PTC ANNOUNCES THIRD FISCAL QUARTER 2024 RESULTS

Fiscal 2024 and Q4'24 Guidance

"In a selling environment that continued to be challenging, our Q3'24 ARR grew 10% year over year, and constant currency ARR grew 12% year over year, driven by our differentiated product portfolio, the resilience of our subscription business model, operational discipline, and the actions we have taken over time to align our investments with market opportunities. Our Q3'24 free cash flow growth of 29% was also solid, although slightly below our guidance due to timing. Reflecting our year-to-date performance and our outlook for the fourth quarter, we are updating our FY'24 constant currency ARR guidance range to 11 to 12 percent growth and maintaining our FY'24 free cash flow guidance. We believe we have set our guidance appropriately," said Kristian Talvitie, CFO.

  $ in millions

FY'24 Previous
Guidance

FY'24
Guidance

FY'24 YoY Growth
Guidance

Q4'24
Guidance



Constant currency ARR

$2,200 - $2,240

$2,200 - $2,220

11% - 12%

$2,200 - $2,220


Operating cash flow

~$745

~$740

~21%

~$88


Free cash flow

~$725

~$725

~23%

~$83


Revenue

$2,270 - $2,340

$2,270 - $2,320

8% - 11%

$598 - $648


Earnings per share

$2.52 - $3.22

$2.78 - $3.35

35% - 63%

$0.72 - $1.29


Non-GAAP earnings per share

$4.60 - $5.10

$4.85 - $5.21

12% - 20%

$1.30 - $1.66


Reconciliation of Operating Cash Flow Guidance to Free Cash Flow Guidance

  In millions

FY'24
Guidance

Q4'24
Guidance




  Operating Cash Flow

~$740

~$88



Capital expenditures

(~$15)

(~$5)



  Free Cash Flow

~$725

~$83



Reconciliation of EPS Guidance to Non-GAAP EPS Guidance


FY'24
Guidance

Q4'24
Guidance



Earnings per share

$2.78 - $3.35

$0.72 - $1.29


Stock-based compensation expense

$1.90 - $1.74

$0.56 - $0.40


Intangible asset amortization expense

~$0.67

~$0.17


Acquisition and transaction-related expense

~$0.02

~$0.00


Other non-operating expenses, related to an impairment loss on an
     available for sale debt security

~$0.02

~$0.00


Income tax adjustments related to the reconciling items

($0.59) – ($0.54)

($0.20) – ($0.15)


Non-GAAP Earnings per share

$4.85 - $5.21

$1.30 - $1.66



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