Strong Q2 performance; Raising FY'22 ARR, Free Cash Flow, and Revenue guidance
BOSTON, April 27, 2022 /PRNewswire/ -- PTC (NASDAQ: PTC) today reported financial results for its second fiscal quarter ended March 31, 2022.
"In the second quarter we continued to see our key operating and financial metrics showing strong performance. We delivered organic constant currency ARR growth of 13% year over year to end Q2 at $1.56 billion. In Q2, our cash from operations was $142 million, up 17% year over year, and our adjusted free cash flow was $158 million, up 22% year over year. The strength in Q2 was broad-based across all segments and geographic regions, driven by demand for digital transformation and SaaS," said James Heppelmann, President and CEO, PTC.
"Our differentiated product portfolio and growing SaaS capabilities position PTC to drive superior value for customers. Our market position coupled with our subscription model, which took us years of hard work to put in place, is highly resilient and positions us to continue to deliver strong double-digit ARR growth. Based on our strong performance in the first half of the year and the momentum we have created, we are raising our fiscal 2022 guidance for ARR and free cash flow," concluded Heppelmann.
Key operating and financial highlights are set forth below. For additional details, please refer to the Q2'22 earnings presentation and financial data tables that have been posted to the Investor Relations section of our website at investor.ptc.com. Revenue and, as a result, operating margin and earnings per share are impacted by revenue recognition under ASC 606.
1 We include operating and non-GAAP financial measures in our operational highlights. The detailed definitions of these items and reconciliations of non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release.
"PTC delivered strong second quarter results that exceeded our expectations," said Kristian Talvitie, EVP and CFO, PTC. "Based on our Q2 performance and our forecast for the remainder of the year, we are raising our guidance for fiscal 2022 ARR, Free Cash Flow, and Revenue. Despite significant foreign exchange headwinds and the impact of exiting our business in Russia, our strong execution and operational discipline have helped us to deliver solid financial performance thus far in fiscal 2022, and we believe we are well positioned to deliver on our updated targets for the year."
In millions except percentages |
FY'22 Previous |
FY'22 Guidance |
FY'22 YoY Growth Guidance |
Q3'22 |
ARR at Constant Currency(1) |
$1,625 - $1,660 |
$1,640 - $1,665 |
12% - 13% |
$1,580 - $1,595 |
Cash from Operations(2) |
~$430 |
~$430 |
~17% |
~$110 |
Free Cash Flow(2),(3) |
~$400 |
~$405 |
~18% |
~$105 |
Adjusted Free Cash Flow(2),(3) |
~$450 |
~$455 |
~16% |
~$120 |
Revenue |
$1,870 - $1,975 |
$1,905 - $1,975 |
5% - 9% |
(1) |
On a constant currency basis, using our FY'22 Plan foreign exchange rates (rates as of September 30, 2021) for all periods |
(2) |
FY'22 cash from operations and free cash flow guidance include expected restructuring payments of $45 million (current estimate is $40 million to $45 million) and transaction-related payments of approximately $5 million (already incurred in 1H'22), both of which are excluded from FY'22 adjusted free cash flow guidance; Q3'22 cash from operations and free cash flow guidance include expected restructuring payments of approximately $10 million and transaction-related payments of approximately $5 million (already incurred in 1H'22), both of which are excluded from Q3'22 adjusted free cash flow guidance |
(3) |
Free cash flow and adjusted free cash flow guidance are net of expected capex of approximately $25 million (previously $30 million) in FY'22 and $5 million in Q3'22 |
Our FY'22 and Q3'22 financial guidance includes the assumptions below:
The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, April 27, 2022. To participate in the live conference call, dial (888) 330-2508 or (240) 789-2735 and provide the passcode 7328695, or log in to the webcast, available on PTC's Investor Relations website. A replay will also be available.
PTC provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.
Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: stock-based compensation; amortization of acquired intangible assets; acquisition-related and other transactional charges included in general and administrative expenses; restructuring and other charges, net; certain non-operating charges and credits; and income tax adjustments. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in "Non-GAAP Financial Measures" on page 24 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. In FY'21, we incurred tax expense related to a South Korean tax matter which is excluded from our non-GAAP financial measures as it is related to prior periods and not included in management's view of results for comparative purposes. We also recorded a tax benefit in FY'21 related to the release of our U.S. valuation allowance as a result of the Arena acquisition and our conclusion that it is now more likely than not that we will realize the majority of our deferred tax assets in the U.S. As the non-GAAP tax provision is calculated assuming that there is no valuation allowance, this benefit has been excluded from our non-GAAP financial measures.
Free Cash Flow and Adjusted Free Cash Flow – PTC provides information on free cash flow and adjusted free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goals and intent to return approximately 50% of our free cash flow to shareholders via stock repurchases. Free cash flow is cash provided by (used in) operations net of capital expenditures. Adjusted free cash flow is free cash flow net of restructuring payments, acquisition-related payments, and non-ordinary course tax-related payments or receipts. Free cash flow and adjusted free cash flow are not measures of cash available for discretionary expenditures.
Constant Currency (CC) Change Metric – We present CC information to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency rate fluctuations. To present CC information, FY'22 and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2021, rather than the actual exchange rates in effect during that period.
ARR – To help investors understand and assess the performance of our business as a SaaS and on-premise subscription company we provide an ARR (Annual Run Rate) operating measure. ARR represents the annualized value of our portfolio of active subscription software, cloud, SaaS, and support contracts as of the end of the reporting period. ARR includes orders placed under our Strategic Alliance Agreement with Rockwell Automation, including orders placed to satisfy contractual minimum commitments.
We believe ARR is a valuable operating metric to measure the health of a subscription business because it captures expected subscription and support cash generation from customers.
