PTC Announces Record Q4 and Full Fiscal 2008 Revenue

(1) Reflects a one-time non-cash loss of $6.2 million recorded in the third quarter of 2008 from liquidations of certain legal entities related to previous acquisitions.

(2) Reflects the tax effect of non-GAAP adjustments above, as well as the effect of one-time tax benefits recorded in:

a. the fourth quarter of 2008 of $1.9 million; and

b. the third quarter of 2007 due to the reversal of the valuation allowance recorded in the United States and a foreign jurisdiction of $58.9 million and the favorable resolution of a tax claim of $3.9 million.

PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 
September 30, September 30,
2008 2007
 
ASSETS
 
Cash and cash equivalents $ 256,941 $ 263,271
Accounts receivable, net 201,509 217,101
Property and equipment, net 55,253 54,745
Goodwill and acquired intangibles, net 587,537 325,052
Other assets 248,333 230,144
       
Total assets $ 1,349,573 $ 1,090,313
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 258,295 $ 227,164
Borrowings under revolving credit facility 88,505 --
Other liabilities 300,248 268,642
Stockholders' equity 702,525 594,507
       
Total liabilities and stockholders' equity $ 1,349,573 $ 1,090,313
PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
     
 
Three Months Ended Year Ended
September 30, September 30, September 30, September 30,
2008 2007 2008 2007
 
Cash flows from operating activities:
Net income $ 36,504 $ 30,639 $ 79,702 $ 143,656
Stock-based compensation 11,715 13,938 44,396 36,445
Amortization of acquired intangible assets 10,334 3,969 35,487 14,370
Depreciation and other amortization 6,203 6,348 24,534 24,829
Accounts receivable (27,813 ) (36,267 ) 42,006 (2,784 )
Accounts payable and accruals (1) 17,942 22,675 (11,213 ) (3,556 )
Deferred revenue (14,228 ) (23,841 ) 2,077 (2,387 )
In-process research and development -- -- 1,887 544
Income taxes (7,362 ) 1,636 (5,717 ) (60,672 )
Other   7,839     (6,795 )   9,081     (23,071 )
Net cash provided by operating activities 41,134 12,302 222,240 127,374
 
Capital expenditures (4,947 ) (6,918 ) (25,439 ) (24,057 )
Acquisitions of businesses, net of cash acquired (2) -- (2,574 ) (261,592 ) (31,092 )
Proceeds (payments) from debt, net (10,860 ) -- 88,139 --
Repurchases of common stock -- (8,143 ) (27,297 ) (9,952 )
Other investing and financing activities 4,928 1,626 1,615 8,928
Foreign exchange impact on cash   (15,334 )   7,022     (3,996 )   8,622  
 
Net change in cash and cash equivalents 14,921 3,315 (6,330 ) 79,823
Cash and cash equivalents, beginning of period   242,020     259,956     263,271     183,448  
Cash and cash equivalents, end of period $ 256,941   $ 263,271   $ 256,941   $ 263,271  

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