PTC Announces Third Quarter FY’15 Results

(3) Income tax adjustments for the three and nine months ended July 4, 2015 and June 28, 2014 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, and also include any identified tax items. In the fourth quarter of 2012, a valuation allowance was established against our U.S. net deferred tax assets. Similarly, in the fourth quarter of 2014, valuation allowances were established against our foreign net deferred tax assets in two foreign jurisdictions. As the U.S. and the two foreign jurisdictions are profitable on a non-GAAP basis, the 2015 and 2014 non-GAAP tax provisions are being calculated assuming there is no valuation allowance in these jurisdictions. The following identified tax item has been excluded from the non-GAAP tax results: Q2'14 includes a non-cash tax benefit of $8.9 million related to the release of a portion of the valuation allowance as a result of deferred tax liabilities established for the acquisition of ThingWorx.


PTC Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)


	July 4, 2015		September 30, 2014

ASSETS

Cash and cash equivalents	$	275,060	$	293,654
Accounts receivable, net		183,144		235,688
Property and equipment, net		65,020		67,783
Goodwill and acquired intangible assets, net		1,377,323		1,349,400
Other assets		246,054		253,429

Total assets	$	2,146,601	$	2,199,954

LIABILITIES AND STOCKHOLDERS' EQUITY

Deferred revenue	$	389,139	$	382,544
Borrowings under credit facility		624,375		611,875
Other liabilities		302,764		351,646
Stockholders' equity		830,323		853,889

Total liabilities and stockholders' equity	$	2,146,601	$	2,199,954


PTC Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended						Nine Months Ended
	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014

Cash flows from operating activities:
Net income	$	17,435		$	38,026		$	53,111		$	121,439
Stock-based compensation		14,071			12,532			38,135			37,862
Depreciation and amortization		21,250			19,026			63,455			57,299
Accounts receivable		22,195			(2,112	)		44,906			14,625
Accounts payable and accruals		7,169			9,423			(10,029	)		(28,208	)
Deferred revenue		19,193			25,656			51,393			55,339
Income taxes		(9,043	)		8,666			(25,608	)		14,545
Excess tax benefits from stock-based awards		234			(1,484	)		71			(9,576	)
Other		(5,665	)		(3,310	)		(22,971	)		(9,938	)
Net cash provided by operating activities ⁽⁵⁾		86,839			106,423			192,463			253,387

Capital expenditures		(6,530	)		(6,379	)		(20,637	)		(16,721	)
Acquisitions of businesses, net of cash acquired ⁽⁶⁾		(98,591	)		-			(98,411	)		(111,519	)
Proceeds (payments) on debt, net		93,750			(3,125	)		12,500			56,875
Proceeds from issuance of common stock		32			85			38			801
Payments of withholding taxes in connection with vesting of stock-based awards		(7,253	)		(5,112	)		(29,117	)		(26,749	)
Repurchases of common stock		(49,962	)		(59,950	)		(49,962	)		(99,915	)
Excess tax benefits from stock-based awards		(234	)		1,484			(71	)		9,576
Credit facility origination costs		-			-			-			(4,120	)
Other financing & investing activities		(10,000	)		-			(11,000	)		-
Foreign exchange impact on cash		(806	)		277			(14,397	)		645

Net change in cash and cash equivalents		7,245			33,703			(18,594	)		62,260
Cash and cash equivalents, beginning of period		267,815			270,470			293,654			241,913
Cash and cash equivalents, end of period	$	275,060		$	304,173		$	275,060		$	304,173

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