Statements in this press release that are not historic facts, including statements about our future financial and growth expectations and targets, and potential stock repurchases, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve when or as we expect, or may deteriorate, due to, among other factors, the COVID-19 pandemic and the effects of the Russia/Ukraine conflict, which could cause customers to delay or reduce purchases of new software, reduce the number of subscriptions they carry, or delay payments to us, all of which would adversely affect ARR and our financial results, including cash flow; our businesses, including our SaaS businesses, may not expand and/or generate the revenue or ARR we expect if customers are slower to adopt our technologies than we expect or if they adopt competing technologies; our signed transactions with Intland Software and ITC Infotech may not close when or as we expect due to the failure to achieve the applicable closing conditions and such transactions may not have the expected effects on our business or results of operations; our strategic initiatives and investments, including our restructuring and our accelerated investments in our transition to SaaS, may not deliver the results when or as we expect; we may be unable to generate sufficient operating cash flow to repay amounts under our credit facility or to return 50% of free cash flow to shareholders, and other uses of cash or our credit facility limits or other matters could preclude such repayment and/or repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it.
PTC.com @PTC Blogs
PTC Investor Relations Contact Matt ShimaoSVP, Investor Relations [email protected][email protected]
PTC Inc. |
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Revenue: |
|||||||||||||||
Recurring revenue |
$ |
452,710 |
$ |
414,845 |
$ |
857,835 |
$ |
799,803 |
|||||||
Perpetual license |
9,540 |
6,922 |
18,008 |
15,385 |
|||||||||||
Professional services |
42,977 |
40,018 |
87,105 |
75,648 |
|||||||||||
Total revenue (1) |
505,227 |
461,785 |
962,948 |
890,836 |
|||||||||||
Cost of revenue (2) |
93,337 |
89,448 |
188,455 |
176,278 |
|||||||||||
Gross margin |
411,890 |
372,337 |
774,493 |
714,558 |
|||||||||||
Operating expenses: |
|||||||||||||||
Sales and marketing (2) |
116,408 |
129,178 |
241,884 |
253,903 |
|||||||||||
Research and development (2) |
81,935 |
72,545 |
162,469 |
143,380 |
|||||||||||
General and administrative (2) |
47,469 |
60,805 |
99,409 |
110,333 |
|||||||||||
Amortization of acquired intangible assets |
8,450 |
7,650 |
16,934 |
14,197 |
|||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
|||||||||||
Total operating expenses |
252,700 |
270,647 |
553,125 |
522,529 |
|||||||||||
Operating income |
159,190 |
101,690 |
221,368 |
192,029 |
|||||||||||
Other expense, net |
(55,624) |
(15,333) |
(62,426) |
(28,265) |
|||||||||||
Income before income taxes |
103,566 |
86,357 |
158,942 |
163,764 |
|||||||||||
Provision (benefit) for income taxes |
13,887 |
(22,905) |
23,174 |
30,987 |
|||||||||||
Net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
|||||||
Earnings per share: |
|||||||||||||||
Basic |
$ |
0.77 |
$ |
0.94 |
$ |
1.16 |
$ |
1.14 |
|||||||
Weighted average shares outstanding |
117,008 |
116,777 |
117,135 |
116,587 |
|||||||||||
Diluted |
$ |
0.76 |
$ |
0.92 |
$ |
1.15 |
$ |
1.13 |
|||||||
Weighted average shares outstanding |
117,811 |
118,331 |
118,162 |
117,966 |
|||||||||||
(1) See supplemental financial data for revenue by license, support, and professional services. Recurring revenue for the three and six months ended March 31, 2022 includes an adjustment of $0.2 million and $1.3 million, respectively, due to a reduction of acquired deferred revenue; compared to an adjustment in the three and six months ended March 31, 2021 of $3.8 million. |
|||||||||||||||
(2) See supplemental financial data for additional information about stock-based compensation. |
PTC Inc. |
|||||||||||||||
SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Revenue by license, support and services is as follows: |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
License revenue (1) |
$ |
218,375 |
$ |
198,011 |
$ |
387,483 |
$ |
375,186 |
|||||||
Support and cloud services revenue (2) |
243,875 |
223,756 |
488,360 |
440,002 |
|||||||||||
Professional services revenue |
42,977 |
40,018 |
87,105 |
75,648 |
|||||||||||
Total revenue (2) |
$ |
505,227 |
$ |
461,785 |
$ |
962,948 |
$ |
890,836 |
|||||||
(1) License revenue includes the portion of subscription revenue allocated to license. |
|||||||||||||||
(2) Revenue for the three and six months ended March 31, 2022 includes an adjustment of $0.2 million and $1.3 million, respectively, due to a reduction of acquired deferred revenue; compared to an adjustment in the three and six months ended March 31, 2021 of $3.8 million. |
|||||||||||||||
The amounts in the income statement include stock-based compensation as follows: |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Cost of revenue |
$ |
4,264 |
$ |
4,506 |
$ |
10,236 |
$ |
8,940 |
|||||||
Sales and marketing |
11,446 |
13,305 |
24,527 |
28,304 |
|||||||||||
Research and development |
9,504 |
7,921 |
19,680 |
16,364 |
|||||||||||
General and administrative |
12,707 |
19,008 |
29,420 |
37,220 |
|||||||||||
Total stock-based compensation |
$ |
37,921 |
$ |
44,740 |
$ |
83,863 |
$ |
90,828 |
PTC Inc. |
||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
|||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||
