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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| Six Months Ended |
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| March 31, |
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| March 28, |
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| March 31, |
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| March 28, |
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| 2021 |
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| 2020 |
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| 2021 |
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| 2020 |
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Cash flows from operating activities: |
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Net income | $ | 109,262 |
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| $ | 7,156 |
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| $ | 132,777 |
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| $ | 42,611 |
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Stock-based compensation |
| 44,740 |
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| 20,484 |
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| 90,828 |
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| 48,420 |
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Depreciation and amortization |
| 21,334 |
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| 20,605 |
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| 40,169 |
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| 40,193 |
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Amortization of right-of-use lease assets |
| 9,565 |
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| 10,386 |
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| 18,956 |
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| 19,143 |
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Accounts receivable |
| (20,169) |
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| (14,127) |
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| (9,854) |
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| 20,187 |
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Accounts payable and accruals |
| (4,025) |
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| 17,476 |
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| (896) |
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| 1,954 |
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| Deferred revenue |
| 53,061 |
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| 52,345 |
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| 52,210 |
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| 17,393 |
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| Income taxes |
| (49,481) |
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| (1,113) |
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| (4,944) |
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| (43,815) |
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| Other |
| (42,595) |
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| (25,395) |
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| (83,792) |
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| (50,757) |
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| Net cash provided by operating activities |
| 121,692 |
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| 87,817 |
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| 235,454 |
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| 95,329 |
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| Capital expenditures |
| (5,385) |
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| (5,536) |
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| (8,242) |
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| (10,243) |
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| Acquisition of businesses, net of cash acquired (1) |
| (717,198) |
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| (771) |
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| (717,198) |
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| (468,520) |
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| Borrowings (payments) on debt, net |
| 520,000 |
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| 520,000 |
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| 502,000 |
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| 975,000 |
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| Net proceeds associated with issuance of common stock |
| 10,484 |
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| 8,980 |
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| 10,484 |
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| 8,980 |
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| Payments of withholding taxes in connection with vesting of stock-based awards |
| (2,742) |
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| (722) |
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| (27,242) |
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| (23,571) |
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| Debt Issuance Costs |
| - |
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| (15,261) |
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| - |
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| (16,266) |
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| Net proceeds from (purchases of) marketable securities (2) |
| - |
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| (87) |
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| 58,469 |
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| (180) |
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| Other financing & investing activities |
| 5,556 |
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| 3,070 |
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| (3,632) |
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| 2,200 |
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| Foreign exchange impact on cash |
| (5,010) |
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| (7,731) |
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| 543 |
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| (5,740) |
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| Net change in cash, cash equivalents, and restricted cash |
| (72,603) |
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| 589,759 |
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| 50,636 |
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| 556,989 |
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| Cash, cash equivalents, and restricted cash, beginning of period |
| 399,199 |
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| 237,919 |
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| 275,960 |
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| 270,689 |
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| Cash, cash equivalents, and restricted cash, end of period | $ | 326,596 |
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| $ | 827,678 |
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| $ | 326,596 |
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| $ | 827,678 |
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| Three Months Ended |
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| Six Months Ended |
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| March 31, |
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| March 28, |
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| March 31, |
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| March 28, |
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| 2021 |
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| 2020 |
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| 2021 |
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| 2020 |
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| Cash provided by operating activities | $ | 121,692 |
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| $ | 87,817 |
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| $ | 235,454 |
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| $ | 95,329 |
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| Capital expenditures |
| (5,385) |
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| (5,536) |
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| (8,242) |
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| (10,243) |
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| Free cash flow (3) | $ | 116,307 |
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| $ | 82,281 |
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| $ | 227,212 |
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| $ | 85,086 |
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| (1) | In the second quarter of 2021, we acquired Arena for approximately $715 million, net of cash acquired. In the first quarter of 2020, we acquired Onshape for $469 million, net of cash acquired. |
| (2) | In the first quarter of 2021, we sold all of our available-for-sale securities. |
| (3) | Free cash flow includes $4.5 million and $11.7 million of restructuring payments in the three and six months ended March 31, 2021, respectively, compared with $18.0 million and $21.3 million in the three and six months ended March 28, 2020. Free cash flow includes $8.2 million and $11.1 million of acquisition-related payments for the three and six months ended March 31, 2021, respectively, compared with $2.1 million and $8.6 million in the three and six months ended March 28, 2020. |
