| PTC Inc. | ||||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| March 31, | April 1, | March 31, | April 1, | |||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| Revenue: | ||||||||||||||||||||||
| Subscription | $ | 112,931 | $ | 65,780 | $ | 212,939 | $ | 120,142 | ||||||||||||||
| Support | 126,683 | 141,718 | 257,880 | 293,196 | ||||||||||||||||||
| Total recurring revenue | 239,614 | 207,498 | 470,819 | 413,338 | ||||||||||||||||||
| Perpetual license | 22,839 | 27,372 | 56,824 | 61,751 | ||||||||||||||||||
| Total subscription, support and license revenue | 262,453 | 234,870 | 527,643 | 475,089 | ||||||||||||||||||
| Professional services | 45,430 | 45,170 | 86,884 | 91,278 | ||||||||||||||||||
| Total revenue | 307,883 | 280,040 | 614,527 | 566,367 | ||||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||||
| Cost of license and subscription revenue (1) (2) | 23,119 | 20,555 | 47,495 | 40,685 | ||||||||||||||||||
| Cost of support revenue (1) (2) | 23,030 | 22,576 | 45,230 | 45,393 | ||||||||||||||||||
| Total cost of software revenue | 46,149 | 43,131 | 92,725 | 86,078 | ||||||||||||||||||
| Cost of professional services revenue (1) | 37,482 | 38,699 | 73,864 | 77,867 | ||||||||||||||||||
| Total cost of revenue | 83,631 | 81,830 | 166,589 | 163,945 | ||||||||||||||||||
| Gross margin | 224,252 | 198,210 | 447,938 | 402,422 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Sales and marketing (1) | 98,330 | 87,777 | 197,645 | 178,467 | ||||||||||||||||||
| Research and development (1) | 62,194 | 57,710 | 126,163 | 115,624 | ||||||||||||||||||
| General and administrative (1) | 33,353 | 36,800 | 68,357 | 73,495 | ||||||||||||||||||
| Amortization of acquired intangible assets | 7,895 | 7,946 | 15,716 | 16,013 | ||||||||||||||||||
| Restructuring and headquarters charges, net (3) | 114 | 464 | 219 | 6,749 | ||||||||||||||||||
| Total operating expenses | 201,886 | 190,697 | 408,100 | 390,348 | ||||||||||||||||||
| Operating income | 22,366 | 7,513 | 39,838 | 12,074 | ||||||||||||||||||
| Other expense, net | (10,820 | ) | (8,569 | ) | (21,821 | ) | (19,633 | ) | ||||||||||||||
| Income (loss) before income taxes | 11,546 | (1,056 | ) | 18,017 | (7,559 | ) | ||||||||||||||||
| Provision (benefit) for income taxes (4) | 3,624 | 48 | (3,782 | ) | 2,686 | |||||||||||||||||
| Net income (loss) | $ | 7,922 | $ | (1,104 | ) | $ | 21,799 | $ | (10,245 | ) | ||||||||||||
| Earnings (loss) per share: | ||||||||||||||||||||||
| Basic | $ | 0.07 | $ | (0.01 | ) | $ | 0.19 | $ | (0.09 | ) | ||||||||||||
| Weighted average shares outstanding | 116,241 | 115,709 | 115,986 | 115,498 | ||||||||||||||||||
| Diluted | $ | 0.07 | $ | (0.01 | ) | $ | 0.19 | $ | (0.09 | ) | ||||||||||||
| Weighted average shares outstanding | 117,905 | 115,709 | 117,780 | 115,498 | ||||||||||||||||||
| (1) | The amounts in the tables above include stock-based compensation as follows: | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| March 31, | April 1, | March 31, | April 1, | |||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
| Cost of license and subscription revenue | $ | 408 | $ | 314 | $ | 821 | $ | 607 | ||||||||||||||
| Cost of support | 690 | 1,355 | 1,498 | 2,499 | ||||||||||||||||||
| Cost of professional services revenue | 1,669 | 1,538 | 3,375 | 2,995 | ||||||||||||||||||
| Sales and marketing | 5,038 | 4,130 | 9,917 | 7,751 | ||||||||||||||||||
| Research and development | 3,383 | 3,951 | 6,343 | 6,948 | ||||||||||||||||||
| General and administrative | 5,838 | 10,289 | 13,403 | 18,765 | ||||||||||||||||||
| Total stock-based compensation | $ | 17,026 | $ | 21,577 | $ | 35,357 | $ | 39,565 | ||||||||||||||
PTC Announces Second Quarter Fiscal Year 2018 Results
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