PTC unveils Q1 results
PTC has reported results for its first fiscal quarter ended December 31, 2011. PTC also announced an organizational realignment and restructuring to drive long-term growth and enhanced profitability.
The Q1 non-GAAP revenue results exclude a $1.5 million effect of purchase accounting on the fair value of the acquired deferred maintenance balance of MKS Inc. The Q1 non-GAAP EPS results also exclude $13.4 million of stock-based compensation expense, $9.3 million of acquisition-related intangible asset amortization, $2.1 million of acquisition-related expense, $0.8 million in other expense and $6.7 million of income tax adjustments. The Q1 non-GAAP EPS results include a tax rate of 25% and 121 million diluted shares outstanding. The Q1 GAAP EPS results include a tax rate of 26% and 121 million diluted shares outstanding.
James Heppelmann, President & CEO said, "PTC had a good start to FY'12, with Q1 non-GAAP revenue at the high end of our guidance range and non-GAAP EPS exceeding the high end of our guidance range. Our license revenue of $89.1 million was up 18% on a year-over-year basis, driven by organic growth of 12%. Continuing the momentum we experienced in Q4'11, our Enterprise (PLM) business delivered very good results with non-GAAP revenue up 38% year over year and 21% on an organic basis. Enterprise (PLM) license growth increased 41% year over year and 27% on an organic basis. Revenue in our Desktop (MCAD) business increased 5% year over year. Desktop license revenue decreased 1% year over year, reflecting very strong comparable results in Q1'11."
Jeff Glidden, Chief Financial Officer said, "From a profitability standpoint, Q1 was another solid quarter with a good mix of revenue, better than anticipated Services margins, and lower than planned operating expenses as we remained vigilant on all non-sales related hiring; we delivered $0.35 non-GAAP EPS, this despite a $0.01 headwind due to a higher-than-expected tax rate and currency effects. Non-GAAP EPS increased 59% from $0.22 non-GAAP EPS in Q1'11. We ended Q1'12 with $187 million of cash up from $168 million at the end of Q4'11, reflecting $36 million in cash provided by operating activities."
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