PTC Inc. |
| ||||||||||||||
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
| ||||||||||||||
(in thousands, except per share data) |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
| June 30, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
| ||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP gross margin | $ | 406,723 |
|
| $ | 426,488 |
|
| $ | 1,339,934 |
|
| $ | 1,225,283 |
|
Stock-based compensation |
| 5,856 |
|
|
| 5,847 |
|
|
| 15,979 |
|
|
| 15,668 |
|
Amortization of acquired intangible assets included in cost of
|
| 9,685 |
|
|
| 9,841 |
|
|
| 28,835 |
|
|
| 25,817 |
|
Non-GAAP gross margin | $ | 422,264 |
|
| $ | 442,176 |
|
| $ | 1,384,748 |
|
| $ | 1,266,768 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP operating income | $ | 95,821 |
|
| $ | 109,900 |
|
| $ | 394,089 |
|
| $ | 337,340 |
|
Stock-based compensation |
| 48,038 |
|
|
| 53,818 |
|
|
| 161,242 |
|
|
| 147,568 |
|
Amortization of acquired intangible assets |
| 20,357 |
|
|
| 20,511 |
|
|
| 60,294 |
|
|
| 55,169 |
|
Acquisition and transaction-related charges |
| 154 |
|
|
| 795 |
|
|
| 2,962 |
|
|
| 18,484 |
|
Restructuring and other credits, net |
| - |
|
|
| (39) |
|
|
| (802) |
|
|
| (376) |
|
Non-GAAP operating income (1) | $ | 164,370 |
|
| $ | 184,985 |
|
| $ | 617,785 |
|
| $ | 558,185 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net income | $ | 68,978 |
|
| $ | 61,398 |
|
| $ | 249,810 |
|
| $ | 199,937 |
|
Stock-based compensation |
| 48,038 |
|
|
| 53,818 |
|
|
| 161,242 |
|
|
| 147,568 |
|
Amortization of acquired intangible assets |
| 20,357 |
|
|
| 20,511 |
|
|
| 60,294 |
|
|
| 55,169 |
|
Acquisition and transaction-related charges |
| 154 |
|
|
| 795 |
|
|
| 2,962 |
|
|
| 18,484 |
|
Restructuring and other credits, net |
| - |
|
|
| (39) |
|
|
| (802) |
|
|
| (376) |
|
Non-operating charges, net (2) |
| - |
|
|
| - |
|
|
| 2,000 |
|
|
| 5,147 |
|
Income tax adjustments (3) |
| (19,538) |
|
|
| (18,830) |
|
|
| (48,162) |
|
|
| (52,506) |
|
Non-GAAP net income | $ | 117,989 |
|
| $ | 117,653 |
|
| $ | 427,344 |
|
| $ | 373,423 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP diluted earnings per share | $ | 0.57 |
|
| $ | 0.51 |
|
| $ | 2.07 |
|
| $ | 1.68 |
|
Stock-based compensation |
| 0.40 |
|
|
| 0.45 |
|
|
| 1.34 |
|
|
| 1.24 |
|
Amortization of acquired intangibles |
| 0.17 |
|
|
| 0.17 |
|
|
| 0.50 |
|
|
| 0.46 |
|
Acquisition and transaction-related charges |
| 0.00 |
|
|
| 0.01 |
|
|
| 0.02 |
|
|
| 0.16 |
|
Restructuring and other credits, net |
| - |
|
|
| (0.00) |
|
|
| (0.01) |
|
|
| (0.00) |
|
Non-operating charges, net (2) |
| - |
|
|
| - |
|
|
| 0.02 |
|
|
| 0.04 |
|
Income tax adjustments (3) |
| (0.16) |
|
|
| (0.16) |
|
|
| (0.40) |
|
|
| (0.44) |
|
Non-GAAP diluted earnings per share | $ | 0.98 |
|
| $ | 0.99 |
|
| $ | 3.54 |
|
| $ | 3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(1) Operating margin impact of non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
| ||||
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
| June 30, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
| ||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
GAAP operating margin |
| 18.5 | % |
|
| 20.3 | % |
|
| 23.6 | % |
|
| 21.8 | % |
Stock-based compensation |
| 9.3 | % |
|
| 9.9 | % |
|
| 9.6 | % |
|
| 9.5 | % |
Amortization of acquired intangibles |
| 3.9 | % |
|
| 3.8 | % |
|
| 3.6 | % |
|
| 3.6 | % |
Acquisition and transaction-related charges |
| 0.0 | % |
|
| 0.1 | % |
|
| 0.2 | % |
|
| 1.2 | % |
Restructuring and other credits, net |
| 0.0 | % |
|
| 0.0 | % |
|
| 0.0 | % |
|
| 0.0 | % |
Non-GAAP operating margin |
| 31.7 | % |
|
| 34.1 | % |
|
| 37.0 | % |
|
| 36.0 | % |
|
| ||||||||||||||
(2) In the first nine months of FY'24, we recognized an impairment loss of $2.0 million on an available-for-sale debt security. In the first nine months of FY'23, we recognized $4.2 million of financing charges for a debt commitment agreement associated with our acquisition of ServiceMax. |
| ||||||||||||||
(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. Additionally, in the first nine months of FY'24, adjustments exclude a tax expense of $3.6 million for a tax reserve related to prior years in a foreign jurisdiction. |
|