PTC Announces Q4 and FY'14 Results; Provides Q1 and FY'15 Outlook, and Updated Long-Range Targets
Highlights
- Q4 Results:
-
Non-GAAP revenue of
$368 million , up 7% over Q4'13 non-GAAP revenue and up 6% on a constant currency basis -
Non-GAAP EPS of
$0.67 , up 13% year over year and up 12% year over year on a constant currency basis - Non-GAAP operating margin of 26.2%, down 120 basis points year over year and down 130 basis points year over year on a constant currency basis
-
GAAP revenue of
$367 million , GAAP operating margin of 9.8% and GAAP EPS of$0.33 -
Q4 non-GAAP revenue contribution from acquired businesses Enigma
(acquired on
July 11, 2013 ), NetIDEAS (acquired onSeptember 5, 2013 ),ThingWorx (acquired onDecember 30, 2013 ), Atego (acquired onJune 30, 2014 ), andAxeda (acquired onAugust 11, 2014 ) was$16 million
- FY'14 Results:
-
Non-GAAP revenue of
$1,358 million , up 5% on a reported and constant currency basis over FY'13 non-GAAP revenue -
Non-GAAP EPS of
$2.17 , up 20% year over year and up 19% year over year on a constant currency basis - Non-GAAP operating margin of 25.1%, up 300 basis points year over year and up 280 basis points year over year on a constant currency basis
-
GAAP revenue of
$1,357 million , GAAP operating margin of 14.5% and GAAP EPS of$1.34 -
FY'14 non-GAAP revenue contribution from acquired businesses was
$24 million
- Guidance:
- Please see table below for detailed guidance and key assumptions
A reconciliation between the GAAP and non-GAAP results for Q4'14 and FY'14 is contained in the tables attached to this press release.
Results Commentary
Heppelmann added, "Looking at fourth quarter results, PTC non-GAAP
revenue and EPS exceeded the high end of our guidance range, driven by
solid performance across multiple businesses and geographic regions.
Non-GAAP license revenue of
Heppelmann continued, "For the second straight quarter we saw strong growth in our core CAD and Extended PLM (EPLM) businesses. EPLM license revenue grew 11% year over year on a constant currency basis driven by growth in our ALM business versus a soft compare in Q4'13. CAD license revenue was up 9% year over year on a constant currency basis, helped by strong growth in sales of Creo® modules, eLearning, and a multi-million dollar license purchase of one of our heritage products. License revenue for our SLM & IoT business was down 12% on a constant currency basis, with growth in IoT more than offset by lower levels of revenue in our SLM business, when compared to a very strong SLM performance in Q4'13. Looking ahead to FY'15, we are encouraged by our current SLM pipeline and the forthcoming introduction of connected SLM applications, and we believe our SLM business will return to double digit license growth. In the IoT space, we believe that our market leadership position within the application enablement platforms space, combined with an ability to sell IoT solutions to new and existing PTC customers, will enable us to achieve healthy double digit growth rates in this business through FY'18."
"We had 33 large deals (recognized license + services revenue of more
than
Updated Long-Range Targets and FY'15 Outlook Commentary
Heppelmann remarked, "Looking out to FY'18 we believe we can achieve approximately 15% per year non-GAAP EPS growth, driven by a healthy mix of revenue growth, further non-GAAP operating margin expansion to 28% to 30% by FY'17 and into FY'18, reduced share count through our capital allocation strategy, and improved tax outlook."
"Looking at FY'15, we see several headwinds facing our business,
including indications of a slowdown in manufacturing activity in
"Additionally," Heppelmann continued, "there are two significant variables to consider as we think about our financial performance in FY'15. First, the depreciation of the Euro and Yen relative to the U.S. dollar have a significant impact on our financial results. On a constant currency basis, we are targeting revenue growth of 4% to 6% and non-GAAP EPS growth of more than 15%. Second, due to evolving customer preferences as well as acquisitions we have made in the IoT space, we are offering subscription pricing as an option for most PTC products starting in FY'15. In order to better align our reporting with how we think about our business, we will be changing our line of business revenue disclosure to: (1) perpetual license & subscription solutions; (2) support; and (3) professional services. As part of this new line of business breakdown, cloud services (formerly known as managed services) revenue, which was previously included in our Professional Services line of business, will now be included within our perpetual license & subscription solutions line of business."
