PTC Announces Third Quarter Fiscal 2017 Results

(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 2017 and 2016 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. For the three and nine months ended July 1, 2017 and July 2, 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)
 
July 1, September 30,
2017 2016
 
ASSETS
 
Cash and cash equivalents $ 260,695 $ 277,935
Marketable securities 50,189 49,616
Accounts receivable, net 128,561 161,357
Property and equipment, net 63,443 67,113
Goodwill and acquired intangible assets, net 1,445,453 1,480,118
Other assets 343,420 309,590
   
Total assets $ 2,291,761 $ 2,345,729
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 465,316 $ 413,657
Debt, net of deferred issuance costs 712,191 751,601
Other liabilities 278,874 337,805
Stockholders' equity 835,380 842,666
   
Total liabilities and stockholders' equity $ 2,291,761 $ 2,345,729
 
 
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                 
Three Months Ended Nine Months Ended
July 1, July 2, July 1, July 2,
2017 2016 2017 2016
 
Cash flows from operating activities:
Net income (loss) $ (951 ) $ 3,073 $ (11,196 ) $ (25,992 )
Stock-based compensation 16,574 13,796 56,139 51,821
Depreciation and amortization 21,504 21,817 64,187 64,721
Accounts receivable 19,540 (5,118 ) 34,913 58,499
Accounts payable and accruals (7,338 ) 7,831 (47,924 ) (9,861 )
Deferred revenue 18,528 20,573 45,985 44,592
Income taxes (3,152 ) (8,644 ) (17,832 ) (17,470 )
Excess tax benefits from stock-based awards (258 ) (38 ) (397 ) (94 )
Other   9,208     6,167     (21,809 )   3,380  
Net cash provided by operating activities 73,655 59,457 102,066 169,596
 
Capital expenditures (4,544 ) (7,766 ) (19,333 ) (16,632 )
Acquisitions of businesses, net of cash acquired (1) (4,960 ) - (4,960 ) (164,191 )
Proceeds (payments) on debt, net - (60,000 ) (40,000 ) 110,000
Proceeds from issuance of common stock - 18 3,978 19
Payments of withholding taxes in connection with vesting of stock-based awards
(7,078 ) (5,165 ) (26,244 ) (20,636 )
Excess tax benefits from stock-based awards 258 38 397 94
Proceeds from sales of investments - - 15,218 -
Contingent consideration (8,343 ) (9,371 ) (11,054 ) (10,621 )
Proceeds (purchases) of marketable securities, net (2,013 ) (44,605 ) (733 ) (44,605 )
Repurchases of common stock (34,994 ) - (34,994 ) -
Other financing & investing activities - (5,709 ) (184 ) (6,759 )
Foreign exchange impact on cash   5,398     (727 )   (1,397 )   4,944  
 
Net change in cash and cash equivalents 17,379 (73,830 ) (17,240 ) 21,209
Cash and cash equivalents, beginning of period   243,316     368,456     277,935     273,417  
Cash and cash equivalents, end of period $ 260,695   $ 294,626   $ 260,695   $ 294,626  
 

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