GAAP gross margin |
$ |
411,890 |
$ |
372,337 |
$ |
774,493 |
$ |
714,558 |
||||||||||||||||
Stock-based compensation |
4,264 |
4,506 |
10,236 |
8,940 |
||||||||||||||||||||
Amortization of acquired intangible assets included in cost of revenue |
5,921 |
7,117 |
12,414 |
13,384 |
||||||||||||||||||||
Non-GAAP gross margin |
$ |
422,075 |
$ |
383,960 |
$ |
797,143 |
$ |
736,882 |
||||||||||||||||
GAAP operating income |
$ |
159,190 |
$ |
101,690 |
$ |
221,368 |
$ |
192,029 |
||||||||||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
||||||||||||||||||||
Amortization of acquired intangible assets |
14,371 |
14,767 |
29,348 |
27,581 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
3,903 |
10,310 |
4,953 |
14,226 |
||||||||||||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
||||||||||||||||||||
Non-GAAP operating income (1) |
$ |
213,823 |
$ |
171,976 |
$ |
371,961 |
$ |
325,380 |
||||||||||||||||
GAAP net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
||||||||||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
||||||||||||||||||||
Amortization of acquired intangible assets |
14,371 |
14,767 |
29,348 |
27,581 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
3,903 |
10,310 |
4,953 |
14,226 |
||||||||||||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
||||||||||||||||||||
Non-operating charges (2) |
44,613 |
- |
34,847 |
- |
||||||||||||||||||||
Income tax adjustments (3) |
(25,444) |
(51,703) |
(44,669) |
(24,552) |
||||||||||||||||||||
Non-GAAP net income |
$ |
163,481 |
$ |
127,845 |
$ |
276,539 |
$ |
241,576 |
||||||||||||||||
GAAP diluted earnings per share |
$ |
0.76 |
$ |
0.92 |
$ |
1.15 |
$ |
1.13 |
||||||||||||||||
Stock-based compensation |
0.32 |
0.38 |
0.71 |
0.77 |
||||||||||||||||||||
Amortization of acquired intangibles |
0.12 |
0.12 |
0.25 |
0.23 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
0.03 |
0.09 |
0.04 |
0.12 |
||||||||||||||||||||
Restructuring and other charges, net |
(0.01) |
- |
0.27 |
0.01 |
||||||||||||||||||||
Non-operating charges |
0.38 |
- |
0.29 |
- |
||||||||||||||||||||
Income tax adjustments |
(0.22) |
(0.44) |
(0.38) |
(0.21) |
||||||||||||||||||||
Non-GAAP diluted earnings per share |
$ |
1.39 |
$ |
1.08 |
$ |
2.34 |
$ |
2.05 |
||||||||||||||||
(1) Operating margin impact of non-GAAP adjustments: |
||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
|||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||
GAAP operating margin |
31.5 |
% |
22.0 |
% |
23.0 |
% |
21.6 |
% |
||||||||||||||||
Stock-based compensation |
7.5 |
% |
9.7 |
% |
8.7 |
% |
10.2 |
% |
||||||||||||||||
Amortization of acquired intangibles |
2.8 |
% |
3.2 |
% |
3.0 |
% |
3.1 |
% |
||||||||||||||||
Acquisition-related and other transactional charges |
0.8 |
% |
2.2 |
% |
0.5 |
% |
1.6 |
% |
||||||||||||||||
Restructuring and other charges, net |
(0.3) |
% |
0.1 |
% |
3.4 |
% |
0.1 |
% |
||||||||||||||||
Non-GAAP operating margin |
42.3 |
% |
37.2 |
% |
38.6 |
% |
36.5 |
% |
||||||||||||||||
(2) Expense recognized due to the reduction in value of an equity investment in a publicly-traded company. |
||||||||||||||||||||||||
(3) 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. In 2021 we had recorded a full valuation allowance against our U.S. net deferred tax assets. As we were profitable on a non-GAAP basis, the 2021 tax provision was calculated assuming there was no valuation allowance. Additionally, our non-GAAP results for the six months ended March 31, 2021 excluded tax expenses of $34.6 million related to a South Korean tax exposure, primarily related to foreign withholding taxes. |
PTC Inc. |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
March 31, |
September 30, |
|||||||||||||||||||||||
2022 |
2021 |
|||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and cash equivalents |
$ |
306,701 |
$ |
326,532 |
||||||||||||||||||||
Accounts receivable, net |
510,196 |
541,072 |
||||||||||||||||||||||
Property and equipment, net |
92,897 |
100,237 |
||||||||||||||||||||||
Goodwill and acquired intangible assets, net |
2,541,516 |
2,570,854 |
||||||||||||||||||||||
Lease assets, net |
149,801 |
152,337 |
||||||||||||||||||||||
Other assets |
777,412 |
816,528 |
||||||||||||||||||||||
Total assets |
$ |
4,378,523 |
$ |
4,507,560 |
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||||||||||
Deferred revenue |
$ |
534,681 |
$ |
497,677 |
||||||||||||||||||||
Debt, net of deferred issuance costs |
1,265,546 |
1,439,471 |
||||||||||||||||||||||
Lease obligations |
203,990 |
208,799 |
||||||||||||||||||||||
Other liabilities |
290,329 |
323,145 |
||||||||||||||||||||||
Stockholders' equity |
2,083,977 |
2,038,468 |
||||||||||||||||||||||
Total liabilities and stockholders' equity |
$ |
4,378,523 |
$ |
4,507,560 |
||||||||||||||||||||
PTC Inc. |
|||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||||
(in thousands) |
|||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||
Net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
|||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
|||||||||||||
Depreciation and amortization |
21,380 |
21,334 |
43,468 |
40,169 |
|||||||||||||
Amortization of right-of-use lease assets |
8,676 |
9,565 |
17,536 |
18,956 |
|||||||||||||
Accounts receivable |
(45,006) |
(20,169) |
12,310 |
(9,854) |
|||||||||||||
Accounts payable and accruals |
(55,744) |
(4,025) |
(39,932) |
(896) |
|||||||||||||
Deferred revenue |
60,708 |
53,061 |
47,012 |
52,210 |
|||||||||||||
Income taxes |
2,049 |
(49,481) |
