PTC Announces Q1 Results, Initiates Q2 Guidance and Updates FY’10 Targets

(2) Reflects the tax effects of non-GAAP adjustments for the first quarter of 2010 and 2009, which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above.

PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  January 2, September 30,
2010 2009
 
ASSETS
 
Cash and cash equivalents $ 231,144 $ 235,122
Accounts receivable, net 160,536 166,591
Property and equipment, net 58,901 58,105
Goodwill and acquired intangibles, net 582,422 596,517
Other assets 314,683 293,877
   
Total assets $ 1,347,686 $ 1,350,212
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 243,160 $ 234,270
Borrowings under revolving credit facility 56,622 57,880
Other liabilities 275,990 296,481
Stockholders' equity 771,914 761,581
   
Total liabilities and stockholders' equity $ 1,347,686 $ 1,350,212
PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
  Three Months Ended
January 2, January 3,
2010 2009  
 
Cash flows from operating activities:
Net income $ 17,863 $ 4,659
Stock-based compensation 13,855 10,531
Depreciation and amortization 15,923 14,795
Accounts receivable 4,211 23,439
Accounts payable and accruals (3) (15,076 ) (26,033 )
Deferred revenue (15,987 ) (8,730 )
Income taxes (2,805 ) (11,187 )
Other 4,776 6,950
Net cash provided by operating activities 22,760 14,424
 
Capital expenditures (7,877 ) (8,172 )
Acquisitions of businesses, net of cash acquired (582 ) (8,362 )
Payments on debt, net -- (13,265 )
Repurchases of common stock (5,072 ) (9,581 )
Other investing and financing activities (4) (11,441 ) (491 )
Foreign exchange impact on cash (1,766 ) (4,561 )
 
Net change in cash and cash equivalents (3,978 ) (30,008 )
Cash and cash equivalents, beginning of period 235,122 256,941
Cash and cash equivalents, end of period $ 231,144 $ 226,933

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