PTC Announces First Fiscal Quarter 2024 Results

 

PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)







Three Months Ended


December 31,



December 31,


2023



2022






Cash flows from operating activities:





Net income

$

66,387



$

75,035

Stock-based compensation


59,013




41,504

Depreciation and amortization


27,222




21,328

Amortization of right-of-use lease assets


7,724




8,054

Operating lease liability


(4,953)




7,895

Accounts receivable


153,950




105,512

Accounts payable and accruals


(64,687)




(9,850)

Deferred revenue


(29,094)




(19,635)

Income taxes


13,467




(16,836)

Other


(41,688)




(32,086)

Net cash provided by operating activities


187,341




180,921






Capital expenditures


(4,563)




(9,180)

Acquisition of businesses, net of cash acquired (1)


(93,457)




-

Borrowings on debt, net(2)


558,404




-

Deferred acquisition payment (3)


(620,040)




-

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


(50,326)




(52,423)

Settlement of net investment hedges


(7,347)




(10,795)

Other financing & investing activities


-




(1,721)

Foreign exchange impact on cash


6,689




8,616






Net change in cash, cash equivalents, and restricted cash


(23,299)




115,418

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


288,798




272,888

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

$

265,499



$

388,306






Supplemental cash flow information:





Cash paid for interest (3)

$

44,757



$

4,824






(1) In Q1'24, we acquired pure-systems for $93 million, net of cash acquired.

(2) In Q1'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. We made $181 million in payments on our debt.

(3) In Q1'24, we made a payment of $650 million to settle the ServiceMax deferred acquisition payment liability, of which $620 million is a financing outflow and $30 million is an operating outflow and included in cash paid for interest.


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