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 31, |
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| March 31, |
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| March 31, |
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| 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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Cash flows from operating activities: |
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Net income | $ | 89,679 |
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| $ | 109,262 |
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| $ | 135,768 |
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| $ | 132,777 |
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Stock-based compensation |
| 37,921 |
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| 44,740 |
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| 83,863 |
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| 90,828 |
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Depreciation and amortization |
| 21,380 |
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| 21,334 |
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| 43,468 |
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| 40,169 |
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Amortization of right-of-use lease assets |
| 8,676 |
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| 9,565 |
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| 17,536 |
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| 18,956 |
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Accounts receivable |
| (45,006) |
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| (20,169) |
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| 12,310 |
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| (9,854) |
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Accounts payable and accruals |
| (55,744) |
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| (4,025) |
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| (39,932) |
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| (896) |
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Deferred revenue |
| 60,708 |
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| 53,061 |
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| 47,012 |
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| 52,210 |
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Income taxes |
| 2,049 |
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| (49,481) |
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| (6,279) |
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| (4,944) |
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Other |
| 22,662 |
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| (42,595) |
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| (13,685) |
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| (83,792) |
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Net cash provided by operating activities |
| 142,325 |
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| 121,692 |
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| 280,061 |
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| 235,454 |
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Capital expenditures |
| (2,148) |
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| (5,385) |
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| (5,510) |
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| (8,242) |
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Acquisition of businesses, net of cash acquired (1) |
| - |
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| (717,198) |
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| - |
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| (717,198) |
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Borrowings (payments) on debt, net |
| (175,000) |
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| 520,000 |
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| (175,000) |
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| 502,000 |
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Repurchases of common stock |
| (5,261) |
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| - |
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| (125,000) |
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| - |
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Net proceeds associated with issuance of common stock |
| 10,857 |
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| 10,484 |
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| 10,857 |
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| 10,484 |
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Payments of withholding taxes in connection with vesting of stock-based awards |
| (1,430) |
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| (2,742) |
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| (50,595) |
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| (27,242) |
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Net proceeds from marketable securities (2) |
| - |
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| - |
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| - |
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| 58,469 |
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Net proceeds from sale of investments (3) |
| 42,693 |
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| - |
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| 42,693 |
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| - |
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Other financing & investing activities |
| 831 |
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| 5,556 |
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| 6,615 |
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| (3,632) |
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Foreign exchange impact on cash |
| (2,078) |
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| (5,010) |
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| (3,739) |
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| 543 |
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Net change in cash, cash equivalents, and restricted cash |
| 10,789 |
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| (72,603) |
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| (19,618) |
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| 50,636 |
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Cash, cash equivalents, and restricted cash, beginning of period |
| 296,639 |
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| 399,199 |
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| 327,046 |
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| 275,960 |
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Cash, cash equivalents, and restricted cash, end of period | $ | 307,428 |
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| $ | 326,596 |
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| $ | 307,428 |
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| $ | 326,596 |
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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 31, |
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| March 31, |
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| March 31, |
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| 2022 |
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| 2021 |
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| 2022 |
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| 2021 |
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Cash provided by operating activities | $ | 142,325 |
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| $ | 121,692 |
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| $ | 280,061 |
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| $ | 235,454 |
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Capital expenditures |
| (2,148) |
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| (5,385) |
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| (5,510) |
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| (8,242) |
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Free cash flow |
| 140,177 |
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| 116,307 |
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| 274,551 |
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| 227,212 |
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Restructuring and other related payments |
| 17,840 |
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| 4,463 |
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| 28,351 |
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| 11,729 |
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Acquisition & transaction-related payments |
| 432 |
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| 8,195 |
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| 432 |
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| 11,075 |
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Non-ordinary course tax payment (4) |
| - |
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| 971 |
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| - |
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| 971 |
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Adjusted free cash flow | $ | 158,449 |
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| $ | 129,936 |
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| $ | 303,334 |
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| $ | 250,987 |
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(1) In the second quarter of 2021, we acquired Arena for approximately $715 million, net of cash acquired. |
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(2) In the first quarter of 2021, we sold all of our available-for-sale securities. |
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(3) In the second quarter of 2022, we sold an equity investment in a publicly-traded company. |
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(4) In the second quarter of 2021, we made $1.0 million of un-forecasted payments related to a prior period tax exposure from a non-U.S. tax dispute. |
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