PTC Announces Fiscal 2008 Q3 Results

(1) Stock-based compensation is accounted for under SFAS 123(R), Share-Based Payment. The amounts in the tables above include stock-based compensation as follows:

Three Months Ended   Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Cost of license revenue $ 12 $ 60 $ 26 $ 100
Cost of service revenue 2,298 993 6,867 4,671
Sales and marketing 3,130 2,035 8,933 5,926
Research and development 2,322 1,058 6,929 4,529
General and administrative   3,387   884   9,926   7,281
Total stock-based compensation $ 11,149 $ 5,030 $ 32,681 $ 22,507

PARAMETRIC TECHNOLOGY CORPORATION

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
(in thousands, except per share data)
           
Three Months Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008   2007       2008   2007
GAAP revenue $ 271,748 $ 224,864 $ 770,783 $ 674,627
Fair value adjustment of acquired CoCreate deferred maintenance revenue   978       --     3,920       --  
Non-GAAP revenue $ 272,726     $ 224,864   $ 774,703     $ 674,627  
 
GAAP operating income $ 31,922 $ 19,573 $ 77,819 $ 61,815
Fair value adjustment of acquired CoCreate deferred maintenance revenue 978 -- 3,920 --
Stock-based compensation 11,149 5,030 32,681 22,507
Amortization of acquired intangible assets

included in cost of license revenue

6,289 1,728 13,850 4,895
Amortization of acquired intangible assets

included in cost of service revenue

17

17 51 66
Amortization of acquired intangible assets 4,044 1,764 11,252 5,440
In-process research and development -- 544 1,887 544
Restructuring charge   3,790       --     15,367       --  
Non-GAAP operating income $ 58,189     $ 28,656   $ 156,827     $ 95,267  
 
GAAP net income $ 14,470 $ 80,465 $ 43,198 $ 113,017
Fair value adjustment of acquired CoCreate deferred maintenance revenue

978

--

3,920

--
Stock-based compensation 11,149 5,030 32,681 22,507
Amortization of acquired intangible assets included in cost of license revenue

6,289

1,728

13,850

4,895

Amortization of acquired intangible assets included in cost of service revenue

17

17

51

66

Amortization of acquired intangible assets 4,044 1,764 11,252 5,440
In-process research and development -- 544 1,887 544
Restructuring charge 3,790 -- 15,367 --
One-time non-cash loss included in other income (expense), net (2) 6,206 -- 6,206 --
Income tax adjustments (3)   (7,724 )     (71,049 )   (22,371 )     (72,924 )
Non-GAAP net income $ 39,219     $ 18,499   $ 106,041     $ 73,545  
 
GAAP diluted earnings per share $ 0.12 $ 0.68 $ 0.37 $ 0.96
Stock-based compensation 0.09 0.04 0.28 0.19
All other items identified above   0.12       (0.56 )   0.25       (0.52 )
Non-GAAP diluted earnings per share $ 0.33     $ 0.16   $ 0.90     $ 0.63  
 
Weighted average shares outstanding - diluted 117,363 117,500 117,565 117,423

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