PTC Announces Fiscal 2008 Q3 Results
Issues Q4 Guidance and Increases Full Fiscal Year Revenue Guidance
NEEDHAM, Mass.—July 22, 2008 --PTC (Nasdaq: PMTC - News), The Product Development Company®, today reported results for its fiscal third quarter ended June 28, 2008.
Highlights
|
|
• |
Q3 non-GAAP Results: Revenue of $272.7 million and EPS of $0.33 |
|
|
• |
Q3 GAAP Results: Revenue of $271.7 million and EPS of $0.12 |
|
|
• |
Q4 non-GAAP Guidance: Revenue of $290 to $300 million with EPS of $0.38 to $0.42 |
|
|
• |
Q4 GAAP Guidance: Revenue of $289 to $299 million with EPS of $0.21 to $0.25 |
|
|
• |
FY 2008 non-GAAP Guidance: Revenue of $1,070 million with 22% operating margin |
|
|
• |
FY 2008 GAAP Guidance: Revenue of $1,065 million with 12% operating margin |
Q3 Results
C. Richard Harrison, president and chief executive officer, commented, “We achieved 21% year-over-year non-GAAP revenue growth in the third quarter reflecting contribution from the CoCreate Software business acquired on November 30, 2007, organic revenue growth and favorable currency impact. Importantly, we achieved double digit license revenue growth in every region except the Pacific Rim.” GAAP year-over-year revenue growth for the third fiscal quarter was 21%. Our third quarter non-GAAP revenue excludes the effect of purchase accounting on the acquired deferred maintenance revenue balance of CoCreate of approximately $1 million.
The following tables provide further detail on PTC’s GAAP revenue performance by line of business, region and distribution channel. Further financial and operating metrics are available on PTC’s web site at www.ptc.com/for/investors.htm.
|
($ in millions) |
|
Q2 FY07 |
|
Q3 FY07 |
|
Q4 FY07 |
|
Q1 FY08 |
|
Q2 FY08 |
|
|
Q3 FY08 |
Y-Y Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License |
$ |
71.3 |
$ |
62.1 |
$ |
96.1 |
$ |
67.2 |
$ |
72.9 |
|
$ |
77.6 |
25% |
|
Services |
|
58.0 |
|
59.7 |
|
64.6 |
|
60.2 |
|
63.8 |
|
|
63.8 |
7% |
|
Maintenance |
|
98.8 |
|
103.1 |
|
106.0 |
|
113.8 |
|
121.1 |
|
|
130.3 |
26% |
|
Total Revenue |
$ |
228.1 |
$ |
224.9 |
$ |
266.7 |
$ |
241.2 |
$ |
257.8 |
|
$ |
271.7 |
21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
$ |
82.9 |
$ |
86.2 |
$ |
101.6 |
$ |
101.6 |
$ |
106.2 |
|
$ |
111.8 |
30% |
|
North America |
|
89.4 |
|
86.9 |
|
102.2 |
|
84.5 |
|
88.2 |
|
|
90.0 |
4% |
|
Pacific Rim |
|
30.7 |
|
32.6 |
|
34.3 |
|
30.0 |
|
33.5 |
|
|
34.2 |
5% |
|
Japan |
|
25.1 |
|
19.2 |
|
28.6 |
|
25.1 |
|
29.9 |
|
|
35.7 |
86% |
|
Total Revenue |
$ |
228.1 |
$ |
224.9 |
$ |
266.7 |
$ |
241.2 |
$ |
257.8 |
|
$ |
271.7 |
21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct * |
$ |
179.2 |
$ |
177.3 |
$ |
215.3 |
$ |
182.5 |
$ |
190.3 |
* |
$ |
201.3 |
14% |
|
Channel * |
|
48.9 |
|
47.6 |
|
51.4 |
|
58.7 |
|
67.5 |
* |
|
70.4 |
48% |
|
Total Revenue |
$ |
228.1 |
$ |
224.9 |
$ |
266.7 |
$ |
241.2 |
$ |
257.8 |
|
$ |
271.7 |
21% |
* Note: Q2 FY08 revenue by channel was revised, with $5.9 million of revenue (primarily maintenance) moving from the Direct category to the Channel category. The revised numbers are reflected in the table above.
Harrison added, “In the third quarter, PTC received orders from leading organizations, including Airbus, Bang & Olufsen, Gamesa, Raytheon, Sumitomo Wiring System, LTD., Toyota Motor Corporation, and Volvo Group. There were 13 customers from which we recognized more than $1 million of license and services revenue in Q3. This compares to 16 customers last quarter and 17 in the same period last year. We recognized $35.6 million of license and services revenue from such customers in Q3, compared with $37.6 million last quarter and $34.7 million in Q3 of last year.”
(continues)
Neil Moses, chief financial officer, commented, “We delivered 21.3% non-GAAP operating margin in the third quarter, an 860 basis point improvement from the same period last year. Our year-to-date non-GAAP operating margin of 20.2% is up 610 basis points over the same period in fiscal 2007.” GAAP operating margins for Q3 of 2008 and the first nine months of fiscal 2008 were 11.7% and 10.1%, respectively. The Company’s non-GAAP tax rate in the third quarter of 2008 was 32% and its GAAP tax rate was 42%.
Moses continued, “During the quarter we recorded a $3.8 million restructuring charge related to our ongoing globalization initiative as we transition certain back-office functions to lower cost regions. We also recorded a one-time non-cash loss recorded to other income (expense) of $6.2 million during the quarter as we liquidated certain legal entities related to previous acquisitions. Both of these items are excluded from our non-GAAP results.”
Moses added, “Cash flow from operations was $53 million for the third quarter and $181 million year to date. We used $54 million in Q3 to repay amounts borrowed under our revolving credit facility to finance the CoCreate acquisition, leaving an outstanding loan balance of $110 million as of the end of the third quarter. Additionally, we used $5 million of cash during the quarter to repurchase our common shares under our current $50 million authorization. We have $45 million remaining under that authorization. Cash and cash equivalents were $242 million at the end of the third quarter of fiscal 2008.”
Q4 Outlook
“Looking forward to Q4, we are currently expecting non-GAAP revenue to be between $290 million and $300 million,” said Harrison. “Non-GAAP earnings per diluted share are expected to be between $0.38 and $0.42.” PTC expects GAAP Q4 revenue between $289 million and $299 million, and GAAP earnings per diluted share between $0.21 and $0.25. The Q4 guidance assumes a non-GAAP tax rate of 35% and GAAP tax rate of 37.5%.
The non-GAAP revenue guidance for Q4 excludes the effect of purchase accounting on the acquired deferred maintenance revenue balance of CoCreate of approximately $1 million. In addition, the Q4 non-GAAP earnings guidance excludes approximately $11 million of stock-based compensation expense, $10 million of acquisition-related amortization expenses, $5 million of restructuring expenses related to our continued globalization program and the related income tax effects.
FY08 Outlook
For the fiscal year ending September 30, 2008, PTC currently expects non-GAAP revenue to be approximately $1,070 million with non-GAAP earnings per diluted share in the range of $1.28 to $1.32. PTC expects GAAP revenue to be approximately $1,065 million with GAAP earnings per diluted share in the range of $0.58 to $0.62 for the fiscal year. The full fiscal year guidance assumes a non-GAAP tax rate of 34% and GAAP tax rate of 39%.
The non-GAAP revenue guidance for the full fiscal year excludes the effect of purchase accounting on the acquired deferred maintenance revenue balance of CoCreate of approximately $5 million. In addition, the non-GAAP earnings guidance excludes approximately $44 million of stock-based compensation expense, $35 million of acquisition-related amortization expense, $20 million of restructuring expenses primarily related to our continued globalization program, $2 million of in-process research and development expense related to acquisitions completed in the first quarter of 2008, $6 million of a non-cash loss recorded to other income (expense) resulting from the liquidation of certain legal entities related to previous acquisitions, and the related income tax effects.
