PTC Announces Q1 Results, Initiates Q2 Guidance and Updates FY’13 Targets

(3) In the first quarter of 2012 we recorded $0.8 million of foreign currency transaction losses related to legal entity mergers completed during the quarter.

(4) Reflects the tax effects of non-GAAP adjustments for the first quarter of 2013 and 2012, which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above, as well as one-time non-cash GAAP charges. In the fourth quarter of 2012, a valuation allowance was established against our U.S. net deferred tax assets. As the U.S. is profitable on a non-GAAP basis, the 2013 non-GAAP tax provision is being calculated assuming there is no U.S. valuation allowance and as a result an income tax benefit of $6.2 million is included in the first quarter of 2013. The first quarter of 2013 also includes a one-time non-cash tax benefit of $32.6 million related to the release of a portion of the valuation allowance as a result of deferred tax liabilities established in accounting for the acquisition of Servigistics. In the first quarter of 2012, the tax effects exclude one-time non-cash GAAP charges net, of $1.4 million related to the impact from a reduction in the statutory tax rate in Japan on deferred tax assets from a litigation settlement.

PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
       
 
December 29, September 30,
2012 2012
 
ASSETS
 
Cash and cash equivalents $ 248,392 $ 489,543
Accounts receivable, net 221,687 217,370
Property and equipment, net 66,109 63,466
Goodwill and acquired intangible assets, net 1,048,000 796,232
Other assets 218,458 225,023
   
Total assets $ 1,802,646 $ 1,791,634
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 303,107 $ 327,529
Borrowings under credit facility 368,125 370,000
Other liabilities 305,456 296,846
Stockholders' equity 825,958 797,259
   
Total liabilities and stockholders' equity $ 1,802,646 $ 1,791,634
 
 
PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
 
 
Three Months Ended
December 29, December 31,
2012 2011
 
Cash flows from operating activities:
Net income $ 35,811 $ 22,123
Stock-based compensation 11,893 13,382
Depreciation and amortization 19,477 17,026
Accounts receivable 16,142 13,295
Accounts payable and accruals (5) (27,958 ) (32,856 )
Deferred revenue (3,534 ) (2,075 )
Income taxes (33,779 ) (2,409 )
Excess tax benefits from stock-based awards (28 ) (150 )
Other   (4,388 )   8,149  
Net cash provided by operating activities (6) 13,636 36,485
 
Capital expenditures (7,393 ) (7,570 )
Acquisitions of businesses, net of cash acquired (7) (222,423 ) (880 )
Proceeds (payments) on debt, net (1,875 ) -
Proceeds from issuance of common stock 645 7,196

Payments of withholding taxes in connection with
     vesting of stock-based awards

(9,348 ) (12,661 )
Repurchases of common stock (15,792 ) -
Excess tax benefits from stock-based awards 28 150
Foreign exchange impact on cash   1,371     (3,247 )
 
Net change in cash and cash equivalents (241,151 ) 19,473
Cash and cash equivalents, beginning of period   489,543     167,878  
Cash and cash equivalents, end of period $ 248,392   $ 187,351  

 


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