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 2020-12-31 Filed 2021-02-04
10-K 2020-09-30 Filed 2020-11-20
10-Q 2020-06-27 Filed 2020-08-05
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 2020-11-10
8-K 2020-11-03
8-K 2020-10-28
8-K 2020-10-28
8-K 2020-09-30
8-K 2020-09-10
8-K 2020-07-29
8-K 2020-07-08
8-K 2020-05-15
8-K 2020-04-29
8-K 2020-03-25
8-K 2020-03-25
8-K 2020-03-10
8-K 2020-02-12
8-K 2020-01-29
8-K 2020-01-22
8-K 2019-11-17
8-K 2019-11-13
8-K 2019-11-01
8-K 2019-10-23
8-K 2019-10-23
8-K 2019-09-04
8-K 2019-07-24
8-K 2019-06-11
8-K 2019-04-29
8-K 2019-04-24
8-K 2019-04-15
8-K 2019-03-06
8-K 2019-01-23
8-K 2019-01-16
8-K 2018-11-20
8-K 2018-10-24
8-K 2018-09-12
8-K 2018-07-20
8-K 2018-07-19
8-K 2018-07-18
8-K 2018-06-18
8-K 2018-06-11
8-K 2018-04-20
8-K 2018-04-18
8-K 2018-03-08
8-K 2018-01-30
8-K 2018-01-17

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 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 ptc-ex311_7.htm
EX-31.2 ptc-ex312_6.htm
EX-32 ptc-ex32_8.htm

PTC Earnings 2020-12-31

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

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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 December 31, 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 116,810,418 shares of our common stock outstanding on February 2, 2021.

 

 


PTC Inc.

INDEX TO FORM 10-Q

For the Quarter Ended December 31, 2020

 

 

 

 

 

Page

Number

Part I—FINANCIAL INFORMATION

 

 

Item 1.

 

Unaudited Condensed Consolidated Financial Statements:

 

1

 

 

Consolidated Balance Sheets as of December 31, 2020 and September 30, 2020

 

1

 

 

Consolidated Statements of Operations for the three months ended December 31, 2020 and December 28, 2019

 

2

 

 

Consolidated Statements of Comprehensive Income for the three months ended December 31, 2020 and December 28, 2019

 

3

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2020 and December 28, 2019

 

4

 

 

Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2020 and December 28, 2019

 

5

 

 

Notes to Condensed Consolidated Financial Statements

 

6

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

37

Item 4.

 

Controls and Procedures

 

37

 

 

 

 

 

 

 

 

 

 

Part II—OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

38

Item 1A.

 

Risk Factors

 

38

Item 6.

 

Exhibits

 

38

Signature

 

39

 

 

 

 


Table of Contents

 

PART I—FINANCIAL INFORMATION

ITEM 1.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PTC Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

 

 

 

December 31,

2020

 

 

September 30,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

398,697

 

 

$

275,458

 

Short-term marketable securities

 

 

 

 

 

28,129

 

Accounts receivable, net of allowance for doubtful accounts of $519 and $543 at December 31, 2020 and September 30, 2020, respectively

 

 

415,835

 

 

 

415,221

 

Prepaid expenses

 

 

72,877

 

 

 

69,408

 

Other current assets

 

 

48,795

 

 

 

45,231

 

Total current assets

 

 

936,204

 

 

 

833,447

 

Property and equipment, net

 

 

98,278

 

 

 

101,499

 

Goodwill

 

 

1,635,281

 

 

 

1,625,786

 

Acquired intangible assets, net

 

 

225,896

 

 

 

237,570

 

Long-term marketable securities

 

 

 

 

 

30,970

 

Deferred tax assets

 

 

186,536

 

 

 

190,963

 

Operating right-of-use lease assets

 

 

145,252

 

 

 

149,933

 

Other assets

 

 

221,441

 

 

 

212,570

 

Total assets

 

$

3,448,888

 

 

$

3,382,738

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

30,015

 

 

$

24,910

 

Accrued expenses and other current liabilities

 

 

123,197

 

 

 

96,313

 

Accrued compensation and benefits

 

 

94,389

 

 

 

101,087

 

Accrued income taxes

 

 

9,808

 

 

 

7,011

 

Deferred revenue

 

 

424,701

 

 

 

416,804

 

Short-term lease obligations

 

 

