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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Divestiture of AMC Business | The following table presents the carrying amounts of major classes of assets and liabilities disposed of in the AMC Divestiture as of April 30, 2024:
AMC Assets |
Accounts receivable trade, net of allowance for credit losses | $ | 57,927 |
Contract assets | 10,355 |
Prepaid expenses and other current assets | 4,651 |
Property and equipment | 1,091 |
Goodwill | 1,139,403 |
Acquired intangible assets | 930,771 |
Deferred tax assets | 2,820 |
Other assets | 1,502 |
Total AMC Assets | $ | 2,148,520 |
AMC Liabilities |
Accounts payable and accrued liabilities | $ | 11,166 |
Deferred revenues | 188,648 |
Long-term accrued liabilities | 8,128 |
Pension liability, net | 1,640 |
Long-term operating lease liabilities | 672 |
Long-term deferred revenues | 23,623 |
Long-term income taxes payable | 9,845 |
Deferred tax liabilities | 116,086 |
Total AMC Liabilities | $ | 359,808 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The recognized amounts of identifiable assets acquired and liabilities assumed, based on their fair values as of January 31, 2023, are set forth below:
Cash and cash equivalents | $ | 541,584 |
Accounts receivable, net of allowance for credit losses (1) | 408,921 |
Other current assets (3) | 288,842 |
Non-current tangible assets | 441,129 |
Goodwill (2) (3) | 3,385,572 |
Intangible customer assets | 2,162,400 |
Intangible technology assets | 1,392,300 |
Accounts payable and accrued liabilities | (473,635) |
Deferred revenues | (1,107,627) |
Other liabilities (3) | (793,049) |
Net Assets Acquired | $ | 6,246,437 |
______________________ (1)The gross amount receivable was $418.2 million of which $9.3 million of this receivable was expected to be uncollectible. (2)The goodwill of $3.4 billion is primarily attributable to the synergies expected to arise after the acquisition. There is $67.3 million of goodwill that is deductible for tax purposes. (3)Current period purchase price allocation adjustments of $32.1 million for the year ended June 30, 2024, were primarily driven by changes in other current assets and other liabilities related to adjustments of pre-acquisition other current assets and deferred tax liabilities. The recognized amounts of identifiable assets acquired, and liabilities assumed, based on their fair values as of December 23, 2021, are set forth below:
Current assets (inclusive of cash acquired of $38.3 million) | $ | 71,527 |
Non-current tangible assets | 13,450 |
Intangible customer assets | 212,400 |
Intangible technology assets | 92,650 |
Liabilities assumed | (81,476) |
Total identifiable net assets | 308,551 |
Goodwill | 585,910 |
Net assets acquired | $ | 894,461 |
Schedule of Unaudited Pro Forma Information | The amount of Micro Focus’ revenues and net loss included in our Consolidated Statements of Income for the year ended June 30, 2023 is set forth below:
| February 1, 2023 – June 30, 2023
Revenues | $ | 976,537 |
Net loss (1) | $ | (94,741) |
______________________ (1)Net loss for the year ended includes one-time fees of approximately $82.9 million on account of special charges and $202.4 million of amortization charges relating to intangible assets. The unaudited pro forma revenues and net income of the combined entity for the year ended June 30, 2023 and 2022, respectively, had the Micro Focus Acquisition been consummated on July 1, 2021, are set forth below:
| Year Ended June 30,
Supplemental Unaudited Pro Forma Information | 2023 |  | 2022
Revenues | $ | 5,933,106 |  |  | $ | 6,248,335 |
Net income (loss) (1) | (500,105) |  |  | 206,985 |
Net income (loss) attributable to OpenText (1) | (500,292) |  |  | 206,816 |
______________________ (1)Included in the pro forma net loss for the year ended June 30, 2023, is a $448.2 million goodwill impairment recorded by Micro Focus in its pre-acquisition historical results as a result of the Company’s offer to acquire Micro Focus at a price of 532 pence per share.

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