PTC ANNOUNCES FOURTH FISCAL QUARTER AND FULL FISCAL YEAR 2024 RESULTS

 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)







































Three Months Ended



Twelve Months Ended



September 30,



September 30,



September 30,



September 30,



2024



2023



2024



2023














Cash flows from operating activities:












Net income

$

126,523



$

45,603



$

376,333



$

245,540


Stock-based compensation


62,219




58,891




223,461




206,459


Depreciation and amortization


26,847




27,817




108,119




104,760


Amortization of right-of-use lease assets


10,145




7,697




33,288




32,402


Operating lease liability


193




(569)




(13,245)




(1,929)


Accounts receivable


(166,051)




(198,128)




(34,629)




(98,607)


Accounts payable and accruals


(15,999)




12,395




(15,964)




23,763


Deferred revenue


73,006




37,876




81,399




56,572


Income taxes


27,761




31,225




25,966




21,315


Other


(46,530)




26,962




(34,744)




20,586


Net cash provided by operating activities


98,114




49,769




749,984




610,861














Capital expenditures


(4,537)




(5,779)




(14,378)




(23,814)


Acquisition of businesses, net of cash acquired (1)


-




-




(93,457)




(828,271)


Borrowings (payments) on debt, net (2)


(63,125)




(43,000)




45,924




343,000


Deferred acquisition payment (3)


-




-




(620,040)




-


Net proceeds associated with issuance of common stock


12,965




11,060




25,674




21,652


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


(9,412)




(6,959)




(102,001)




(82,448)


Settlement of net investment hedges


(16,904)




6,602




(13,078)




(7,602)


Credit facility origination costs


-




-




-




(13,355)


Other financing & investing activities


(4,183)




(1,119)




(4,183)




(6,964)


Foreign exchange impact on cash


5,226




(3,984)




3,223




2,851














Net change in cash, cash equivalents, and restricted cash


18,144




6,590




(22,332)




15,910


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


248,322




282,208




288,798




272,888


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

$

266,466



$

288,798



$

266,466



$

288,798














Supplemental cash flow information:












Cash paid for interest (3)

$

24,641



$

37,855



$

137,036



$

89,801














(1) In FY'24, we acquired pure-systems for $93 million, net of cash acquired. In FY'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired. We paid $828 million in FY'23 and the remaining $620 million in Q1'24.


(2) In FY'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. Subsequently, we've made net payments of $694 million.


(3) In FY'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.



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