PTC Announces Fiscal Fourth Quarter And Fiscal 2020 Results


(1)

Operating margin impact of non-GAAP adjustments:









Three Months Ended


Twelve Months Ended





September 30,


September 30,


September 30,


September 30,





2020


2019


2020


2019


GAAP operating margin

17.1%


13.9%


14.5%


5.0%



Fair value adjustment of acquired deferred revenue

0.0%


0.1%


0.0%


0.1%



Fair value adjustment to deferred services cost

0.0%


0.0%


0.0%


0.0%



Stock-based compensation

10.6%


4.4%


7.9%


6.9%



Amortization of acquired intangibles

3.6%


3.9%


3.8%


4.1%



Acquisition-related and other transactional charges

0.1%


0.6%


0.6%


0.2%



Restructuring and other charges, net

0.1%


1.7%


2.2%


4.1%


Non-GAAP operating margin

31.6%


24.4%


29.0%


20.3%













(2)

We recognized $15 million of expense in the second quarter of 2020 related to penalties for the early redemption of the 6.000% Senior Notes due in 2024 and wrote off approximately $3 million of related debt issuance costs in the third quarter of 2020.


(3)

We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2020 and 2019 non-GAAP tax provisions are being calculated assuming there is no valuation allowance.  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.


 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands) 
















September 30,


September 30,




2020


2019








ASSETS











Cash and cash equivalents

$                275,458


$            269,579


Marketable securities

59,099


57,435


Accounts receivable, net

415,221


372,743


Property and equipment, net

101,499


105,531


Goodwill and acquired intangible assets, net

1,863,356


1,408,128


Lease assets, net (1)

149,933


-


Other assets

516,772


451,172








Total assets

$              3,381,338


$         2,664,588








LIABILITIES AND STOCKHOLDERS' EQUITY











Deferred revenue

$                426,465


$            396,632


Debt, net of deferred issuance costs

1,005,314


669,134


Lease obligations (1)

215,023


-


Other liabilities

296,288


396,824


Stockholders' equity

1,438,248


1,201,998








Total liabilities and stockholders' equity

$              3,381,338


$         2,664,588








(1)  In the first quarter of 2020, we adopted Accounting Standards Update 2016-02, Leases (Topic 842).








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