(2) 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 2018 and 2017 non-GAAP tax provisions are being
calculated assuming there is no valuation allowance. Income tax
adjustments 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. We have recorded the impact of the
Tax Cuts and Jobs Act in our Q1'18 GAAP earnings, resulting in a
non-cash benefit of approximately $7 million. We have excluded this
benefit from our non-GAAP results.
|
|
|
|
|
|
|
|
|
PTC Inc.
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 30,
|
|
|
September 30,
|
|
|
|
|
2017
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
291,679
|
|
|
$
|
280,003
|
|
Marketable securities
|
|
|
|
50,567
|
|
|
|
50,315
|
|
Accounts receivable, net
|
|
|
|
131,059
|
|
|
|
152,299
|
|
Property and equipment, net
|
|
|
|
61,219
|
|
|
|
63,600
|
|
Goodwill and acquired intangible assets, net
|
|
|
|
1,427,988
|
|
|
|
1,440,680
|
|
Other assets
|
|
|
|
343,430
|
|
|
|
373,487
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
2,305,942
|
|
|
$
|
2,360,384
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
$
|
431,494
|
|
|
$
|
458,907
|
|
Debt, net of deferred issuance costs
|
|
|
|
742,622
|
|
|
|
712,406
|
|
Other liabilities
|
|
|
|
242,727
|
|
|
|
303,635
|
|
Stockholders' equity
|
|
|
|
889,099
|
|
|
|
885,436
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
2,305,942
|
|
|
$
|
2,360,384
|
|
|
|
|
|
|
|
|
|
PTC Inc.
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
December 30,
|
|
|
December 31,
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
13,877
|
|
|
|
$
|
(9,141
|
)
|
|
|
Stock-based compensation
|
|
|
|
18,331
|
|
|
|
|
17,988
|
|
|
|
Depreciation and amortization
|
|
|
|
21,046
|
|
|
|
|
21,454
|
|
|
|
Accounts receivable
|
|
|
|
21,603
|
|
|
|
|
21,184
|
|
|
|
Accounts payable and accruals
|
|
|
|
(53,057
|
)
|
|
|
|
(53,608
|
)
|
|
|
Deferred revenue
|
|
|
|
22,055
|
|
|
|
|
(11,726
|
)
|
|
|
Income taxes
|
|
|
|
(14,272
|
)
|
|
|
|
(6,096
|
)
|
|
|
Other
|
|
|
|
(4,456
|
)
|
|
|
|
(27,931
|
)
|
|
Net cash provided (used) by operating activities (1)
|
|
|
|
25,127
|
|
|
|
|
(47,876
|
)
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(6,377
|
)
|
|
|
|
(7,100
|
)
|
|
Purchase of intangible asset
|
|
|
|
(2,500
|
)
|
|
|
|
-
|
|
|
Proceeds (payments) on debt, net
|
|
|
|
30,000
|
|
|
|
|
(20,000
|
)
|
|
Payments of withholding taxes in connection with
|
|
|
|
|
|
|
|
|
vesting of stock-based awards
|
|
|
|
(33,488
|
)
|
|
|
|
(18,623
|
)
|
|
Proceeds from investments
|
|
|
|
-
|
|
|
|
|
1,502
|
|
|
Contingent consideration
|
|
|
|
(3,176
|
)
|
|
|
|
(2,711
|
)
|
|
Purchases of marketable securities, net
|
|
|
|
(508
|
)
|
|
|
|
-
|
|
|
Foreign exchange impact on cash
|
|
|
|
2,598
|
|
|
|
|
(9,760
|
)
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
11,676
|
|
|
|
|
(104,568
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
280,003
|
|
|
|
|
277,935
|
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
291,679
|
|
|
|
$
|
173,367
|
|
|
|
|
|
|
|
|
|
|
