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PTC Announces Fiscal Third Quarter 2020 Results

Solid Q3’20 ARR, Revenue, Operating Margin and EPS Performance; Tightens FY’20 Guidance Range

BOSTON — (BUSINESS WIRE) — July 29, 2020 — PTC (NASDAQ: PTC) today reported financial results for its fiscal third quarter ended June 27, 2020.

“We delivered solid third quarter performance despite the challenging macro environment, reflecting strong execution by our global team, the mission-critical nature of our broad technology portfolio, and the strength of our subscription model. We continue to support our customers with increasingly relevant and strategic solutions that enable global team collaboration, remote asset management, remote collaboration and training of front-line workers, and seamless availability through our SaaS-based technologies,” said James Heppelmann, President and CEO, PTC.

“While the current macro environment headwinds appear likely to persist in the coming quarters, we believe the disruptive nature of this crisis creates a unique opportunity to deepen our customer relationships and drive further innovation across our product portfolio, and that we will emerge even better positioned when the economy recovers,” concluded Heppelmann.

Third quarter 2020 highlights1

Key operating and financial highlights are set forth below. For additional details, please refer to the prepared remarks and financial data tables that have been posted to the Investor Relations section of our website at investor.ptc.com.

_________

1 We include operating and non-GAAP financial measures in our operational highlights. We revised the definition of ARR on September 5, 2019. The definitions of these items and reconciliations of Non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release.

Fiscal 2020 Outlook

“Given the durable nature of our business and continued solid execution, we remain committed to delivering solid results for the remainder of FY’20 while navigating the current backdrop of macroeconomic uncertainty,” said Kristian Talvitie, EVP and CFO, PTC.

Fiscal 2020 Guidance

Our fiscal 2020 financial outlook includes the following assumptions:

 

 

 

In millions except per share amounts

Previous
Guidance

Revised
Guidance

YoY

ARR

$1,220 - $1,255

$1,235 - $1,255

11% - 12%

Cash from Operations

~$222

~$232

~(19)%

Free cash flow (1)

~$200

~$210

~(5)%

Revenue

$1,400 - $1,430

$1,415 - $1,430

13% - 14%

GAAP Operating Margin

13% - 14%

13% - 14%

800 - 900 bps

Non-GAAP Operating Margin (2)

27% - 28%

27% - 28%

700 - 800 bps

GAAP EPS

$0.70 - $0.84

$0.73 - $0.79

412% - 440%

Non-GAAP EPS (2)

$2.20 - $2.35

$2.28 - $2.35

39% - 43%

(1)

Cash from operations and free cash flow include ~$65 million of interest payments, ~$45 million of restructuring and ~$10 million of acquisition-related payments; free cash flow includes capital expenditures of ~$22 million.

(2)

The FY’20 non-GAAP guidance excludes the estimated items outlined in the table below, as well as any tax effects and discrete tax items (which are not known nor reflected).

       

In millions

 

 

FY’20

       

 

 

 

 

       

Acquisition-related charges

 

 

$8

       

Restructuring and other charges

 

 

$32

       

Intangible asset amortization expense

 

 

$56

       

Stock-based compensation expense

 

 

$105

       

Write-off of debt issuance costs associated with extinguished debt

 

 

$3

       

Debt early redemption premium

 

 

$15

       

Total Estimated Pre-Tax GAAP adjustments

 

 

$219

PTC’s Fiscal Third Quarter 2020 Results Conference Call, Prepared Remarks and Data Tables

Prepared remarks and financial data tables have been posted to the Investor Relations section of our website at ptc.com. The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, July 29, 2020.

To access the live webcast, we recommend you visit PTC’s Investor Relations website at investor.ptc.com 15 minutes before the scheduled start time to download any necessary audio or plug-in software.

To participate in the live conference call, dial 866-987-6881 or 270-215-9571 and provide the conference ID: 5586726. The call will be recorded, and replay will be available via webcast on PTC’s Investor Relations website.

