PTC Announces Third Quarter Fiscal 2017 Results

(2 ) We estimate that, on an annual basis, every 1% change in subscription mix will impact annual revenue by $4 million, and annual non-GAAP EPS by $0.03. We cannot estimate the effect on GAAP EPS due to the number of unknown items, including tax items, included in GAAP EPS.
(3) Adjusted Free Cash Flow is net cash provided by (used in) operating activities less capital expenditures, excluding restructuring payments of approximately $40 million and legal payments of approximately $3 million.

The fourth quarter and fiscal 2017 non-GAAP operating margin and non-GAAP EPS guidance exclude the estimated items outlined in the table below, as well as any tax effects and discrete tax items (which are not known or reflected).

In millions         Q4’17         FY’17
 
Effect of acquisition accounting on fair value of acquired deferred revenue $ - $ 3
Stock-based compensation expense 17 73
Intangible asset amortization expense 15 58
Restructuring charges - 8
Acquisition-related charges - 1
Non-operating credit facility refinancing charges   -   1
Total Estimated Pre-Tax GAAP adjustments $ 32 $ 144
 

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