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As Of Filer Filing For·On·As Docs:Size Issuer Agent 10/26/16 PTC Inc. 8-K:2,9 10/26/16 3:1.2M Blueprint/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 16K 2: EX-99.1 Press Release HTML 210K 3: EX-99.2 Prepared Remarks HTML 186K
Blueprint |
In millions except per share amounts
|
|
|
|
|
|
|
|
|
Operating Measures(1)
|
|
Q1’17 Low
|
|
Q1’17
High
|
|
FY’17 Low
|
|
FY’17 High
|
|
|
|
|
|
|
|
|
|
Subscription ACV
|
|
$ 19
|
|
$ 22
|
|
$ 130
|
|
$ 136
|
License and Subscription Bookings
|
|
$ 70
|
|
$ 80
|
|
$ 400
|
|
$ 420
|
Subscription % of Bookings
|
|
55%
|
|
55%
|
|
65%
|
|
65%
|
(1) An explanation of the
metrics included in this table is provided
below.
|
||||||||
Financial Measures
|
|
Q1’17 Low
|
|
Q1’17 High
|
|
FY’17 Low
|
|
FY’17 High
|
Subscription Revenue
|
|
$ 54
|
|
$ 54
|
|
$ 250
|
|
$ 260
|
Support Revenue
|
|
153
|
|
153
|
|
605
|
|
605
|
Perpetual License Revenue
|
|
32
|
|
37
|
|
140
|
|
150
|
Total Software
Revenue(2)
|
|
239
|
|
244
|
|
995
|
|
1,015
|
Professional Services Revenue
|
|
46
|
|
46
|
|
195
|
|
195
|
Total Revenue(2)
|
|
$ 285
|
|
$ 290
|
|
$ 1,190
|
|
$ 1,210
|
|
|
|
|
|
|
|
|
|
Operating Expense (GAAP)
|
|
$ 192
|
|
$ 194
|
|
$ 765
|
|
$ 775
|
Operating Expense (Non-GAAP)
|
|
169
|
|
171
|
|
680
|
|
690
|
Operating Margin (GAAP)
|
|
3%
|
|
4%
|
|
7%
|
|
7%
|
Operating Margin (Non-GAAP)
|
|
15%
|
|
16%
|
|
17%
|
|
18%
|
Tax Rate (GAAP)
|
|
25%
|
|
25%
|
|
25%
|
|
25%
|
Tax Rate (Non-GAAP)
|
|
12%
|
|
10%
|
|
12%
|
|
10%
|
Shares Outstanding
|
|
117
|
|
117
|
|
116
|
|
116
|
EPS (GAAP)
|
|
$ 0.06
|
|
$ 0.08
|
|
$ 0.51
|
|
$ 0.58
|
EPS (Non-GAAP) (2)
|
|
$ 0.23
|
|
$ 0.28
|
|
$ 1.20
|
|
$ 1.35
|
Free Cash Flow
|
|
|
|
|
|
$ 131
|
|
$ 141
|
Adjusted Free Cash
Flow(3)
|
|
|
|
|
|
$ 170
|
|
$ 180
|
In millions
|
|
Q1’17
|
|
FY’17
|
|
|
|
|
|
Effect of acquisition accounting on fair value of acquired deferred
revenue
|
|
$ 1
|
|
$ 3
|
Stock-based compensation expense
|
|
15
|
|
62
|
Intangible asset amortization expense
|
|
14
|
|
58
|
Restructuring charges
|
|
3
|
|
3
|
Total Estimated Pre-Tax GAAP adjustments
|
|
$ 33
|
|
$ 126
|
PTC Inc.
