PTC Announces Record Q4 and Full Fiscal 2008 Revenue

(1) The amounts in the tables above include stock-based compensation as follows:

Three Months Ended   Year Ended
September 30,   September 30, September 30,   September 30,
2008 2007 2008 2007
Cost of license revenue $ 12 $ 38 $ 38 138
Cost of service revenue 2,305 2,741 9,172 7,412
Sales and marketing 3,296 3,059 12,229 8,985
Research and development 2,500 2,676 9,429 7,205
General and administrative   3,602   5,424   13,528 12,705
Total stock-based compensation $ 11,715   13,938 $ 44,396 36,445

PARAMETRIC TECHNOLOGY CORPORATION

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands, except per share data)
 
Three Months Ended Year Ended
September 30, September 30, September 30, September 30,
2008   2007   2008   2007
GAAP revenue $ 299,547 $ 266,652 $ 1,070,330 $ 941,279
Fair value adjustment of acquired CoCreate deferred maintenance revenue   668     --     4,588     --  
Non-GAAP revenue $ 300,215   $ 266,652   $ 1,074,918   $ 941,279  
 
GAAP operating income $ 47,426 $ 30,953 $ 125,245 $ 92,768
Fair value adjustment of acquired CoCreate deferred maintenance revenue 668 -- 4,588 --
Stock-based compensation 11,715 13,938 44,396 36,445
Amortization of acquired intangible assets

included in cost of license revenue

5,991 1,925 19,841 6,820
Amortization of acquired intangible assets

included in cost of service revenue

16

16 67 82
Amortization of acquired intangible assets 4,327 2,027 15,579 7,467
In-process research and development -- -- 1,887 544
Restructuring charge   4,735     15,347     20,102     15,347  
Non-GAAP operating income $ 74,878   $ 64,206   $ 231,705   $ 159,473  
 
GAAP net income $ 36,504 $ 30,639 $ 79,702 $ 143,656
Fair value adjustment of acquired CoCreate deferred maintenance revenue 668 -- 4,588 --
Stock-based compensation 11,715 13,938 44,396 36,445
Amortization of acquired intangible assets included in cost of license revenue 5,991 1,925 19,841 6,820
Amortization of acquired intangible assets included in cost of service revenue

16

16 67 82
Amortization of acquired intangible assets 4,327 2,027 15,579 7,467
In-process research and development -- -- 1,887 544
Restructuring charge 4,735 15,347 20,102 15,347
One-time non-cash loss included in other income (expense), net (1) -- -- 6,206 --
Income tax adjustments (2)   (9,984 )   (20,760 )   (32,355 )   (93,684 )
Non-GAAP net income $ 53,972   $ 43,132   $ 160,013   $ 116,677  
 
GAAP diluted earnings per share $ 0.31 $ 0.26 $ 0.68 $ 1.22
Stock-based compensation 0.10 0.12 0.38 0.31
All other items identified above   0.04     (0.01 )   0.30     (0.54 )
Non-GAAP diluted earnings per share $ 0.45   $ 0.37   $ 1.36   $ 0.99  
 
Weighted average shares outstanding - diluted 118,780 117,702 117,870 117,494

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