SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Agent 4/19/17 PTC Inc. 8-K:2,9 4/19/17 3:1.0M Blueprint/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 17K 2: EX-99.1 Press Release HTML 174K 3: EX-99.2 Prepared Remarks HTML 156K
Blueprint |
In millions except per share amounts
|
|
|
|
|
|
|
|
|
Operating Measures(1)
|
|
Q3’17
Low
|
|
Q3’17
High
|
|
FY’17
Low
|
|
FY’17
High
|
|
|
|
|
|
|
|
|
|
Subscription ACV
|
|
$ 32
|
|
$ 36
|
|
$ 136
|
|
$ 143
|
License and Subscription Bookings
|
|
$ 95
|
|
$ 105
|
|
$ 400
|
|
$ 420
|
Subscription % of Bookings
|
|
68%
|
|
68%
|
|
68%
|
|
68%
|
(1) An explanation of the
metrics included in this table is provided
below.
|
||||||||
Financial Measures
|
|
Q3’17
Low
|
|
Q3’17
High
|
|
FY’17
Low
|
|
FY’17
High
|
Subscription Revenue
|
|
$ 74
|
|
$ 75
|
|
$ 275
|
|
$ 280
|
Support Revenue
|
|
140
|
|
140
|
|
575
|
|
575
|
Perpetual License Revenue
|
|
29
|
|
33
|
|
130
|
|
135
|
Total Software
Revenue(2)
|
|
243
|
|
248
|
|
980
|
|
990
|
Professional Services Revenue
|
|
45
|
|
45
|
|
182
|
|
182
|
Total Revenue(2)
|
|
$ 288
|
|
$ 293
|
|
$ 1,162
|
|
$ 1,172
|
|
|
|
|
|
|
|
|
|
Operating Expense (GAAP)
|
|
$ 195
|
|
$ 200
|
|
$ 780
|
|
$ 790
|
Operating Expense (Non-GAAP)
|
|
168
|
|
173
|
|
673
|
|
683
|
Operating Margin (GAAP)
|
|
2%
|
|
4%
|
|
4%
|
|
4%
|
Operating Margin (Non-GAAP)
|
|
15%
|
|
16%
|
|
16%
|
|
17%
|
Tax Rate (GAAP)
|
|
5%
|
|
5%
|
|
75%
|
|
75%
|
Tax Rate (Non-GAAP)
|
|
10%
|
|
8%
|
|
10%
|
|
8%
|
Shares Outstanding (GAAP)
|
|
116
|
|
117
|
|
116
|
|
117
|
Shares Outstanding (Non-GAAP)
|
|
117
|
|
117
|
|
117
|
|
117
|
EPS (GAAP)
|
|
$ (0.04)
|
|
$ 0.00
|
|
$ 0.00
|
|
$ 0.02
|
EPS (Non-GAAP) (2)
|
|
$ 0.24
|
|
$ 0.29
|
|
$ 1.13
|
|
$ 1.23
|
Free Cash Flow
|
|
|
|
|
|
$ 115
|
|
$ 125
|
Adjusted Free Cash
Flow(3)
|
|
|
|
|
|
$ 158
|
|
$ 168
|
In millions
|
|
Q3’17
|
|
FY’17
|
|
|
|
|
|
Effect of acquisition accounting on fair value of acquired deferred
revenue
|
|
$ 1
|
|
$ 3
|
Stock-based compensation expense
|
|
18
|
|
76
|
Intangible asset amortization expense
|
|
14
|
|
57
|
Restructuring
charges(4)
|
|
3
|
|
10
|
Acquisition-related charges
|
|
0
|
|
1
|
Non-operating credit facility refinancing charges
|
|
0
|
|
1
|
Total Estimated Pre-Tax GAAP adjustments
|
|
$ 36
|
|
$ 148
|
|
Three Months Ended
|
Six Months Ended
|
||
|
April 1,
|
April 2,
|
April 1,
|
|
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
Subscription
|
$65,780
|
$23,659
|
$120,142
|
$45,835
|
Support
|
141,718
|
160,625
|
293,196
|
332,381
|
Total
recurring revenue
|
207,498
|
184,284
|
413,338
|
378,216
|
Perpetual
license
|
27,372
|
39,689
|
61,751
|
87,452
|
Total
subscription, support and license revenue
|
234,870
|
223,973
|
475,089
|
465,668
|
Professional
services
|
45,170
|
48,654
|
91,278
|
97,976
|
Total
revenue
|
280,040
|
272,627
|
566,367
|
563,644
|
|
|
|
|
|
Cost
of revenue:
|
|
|
|
|
Cost of subscription, support and
license revenue (1)
|
43,131
|
38,613
|
86,078
|
75,427
|
Cost of professional services
revenue(1)
|
38,699
|
41,578
|
77,867
|
84,912
|
Total
cost of revenue
|
81,830
|
80,191
|
163,945
|
160,339
|
|
|
|
|
|
Gross
margin
|
198,210
