PTC Announces Q2 Results, Initiates Q3 Guidance and Updates FY’13 Targets

NEEDHAM, Mass. — (BUSINESS WIRE) — April 24, 2013PTC (Nasdaq: PMTC) today reported results for its second fiscal quarter ended March 30, 2013.

Highlights

  • Q2 Results:
    • Non-GAAP revenue of $315 million, up 4% year over year (up 5% on a constant currency basis)
    • Non-GAAP EPS of $0.41, up 38% year over year (up 44% on a constant currency basis)
    • Q2 revenue contribution from Servigistics (acquired on October 2, 2012) was $21 million on a non-GAAP basis and $20 million on a GAAP basis
    • GAAP revenue of $314 million and GAAP EPS of $0.14, including a $16 million restructuring charge
  • Q3 Guidance:
    • Non-GAAP revenue of $315 to $330 million and non-GAAP EPS of $0.40 to $0.45
    • License revenue of $80 to $90 million
    • GAAP revenue of $314 to $329 million and GAAP EPS of $0.22 to $0.27
    • Assumes $1.31 USD / EURO and 100 YEN / USD
  • FY’13 Targets:
    • Non-GAAP revenue of $1,305 to $1,315 million and non-GAAP EPS of $1.70 to $1.80
    • License revenue of $350 to $360 million
    • Non-GAAP operating margin of approximately 21.5%
    • GAAP revenue of approximately $1,302 to $1,312 million and GAAP EPS of $1.03 to $1.13; GAAP operating margin of approximately 11%
    • Revenue guidance assumes at least $80 million contribution from Servigistics, including $3 million in non-GAAP revenue
    • Assumes $1.31 USD / EURO and 100 YEN / USD

The Q2 non-GAAP revenue and non-GAAP EPS results exclude a $0.7 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of Servigistics. The Q2 non-GAAP EPS results also exclude $11.8 million of stock-based compensation expense, $11.3 million of acquisition-related intangible asset amortization, $15.8 million of restructuring charges, and $2.1 million of acquisition-related expense. The Q2 non-GAAP EPS results include a tax rate of 19% and 121 million diluted shares outstanding.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “We are pleased with PTC’s Q2 operating results, with non-GAAP revenue at the mid-point of our guidance range and non-GAAP EPS exceeding the high end of our guidance range. Our license revenue of $80 million was up 7% year over year (9% on a constant currency basis), consistent with our guidance range, with flat organic license revenue (up 3% on a constant currency basis). Servigistics performed well again this quarter, delivering results in line with our expectations. From a geographic perspective, we had a very strong quarter in Japan and solid growth in the Pac Rim, which was offset by soft results in Europe and Americas reflecting the current macro environment.”

Heppelmann added, “While we are encouraged by improvements in year-over-year performance in CAD and Extended PLM relative to Q1’13, large deal closure rates continue to be muted by the macroeconomic environment. We had 24 large deals (recognized license + services revenue of more than $1 million) in Q2’13. Consistent with recent quarters, the mix of large deal revenue was skewed more heavily toward services reflecting a lower level of large license transactions. During the quarter we recognized revenue from leading organizations such as Airbus, Astrium, Cummins, MAN Truck and Bus, NASA, NEC, Thales, and the U.S. Army.”

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