PTC Announces First Quarter FY’17 Results

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About PTC (NASDAQ: PTC)
PTC has the most robust Internet of Things technology in the world. In 1986 we revolutionized digital 3D design, and in 1998 were first to market with Internet-based PLM. Now our leading IoT and AR platform and field-proven solutions bring together the physical and digital worlds to reinvent the way you create, operate, and service products. With PTC, global manufacturers and an ecosystem of partners and developers can capitalize on the promise of the IoT today and drive the future of innovation.

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PTC Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
 
 
Three Months Ended
December 31, January 2,
2016 2016
 
Revenue:
Subscription $ 54,362 $ 22,176
Support   151,478     171,756  
Total recurring software 205,840 193,932
Perpetual license   34,379     47,763  
Total software 240,219 241,695
Professional services   46,108     49,322  
Total revenue   286,327     291,017  
 
Cost of revenue:
Cost of software revenue (1) 42,947 36,814
Cost of professional services revenue (1)   39,168     43,333  
Total cost of revenue   82,115     80,147  
 
Gross margin   204,212     210,870  
 
Operating expenses:
Sales and marketing (1) 90,690 82,429
Research and development (1) 57,914 57,669
General and administrative (1) 36,695 38,567
Amortization of acquired intangible assets 8,067 8,350
Restructuring charges   6,285     37,147  
Total operating expenses   199,651     224,162  
 
Operating income (loss) 4,561 (13,292 )
Other expense, net   (11,064 )   (6,253 )
Income (loss) before income taxes (6,503 ) (19,545 )
Provision (benefit) for income taxes   2,638     4,347  
Net income (loss) $ (9,141 ) $ (23,892 )
 
Earnings (loss) per share:
Basic $ (0.08 ) $ (0.21 )
Weighted average shares outstanding 115,290 114,151
 
Diluted $ (0.08 ) $ (0.21 )
Weighted average shares outstanding 115,290 114,151
 
 
 
(1 ) The amounts in the tables above include stock-based compensation as follows:
 
Three Months Ended
December 31, January 2,
2016 2016
Cost of software revenue $ 1,437 $ 1,905
Cost of professional services revenue 1,457 1,451
Sales and marketing 3,621 4,282
Research and development 2,997 2,513
General and administrative   8,476     13,038  
Total stock-based compensation $ 17,988   $ 23,189  
 
 
PTC Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
(in thousands, except per share data)
               
Three Months Ended
December 31, January 2,
2016 2016
 
GAAP revenue $ 286,327 $ 291,017
Fair value adjustment of acquired deferred subscription revenue 646 188
Fair value adjustment of acquired deferred services revenue   268     309  
Non-GAAP revenue $ 287,241   $ 291,514  
 
GAAP gross margin $ 204,212 $ 210,870
Fair value adjustment of acquired deferred revenue 914 497
Fair value adjustment to deferred services cost (113 ) (132 )
Stock-based compensation 2,894 3,356
Amortization of acquired intangible assets included in cost of software revenue   6,388     5,127  
Non-GAAP gross margin $ 214,295   $ 219,718  
 
GAAP operating income (loss) $ 4,561 $ (13,292 )
Fair value adjustment of acquired deferred revenue 914 497
Fair value adjustment to deferred services cost (113 ) (132 )
Stock-based compensation 17,988 23,189
Amortization of acquired intangible assets included in cost of software revenue 6,388 5,127
Amortization of acquired intangible assets 8,067 8,350
Acquisition-related charges included in general and administrative costs 169 1,207
Restructuring charges   6,285     37,147  
Non-GAAP operating income (2) $ 44,259   $ 62,093  
 
GAAP net income (loss) $ (9,141 ) $ (23,892 )
Fair value adjustment of acquired deferred revenue 914 497
Fair value adjustment to deferred services cost (113 ) (132 )
Stock-based compensation 17,988 23,189
Amortization of acquired intangible assets included in cost of software revenue 6,388 5,127
Amortization of acquired intangible assets 8,067 8,350
Acquisition-related charges included in general and administrative costs 169 1,207
Restructuring charges 6,285 37,147
Non-operating credit facility refinancing costs - 2,359
Income tax adjustments (3)   148     4,930  
Non-GAAP net income $ 30,705   $ 58,782  
 
GAAP diluted earnings (loss) per share $ (0.08 ) $ (0.21 )
Fair value of acquired deferred revenue 0.01 -
Stock-based compensation 0.15 0.20
Amortization of acquired intangibles 0.12 0.12
Acquisition-related charges - 0.01
Restructuring charges 0.05 0.32
Non-operating credit facility refinancing costs - 0.02
Income tax adjustments   -     0.04  
Non-GAAP diluted earnings per share $ 0.26   $ 0.51  
 
GAAP diluted weighted average shares outstanding 115,290 114,151
Dilutive effect of stock based compensation plans   1,735     1,088  
Non-GAAP diluted weighted average shares outstanding   117,025     115,239  
 
(2 ) Operating margin impact of non-GAAP adjustments:
Three Months Ended
December 31, January 2,
2016 2016
GAAP operating margin 1.6 % -4.6 %
Fair value of acquired deferred revenue 0.3 % 0.2 %
Fair value adjustment to deferred services cost 0.0 % 0.0 %
Stock-based compensation 6.3 % 8.0 %
Amortization of acquired intangibles 5.0 % 4.6 %
Acquisition-related charges 0.1 % 0.4 %
Restructuring charges   2.2 %   12.8 %
Non-GAAP operating margin   15.4 %   21.3 %
 

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