|
192,436
|
402,422
|
403,305
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales and marketing
(1)
|
87,777
|
87,177
|
178,467
|
169,606
|
Research and development
(1)
|
57,710
|
56,610
|
115,624
|
114,279
|
General and administrative
(1)
|
36,800
|
33,916
|
73,495
|
72,483
|
Amortization
of acquired intangible assets
|
7,946
|
8,396
|
16,013
|
16,746
|
Restructuring
charges
|
464
|
4,579
|
6,749
|
41,726
|
Total
operating expenses
|
190,697
|
190,678
|
390,348
|
414,840
|
|
|
|
|
|
Operating
income (loss)
|
7,513
|
1,758
|
12,074
|
(11,535)
|
Other
expense, net
|
(8,569)
|
(5,327)
|
(19,633)
|
(11,580)
|
Loss
before income taxes
|
(1,056)
|
(3,569)
|
(7,559)
|
(23,115)
|
Provision
for income taxes
|
48
|
1,604
|
2,686
|
5,950
|
Net
loss
|
$(1,104)
|
$(5,173)
|
$(10,245)
|
$(29,065)
|
|
|
|
|
|
Loss
per share:
|
|
|
|
|
Basic
|
$(0.01)
|
$(0.05)
|
$(0.09)
|
$(0.25)
|
Weighted
average shares outstanding
|
115,709
|
114,563
|
115,498
|
114,354
|
|
|
|
|
|
Diluted
|
$(0.01)
|
$(0.05)
|
$(0.09)
|
$(0.25)
|
Weighted
average shares outstanding
|
115,709
|
114,563
|
115,498
|
114,354
|
|
(1)
|
The amounts in the tables above include stock-based compensation as
follows:
|
|
Three Months Ended
|
Six Months Ended
|
||
|
April 1,
|
April 2,
|
April 1,
|
|
|
2016
|
2017
|
2016
|
|
Cost
of subscription, support and license revenue
|
$1,669
|
$1,100
|
$3,106
|
$3,005
|
Cost
of professional services revenue
|
1,538
|
1,279
|
2,995
|
2,730
|
Sales
and marketing
|
4,130
|
3,777
|
7,751
|
8,059
|
Research
and development
|
3,951
|
2,534
|
6,948
|
5,047
|
General
and administrative
|
10,289
|
6,146
|
18,765
|
19,184
|
Total
stock-based compensation
|
$21,577
|
$14,836
|
$39,565
|
$38,025
|
|
|
|
|
|
|
|
|
|
|
GAAP
revenue
|
$280,040
|
$272,627
|
$566,367
|
$563,644
|
Fair
value adjustment of acquired deferred subscription
revenue
|
411
|
777
|
1,057
|
965
|
Fair
value adjustment of acquired deferred services revenue
|
262
|
286
|
530
|
595
|
Non-GAAP
revenue
|
$280,713
|
$273,690
|
$567,954
|
$565,204
|
|
|
|
|
|
GAAP
gross margin
|
$198,210
|
$192,436
|
$402,422
|
$403,305
|
Fair
value adjustment of acquired deferred revenue
|
673
|
1,063
|
1,587
|
1,560
|
Fair
value adjustment to deferred services cost
|
(108)
|
(125)
|
(221)
|
(257)
|
Stock-based
compensation
|
3,207
|
2,379
|
6,101
|
5,735
|
Amortization
of acquired intangible assets included in cost of
revenue
|
6,389
|
6,725
|
12,777
|
11,852
|
Non-GAAP
gross margin
|
$208,371
|
$202,478
|
$422,666
|
$422,195
|
|
|
|
|
|
GAAP
operating income (loss)
|
$7,513
|
$1,758
|
$12,074
|
$(11,535)
|
Fair
value adjustment of acquired deferred revenue
|
673
|
1,063
|
1,587
|
1,560
|
Fair
value adjustment to deferred services cost
|
(108)
|
(125)
|
(221)
|
(257)
|
Stock-based
compensation
|
21,577
|
14,836
|
39,565
|
38,025
|
Amortization
of acquired intangible assets included in cost of
revenue
|
6,389
|
6,725
|
12,777
|
11,852
|
Amortization
of acquired intangible assets
|
7,946
|
8,396
|
16,013
|
16,746
|
Acquisition-related
charges included in general and administrative costs
|
554
|
1,071
|
723
|
2,278
|
Restructuring
charges
|
464
|
4,579
|
6,749
|
41,726
|