Detailed guidance using current currency assumptions and our new line of business breakdown is outlined in the table below. Glidden added, "Importantly, we assume 85% of our Perpetual License & Subscription Solutions business in Q1'15 and FY'15 will be perpetual license sales, down from approximately 92% in FY'14. The remainder of our Perpetual License & Subscription Solutions revenue is a combination of run-rate revenue from previous bookings plus new and renewal subscription solutions bookings (subscription software and cloud services), of which a portion will be recognized as revenue during the quarter and year, and the balance of which will be recorded as billed in deferred revenue and be recognized ratably over the remaining term of the subscription (as run-rate revenue)."
"If a greater percentage of our customers elect our subscription offering than our base case assumption, it will have an adverse impact on revenue, operating margin, cash flow and EPS growth relative to our guidance. Should this happen, we believe it will be net present value positive to PTC over the long-term and we will provide relevant information to help investors understand how our business model is evolving," concluded Glidden.
Q1 and FY'15 Guidance Table - Growth Rates Reflect Recast Historical Results
Q1'15 | Q1'15 | FY'15 | FY'15 | ||||||||||
Low | High | Low | High | ||||||||||
Perpetual license & subscription solutions | 70 | 85 | 405 | 425 | |||||||||
% mix of perpetual license | 85% | 85% | 85% | 85% | |||||||||
Support | 180 | 180 | 700 | 700 | |||||||||
Professional services | 60 | 60 | 260 | 260 | |||||||||
Total non-GAAP revenue | 310 | 325 | 1,365 | 1,385 | |||||||||
Perpetual license & subscription solutions growth | -16% | 2% | 4% | 10% | |||||||||
Support growth | 6% | 6% | 1% | 1% | |||||||||
Professional services growth | -16% | -16% | -6% | -6% | |||||||||
Total non-GAAP revenue growth | -5% | 0% | 0% | 2% | |||||||||
Non-GAAP gross margin | 74% | 74% | 75% | 76% | |||||||||
GAAP gross margin | 72% | 72% | 73% | 73% | |||||||||
Non-GAAP operating margin | 23% | 24% | 26% | 26% | |||||||||
GAAP operating margin | 13% | 14% | 16% | 16% | |||||||||
Total GAAP adjustments | 33 | 33 | 125 | 125 | |||||||||
Other income (expense) | -4 | -4 | -15 | -15 | |||||||||
Non-GAAP tax rate | 18% | 18% | 18% | 18% | |||||||||
GAAP tax rate | 25% | 25% | 25% | 25% | |||||||||
Share count | 117 | 117 | 117 | 117 | |||||||||
Non-GAAP EPS |
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Non-GAAP EPS growth | -5% | 3% | 7% | 10% | |||||||||
GAAP EPS |
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GAAP EPS growth | -39% | -24% | -2% | 3% | |||||||||
FX Assumptions: USD/EURO = 1.25; YEN/USD = 115 | |||||||||||||
Impact of currency fluctuation vs. Q1'14 on Q1'15 non-GAAP
revenue guidance is |
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Impact of currency fluctuation vs. FY'14 on FY'15 non-GAAP
revenue guidance is |
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The FY'15 guidance adjusts for the impact of the following items and
their income tax effects, as well as any additional discrete tax items
or restructuring costs: approximately
The Q1 guidance adjusts for the impact of the following items and their
income tax effects, as well as any additional discrete tax items or
restructuring costs: approximately
FY'15 non-GAAP guidance also excludes settlement losses related to the
termination of our U.S. pension plan. While we expect to complete the
termination process by
Upcoming Investor Day Event
On
Q4 and FY'14 Earnings Conference Call and Webcast
Prepared remarks for the conference call have been posted to the investor relations section of our website. The prepared remarks will not be read live; the call will be primarily Q&A.
