PTC Announces Second Quarter Fiscal Year 2019 Results

Restructuring: The restructuring charge in the second quarter related to exiting our headquarters in Needham was $27 million.

Other information – Q2’19 subscription bookings: Bookings include a $7.5 million IoT booking for which the contract terms were approved on March 30, but for which the electronic signature process was not fully complete until the morning of March 31.

Management's 2019 Financial Outlook:
The Company's third quarter and fiscal year 2019 revenue and diluted earnings per share guidance is provided below. The revenue and diluted earnings per share guidance is provided on both a GAAP and a non-GAAP basis, and in accordance with both ASC 606 and ASC 605. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets, acquisition-related transaction costs, restructuring charges and measurement-period adjustments related to the Tax Cuts and Jobs Act.

Fiscal 2019 Business Outlook – ASC 606
For the third quarter and fiscal year ending September 30, 2019, the company expects:

In millions except per share amounts
Operating Measures (1)    

Q3’19
Low

 

Q3’19
High

   

FY’19
Low

 

FY’19
High

 
Subscription ACV $51 $55 $ 207 $ 217
License and Subscription Bookings $110 $120 $ 485 $ 505
Subscription % of Bookings 92% 92% 86% 86%
(1) An explanation of the metrics included in this table is provided below.
 
Financial Measures (1)

Q3’19
Low

Q3’19
High

FY’19
Low

FY’19
High

Total Subscription Revenue $138 $147 $ 596 $ 616
Perpetual Support Revenue $100 $103 $419 $424
Total Recurring Revenue $238 $250 $1,015 $1,040
Perpetual License Revenue $9 $10 $70 $73
Total Software Revenue $247 $260 $1,084 $1,112
Professional Services Revenue $41 $43 $166 $168
Total Revenue $288 $303 $ 1,250 $ 1,280
 
Operating Expense (GAAP) $211 $212 $ 886 $ 890
Operating Expense (Non-GAAP) $180 $182 $715 $718
Operating Margin (GAAP) (1%) 4% 3% 6%
Operating Margin (Non-GAAP) 13% 17% 20% 22%
Tax Rate (GAAP) (50%) (50%) (60%) (60%)
Tax Rate (Non-GAAP) 18% 18% 19% 18%
Shares Outstanding 118 118 118   118
EPS (GAAP) ($0.15) $0.03 $ 0.02 $ 0.44
EPS (Non-GAAP) $0.20 $0.30 $1.45   $ 1.70
Free Cash Flow $ 265   $ 275
Adjusted Free Cash Flow $ 290   $ 300
 

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