PTC Announces Q2 Results, Initiates Q3 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 three and six months ended March 30, 2013 and March 31, 2012, which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above, as well as any 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 $4.1 million and $10.3 million is included for the three and six months ended March 30, 2013. The three and six months ended March 30, 2013 excludes tax benefits of $3.2 million relating to final resolution of a long standing tax litigation and completion of an international jurisdiction tax audit. The six months ended March 30, 2013 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. The six months ended March 31, 2012 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.

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
       
 
March 30, September 30,
2013 2012
 
ASSETS
 
Cash and cash equivalents $ 240,809 $ 489,543
Accounts receivable, net 213,252 217,370
Property and equipment, net 62,731 63,466
Goodwill and acquired intangible assets, net 1,026,999 796,232
Other assets 241,028 225,023
   
Total assets $ 1,784,819 $ 1,791,634
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 350,341 $ 327,529
Borrowings under credit facility 308,125 370,000
Other liabilities 298,554 296,846
Stockholders' equity 827,799 797,259
   
Total liabilities and stockholders' equity $ 1,784,819 $ 1,791,634
 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                   
 
Three Months Ended Six Months Ended
March 30, March 31, March 30, March 31,
2013 2012 2013 2012
 
Cash flows from operating activities:
Net income $ 17,037 $ 3,569 $ 52,848 $ 25,692
Stock-based compensation 11,810 12,692 23,703 26,074
Depreciation and amortization 19,387 16,259 38,864 33,285
Accounts receivable 6,047 25,403 22,185 38,698
Accounts payable and accruals (5) 3,216 18,988 (24,742 ) (13,868 )
Deferred revenue 34,377 35,557 30,843 33,482
Income taxes (6,774 ) (9,492 ) (40,553 ) (11,901 )
Excess tax benefits from stock-based awards (111 ) (303 ) (139 ) (453 )

Other

  (2,193 )   (6,124 )   (6,577 )   2,025  

Net cash provided by operating activities (6)

82,796 96,549 96,432 133,034
 
Capital expenditures (5,033 ) (9,054 ) (12,426 ) (16,624 )
Acquisitions of businesses, net of cash acquired (7) - (290 ) (222,423 ) (1,170 )
Proceeds (payments) on debt, net (60,000 ) (40,000 ) (61,875 ) (40,000 )
Proceeds from issuance of common stock 2,229 6,927 2,874 14,123
Payments of withholding taxes in connection with
vesting of stock-based awards (3,543 ) (6,804 ) (12,891 ) (19,465 )
Repurchases of common stock (19,155 ) (14,983 ) (34,947 ) (14,983 )
Excess tax benefits from stock-based awards 111 303 139 453
Foreign exchange impact on cash   (4,988 )   4,108     (3,617 )   861  
 
Net change in cash and cash equivalents (7,583 ) 36,756 (248,734 ) 56,229
Cash and cash equivalents, beginning of period   248,392     187,351     489,543     167,878  
Cash and cash equivalents, end of period $ 240,809   $ 224,107   $ 240,809   $ 224,107  
 

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