PTC Announces Q3 Results; Provides Q4 and Updated FY’14 Outlook

NEEDHAM, Mass. — (BUSINESS WIRE) — July 23, 2014PTC (Nasdaq: PTC) today reported results for its third fiscal quarter ended June 28, 2014.

Highlights

  • Q3 Results:
    • Revenue of $337 million, up 7% over Q3’13 non-GAAP revenue and up 5% on a constant currency basis
    • Non-GAAP EPS of $0.53, up 19% year over year and up 14% year over year on a constant currency basis
    • Non-GAAP operating margin of 24.2%, up 200 basis points year over year and up 130 basis points year over year on a constant currency basis
    • GAAP operating margin of 16.2% and GAAP EPS of $0.32
    • Q3 revenue contribution from acquired businesses Enigma (acquired on July 11, 2013), NetIDEAS (acquired on September 5, 2013), and ThingWorx (acquired on December 30, 2013) was $3 million
  • Q4 Guidance:
    • Revenue of $340 to $355 million and non-GAAP EPS of $0.59 to $0.63
    • License revenue of $95 to $110 million
    • GAAP EPS of $0.39 to $0.43 (excluding the pending Axeda transaction and acquisition accounting for Atego)
    • Assumes $1.35 USD / EURO and 101 YEN / USD
  • FY’14 Guidance:
    • Revenue of $1,330 to $1,345 million and non-GAAP EPS of $2.10 to $2.14
    • License revenue of $352 to $367 million
    • Non-GAAP operating margin of approximately 25%
    • GAAP EPS of $1.40 to $1.44 and GAAP operating margin of approximately 17% (excluding the pending Axeda transaction and acquisition accounting for Atego)

The Q3 non-GAAP results exclude $12.5 million of stock-based compensation expense, $12.4 million of acquisition-related intangible asset amortization, and $1.5 million of acquisition-related and pension plan termination costs. The Q3 non-GAAP EPS results include a tax rate of 19% and 120 million diluted shares outstanding.

Results Commentary

James Heppelmann, president and chief executive officer, commented, “PTC delivered solid operating results, with Q3 revenue at the high end of our guidance range and non-GAAP EPS above our guidance range. License revenue of $93 million increased 15% year over year on a constant currency basis. From a geographic perspective, on a constant currency basis revenue in Japan was up 20%, Europe was up 7%, the Americas were up 1%, and the Pacific Rim was flat.”

Heppelmann added, “We saw strong growth in our core CAD and PLM businesses. CAD license revenue grew 26% year over year on a constant currency basis driven by large deals, new seats, and sales of modules and upgrades associated with our Creo® platform. Extended PLM license revenue was up 7% year over year on a constant currency basis. License revenue for our SLM business (which includes Enigma and ThingWorx) was flat year over year on a constant currency basis. Our SLM pipeline continues to build and we are optimistic about the growth opportunity going forward. In addition, we continue to see bookings growth in our ThingWorx business. We also believe that the acquisition of Axeda, a leading provider of secure connectivity within the Internet of Things (IoT) space, when completed, will further PTC’s leadership position in the smart, connected products arena.”

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