PTC Announces Q4 and FY’14 Results; Provides Q1 and FY’15 Outlook, and Updated Long-Range Targets

NEEDHAM, Mass. — (BUSINESS WIRE) — November 5, 2014PTC (Nasdaq: PTC) today reported results for its fourth fiscal quarter ended September 30, 2014.

Highlights

  • Q4 Results:
  • Non-GAAP revenue of $368 million, up 7% over Q4’13 non-GAAP revenue and up 6% on a constant currency basis
  • Non-GAAP EPS of $0.67, up 13% year over year and up 12% year over year on a constant currency basis
  • Non-GAAP operating margin of 26.2%, down 120 basis points year over year and down 130 basis points year over year on a constant currency basis
  • GAAP revenue of $367 million, GAAP operating margin of 9.8% and GAAP EPS of $0.33
  • Q4 non-GAAP revenue contribution from acquired businesses Enigma (acquired on July 11, 2013), NetIDEAS (acquired on September 5, 2013), ThingWorx (acquired on December 30, 2013), Atego (acquired on June 30, 2014), and Axeda (acquired on August 11, 2014) was $16 million
  • FY’14 Results:
  • Non-GAAP revenue of $1,358 million, up 5% on a reported and constant currency basis over FY’13 non-GAAP revenue
  • Non-GAAP EPS of $2.17, up 20% year over year and up 19% year over year on a constant currency basis
  • Non-GAAP operating margin of 25.1%, up 300 basis points year over year and up 280 basis points year over year on a constant currency basis
  • GAAP revenue of $1,357 million, GAAP operating margin of 14.5% and GAAP EPS of $1.34
  • FY’14 non-GAAP revenue contribution from acquired businesses was $24 million
  • Guidance:
  • Please see table below for detailed guidance and key assumptions

A reconciliation between the GAAP and non-GAAP results for Q4’14 and FY’14 is contained in the tables attached to this press release.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “FY’14 was an important year for PTC. From a strategic perspective we made significant investments in the Internet of Things (IoT) space, which we believe have established us as a leader in the fast-growing market for smart, connected products. This, combined with strong product offerings in our core CAD, PLM, ALM, and SLM markets, positions us to deliver new customer opportunities and drive accelerating growth in FY’15 and beyond. From a financial perspective, we achieved 5% revenue and 20% non-GAAP EPS growth in FY’14, delivering on our 2009 commitment to grow non-GAAP EPS 20% per year over five years. From FY’09 through FY’14 we have generated a 22% non-GAAP EPS CAGR and a 34% CAGR in operating cash flow.”

Heppelmann added, “Looking at fourth quarter results, PTC non-GAAP revenue and EPS exceeded the high end of our guidance range, driven by solid performance across multiple businesses and geographic regions. Non-GAAP license revenue of $113 million increased 7% year over year on a constant currency basis. From a geographic perspective, on a constant currency basis, non-GAAP license revenue in Europe was up 28%, in the Americas was up 14%, in Japan was up 7%, and in the Pacific Rim was down 29%.”

Heppelmann continued, “For the second straight quarter we saw strong growth in our core CAD and Extended PLM (EPLM) businesses. EPLM license revenue grew 11% year over year on a constant currency basis driven by growth in our ALM business versus a soft compare in Q4’13. CAD license revenue was up 9% year over year on a constant currency basis, helped by strong growth in sales of Creo® modules, eLearning, and a multi-million dollar license purchase of one of our heritage products. License revenue for our SLM & IoT business was down 12% on a constant currency basis, with growth in IoT more than offset by lower levels of revenue in our SLM business, when compared to a very strong SLM performance in Q4’13. Looking ahead to FY’15, we are encouraged by our current SLM pipeline and the forthcoming introduction of connected SLM applications, and we believe our SLM business will return to double digit license growth. In the IoT space, we believe that our market leadership position within the application enablement platforms space, combined with an ability to sell IoT solutions to new and existing PTC customers, will enable us to achieve healthy double digit growth rates in this business through FY’18.”

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