30,128

 

 

 

34,635

 

Total current liabilities

 

 

712,238

 

 

 

680,760

 

Long-term debt

 

 

987,857

 

 

 

1,005,314

 

Deferred tax liabilities

 

 

11,852

 

 

 

12,431

 

Deferred revenue

 

 

9,354

 

 

 

9,661

 

Long-term lease obligations

 

 

176,318

 

 

 

180,388

 

Other liabilities

 

 

56,340

 

 

 

55,936

 

Total liabilities

 

 

1,953,959

 

 

 

1,944,490

 

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; 116,664 and 116,125 shares issued and outstanding at December 31, 2020 and September 30,

2020, respectively

 

 

1,167

 

 

 

1,161

 

Additional paid-in capital

 

 

1,623,379

 

 

 

1,602,728

 

Accumulated deficit

 

 

(38,752

)

 

 

(62,267

)

Accumulated other comprehensive loss

 

 

(90,865

)

 

 

(103,374

)

Total stockholders’ equity

 

 

1,494,929

 

 

 

1,438,248

 

Total liabilities and stockholders’ equity

 

$

3,448,888

 

 

$

3,382,738

 

 

 

 

 

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

1


Table of Contents

 

PTC Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended

 

 

 

December 31,

2020

 

 

December 28,

2019

 

Revenue:

 

 

 

 

 

 

 

 

License

 

$

177,175

 

 

$

123,430

 

Support and cloud services

 

 

216,245

 

 

 

190,936

 

Total software revenue

 

 

393,420

 

 

 

314,366

 

Professional services

 

 

35,630

 

 

 

41,744

 

Total revenue

 

 

429,050

 

 

 

356,110

 

Cost of revenue:

 

 

 

 

 

 

 

 

Cost of license revenue

 

 

13,256

 

 

 

13,173

 

Cost of support and cloud services revenue

 

 

38,342

 

 

 

38,928

 

Total cost of software revenue

 

 

51,598

 

 

 

52,101

 

Cost of professional services revenue

 

 

35,232

 

 

 

35,304

 

Total cost of revenue

 

 

86,830

 

 

 

87,405

 

Gross margin

 

 

342,220

 

 

 

268,705

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

124,725

 

 

 

107,604

 

Research and development

 

 

70,835

 

 

 

65,308

 

General and administrative

 

 

49,528

 

 

 

44,557

 

Amortization of acquired intangible assets

 

 

6,547

 

 

 

6,777

 

Restructuring and other charges, net

 

 

247

 

 

 

14,034

 

Total operating expenses

 

 

251,882

 

 

 

238,280

 

Operating income

 

 

90,338

 

 

 

30,425

 

Interest expense

 

 

(11,518

)

 

 

(12,098

)

Other income (expense), net

 

 

(1,413

)

 

 

704

 

Income before income taxes

 

 

77,407

 

 

 

19,031

 

Provision (benefit) for income taxes

 

 

53,892

 

 

 

(16,424

)

Net income

 

$

23,515

 

 

$

35,455

 

Earnings per share—Basic

 

$

0.20

 

 

$

0.31

 

Earnings per share—Diluted

 

$

0.20

 

 

$

0.31

 

Weighted-average shares outstanding—Basic

 

 

116,401

 

 

 

115,190

 

Weighted-average shares outstanding—Diluted

 

 

117,605

 

 

 

115,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2


Table of Contents

 

PTC Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

 

 

Three months ended

 

 

 

December 31,

2020

 

 

December 28,

2019

 

Net income

 

$

23,515

 

 

$

35,455

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

Hedge loss arising during the period, net of tax benefit of $0 million and $1.1 million in the first quarter of 2021 and 2020, respectively

 

 

(6,779

)

 

 

(3,343

)

Foreign currency translation adjustment, net of tax of $0 for each period

 

 

19,975

 

 

 

10,147

 

Unrealized loss on marketable securities, net of tax of $0 for each period

 

 

(307

)

 

 

(7

)

Amortization of net actuarial pension loss included in net income, net of tax of $0.3 million and $0.3 million in the first quarter of 2021 and 2020, respectively

 

 

732

 

 

 

674

 

Change in unamortized pension loss during the period related to changes in foreign currency

 

 

(1,112

)

 

 

(622

)

Other comprehensive income

 

 

12,509

 

 

