PTC ANNOUNCES THIRD FISCAL QUARTER 2024 RESULTS

 

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
revenue


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.



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