PTC Announces Fiscal 2008 Q3 Results
(2) Reflects a one-time non-cash loss from the liquidation of certain
legal entities related to previous acquisitions.
(3) Reflects the tax effect of non-GAAP adjustments above, as well as
the effect of one-time tax benefits recorded in the three and nine
months ended June 30, 2007 due to the reversal of the valuation
allowance recorded in the United States and a foreign jurisdiction of
$58.9 million and the favorable resolution of a tax claim of $3.9
million.
PARAMETRIC TECHNOLOGY CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28,
|
|
September 30,
|
|
|
2008
|
|
2007
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
242,020
|
|
$
|
263,271
|
Accounts receivable, net
|
|
|
180,094
|
|
|
217,101
|
Property and equipment, net
|
|
|
56,851
|
|
|
54,745
|
Goodwill and acquired intangibles, net
|
|
|
617,574
|
|
|
325,052
|
Other assets
|
|
|
226,499
|
|
|
230,144
|
|
|
|
|
|
Total assets
|
|
$
|
1,323,038
|
|
$
|
1,090,313
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
$
|
265,632
|
|
$
|
227,164
|
Borrowings under revolving credit facility
|
|
|
109,556
|
|
|
--
|
Other liabilities
|
|
|
295,427
|
|
|
268,642
|
Stockholders' equity
|
|
|
652,423
|
|
|
594,507
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,323,038
|
|
$
|
1,090,313
|
PARAMETRIC TECHNOLOGY CORPORATION
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
June 28,
|
|
|
|
June 30,
|
|
|
|
June 28,
|
|
|
|
June 30,
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,470
|
|
|
|
|
$
|
80,465
|
|
|
|
|
$
|
43,198
|
|
|
|
|
$
|
113,017
|
|
Stock-based compensation
|
|
|
11,149
|
|
|
|
|
|
5,030
|
|
|
|
|
|
32,681
|
|
|
|
|
|
22,507
|
|
Amortization of acquired intangible assets
|
|
|
10,350
|
|
|
|
|
|
3,509
|
|
|
|
|
|
25,153
|
|
|
|
|
|
10,401
|
|
Depreciation and other amortization
|
|
|
6,286
|
|
|
|
|
|
6,150
|
|
|
|
|
|
18,331
|
|
|
|
|
|
18,481
|
|
Accounts receivable
|
|
|
268
|
|
|
|
|
|
18,751
|
|
|
|
|
|
69,819
|
|
|
|
|
|
33,483
|
|
Accounts payable and accruals (4)
|
|
|
1,041
|
|
|
|
|
|
(4,945
|
)
|
|
|
|
|
(29,155
|
)
|
|
|
|
|
(25,999
|
)
|
Deferred revenue
|
|
|
(5,411
|
)
|
|
|
|
|
450
|
|
|
|
|
|
16,305
|
|
|
|
|
|
21,454
|
|
In-process research and development
|
|
|
--
|
|
|
|
|
|
544
|
|
|
|
|
|
1,887
|
|
|
|
|
|
544
|
|
Income taxes
|
|
|
(868
|
)
|
|
|
|
|
(65,380
|
)
|
|
|
|
|
1,645
|
|
|
|
|
|
(62,308
|
)
|
Other
|
|
|
16,017
|
|
|
|
|
|
(5,625
|
)
|
|
|
|
|
1,242
|
|
|
|
|
|
(16,508
|
)
|
Net cash provided by operating activities
|
|
|
53,302
|
|
|
|
|
|
38,949
|
|
|
|
|
|
181,106
|
|
|
|
|
|
115,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(9,785
|
)
|
|
|
|
|
(4,746
|
)
|
|
|
|
|
(20,492
|
)
|
|
|
|
|
(17,139
|
)
|
Acquisitions of businesses, net of cash acquired (5)
|
|
|
--
|
|
|
|
|
|
(10,879
|
)
|
|
|
|
|
(261,592
|
)
|
|
|
|
|
(28,518
|
)
|
Proceeds (payments) from debt, net
|
|
|
(53,643
|
)
|
|
|
|
|
--
|
|
|
|
|
|
98,999
|
|
|
|
|
|
--
|
|
Repurchases of common stock
|
|
|
(5,288
|
)
|
|
|
|
|
(1,809
|
)
|
|
|
|
|
(27,297
|
)
|
|
|
|
|
(1,809
|
)
|
Other investing and financing activities
|
|
|
3,929
|
|
|
|
|
|
2,949
|
|
|
|
|
|
(3,313
|
)
|
|
|
|
|
7,302
|
|
Foreign exchange impact on cash
|
|
|
(5,441
|
)
|
|
|
|
|
(2,535
|
)
|
|
|
|
|
11,338
|
|
|
|
|
|
1,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
(16,926
|
)
|
|
|
|
|
21,929
|
|
|
|
|
|
(21,251
|
)
|
|
|
|
|
76,508
|
|
Cash and cash equivalents, beginning of period
|
|
|
258,946
|
|
|
|
|
|
238,027
|
|
|
|
|
|
263,271
|
|
|
|
|
|
183,448
|
|
Cash and cash equivalents, end of period
|
|
$
|
242,020
|
|
|
|
|
$
|
259,956
|
|
|
|
|
$
|
242,020
|
|
|
|
|
$
|
259,956
|
|
|
|
(4)
|
|
Includes accounts payable, accrued expenses, and accrued
compensation and benefits.
|
|
|
(5)
|
|
Acquisitions of businesses:
|
|
|
|
|
a. The nine months ended June 28, 2008 includes $248 million for our
acquisition of CoCreate and $14 million for two other acquisitions,
net of cash acquired.
|
|
|
|
|
b. The nine months ended June 30, 2007 includes $16 million for our
acquisition of ITEDO and $7 million for our acquisition of NC
Graphics, both net of cash acquired; $2 million of contingent
purchase price earned in the first quarter of 2007 related to 2006
acquisitions; and $4 million for the acquisition of the remaining
equity interest in a controlled subsidiary.
|
|