|
||||||
UNAUDITED CONSOLIDATED STATEMENTS OF
INCOME
|
||||||
(in thousands, except per share data)
|
|
|
|
||||
|
September 30,
|
September 30,
|
September 30,
|
|||
|
2015
|
2016
|
2015
|
|||
|
|
|
|
|
||
Revenue:
|
|
|
|
|
||
Subscription
|
$40,665
|
$18,096
|
$118,322
|
$65,239
|
||
Support
|
157,545
|
165,482
|
651,807
|
681,524
|
||
Total
recurring software
|
198,210
|
183,578
|
770,129
|
746,763
|
||
Perpetual
license
|
41,367
|
81,053
|
173,467
|
282,760
|
||
Total
software
|
239,577
|
264,631
|
943,596
|
1,029,523
|
||
Professional
services
|
48,660
|
47,937
|
196,937
|
225,719
|
||
Total
revenue
|
288,237
|
312,568
|
1,140,533
|
1,255,242
|
||
|
|
|
|
|
||
Cost
of revenue:
|
|
|
|
|
||
Cost of software revenue
(1)
|
41,148
|
33,467
|
155,439
|
135,992
|
||
Cost of professional services
revenue(1)
|
41,708
|
42,895
|
170,226
|
198,742
|
||
Total
cost of revenue
|
82,856
|
76,362
|
325,665
|
334,734
|
||
|
|
|
|
|
||
Gross
margin
|
205,381
|
236,206
|
814,868
|
920,508
|
||
|
|
|
|
|
||
Operating
expenses:
|
|
|
|
|
||
Sales and marketing
(1)
|
102,985
|
85,092
|
367,465
|
346,794
|
||
Research and development
(1)
|
57,934
|
52,180
|
229,331
|
227,513
|
||
General and administrative
(1)
|
37,647
|
44,990
|
145,615
|
158,715
|
||
U.S.
pension settlement loss
|
-
|
66,332
|
-
|
66,332
|
||
Amortization
of acquired intangible assets
|
8,158
|
8,438
|
33,198
|
36,129
|
||
Restructuring
charges
|
31,732
|
784
|
76,273
|
43,409
|
||
Total
operating expenses
|
238,456
|
257,816
|
851,882
|
878,892
|
||
|
|
|
|
|
||
Operating
income (loss)
|
(33,075)
|
(21,610)
|
(37,014)
|
41,616
|
||
Other
expense, net
|
(10,298)
|
(4,598)
|
(30,178)
|
(15,091)
|
||
Income
(loss) before income taxes
|
(43,373)
|
(26,208)
|
(67,192)
|
26,525
|
||
Provision
(benefit) for income taxes
|
(14,900)
|
(20,655)
|
(12,727)
|
(21,032)
|
||
Net
income (loss)
|
$(28,473)
|
$(5,553)
|
$(54,465)
|
$47,557
|
||
|
|
|
|
|
||
Earnings
(loss) per share:
|
|
|
|
|
||
Basic
|
$(0.25)
|
$(0.05)
|
$(0.48)
|
$0.41
|
||
Weighted
average shares outstanding
|
114,958
|
113,999
|
114,612
|
114,775
|
||
|
|
|
|
|
||
Diluted
|
$(0.25)
|
$(0.05)
|
$(0.48)
|
$0.41
|
||
Weighted
average shares outstanding
|
114,958
|
113,999
|
114,612
|
116,012
|
||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
||
(1)
The amounts in the tables above include stock-based compensation as
follows:
|
|
|
|
|||
|
|
|
|
|
||
|
|
|
Three Months Ended
|
|
||
|
|
|
September 30,
|
September 30,
|
September 30,
|
|
|
|
|
2015
|
2016
|
2015
|
|
Cost
of software revenue
|
$1,235
|
$1,138
|
$5,398
|
$4,296
|
||
Cost
of professional services revenue
|
1,321
|
1,361
|
5,393
|
5,871
|
||
Sales
and marketing
|
3,405
|
3,368
|
14,659
|
14,189
|
||
Research
and development
|
2,596
|
2,608
|
10,174
|
11,623
|
||
General
and administrative
|
5,618
|
3,572
|
30,372
|
14,203
|
||
Total
stock-based compensation
|
$14,175
|
$12,047
|
$65,996
|
$50,182
|
PTC Inc.
