Company Quick10K Filing
PTC
Price66.98 EPS-0
Shares118 P/E-287
MCap7,885 P/FCF28
Net Debt402 EBIT63
TEV8,288 TEV/EBIT131
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-28 Filed 2020-05-06
10-Q 2019-12-28 Filed 2020-01-27
10-K 2019-09-30 Filed 2019-11-18
10-Q 2019-06-29 Filed 2019-08-08
10-Q 2019-03-30 Filed 2019-05-09
10-Q 2018-12-29 Filed 2019-02-07
10-K 2018-09-30 Filed 2018-11-16
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-30 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-11-29
10-Q 2017-07-01 Filed 2017-08-08
10-Q 2017-04-01 Filed 2017-05-11
10-Q 2016-12-31 Filed 2017-02-09
10-K 2016-09-30 Filed 2016-11-18
10-Q 2016-07-02 Filed 2016-08-11
10-Q 2016-04-02 Filed 2016-05-11
10-Q 2016-01-02 Filed 2016-02-10
10-K 2015-09-30 Filed 2015-11-23
10-Q 2015-07-04 Filed 2015-08-11
10-Q 2015-04-04 Filed 2015-05-11
10-Q 2015-01-03 Filed 2015-02-10
10-K 2014-09-30 Filed 2014-11-26
10-Q 2014-06-28 Filed 2014-08-05
10-Q 2014-03-29 Filed 2014-05-06
10-Q 2013-12-28 Filed 2014-02-04
10-K 2013-09-30 Filed 2013-11-22
10-Q 2013-06-29 Filed 2013-08-07
10-Q 2013-03-30 Filed 2013-05-08
10-Q 2012-12-29 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-11-16
10-Q 2012-06-30 Filed 2012-07-30
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-23
10-Q 2011-07-02 Filed 2011-08-10
10-Q 2011-04-02 Filed 2011-05-11
10-Q 2011-01-01 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-23
10-Q 2010-07-03 Filed 2010-08-12
10-Q 2010-04-03 Filed 2010-05-13
10-Q 2010-01-02 Filed 2010-02-11
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-03-25 Other Events, Exhibits
8-K 2020-03-25 Other Events, Exhibits
8-K 2020-03-10 Regulation FD, Exhibits
8-K 2020-02-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Shareholder Vote, Exhibits
8-K 2020-01-29 Other Events, Exhibits
8-K 2020-01-22 Earnings, Exhibits
8-K 2019-11-17 Officers, Exhibits
8-K 2019-11-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-01 M&A, Off-BS Arrangement, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-10-23 Enter Agreement, Other Events, Exhibits
8-K 2019-09-04 Earnings, Regulation FD, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-06-11 Regulation FD
8-K 2019-04-29 Regulation FD
8-K 2019-04-24 Earnings, Officers, Exhibits
8-K 2019-04-15 Officers
8-K 2019-03-06 Shareholder Vote, Exhibits
8-K 2019-01-23 Earnings, Exhibits
8-K 2019-01-16 Officers
8-K 2018-11-20 Other Events
8-K 2018-10-24 Earnings, Other Events, Exhibits
8-K 2018-09-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2018-07-20 Other Events
8-K 2018-07-19 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-07-18 Earnings, Regulation FD, Exhibits
8-K 2018-06-18 Regulation FD
8-K 2018-06-11 Enter Agreement, Sale of Shares, Regulation FD, Other Events, Exhibits
8-K 2018-04-20 Regulation FD
8-K 2018-04-18 Earnings, Regulation FD, Exhibits
8-K 2018-03-08 Shareholder Vote
8-K 2018-01-30 Officers, Regulation FD
8-K 2018-01-17 Earnings, Exhibits

PTC 10Q Quarterly Report

Part I - Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 a101executiveagreement.htm
EX-10.2 a102leaseamendment.htm
EX-31.1 ptc3282020ex311q2.htm
EX-31.2 ptc3282020ex312q2.htm
EX-32.2 ptc3282020ex32q2.htm

PTC Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
2.82.21.71.10.60.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
FORM 10-Q
____________________________________________________
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 28, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_ to_
Commission File Number: 0-18059
____________________________________________________
PTC Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________
Massachusetts
 
04-2866152
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
121 Seaport Boulevard, Boston, MA 02210
(Address of principal executive offices, including zip code)
(781) 370-5000
(Registrant’s telephone number, including area code)
__________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value per share
PTC
NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer
  
Accelerated filer
  
Non-accelerated filer
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   

There were 115,695,431 shares of our common stock outstanding on May 4, 2020.



PTC Inc.
INDEX TO FORM 10-Q
For the Quarter Ended March 28, 2020

 
 
Page
Number
Part I—FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
Part II—OTHER INFORMATION
 
Item 1A.
Item 6.




