PTC Announces Third fiscal Quarter 2023 Results

 

PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



































Three Months Ended



Nine Months Ended


June 30,



June 30,



June 30,



June 30,


2023



2022



2023



2022












Cash flows from operating activities:











Net income

$

61,398



$

70,476



$

199,937



$

206,244

Stock-based compensation


53,818




49,420




147,568




133,283

Depreciation and amortization


27,906




21,987




76,943




65,456

Amortization of right-of-use lease assets


8,141




8,612




24,705




26,149

Loss (gain) on investment


-




(2,993)




-




31,854

Gain on divestiture of business


-




(29,808)




-




(29,808)

Operating lease liability


(6,345)




(7,184)




(1,360)




(10,544)

Accounts receivable


13,043




12,918




99,521




25,228

Accounts payable and accruals


18,726




23,165




11,368




(16,768)

Deferred revenue


(17,396)




(28,975)




18,696




18,038

Income taxes


2,259




12,403




(9,910)




6,124

Other


7,673




(13,255)




(6,376)




(58,429)

Net cash provided by operating activities


169,223




116,766




561,092




396,827












Capital expenditures


(5,085)




(4,470)




(18,035)




(9,979)

Acquisition of businesses, net of cash acquired (1)


-




(274,974)




(828,271)




(274,974)

Purchase of intangible assets


-




(999)




-




(5,453)

Borrowings (payments) on debt, net (2)


(180,000)




159,000




386,000




(16,000)

Repurchases of common stock


-




-




-




(125,000)

Net proceeds associated with issuance of common stock


-




-




10,592




10,857

Payments of withholding taxes in connection with vesting of stock-based awards


(19,467)




(12,261)




(75,489)




(62,856)

Net proceeds from marketable securities


-




-




-




-

Net proceeds from sale (purchases) of investments (3)


349




4,213




(5,474)




46,906

Credit facility origination costs


-




-




(13,355)




-

Divestiture of business, net (4)


-




32,518




(154)




32,518

Other financing & investing activities


(1,660)




6,736




(14,421)




17,804

Foreign exchange impact on cash


(2,346)




(10,915)




6,835




(14,654)












Net change in cash, cash equivalents, and restricted cash


(38,986)




15,614




9,320




(4,004)

Cash, cash equivalents, and restricted cash, beginning of period


321,194




307,428




272,888




327,046

Cash, cash equivalents, and restricted cash, end of period

$

282,208



$

323,042



$

282,208



$

323,042












Supplemental cash flow information:











Cash paid for interest

$

22,576



$

2,079



$

51,946



$

25,907












(1) In Q2'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired. We paid $828 million in Q2'23 with the remaining $650 million to be paid in Q1'24. Of the $650 million to be paid, $620 million will be a financing outflow and $30 million of imputed interest will be an operating cash outflow. In Q3'22, we acquired Intland for approximately $275.0 million, net of cash acquired.


(2) In FY'23, net borrowings were related to funds borrowed under our credit facility to fund the ServiceMax acquisition.


(3) In Q2'22, we sold an equity investment in a publicly-traded company for $42.7 million.


(4) In Q3'22, we sold a portion of our PLM services business.



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