Non-GAAP operating income
(1)
|
$45,008
|
$38,303
|
$89,267
|
$100,395
|
|
|
|
|
|
GAAP
net loss
|
$(1,104)
|
$(5,173)
|
$(10,245)
|
$(29,065)
|
Fair
value adjustment of acquired deferred revenue
|
673
|
1,063
|
1,587
|
1,560
|
Fair
value adjustment to deferred services cost
|
(108)
|
(125)
|
(221)
|
(257)
|
Stock-based
compensation
|
21,577
|
14,836
|
39,565
|
38,025
|
Amortization
of acquired intangible assets included in cost of
revenue
|
6,389
|
6,725
|
12,777
|
11,852
|
Amortization
of acquired intangible assets
|
7,946
|
8,396
|
16,013
|
16,746
|
Acquisition-related
charges included in general and administrative costs
|
554
|
1,071
|
723
|
2,278
|
Restructuring
charges
|
464
|
4,579
|
6,749
|
41,726
|
Non-operating
credit facility refinancing costs
|
1,152
|
-
|
1,152
|
2,359
|
Income tax adjustments
(2)
|
(2,787)
|
(5,208)
|
(2,639)
|
(279)
|
Non-GAAP
net income
|
$34,756
|
$26,164
|
$65,461
|
$84,945
|
GAAP
diluted loss per share
|
$(0.01)
|
$(0.05)
|
$(0.09)
|
$(0.25)
|
Fair
value of acquired deferred revenue
|
0.01
|
0.01
|
0.01
|
0.01
|
Stock-based
compensation
|
0.18
|
0.13
|
0.34
|
0.33
|
Amortization
of acquired intangibles
|
0.12
|
0.13
|
0.25
|
0.25
|
Acquisition-related
charges
|
-
|
0.01
|
0.01
|
0.02
|
Restructuring
charges
|
-
|
0.04
|
0.06
|
0.36
|
Non-operating
credit facility refinancing costs
|
0.01
|
-
|
0.01
|
0.02
|
Income
tax adjustments
|
(0.02)
|
(0.05)
|
(0.02)
|
-
|
Non-GAAP
diluted earnings per share
|
$0.30
|
$0.23
|
$0.56
|
$0.74
|
|
|
|
|
|
GAAP
diluted weighted average shares outstanding
|
115,709
|
114,563
|
115,498
|
114,354
|
Dilutive
effect of stock based compensation plans
|
1,737
|
428
|
1,736
|
758
|
Non-GAAP
diluted weighted average shares outstanding
|
117,446
|
114,991
|
117,234
|
115,112
|
|
(1)
|
Operating margin impact of non-GAAP adjustments:
|
|
Three Months Ended
|
Six Months Ended
|
||
|
April 1,
|
April 2,
|
April 1,
|
|
|
2016
|
2017
|
2016
|
|
GAAP
operating margin
|
2.7%
|
0.6%
|
2.1%
|
-2.0%
|
Fair
value of acquired deferred revenue
|
0.2%
|
0.4%
|
0.3%
|
0.3%
|
Fair
value adjustment to deferred services cost
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
Stock-based
compensation
|
7.7%
|
5.4%
|
7.0%
|
6.7%
|
Amortization
of acquired intangibles
|
5.1%
|
5.5%
|
5.1%
|
5.1%
|
Acquisition-related
charges
|
0.2%
|
0.4%
|
0.1%
|
0.4%
|
Restructuring
charges
|
0.2%
|
1.7%
|
1.2%
|
7.4%
|
Non-GAAP
operating margin
|
16.0%
|
14.0%
|
15.7%
|
17.8%
|
|
(2)
|
We have recorded a full valuation allowance against our U.S. net
deferred tax assets and a valuation allowance against net deferred
tax assets in certain foreign jurisdictions. As we are profitable
on a non-GAAP basis, the 2017 and 2016 non-GAAP tax provisions are
being calculated assuming there is no valuation allowance. Income
tax adjustments reflect the tax effects of non-GAAP adjustments
which are calculated by applying the applicable tax rate by
jurisdiction to the non-GAAP adjustments listed above. For the
three and six months ended April 1, 2017 and April 2, 2016 our
non-GAAP tax provision is based on our annual expected non-GAAP tax
rate applied to our year-to-date non-GAAP earnings.