PART I—FINANCIAL INFORMATION

ITEM 1.
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PTC Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
 
March 28,
2020
 
September 30,
2019
ASSETS

 
 
Current assets:

 
 
Cash and cash equivalents
$
826,776

 
$
269,579

Short-term marketable securities
34,254

 
27,891

Accounts receivable, net of allowance for doubtful accounts of $831 and $744 at March 28, 2020 and September 30, 2019, respectively
352,673

 
372,743

Prepaid expenses
66,854

 
52,701

Other current assets
60,869

 
59,707

Total current assets
1,341,426

 
782,621

Property and equipment, net
104,147

 
105,531

Goodwill
1,603,081

 
1,238,179

Acquired intangible assets, net
251,191

 
169,949

Long-term marketable securities
22,687

 
29,544

Deferred tax assets
202,683

 
198,634

Operating right-of-use lease assets
157,016

 

Other assets
184,240

 
140,130

Total assets
$
3,866,471

 
$
2,664,588

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
33,728

 
$
42,442

Accrued expenses and other current liabilities
115,278

 
104,028

Accrued compensation and benefits
83,904

 
88,769

Accrued income taxes
15,963

 
17,407

Current portion of long-term debt
496,435

 

Deferred revenue
407,412

 
385,509

Short-term lease obligations
39,452

 

Total current liabilities
1,192,172

 
638,155

Long-term debt
1,134,287

 
669,134

Deferred tax liabilities
19,541

 
41,683

Deferred revenue
9,790

 
11,123

Long-term lease obligations
184,706

 

Other liabilities
51,894

 
102,495

Total liabilities
2,592,390

 
1,462,590

Commitments and contingencies (Note 15)

 

Stockholders’ equity:

 

Preferred stock, $0.01 par value; 5,000 shares authorized; none issued

 

Common stock, $0.01 par value; 500,000 shares authorized; 115,695 and 114,899 shares issued and outstanding at March 28, 2020 and September 30, 2019, respectively
1,157

 
1,149

Additional paid-in capital
1,536,770

 
1,502,949

Accumulated deficit
(150,351
)
 
(191,390
)
Accumulated other comprehensive loss
(113,495
)
 
(110,710
)
Total stockholders’ equity
1,274,081

 
1,201,998

Total liabilities and stockholders’ equity
$
3,866,471

 
$
2,664,588





The accompanying notes are an integral part of the condensed consolidated financial statements.

1


PTC Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 
Three months ended
 
Six months ended
 
March 28,
2020
 
March 30,
2019
 
March 28,
2020
 
March 30,
2019
Revenue:
 
 
 
 
 
 
 
License
$
127,607

 
$
61,876

 
$
251,037

 
$
167,198

Support and cloud services
196,473

 
187,645

 
387,409

 
375,566

Total software revenue
324,080

 
249,521

 
638,446

 
542,764

Professional services
35,523

 
40,930

 
77,267

 
82,376

Total revenue
359,603

 
290,451

 
715,713

 
625,140

Cost of revenue:

 

 
 
 
 
Cost of license revenue
13,873

 
12,875

 
27,046

 
25,438

Cost of support and cloud services revenue
34,264

 
32,874

 
73,192

 
64,071

Total cost of software revenue
48,137

 
45,749

 
100,238

 
89,509

Cost of professional services revenue
34,890

 
34,155

 
70,194

 
67,747

Total cost of revenue
83,027

 
79,904

 
170,432

 
157,256

Gross margin
276,576

 
210,547

 
545,281

 
467,884

Operating expenses:


 


 
 
 
 
Sales and marketing
107,438

 
103,722

 
215,042

 
207,940

Research and development
59,954

 
61,402

 
125,262

 
122,184

General and administrative
33,629

 
35,371

 
78,186

 
73,235

Amortization of acquired intangible assets
7,288

 
5,930

 
14,065

 
11,866

Restructuring and other charges, net
18,242

 
26,980

 
32,276

 
45,473

Total operating expenses
226,551

 
233,405

 
464,831

 
460,698

Operating income (loss)
50,025

 
(22,858
)
 
80,450

 
7,186

Interest and debt premium expense
(32,618
)
 
(11,383
)
 
(44,716
)
 
(21,659
)
Other income (expense), net
(1,629
)
 
821

 
(925
)
 
1,475

Income (loss) before income taxes
15,778

 
(33,420
)
 
34,809

 
(12,998
)
Provision (benefit) for income taxes
8,622

 
10,093

 
(7,802
)
 
9,530

Net income (loss)
$
7,156

 
$
(43,513
)
 
$
42,611

 
$
(22,528
)
Earnings (loss) per share—Basic
$
0.06

 
$
(0.37
)
 
$
0.37

 
$
(0.19
)
Earnings (loss) per share—Diluted
$
0.06

 
$
(0.37
)
 
$
0.37

 
$
(0.19
)
Weighted-average shares outstanding—Basic
115,606

 
118,461

 
115,401

 
118,392

Weighted-average shares outstanding—Diluted
116,017

 
118,461

 
115,856

 
118,392








The accompanying notes are an integral part of the condensed consolidated financial statements.

