PTC Announces First 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 $7 million. We have excluded this
benefit from our non-GAAP results.
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PTC Inc.
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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December 30,
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September 30,
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2017
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2017
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ASSETS
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Cash and cash equivalents
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$
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291,679
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$
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280,003
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Marketable securities
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50,567
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50,315
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Accounts receivable, net
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131,059
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152,299
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Property and equipment, net
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61,219
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63,600
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Goodwill and acquired intangible assets, net
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1,427,988
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1,440,680
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Other assets
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343,430
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373,487
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Total assets
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$
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2,305,942
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$
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2,360,384
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Deferred revenue
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$
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431,494
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$
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458,907
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Debt, net of deferred issuance costs
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742,622
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712,406
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Other liabilities
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242,727
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303,635
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Stockholders' equity
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889,099
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885,436
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Total liabilities and stockholders' equity
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$
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2,305,942
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$
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2,360,384
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PTC Inc.
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
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Three Months Ended
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December 30,
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December 31,
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2017
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2016
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Cash flows from operating activities:
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Net income (loss)
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$
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13,877
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$
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(9,141
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Stock-based compensation
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18,331
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17,988
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Depreciation and amortization
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21,046
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21,454
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Accounts receivable
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21,603
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21,184
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Accounts payable and accruals
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(53,057
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(53,608
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Deferred revenue
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22,055
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(11,726
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Income taxes
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(14,272
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(6,096
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Other
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(4,456
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(27,931
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Net cash provided (used) by operating activities (1)
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25,127
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(47,876
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Capital expenditures
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(6,377
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(7,100
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Purchase of intangible asset
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(2,500
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)
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-
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Proceeds (payments) on debt, net
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30,000
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(20,000
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Payments of withholding taxes in connection with
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vesting of stock-based awards
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(33,488
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(18,623
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Proceeds from investments
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-
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1,502
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Contingent consideration
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(3,176
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(2,711
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Purchases of marketable securities, net
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(508
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-
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Foreign exchange impact on cash
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2,598
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(9,760
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Net change in cash and cash equivalents
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11,676
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(104,568
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Cash and cash equivalents, beginning of period
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280,003
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277,935
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Cash and cash equivalents, end of period
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$
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291,679
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$
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173,367
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