PTC ANNOUNCES THIRD FISCAL QUARTER 2024 RESULTS

Deferred ARR: Deferred ARR is ARR attributable to our portfolio of subscription software, cloud, SaaS and support contracts that are not active as of the end of the reporting period but are contractually committed to commence in a future period.

Because ARR is independent of recognized and unearned revenue, deferred ARR should not be viewed as a measurement of revenue which will be recognized in future periods.

Forward-Looking Statements

Statements in this document that are not historic facts, including statements about our future financial and growth expectations and targets and potential stock repurchases, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to, among other factors, high interest rates or increases in interest rates and inflation, volatile foreign exchange rates and the relative strength of the U.S. dollar, tightening of credit standards and availability, the effects of the conflicts between Russia and Ukraine and in the Middle East, and growing tensions with China, any of which could cause customers to delay or reduce purchases of new software, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect ARR and/or our financial results and cash flow; our investments in our software solutions may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if customers are slower to adopt those solutions than we expect or if they adopt competing solutions; our strategic initiatives to improve organizational and operational efficiency may not do so when or as we expect; other uses of cash or our credit facility limits could limit or preclude the return of 50% of free cash flow to shareholders via share repurchases, or could change our expectations about the amount and timing of any share repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including changes to tax laws in the U.S. and other countries and the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission.

About PTC (NASDAQ: PTC)

PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 25,000 customers globally. For more information, please visit www.ptc.com.

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PTC Investor Relations Contact
Matt Shimao
SVP, Investor Relations
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PTC Inc.


UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except per share data)



























Three Months Ended



Nine Months Ended



June 30,



June 30,



June 30,



June 30,



2024



2023



2024



2023














Revenue:












Recurring revenue

$

481,559



$

498,410



$

1,551,600



$

1,407,662


Perpetual license


7,050




8,251




22,243




30,417


Professional services


30,030




35,681




98,082




112,354


Total revenue (1)


518,639




542,342




1,671,925




1,550,433














Cost of revenue (2)


111,916




115,854




331,991




325,150














Gross margin


406,723




426,488




1,339,934




1,225,283














Operating expenses:












Sales and marketing (2)


140,318




145,083




411,763




392,673


Research and development (2)


110,253




103,819




323,034




292,345


General and administrative (2)


49,659




57,055




180,391




173,949


Amortization of acquired intangible assets


10,672




10,670




31,459




29,352


Restructuring and other credits, net


-




(39)




(802)




(376)


Total operating expenses


310,902




316,588




945,845




887,943














Operating income


95,821




109,900




394,089




337,340


Other expense, net


(28,448)




(33,374)




(95,372)




(93,321)


Income before income taxes


67,373




76,526




298,717




244,019


Provision (benefit) for income taxes


(1,605)




15,128




48,907




44,082


Net income

$

68,978



$

61,398



$

249,810



$

199,937














Earnings per share:












Basic

$

0.58



$

0.52



$

2.09



$

1.69


Weighted average shares outstanding


119,893




118,483




119,533




118,186














Diluted

$

0.57



$

0.51



$

2.07



$

1.68


Weighted average shares outstanding


120,822




119,392




120,593




119,072




(1) See supplemental financial data for revenue by license, support and cloud services, and professional services.


(2) See supplemental financial data for additional information about stock-based compensation.



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