 
PTC Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
 
 
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
Revenue:
Recurring revenue

$

310,621

 

$

244,192

 

$

931,852

 

$

734,815

 

Perpetual license

 

6,773

 

 

9,213

 

 

23,988

 

 

61,354

 

Professional services

 

34,327

 

 

42,081

 

 

111,594

 

 

124,457

 

Total revenue (1)

 

351,721

 

 

295,486

 

 

1,067,434

 

 

920,626

 

 
Cost of revenue (2)

 

79,224

 

 

82,705

 

 

249,656

 

 

239,961

 

 
Gross margin

 

272,497

 

 

212,781

 

 

817,778

 

 

680,665

 

 
Operating expenses:
Sales and marketing (2)

 

104,594

 

 

108,202

 

 

319,636

 

 

316,142

 

Research and development (2)

 

61,429

 

 

60,590

 

 

186,691

 

 

182,774

 

General and administrative (2)

 

35,709

 

 

28,773

 

 

113,895

 

 

102,008

 

Amortization of acquired intangible assets

 

7,302

 

 

5,920

 

 

21,367

 

 

17,786

 

Restructuring and other charges, net

 

62

 

 

(9

)

 

32,338

 

 

45,464

 

Total operating expenses

 

209,096

 

 

203,476

 

 

673,927

 

 

664,174

 

 
Operating income

 

63,401

 

 

9,305

 

 

143,851

 

 

16,491

 

Other expense, net

 

(18,885

)

 

(9,790

)

 

(64,526

)

 

(29,974

)

Income (loss) before income taxes

 

44,516

 

 

(485

)

 

79,325

 

 

(13,483

)

Provision for income taxes

 

9,838

 

 

14,273

 

 

2,036

 

 

23,803

 

Net income (loss)

$

34,678

 

$

(14,758

)

$

77,289

 

$

(37,286

)

 
Earnings (loss) per share:
Basic

$

0.30

 

$

(0.13

)

$

0.67

 

$

(0.32

)

Weighted average shares outstanding

 

115,759

 

 

116,133

 

 

115,521

 

 

117,636

 

 
Diluted

$

0.30

 

$

(0.13

)

$

0.67

 

$

(0.32

)

Weighted average shares outstanding

 

116,229

 

 

116,133

 

 

115,981

 

 

117,636

 

 

(1)

See supplemental financial data for revenue by license, support, and professional services.

(2)

See supplemental financial data for additional information about stock-based compensation.
PTC Inc.
SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION
(in thousands, except per share data)
 
 
Revenue by license, support and services is as follows:
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

2020

 

2019

 

2020

 

2019

License revenue (1)

$

118,248

$

62,918

$

369,285

$

230,116

Support and cloud services revenue

 

199,146

 

190,487

 

586,555

 

566,053

Professional services revenue

 

34,327

 

42,081

 

111,594

 

124,457

Total revenue

$

351,721

$

295,486

$

1,067,434

$

920,626

 
(1) License revenue includes the portion of subscription revenue allocated to license.
 
The amounts in the income statement include stock-based compensation as follows:
 
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

2020

2019

2020

2019

Cost of revenue

$

3,165

$

2,564

$

9,208

$

8,787

Sales and marketing

 

9,407

 

5,870

 

24,005

 

25,114

Research and development

 

5,583

 

4,761

 

17,280

 

14,851

General and administrative

 

7,030

 

2,039

 

23,112

 

22,856

Total stock-based compensation

$

25,185

$

15,234

$

73,605

$

71,608

 
PTC Inc.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)
(in thousands, except per share data)
 
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
GAAP revenue

$

351,721

 

$

295,486

 

$

1,067,434

 

$

920,626

 

Fair value adjustment of acquired deferred revenue

 

-

 

 

124

 

 

-

 

 

595

 

Non-GAAP revenue

$

351,721

 

$

295,610

 

$

1,067,434

 

$

921,221

 

 
GAAP gross margin

$

272,497

 

$

212,781

 

$

817,778

 

$

680,665

 

Fair value adjustment of acquired deferred revenue

 

-

 

 

124

 

 

-

 

 

595

 

Fair value adjustment to deferred services cost

 

-

 

 

(58

)

 

-

 

 

(220

)

Stock-based compensation

 

3,165

 

 

2,564

 

 

9,208

 

 

8,787

 

Amortization of acquired intangible assets included in cost of revenue

 

6,857

 

 

6,873

 

 

20,535

 

 

20,432

 

Non-GAAP gross margin

$

282,519

 

$

222,284

 

$

847,521

 

$

710,259

 

 
GAAP operating income

$

63,401

 

$

9,305

 

$

143,851

 

$

16,491

 

Fair value adjustment of acquired deferred revenue

 

-

 

 

124

 

 

-

 

 

595

 

Fair value adjustment to deferred services cost

 

-

 

 

(58

)

 

-

 

 

(220

)

Stock-based compensation

 

25,185

 

 

15,234

 

 

73,605

 

 

71,608

 