2


PTC Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
 
Three months ended
 
Six months ended
 
March 28,
2020
 
March 30,
2019
 
March 28,
2020
 
March 30,
2019
Net income (loss)
$
7,156

 
$
(43,513
)
 
$
42,611

 
$
(22,528
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Hedge gain (loss) arising during the period, net of tax of $0.2 million in the second quarter of 2020 and 2019, respectively, and $0.9 million and $0.2 million in the first six months of 2020 and 2019, respectively
701

 
2,955

 
(2,642
)
 
826

Net hedge (gain) loss reclassified into earnings, net of tax of $0.0 million in the second quarter of 2020 and 2019, respectively, and $0.0 million and $0.1 million in the first six months of 2020 and 2019, respectively

 

 

 
(549
)
Realized and unrealized gain (loss) on hedging instruments
701

 
2,955

 
(2,642
)
 
277

Foreign currency translation adjustment, net of tax of $0 for each period
(10,559
)
 
(4,033
)
 
(412
)
 
(11,602
)
Unrealized gain (loss) on marketable securities, net of tax of $0 for each period
(537
)
 
289

 
(544
)
 
302

Amortization of net actuarial pension gain included in net income, net of tax of $0.3 million and $0.2 million in the second quarter of 2020 and 2019, respectively, and $0.6 million and $0.3 million in the first six months of 2020 and 2019, respectively
680

 
428

 
1,354

 
858

Change in unamortized pension gain (loss) during the period related to changes in foreign currency
81

 
345

 
(541
)
 
626

Other comprehensive loss
(9,634
)
 
(16
)
 
(2,785
)
 
(9,539
)
Comprehensive income (loss)
$
(2,478
)
 
$
(43,529
)
 
$
39,826

 
$
(32,067
)


























The accompanying notes are an integral part of the condensed consolidated financial statements.

3


PTC Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
 
Six months ended
 
March 28,
2020
 
March 30,
2019
Cash flows from operating activities:
 
 
 
Net income (loss)
$
42,611

 
$
(22,528
)
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
40,193

 
39,558

Stock-based compensation
48,420

 
56,374

Other non-cash items, net
(1,926
)
 
247

Loss on disposal of fixed assets
231

 
32

Changes in operating assets and liabilities, excluding the effects of acquisitions:
 
 
 
Accounts receivable
20,187

 
54,501

Accounts payable and accrued expenses
12,193

 
423

Accrued compensation and benefits
(4,629
)
 
(28,291
)
Deferred revenue
17,393

 
36,947

Accrued income taxes
(43,815
)
 
(15,677
)
Other current assets and prepaid expenses
681

 
1,723

Other noncurrent assets and liabilities
(36,210
)
 
39,035

Net cash provided by operating activities
95,329

 
162,344

Cash flows from investing activities:
 
 
 
Additions to property and equipment
(10,243
)
 
(51,268
)
Purchases of short- and long-term marketable securities
(10,151
)
 
(14,460
)
Proceeds from maturities of short- and long-term marketable securities
9,971

 
14,227

Acquisitions of businesses, net of cash acquired
(468,520
)
 
(69,453
)
Purchases of investments

 
(7,500
)
Settlement of net investment hedges
2,200

 
114

Net cash used in investing activities
(476,743
)
 
(128,340
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of Senior Notes
1,000,000

 

Borrowings under credit facility
455,000

 
205,000

Repayments of borrowings under credit facility
(480,000
)
 
(110,000
)
Repurchases of common stock

 
(64,994
)
Proceeds from issuance of common stock
8,980

 
4,158

Payments for debt issuance costs
(16,266
)
 

Contingent consideration

 
(1,575
)
Payments of withholding taxes in connection with stock-based awards
(23,571
)
 
(34,491
)
Net cash provided by (used in) financing activities
944,143

 
(1,902
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(5,740
)
 
2,237

Net change in cash, cash equivalents, and restricted cash
556,989

 
34,339

Cash, cash equivalents, and restricted cash, beginning of period
270,689

 
261,093

Cash, cash equivalents, and restricted cash, end of period
$
827,678

 
$
295,432


The accompanying notes are an integral part of the condensed consolidated financial statements.

