PTC Announces Third Quarter FY’15 Results

(3) Income tax adjustments for the three and nine months ended July 4, 2015 and June 28, 2014 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 the fourth quarter of 2012, a valuation allowance was established against our U.S. net deferred tax assets. Similarly, in the fourth quarter of 2014, valuation allowances were established against our foreign net deferred tax assets in two foreign jurisdictions. As the U.S. and the two foreign jurisdictions are profitable on a non-GAAP basis, the 2015 and 2014 non-GAAP tax provisions are being calculated assuming there is no valuation allowance in these jurisdictions. The following identified tax item has 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.

 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
     
 

July 4,
2015

September 30,
2014

 
ASSETS
 
Cash and cash equivalents $ 275,060 $ 293,654
Accounts receivable, net 183,144 235,688
Property and equipment, net 65,020 67,783
Goodwill and acquired intangible assets, net 1,377,323 1,349,400
Other assets 246,054 253,429
   
Total assets $ 2,146,601 $ 2,199,954
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 389,139 $ 382,544
Borrowings under credit facility 624,375 611,875
Other liabilities 302,764 351,646
Stockholders' equity 830,323 853,889
   
Total liabilities and stockholders' equity $ 2,146,601 $ 2,199,954
 
 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
Three Months Ended Nine Months Ended
July 4,
2015
June 28,
2014
July 4,
2015
June 28,
2014
 
Cash flows from operating activities:
Net income $ 17,435 $ 38,026 $ 53,111 $ 121,439
Stock-based compensation 14,071 12,532 38,135 37,862
Depreciation and amortization 21,250 19,026 63,455 57,299
Accounts receivable 22,195 (2,112 ) 44,906 14,625
Accounts payable and accruals 7,169 9,423 (10,029 ) (28,208 )
Deferred revenue 19,193 25,656 51,393 55,339
Income taxes (9,043 ) 8,666 (25,608 ) 14,545
Excess tax benefits from stock-based awards 234 (1,484 ) 71 (9,576 )
Other   (5,665 )   (3,310 )   (22,971 )   (9,938 )
Net cash provided by operating activities (5) 86,839 106,423 192,463 253,387
 
Capital expenditures (6,530 ) (6,379 ) (20,637 ) (16,721 )
Acquisitions of businesses, net of cash acquired (6) (98,591 ) - (98,411 ) (111,519 )
Proceeds (payments) on debt, net 93,750 (3,125 ) 12,500 56,875
Proceeds from issuance of common stock 32 85 38 801

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

(7,253 ) (5,112 ) (29,117 ) (26,749 )
Repurchases of common stock (49,962 ) (59,950 ) (49,962 ) (99,915 )
Excess tax benefits from stock-based awards (234 ) 1,484 (71 ) 9,576
Credit facility origination costs - - - (4,120 )
Other financing & investing activities (10,000 ) - (11,000 ) -
Foreign exchange impact on cash   (806 )   277     (14,397 )   645  
 
Net change in cash and cash equivalents 7,245 33,703 (18,594 ) 62,260
Cash and cash equivalents, beginning of period   267,815     270,470     293,654     241,913  
Cash and cash equivalents, end of period $ 275,060   $ 304,173   $ 275,060   $ 304,173  
 

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