PTC Inc. | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(in thousands) | ||||||
|
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|
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|
| Three Months Ended | |||||
|
| December 31, |
|
| December 31, | ||
|
| 2023 |
|
| 2022 | ||
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|
|
|
| ||
Cash flows from operating activities: |
|
|
|
| ||
Net income | $ | 66,387 |
|
| $ | 75,035 |
Stock-based compensation |
| 59,013 |
|
|
| 41,504 |
Depreciation and amortization |
| 27,222 |
|
|
| 21,328 |
Amortization of right-of-use lease assets |
| 7,724 |
|
|
| 8,054 |
Operating lease liability |
| (4,953) |
|
|
| 7,895 |
Accounts receivable |
| 153,950 |
|
|
| 105,512 |
Accounts payable and accruals |
| (64,687) |
|
|
| (9,850) |
Deferred revenue |
| (29,094) |
|
|
| (19,635) |
Income taxes |
| 13,467 |
|
|
| (16,836) |
Other |
| (41,688) |
|
|
| (32,086) |
Net cash provided by operating activities |
| 187,341 |
|
|
| 180,921 |
|
|
|
|
|
| ||
Capital expenditures |
| (4,563) |
|
|
| (9,180) |
Acquisition of businesses, net of cash acquired (1) |
| (93,457) |
|
|
| - |
Borrowings on debt, net(2) |
| 558,404 |
|
|
| - |
| Deferred acquisition payment (3) |
| (620,040) |
|
|
| - |
| Payments of withholding taxes in connection with vesting of stock-based awards |
| (50,326) |
|
|
| (52,423) |
| Settlement of net investment hedges |
| (7,347) |
|
|
| (10,795) |
| Other financing & investing activities |
| - |
|
|
| (1,721) |
| Foreign exchange impact on cash |
| 6,689 |
|
|
| 8,616 |
|
|
|
|
|
| ||
| Net change in cash, cash equivalents, and restricted cash |
| (23,299) |
|
|
| 115,418 |
| Cash, cash equivalents, and restricted cash, beginning of period |
| 288,798 |
|
|
| 272,888 |
| Cash, cash equivalents, and restricted cash, end of period | $ | 265,499 |
|
| $ | 388,306 |
|
|
|
|
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| Supplemental cash flow information: |
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| Cash paid for interest (3) | $ | 44,757 |
|
| $ | 4,824 |
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| (1) In Q1'24, we acquired pure-systems for $93 million, net of cash acquired. | ||||||
| (2) In Q1'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. We made $181 million in payments on our debt. | ||||||
| (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. | ||||||