|
||||
NON-GAAP
FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
|
||||
(in thousands, except per share data)
|
||||
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||
|
September 30,
|
September 30,
|
September 30,
|
|
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
GAAP
software revenue
|
$239,577
|
$264,631
|
$943,596
|
$1,029,523
|
Fair
value adjustment of acquired deferred subscription
revenue
|
619
|
207
|
2,330
|
1,831
|
Fair
value adjustment of acquired deferred support revenue
|
-
|
43
|
-
|
898
|
Non-GAAP
software revenue
|
$240,196
|
$264,881
|
$945,926
|
$1,032,252
|
|
|
|
|
|
GAAP
revenue
|
$288,237
|
$312,568
|
$1,140,533
|
$1,255,242
|
Fair
value adjustment of acquired deferred subscription
revenue
|
619
|
207
|
2,330
|
1,831
|
Fair
value adjustment of acquired deferred support revenue
|
-
|
43
|
-
|
898
|
Fair
value adjustment of acquired deferred services revenue
|
266
|
296
|
1,139
|
1,140
|
Non-GAAP
revenue
|
$289,122
|
$313,114
|
$1,144,002
|
$1,259,111
|
|
|
|
|
|
GAAP
gross margin
|
$205,381
|
$236,206
|
$814,868
|
$920,508
|
Fair
value adjustment of acquired deferred revenue
|
885
|
546
|
3,469
|
3,869
|
Fair
value adjustment to deferred services cost
|
(114)
|
(134)
|
(492)
|
(526)
|
Stock-based
compensation
|
2,556
|
2,499
|
10,791
|
10,167
|
Amortization
of acquired intangible assets included in cost of software
revenue
|
6,369
|
4,964
|
24,604
|
19,402
|
Non-GAAP
gross margin
|
$215,077
|
$244,081
|
$853,240
|
$953,420
|
|
|
|
|
|
GAAP
operating income (loss)
|
$(33,075)
|
$(21,610)
|
$(37,014)
|
$41,616
|
Fair
value adjustment of acquired deferred revenue
|
885
|
546
|
3,469
|
3,869
|
Fair
value adjustment to deferred services cost
|
(114)
|
(134)
|
(492)
|
(526)
|
Stock-based
compensation
|
14,175
|
12,047
|
65,996
|
50,182
|
Amortization
of acquired intangible assets included in cost of software
revenue
|
6,369
|
4,964
|
24,604
|
19,402
|
Amortization
of acquired intangible assets
|
8,158
|
8,438
|
33,198
|
36,129
|
Acquisition-related
charges included in general and administrative costs
|
281
|
210
|
3,496
|
8,913
|
US
pension plan termination-related costs
|
-
|
67,779
|
-
|
73,171
|
Legal
accrual
|
3,199
|
14,540
|
3,199
|
28,162
|
Restructuring
charges
|
31,732
|
784
|
76,273
|
43,409
|
Non-GAAP operating income
(2)
|
$31,610
|
$87,564
|
$172,729
|
$304,327
|
|
|
|
|
|
PTC Inc.
|
|||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
CONT'D.
|
|||||
(in thousands, except per share data)
|
|||||
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||
|
|
September 30,
|
September 30,
|
September 30,
|
|
|
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
$(28,473)
|
$(5,553)
|
$(54,465)
|
$47,557
|
|
Fair value adjustment of acquired deferred revenue
|
885
|
546
|
3,469
|
3,869
|
|
Fair value adjustment to deferred services cost
|
(114)
|
(134)
|
(492)
|
(526)
|
|
Stock-based compensation
|
14,175
|
12,047
|
65,996
|
50,182
|
|
Amortization of acquired intangible assets included in cost of
software revenue
|
6,369
|
4,964
|
24,604
|
19,402
|
|
Amortization of acquired intangible assets
|
8,158
|
8,438
|
33,198
|
36,129
|
|
Acquisition-related charges included in general and administrative
costs
|
281
|
210
|
3,496
|
8,913
|
|
US pension plan termination-related costs
|
-
|
67,779
|
-
|
73,171
|
|
Legal accrual
|
3,199
|
14,540
|
3,199
|
28,162
|
|
Restructuring charges
|
31,732
|
784
|
76,273
|
43,409
|
|
Non-operating credit facility refinancing costs
|
-
|
-
|
2,359
|
-
|
|
Income tax
adjustments (3)
|
(13,328)
|
(26,537)
|
(19,809)
|
(51,088)
|
|
Non-GAAP net income
|
