PTC Announces Record Q4 and Full Fiscal 2008 Revenue

Harrison added, In the fourth quarter, PTC received major orders from leading organizations, including Continental AG, Cisco, China Shipbuilding Group, EADS, Gildemeister, Hager, Kellog Brown and Root, NASA, SMS Demag AG, Redcats, Schaeffler, Toyota, Tyco, US Army, Wuhan Ship Development and Xian Aircraft.

There were 25 customers from which we recognized more than $1 million of license and services revenue in Q4. This compares to 13 customers last quarter and 22 in the same period last year. We recognized $61.3 million of license and services revenue from such customers in Q4, compared with $35.6 million last quarter and $58.2 million in Q4 of last year.

Neil Moses, chief financial officer, commented, We delivered 24.9% non-GAAP operating margin in the fourth quarter, an 80 basis point improvement from the same period last year. Our FY08 non-GAAP operating margin of 21.6% is up 460 basis points over fiscal 2007. GAAP operating margins for Q4 of 2008 and the full fiscal year 2008 were 15.8% and 11.7%, respectively. The Companys non-GAAP tax rate was 27% in Q4 of 2008 and 31% for the full year. PTCs GAAP tax rate was 22% in Q4 and 33% for the full year.

Moses continued, During the quarter, we recorded a $4.7 million restructuring charge related to our ongoing globalization initiative as we continue to transition certain back-office functions to lower cost regions.

Moses added, Cash flow from operations was $41 million for the fourth quarter. We generated $222 million of cash flow from operations for the full fiscal year, compared to $127 million in FY07. We used $11 million in Q4 to repay amounts borrowed under our revolving credit facility to finance the CoCreate acquisition, leaving an outstanding loan balance of $89 million at the end of the fourth quarter. Cash and cash equivalents were $257 million at the end of fiscal 2008.

FY09 Outlook

For the fiscal year ending September 30, 2009, PTC currently expects revenue to be approximately $1,100 million with non-GAAP earnings per diluted share in the range of $1.35 to $1.40. PTC expects GAAP earnings per diluted share in the range of $0.85 to $0.90 for the 2009 fiscal year. The full fiscal year guidance assumes a non-GAAP and GAAP tax rate of 30%.

The non-GAAP earnings guidance excludes approximately $47 million of stock-based compensation expense, $37 million of acquisition-related intangible asset amortization expense and the related income tax effects.

Harrison said, Given the potential impact of a slowing economy in 2009 and currency fluctuations, we believe that our outlook and initiatives reflect a warranted balance of caution about next year and optimism about the longer-term health and growth potential of the business. We start the year with an expanded direct sales force resulting from investments made in fiscal 2008, and intend in fiscal 2009 to increase our investment in marketing in support of our reseller channel, in sales to develop a network of enterprise resellers, in services to develop an ecosystem of strategic services partners, and in R&D to further improve the breadth and competitiveness of our product portfolio.

Moses added, We remain focused on enhancing our longer-term business model through our on-going efforts to evolve our distribution model, globalize our workforce, and leverage the value of our Services business. Given the current difficult economic outlook, we are expecting FY09 non-GAAP operating margins to be comparable to FY08; however, we remain committed to further expanding our operating margins over the longer-term and believe the strategic investments we are making this year position us well for the future. Should our revenue estimates prove conservative for the year, there is opportunity for continued margin expansion in FY09.

Q1 FY09 Outlook

Looking forward to Q1, we are currently expecting revenue to be between $250 million and $260 million, said Harrison. Non-GAAP earnings per diluted share are expected to be between $0.23 and $0.29. PTC expects GAAP Q1 earnings per diluted share between $0.11 and $0.17. The Q1 guidance assumes a non-GAAP and GAAP tax rate of 30%.

The Q1 non-GAAP earnings guidance excludes approximately $11 million of stock-based compensation expense, $9 million of acquisition-related intangible asset amortization expenses and the related income tax effects.

Earnings Conference Call and Webcast

What: PTC Fiscal Q4 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.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »

Rating:


Review Article Be the first to review this article

Airbus

Featured Video
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Upcoming Events
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Geospatial World Forum 2017 Hyderabad at Hyderabad International Convention Center P.O Bag 1101, Cyberabad Post Office Hyderabad Telangana India - Jan 23 - 25, 2017
GMP Compliance for Quality Control Laboratories 2016 at Andheri Kurla Road, Sahar Village, Andheri-Kurla Road, Mumbai, Maharashtra 40005 Mumbai, Maharashtra India - Jan 23 - 24, 2017
Trimble
Teledyne Optech
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy