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PTC Announces Q3 Results, Initiates Q4 Guidance And Updates FY’13 Targets

PTC (Nasdaq: PMTC) today reported results for its third fiscal quarter ended June 29, 2013.

  • Q3 Results:
    • Non-GAAP revenue of $316 million, up 1% year over year (up 4% on a constant currency basis)
    • Non-GAAP EPS of $0.45, up 22% year over year (up 30% on a constant currency basis)
    • Q3 revenue contribution from Servigistics (acquired on October 2, 2012) was $23 million on a non-GAAP basis and $22 million on a GAAP basis
    • GAAP revenue of $315 million and GAAP EPS of $0.29
  • Q4 Guidance:
    • Non-GAAP revenue of $330 to $340 million and non-GAAP EPS of $0.50 to $0.55
    • License revenue of $95 to $105 million
    • GAAP revenue of $330 to $340 million and GAAP EPS of $0.32 to $0.37
    • Assumes $1.30 USD / EURO and 100 YEN / USD
  • FY’13 Targets:
    • Non-GAAP revenue of $1,280 to $1,290 million and non-GAAP EPS of $1.72 to $1.77
    • License revenue of $335 to $345 million
    • Non-GAAP operating margin of approximately 21.5%
    • GAAP revenue of approximately $1,277 to $1,287 million and GAAP EPS of $1.04 to $1.09; GAAP operating margin of approximately 11%
    • Revenue guidance assumes at least $90 million contribution from Servigistics, including $3 million in non-GAAP revenue
    • Assumes $1.30 USD / EURO and 100 YEN / USD

The Q3 non-GAAP revenue and non-GAAP EPS results exclude a $0.5 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of Servigistics. The Q3 non-GAAP EPS results also exclude $11.2 million of stock-based compensation expense, $11.1 million of acquisition-related intangible asset amortization, $3.1 million of restructuring charges, $0.9 million of acquisition-related expense, and a $5.1 million legal settlement gain. The Q3 non-GAAP EPS results include a tax rate of 21% and 121 million diluted shares outstanding.

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