Amortization of acquired intangible assets included in cost of revenue

 

6,857

 

 

6,873

 

 

20,535

 

 

20,432

 

Amortization of acquired intangible assets

 

7,302

 

 

5,920

 

 

21,367

 

 

17,786

 

Acquisition-related and other transactional charges included in general and administrative costs

 

674

 

 

424

 

 

8,064

 

 

1,215

 

Restructuring and other charges, net

 

62

 

 

(9

)

 

32,338

 

 

45,464

 

Non-GAAP operating income (1)

$

103,481

 

$

37,813

 

$

299,760

 

$

173,371

 

 
GAAP net income (loss)

$

34,678

 

$

(14,758

)

$

77,289

 

$

(37,286

)

Fair value adjustment of acquired deferred revenue

 

-

 

 

124

 

 

-

 

 

595

 

Fair value adjustment to deferred services cost

 

-

 

 

(58

)

 

-

 

 

(220

)

Stock-based compensation

 

25,185

 

 

15,234

 

 

73,605

 

 

71,608

 

Amortization of acquired intangible assets included in cost of revenue

 

6,857

 

 

6,873

 

 

20,535

 

 

20,432

 

Amortization of acquired intangible assets

 

7,302

 

 

5,920

 

 

21,367

 

 

17,786

 

Acquisition-related and other transactional charges included in general and administrative costs

 

674

 

 

424

 

 

8,064

 

 

1,215

 

Restructuring and other charges, net

 

62

 

 

(9

)

 

32,338

 

 

45,464

 

Non-operating charges (3)

 

3,451

 

 

-

 

 

18,451

 

 

-

 

Income tax adjustments (2)

 

(6,167

)

 

13,121

 

 

(44,988

)

 

403

 

Non-GAAP net income

$

72,042

 

$

26,871

 

$

206,661

 

$

119,997

 

 
GAAP diluted earnings (loss) per share

$

0.30

 

$

(0.13

)

$

0.67

 

$

(0.32

)

Fair value adjustment of acquired deferred revenue

 

-

 

 

-

 

 

-

 

 

0.01

 

Stock-based compensation

 

0.22

 

 

0.13

 

 

0.63

 

 

0.60

 

Amortization of acquired intangibles

 

0.12

 

 

0.11

 

 

0.36

 

 

0.32

 

Acquisition-related and other transactional charges

 

0.01

 

 

-

 

 

0.07

 

 

0.01

 

Restructuring and other charges, net

 

-

 

 

-

 

 

0.28

 

 

0.38

 

Non-operating charges

 

0.03

 

 

-

 

 

0.16

 

 

-

 

Income tax adjustments

 

(0.05

)

 

0.11

 

 

(0.39

)

 

-

 

Non-GAAP diluted earnings per share

$

0.62

 

$

0.23

 

$

1.78

 

$

1.01

 

 
GAAP diluted weighted average shares outstanding

 

116,229

 

 

116,133

 

 

115,981

 

 

117,636

 

Dilutive effect of stock-based compensation plans

 

-

 

 

886

 

 

-

 

 

1,028

 

Non-GAAP diluted weighted average shares outstanding

 

116,229

 

 

117,019

 

 

115,981

 

 

118,664

 

 

(1)

Operating margin impact of non-GAAP adjustments:
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

GAAP operating margin

 

18.0

%

 

3.1

%

 

13.5

%

 

1.8

%

Fair value adjustment of acquired deferred revenue

 

0.0

%

 

0.0

%

 

0.0

%

 

0.1

%

Fair value adjustment to deferred services cost

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

Stock-based compensation

 

7.2

%

 

5.2

%

 

6.9

%

 

7.8

%

Amortization of acquired intangibles

 

4.0

%

 

4.3

%

 

3.9

%

 

4.2

%

Acquisition-related and other transactional charges

 

0.2

%

 

0.1

%

 

0.8

%

 

0.1

%

Restructuring and other charges, net

 

0.0

%

 

0.0

%

 

3.0

%

 

4.9

%

Non-GAAP operating margin

 

29.4

%

 

12.8

%

 

28.1

%

 

18.8

%

 

(2)

We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2020 and 2019 non-GAAP tax provisions are being calculated assuming there is no valuation allowance. 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.