(6,279) |
(4,944) |
|||||||||||||
Other |
22,662 |
(42,595) |
(13,685) |
(83,792) |
|||||||||||||
Net cash provided by operating activities |
142,325 |
121,692 |
280,061 |
235,454 |
|||||||||||||
Capital expenditures |
(2,148) |
(5,385) |
(5,510) |
(8,242) |
|||||||||||||
Acquisition of businesses, net of cash acquired (1) |
- |
(717,198) |
- |
(717,198) |
|||||||||||||
Borrowings (payments) on debt, net |
(175,000) |
520,000 |
(175,000) |
502,000 |
|||||||||||||
Repurchases of common stock |
(5,261) |
- |
(125,000) |
- |
|||||||||||||
Net proceeds associated with issuance of common stock |
10,857 |
10,484 |
10,857 |
10,484 |
|||||||||||||
Payments of withholding taxes in connection with vesting of stock-based awards |
(1,430) |
(2,742) |
(50,595) |
(27,242) |
|||||||||||||
Net proceeds from marketable securities (2) |
- |
- |
- |
58,469 |
|||||||||||||
Net proceeds from sale of investments (3) |
42,693 |
- |
42,693 |
- |
|||||||||||||
Other financing & investing activities |
831 |
5,556 |
6,615 |
(3,632) |
|||||||||||||
Foreign exchange impact on cash |
(2,078) |
(5,010) |
(3,739) |
543 |
|||||||||||||
Net change in cash, cash equivalents, and restricted cash |
10,789 |
(72,603) |
(19,618) |
50,636 |
|||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period |
296,639 |
399,199 |
327,046 |
275,960 |
|||||||||||||
Cash, cash equivalents, and restricted cash, end of period |
$ |
307,428 |
$ |
326,596 |
$ |
307,428 |
$ |
326,596 |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Cash provided by operating activities |
$ |
142,325 |
$ |
121,692 |
$ |
280,061 |
$ |
235,454 |
|||||||||
Capital expenditures |
(2,148) |
(5,385) |
(5,510) |
(8,242) |
|||||||||||||
Free cash flow |
140,177 |
116,307 |
274,551 |
227,212 |
|||||||||||||
Restructuring and other related payments |
17,840 |
4,463 |
28,351 |
11,729 |
|||||||||||||
Acquisition & transaction-related payments |
432 |
8,195 |
432 |
11,075 |
|||||||||||||
Non-ordinary course tax payment (4) |
- |
971 |
- |
971 |
|||||||||||||
Adjusted free cash flow |
$ |
158,449 |
$ |
129,936 |
$ |
303,334 |
$ |
250,987 |
|||||||||
(1) In the second quarter of 2021, we acquired Arena for approximately $715 million, net of cash acquired. |
|||||||||||||||||
(2) In the first quarter of 2021, we sold all of our available-for-sale securities. |
|||||||||||||||||
(3) In the second quarter of 2022, we sold an equity investment in a publicly-traded company. |
|||||||||||||||||
(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. |
SOURCE PTC Inc.
Высокие показатели за 2 квартал; Увеличение прибыли за 22 года, Свободный денежный поток и прогноз по доходам
БОСТОН, 27 апреля 2022 г. /PRNewswire/ -- PTC (NASDAQ: PTC) сегодня сообщила о финансовых результатах за второй финансовый квартал, закончившийся 31 марта 2022 г.
"Во втором квартале мы по-прежнему наблюдали высокие показатели наших ключевых операционных и финансовых показателей. Мы обеспечили органический постоянный рост ARR в иностранной валюте на 13% в годовом исчислении и завершили 2 квартал на уровне 1,56 миллиарда долларов. Во втором квартале наши денежные средства от операционной деятельности составили 142 миллиона долларов, увеличившись на 17% в годовом исчислении, а скорректированный свободный денежный поток составил 158 миллионов долларов, увеличившись на 22% в годовом исчислении. Рост во втором квартале был широким во всех сегментах и географических регионах, обусловленный спросом на цифровую трансформацию и SaaS", - сказал Джеймс Хеппельманн, президент и главный исполнительный директор PTC.
"Наш дифференцированный портфель продуктов и растущие возможности SaaS позволяют PTC создавать превосходную ценность для клиентов. Наше положение на рынке в сочетании с нашей моделью подписки, на внедрение которой у нас ушли годы напряженной работы, является очень устойчивым и позволяет нам продолжать демонстрировать значительный двузначный рост ARR. Основываясь на наших высоких показателях в первом полугодии и созданном нами импульсе, мы повышаем наши прогнозные показатели ARR и свободного денежного потока на 2022 финансовый год", - заключил Хеппельманн.
Основные операционные и финансовые показатели изложены ниже. Для получения дополнительной информации, пожалуйста, обратитесь к презентации доходов за 2 квартал 22 года и таблицам финансовых данных, которые были размещены в разделе по связям с инвесторами на нашем веб-сайте по адресу investor.PTC.com . Признание выручки в соответствии с ASC 606 влияет на выручку и, как следствие, на операционную маржу и прибыль на акцию.
1 Мы включаем операционные и финансовые показатели, не относящиеся к GAAP, в наши основные операционные показатели. Подробные определения этих статей и сверки финансовых показателей, не относящихся к GAAP, с сопоставимыми показателями GAAP приведены ниже и в таблицах сверки в конце этого пресс-релиза.
"PTC показал хорошие результаты во втором квартале, которые превзошли наши ожидания", - сказал Кристиан Талвитие, исполнительный директор и финансовый директор PTC. "Основываясь на наших показателях за 2 квартал и нашем прогнозе на оставшуюся часть года, мы повышаем наши прогнозы на 2022 финансовый год, Свободный денежный поток и выручку. Несмотря на значительные колебания валютных курсов и последствия выхода из нашего бизнеса в России, наша сильная исполнительная и операционная дисциплина помогли нам добиться хороших финансовых показателей в 2022 финансовом году, и мы считаем, что у нас есть все возможности для достижения наших обновленных целей на год".
