PTC Announces Q3 Results; Provides Q4 and Updated FY’14 Outlook

(3) Represents acquisition-related charges and costs related to terminating a U.S. pension plan of $0.2 million in Q3'14 and $0.1 million in Q2'14.

(4) The third quarter of 2013 includes a legal settlement gain of $5.1 million, which is excluded from non-GAAP net income.

(5) Income tax adjustments for the three and nine months ended June 28, 2014 and June 29, 2013 reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above, and also include any identified tax items. In Q4'12, 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 2014 and 2013 non-GAAP tax provision is being calculated assuming there is no U.S. valuation allowance. The following identified tax items have been excluded from the non-GAAP tax results. Q2'14 includes a non-cash tax benefit of $8.9 million related to the release of a portion of the valuation allowance as a result of deferred tax liabilities established for the acquisition of ThingWorx. Q2'13 includes tax benefits of $3.2 million relating to final resolution of long-standing tax litigation and completion of an international jurisdiction tax audit. Q1'13 includes a 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 for the acquisition of Servigistics.

 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   
 
June 28, September 30,
  2014   2013
 
ASSETS
 
Cash and cash equivalents $ 304,173 $ 241,913
Accounts receivable, net 228,623 229,106
Property and equipment, net 63,582 64,652
Goodwill and acquired intangible assets, net 1,138,784 1,042,216
Other assets 223,044 251,019
   
Total assets $ 1,958,206 $ 1,828,906
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 371,890 $ 336,913
Borrowings under credit facility 315,000 258,125
Other liabilities 298,847 307,388
Stockholders' equity 972,469 926,480
   
Total liabilities and stockholders' equity $ 1,958,206 $ 1,828,906
 
 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
 
 
Three Months Ended Nine Months Ended
June 28, June, 29 June 28, June, 29
  2014     2013     2014     2013  
 
Cash flows from operating activities:
Net income $ 38,026 $ 34,455 $ 121,439 $ 87,303
Stock-based compensation 12,532 11,177 37,862 34,880
Depreciation and amortization 19,026 18,568 57,299 57,432
Accounts receivable (2,112 ) 13,689 14,625 35,874
Accounts payable and accruals 9,423 16,218 (28,208 ) (8,524 )
Deferred revenue 25,656 12,108 55,339 42,951
Income taxes 8,666 204 14,545 (40,349 )
Excess tax benefits from stock-based awards (1,484 ) (32 ) (9,576 ) (171 )
Other   (3,310 )   (21,797 )   (9,938 )   (28,374 )

Net cash provided by operating activities (6)

106,423 84,590 253,387 181,022
 
Capital expenditures (6,379 ) (6,702 ) (16,721 ) (19,128 )
Acquisitions of businesses, net of cash acquired (7) - 1,606 (111,519 ) (220,817 )
Proceeds (payments) on debt, net (3,125 ) (40,000 ) 56,875 (101,875 )
Proceeds from issuance of common stock 85 538 801 3,412

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

(5,112 ) (2,083 ) (26,749 ) (14,974 )
Repurchases of common stock (59,950 ) (19,965 ) (99,915 ) (54,912 )
Excess tax benefits from stock-based awards 1,484 32 9,576 171
Credit facility origination costs - - (4,120 ) -
Foreign exchange impact on cash   277     (1,794 )   645     (5,411 )
 
Net change in cash and cash equivalents 33,703 16,222 62,260 (232,512 )
Cash and cash equivalents, beginning of period   270,470     240,809     241,913     489,543  
Cash and cash equivalents, end of period $ 304,173   $ 257,031   $ 304,173   $ 257,031  
 

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Siemens Goes ECAD With Mentor Graphics Acquisition
Jobs
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
GIS Analyst II for Air Worldwide at Boston, MA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise