PTC Announces Q2 Results, Initiates Q3 Guidance and Updates FY’10 Targets

(3) Reflects the tax effects of non-GAAP adjustments for the second quarter and first six months of 2010 and 2009, which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above, as well as the effect of a $7.6 million one-time tax benefit recorded in the second quarter of 2009 due to the recognition of deferred tax assets in a foreign jurisdiction.

PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  April 3,   September 30,
2010 2009
 
ASSETS
 
Cash and cash equivalents $ 222,692 $ 235,122
Accounts receivable, net 151,117 166,591
Property and equipment, net 61,935 58,105
Goodwill and acquired intangibles, net 559,439 596,517
Other assets 316,642 293,877
   
Total assets $ 1,311,825 $ 1,350,212
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue $ 268,899 $ 234,270
Borrowings under revolving credit facility 33,528 57,880
Other liabilities 267,639 296,481
Stockholders' equity 741,759 761,581
   
Total liabilities and stockholders' equity $ 1,311,825 $ 1,350,212
PARAMETRIC TECHNOLOGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
  Three Months Ended   Six Months Ended
April 3,   April 4, April 3,   April 4,
2010 2009 2010 2009
 
Cash flows from operating activities:
Net income $ 9,002 $ 7,175 $ 26,865 $ 11,834
Stock-based compensation 12,292 6,730 26,147 17,261
Depreciation and amortization 15,976 15,162 31,899 29,957
Accounts receivable 4,550 53,576 8,761 77,015
Accounts payable and accruals (4) 2,343 (4,916 ) (12,733 ) (30,949 )
Deferred revenue 32,440 15,589 16,453 6,859
Income taxes (3,693 ) (23,600 ) (6,498 ) (34,787 )
Other (4,962 ) 4,510 (186 ) 11,460
Net cash provided by operating activities 67,948 74,226 90,708 88,650
 
Capital expenditures (9,225 ) (7,094 ) (17,102 ) (15,266 )
Acquisitions of businesses, net of cash acquired (1,505 ) (113 ) (2,087 ) (8,475 )
Proceeds from (payments on) debt, net (19,720 ) (18,686 ) (19,720 ) (31,951 )
Repurchases of common stock (40,000 ) -- (45,072 ) (9,581 )
Other investing and financing activities (5) (1,460 ) (1,919 ) (12,901 ) (2,410 )
Foreign exchange impact on cash (4,490 ) (5,629 ) (6,256 ) (10,190 )
 
Net change in cash and cash equivalents (8,452 ) 40,785 (12,430 ) 10,777

 

Cash and cash equivalents, beginning of period 231,144 226,933 235,122 256,941
Cash and cash equivalents, end of period $ 222,692 $ 267,718 $ 222,692 $ 267,718

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