PTC Announces Solid Q4 EPS Results

NEEDHAM, Mass. — (BUSINESS WIRE) — October 31, 2012 — PTC (Nasdaq: PMTC) today reported results for its fourth fiscal quarter and year ended September 30, 2012.

Highlights

  • Q4 Results:
    • Non-GAAP revenue of $325 million, down 5% year over year (flat on a constant currency basis)
    • Non-GAAP EPS of $0.50, up 6% year over year (up 13% on a constant currency basis)
    • Non-GAAP operating margin of 24.5%, up 180 basis points year over year (up 220 basis points on a constant currency basis)
    • GAAP operating margin of 17.7% and GAAP EPS of $(0.71), in part reflecting a $124 million non-cash charge to the income tax provision to establish a valuation allowance against deferred tax assets in the U.S.
  • FY’12 Results:
    • Non-GAAP revenue of $1,258 million, up 8% year over year (up 10% on a constant currency basis)
    • Non-GAAP EPS of $1.51, up 20% year over year (up 24% on a constant currency basis)
    • Non-GAAP operating margin of 19.6%, up 190 basis points year over year (up 210 basis points on a constant currency basis)
    • GAAP revenue of $1,256 million, GAAP EPS of $(0.30) and GAAP operating margin of 10.2%
  • Q1 Guidance:
    • Non-GAAP revenue of $315 to $325 million and non-GAAP EPS of $0.30 to $0.35
    • License revenue of $75 to $85 million
    • GAAP revenue of $313 to $323 million and GAAP EPS of $0.36 to $0.40, including $16 million of restructuring charges associated with cost actions initiated in Q1’13
    • Assumes $1.30 USD / EURO
  • FY’13 Targets:
    • Non-GAAP revenue of $1,360 to $1,380 million; non-GAAP EPS of $1.70 to $1.80
    • Non-GAAP operating margin of approximately 21.5%
    • GAAP revenue of approximately $1,356 to $1,376 million and GAAP EPS of $1.10 to $1.20; GAAP operating margin of approximately 12.5%
    • Assumes $1.30 USD / EURO

The Q4 non-GAAP operating margin and non-GAAP EPS results exclude $11.9 million of stock-based compensation expense, $8.7 million of acquisition-related intangible asset amortization, $1.3 million of acquisition-related expense and $122.3 million of income tax adjustments reflecting in large part a charge to the income tax provision to establish a valuation allowance against deferred tax assets in the U.S. The Q4 non-GAAP EPS results include a tax rate of 23% and 121 million diluted shares outstanding. The Q4 GAAP EPS results include a tax rate of 250% and 119 million shares outstanding.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “Customer demand for our solutions increased in the fourth quarter in the Americas and Pacific Rim, but results in Europe and Japan were impacted by more cautious buying behavior from customers in those regions. Our license revenue of $100.7 million was down 6% year over year on a constant currency basis, at the lower end of our guidance range, reflecting pressure on larger license transactions due to soft economic conditions in the global manufacturing industry. Despite the weak macroeconomic environment, PTC continued to drive margin expansion and earnings growth with Q4 non-GAAP EPS at the high end of our guidance range.”

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