PTC ANNOUNCES THIRD FISCAL QUARTER 2024 RESULTS

 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)







































Three Months Ended



Nine Months Ended



June 30,



June 30,



June 30,



June 30,



2024



2023



2024



2023














Cash flows from operating activities:












Net income

$

68,978



$

61,398



$

249,810



$

199,937


Stock-based compensation


48,038




53,818




161,242




147,568


Depreciation and amortization


27,128




27,906




81,272




76,943


Amortization of right-of-use lease assets


7,684




8,141




23,143




24,705


Operating lease liability


(3,145)




(6,345)




(13,438)




(1,360)


Accounts receivable


23,915




13,043




131,422




99,521


Accounts payable and accruals


64,831




18,726




35




11,368


Deferred revenue


(32,578)




(17,396)




8,393




18,696


Income taxes


(19,882)




2,259




(1,795)




(9,910)


Other


28,830




7,673




11,786




(6,376)


Net cash provided by operating activities


213,799




169,223




651,870




561,092














Capital expenditures


(1,639)




(5,085)




(9,841)




(18,035)


Acquisition of businesses, net of cash acquired (1)


-




-




(93,457)




(828,271)


Borrowings (payments) on debt, net (2)


(195,125)




(180,000)




109,049




386,000


Deferred acquisition payment (3)


-




-




(620,040)




-


Net proceeds associated with issuance of common stock


-




-




12,709




10,592


Payments of withholding taxes in connection with vesting of stock-
based awards


(21,405)




(19,467)




(92,589)




(75,489)


Settlement of net investment hedges


6,050




(1,660)




3,826




(14,204)


Net proceeds from sale (purchases) of investments


-




349




-




(5,474)


Credit facility origination costs


-




-




-




(13,355)


Other financing & investing activities


-




-




-




(371)


Foreign exchange impact on cash


(2,832)




(2,346)




(2,003)




6,835














Net change in cash, cash equivalents, and restricted cash


(1,152)




(38,986)




(40,476)




9,320


Cash, cash equivalents, and restricted cash, beginning of period


249,474




321,194




288,798




272,888


Cash, cash equivalents, and restricted cash, end of period

$

248,322



$

282,208



$

248,322



$

282,208














Supplemental cash flow information:












Cash paid for interest (3)

$

18,375



$

22,576



$

112,394



$

51,946




(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.


(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.


(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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