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| (1) | Operating margin impact of non-GAAP adjustments: |
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| Three Months Ended |
| Twelve Months Ended | ||||
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| September 30, |
| September 30, |
| September 30, |
| September 30, |
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| 2020 |
| 2019 |
| 2020 |
| 2019 |
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| GAAP operating margin | 17.1% |
| 13.9% |
| 14.5% |
| 5.0% | ||
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| Fair value adjustment of acquired deferred revenue | 0.0% |
| 0.1% |
| 0.0% |
| 0.1% | |
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| Fair value adjustment to deferred services cost | 0.0% |
| 0.0% |
| 0.0% |
| 0.0% | |
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| Stock-based compensation | 10.6% |
| 4.4% |
| 7.9% |
| 6.9% | |
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| Amortization of acquired intangibles | 3.6% |
| 3.9% |
| 3.8% |
| 4.1% | |
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| Acquisition-related and other transactional charges | 0.1% |
| 0.6% |
| 0.6% |
| 0.2% | |
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| Restructuring and other charges, net | 0.1% |
| 1.7% |
| 2.2% |
| 4.1% | |
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| Non-GAAP operating margin | 31.6% |
| 24.4% |
| 29.0% |
| 20.3% | ||
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| (2) | We recognized $15 million of expense in the second quarter of 2020 related to penalties for the early redemption of the 6.000% Senior Notes due in 2024 and wrote off approximately $3 million of related debt issuance costs in the third quarter of 2020. | ||||||||
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| (3) | We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2020 and 2019 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. | ||||||||
PTC Inc. |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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| September 30, |
| September 30, |
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| 2020 |
| 2019 |
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| ASSETS |
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| Cash and cash equivalents | $ 275,458 |
| $ 269,579 |
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| Marketable securities | 59,099 |
| 57,435 |
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| Accounts receivable, net | 415,221 |
| 372,743 |
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| Property and equipment, net | 101,499 |
| 105,531 |
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| Goodwill and acquired intangible assets, net | 1,863,356 |
| 1,408,128 |
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| Lease assets, net (1) | 149,933 |
| - |
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| Other assets | 516,772 |
| 451,172 |
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| Total assets | $ 3,381,338 |
| $ 2,664,588 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Deferred revenue | $ 426,465 |
| $ 396,632 |
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| Debt, net of deferred issuance costs | 1,005,314 |
| 669,134 |
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| Lease obligations (1) | 215,023 |
| - |
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| Other liabilities | 296,288 |
| 396,824 |
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| Stockholders' equity | 1,438,248 |
| 1,201,998 |
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| Total liabilities and stockholders' equity | $ 3,381,338 |
| $ 2,664,588 |
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| (1) In the first quarter of 2020, we adopted Accounting Standards Update 2016-02, Leases (Topic 842). | |||||
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