(1) FX Assumptions: USD/EURO = 1.14; YEN/USD = 118
Impact of currency fluctuation vs. Q2’14 on Q2’15 non-GAAP revenue guidance is ~$20 million and on non-GAAP EPS is ~$0.07
Impact of currency fluctuation vs. FY’14 on FY’15 non-GAAP revenue guidance is ~$80 million and on non-GAAP EPS is ~$0.25
(2) Described below table
The Q2 guidance adjusts for the impact of the following items and their income tax effects, as well as any additional discrete tax items or restructuring costs: approximately $1 million of the effect of acquisition accounting on the fair value of acquired deferred revenue; approximately $14 million of stock-based compensation expense; approximately $14 million of intangible asset amortization expense; and approximately $4 million of other charges, net (primarily acquisition-related and pension plan termination related expenses).
The FY’15 guidance adjusts for the impact of the following items and their income tax effects, as well as any additional discrete tax items or restructuring costs: approximately $4 million for the effect of acquisition accounting on the fair value of acquired deferred revenue; approximately $55 million of stock-based compensation expense; approximately $55 million of intangible asset amortization expense; and approximately $13 million of other charges, net (primarily acquisition-related and pension plan termination related expenses).
FY’15 non-GAAP guidance also excludes settlement losses related to the termination of our U.S. pension plan. While we expect to complete the termination process by September 30, 2015, the amount of the losses and timing of the charges is subject to the timing of regulatory approvals and the projected benefit obligations and assets in the plan measured as of the dates the settlements occur. We currently estimate the pre-tax settlement losses to be approximately $65 million.
New Chief Financial Officer (CFO)
As
previously announced, Mr. Andrew Miller will assume the position of
Executive Vice President and CFO in February 2015. Mr. Miller will
replace Mr. Glidden, who announced his intention to retire in August
2014. Mr. Glidden will serve as a consultant to PTC for a transition
period following Mr. Miller’s commencement of employment with the
company.
Glidden remarked, “I’m pleased that during my tenure as CFO, and under the leadership of our CEO Jim Heppelmann, PTC experienced significant improvement in both operating margin and free cash flow growth, while repositioning our solutions portfolio to focus on smart, connected products. I expect the focus on delivering value to our shareholders via improving financials and strategic growth will continue under the leadership of Jim and the rest of PTC’s management team.”
Q1 FY’15 Earnings Conference Call and Webcast
Prepared
remarks for the conference call (which include supplemental financial
and statistical information) have been posted to the Investor Relations
section of our website.
The prepared remarks will not be read live; the call will be primarily Q&A.
| What: | PTC Fiscal Q1’15 Conference Call and Webcast | |
| When: | Thursday, January 29, 2015 at 8:30am (ET) | |
| Dial-in: |
1-800-857-5592 or 1-773-799-3757
|
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| Webcast: | ||
| Replay: |
The audio replay of this event will be archived for public replay
until 5:00 pm (CT) on February 9, 2015.
|