$22,884
|
$77,084
|
$137,828
|
$259,180
|
|
|
|
|
|
|
|
GAAP diluted earnings (loss) per share
|
$(0.25)
|
$(0.05)
|
$(0.48)
|
$0.41
|
|
Fair value of acquired deferred revenue
|
0.01
|
0.00
|
0.03
|
0.03
|
|
Stock-based compensation
|
0.12
|
0.10
|
0.57
|
0.43
|
|
Amortization of acquired intangibles
|
0.12
|
0.12
|
0.50
|
0.48
|
|
Acquisition-related charges
|
-
|
0.00
|
0.03
|
0.08
|
|
US pension plan termination-related costs
|
-
|
0.59
|
-
|
0.63
|
|
Legal accrual
|
0.03
|
0.13
|
0.03
|
0.24
|
|
Restructuring charges
|
0.27
|
0.01
|
0.66
|
0.37
|
|
Non-operating credit facility refinancing costs
|
-
|
-
|
0.02
|
-
|
|
Income tax adjustments
|
(0.11)
|
(0.23)
|
(0.17)
|
(0.44)
|
|
Non-GAAP diluted earnings per share
|
$0.20
|
$0.67
|
$1.19
|
$2.23
|
|
|
|
|
|
|
|
GAAP diluted weighted average shares outstanding
|
114,958
|
113,999
|
114,612
|
116,012
|
|
Dilutive effect of stock based compensation plans
|
1,522
|
1,026
|
985
|
-
|
|
Non-GAAP diluted weighted average shares outstanding
|
116,480
|
115,025
|
115,597
|
116,012
|
|
|
|
|
|
|
|
(2)
|
Operating margin impact of non-GAAP adjustments:
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||
|
|
September 30,
|
September 30,
|
September 30,
|
|
|
|
2015
|
2016
|
2015
|
|
GAAP operating margin
|
-11.5%
|
-6.9%
|
-3.2%
|
3.3%
|
|
|
Fair value of acquired deferred revenue
|
0.3%
|
0.2%
|
0.3%
|
0.3%
|
|
Fair value adjustment to deferred services cost
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
|
Stock-based compensation
|
4.9%
|
3.9%
|
5.8%
|
4.0%
|
|
Amortization of acquired intangibles
|
5.0%
|
4.3%
|
5.1%
|
4.4%
|
|
Acquisition-related charges
|
0.1%
|
0.1%
|
0.3%
|
0.7%
|
|
US pension plan termination-related costs
|
0.0%
|
21.7%
|
0.0%
|
5.8%
|
|
Legal accrual
|
1.1%
|
4.7%
|
0.3%
|
2.2%
|
|
Restructuring charges
|
11.0%
|
0.3%
|
6.7%
|
3.5%
|
Non-GAAP operating margin
|
10.9%
|
28.0%
|
15.1%
|
24.2%
|
|
|
|
|
|
|
|
(3)
|
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 2016 and 2015 non-GAAP tax provisions are
being calculated assuming there is no valuation allowance. Income
tax adjustments for the three and twelve months ended September 30,
2016 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. Additionally, for the three
months and twelve months ended September 30, 2016, we recorded a
tax benefit for the writeoff of a deferred tax liability that
resulted from the change in tax status of a foreign subsidiary.
This tax benefit has been excluded for non-GAAP tax
expense
|
PTC Inc.
|
|||
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|||
(in thousands)
|
|||
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
2015
|
|
ASSETS
|
|
|
|
Cash and cash equivalents (4)
|
$277,935
|
$273,417
|
|
Marketable securities (4)
|
49,616
|
-
|
|
Accounts
receivable, net
|
161,357
|
197,275
|
|
Property
and equipment, net
|
67,113
|
65,162
|
|
Goodwill
and acquired intangible assets, net
|
1,480,118
|
1,360,342
|
|
Other
assets
|
316,114
|
313,717
|
|
|
|
|
|
Total
assets
|
$2,352,253
|
$2,209,913
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Deferred
revenue
|
$413,657
|
$386,850
|
|
Debt
|
758,125
|
668,125
|
|
Other
liabilities
|
337,805
|
294,767
|
|
Stockholders'
equity
|
842,666
|
860,171
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$2,352,253
|
$2,209,913
|
|
|
|
|
|
|
|
|
|
(4)
In the third quarter of 2016, we began a fixed income investment
plan for a portion of our offshore cash. In connection with the
plan, we invested $50 million in investment grade securities with a
weighted average maturity
of
less than 18 months.
|
PTC Inc.
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||
|
September 30,
|
September 30,
|
September 30,
|
|
|
2015
|
2016
|
2015
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
Net
income (loss)
|
$(28,473)
|
$(5,553)
|
$(54,465)
|
$47,557
|
Stock-based
compensation
|
14,175
|
12,047
|
65,996
|
50,182
|
Depreciation
and amortization
|
21,833
|
20,978
|
86,554
|
84,433
|
Accounts
receivable
|
(5,882)
|
(15,183)
|
52,617
|
29,723
|
Accounts
payable and accruals
|
56,620
|
(15,787)
|
46,759
|
(25,816)
|
Deferred
revenue
|
(28,360)
|
(42,541)
|
16,232
|
8,852
|
Pension
settlement loss
|
-
|
66,332
|
-
|
66,332
|
Income
taxes
|
(19,963)
|
(27,289)
|
(37,433)
|
(52,897)
|
Excess
tax benefits from stock-based awards
|
1
|
(95)
|
(93)
|
(24)
|
Other
|
3,621
|
(5,469)
|
7,001
|
(28,439)
|
Net cash provided by operating
activities (5)
|
13,572
|
(12,560)
|
183,168
|
179,903
|
|
|
|
|
|
Capital
expenditures
|
(9,557)
|
(9,991)
|
(26,189)
|
(30,628)
|
Acquisitions of businesses, net
of cash acquired (6)
|
(1,611)
|
-
|
(165,802)
|
(98,411)
|
Proceeds
(payments) on debt, net
|
(20,000)
|
43,750
|
90,000
|
56,250
|
Proceeds
from issuance of common stock
|
2
|
3
|
21
|
41
|
Payments
of withholding taxes in connection with
|
|
|
|
|
vesting
of stock-based awards
|
(303)
|
(90)
|
(20,939)
|
(29,207)
|
Repurchases
of common stock
|
-
|
(14,978)
|
-
|
(64,940)
|
Excess
tax benefits from stock-based awards
|
(1)
|
95
|
93
|
24
|
Purchase
of investments
|
(560)
|
-
|
(45,165)
|
(11,000)
|
Contingent
consideration
|
-
|
(4,323)
|
(10,621)
|
(4,323)
|
Other
financing & investing activities
|
(96)
|
-
|
(6,855)
|
-
|
Foreign
exchange impact on cash
|
1,863
|
(3,549)
|
6,807
|
(17,946)
|
|
|
|
|
|
Net
change in cash and cash equivalents
|
(16,691)
|
(1,643)
|
4,518
|
(20,237)
|
Cash
and cash equivalents, beginning of period
|
294,626
|
275,060
|
273,417
|
293,654
|
Cash
and cash equivalents, end of period
|
$277,935
|
$273,417
|
$277,935
|
$273,417
|
|
|
|
|
|
|
|
|
|
|
(5)
The twelve months ended September 30, 2016 include a $28 million
legal settlement payment. The three and twelve months ended
September 30, 2016 include $5 million and $55 million in
restructuring payments, respectively. The three and twelve months
ended September 30, 2015 include $6 million and $54 million in
restructuring payments, respectively. The three and twelve months
ended September 30, 2015 includes $26 million and $46 million of
voluntary contribution funding payments to pension plans,
respectively.
|
||||
|
|
|
|
|
(6)
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). We acquired ColdLight on May 7, 2015 for
$99 million (net of cash acquired).
|
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/16 | ||||
Filed on / For Period End: | 10/26/16 | |||
9/30/16 | ||||
8/11/16 | 10-Q | |||
7/20/16 | 8-K | |||
1/11/16 | ||||
11/3/15 | 4 | |||
9/30/15 | 10-K | |||
5/7/15 | 4 | |||
List all Filings |