PTC Inc. | ||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(in thousands) | ||||||||||||||
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| Three Months Ended |
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| Nine Months Ended | ||||||||||
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| June 30, |
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| June 30, |
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| June 30, |
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| June 30, | ||||
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| 2023 |
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| 2022 |
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| 2023 |
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| 2022 | ||||
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Cash flows from operating activities: |
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Net income | $ | 61,398 |
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| $ | 70,476 |
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| $ | 199,937 |
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| $ | 206,244 |
Stock-based compensation |
| 53,818 |
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| 49,420 |
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| 147,568 |
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| 133,283 |
Depreciation and amortization |
| 27,906 |
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| 21,987 |
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| 76,943 |
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| 65,456 |
Amortization of right-of-use lease assets |
| 8,141 |
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| 8,612 |
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| 24,705 |
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| 26,149 |
| Loss (gain) on investment |
| - |
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| (2,993) |
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| - |
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| 31,854 |
| Gain on divestiture of business |
| - |
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| (29,808) |
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| - |
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| (29,808) |
| Operating lease liability |
| (6,345) |
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| (7,184) |
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| (1,360) |
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| (10,544) |
| Accounts receivable |
| 13,043 |
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| 12,918 |
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| 99,521 |
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| 25,228 |
| Accounts payable and accruals |
| 18,726 |
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| 23,165 |
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| 11,368 |
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| (16,768) |
| Deferred revenue |
| (17,396) |
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| (28,975) |
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| 18,696 |
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| 18,038 |
| Income taxes |
| 2,259 |
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| 12,403 |
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| (9,910) |
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| 6,124 |
| Other |
| 7,673 |
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| (13,255) |
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| (6,376) |
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| (58,429) |
| Net cash provided by operating activities |
| 169,223 |
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| 116,766 |
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| 561,092 |
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| 396,827 |
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| Capital expenditures |
| (5,085) |
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| (4,470) |
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| (18,035) |
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| (9,979) |
| Acquisition of businesses, net of cash acquired (1) |
| - |
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| (274,974) |
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| (828,271) |
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| (274,974) |
| Purchase of intangible assets |
| - |
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| (999) |
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| - |
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| (5,453) |
| Borrowings (payments) on debt, net (2) |
| (180,000) |
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| 159,000 |
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| 386,000 |
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| (16,000) |
| Repurchases of common stock |
| - |
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| - |
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| - |
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| (125,000) |
| Net proceeds associated with issuance of common stock |
| - |
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| - |
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| 10,592 |
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| 10,857 |
| Payments of withholding taxes in connection with vesting of stock-based awards |
| (19,467) |
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| (12,261) |
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| (75,489) |
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| (62,856) |
| Net proceeds from marketable securities |
| - |
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| - |
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| - |
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| - |
| Net proceeds from sale (purchases) of investments (3) |
| 349 |
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| 4,213 |
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| (5,474) |
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| 46,906 |
| Credit facility origination costs |
| - |
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| - |
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| (13,355) |
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| - |
| Divestiture of business, net (4) |
| - |
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| 32,518 |
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| (154) |
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| 32,518 |
| Other financing & investing activities |
| (1,660) |
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| 6,736 |
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| (14,421) |
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| 17,804 |
| Foreign exchange impact on cash |
| (2,346) |
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| (10,915) |
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| 6,835 |
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| (14,654) |
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| Net change in cash, cash equivalents, and restricted cash |
| (38,986) |
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| 15,614 |
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| 9,320 |
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| (4,004) |
| Cash, cash equivalents, and restricted cash, beginning of period |
| 321,194 |
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| 307,428 |
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| 272,888 |
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| 327,046 |
| Cash, cash equivalents, and restricted cash, end of period | $ | 282,208 |
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| $ | 323,042 |
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| $ | 282,208 |
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| $ | 323,042 |
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| Supplemental cash flow information: |
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| Cash paid for interest | $ | 22,576 |
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| $ | 2,079 |
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| $ | 51,946 |
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| $ | 25,907 |
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| (1) In Q2'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired. We paid $828 million in Q2'23 with the remaining $650 million to be paid in Q1'24. Of the $650 million to be paid, $620 million will be a financing outflow and $30 million of imputed interest will be an operating cash outflow. In Q3'22, we acquired Intland for approximately $275.0 million, net of cash acquired. |
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| (2) In FY'23, net borrowings were related to funds borrowed under our credit facility to fund the ServiceMax acquisition. |
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| (3) In Q2'22, we sold an equity investment in a publicly-traded company for $42.7 million. |
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| (4) In Q3'22, we sold a portion of our PLM services business. |
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