PTC Announces Second Quarter Fiscal Year 2018 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 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)
 
 
March 31, September 30,
2018 2017
 
ASSETS
 
Cash and cash equivalents $ 299,776 $ 280,003
Marketable securities 55,264 50,315
Accounts receivable, net 127,151 152,299
Property and equipment, net 59,210 63,600
Goodwill and acquired intangible assets, net 1,421,633 1,440,680
Other assets 365,780 373,487
   
Total assets $ 2,328,814 $ 2,360,384
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 497,777 $ 458,907
Debt, net of deferred issuance costs 642,837 712,406
Other liabilities 260,476 303,635
Stockholders' equity 927,724 885,436
   
Total liabilities and stockholders' equity $ 2,328,814 $ 2,360,384
 
               
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
 
Three Months Ended Six Months Ended
March 31, April 1, March 31,

April 1,

2018 2017 2018 2017
 
Cash flows from operating activities:
Net income (loss) $ 7,922 $ (1,104 ) $ 21,799 $ (10,245 )
Stock-based compensation 17,026 21,577 35,357 39,565
Depreciation and amortization 21,681 21,229 42,727 42,683
Accounts receivable 10,424 (5,811 ) 32,027 15,373
Accounts payable and accruals 13,927 13,022 (39,130 ) (40,586 )
Deferred revenue 36,972 39,183 59,027 27,457
Income taxes 138 (8,584 ) (14,134 ) (14,680 )
Other   3,058     (3,086 )   (1,398 )   (31,017 )
Net cash provided by operating activities (1) 111,148 76,426 136,275 28,550
 
Capital expenditures (4,762 ) (7,689 ) (11,139 ) (14,789 )
Acquisition of businesses, net of cash acquired (3,000 ) - (3,000 ) -
Purchase of intangible asset (500 ) - (3,000 ) -
Proceeds (payments) on debt, net (100,000 ) (20,000 ) (70,000 ) (40,000 )
Proceeds from issuance of common stock 7,472 3,978 7,472 3,978
Payments of withholding taxes in connection with
vesting of stock-based awards (454 ) (543 ) (33,942 ) (19,166 )
Proceeds from investments - 13,716 - 15,218
Contingent consideration - - (3,176 ) (2,711 )
Purchases of marketable securities, net (5,046 ) 1,280 (5,554 ) 1,280
Other financing & investing activities - (184 ) - (184 )
Foreign exchange impact on cash   3,239     2,965     5,837     (6,795 )
 
Net change in cash and cash equivalents 8,097 69,949 19,773 (34,619 )
Cash and cash equivalents, beginning of period   291,679     173,367     280,003     277,935  
Cash and cash equivalents, end of period $ 299,776   $ 243,316   $ 299,776   $ 243,316  

 


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