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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