PTC Announces Fiscal 2008 Q3 Results

NEEDHAM, Mass.—(BUSINESS WIRE)—July 22, 2008— PTC (Nasdaq: PMTC - News), The Product Development Company®, today reported results for its fiscal third quarter ended June 28, 2008.

Highlights

  • Q3 non-GAAP Results: Revenue of $272.7 million and EPS of $0.33
  • Q3 GAAP Results: Revenue of $271.7 million and EPS of $0.12
  • Q4 non-GAAP Guidance: Revenue of $290 to $300 million with EPS of $0.38 to $0.42
  • Q4 GAAP Guidance: Revenue of $289 to $299 million with EPS of $0.21 to $0.25
  • FY 2008 non-GAAP Guidance: Revenue of $1,070 million with 22% operating margin
  • FY 2008 GAAP Guidance: Revenue of $1,065 million with 12% operating margin

Q3 Results

C. Richard Harrison, president and chief executive officer, commented, We achieved 21% year-over-year non-GAAP revenue growth in the third quarter reflecting contribution from the CoCreate Software business acquired on November 30, 2007, organic revenue growth and favorable currency impact. Importantly, we achieved double digit license revenue growth in every region except the Pacific Rim. GAAP year-over-year revenue growth for the third fiscal quarter was 21%. Our third quarter non-GAAP revenue excludes the effect of purchase accounting on the acquired deferred maintenance revenue balance of CoCreate of approximately $1 million.

The following tables provide further detail on PTCs GAAP revenue performance by line of business, region and distribution channel. Further financial and operating metrics are available on PTCs web site at www.ptc.com/for/investors.htm.

($ in millions)    

Q2
FY07

   

Q3
FY07

   

Q4
FY07

   

Q1
FY08

   

Q2
FY08

   

Q3
FY08

 

Y-Y
Change

             
License $ 71.3 $ 62.1 $ 96.1 $ 67.2 $ 72.9 $ 77.6 25 %
Services 58.0 59.7 64.6 60.2 63.8 63.8 7 %
Maintenance     98.8     103.1     106.0     113.8     121.1     130.3   26 %
Total Revenue $ 228.1 $ 224.9 $ 266.7 $ 241.2 $ 257.8 $ 271.7 21 %
 
Europe $ 82.9 $ 86.2 $ 101.6 $ 101.6 $ 106.2 $ 111.8 30 %
North America 89.4 86.9 102.2 84.5 88.2 90.0 4 %
Pacific Rim 30.7 32.6 34.3 30.0 33.5 34.2 5 %
Japan     25.1     19.2     28.6     25.1     29.9     35.7   86 %
Total Revenue $ 228.1 $ 224.9 $ 266.7 $ 241.2 $ 257.8 $ 271.7 21 %
 

Direct (a)

$ 179.2 $ 177.3 $ 215.3 $ 182.5 $

190.3(a)

$ 201.3 14 %

Channel (a)

    48.9     47.6     51.4     58.7    

67.5(a)

    70.4   48 %
Total Revenue $ 228.1 $ 224.9 $ 266.7 $ 241.2 $ 257.8 $ 271.7 21 %

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