PTC Announces Third Quarter FY’15 Results

(1) For the three months ended July 4, 2015 non-GAAP revenue excludes $0.8 million of a fair value adjustment to acquired deferred revenue of which $0.7 million is included in the Americas and $0.1 million is included in Europe.

  • On a year over year, constant currency basis, software revenue was up 2% in Q3 FY’15 and is up 5% for the first nine months of FY’15 on a GAAP basis and up 6% for the first nine months of FY’15 on a non-GAAP basis.
  • We added 78 new IoT customers during the quarter, bringing our total added through the first nine months of the year to 182.
  • During the quarter, subscription solution bookings were 16% of license and subscription solutions bookings, down from 21% a year ago when we had two significant subscription bookings, including one mega deal, in our core business.
  • We had 8 large deals of greater than $1 million of license and subscription solutions (L&SS) bookings from a single customer, down from 21 in the third quarter FY’14. We had no mega deals (transactions with greater than $5 million of L&SS bookings from a single customer) in Q3 FY’15, down from one in the third quarter FY’14.
  • GAAP operating margin was 7.1% (including a $14 million legal settlement accrual, $4 million of restructuring charges, $3 million of acquisition-related charges, and $2 million of pension plan termination costs). Non-GAAP operating margin was 24.1%.
  • Cash flow from operations was $87 million, we repurchased $50 million of shares, and we ended the quarter with total cash and cash equivalents of $275 million. Total debt was $624 million and DSO was 55 days.

Business Outlook

For the quarter and fiscal year ending September 30, 2015, the Company expects:

($ in millions)     Q4’15
Low
  Q4’15
High
  FY’15
Low
  FY’15
High
 
Subscription Solutions % of L&SS Bookings 14 % 14 % 15 % 15 %
 
License and Subscription Solutions Revenue $ 90 $ 105 $ 340 $ 355
Support Revenue   164     164     681     681  
Total Software Revenue 254 269 1,021 1,036
Professional Services Revenue   50     50     229     229  
Total Revenue $ 304   $ 319   $ 1,250   $ 1,265  
 
Operating Margin (GAAP) 16 % 17 % 9 % 9 %
Operating Margin (Non-GAAP) 26 % 26 % 24 % 24 %
Tax Rate (GAAP) 1 % 1 % 0 % 0 %
Tax Rate (Non-GAAP) 10 % 5 % 11 % 10 %
Shares Outstanding   116     116     116     116  
EPS (GAAP) $ 0.37 $ 0.43 $ 0.83 $ 0.89
EPS (Non-GAAP) $ 0.59   $ 0.66   $ 2.15   $ 2.23  

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