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.

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

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