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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 31, 2021

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 116,854,806 shares of our common stock outstanding on April 30, 2021.

 

 

 


PTC Inc.

INDEX TO FORM 10-Q

For the Quarter Ended March 31, 2021

 

 

 

 

 

Page

Number

Part I—FINANCIAL INFORMATION

 

 

Item 1.

 

Unaudited Condensed Consolidated Financial Statements:

 

1

 

 

Consolidated Balance Sheets as of March 31, 2021 and September 30, 2020

 

1

 

 

Consolidated Statements of Operations for the three and six months ended March 31, 2021 and March 28, 2020

 

2

 

 

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended March 31, 2021 and March 28, 2020

 

3

 

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2021 and March 28, 2020

 

4

 

 

Consolidated Statements of Stockholders' Equity for the three and six months ended March 31, 2021 and March 28, 2020

 

5

 

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

 

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

 

25

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)

 

 

 

 

March 31,

2021

 

 

September 30,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

326,081

 

 

$

275,458

 

Short-term marketable securities

 

 

 

 

 

28,129

 

Accounts receivable, net of allowance for doubtful accounts of $520 and $543 at March 31, 2021 and September 30, 2020, respectively

 

 

434,533

 

 

 

415,221

 

Prepaid expenses

 

 

86,719

 

 

 

69,408

 

Other current assets

 

 

54,430

 

 

 

45,231

 

Total current assets

 

 

901,763

 

 

 

833,447

 

Property and equipment, net

 

 

97,260

 

 

 

101,499

 

Goodwill

 

 

2,193,632

 

 

 

1,625,786

 

Acquired intangible assets, net

 

 

410,310

 

 

 

237,570

 

Long-term marketable securities

 

 

 

 

 

30,970

 

Deferred tax assets

 

 

182,176

 

 

 

190,963

 

Operating right-of-use lease assets

 

 

148,684

 

 

 

149,933

 

Other assets

 

 

247,396

 

 

 

212,570

 

Total assets

 

$

4,181,221

 

 

$

3,382,738

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

22,230

 

 

$

24,910

 

Accrued expenses and other current liabilities

 

 

124,244

 

 

 

96,313

 

Accrued compensation and benefits

 

 

94,641

 

 

 

101,087

 

Accrued income taxes

 

 

16,707

 

 

 

7,011

 

Deferred revenue

 

 

480,861

 

 

 

416,804

 

Short-term lease obligations

 

 

28,137

 

 

 

34,635

 

Total current liabilities

 

 

766,820

 

 

 

680,760

 

Long-term debt

 

 

1,508,389

 

 

 

1,005,314

 

Deferred tax liabilities

 

 

11,270

 

 

 

12,431

 

Deferred revenue

 

 

11,560

 

 

 

9,661

 

Long-term lease obligations

 

 

178,247

 

 

 

180,388

 

Other liabilities

 

 

54,402

 

 

 

55,936

 

Total liabilities

 

 

2,530,688

 

 

 

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; 116,855 and 116,125 shares issued and outstanding at March 31, 2021 and September 30, 2020, respectively

 

 

1,169

 

 

 

1,161

 

Additional paid-in capital

 

 

1,676,791

 

 

 

1,602,728

 

Retained earnings (accumulated deficit)

 

 

70,510

 

 

 

(62,267

)

Accumulated other comprehensive loss

 

 

(97,937

)

 

 

(103,374

)

Total stockholders’ equity

 

 

1,650,533

 

 

 

1,438,248

 

Total liabilities and stockholders’ equity

 

$

4,181,221

 

 

$

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

 

 

Six months ended

 

 

 

March 31,

2021

 

 

March 28,

2020

 

 

March 31,

2021

 

 

March 28,

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

 

$

198,011

 

 

$

127,607

 

 

$

375,186

 

 

$

251,037

 

Support and cloud services

 

 

223,756

 

 

 

196,473

 

 

 

440,002

 

 

 

387,409

 

Total software revenue

 

 

421,767

 

 

 

324,080

 

 

 

815,188

 

