(Registrant’s
Telephone Number, Including Area
Code) (781)
370-5000
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
Symbols
Name of
each exchange on which registered
Common Stock, $.01 par value per share
PTC
NASDAQ Global Select Market
Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth
company ☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Section
7 – Regulation FD
Item
7.01.
Regulation
FD Disclosure.
Today,
June 11, 2019, PTC announces its intention to increase its target
stock repurchases from 40% of annual free cash flow to 50% of
annual free cash flow for FY2020.
PTC is
also reaffirming its FY2023 Financial Targets under ASC 605
of:
●
$2.4 Billion Total
Revenue
●
$2.2 Billion
Software Revenue
●
95% Subscription
Mix
●
37% Non-GAAP
Operating Margin
●
$6.30 Non-GAAP
EPS
●
$850 Million
Adjusted Free Cash Flow
Our
non-GAAP financial measures and the reasons we use them are
described beginning on page 35 of our Annual Report on Form 10-K
for the fiscal year ended September 30, 2018. You should read that
information to understand what items are excluded from our non-GAAP
financial measures as those items can cause our non-GAAP measures
to differ materially from our reported GAAP results and many of
those items are recurring items. We cannot reconcile our non-GAAP
financial targets to future period GAAP targets as the items we
exclude from our non-GAAP financial targets are not known or
estimable.
These
FY2023 financial targets are under the ASC 605 revenue reporting
standard. We adopted the ASC 606 revenue reporting standard on
October 1, 2018, the beginning of our 2019 fiscal year. Such
financial targets would differ if formulated using the ASC 606
revenue reporting standard. We plan to provide FY2023 financial
targets under ASC 606 in November 2019 after we have completed
our work to provide such targets.
Our
FY2023 financial targets and our intention to target using 50% of
free cash flow to repurchase shares in FY2020 are forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from those projected. The risks
and uncertainties that could cause actual results to differ
materially from those projected are described from time to time in
reports we file with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. You should read those Risk Factors to
understand the risks and uncertainties that could cause our actual
results to differ materially from the targets set forth above. The
risks and uncertainties we describe in those reports are not the
only risks we face, additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial
also may materially and adversely affect our business, financial
condition and/or operating results.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