In millions except percentages |
FY'22 Previous |
FY'22 Guidance |
FY'22 YoY Growth Guidance |
Q3'22 |
ARR at Constant Currency(1) |
$1,625 - $1,660 |
$1,640 - $1,665 |
12% - 13% |
$1,580 - $1,595 |
Cash from Operations(2) |
~$430 |
~$430 |
~17% |
~$110 |
Free Cash Flow(2),(3) |
~$400 |
~$405 |
~18% |
~$105 |
Adjusted Free Cash Flow(2),(3) |
~$450 |
~$455 |
~16% |
~$120 |
Revenue |
$1,870 - $1,975 |
$1,905 - $1,975 |
5% - 9% |
(1) |
On a constant currency basis, using our FY'22 Plan foreign exchange rates (rates as of September 30, 2021) for all periods |
(2) |
FY'22 cash from operations and free cash flow guidance include expected restructuring payments of $45 million (current estimate is $40 million to $45 million) and transaction-related payments of approximately $5 million (already incurred in 1H'22), both of which are excluded from FY'22 adjusted free cash flow guidance; Q3'22 cash from operations and free cash flow guidance include expected restructuring payments of approximately $10 million and transaction-related payments of approximately $5 million (already incurred in 1H'22), both of which are excluded from Q3'22 adjusted free cash flow guidance |
(3) |
Free cash flow and adjusted free cash flow guidance are net of expected capex of approximately $25 million (previously $30 million) in FY'22 and $5 million in Q3'22 |
Наши финансовые рекомендации за 22 финансовый год и 3 квартал 22 включают в себя следующие допущения:
Компания проведет телефонную конференцию для обсуждения результатов в 17:00 вечера по восточному времени в среду, 27 апреля 2022 года. Чтобы принять участие в прямой телефонной конференции, наберите (888) 330-2508 или (240) 789-2735 и введите пароль 7328695 или войдите в веб-трансляцию, доступную на веб-сайте PTC по связям с инвесторами. Также будет доступен повтор.
PTC предоставляет дополнительные финансовые показатели, не относящиеся к GAAP, к своим финансовым результатам. Мы используем эти финансовые показатели, не относящиеся к GAAP, и считаем, что они помогают нашим инвесторам сравнивать наши операционные показатели от периода к периоду, поскольку они дают представление о наших операционных результатах без статей, которые, по нашему мнению, не отражают наши операционные результаты. Эти финансовые показатели, не относящиеся к GAAP, не следует рассматривать как альтернативу результатам GAAP, поскольку статьи, исключенные из финансовых показателей, не относящихся к GAAP, часто оказывают существенное влияние на наши операционные результаты, некоторые из этих статей повторяются, а другие часто повторяются. Руководство использует наши финансовые показатели, не относящиеся к GAAP, и инвесторы должны учитывать их только в сочетании с нашими результатами по GAAP.
Операционные расходы не по GAAP, операционная маржа не по GAAP, валовая прибыль не по GAAP, валовая прибыль не по GAAP, чистая прибыль не по GAAP и прибыль на акцию не по GAAP исключают влияние следующих статей: компенсация на основе акций; амортизация приобретенных нематериальных активов; связанные с приобретением и другие транзакционные расходы включены в общие и административные расходы; расходы на реструктуризацию и прочие расходы, нетто; некоторые внереализационные расходы и кредиты; и корректировки по налогу на прибыль. Дополнительную информацию о статьях, которые мы исключаем из наших финансовых показателей, не относящихся к GAAP, и причинах, по которым мы их исключаем, можно найти в разделе "Финансовые показатели, не относящиеся к GAAP" на странице 24 нашего Годового отчета по форме 10-K за финансовый год, закончившийся 30 сентября 2021 года. В 21 финансовом году мы понесли налоговые расходы, связанные с налоговым вопросом в Южной Корее, который исключен из наших финансовых показателей, не относящихся к GAAP, поскольку он относится к предыдущим периодам и не включен в представление руководства о результатах для сравнительных целей. Мы также отразили налоговую выгоду в 21 финансовом году, связанную с освобождением нашего резерва на оценку в США в результате приобретения Arena, и пришли к выводу, что в настоящее время более вероятно, что мы реализуем большую часть наших отложенных налоговых активов в США, поскольку рассчитывается налоговый резерв, не соответствующий ОПБУ предполагая, что оценочная надбавка отсутствует, эта выгода была исключена из наших финансовых показателей, не относящихся к ОПБУ.
Свободный денежный поток и Скорректированный Свободный денежный поток – PTC предоставляет информацию о свободном денежном потоке и скорректированном свободном денежном потоке, чтобы инвесторы могли оценить нашу способность генерировать денежные средства без привлечения дополнительного внешнего финансирования и оценить наши результаты в соответствии с нашими объявленными долгосрочными целями и намерением вернуть примерно 50% нашего свободного денежного потока акционерам посредством выкупа акций. Свободный денежный поток - это денежные средства, полученные в результате (использованные в) операций, за вычетом капитальных затрат. Скорректированный свободный денежный поток - это свободный денежный поток за вычетом платежей по реструктуризации, платежей, связанных с приобретением, и неординарных налоговых платежей или поступлений. Свободный денежный поток и скорректированный свободный денежный поток не являются показателями наличности, доступной для дискреционных расходов.
Показатель изменения постоянной валюты (CC) – Мы представляем информацию о CC, чтобы обеспечить основу для оценки того, как работает наш основной бизнес, исключая влияние колебаний курсов иностранных валют. Для представления дополнительной информации результаты за 22 финансовый год и сравнительные результаты за предыдущий период для организаций, отчитывающихся в валютах, отличных от долларов США, пересчитываются в доллары США с использованием обменного курса по состоянию на 30 сентября 2021 года, а не фактических обменных курсов, действовавших в течение этого периода.
