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PTC Announces Solid Q4 EPS Results, Initiates Q1 And FY’13 Targets

PTC (Nasdaq: PMTC) today reported results for its fourth fiscal quarter and year ended September 30, 2012.

Highlights
  • Q4 Results:
    • Non-GAAP revenue of $325 million, down 5% year over year (flat on a constant currency basis)
    • Non-GAAP EPS of $0.50, up 6% year over year (up 13% on a constant currency basis)
    • Non-GAAP operating margin of 24.5%, up 180 basis points year over year (up 220 basis points on a constant currency basis)
    • GAAP operating margin of 17.7% and GAAP EPS of $(0.71), in part reflecting a $124 million non-cash charge to the income tax provision to establish a valuation allowance against deferred tax assets in the U.S.
  • FY’12 Results:
    • Non-GAAP revenue of $1,258 million, up 8% year over year (up 10% on a constant currency basis)
    • Non-GAAP EPS of $1.51, up 20% year over year (up 24% on a constant currency basis)
    • Non-GAAP operating margin of 19.6%, up 190 basis points year over year (up 210 basis points on a constant currency basis)
    • GAAP revenue of $1,256 million, GAAP EPS of $(0.30) and GAAP operating margin of 10.2%
  • Q1 Guidance:
    • Non-GAAP revenue of $315 to $325 million and non-GAAP EPS of $0.30 to $0.35
    • License revenue of $75 to $85 million
    • GAAP revenue of $313 to $323 million and GAAP EPS of $0.36 to $0.40, including $16 million of restructuring charges associated with cost actions initiated in Q1’13
    • Assumes $1.30 USD / EURO
  • FY’13 Targets:
    • Non-GAAP revenue of $1,360 to $1,380 million; non-GAAP EPS of $1.70 to $1.80
    • Non-GAAP operating margin of approximately 21.5%
    • GAAP revenue of approximately $1,356 to $1,376 million and GAAP EPS of $1.10 to $1.20; GAAP operating margin of approximately 12.5%
    • Assumes $1.30 USD / EURO

The Q4 non-GAAP operating margin and non-GAAP EPS results exclude $11.9 million of stock-based compensation expense, $8.7 million of acquisition-related intangible asset amortization, $1.3 million of acquisition-related expense and $122.3 million of income tax adjustments reflecting in large part a charge to the income tax provision to establish a valuation allowance against deferred tax assets in the U.S. The Q4 non-GAAP EPS results include a tax rate of 23% and 121 million diluted shares outstanding. The Q4 GAAP EPS results include a tax rate of 250% and 119 million shares outstanding.

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