4


PTC Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands) 
(unaudited)
 
Three months ended March 28, 2020
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Shares
 
Amount
 
Balance as of December 28, 2019
115,494

 
$
1,155

 
$
1,508,030

 
$
(157,507
)
 
$
(103,861
)
 
$
1,247,817

Common stock issued for employee stock-based awards
55

 
1

 
(1
)
 

 

 

Shares surrendered by employees to pay taxes related to stock-based awards
(10
)
 

 
(722
)
 

 

 
(722
)
Common stock issued for employee stock purchase plan
156

 
1

 
8,979

 

 

 
8,980

Compensation expense from stock-based awards

 

 
20,484

 

 

 
20,484

Net income

 

 

 
7,156

 

 
7,156

Unrealized gain on net investment hedges, net of tax

 

 

 

 
701

 
701

Foreign currency translation adjustment

 

 

 

 
(10,559
)
 
(10,559
)
Unrealized loss on available-for-sale securities, net of tax

 

 

 

 
(537
)
 
(537
)
Change in pension benefits, net of tax

 

 

 

 
761

 
761

Balance as of March 28, 2020
115,695

 
$
1,157

 
$
1,536,770

 
$
(150,351
)
 
$
(113,495
)
 
$
1,274,081


 
Six months ended March 28, 2020
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Shares
 
Amount
 
Balance as of September 30, 2019
114,899

 
$
1,149

 
$
1,502,949

 
$
(191,390
)
 
$
(110,710
)
 
$
1,201,998

ASU 2016-02 (ASC 842) adoption

 

 

 
(1,572
)
 

 
(1,572
)
Common stock issued for employee stock-based awards
958

 
10

 
(10
)
 

 

 

Shares surrendered by employees to pay taxes related to stock-based awards
(318
)
 
(3
)
 
(23,568
)
 

 

 
(23,571
)
Common stock issued for employee stock purchase plan
156

 
1

 
8,979

 

 

 
8,980

Compensation expense from stock-based awards

 

 
48,420

 

 

 
48,420

Net income

 

 

 
42,611

 

 
42,611

Unrealized loss on net investment hedges, net of tax

 

 

 

 
(2,642
)
 
(2,642
)
Foreign currency translation adjustment

 

 

 

 
(412
)
 
(412
)
Unrealized loss on marketable securities, net of tax

 

 

 

 
(544
)
 
(544
)
Change in pension benefits, net of tax

 

 

 

 
813

 
813

Balance as of March 28, 2020
115,695

 
$
1,157

 
$
1,536,770

 
$
(150,351
)
 
$
(113,495
)
 
$
1,274,081



5


 
Three months ended March 30, 2019
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Shares
 
Amount
 
Balance as of December 29, 2018
118,657

 
$
1,187

 
$
1,553,875

 
$
(138,785
)
 
$
(95,108
)
 
$
1,321,169

Common stock issued for employee stock-based awards
52

 

 

 

 

 

Shares surrendered by employees to pay taxes related to stock-based awards
(8
)
 

 
(703
)
 

 

 
(703
)
Common stock issued for employee stock purchase plan
122

 
1

 
8,797

 

 

 
8,798

Compensation expense from stock-based awards

 

 
26,967

 

 

 
26,967

Net income (loss)

 

 

 
(43,513
)
 

 
(43,513
)
Repurchases of common stock
(725
)
 
(7
)
 
(64,987
)
 

 

 
(64,994
)
Unrealized gain on net investment hedges, net of tax

 

 

 

 
2,955

 
2,955

Foreign currency translation adjustment

 

 

 

 
(4,033
)
 
(4,033
)
Unrealized gain on available-for-sale securities, net of tax

 

 

 

 
289

 
289

Change in pension benefits, net of tax

 

 

 

 
773

 
773

Balance as of March 30, 2019
118,098

 
$
1,181

 
$
1,523,949

 
$
(182,298
)
 
$
(95,124
)
 
$
1,247,708


 
Six months ended March 30, 2019
 
Common Stock
 
Additional
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Shares
 
Amount
 
Balance as of September 30, 2018
117,981

 
$
1,180

 
$
1,558,403

 
$
(599,409
)
 
$
(85,585
)
 
$
874,589

ASU 2016-16 adoption

 

 

 
72,261

 

 
72,261

ASC 606 adoption

 

 

 
367,378

 

 
367,378

Common stock issued for employee stock-based awards
1,108

 
11

 
(11
)
 

 

 

Shares surrendered by employees to pay taxes related to stock-based awards
(388
)
 
(4
)
 
(34,487
)
 

 

 
(34,491
)
Common stock issued

 

 
(140
)
 

 

 
(140
)
Common stock issued for employee stock purchase plan
122

 
1

 
8,797

 

 

 
8,798

Compensation expense from stock-based awards

 

 
56,374

 

 

 
56,374

Net income (loss)

 

 

 
(22,528
)
 

 
(22,528
)
Repurchases of common stock
(725
)