(3) We have recorded a full valuation allowance against our U.S. net
deferred tax assets and a valuation allowance against net deferred tax
assets in certain foreign jurisdictions. As we are profitable on a
non-GAAP basis, the 2017 and 2016 non-GAAP tax provisions are being
calculated assuming there is no valuation allowance. Income tax
adjustments for the three months ended January 2, 2016 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. Additionally, our non-GAAP tax provision for the three months
ended January 2, 2016 excludes a $1.6 million tax provision related to a
legal settlement accrual. Beginning in the second quarter of 2016, we
changed our methodology to adopt a method that is more reflective of our
full year expected non-GAAP tax rate. For the three months ended
December 31, 2016, our non-GAAP tax provision is based on our annual
expected non-GAAP tax rate applied to our year-to-date non-GAAP earnings.
|
|
|
|
|
|
|
|
|
|
|
PTC Inc.
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
September 30,
|
|
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
173,367
|
|
|
|
$
|
277,935
|
|
Marketable securities
|
|
|
|
|
49,834
|
|
|
|
|
49,616
|
|
Accounts receivable, net
|
|
|
|
|
132,853
|
|
|
|
|
161,357
|
|
Property and equipment, net
|
|
|
|
|
65,885
|
|
|
|
|
67,113
|
|
Goodwill and acquired intangible assets, net
|
|
|
|
|
1,453,219
|
|
|
|
|
1,480,118
|
|
Other assets
|
|
|
|
|
317,946
|
|
|
|
|
305,405
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
2,193,104
|
|
|
|
$
|
2,341,544
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
|
$
|
375,029
|
|
|
|
$
|
413,657
|
|
Debt, net of deferred issuance costs
|
|
|
|
|
727,925
|
|
|
|
|
747,416
|
|
Other liabilities
|
|
|
|
|
271,185
|
|
|
|
|
337,805
|
|
Stockholders' equity
|
|
|
|
|
818,965
|
|
|
|
|
842,666
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
2,193,104
|
|
|
|
$
|
2,341,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTC Inc.
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
January 2,
|
|
|
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(9,141
|
)
|
|
|
|
$
|
(23,892
|
)
|
|
|
Stock-based compensation
|
|
|
|
|
17,988
|
|
|
|
|
|
23,189
|
|
|
|
Depreciation and amortization
|
|
|
|
|
21,454
|
|
|
|
|
|
20,613
|
|
|
|
Accounts receivable
|
|
|
|
|
21,184
|
|
|
|
|
|
35,219
|
|
|
|
Accounts payable and accruals
|
|
|
|
|
(53,608
|
)
|
|
|
|
|
10,375
|
|
|
|
Deferred revenue
|
|
|
|
|
(11,726
|
)
|
|
|
|
|
1,262
|
|
|
|
Income taxes
|
|
|
|
|
(6,096
|
)
|
|
|
|
|
(3,355
|
)
|
|
|
Excess tax benefits from stock-based awards
|
|
|
|
|
(102
|
)
|
|
|
|
|
(56
|
)
|
|
|
Other
|
|
|
|
|
(27,931
|
)
|
|
|
|
|
(2,101
|
)
|
|
Net cash (used) provided by operating activities
|
|
|
|
|
(47,978
|
)
|
|
|
|
|
61,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(7,100
|
)
|
|
|
|
|
(4,185
|
)
|
|
Acquisitions of businesses, net of cash acquired (4)
|
|
|
|
|
-
|
|
|
|
|
|
(64,780
|
)
|
|
Proceeds (payments) on debt, net
|
|
|
|
|
(20,000
|
)
|
|
|
|
|
50,000
|
|
|
Proceeds from issuance of common stock
|
|
|
|
|
-
|
|
|
|
|
|
1
|
|
|
Payments of withholding taxes in connection with
|
|
|
|
|
|
|
|
|
|
|
vesting of stock-based awards
|
|
|
|
|
(18,623
|
)
|
|
|
|
|
(14,833
|
)
|
|
Excess tax benefits from stock-based awards
|
|
|
|
|
102
|
|
|
|
|
|
56
|
|
|
Other financing & investing activities
|
|
|
|
|
(1,209
|
)
|
|
|
|
|
(2,300
|
)
|
|
Foreign exchange impact on cash
|
|
|
|
|
(9,760
|
)
|
|
|
|
|
(1,833
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
|
(104,568
|
)
|
|
|
|
|
23,380
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
277,935
|
|
|
|
|
|
273,417
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
173,367
|
|
|
|
|
$
|
296,797
|
|
|
|
|
|
|
|
|
|
|
|
|