Harrison concluded, “While we continue to remain mindful of the potential impact of a slowing economy in 2008, we are confident in our ability to achieve our Q4 and fiscal 2008 revenue and earnings targets. We are expecting modest sequential increases in our maintenance and services lines of business. We are expecting a modest year-over-year increase of license revenue in Q4 as we continue to expand and increase the effectiveness of our reseller channel, which accounts for more the 30% of our license revenue, and as we see strength in our pipeline for new license opportunities worldwide.”
(continues)
Earnings Conference Call and Webcast
|
What: |
PTC Fiscal Q3 Conference Call and Webcast |
IMPORTANT: Supplemental financial and operating metric information and prepared remarks with respect to tomorrow’s conference call have been posted to the investor relations section of our website at www.ptc.com. The prepared remarks will not be read live; the call will be primarily Q&A.
|
When: |
Wednesday, July 23, 2008 at 8:30 a.m. Eastern Time |
|
Dial-in: |
1-888-566-8560 or 1-517-623-4768 |
|
|
Call Leader: Richard Harrison |
|
|
Passcode: PTC |
|
Webcast: |
http://www.ptc.com/for/investors.htm |
|
Replay: |
The audio replay of this event will be archived for public replay until 4:00 pm on July 28, 2008 at |
|
|
1-866-516-0671 or 1-203-369-2035. To access the replay via webcast, please visit |
|
|
http://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 excludes the effect of purchase accounting on the fair value of the acquired deferred maintenance revenue balance of CoCreate Software GmbH. Non-GAAP operating margin and EPS also exclude stock-based compensation expense, amortization of acquired intangible assets and acquired in-process research and development expenses, restructuring expenses, non-cash effects of liquidating subsidiaries and any one-time tax items, such as valuation allowance reversals. PTC provides this non-GAAP information to facilitate period-to-period comparisons of its operational performance by adjusting for episodic expenses. We believe that providing non-GAAP measures affords investors a view of our operating results that may be more easily compared to peer companies. PTC management also uses this and other non-GAAP financial information to evaluate, manage and plan our business because the information provides additional insight into ongoing financial performance. In addition, compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. However, non-GAAP information should not be construed as alternative to GAAP information as the items excluded from the non-GAAP measures often have a material impact on PTC’s financial results. Therefore, management uses, and investors should use, non-GAAP measures in conjunction with our reported GAAP results. Please refer to the attached tables for a reconciliation between GAAP results and the non-GAAP supplemental information.
About PTC
PTC (Nasdaq: PMTC - News) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 companies worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.
Statements in this news release that are not historical facts, including statements about our confidence that we will achieve our fiscal 2008 financial targets, our expected revenue growth rates and projected revenue and earnings, 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 our customers may not continue to spend at recent levels or may elect to defer or forego investment in our solutions in the current economic climate. In addition, our purchase price allocations associated with our first quarter acquisitions, including CoCreate, are preliminary and may change. Likewise, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including geographic mix of our revenue and profits and loans and cash repatriations from foreign subsidiaries. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.
PTC, The Product Development Company, and all other PTC product names and logos are trademarks or registered trademarks of Parametric Technology Corporation or its subsidiaries in the United States and in other countries. All other companies referenced herein are trademarks or registered trademarks of their respective holders.
