PTC Announces Q2 FY’12 Results, Issues Q3 Guidance And Revised FY’12 Targets

PTC (Nasdaq: PMTC) today reported financial results for its fiscal quarter ended March 31, 2012.

Highlights

• Q2 Non-GAAP revenue of $302 million and non-GAAP EPS of $0.30
  • Q2 GAAP revenue of $301 million and GAAP EPS of $0.03
  • Q2 license revenue of $75 million
  • Q2 revenue contribution from MKS (acquired on May 31, 2011) and 4CS Solutions (acquired on September 2, 2011) was $23 million on a non-GAAP basis and $22 million on a GAAP basis
  • Non-GAAP operating margin of 16.8%; GAAP operating margin of 2.3%
  • No material impact from currency effects relative to Q2 guidance assumptions
• Q3 Guidance: Revenue of $300 to $315 million and non-GAAP EPS of $0.28 to $0.32
  • GAAP EPS of $0.15 to $0.20
  • Assumes $1.30 USD / EURO. Revenue guidance assumes approximately $22 million contribution from MKS and 4CS, including $0.2 million in non-GAAP revenue
• FY’12 Targets: Non-GAAP revenue of $1,265 to $1,285 million and non-GAAP EPS of $1.42 to $1.50
  • Non-GAAP operating margin of approximately 19%
  • GAAP revenue of $1,262 to $1,282 million and GAAP EPS of $0.76 to $0.84
  • Assumes $1.30 USD / EURO. Revenue guidance assumes approximately $90 million contribution from MKS and 4CS, including $3 million in non-GAAP revenue

The Q2 non-GAAP revenue results exclude a $1 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of MKS Inc. The Q2 non-GAAP EPS results also exclude $13 million of stock-based compensation expense, $9 million of acquisition-related intangible asset amortization, $21 million of restructuring expense and acquisition-related expense, and related income tax adjustments. The Q2 results include a non-GAAP tax rate of approximately 25%, an immaterial GAAP tax provision and 121 million diluted shares outstanding.

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