 

 

638,446

 

Professional services

 

 

40,018

 

 

 

35,523

 

 

 

75,648

 

 

 

77,267

 

Total revenue

 

 

461,785

 

 

 

359,603

 

 

 

890,836

 

 

 

715,713

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license revenue

 

 

14,160

 

 

 

13,873

 

 

 

27,416

 

 

 

27,046

 

Cost of support and cloud services revenue

 

 

39,972

 

 

 

34,264

 

 

 

78,314

 

 

 

73,192

 

Total cost of software revenue

 

 

54,132

 

 

 

48,137

 

 

 

105,730

 

 

 

100,238

 

Cost of professional services revenue

 

 

35,316

 

 

 

34,890

 

 

 

70,548

 

 

 

70,194

 

Total cost of revenue

 

 

89,448

 

 

 

83,027

 

 

 

176,278

 

 

 

170,432

 

Gross margin

 

 

372,337

 

 

 

276,576

 

 

 

714,558

 

 

 

545,281

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

129,178

 

 

 

107,438

 

 

 

253,903

 

 

 

215,042

 

Research and development

 

 

72,545

 

 

 

59,954

 

 

 

143,380

 

 

 

125,262

 

General and administrative

 

 

60,805

 

 

 

33,629

 

 

 

110,333

 

 

 

78,186

 

Amortization of acquired intangible assets

 

 

7,650

 

 

 

7,288

 

 

 

14,197

 

 

 

14,065

 

Restructuring and other charges, net

 

 

469

 

 

 

18,242

 

 

 

716

 

 

 

32,276

 

Total operating expenses

 

 

270,647

 

 

 

226,551

 

 

 

522,529

 

 

 

464,831

 

Operating income

 

 

101,690

 

 

 

50,025

 

 

 

192,029

 

 

 

80,450

 

Interest and debt premium expense

 

 

(12,925

)

 

 

(32,618

)

 

 

(24,444

)

 

 

(44,716

)

Other expense, net

 

 

(2,408

)

 

 

(1,629

)

 

 

(3,821

)

 

 

(925

)

Income before income taxes

 

 

86,357

 

 

 

15,778

 

 

 

163,764

 

 

 

34,809

 

Provision (benefit) for income taxes

 

 

(22,905

)

 

 

8,622

 

 

 

30,987

 

 

 

(7,802

)

Net income

 

$

109,262

 

 

$

7,156

 

 

$

132,777

 

 

$

42,611

 

Earnings per share—Basic

 

$

0.94

 

 

$

0.06

 

 

$

1.14

 

 

$

0.37

 

Earnings per share—Diluted

 

$

0.92

 

 

$

0.06

 

 

$

1.13

 

 

$

0.37

 

Weighted-average shares outstanding—Basic

 

 

116,777

 

 

 

115,606

 

 

 

116,587

 

 

 

115,401

 

Weighted-average shares outstanding—Diluted

 

 

118,331

 

 

 

116,017

 

 

 

117,966

 

 

 

115,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2


Table of Contents

PTC Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

March 31,

2021

 

 

March 28,

2020

 

 

March 31,

2021

 

 

March 28,

2020

 

Net income

 

$

109,262

 

 

$

7,156

 

 

$

132,777

 

 

$

42,611

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge gain (loss) arising during the period, net of tax of $0 million and $0.2 million in the second quarter of 2021 and 2020, respectively, and $0 million and $0.9 million in the first six months of 2021 and 2020, respectively

 

 

7,017

 

 

 

701

 

 

 

238

 

 

 

(2,642

)

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

 

 

(15,851

)

 

 

(10,559

)

 

 

4,124

 

 

 

(412

)

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

 

 

 

 

 

(537

)

 

 

(307

)

 

 

(544

)

Amortization of net actuarial pension loss included in net income, net of tax of $0.3 million and $0.3 million in the second quarter of 2021 and 2020, respectively, and $0.6 million and $0.6 million in the first six months of 2021 and 2020, respectively

 

 

744

 

 

 

680

 

 

 

1,476

 