(continues)
|
PARAMETRIC TECHNOLOGY CORPORATION |
||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
|
(in thousands, except per share data) |
||||||||||||
|
|
||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
June 28, |
|
|
June 30, |
|
|
June 28, |
|
|
June 30, |
|
|
|
|
2008 |
|
|
2008 |
|
|
2008 |
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
License |
$ |
77,557 |
|
$ |
62,098 |
|
$ |
217,658 |
|
$ |
200,022 |
|
|
Service |
|
194,191 |
|
|
162,766 |
|
|
553,125 |
|
|
474,605 |
|
|
Total revenue |
|
271,748 |
|
|
224,864 |
|
|
770,783 |
|
|
674,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of license revenue(1) |
|
8,760 |
|
|
4,084 |
|
|
20,106 |
|
|
11,855 |
|
|
Cost of service revenue(1) |
|
76,802 |
|
|
67,673 |
|
|
221,894 |
|
|
204,855 |
|
|
Sales and marketing(1) |
|
78,762 |
|
|
74,573 |
|
|
223,149 |
|
|
215,694 |
|
|
Research and development(1) |
|
47,374 |
|
|
39,798 |
|
|
134,656 |
|
|
117,935 |
|
|
General and administrative(1) |
|
20,294 |
|
|
16,855 |
|
|
64,653 |
|
|
56,489 |
|
|
Amortization of acquired intangible assets |
|
4,044 |
|
|
1,764 |
|
|
11,252 |
|
|
5,440 |
|
|
In-process research and development |
|
-- |
|
|
544 |
|
|
1,887 |
|
|
544 |
|
|
Restructuring charge |
|
3,790 |
|
|
-- |
|
|
15,367 |
|
|
-- |
|
|
Total costs and expenses |
|
239,826 |
|
|
205,291 |
|
|
692,964 |
|
|
612,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
31,922 |
|
|
19,573 |
|
|
77,819 |
|
|
61,815 |
|
|
Other income (expense), net |
|
(7,110 |
) |
|
2,268 |
|
|
(5,859 |
) |
|
4,396 |
|
|
Income before income taxes |
|
24,812 |
|
|
21,841 |
|
|
71,960 |
|
|
66,211 |
|
|
Provision for (benefit from) income taxes |
|
10,342 |
|
|
(58,624 |
) |
|
28,762 |
|
|
(46,806 |
) |
|
Net income |
$ |
14,470 |
|
$ |
80,465 |
|
$ |
43,198 |
|
$ |
113,017 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.13 |
|
$ |
0.71 |
|
$ |
0.38 |
|
$ |
1.00 |
|
|
Weighted average shares outstanding |
|
113,491 |
|
|
113,154 |
|
|
113,661 |
|
|
112,610 |
|
|
Diluted |
$ |
0.12 |
|
$ |
0.68 |
|
$ |
0.37 |
|
$ |
0.96 |
|
|
Weighted average shares outstanding |
|
117,363 |
|
|
117,500 |
|
|
117,565 |
|
|
117,423 |
|
|
(1) |
Stock-based compensation is accounted for under SFAS 123(R), “Share-Based Payment.” The amounts in the tables above include stock-based compensation as follows: |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||
|
|
|
June 28, |
|
June 30, |
|
|
June 28, |
|
June 30, |
|
|
|
2008 |
|
2008 |
|
|
2008 |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of license revenue |
$ |
12 |
$ |
60 |
|
$ |
26 |
$ |
100 |
|
Cost of service revenue |
|
2,298 |
|
993 |
|
|
6,867 |
|
4,671 |
|
Sales and marketing |
|
3,130 |
|
2,035 |
|
|
8,933 |
|
5,926 |
|
Research and development |
|
2,322 |
|
1,058 |
|
|
6,929 |
|
4,529 |
|
General and administrative |
|
3,387 |
|
884 |
|
|
9,926 |
|
7,281 |
|
Total stock-based compensation |
$ |
11,149 |
$ |
5,030 |
|
$ |
32,681 |
$ |
22,507 |
|
PARAMETRIC TECHNOLOGY CORPORATION |
|||||||||||||
|
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
|||||||||||||
|
(in thousands, except per share data) |
|||||||||||||
|
|
|||||||||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||
|
|
|
June 28, |
|
|
June 30, |
|
|
|
June 28, |
|
|
June 30, |
|
|
|
|
2008 |
|
|
2007 |
|
|
|
2008 |
|
|
2007 |
|
|
GAAP revenue |
$ |
271,748 |
|
$ |
224,864 |
|
|
$ |
770,783 |
|
$ |
