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PTC Announces Q1 Results, Initiates Q2 Guidance And Updates FY’13 Targets

PTC (Nasdaq: PMTC) today reported results for its first fiscal quarter ended December 29, 2012.

  • Q1 Results:
    • Non-GAAP revenue of $321 million, flat year over year (up 2% on a constant currency basis)
    • Non-GAAP EPS of $0.36, up 3% year over year (up 6% on a constant currency basis)
    • Q1 revenue contribution from Servigistics (acquired on October 2, 2012) was $27 million on a non-GAAP basis and $25 million on a GAAP basis
    • GAAP revenue of $320 million and GAAP EPS of $0.29, including a $15 million restructuring charge and a one-time non-cash tax benefit of $33 million associated with the purchase accounting for the Servigistics acquisition
  • Q2 Guidance:
    • Non-GAAP revenue of $305 to $325 million and non-GAAP EPS of $0.32 to $0.39
    • License revenue of $70 to $85 million
    • GAAP revenue of $304 to $324 million and GAAP EPS of $0.03 to $0.10, including $15 million of restructuring charges
    • Assumes $1.33 USD / EURO and 90 YEN / USD.
  • FY’13 Targets:
    • Non-GAAP revenue of $1,340 to $1,370 million and non-GAAP EPS of $1.70 to $1.80
    • License revenue of $360 to $380 million
    • Non-GAAP operating margin of approximately 21.5%
    • GAAP revenue of approximately $1,337 to $1,367 million and GAAP EPS of $0.95 to $1.05; GAAP operating margin of approximately 11%
    • Revenue guidance assumes at least $80 million contribution from Servigistics, including $3 million in non-GAAP revenue
    • Assumes $1.33 USD / EURO and 90 YEN / USD.

The Q1 non-GAAP revenue and non-GAAP EPS results exclude a $1.6 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of Servigistics. The Q1 non-GAAP EPS results also exclude $11.9 million of stock-based compensation expense, $11.3 million of acquisition-related intangible asset amortization, $15.4 million of restructuring charges, and $4.6 million of acquisition-related expense. The Q1 non-GAAP EPS results include a tax rate of 22% and 122 million diluted shares outstanding. The Q1 GAAP EPS results include a tax benefit of $33 million and 122 million diluted shares outstanding.

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