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ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
As of December 31, 2023, 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 allowances for credit losses (1)
408,921
Other current assets (3)
299,042
Non-current tangible assets448,506
Goodwill (2) (3)
3,393,825
Intangible customer assets2,162,400
Intangible technology assets1,392,300
Accounts payable and accrued liabilities(505,234)
Deferred revenues(1,107,627)
Other liabilities (3)
(787,280)
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 $23.8 million for the six months ended December 31, 2023, 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.
Schedule of Unaudited Pro Forma Information
The unaudited pro forma revenues and net income (loss) of the combined entity for the three and six months ended December 31, 2022, had the Micro Focus Acquisition been consummated on July 1, 2021, are set forth below:
Three Months Ended December 31,Six Months Ended December 31,
Supplemental Unaudited Pro Forma Information20222022
Revenues$1,522,771 $2,985,383 
Net income (loss) (1)
(373,733)(452,537)
Net income (loss) attributable to OpenText (1)
(373,770)(452,618)
______________________
(1)Included in the pro forma net loss for the three and six months ended December 31, 2022, is a $448.2 million goodwill impairment 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.
Schedule of Proposed Divestiture of AMC Business
The following are classified as held for sale in the Condensed Consolidated Balance Sheets, which are related to the proposed divestiture of our AMC business. The following balances incorporate the use of management estimates and are subject to change based on developments leading up to the closing date of the transaction. Refer to Note 1 “Basis of Presentation”.
As of December 31, 2023
Assets held for sale
Accounts receivable trade, net of allowance for credit losses
$66,192 
Contract assets
4,907 
Prepaid expenses and other current assets
1,289 
Property and equipment
960 
Operating lease right of use assets
685 
Long-term contract assets
2,664 
Goodwill
1,037,979 
Acquired intangible assets
930,712 
Other assets
1,375 
Total assets held for sale
$2,046,763 
Liabilities held for sale
Accounts payable and accrued liabilities
$24,849 
Operating lease liabilities
259 
Deferred revenues
172,842 
Long-term Accrued liabilities
50 
Pension liability, net
1,322 
Long-term operating lease liabilities
398 
Long-term deferred revenues
23,094 
Total liabilities held for sale
$222,814