674,627 |
|
|
Fair value adjustment of acquired CoCreate deferred maintenance revenue |
|
978 |
|
|
-- |
|
|
|
3,920 |
|
|
-- |
|
|
Non-GAAP revenue |
$ |
272,726 |
|
$ |
224,864 |
|
|
$ |
774,703 |
|
$ |
674,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
$ |
31,922 |
|
$ |
19,573 |
|
|
$ |
77,819 |
|
$ |
61,815 |
|
|
Fair value adjustment of acquired CoCreate deferred maintenance revenue |
|
978 |
|
|
-- |
|
|
|
3,920 |
|
|
-- |
|
|
Stock-based compensation |
|
11,149 |
|
|
5,030 |
|
|
|
32,681 |
|
|
22,507 |
|
|
Amortization of acquired intangible assets included in cost of license revenue |
|
6,289 |
|
|
1,728 |
|
|
|
13,850 |
|
|
4,895 |
|
|
Amortization of acquired intangible assets included in cost of service revenue |
|
17 |
|
|
17 |
|
|
|
51 |
|
|
66 |
|
|
Amortization of acquired intangible assets |
|
4,044 |
|
|
1,764 |
|
|
|
11,252 |
|
|
5,440 |
|
|
In-process research and development |
|
-- |
|
|
544 |
|
|
|
1,887 |
|
|
544 |
|
|
Restructuring charge |
|
3,790 |
|
|
-- |
|
|
|
15,367 |
|
|
-- |
|
|
Non-GAAP operating income |
$ |
58,189 |
|
$ |
28,656 |
|
|
$ |
156,827 |
|
$ |
95,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
$ |
14,470 |
|
$ |
80,465 |
|
|
$ |
43,198 |
|
$ |
113,017 |
|
|
Fair value adjustment of acquired CoCreate deferred maintenance revenue |
|
978 |
|
|
-- |
|
|
|
3,920 |
|
|
-- |
|
|
Stock-based compensation |
|
11,149 |
|
|
5,030 |
|
|
|
32,681 |
|
|
22,507 |
|
|
Amortization of acquired intangible assets included in cost of license revenue |
|
6,289 |
|
|
1,728 |
|
|
|
13,850 |
|
|
4,895 |
|
|
Amortization of acquired intangible assets included in cost of service revenue |
|
17 |
|
|
17 |
|
|
|
51 |
|
|
66 |
|
|
Amortization of acquired intangible assets |
|
4,044 |
|
|
1,764 |
|
|
|
11,252 |
|
|
5,440 |
|
|
In-process research and development |
|
-- |
|
|
544 |
|
|
|
1,887 |
|
|
544 |
|
|
Restructuring charge |
|
3,790 |
|
|
-- |
|
|
|
15,367 |
|
|
-- |
|
|
One-time non-cash loss included in other income (expense), net (2) |
|
6,206 |
|
|
-- |
|
|
|
6,206 |
|
|
-- |
|
|
Income tax adjustments (3) |
|
(7,724 |
) |
|
(71,049 |
) |
|
|
(22,371 |
) |
|
(72,924 |
) |
|
Non-GAAP net income |
$ |
39,219 |
|
$ |
18,499 |
|
|
$ |
106,041 |
|
$ |
73,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share |
$ |
0.12 |
|
$ |
0.68 |
|
|
$ |
0.37 |
|
$ |
0.96 |
|
|
Stock-based compensation |
|
0.09 |
|
|
0.04 |
|
|
|
0.28 |
|
|
0.19 |
|
|
All other items identified above |
|
0.12 |
|
|
(0.56 |
) |
|
|
0.25 |
|
|
(0.52 |
) |
|
Non-GAAP diluted earnings per share |
$ |
0.33 |
|
$ |
0.16 |
|
|
$ |
0.90 |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted |
|
117,363 |
|
|
117,500 |
|
|
|
117,565 |
|
|
117,423 |
|
|
(2) |
Reflects a one-time non-cash loss from the liquidation of certain legal entities related to previous acquisitions. |
|
(3) |
Reflects the tax effect of non-GAAP adjustments above, as well as the effect of one-time tax benefits recorded in the three and nine months ended June 30, 2007 due to the reversal of the valuation allowance recorded in the United States and a foreign jurisdiction of $58.9 million and the favorable resolution of a tax claim of $3.9 million. |
|
PARAMETRIC TECHNOLOGY CORPORATION |
||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
|
(in thousands) |
||||
|
|
||||
|
|
|
June 28, |
|
September 30, |
|
|
|
2008 |
|
2007 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
