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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| Nine Months Ended |
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| June 30, |
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| June 30, |
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| June 30, |
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| June 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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Cash flows from operating activities: |
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Net income | $ | 68,978 |
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| $ | 61,398 |
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| $ | 249,810 |
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| $ | 199,937 |
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Stock-based compensation |
| 48,038 |
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| 53,818 |
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| 161,242 |
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| 147,568 |
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Depreciation and amortization |
| 27,128 |
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| 27,906 |
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| 81,272 |
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| 76,943 |
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Amortization of right-of-use lease assets |
| 7,684 |
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| 8,141 |
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| 23,143 |
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| 24,705 |
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Operating lease liability |
| (3,145) |
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| (6,345) |
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| (13,438) |
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| (1,360) |
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Accounts receivable |
| 23,915 |
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| 13,043 |
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| 131,422 |
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| 99,521 |
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Accounts payable and accruals |
| 64,831 |
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| 18,726 |
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| 35 |
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| 11,368 |
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Deferred revenue |
| (32,578) |
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| (17,396) |
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| 8,393 |
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| 18,696 |
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Income taxes |
| (19,882) |
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| 2,259 |
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| (1,795) |
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| (9,910) |
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Other |
| 28,830 |
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| 7,673 |
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| 11,786 |
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| (6,376) |
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Net cash provided by operating activities |
| 213,799 |
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| 169,223 |
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| 651,870 |
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| 561,092 |
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Capital expenditures |
| (1,639) |
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| (5,085) |
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| (9,841) |
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| (18,035) |
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Acquisition of businesses, net of cash acquired (1) |
| - |
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| - |
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| (93,457) |
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| (828,271) |
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Borrowings (payments) on debt, net (2) |
| (195,125) |
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| (180,000) |
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| 109,049 |
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| 386,000 |
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Deferred acquisition payment (3) |
| - |
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| - |
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| (620,040) |
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| - |
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Net proceeds associated with issuance of common stock |
| - |
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| - |
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| 12,709 |
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| 10,592 |
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Payments of withholding taxes in connection with vesting of stock-
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| (21,405) |
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| (19,467) |
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| (92,589) |
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| (75,489) |
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Settlement of net investment hedges |
| 6,050 |
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| (1,660) |
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| 3,826 |
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| (14,204) |
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Net proceeds from sale (purchases) of investments |
| - |
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| 349 |
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| - |
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| (5,474) |
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Credit facility origination costs |
| - |
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| - |
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| - |
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| (13,355) |
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Other financing & investing activities |
| - |
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| - |
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| - |
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| (371) |
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Foreign exchange impact on cash |
| (2,832) |
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| (2,346) |
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| (2,003) |
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| 6,835 |
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Net change in cash, cash equivalents, and restricted cash |
| (1,152) |
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| (38,986) |
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| (40,476) |
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| 9,320 |
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Cash, cash equivalents, and restricted cash, beginning of period |
| 249,474 |
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| 321,194 |
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| 288,798 |
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| 272,888 |
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Cash, cash equivalents, and restricted cash, end of period | $ | 248,322 |
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| $ | 282,208 |
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| $ | 248,322 |
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| $ | 282,208 |
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Supplemental cash flow information: |
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Cash paid for interest (3) | $ | 18,375 |
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| $ | 22,576 |
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| $ | 112,394 |
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| $ | 51,946 |
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(1) In Q1'24, we acquired pure-systems for $93 million, net of cash acquired. In Q2'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired. We paid $828 million in Q2'23 and the remaining $620 million in Q1'24. |
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(2) In Q1'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. Subsequently, we've made net payments of $631 million. |
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(3) In Q1'24, we made a payment of $650 million to settle the ServiceMax deferred acquisition payment liability, of which $620 million is a financing outflow and $30 million is an operating outflow and included in cash paid for interest. |
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