PTC Announces Fiscal First Quarter 2021 Results

(2)

We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2021 and 2020 non-GAAP tax provisions are being calculated assuming there is no valuation allowance. In Q1'20, our GAAP results included a benefit of $21.0 million related to the release of a valuation allowance related to the Onshape acquisition. As the non-GAAP tax provision is calculated assuming that there is no valuation allowance, this benefit has been excluded. 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. Additionally, our Q1'21 non-GAAP results exclude tax expense of $34.6 million related to a non-U.S. tax exposure, primarily related to foreign withholding taxes.



 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)



























Three Months Ended



December 31,



December 28,



2020



2019










Cash flows from operating activities:








Net income

$

23,515



$

35,455


Stock-based compensation


46,088




27,936


Depreciation and amortization


18,835




19,588


Amortization of right-of-use lease assets


9,391




8,757


Accounts receivable


10,315




34,314


Accounts payable and accruals


3,129




(15,522)


Deferred revenue


(851)




(34,952)


Income taxes


44,537




(42,702)


Other


(41,197)




(25,362)


Net cash provided by operating activities


113,762




7,512










Capital expenditures


(2,857)




(4,707)


Acquisition of businesses, net of cash acquired (1)


-




(467,749)


Borrowings (payments) on debt, net


(18,000)




455,000


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


(24,500)




(22,849)


Settlement of net investment hedges


(7,359)




(870)


Net proceeds from (purchases of) marketable securities (2)


58,469




(93)


Other financing & investing activities


(1,829)




(1,005)


Foreign exchange impact on cash


5,553




1,991










Net change in cash, cash equivalents, and restricted cash


123,239




(32,770)


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


275,960




270,689


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

$

399,199



$

237,919



















Three Months Ended



December 31,



December 28,



2020



2019


Cash provided by operating activities

$

113,762



$

7,512


Capital expenditures


(2,857)




(4,707)


Free cash flow (3)

$

110,905



$

2,805




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