PTC ANNOUNCES SECOND FISCAL QUARTER 2023 RESULTS

About PTC (NASDAQ: PTC)

PTC enables global manufacturers to realize double-digit impact with software solutions that enable them to accelerate product and service innovation, improve operational efficiency, and increase workforce productivity. In combination with an extensive partner network, PTC provides customers flexibility in how its technology can be deployed to drive digital transformation – on premises, in the cloud, or via its pure SaaS platform. At PTC, we don't just imagine a better world, we enable it.

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PTC Investor Relations Contact                         
Matt Shimao
SVP, Investor Relations
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PTC Inc.


UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except per share data)



























Three Months Ended



Six Months Ended



March 31,



March 31,



March 31,



March 31,



2023



2022



2023



2022














Revenue:












Recurring revenue

$

492,143



$

452,710



$

909,253



$

857,835


Perpetual license


8,921




9,540




22,165




18,008


Professional services


41,117




42,977




76,673




87,105


Total revenue (1)


542,181




505,227




1,008,091




962,948














Cost of revenue (2)


113,506




93,337




209,296




188,455














Gross margin


428,675




411,890




798,795




774,493














Operating expenses:












Sales and marketing (2)


129,207




116,408




247,590




241,884


Research and development (2)


100,349




81,935




188,526




162,469


General and administrative (2)


65,923




47,469




116,894




99,409


Amortization of acquired intangible assets


10,656




8,450




18,682




16,934


Restructuring and other charges (credits), net


1




(1,562)




(337)




32,429


Total operating expenses


306,136




252,700




571,355




553,125














Operating income


122,539




159,190




227,440




221,368


Other expense, net


(41,470)




(55,624)




(59,947)




(62,426)


Income before income taxes


81,069




103,566




167,493




158,942


Provision for income taxes


17,565




13,887




28,954




23,174


Net income

$

63,504



$

89,679



$

138,539



$

135,768














Earnings per share:












Basic

$

0.54



$

0.77



$

1.17



$

1.16


Weighted average shares outstanding


118,260




117,008




118,037




117,135














Diluted

$

0.53



$

0.76



$

1.17



$

1.15


Weighted average shares outstanding


119,041




117,811




118,912




118,162














(1) See supplemental financial data for revenue by license, support and cloud services, and professional services.


(2) See supplemental financial data for additional information about stock-based compensation.



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