What: | PTC Fiscal Q4'14 Conference Call and Webcast | ||
When: |
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||
Dial-in: |
1-800-857-5592 or 1-773-799-3757
Call Leader: Passcode: PTC |
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Webcast: | |||
Replay: |
The audio replay of this event will be archived for public replay
until Dial-in: 866-373-9228 Passcode: 8132 To access the replay via webcast, please visit www.ptc.com/for/investors.htm. |
Important Information About Non-GAAP References
PTC provides non-GAAP supplemental information to its financial results.
Non-GAAP revenue, operating expenses, margin and EPS exclude the effect
of purchase accounting on the fair value of acquired deferred revenue of
Forward-Looking Statements
Statements in this press release that are not historic facts, including
statements about our fiscal 2015 and other future financial and growth
expectations and anticipated tax rates, are forward-looking statements
that involve risks and uncertainties that could cause actual results to
differ materially from those projected. These risks include the
possibility that the macroeconomic climate may not improve or may
deteriorate, the possibility that customers may not purchase or adopt
our solutions when or at the rates we expect and that our pipeline deals
may not convert as we expect, the possibility that foreign currency
exchange rates may vary from our expectations and thereby affect our
reported revenue and expense, the possibility that we may not achieve
the license, services or support growth rates that we expect, which
could result in a different mix of revenue between license, service and
support and could impact our EPS results, the possibility that customers
may purchase more of our solutions as subscriptions, which would
adversely affect near-term revenue, operating margins, and EPS, the
possibility that we may be unable to improve services margins as we
expect, the possibility that we may be unable to improve sales
productivity as we expect, the possibility that our businesses,
including the SLM business and the Internet of Things/Smart, Connected
Products business, may not expand and/or generate the revenue we expect,
the possibility that resource constraints and personnel reductions could
adversely affect our revenue, the possibility that we may not generate
sufficient operating cash flow to repurchase our shares as we plan or
that other uses of cash may preclude such repurchases; the possibility
that remedial actions relating to our previously announced investigation
in
PTC, the PTC logo,
About PTC
PTC (Nasdaq: PTC) enables manufacturers to achieve sustained product and service advantage. PTC's technology solutions help customers transform the way they create, operate and service products for a smart, connected, world. Founded in 1985, PTC employs approximately 6,000 professionals serving more than 28,000 businesses in rapidly-evolving, globally distributed manufacturing industries worldwide. Get more information at www.ptc.com.
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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
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2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue: | |||||||||||||||||
License |
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Service | 72,067 | 72,269 | 295,009 | 294,653 | |||||||||||||
Support | 182,068 | 167,144 | 692,267 | 654,679 | |||||||||||||
Total revenue | 366,708 | 344,845 | 1,356,967 | 1,293,541 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Cost of license revenue (1) | 8,315 | 8,270 | 31,663 | 33,004 | |||||||||||||
Cost of service revenue (1) | 65,210 | 62,871 | 256,876 | 258,954 | |||||||||||||
Cost of support revenue (1) | 22,329 | 20,388 | 85,144 | 81,081 | |||||||||||||
Total cost of revenue | 95,854 | 91,529 | 373,683 | 373,039 | |||||||||||||
Gross margin | 270,854 | 253,316 | 983,284 | 920,502 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing (1) | 95,835 | 90,734 | 357,447 | 360,640 | |||||||||||||