ARR – Чтобы помочь инвесторам понять и оценить эффективность нашего бизнеса как SaaS и локальной компании по подписке, мы предоставляем операционный показатель ARR (Годовая скорость выполнения). ARR представляет собой годовую стоимость нашего портфеля программного обеспечения с активной подпиской, облачных сервисов, SaaS и контрактов на поддержку по состоянию на конец отчетного периода. ARR включает заказы, размещенные в соответствии с нашим Соглашением о стратегическом партнерстве с Rockwell Automation, включая заказы, размещенные для выполнения минимальных договорных обязательств.
Мы считаем, что ARR является ценным операционным показателем для измерения работоспособности бизнеса подписки, поскольку он отражает ожидаемую подписку и поддерживает получение денежных средств от клиентов.
Заявления в этом пресс-релизе, которые не являются историческими фактами, включая заявления о наших будущих финансовых ожиданиях и целях роста, а также о потенциальных выкупах акций, являются прогнозными заявлениями, которые связаны с рисками и неопределенностями, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых. К этим рискам относятся: макроэкономические и/или глобальное производство климате не может улучшаться, когда или как мы ожидаем, или может ухудшаться, что объясняется, среди прочих факторов, COVID-19 пандемией и влияния России в/на Украине конфликта, который может привести к задержке или уменьшению закупок новой программы, сокращать количество подписок, которые они несут, или задержка платежей в США, которые бы негативно повлиять arr и наши финансовые результаты, в том числе денежных средств; наши предприятия, в том числе долевого участия в предприятиях, не может расширяться и/или получения доходов или АРР мы ожидаем, что если клиенты работают медленнее, чтобы принять наши технологии, чем мы ожидаем, или если они принимают конкурирующих технологий; подписанных сделок с Intland программного обеспечения и ITC Infotech, а не когда или как мы ожидаем, в связи с невозможностью достижения применимым закрытия и условия таких сделок могут не иметь ожидаемого влияния на наш бизнес и результаты деятельности; наш стратегических инициатив и инвестиций, в том числе наша перестройка и наши ускоренные инвестиции в нашу переход к SaaS, может не доставить результаты, когда или как мы ожидаем, мы может быть не в состоянии генерировать достаточный денежный поток от операционной деятельности для погашения сумм по нашей кредитной линии или вернуть 50% от свободного денежного потока для акционеров, и другие виды использования денежных средств или нашими лимитами кредитования или иных вопросах, может помешать такой погашение кредита и/или выкуп; и валютные курсы могут существенно отличаться от тех, которые мы ожидаем. Кроме того, наши предположения относительно наших будущих эффективных ставок подоходного налога по ОПБУ и не по ОПБУ основаны на оценках и других факторах, которые могут измениться, включая географическое распределение наших доходов, расходов и прибыли. Другие риски и неопределенности, которые могут привести к существенному отличию фактических результатов от прогнозируемых, время от времени подробно описываются в отчетах, которые мы подаем в Комиссию по ценным бумагам и биржам, включая наш последний Годовой отчет по форме 10-K и Квартальные отчеты по форме 10-Q.
PTC позволяет мировым производителям добиться двузначного эффекта с помощью программных решений, которые позволяют им ускорить внедрение инноваций в продукты и услуги, повысить операционную эффективность и повысить производительность труда. В сочетании с обширной партнерской сетью PTC предоставляет клиентам гибкость в том, как его технология может быть развернута для обеспечения цифровой трансформации – локально, в облаке или через свою платформу pure SaaS. В PTC мы не просто представляем лучший мир, мы включаем его.
PTC.com Блоги @PTC
PTC Контактное лицо по связям с инвесторами Мэтт Шимаосвп, Отдел по связям с инвесторами [email protected][email protected]
PTC Inc. |
|||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Revenue: |
|||||||||||||||
Recurring revenue |
$ |
452,710 |
$ |
414,845 |
$ |
857,835 |
$ |
799,803 |
|||||||
Perpetual license |
9,540 |
6,922 |
18,008 |
15,385 |
|||||||||||
Professional services |
42,977 |
40,018 |
87,105 |
75,648 |
|||||||||||
Total revenue (1) |
505,227 |
461,785 |
962,948 |
890,836 |
|||||||||||
Cost of revenue (2) |
93,337 |
89,448 |
188,455 |
176,278 |
|||||||||||
Gross margin |
411,890 |
372,337 |
774,493 |
714,558 |
|||||||||||
Operating expenses: |
|||||||||||||||
Sales and marketing (2) |
116,408 |
129,178 |
241,884 |
253,903 |
|||||||||||
Research and development (2) |
81,935 |
72,545 |
162,469 |
143,380 |
|||||||||||
General and administrative (2) |
47,469 |
60,805 |
99,409 |
110,333 |
|||||||||||
Amortization of acquired intangible assets |
8,450 |
7,650 |
16,934 |
14,197 |
|||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
|||||||||||
Total operating expenses |
252,700 |
270,647 |
553,125 |
522,529 |
|||||||||||
Operating income |
159,190 |
101,690 |
221,368 |
192,029 |
|||||||||||
Other expense, net |
(55,624) |
(15,333) |
(62,426) |
(28,265) |
|||||||||||
Income before income taxes |
103,566 |
86,357 |
158,942 |
163,764 |
|||||||||||
Provision (benefit) for income taxes |
13,887 |
(22,905) |
23,174 |
30,987 |
|||||||||||
Net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