|
|
April 1,
|
|
|
2016
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash
and cash equivalents
|
$243,316
|
$277,935
|
Marketable
securities
|
48,191
|
49,616
|
Accounts
receivable, net
|
142,620
|
161,357
|
Property
and equipment, net
|
63,429
|
67,113
|
Goodwill
and acquired intangible assets, net
|
1,441,577
|
1,480,118
|
Other
assets
|
394,615
|
309,590
|
|
|
|
Total
assets
|
$2,333,748
|
$2,345,729
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Deferred
revenue
|
$492,472
|
$413,657
|
Debt,
net of deferred issuance costs
|
711,976
|
751,601
|
Other
liabilities
|
281,956
|
337,805
|
Stockholders'
equity
|
847,344
|
842,666
|
|
|
|
Total
liabilities and stockholders' equity
|
$2,333,748
|
$2,345,729
|
|
Three Months Ended
|
Six Months Ended
|
||
|
April 1,
|
April 2,
|
April 1,
|
|
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
Net
loss
|
$(1,104)
|
$(5,173)
|
$(10,245)
|
$(29,065)
|
Stock-based
compensation
|
21,577
|
14,836
|
39,565
|
38,025
|
Depreciation
and amortization
|
21,229
|
22,291
|
42,683
|
42,904
|
Accounts
receivable
|
(5,811)
|
28,398
|
15,373
|
63,617
|
Accounts
payable and accruals
|
13,022
|
(28,067)
|
(40,586)
|
(17,692)
|
Deferred
revenue
|
39,183
|
22,757
|
27,457
|
24,019
|
Income
taxes
|
(8,584)
|
(5,471)
|
(14,680)
|
(8,826)
|
Excess
tax benefits from stock-based awards
|
(37)
|
-
|
(139)
|
(56)
|
Other
|
(3,086)
|
(686)
|
(31,017)
|
(2,787)
|
Net
cash provided by operating activities
|
76,389
|
48,885
|
28,411
|
110,139
|
|
|
|
|
|
Capital
expenditures
|
(7,689)
|
(4,681)
|
(14,789)
|
(8,866)
|
Acquisitions of businesses, net
of cash acquired (1)
|
-
|
(99,411)
|
-
|
(164,191)
|
Proceeds
(payments) on debt, net
|
(20,000)
|
120,000
|
(40,000)
|
170,000
|
Proceeds
from issuance of common stock
|
3,978
|
-
|
3,978
|
1
|
Payments of withholding taxes in connection with
|
|
|
|
|
vesting
of stock-based awards
|
(543)
|
(638)
|
(19,166)
|
(15,471)
|
Excess
tax benefits from stock-based awards
|
37
|
-
|
139
|
56
|
Proceeds
from sales of investments
|
13,716
|
-
|
15,218
|
-
|
Net
proceeds from marketable securities
|
1,280
|
-
|
1,280
|
-
|
Other
financing & investing activities
|
(184)
|
-
|
(2,895)
|
(2,300)
|
Foreign
exchange impact on cash
|
2,965
|
7,504
|
(6,795)
|
5,671
|
|
|
|
|
|
Net
change in cash and cash equivalents
|
69,949
|
71,659
|
(34,619)
|
95,039
|
Cash
and cash equivalents, beginning of period
|
173,367
|
296,797
|
277,935
|
273,417
|
Cash
and cash equivalents, end of period
|
$243,316
|
$368,456
|
$243,316
|
$368,456
|
(1)
|
We aquired Kepware, Inc. on January 11, 2016 for $99 million (net
of cash acquired) and Vuforia on November 3, 2015 for $65 million
(net of cash acquired).
|
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/18 | ||||
9/30/17 | ||||
7/1/17 | ||||
Filed on / For Period End: | 4/19/17 | |||
4/2/17 | ||||
4/1/17 | ||||
4/2/16 | 10-Q | |||
1/11/16 | ||||
11/3/15 | 4 | |||
List all Filings |