(3)

We recognized $15 million of expense in the nine months ended June 27, 2020 related to penalties for the early redemption of the 6.000% Senior Notes due in 2024 and wrote off approximately $3 million of related debt issuance costs in the third quarter of 2020.
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 

June 27,

September 30,

2020

2019

 
ASSETS
 
Cash and cash equivalents

$

377,428

$

269,579

Marketable securities

 

57,788

 

57,435

Accounts receivable, net

 

319,244

 

372,743

Property and equipment, net

 

101,617

 

105,531

Goodwill and acquired intangible assets, net

 

1,852,377

 

1,408,128

Lease assets, net (1)

 

151,044

 

-

Other assets

 

516,671

 

451,172

 
Total assets

$

3,376,169

$

2,664,588

 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Deferred revenue

$

404,682

$

396,632

Debt, net of deferred issuance costs

 

1,124,702

 

669,134

Lease obligations (1)

 

216,079

 

-

Other liabilities

 

303,139

 

396,824

Stockholders' equity

 

1,327,567

 

1,201,998

 
Total liabilities and stockholders' equity

$

3,376,169

$

2,664,588

 
(1) In the first quarter of 2020, we adopted Accounting Standards Update 2016-02, Leases (Topic 842).
PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Three Months Ended Nine Months Ended
June 27, June 29, June 27, June 29,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 
Cash flows from operating activities:
Net income (loss)

$

34,678

 

$

(14,758

)

$

77,289

 

$

(37,286

)

Stock-based compensation

 

25,185

 

 

15,234

 

 

73,605

 

 

71,608

 

Depreciation and amortization

 

20,484

 

 

19,076

 

 

60,677

 

 

58,634

 

Amortization of right-of-use lease assets

 

10,324

 

 

-

 

 

29,467

 

 

-

 

Accounts receivable

 

34,475

 

 

33,753

 

 

54,662

 

 

88,254

 

Accounts payable and accruals

 

3,179

 

 

8,550

 

 

5,133

 

 

(19,318

)

Deferred revenue

 

(14,036

)

 

(11,622

)

 

3,357

 

 

25,325

 

Income taxes

 

(630

)

 

2,900

 

 

(44,445

)

 

(12,777

)

Other

 

(9,154

)

 

14,452

 

 

(59,911

)

 

55,489

 

Net cash provided by operating activities

 

104,505

 

 

67,585

 

 

199,834

 

 

229,929

 

 
Capital expenditures

 

(5,169

)

 

(8,311

)

 

(15,412

)

 

(59,579

)

Acquisition of businesses, net of cash acquired (1)

 

-

 

 

(17,284

)

 

(468,520

)

 

(86,737

)

Purchase of intangible assets

 

(11,050

)

 

-

 

 

(11,050

)

 

-

 

Borrowings (payments) on debt, net

 

(510,125

)

 

(40,000

)

 

464,875

 

 

55,000

 

Net proceeds associated with issuance of common stock

 

-

 

 

-

 

 

8,980

 

 

4,158

 

Repurchases of common stock

 

-

 

 

(25,001

)

 

-

 

 

(89,995

)

Payments of withholding taxes in connection with
vesting of stock-based awards

 

(9,661

)

 

(9,700

)

 

(33,232

)

 

(44,191

)

Purchase of investment

 

-

 

 

-

 

 

-

 

 

(7,500

)

Debt issuance costs

 

(817

)

 

-

 

 

(17,083

)

 

-

 

Debt early redemption premium

 

(15,000

)

 

-

 

 

(15,000

)

 

-

 

Other financing & investing activities

 

(4,044

)

 

6,355

 

 

(2,024

)

 

4,661

 

Foreign exchange impact on cash

 

1,613

 

 

(94

)

 

(4,127

)

 

2,143

 

 
Net change in cash, cash equivalents, and restricted cash

 

(449,748

)

 

(26,450

)

 

107,241

 

 

7,889

 

Cash, cash equivalents, and restricted cash, beginning of period

 

827,678

 

 

295,432

 

 

270,689

 

 

261,093

 

Cash, cash equivalents, and restricted cash, end of period

$

377,930

 

$

268,982

 

$

377,930

 

$

268,982

 

 
 
Three Months Ended Nine Months Ended

June 27,

 

June 29,

 

June 27,

 

June 29,

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Cash provided by operating activities

 

104,505

 

 

67,585

 

 

199,834

 

 

229,929

 

Capital expenditures

 

(5,169

)

 

(8,311

)

 

(15,412

)

 

(59,579

)

Free cash flow (2)

 

99,336

 

 

59,274

 

 

184,422

 

 

170,350

 

 

(1)

In the first quarter of 2020 and the first quarter of 2019, we acquired Onshape for $469 million, net of cash acquired and Frustum for $70 million, net of cash acquired, respectively.