|||||||
Earnings per share: |
|||||||||||||||
Basic |
$ |
0.77 |
$ |
0.94 |
$ |
1.16 |
$ |
1.14 |
|||||||
Weighted average shares outstanding |
117,008 |
116,777 |
117,135 |
116,587 |
|||||||||||
Diluted |
$ |
0.76 |
$ |
0.92 |
$ |
1.15 |
$ |
1.13 |
|||||||
Weighted average shares outstanding |
117,811 |
118,331 |
118,162 |
117,966 |
|||||||||||
(1) See supplemental financial data for revenue by license, support, and professional services. Recurring revenue for the three and six months ended March 31, 2022 includes an adjustment of $0.2 million and $1.3 million, respectively, due to a reduction of acquired deferred revenue; compared to an adjustment in the three and six months ended March 31, 2021 of $3.8 million. |
|||||||||||||||
(2) See supplemental financial data for additional information about stock-based compensation. |
PTC Inc. |
|||||||||||||||
SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Revenue by license, support and services is as follows: |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
License revenue (1) |
$ |
218,375 |
$ |
198,011 |
$ |
387,483 |
$ |
375,186 |
|||||||
Support and cloud services revenue (2) |
243,875 |
223,756 |
488,360 |
440,002 |
|||||||||||
Professional services revenue |
42,977 |
40,018 |
87,105 |
75,648 |
|||||||||||
Total revenue (2) |
$ |
505,227 |
$ |
461,785 |
$ |
962,948 |
$ |
890,836 |
|||||||
(1) License revenue includes the portion of subscription revenue allocated to license. |
|||||||||||||||
(2) Revenue for the three and six months ended March 31, 2022 includes an adjustment of $0.2 million and $1.3 million, respectively, due to a reduction of acquired deferred revenue; compared to an adjustment in the three and six months ended March 31, 2021 of $3.8 million. |
|||||||||||||||
The amounts in the income statement include stock-based compensation as follows: |
|||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Cost of revenue |
$ |
4,264 |
$ |
4,506 |
$ |
10,236 |
$ |
8,940 |
|||||||
Sales and marketing |
11,446 |
13,305 |
24,527 |
28,304 |
|||||||||||
Research and development |
9,504 |
7,921 |
19,680 |
16,364 |
|||||||||||
General and administrative |
12,707 |
19,008 |
29,420 |
37,220 |
|||||||||||
Total stock-based compensation |
$ |
37,921 |
$ |
44,740 |
$ |
83,863 |
$ |
90,828 |
PTC Inc. |
||||||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
||||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
|||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||
GAAP gross margin |
$ |
411,890 |
$ |
372,337 |
$ |
774,493 |
$ |
714,558 |
||||||||||||||||
Stock-based compensation |
4,264 |
4,506 |
10,236 |
8,940 |
||||||||||||||||||||
Amortization of acquired intangible assets included in cost of revenue |
5,921 |
7,117 |
12,414 |
13,384 |
||||||||||||||||||||
Non-GAAP gross margin |
$ |
422,075 |
$ |
383,960 |
$ |
797,143 |
$ |
736,882 |
||||||||||||||||
GAAP operating income |
$ |
159,190 |
$ |
101,690 |
$ |
221,368 |
$ |
192,029 |
||||||||||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
||||||||||||||||||||
Amortization of acquired intangible assets |
14,371 |
14,767 |
29,348 |
27,581 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
3,903 |
10,310 |
4,953 |
14,226 |
||||||||||||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
||||||||||||||||||||
Non-GAAP operating income (1) |
$ |
213,823 |
$ |
171,976 |
$ |
371,961 |
$ |
325,380 |
||||||||||||||||
GAAP net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
||||||||||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
||||||||||||||||||||
Amortization of acquired intangible assets |
14,371 |
14,767 |
29,348 |
27,581 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
3,903 |
10,310 |
4,953 |
14,226 |
||||||||||||||||||||
Restructuring and other charges, net |
(1,562) |
469 |
32,429 |
716 |
||||||||||||||||||||
Non-operating charges (2) |
44,613 |
- |
34,847 |
- |
||||||||||||||||||||
Income tax adjustments (3) |
(25,444) |
(51,703) |
(44,669) |
(24,552) |
||||||||||||||||||||
Non-GAAP net income |
$ |
163,481 |
$ |
127,845 |
$ |
276,539 |
$ |
241,576 |
||||||||||||||||
GAAP diluted earnings per share |
$ |
0.76 |
$ |
0.92 |
$ |
1.15 |
$ |
1.13 |
||||||||||||||||
Stock-based compensation |
0.32 |
0.38 |
0.71 |
0.77 |
||||||||||||||||||||
Amortization of acquired intangibles |
0.12 |
0.12 |
0.25 |
0.23 |
||||||||||||||||||||
Acquisition-related and other transactional charges |
0.03 |
0.09 |
0.04 |
0.12 |
||||||||||||||||||||
Restructuring and other charges, net |
(0.01) |
- |
0.27 |
0.01 |
||||||||||||||||||||
Non-operating charges |
0.38 |
- |
0.29 |
- |
||||||||||||||||||||
Income tax adjustments |
(0.22) |
(0.44) |
(0.38) |
(0.21) |
||||||||||||||||||||
Non-GAAP diluted earnings per share |
$ |
1.39 |
$ |
1.08 |
$ |
2.34 |
$ |
2.05 |
||||||||||||||||
(1) Operating margin impact of non-GAAP adjustments: |
||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
|||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||
GAAP operating margin |
31.5 |
% |
22.0 |
% |
23.0 |
% |
21.6 |
% |
||||||||||||||||
Stock-based compensation |
7.5 |
% |
9.7 |
% |
8.7 |
% |
10.2 |
% |
||||||||||||||||
Amortization of acquired intangibles |
2.8 |
% |
3.2 |
% |
3.0 |
% |
3.1 |
% |
||||||||||||||||
Acquisition-related and other transactional charges |
0.8 |
% |
2.2 |
% |
0.5 |
% |
1.6 |
% |
||||||||||||||||
Restructuring and other charges, net |
