(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. |
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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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| December 31, |
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| December 28, |
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| 2020 |
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| 2019 |
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Cash flows from operating activities: |
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|
|
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|
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) |
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Income taxes |
| 44,537 |
|
|
| (42,702) |
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Other |
| (41,197) |
|
|
| (25,362) |
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Net cash provided by operating activities |
| 113,762 |
|
|
| 7,512 |
|
|
|
|
|
|
|
|
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|
Capital expenditures |
| (2,857) |
|
|
| (4,707) |
|
| Acquisition of businesses, net of cash acquired (1) |
| - |
|
|
| (467,749) |
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| 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 |
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|
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|
| Three Months Ended |
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|
| 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 |
|
