PTC Announces Strong Q4 Results, Initiates FY’12 Targets and Q1 Guidance

NEEDHAM, Mass. — (BUSINESS WIRE) — October 26, 2011 — PTC (Nasdaq: PMTC), The Product Development Company®, today reported results for its fourth fiscal quarter and year ended September 30, 2011.

Highlights

  • Q4 Results: Non-GAAP revenue of $341.3 million and non-GAAP EPS of $0.47
    • GAAP revenue of $339.4 million and GAAP EPS of $0.31
    • Revenue contribution from MKS, which PTC acquired on May 31, 2011, and 4CS Solutions, which PTC acquired on September 2, 2011, was $22.7 million on a non-GAAP basis and $20.8 million on a GAAP basis
    • MKS was $0.01 accretive to Q4 non-GAAP EPS results
    • Non-GAAP operating margin of 22.7%; GAAP operating margin of 15.1%
    • Relative to Q4 guidance assumptions, non-GAAP EPS was negatively impacted by $0.02 due to a higher-than-expected tax rate, other expense items and currency effects.
  • FY’11 Results: Non-GAAP revenue of $1,170 million and non-GAAP EPS of $1.26
    • GAAP revenue of $1,167 million and GAAP EPS of $0.71
    • Non-GAAP operating margin of 17.7% and GAAP operating margin of 10.0%
  • Q1 Guidance: Non-GAAP revenue of $305 to $320 million and non-GAAP EPS of $0.28 to $0.32
    • GAAP revenue of $303 to $318 million and GAAP EPS of $0.14 to $0.18
    • Assumes $1.40 USD / EURO, down from previous assumption of $1.45
    • Revenue guidance assumes approximately $20 million contribution from MKS and 4CS, including $2 million in non-GAAP revenue. 4CS is expected be $0.01 dilutive to non-GAAP EPS
  • FY’12 Targets: Non-GAAP revenue of $1,330 to $1,340 million and non-GAAP EPS of $1.48 to $1.52
    • Non-GAAP operating margin of approximately 18.5%
    • GAAP revenue of $1,327 to $1,337 million and GAAP EPS of $0.94 to $0.98; GAAP operating margin of approximately 11.5%
    • Revenue guidance assumes approximately $90 to $100 million contribution from MKS and 4CS, including $3 million in non-GAAP revenue
    • Assumes $1.40 USD / EURO, down from previous rate of $1.45 – negatively impacting annual revenue guidance by $15 million

The Q4 non-GAAP revenue results exclude a $1.9 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of MKS Inc. The Q4 non-GAAP EPS results exclude $12.9 million of stock-based compensation expense, $10.2 million of acquisition-related intangible asset amortization, $1.1 million of acquisition-related expense and $7.7 million of income tax adjustments. The Q4 non-GAAP EPS results include a tax rate of 24% and 120 million diluted shares outstanding. The Q4 GAAP EPS results include a tax rate of 21% and 120 million diluted shares outstanding.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “PTC had a very strong finish to FY’11, with record Q4 non-GAAP revenue and non-GAAP EPS both exceeding the high-end of our guidance range. Our license revenue of $111.0 million was up 25% on a year-over-year basis, driven by solid organic growth of 15% and better-than-expected performance from Integrity (MKS). In addition to continued momentum in our Desktop (MCAD) business, which experienced 17% year-over-year revenue growth, our Enterprise (PLM) business delivered very strong results with non-GAAP revenue up 39% year over year and 21% on an organic basis. We also continue to see robust adoption of our PLM solutions, as is reflected in our 20% and 30% year-over-year increases in organic maintenance and services revenue, respectively. Overall, we delivered 27% total non-GAAP revenue growth compared to the year ago period.” On a constant currency basis, total non-GAAP revenue growth was 20% and license revenue growth was 18% when compared to Q4’10.

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