(0.3) |
% |
0.1 |
% |
3.4 |
% |
0.1 |
% |
||||||||||||||||
Non-GAAP operating margin |
42.3 |
% |
37.2 |
% |
38.6 |
% |
36.5 |
% |
||||||||||||||||
(2) Expense recognized due to the reduction in value of an equity investment in a publicly-traded company. |
||||||||||||||||||||||||
(3) 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. In 2021 we had recorded a full valuation allowance against our U.S. net deferred tax assets. As we were profitable on a non-GAAP basis, the 2021 tax provision was calculated assuming there was no valuation allowance. Additionally, our non-GAAP results for the six months ended March 31, 2021 excluded tax expenses of $34.6 million related to a South Korean tax exposure, primarily related to foreign withholding taxes. |
PTC Inc. |
||||||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
March 31, |
September 30, |
|||||||||||||||||||||||
2022 |
2021 |
|||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and cash equivalents |
$ |
306,701 |
$ |
326,532 |
||||||||||||||||||||
Accounts receivable, net |
510,196 |
541,072 |
||||||||||||||||||||||
Property and equipment, net |
92,897 |
100,237 |
||||||||||||||||||||||
Goodwill and acquired intangible assets, net |
2,541,516 |
2,570,854 |
||||||||||||||||||||||
Lease assets, net |
149,801 |
152,337 |
||||||||||||||||||||||
Other assets |
777,412 |
816,528 |
||||||||||||||||||||||
Total assets |
$ |
4,378,523 |
$ |
4,507,560 |
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||||||||||
Deferred revenue |
$ |
534,681 |
$ |
497,677 |
||||||||||||||||||||
Debt, net of deferred issuance costs |
1,265,546 |
1,439,471 |
||||||||||||||||||||||
Lease obligations |
203,990 |
208,799 |
||||||||||||||||||||||
Other liabilities |
290,329 |
323,145 |
||||||||||||||||||||||
Stockholders' equity |
2,083,977 |
2,038,468 |
||||||||||||||||||||||
Total liabilities and stockholders' equity |
$ |
4,378,523 |
$ |
4,507,560 |
||||||||||||||||||||
PTC Inc. |
|||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||||
(in thousands) |
|||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||
Net income |
$ |
89,679 |
$ |
109,262 |
$ |
135,768 |
$ |
132,777 |
|||||||||
Stock-based compensation |
37,921 |
44,740 |
83,863 |
90,828 |
|||||||||||||
Depreciation and amortization |
21,380 |
21,334 |
43,468 |
40,169 |
|||||||||||||
Amortization of right-of-use lease assets |
8,676 |
9,565 |
17,536 |
18,956 |
|||||||||||||
Accounts receivable |
(45,006) |
(20,169) |
12,310 |
(9,854) |
|||||||||||||
Accounts payable and accruals |
(55,744) |
(4,025) |
(39,932) |
(896) |
|||||||||||||
Deferred revenue |
60,708 |
53,061 |
47,012 |
52,210 |
|||||||||||||
Income taxes |
2,049 |
(49,481) |
(6,279) |
(4,944) |
|||||||||||||
Other |
22,662 |
(42,595) |
(13,685) |
(83,792) |
|||||||||||||
Net cash provided by operating activities |
142,325 |
121,692 |
280,061 |
235,454 |
|||||||||||||
Capital expenditures |
(2,148) |
(5,385) |
(5,510) |
(8,242) |
|||||||||||||
Acquisition of businesses, net of cash acquired (1) |
- |
(717,198) |
- |
(717,198) |
|||||||||||||
Borrowings (payments) on debt, net |
(175,000) |
520,000 |
(175,000) |
502,000 |
|||||||||||||
Repurchases of common stock |
(5,261) |
- |
(125,000) |
- |
|||||||||||||
Net proceeds associated with issuance of common stock |
10,857 |
10,484 |
10,857 |
10,484 |
|||||||||||||
Payments of withholding taxes in connection with vesting of stock-based awards |
(1,430) |
(2,742) |
(50,595) |
(27,242) |
|||||||||||||
Net proceeds from marketable securities (2) |
- |
- |
- |
58,469 |
|||||||||||||
Net proceeds from sale of investments (3) |
42,693 |
- |
42,693 |
- |
|||||||||||||
Other financing & investing activities |
831 |
5,556 |
6,615 |
(3,632) |
|||||||||||||
Foreign exchange impact on cash |
(2,078) |
(5,010) |
(3,739) |
543 |
|||||||||||||
Net change in cash, cash equivalents, and restricted cash |
10,789 |
(72,603) |
(19,618) |
50,636 |
|||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period |
296,639 |
399,199 |
327,046 |
275,960 |
|||||||||||||
Cash, cash equivalents, and restricted cash, end of period |
$ |
307,428 |
$ |
326,596 |
$ |
307,428 |
$ |
326,596 |
|||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
March 31, |
March 31, |
March 31, |
March 31, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||||
Cash provided by operating activities |
$ |
142,325 |
$ |
121,692 |
$ |
280,061 |
$ |
235,454 |
|||||||||
Capital expenditures |
(2,148) |
(5,385) |
(5,510) |
(8,242) |
|||||||||||||
Free cash flow |
140,177 |
116,307 |
274,551 |
227,212 |
|||||||||||||
Restructuring and other related payments |
17,840 |
4,463 |
28,351 |
11,729 |
|||||||||||||
Acquisition & transaction-related payments |
432 |
8,195 |
432 |
11,075 |
|||||||||||||
Non-ordinary course tax payment (4) |
- |
971 |
- |
971 |
|||||||||||||
Adjusted free cash flow |
$ |
158,449 |
$ |
129,936 |
$ |
303,334 |
$ |
250,987 |
|||||||||
(1) In the second quarter of 2021, we acquired Arena for approximately $715 million, net of cash acquired. |
|||||||||||||||||
(2) In the first quarter of 2021, we sold all of our available-for-sale securities. |
|||||||||||||||||
(3) In the second quarter of 2022, we sold an equity investment in a publicly-traded company. |
|||||||||||||||||
(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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