PTC Announces Solid Q3 Results, Increases FY’12 EPS Guidance

NEEDHAM, Mass. — (BUSINESS WIRE) — July 25, 2012PTC (Nasdaq: PMTC) today reported results for its third fiscal quarter ended June 30, 2012.

Highlights

  • Q3 Results:
    • Non-GAAP revenue of $311.2 million, up 6% year over year (10% on a constant currency basis)
    • Non-GAAP EPS of $0.37, up 16% year over year (24% on a constant currency basis)
    • GAAP revenue of $311.0 million and GAAP EPS of $0.19, including a $4.1 million restructuring charge
    • Revenue contribution from MKS (acquired on May 31, 2011) and 4CS Solutions (acquired on September 2, 2011) was $20.5 million on a non-GAAP basis and $20.3 million on a GAAP basis
    • Non-GAAP operating margin of 18.6%; GAAP operating margin of 10.0%
    • Relative to Q3 guidance assumptions, currency had no material effect on reported results
  • Q4 Guidance:
    • Revenue of $320 to $335 million and non-GAAP EPS of $0.44 to $0.50
    • License revenue of $100 to $115 million
    • Revenue guidance assumes $1.20 USD / EURO, down from previous assumption of $1.30; an approximate $10 million negative impact to Q4 revenue guidance ($3 to $4 million license revenue impact)
    • Approximate $1 million quarterly expense benefit from restructuring in Q3’12
    • GAAP EPS of $0.33 to $0.39
  • FY’12 Targets:
    • Updated targets primarily reflect the impact of currency relative to previous guidance assumptions
    • Non-GAAP revenue of $1,255 to $1,270 million and non-GAAP EPS of $1.46 to $1.52
    • License revenue of approximately $355 million
    • Non-GAAP operating margin of approximately 19.5%
    • GAAP revenue of $1,252 to $1,267 million and GAAP EPS of $0.73 to $0.80, including a $24.9 million restructuring charge, and GAAP operating margin of approximately 10.0%.

The Q3 non-GAAP revenue results exclude a $0.2 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of MKS Inc. The Q3 non-GAAP EPS results also exclude $13.3 million of stock-based compensation expense, $9.0 million of acquisition-related intangible asset amortization, $4.1 million of restructuring charges, and $5.3 million of income tax adjustments. The Q3 results include a non-GAAP tax rate of 23%, a GAAP tax rate of 26% and 121 million diluted shares outstanding.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “PTC delivered solid operating results, with Q3 non-GAAP revenue toward the higher end of our guidance range and non-GAAP EPS exceeding the high end of our guidance range. Our license revenue of $83.8 million was up 7% year over year on a constant currency basis. Organic license revenue increased 1% year over year on a constant currency basis reflecting very strong comparable results in Q3’11 – particularly in our MCAD business. From a geographic perspective, Europe continued to perform in line with our expectations and the Pac Rim and Japan delivered strong results. While Americas performance lagged other geographies in Q3, our pipeline continues to build and we are optimistic about the outlook for this region in Q4’12.” Reported license revenue was up 3% year over year and reported organic license revenue was down 3% year over year.

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