(2)

Free cash flow includes $13.4 million and $34.7 million of restructuring and other related payments in the three and nine months ended June 27, 2020, respectively, compared with $3.5 million and $21.4 million in the three and nine months ended June 29, 2019. Free cash flow includes $0.2 million and $8.8 million of acquisition-related payments for the three and nine months ended June 27, 2020, respectively.
 

Important Disclosures

Important Information About Our Non-GAAP Financial Measures

PTC provides non-GAAP supplemental financial information to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operational performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These, non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our financial results and such items often recur. Management uses, and investors should consider, non-GAAP financial measures in conjunction with our GAAP results.

Non-GAAP revenue, non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: fair value of acquired deferred revenue, fair value adjustment to deferred services cost, stock-based compensation, amortization of acquired intangible assets, acquisition-related and other transactional charges included in general and administrative costs, restructuring and other charges, debt early redemption premium and write-off of issuance costs associated with the extinguished debt and income tax adjustments. We exclude the debt early redemption premium because, although paid in cash in May 2020, it was not modelled in our guidance for the year; excluding it enables investors to view our results in the context of our guidance. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in “Non-GAAP Financial Measures” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2019.

Free Cash Flow - PTC also provides information on “free cash flow” to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goal of returning approximately 50% of our free cash flow to shareholders via stock repurchases. As a reminder, we suspended the share repurchase program for FY’20. Free cash flow is net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures.

Constant Currency Metric - We present CC information for revenue, EPS, and ARR to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency rate fluctuations. To present CC revenue, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2019, excluding the effect of any hedging, rather than the actual exchange rates in effect during that period.

Operating Measure

ARR - To help investors understand and assess the performance of our business as an on-premise subscription company we provide an ARR operating measure. On September 5, 2019, we revised the ARR definition. ARR represents the annualized value of our portfolio of renewable customer arrangements as of the end of the reporting period, including subscription software, cloud, and support contracts. ARR includes IOT and AR orders placed under our Strategic Alliance Agreement with Rockwell Automation and may include orders placed to satisfy the contractual quarterly minimum ACV commitments. We believe ARR is a valuable operating metric to measure the health of a subscription business because it captures expected subscription and support cash generation from new customers, existing customer renewals and expansions and includes the impact of churn (gross churn net of pricing). Because this measure represents the annual contract value of renewable customer contracts as of the end of a reporting period, ARR does not represent revenue or billings for any particular period or remaining revenue that will be recognized in future periods.

Forward-Looking Statements

Statements in this document that are not historic facts, including statements about our future financial and growth expectations and targets, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the COVID-19 pandemic impact on the global macroeconomic environment and our business could be more severe and prolonged than we expect; customers may continue to delay or reduce purchases of new software, to reduce the number of subscriptions they carry, or delay payments to us due to the COVID-19 pandemic, all of which would adversely affect ARR and our financial results, including cash flow; the macroeconomic and/or global manufacturing climates may deteriorate further due to, among other factors, the geopolitical environment, including the focus on technology transactions with non-U.S. entities and potential expanded prohibitions, and ongoing trade tensions and tariffs; our businesses, including our Internet of Things (IoT), Augmented Reality and Onshape businesses, may not expand and/or generate the revenue we expect if customers are slower to adopt those technologies than we expect or adopt competing technologies; orders associated with minimum purchase commitments under our Strategic Alliance Agreement with Rockwell Automation may not result in subscription contracts sold through to end-user customers, which could cause the ARR associated with those orders to churn in the future; our strategic initiatives and investments may not generate the revenue we expect; we may be unable to expand our partner ecosystem as we expect and our partners may not generate the revenue we expect; we may be unable to generate sufficient operating cash flow to repay our outstanding debt when or as we expect, or to return 50% of free cash flow to shareholders under our long-term capital allocation policy, and other uses of cash or our credit facility limits or other matters could preclude such repayments or share repurchases; we may be unable to expand our partner ecosystem as we expect; and our partners may not generate the revenue we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including the geographic mix of our revenue, expenses and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

About PTC (NASDAQ: PTC)

PTC unleashes industrial innovation with award-winning, market-proven solutions that enable companies to differentiate their products and services, improve operational excellence, and increase workforce productivity. With PTC, and its partner ecosystem, manufacturers can capitalize on the promise of today’s new technology to drive digital transformation.

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Contact:

PTC Investor Relations
Tim Fox
tifox@ptc.com