PTC Announces Third Quarter Fiscal 2017 Results

(2) In the third quarter of 2017, PTC began reporting cost of support revenue separate from cost of license and subscription revenue.  Costs for previous periods have also been separately reported to conform to the current period presentation.

 
PTC Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
(in thousands, except per share data)
                                     
Three Months Ended Nine Months Ended
July 1, July 2, July 1, July 2,
2017 2016 2017 2016
 
GAAP revenue $ 291,293 $ 288,652 $ 857,660 $ 852,296
Fair value adjustment of acquired deferred subscription revenue 373 746 1,430 1,711
Fair value adjustment of acquired deferred services revenue   258     277     788     873  
Non-GAAP revenue $ 291,924   $ 289,675   $ 859,878   $ 854,880  
 
GAAP gross margin $ 209,025 $ 206,182 $ 611,447 $ 609,487
Fair value adjustment of acquired deferred revenue 631 1,023 2,218 2,584
Fair value adjustment to deferred services cost (108 ) (121 ) (329 ) (378 )
Stock-based compensation 2,991 2,500 9,092 8,235
Amortization of acquired intangible assets included in cost of revenue   6,517     6,383     19,294     18,235  
Non-GAAP gross margin $ 219,056   $ 215,967   $ 641,722   $ 638,163  
 
GAAP operating income (loss) $ 11,256 $ 7,596 $ 23,330 $ (3,939 )
Fair value adjustment of acquired deferred revenue 631 1,023 2,218 2,584
Fair value adjustment to deferred services cost (108 ) (121 ) (329 ) (378 )
Stock-based compensation 16,574 13,796 56,139 51,821
Amortization of acquired intangible assets included in cost of revenue 6,517 6,383 19,294 18,235
Amortization of acquired intangible assets 7,973 8,294 23,986 25,040
Acquisition-related charges included in general and administrative costs 264 937 987 3,215
US pension plan termination-related costs 285 - 285 -
Restructuring charges   1,551     2,815     8,300     44,541  
Non-GAAP operating income (1) $ 44,943   $ 40,723   $ 134,210   $ 141,119  
 
GAAP net income (loss) $ (951 ) $ 3,073 $ (11,196 ) $ (25,992 )
Fair value adjustment of acquired deferred revenue 631 1,023 2,218 2,584
Fair value adjustment to deferred services cost (108 ) (121 ) (329 ) (378 )
Stock-based compensation 16,574 13,796 56,139 51,821
Amortization of acquired intangible assets included in cost of revenue 6,517 6,383 19,294 18,235
Amortization of acquired intangible assets 7,973 8,294 23,986 25,040
Acquisition-related charges included in general and administrative costs 264 937 987 3,215
US pension plan termination-related costs 285 - 285 -
Restructuring charges 1,551 2,815 8,300 44,541
Non-operating credit facility refinancing costs - - 1,152 2,359
Income tax adjustments (2)   (171 )   (6,202 )   (2,810 )   (6,481 )
Non-GAAP net income $ 32,565   $ 29,998   $ 98,026   $ 114,944  
 
GAAP diluted earnings (loss) per share $ (0.01 ) $ 0.03 $ (0.10 ) $ (0.23 )
Fair value of acquired deferred revenue 0.01 0.01 0.02 0.02
Stock-based compensation 0.14 0.12 0.48 0.45
Amortization of acquired intangibles 0.12 0.13 0.37 0.38
Acquisition-related charges - 0.01 0.01 0.03
Restructuring charges 0.01 0.02 0.07 0.39
Non-operating credit facility refinancing costs - - 0.01 0.02
Income tax adjustments   -     (0.05 )   (0.02 )   (0.06 )
Non-GAAP diluted earnings per share $ 0.28   $ 0.26   $ 0.84   $ 1.00  
 
GAAP diluted weighted average shares outstanding 115,615 115,698 115,511 114,499
Dilutive effect of stock based compensation plans   1,962     -     1,812     807  
Non-GAAP diluted weighted average shares outstanding   117,577     115,698     117,323     115,306  
 
(1)Operating margin impact of non-GAAP adjustments:
Three Months Ended Nine Months Ended
July 1, July 2, July 1, July 2,
2017 2016 2017 2016
GAAP operating margin 3.9 % 2.6 % 2.7 % -0.5 %
Fair value of acquired deferred revenue 0.2 % 0.4 % 0.3 % 0.3 %
Fair value adjustment to deferred services cost 0.0 % 0.0 % 0.0 % 0.0 %
Stock-based compensation 5.7 % 4.8 % 6.5 % 6.1 %
Amortization of acquired intangibles 5.0 % 5.1 % 5.0 % 5.1 %
Acquisition-related charges 0.1 % 0.3 % 0.1 % 0.4 %
US pension plan termination-related costs 0.1 % 0.0 % 0.0 % 0.0 %
Restructuring charges   0.5 %   1.0 %   1.0 %   5.2 %
Non-GAAP operating margin   15.4 %   14.1 %   15.6 %   16.5 %
 

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