Please note that during the course of this conference call, we may make statements relating to the future performance of OpenText that contain forward-looking information. While these forward-looking statements represent our current judgment, actual results could differ materially from a conclusion, forecast or projection in the forward-looking information -- statements made today. Certain material factors or assumptions were applied in drawing any such conclusion or while making any such forecast or projection as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information, and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information, as well as risk factors that may affect the future performance and results of OpenText are contained in OpenText's Form 10-K and Form 10-Qs, as well as in our press release that was issued earlier today. Each of which may be found on our website. We undertake no obligation to update these forward-looking statements unless required by law. In addition, our conference call will include a discussion of certain non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to their most directly comparable GAAP measures have been included in today's press release, which may be found on our website.And with that, I'll hand the call over to Paul McFeeters. Paul J. McFeeters Thank you, Greg. Turning to the financial results, I will highlight our second quarter fiscal 2012. Total revenue for the quarter was $321 million, up 20% compared to $267 million for the same period last year. License revenue for the quarter was $90 million, up 13% compared to $79 million reported for the same period last year. Maintenance revenues for the quarter was $165 million, up 21% compared to $137 million in the previous year. Services and other revenue in the quarter was $66 million, up 29% compared to $50 million in the same period last year. Gross margin for the quarter, before amortization of acquired technology remained relatively consistent this quarter at 73.8% compared to 74.7% in the same period last year. The decrease is primarily related to the initial write-down of maintenance revenue of $1.7 million, due to the acquisitions of the Metastorm and Global 360.
Pretax adjusted operating margin before interest expense and stock compensation was approximately $99 million this quarter compared $84 million in Q2 last year. Adjusted net income increased 15%, to $82 million this quarter from $71 million in the same quarter last year. Adjusted EPS was $1.39 on a diluted basis, up 14% from a $1.22 per share for the same period a year ago. The sequential effect of foreign currency movement on adjusted EPS for Q2 was a negative $0.03. The adjusted tax rate in the quarter is 14%, the same as it was the last fiscal year. Net income for the second quarter in accordance with GAAP was $47 million or $0.81 per share on a diluted basis compared to $37 million or $0.64 per share on a diluted basis for the same period a year ago. There were approximately 58.7 million shares outstanding on a fully-diluted basis for the second quarter.Operating cash flow was approximately $45 million compared to $40 million in the same quarter last year. On a year-to-date basis, operating cash flow was $90 million compared to $89 million in the same period last year. Cash flow year-to-date has been impacted by 2 days of additional DSO, reflected in the timing difference of approximately $12 million and changes in working capital of $8 million. On the balance sheet at December 31, 2011, deferred revenue was $237 million compared to $266 million as of June 30, 2011. And accounts receivable was $157 million compared to $155 million at the end of last fiscal year. Day sales outstanding were 47 days as of December 31, 2011, compared to 49 days at June 30, 2011, and 44 days at the end of Q2 of fiscal 2011. Read the rest of this transcript for free on seekingalpha.com