 

 

1,354

 

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

 

 

1,018

 

 

 

81

 

 

 

(94

)

 

 

(541

)

Other comprehensive income (loss)

 

 

(7,072

)

 

 

(9,634

)

 

 

5,437

 

 

 

(2,785

)

Comprehensive income (loss)

 

$

102,190

 

 

$

(2,478

)

 

$

138,214

 

 

$

39,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

Six months ended

 

 

 

March 31,

2021

 

 

March 28,

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

132,777

 

 

$

42,611

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

40,169

 

 

 

40,193

 

Amortization of right-of-use lease assets

 

 

18,956

 

 

 

19,143

 

Stock-based compensation

 

 

90,828

 

 

 

48,420

 

Other non-cash items, net

 

 

(720

)

 

 

(1,695

)

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

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,854

)

 

 

20,187

 

Accounts payable and accrued expenses

 

 

6,142

 

 

 

6,583

 

Accrued compensation and benefits

 

 

(7,038

)

 

 

(4,629

)

Deferred revenue

 

 

52,210

 

 

 

17,393

 

Accrued income taxes

 

 

(4,944

)

 

 

(43,815

)

Other current assets and prepaid expenses

 

 

(17,049

)

 

 

681

 

Operating lease liabilities

 

 

(9,982

)

 

 

(671

)

Other noncurrent assets and liabilities

 

 

(56,041

)

 

 

(49,072

)

Net cash provided by operating activities

 

 

235,454

 

 

 

95,329

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(8,242

)

 

 

(10,243

)

Purchases of short- and long-term marketable securities

 

 

(7,562

)

 

 

(10,151

)

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

 

 

56,170

 

 

 

 

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

 

 

9,861

 

 

 

9,971

 

Acquisitions of businesses, net of cash acquired

 

 

(717,198

)

 

 

(468,520

)

Other investing activities

 

 

(3,353

)

 

 

2,200

 

Net cash used in investing activities

 

 

(670,324

)

 

 

(476,743

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of Senior Notes

 

 

 

 

 

1,000,000

 

Borrowings under credit facility

 

 

600,000

 

 

 

455,000

 

Repayments of borrowings under credit facility

 

 

(98,000

)

 

 

(480,000

)

Proceeds from issuance of common stock

 

 

10,484

 

 

 

8,980

 

Debt issuance costs

 

 

 

 

 

(16,266

)

Payments of withholding taxes in connection with stock-based awards

 

 

(27,242

)

 

 

(23,571

)

Payments of principal for financing leases

 

 

(279

)

 

 

 

Net cash provided by financing activities

 

 

484,963

 

 

 

944,143

 

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

 

 

543

 

 

 

(5,740

)

Net change in cash, cash equivalents, and restricted cash

 

 

50,636

 

 

 

556,989

 

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

 

 

275,960

 

 

 

270,689

 

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

 

$

326,596

 

 

$

827,678

 

 

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 March 31, 2021

 

 

 

Common Stock

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-In

Capital

 

 

Earnings (Accumulated

Deficit)

 

 

Other

Comprehensive

Loss

 

 

Total

Stockholders’

Equity

 

Balance as of December 31, 2020

 

 

116,664

 

 

$

1,167

 

 

$

1,623,379

 

 

$

(38,752

)

 

$

(90,865

)

 

$

1,494,929

 

Common stock issued for employee stock-based awards

 

 

60

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

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

 

 

(13

)

 

 

 

 

 

(1,810

)

 

 

 

 

 

 

 

 

(1,810

)

Common stock issued for employee stock purchase plan

 

 

144

 

 

 

1

 

 

 

10,483

 

 

 

 

 

 

 

 

 

10,484

 

Compensation expense from stock-based awards

 

 

 

 

 

 

 

 

44,740

 

 

 

 

 

 

 

 

 

44,740

 

Net income

 

 

 

 

 

 

 

 

 

 

 

109,262

 

 

 

 

 

 

109,262

 

Unrealized gain on net investment hedges, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,017

 

 

 

7,017

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,851

)