Research and development (1) | 60,387 | 55,127 | 226,496 | 221,918 | |||||||||||||
General and administrative (1) | 43,344 | 33,910 | 142,232 | 131,937 | |||||||||||||
Amortization of acquired intangible assets | 8,355 | 6,691 | 32,127 | 26,486 | |||||||||||||
Restructuring charges | 26,825 | 17,848 | 28,406 | 52,197 | |||||||||||||
Total operating expenses | 234,746 | 204,310 | 786,708 | 793,178 | |||||||||||||
Operating income | 36,108 | 49,006 | 196,576 | 127,324 | |||||||||||||
Other income (expense), net | (3,740) | (599) | (10,464) | (1,090) | |||||||||||||
Income before income taxes | 32,368 | 48,407 | 186,112 | 126,234 | |||||||||||||
Provision (benefit) for income taxes | (6,387) | (8,059) | 25,918 | (17,535) | |||||||||||||
Net income |
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Earnings per share: | |||||||||||||||||
Basic |
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Weighted average shares outstanding | 116,173 | 119,020 | 118,094 | 119,473 | |||||||||||||
Diluted |
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Weighted average shares outstanding | 118,275 | 121,267 | 119,984 | 121,240 | |||||||||||||
(1) | The amounts in the tables above include stock-based compensation as follows: | ||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
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2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of license revenue |
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Cost of service revenue | 2,016 | 1,730 | 6,648 | 6,134 | |||||||||||||
Cost of support revenue | 1,034 | 941 | 3,745 | 3,324 | |||||||||||||
Sales and marketing | 2,399 | 3,340 | 10,982 | 11,326 | |||||||||||||
Research and development | 3,052 | 2,115 | 10,119 | 8,590 | |||||||||||||
General and administrative | 4,522 | 5,777 | 19,378 | 19,392 | |||||||||||||
Total stock-based compensation |
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) | ||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
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2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
GAAP revenue | $ | 366,708 | $ | 344,845 | $ | 1,356,967 | $ | 1,293,541 | ||||||||||||||||||
Fair value adjustment of acquired deferred license revenue | 719 | - | 719 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred service revenue | 183 | - | 183 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred support revenue | 347 | 287 | 347 | 3,035 | ||||||||||||||||||||||
Non-GAAP revenue | $ | 367,957 | $ | 345,132 | $ | 1,358,216 | $ | 1,296,576 | ||||||||||||||||||
GAAP gross margin | $ | 270,854 | $ | 253,316 | $ | 983,284 | $ | 920,502 | ||||||||||||||||||
Fair value adjustment of acquired deferred license revenue | 719 | - | 719 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred service revenue | 183 | - | 183 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred support revenue | 347 | 287 | 347 | 3,035 | ||||||||||||||||||||||
Fair value adjustment to deferred services cost | (65 | ) | - | (65 | ) | - | ||||||||||||||||||||
Stock-based compensation | 3,054 | 2,675 | 10,410 | 9,479 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of license revenue | 4,702 | 4,695 | 17,746 | 18,586 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of service revenue | 91 | 26 | 366 | - | ||||||||||||||||||||||
Non-GAAP gross margin | $ | 279,885 | $ | 260,999 | $ | 1,012,990 | $ | 951,602 | ||||||||||||||||||
GAAP operating income | $ | 36,108 | $ | 49,006 | $ | 196,576 | $ | 127,324 | ||||||||||||||||||
Fair value adjustment of acquired deferred license revenue | 719 | - | 719 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred service revenue | 183 | - | 183 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred support revenue | 347 | 287 | 347 | 3,035 | ||||||||||||||||||||||
Fair value adjustment to deferred services cost | (65 | ) | - | (65 | ) | - | ||||||||||||||||||||
Fair value adjustment to deferred commission costs | (102 | ) | - | (102 | ) | - | ||||||||||||||||||||
Stock-based compensation | 13,027 | 13,907 | 50,889 | 48,787 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of license revenue | 4,702 | 4,695 | 17,746 | 18,560 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of service revenue | 91 | 26 | 366 | 26 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 8,355 | 6,691 | 32,127 | 26,486 | ||||||||||||||||||||||
Charges included in general and administrative expenses (3) | 6,328 | 2,246 | 13,096 | 9,855 | ||||||||||||||||||||||
Restructuring charges | 26,825 | 17,848 | 28,406 | 52,197 | ||||||||||||||||||||||
Non-GAAP operating income (2) | $ | 96,518 | $ | 94,706 | $ | 340,288 | $ | 286,270 | ||||||||||||||||||
GAAP net income | $ | 38,755 | $ | 56,466 | $ | 160,194 | $ | 143,769 | ||||||||||||||||||
Fair value adjustment of acquired deferred license revenue | 719 | - | 719 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred service revenue | 183 | - | 183 | - | ||||||||||||||||||||||
Fair value adjustment of acquired deferred support revenue | 347 | 287 | 347 | 3,035 | ||||||||||||||||||||||
Fair value adjustment to deferred services cost | (102 | ) | - | (102 | ) | - | ||||||||||||||||||||
Fair value adjustment to deferred commission costs | (65 | ) | - | (65 | ) | - | ||||||||||||||||||||
Stock-based compensation | 13,027 | 13,907 | 50,889 | 48,787 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of license revenue | 4,702 | 4,695 | 17,746 | 18,560 | ||||||||||||||||||||||
Amortization of acquired intangible assets | ||||||||||||||||||||||||||
included in cost of service revenue | 91 | 26 | 366 | 26 | ||||||||||||||||||||||
Amortization of acquired intangible assets | 8,355 | 6,691 | 32,127 | 26,486 | ||||||||||||||||||||||
Charges included in general and administrative expenses (3) | 6,328 | 2,246 | 13,096 | 9,855 | ||||||||||||||||||||||
Restructuring charges | 26,825 | 17,848 | 28,406 | 52,197 | ||||||||||||||||||||||
Non-operating one-time gain (4) | - | (594 | ) | - | (5,717 | ) | ||||||||||||||||||||
Income tax adjustments (5) | (20,440 | ) | (29,990 | ) | (43,528 | ) | (77,834 | ) | ||||||||||||||||||
Non-GAAP net income | $ | 78,725 | $ | 71,582 | $ | 260,378 | $ | 219,164 | ||||||||||||||||||
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) - Continued | |||||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
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2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
GAAP diluted earnings per share | $ | 0.33 | $ | 0.47 | $ | 1.34 | $ | 1.19 | |||||||||||||||||||
Fair value adjustment of acquired deferred revenue | 0.01 | - | 0.01 | 0.03 | |||||||||||||||||||||||
Fair value adjustment to deferred costs | - | - | - | - | |||||||||||||||||||||||
Stock-based compensation | 0.11 | 0.11 | 0.42 | 0.40 | |||||||||||||||||||||||
Amortization of acquired intangibles | 0.11 | 0.09 | 0.42 | 0.37 | |||||||||||||||||||||||
Charges included in general and administrative expenses (3) | 0.05 | 0.02 | 0.11 | 0.08 | |||||||||||||||||||||||
Restructuring charges | 0.23 | 0.15 | 0.24 | 0.43 | |||||||||||||||||||||||
Non-operating one-time gain (4) | - | - | - | (0.05 | ) | ||||||||||||||||||||||
Income tax adjustments (5) | (0.17 | ) | (0.25 | ) | (0.36 | ) | (0.64 | ) | |||||||||||||||||||
Non-GAAP diluted earnings per share | $ | 0.67 | $ | 0.59 | $ | 2.17 | $ | 1.81 | |||||||||||||||||||
(2 | ) | Operating margin impact of non-GAAP adjustments: | |||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
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2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
GAAP operating margin | 9.8 | % | 14.2 | % | 14.5 | % | 9.8 | % | |||||||||||||||||||
Fair value adjustment of acquired deferred revenue | 0.3 | % | 0.1 | % | 0.1 | % | 0.2 | % | |||||||||||||||||||
Fair value adjustment to deferred costs | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||||||||
Stock-based compensation | 3.6 | % | 4.0 | % | 3.8 | % | 3.8 | % | |||||||||||||||||||
Amortization of acquired intangibles | 3.6 | % | 3.3 | % | 3.7 | % | 3.5 | % | |||||||||||||||||||
Charges included in general and administrative expenses (3) | 1.7 | % | 0.7 | % | 1.0 | % | 0.8 | % | |||||||||||||||||||
Restructuring charges | 7.3 | % | 5.2 | % | 2.1 | % | 4.0 | % | |||||||||||||||||||
Non-GAAP operating margin | 26.2 | % | 27.4 | % | 25.1 | % | 22.1 | % | |||||||||||||||||||
(3) |
Represents acquisition-related charges, as well as, costs related to
terminating a U.S. pension plan of |
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(4) |
The fourth quarter of 2013 includes a gain on investment of |
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(5) |
Income tax adjustments for the three and twelve months ended
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(in thousands) | |||||||||
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2014 | 2013 | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 293,654 | $ | 241,913 | |||||
Accounts receivable, net | 235,688 | 229,106 | |||||||
Property and equipment, net | 67,783 | 64,652 | |||||||
Goodwill and acquired intangible assets, net | 1,349,400 | 1,042,216 | |||||||
Other assets | 253,429 | 251,019 | |||||||
Total assets | $ | 2,199,954 | $ | 1,828,906 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Deferred revenue | $ | 382,544 | $ | 336,913 | |||||
Borrowings under credit facility | 611,875 | 258,125 | |||||||
Other liabilities | 351,646 | 307,388 | |||||||
Stockholders' equity | 853,889 | 926,480 | |||||||
Total liabilities and stockholders' equity | $ | 2,199,954 | $ | 1,828,906 | |||||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
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2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 38,755 | $ | 56,466 | $ | 160,194 | $ | 143,769 | ||||||||||||||||
Stock-based compensation | 13,027 | 13,907 | 50,889 | 48,787 | ||||||||||||||||||||
Depreciation and amortization | 20,008 | 19,119 | 77,307 | 76,551 | ||||||||||||||||||||
Accounts receivable | (7,071 | ) | (18,566 | ) | 7,554 | 17,308 | ||||||||||||||||||
Accounts payable and accruals | 36,746 | 14,732 | 8,538 | 6,208 | ||||||||||||||||||||
Deferred revenue | (30,341 | ) | (36,224 | ) | 24,998 | 6,727 | ||||||||||||||||||
Income taxes | (15,357 | ) | (14,576 | ) | (812 | ) | (54,925 | ) | ||||||||||||||||
Excess tax benefits from stock-based awards | (853 | ) | (163 | ) | (10,429 | ) | (334 | ) | ||||||||||||||||
Other | (3,749 | ) | 8,966 | (13,687 | ) | (19,408 | ) | |||||||||||||||||
Net cash provided by operating activities (6) | 51,165 | 43,661 | 304,552 | 224,683 | ||||||||||||||||||||
Capital expenditures | (8,554 | ) | (10,200 | ) | (25,275 | ) | (29,328 | ) | ||||||||||||||||
Acquisitions of businesses, net of cash acquired (7) | (212,006 | ) | (25,026 | ) | (323,525 | ) | (245,843 | ) | ||||||||||||||||
Proceeds (payments) on debt, net | 296,875 | (10,000 | ) | 353,750 | (111,875 | ) | ||||||||||||||||||
Proceeds from issuance of common stock | 76 | 1,472 | 877 | 4,884 | ||||||||||||||||||||
Payments of withholding taxes in connection with | ||||||||||||||||||||||||
vesting of stock-based awards | (108 | ) | (22 | ) | (26,857 | ) | (14,996 | ) | ||||||||||||||||
Repurchases of common stock | (125,000 | ) | (19,959 | ) | (224,915 | ) | (74,871 | ) | ||||||||||||||||
Excess tax benefits from stock-based awards | 853 | 163 | 10,429 | 334 | ||||||||||||||||||||
Credit facility origination costs | (3,811 | ) | - | (7,931 | ) | - | ||||||||||||||||||
Other financing & investing activities | - | 721 | - | 721 | ||||||||||||||||||||
Foreign exchange impact on cash | (10,009 | ) | 4,072 | (9,364 | ) | (1,339 | ) | |||||||||||||||||
Net change in cash and cash equivalents | (10,519 | ) | (15,118 | ) | 51,741 | (247,630 | ) | |||||||||||||||||
Cash and cash equivalents, beginning of period | 304,173 | 257,031 | 241,913 | 489,543 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 293,654 | $ | 241,913 | $ | 293,654 | $ | 241,913 |
(6) |
Q4'14 and fiscal year 2014 include |
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(7) |
In fiscal year 2014, we completed the acquisitions of |
PTC Investor Relations
jhillier@ptc.com
Source: PTC
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