242,020 |
$ |
263,271 |
|
Accounts receivable, net |
|
180,094 |
|
217,101 |
|
Property and equipment, net |
|
56,851 |
|
54,745 |
|
Goodwill and acquired intangibles, net |
|
617,574 |
|
325,052 |
|
Other assets |
|
226,499 |
|
230,144 |
|
|
|
|
|
|
|
Total assets |
$ |
1,323,038 |
$ |
1,090,313 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue |
$ |
265,632 |
$ |
227,164 |
|
Borrowings under revolving credit facility |
|
109,556 |
|
-- |
|
Other liabilities |
|
295,427 |
|
268,642 |
|
Stockholders' equity |
|
652,423 |
|
594,507 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
1,323,038 |
$ |
1,090,313 |
|
PARAMETRIC TECHNOLOGY CORPORATION |
||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
|
(in thousands) |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
June 28, |
|
|
June 30, |
|
|
June 28, |
|
|
June 30, |
|
|
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
14,470 |
|
$ |
80,465 |
|
$ |
43,198 |
|
$ |
113,017 |
|
|
Stock-based compensation |
|
11,149 |
|
|
5,030 |
|
|
32,681 |
|
|
22,507 |
|
|
Amortization of acquired intangible assets |
|
10,350 |
|
|
3,509 |
|
|
25,153 |
|
|
10,401 |
|
|
Depreciation and other amortization |
|
6,286 |
|
|
6,150 |
|
|
18,331 |
|
|
18,481 |
|
|
Accounts receivable |
|
268 |
|
|
18,751 |
|
|
69,819 |
|
|
33,483 |
|
|
Accounts payable and accruals (4) |
|
1,041 |
|
|
(4,945 |
) |
|
(29,155 |
) |
|
(25,999 |
) |
|
Deferred revenue |
|
(5,411 |
) |
|
450 |
|
|
16,305 |
|
|
21,454 |
|
|
In-process research and development |
|
-- |
|
|
544 |
|
|
1,887 |
|
|
544 |
|
|
Income taxes |
|
(868 |
) |
|
(65,380 |
) |
|
1,645 |
|
|
(62,308 |
) |
|
Other |
|
16,017 |
|
|
(5,625 |
) |
|
1,242 |
|
|
(16,508 |
) |
|
Net cash provided by operating activities |
|
53,302 |
|
|
38,949 |
|
|
181,106 |
|
|
115,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(9,785 |
) |
|
(4,746 |
) |
|
(20,492 |
) |
|
(17,139 |
) |
|
Acquisitions of businesses, net of cash acquired (5) |
|
-- |
|
|
(10,879 |
) |
|
(261,592 |
) |
|
(28,518 |
) |
|
Proceeds (payments) from debt, net |
|
(53,643 |
) |
|
-- |
|
|
98,999 |
|
|
-- |
|
|
Repurchases of common stock |
|
(5,288 |
) |
|
(1,809 |
) |
|
(27,297 |
) |
|
(1,809 |
) |
|
Other investing and financing activities |
|
3,929 |
|
|
2,949 |
|
|
(3,313 |
) |
|
7,302 |
|
|
Foreign exchange impact on cash |
|
(5,441 |
) |
|
(2,535 |
) |
|
11,338 |
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
(16,926 |
) |
|
21,929 |
|
|
(21,251 |
) |
|
76,508 |
|
|
Cash and cash equivalents, beginning of period |
|
258,946 |
|
|
238,027 |
|
|
263,271 |
|
|
183,448 |
|
|
Cash and cash equivalents, end of period |
$ |
242,020 |
|
$ |
259,956 |
|
$ |
242,020 |
|
$ |
259,956 |
|
|
(4) |
Includes accounts payable, accrued expenses, and accrued compensation and benefits. |
|
(5) |
Acquisitions of businesses: |
|
|
a. |
The nine months ended June 28, 2008 includes $248 million for our acquisition of CoCreate and $14 million for two other acquisitions, net of cash acquired. |
|
|
b. |
The nine months ended June 30, 2007 includes $16 million for our acquisition of ITEDO and $7 million for our acquisition of NC Graphics, both net of cash acquired; $2 million of contingent purchase price earned in the first quarter of 2007 related to 2006 acquisitions; and $4 million for the acquisition of the remaining equity interest in a controlled subsidiary. |