencies, (vii) restructuring accruals, (viii) acquisition accruals and pre-acquisition contingencies, (ix) the valuation of stock options granted and obligations related to share-based payments, including the valuation of our long-term incentive plans, (x) the valuation of pension obligations and pension assets, (xi) the valuation of available-for-sale investments and (xii) the valuation of derivative instruments. Acquisition of Micro Focus On January 31, 2023, we acquired all of the issued and to be issued share capital of Micro Focus (the Micro Focus Acquisition) for a total purchase price of $6.2 billion, inclusive of Micro Focus’ cash and repayment of Micro Focus’ outstanding indebtedness, subject to final adjustments. The results of operations of Micro Focus have been consolidated with those of OpenText with effect from February 1, 2023. See Note 19 “Acquisitions” to our Condensed Consolidated Financial Statements for more details.

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