PTC Announces Q1 FY’15 Results; Provides Q2 and Updated FY’15 Outlook

(3)Represents acquisition-related charges, as well as, expense related to a terminating U.S. pension plan of $1.7 million in the three months ended January 3, 2015.
(4)Income tax adjustments for the three months ended January 3, 2015 and December 28, 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 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.

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

 

       
 
January 3,
2015

September 30,
2014

 

ASSETS

 
Cash and cash equivalents $ 261,052 $ 293,654
Accounts receivable, net 201,391 235,688
Property and equipment, net 65,766 67,783
Goodwill and acquired intangible assets, net 1,320,013 1,349,400
Other assets 289,001 253,429
   
Total assets $ 2,137,223 $ 2,199,954
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 397,620 $ 382,544
Borrowings under credit facility 605,625 611,875
Other liabilities 278,525 351,646
Stockholders' equity 855,453 853,889
   
Total liabilities and stockholders' equity $ 2,137,223 $ 2,199,954
 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
 
 
Three Months Ended
January 3,
2015
December 28,
2013
 
Cash flows from operating activities:
Net income $ 30,284 $ 39,657
Stock-based compensation 11,242 12,764
Depreciation and amortization 21,237 19,100
Accounts receivable 25,800 19,273
Accounts payable and accruals (53,229 ) (42,862 )
Deferred revenue (8,776 ) (10,827 )
Income taxes (2,953 ) 7,393
Excess tax benefits from stock-based awards 163 (6,802 )
Other   (12,121 )   (1,454 )

Net cash provided by operating activities (5)

11,647 36,242
 
Capital expenditures (5,636 ) (5,774 )
Acquisitions of businesses, net of cash acquired 180 -
Proceeds (payments) on debt, net (6,250 ) 110,000
Proceeds from issuance of common stock 3 351
Payments of withholding taxes in connection with
vesting of stock-based awards (21,669 ) (19,363 )
Excess tax benefits from stock-based awards (163 ) 6,802
Other financing & investing activities (1,000 ) -
Foreign exchange impact on cash   (9,714 )   1,206  
 
Net change in cash and cash equivalents (32,602 ) 129,464
Cash and cash equivalents, beginning of period   293,654     241,913  
Cash and cash equivalents, end of period $ 261,052   $ 371,377  
 

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