PTC Announces Fiscal 2008 Q3 Results

(2) Reflects a one-time non-cash loss from the liquidation of certain legal entities related to previous acquisitions.

(3) Reflects the tax effect of non-GAAP adjustments above, as well as the effect of one-time tax benefits recorded in the three and nine months ended June 30, 2007 due to the reversal of the valuation allowance recorded in the United States and a foreign jurisdiction of $58.9 million and the favorable resolution of a tax claim of $3.9 million.

PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   
 
June 28, September 30,
2008 2007
 
ASSETS
 
Cash and cash equivalents $ 242,020 $ 263,271
Accounts receivable, net 180,094 217,101
Property and equipment, net 56,851 54,745
Goodwill and acquired intangibles, net 617,574 325,052
Other assets 226,499 230,144
   
Total assets $ 1,323,038 $ 1,090,313
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 265,632 $ 227,164
Borrowings under revolving credit facility 109,556 --
Other liabilities 295,427 268,642
Stockholders' equity 652,423 594,507
   
Total liabilities and stockholders' equity $ 1,323,038 $ 1,090,313
PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                   
 
Three Months Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
 
Cash flows from operating activities:
Net income $ 14,470 $ 80,465 $ 43,198 $ 113,017
Stock-based compensation 11,149 5,030 32,681 22,507
Amortization of acquired intangible assets 10,350 3,509 25,153 10,401
Depreciation and other amortization 6,286 6,150 18,331 18,481
Accounts receivable 268 18,751 69,819 33,483
Accounts payable and accruals (4) 1,041 (4,945 ) (29,155 ) (25,999 )
Deferred revenue (5,411 ) 450 16,305 21,454
In-process research and development -- 544 1,887 544
Income taxes (868 ) (65,380 ) 1,645 (62,308 )
Other   16,017           (5,625 )         1,242           (16,508 )
Net cash provided by operating activities 53,302 38,949 181,106 115,072
 
Capital expenditures (9,785 ) (4,746 ) (20,492 ) (17,139 )
Acquisitions of businesses, net of cash acquired (5) -- (10,879 ) (261,592 ) (28,518 )
Proceeds (payments) from debt, net (53,643 ) -- 98,999 --
Repurchases of common stock (5,288 ) (1,809 ) (27,297 ) (1,809 )
Other investing and financing activities 3,929 2,949 (3,313 ) 7,302
Foreign exchange impact on cash   (5,441 )   (2,535 )   11,338     1,600  
 
Net change in cash and cash equivalents (16,926 ) 21,929 (21,251 ) 76,508
Cash and cash equivalents, beginning of period   258,946     238,027     263,271     183,448  
Cash and cash equivalents, end of period $ 242,020   $ 259,956   $ 242,020   $ 259,956  
    (4)   Includes accounts payable, accrued expenses, and accrued compensation and benefits.
(5) Acquisitions of businesses:
a. The nine months ended June 28, 2008 includes $248 million for our acquisition of CoCreate and $14 million for two other acquisitions, net of cash acquired.
b. The nine months ended June 30, 2007 includes $16 million for our acquisition of ITEDO and $7 million for our acquisition of NC Graphics, both net of cash acquired; $2 million of contingent purchase price earned in the first quarter of 2007 related to 2006 acquisitions; and $4 million for the acquisition of the remaining equity interest in a controlled subsidiary.

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