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

Jeff Glidden, chief financial officer, commented, “From a profitability standpoint we had a very strong quarter; we delivered $0.41 non-GAAP EPS and achieved a 20.0% non-GAAP operating margin, exceeding the high-end of our guidance range by 200 basis points. We generated $83 million in operating cash flow and used $60 million to partially repay our credit facility and $19 million for stock repurchases, ending the quarter with a cash balance of $241 million.” Q2 GAAP EPS was $0.14 and GAAP operating margin was 6.8%.

Outlook Commentary

“We continue to be excited about our long-term growth opportunity based on the strength of our pipeline, competitive wins in our core markets, as well as the significant interest we are seeing in our broader solution areas. While the slowdown in the global manufacturing industry and uncertainty about the near-term economy remain headwinds for revenue growth, we are committed to driving operating margin expansion and achieving our goal of 25% to 27% non-GAAP operating margin in FY’15,” said Heppelmann.

Glidden added, “For Q3’13, we are providing guidance of $315 to $330 million in non-GAAP revenue with $80 to $90 million in license revenue, $75 to $80 million in services revenue and approximately $160 million in non-GAAP support revenue. We are expecting Q3 non-GAAP EPS of $0.40 to $0.45.” The GAAP revenue target is $314 to $329 million, the GAAP support revenue target is $159 million, and the GAAP EPS target range is $0.22 to $0.27.

The Q3 guidance assumes $1.31 USD / EURO, 100 YEN / USD, a non-GAAP tax rate of 22%, a GAAP tax rate of 27% and 121 million diluted shares outstanding. The Q3 non-GAAP guidance excludes $0.5 million of the effect of purchase accounting on deferred maintenance revenue from Servigistics, $13 million of stock-based compensation expense, $0.5 million of acquisition related expenses, $11 million of acquisition-related intangible asset amortization expense, their related income tax effects, as well as any additional discrete tax items and restructuring charges.

Glidden continued, “Looking to the full year FY’13, we are targeting non-GAAP revenue of $1,305 to $1,315 million, reflecting concerns around the timing of global economic recovery and approximately $10 million impact due to unfavorable currency movements. We are maintaining our non-GAAP EPS guidance of $1.70 to $1.80 reflecting our continued vigilance on cost controls and commitment to profitability. We are targeting license revenue of $350 to $360 million, services revenue of approximately $305 million and non-GAAP support revenue of approximately $650 million. We continue to target approximately 200 basis points of non-GAAP operating margin improvement during FY’13.” We are targeting GAAP revenue of $1,302 to $1,312 million (including GAAP support revenue of $647 million) and GAAP EPS of $1.03 to $1.13.

The FY’13 targets assume a non-GAAP tax rate of 22%, a GAAP tax rate of 4% and 121 million diluted shares outstanding. The FY’13 non-GAAP targets exclude approximately $31 million in restructuring charges, $3 million of the effect of purchase accounting on acquired Servigistics deferred revenue, $51 million of stock-based compensation expense, $45 million of acquisition-related intangible asset amortization, $7 million of acquisition-related expenses, their related income tax effects, as well as any additional discrete tax items and restructuring charges.

Q2 Earnings Conference Call and Webcast

Prepared remarks for the conference call have been posted to the investor relations section of our website. The prepared remarks will not be read live; the call will be primarily Q&A.

What:   PTC Fiscal Q2 Conference Call and Webcast
 
When: Thursday, April 25th, 2013 at 8:30am (ET)
 
Dial-in: 1-800-857-5592 or 1-773-799-3757

Call Leader: James Heppelmann

Passcode: PTC

 
Webcast:

www.ptc.com/for/investors.htm

 
Replay:

The audio replay of this event will be archived for public replay until 10:59 pm (CT) on May 5th, 2013.

Dial-in: 800-839-2204 Passcode: 5689

To access the replay via webcast, please visit www.ptc.com/for/investors.htm .

 

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