PTC ANNOUNCES FIRST FISCAL QUARTER 2022 RESULTS

 

PTC Inc.

SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION

(in thousands)













Revenue by license, support and services is as follows:




Three Months Ended




December 31,


December 31,




2021


2020

License revenue (1)

$                  169,108


$                  177,175

Support and cloud services revenue

244,485


216,245

Professional services revenue

44,128


35,630

Total revenue

$                  457,721


$                  429,050







(1) License revenue includes the portion of subscription revenue allocated to license.







The amounts in the income statement include stock-based compensation as follows:










Three Months Ended




December 31,


December 31,




2021


2020

Cost of revenue

$                      5,972


$                      4,434

Sales and marketing

13,081


14,999

Research and development

10,176


8,443

General and administrative

16,713


18,212

Total stock-based compensation

$                    45,942


$                    46,088

 

PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands, except per share data)










Three Months Ended




December 31,


December 31,




2021


2020







GAAP gross margin

$                               362,603


$                               342,220

Stock-based compensation

5,972


4,434

Amortization of acquired intangible assets included in cost of revenue

6,493


6,267

Non-GAAP gross margin

$                               375,068


$                                352,921







GAAP operating income

$                                   62,178


$                                  90,338

Stock-based compensation

45,942


46,088

Amortization of acquired intangible assets

14,977


12,814

Acquisition-related and other transactional charges

1,050


3,916

Restructuring and other charges, net

33,991


247

Non-GAAP operating income (1)

$                                 158,138


$                                153,403







GAAP net income

$                                  46,089


$                                   23,515

Stock-based compensation

45,942


46,088

Amortization of acquired intangible assets

14,977


12,814

Acquisition-related and other transactional charges

1,050


3,916

Restructuring and other charges, net

33,991


247

Non-operating charges (credits) (2)

(9,766)


-

Income tax adjustments (3)

(19,225)


27,151

Non-GAAP net income

$                                 113,058


$                                  113,731







GAAP diluted earnings per share

$                                       0.39


$                                       0.20

Stock-based compensation

0.39


0.39

Amortization of acquired intangibles

0.13


0.11

Acquisition-related and other transactional charges

0.01


0.03

Restructuring and other charges, net

0.29


-

Non-operating charges (credits)

(0.08)


-

Income tax adjustments

(0.16)


0.23

Non-GAAP diluted earnings per share

$                                       0.95


$                                       0.97







     (1) Operating margin impact of non-GAAP adjustments:




Three Months Ended




December 31,


December 31,




2021


2020

GAAP operating margin

13.6%


21.1%

          Stock-based compensation

10.0%


10.7%

          Amortization of acquired intangibles

3.3%


3.0%

          Acquisition-related and other transactional charges

0.2%


0.9%

          Restructuring and other charges, net

7.4%


0.1%

Non-GAAP operating margin

34.5%


35.8%







     (2) In the first quarter of 2022, we recorded a $9.8 million gain on our investment in Matterport, Inc. 

     (3) Income tax adjustments 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. In 2021 we had recorded a full valuation allowance against our U.S. net deferred 
          tax assets. As we were profitable on a non-GAAP basis, the 2021 tax provision was calculated assuming there was no valuation 
          allowance. Additionally, our Q1'21 non-GAAP results excluded tax expense of $34.6 million related to a South Korean tax exposure, 
          primarily related to foreign withholding taxes.


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