(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

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »