PTC Announces Second Quarter Fiscal Year 2018 Results


PTC Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)


			Three Months Ended						Six Months Ended
			March 31,			April 1,			March 31,			April 1,
			2018			2017			2018			2017

Revenue:
	Subscription		$	112,931		$	65,780		$	212,939		$	120,142
	Support			126,683			141,718			257,880			293,196
Total recurring revenue				239,614			207,498			470,819			413,338
	Perpetual license			22,839			27,372			56,824			61,751
Total subscription, support and license revenue				262,453			234,870			527,643			475,089
	Professional services			45,430			45,170			86,884			91,278
Total revenue				307,883			280,040			614,527			566,367

Cost of revenue:
	Cost of license and subscription revenue ^{(1) (2)}			23,119			20,555			47,495			40,685
	Cost of support revenue ^{(1) (2)}			23,030			22,576			45,230			45,393
		Total cost of software revenue		46,149			43,131			92,725			86,078
	Cost of professional services revenue ⁽¹⁾			37,482			38,699			73,864			77,867
Total cost of revenue				83,631			81,830			166,589			163,945

Gross margin				224,252			198,210			447,938			402,422

Operating expenses:
	Sales and marketing ⁽¹⁾			98,330			87,777			197,645			178,467
	Research and development ⁽¹⁾			62,194			57,710			126,163			115,624
	General and administrative ⁽¹⁾			33,353			36,800			68,357			73,495
	Amortization of acquired intangible assets			7,895			7,946			15,716			16,013
	Restructuring and headquarters charges, net ⁽³⁾			114			464			219			6,749
Total operating expenses				201,886			190,697			408,100			390,348

Operating income				22,366			7,513			39,838			12,074
	Other expense, net			(10,820	)		(8,569	)		(21,821	)		(19,633	)
Income (loss) before income taxes				11,546			(1,056	)		18,017			(7,559	)
	Provision (benefit) for income taxes ⁽⁴⁾			3,624			48			(3,782	)		2,686
Net income (loss)			$	7,922		$	(1,104	)	$	21,799		$	(10,245	)

Earnings (loss) per share:
	Basic		$	0.07		$	(0.01	)	$	0.19		$	(0.09	)
		Weighted average shares outstanding		116,241			115,709			115,986			115,498

	Diluted		$	0.07		$	(0.01	)	$	0.19		$	(0.09	)
		Weighted average shares outstanding		117,905			115,709			117,780			115,498



	(1)	The amounts in the tables above include stock-based compensation as follows:

			Three Months Ended						Six Months Ended
			March 31,			April 1,			March 31,			April 1,
			2018			2017			2018			2017
	Cost of license and subscription revenue		$	408		$	314		$	821		$	607
	Cost of support			690			1,355			1,498			2,499
	Cost of professional services revenue			1,669			1,538			3,375			2,995
	Sales and marketing			5,038			4,130			9,917			7,751
	Research and development			3,383			3,951			6,343			6,948
	General and administrative			5,838			10,289			13,403			18,765
		Total stock-based compensation	$	17,026		$	21,577		$	35,357		$	39,565

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