 

6,849

 

Comprehensive income

 

$

36,024

 

 

$

42,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

3


Table of Contents

 

PTC Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three months ended

 

 

 

December 31,

2020

 

 

December 28,

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

23,515

 

 

$

35,455

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,835

 

 

 

19,588

 

Amortization of right-of-use lease assets

 

 

9,391

 

 

 

8,757

 

Stock-based compensation

 

 

46,088

 

 

 

27,936

 

Other non-cash items, net

 

 

(331

)

 

 

(1,223

)

Changes in operating assets and liabilities, excluding the effects of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

10,315

 

 

 

34,314

 

Accounts payable and accrued expenses

 

 

12,381

 

 

 

(11,959

)

Accrued compensation and benefits

 

 

(9,252

)

 

 

(3,563

)

Deferred revenue

 

 

(851

)

 

 

(34,952

)

Accrued income taxes

 

 

44,537

 

 

 

(42,702

)

Other current assets and prepaid expenses

 

 

4,288

 

 

 

(1,974

)

Operating lease liabilities

 

 

(9,501

)

 

 

(393

)

Other noncurrent assets and liabilities

 

 

(35,653

)

 

 

(21,772

)

Net cash provided by operating activities

 

 

113,762

 

 

 

7,512

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(2,857

)

 

 

(4,707

)

Purchases of short- and long-term marketable securities

 

 

(7,562

)

 

 

(5,592

)

Proceeds from sales of short- and long-term marketable securities

 

 

56,170

 

 

 

 

Proceeds from maturities of short- and long-term marketable securities

 

 

9,861

 

 

 

5,499

 

Acquisitions of businesses, net of cash acquired

 

 

 

 

 

(467,749

)

Purchases of investments

 

 

(1,000

)

 

 

 

Purchase of intangible assets

 

 

(550

)

 

 

 

Settlement of net investment hedges

 

 

(7,359

)

 

 

(870

)

Net cash provided by (used in) investing activities

 

 

46,703

 

 

 

(473,419

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings under credit facility

 

 

 

 

 

455,000

 

Repayments of borrowings under credit facility

 

 

(18,000

)

 

 

 

Debt issuance costs

 

 

 

 

 

(1,005

)

Payments of withholding taxes in connection with stock-based awards

 

 

(24,500

)

 

 

(22,849

)

Payments on principal for financing leases

 

 

(279

)

 

 

 

Net cash provided by (used in) financing activities

 

 

(42,779

)

 

 

431,146

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

5,553

 

 

 

1,991

 

Net change in cash, cash equivalents, and restricted cash

 

 

123,239

 

 

 

(32,770

)

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

 

 

275,960

 

 

 

270,689

 

Cash, cash equivalents, and restricted cash, end of period

 

$

399,199

 

 

$

237,919

 

Supplemental disclosure of non-cash financing activities:

 

 

 

 

 

 

 

 

Withholding taxes in connection with stock-based awards, accrued

 

$

(931

)

 

$

 

 

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

 

 

4


Table of Contents

 

PTC Inc.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

Three months ended December 31, 2020

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Other

Comprehensive

Loss

 

 

Total

Stockholders’

Equity

 

Balance as of September 30, 2020

 

 

116,125

 

 

$

1,161

 

 

$

1,602,728

 

 

$

(62,267

)

 

$

(103,374

)

 

$

1,438,248

 

Common stock issued for employee stock-based awards

 

 

802

 

 

 

8

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

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

 

 

(263

)

 

 

(2

)

 

 

(25,429

)

 

 

 

 

 

 

 

 

(25,431

)

Compensation expense from stock-based awards

 

 

 

 

 

 

 

 

46,088

 

 

 

 

 

 

 

 

 

46,088

 

Net income

 

 

 

 

 

 

 

 

 

 

 

23,515

 

 

 

 

 

 

23,515

 

Unrealized loss on net investment hedges, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,779

)

 

 

(6,779

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,975

 

 

 

19,975

 

Unrealized loss on available-for-sale securities, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(307

)

 

 

(307

)

Change in pension benefits, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(380

)

 

 

(380

)

Balance as of December 31, 2020

 

 

116,664

 

 

$

1,167

 

 

$

1,623,379

 

 

$

(38,752

)

 

$

(90,865

)

 

$

1,494,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 28, 2019

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital