PTC Announces Fourth fiscal Quarter and Full Year 2023 Results

 

PTC Inc.


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)


(in thousands, except per share data)















Three Months Ended



Twelve Months Ended



September
30,



September
30,



September
30,



September
30,



2023



2022



2023



2022














GAAP gross margin

$

430,764



$

412,395



$

1,656,047



$

1,547,367


Stock-based compensation


5,206




4,110




20,874




22,775


Amortization of acquired intangible assets included in cost of
revenue


9,877




6,568




35,694




25,578


Non-GAAP gross margin

$

445,847



$

423,073



$

1,712,615



$

1,595,720














GAAP operating income

$

121,134



$

146,017



$

458,474



$

447,362


Stock-based compensation


58,891




41,580




206,459




174,863


Amortization of acquired intangible assets


20,547




15,673




75,716




60,548


Acquisition and transaction-related charges


222




1,877




18,706




13,185


Restructuring and other charges (credits), net


(84)




(653)




(460)




36,234


Non-GAAP operating income (1)

$

200,710



$

204,494



$

758,895



$

732,192














GAAP net income

$

45,603



$

106,837



$

245,540



$

313,081


Stock-based compensation


58,891




41,580




206,459




174,863


Amortization of acquired intangible assets


20,547




15,673




75,716




60,548


Acquisition and transaction-related charges


222




1,877




18,706




13,185


Restructuring and other charges (credits), net


(84)




(653)




(460)




36,234


Non-operating charges (credits), net (2)


-




(3,408)




5,147




(1,362)


Income tax adjustments (3)


19,017




(11,448)




(33,489)




(55,065)


Non-GAAP net income

$

144,196



$

150,458



$

517,619



$

541,484














GAAP diluted earnings per share

$

0.38



$

0.90



$

2.06



$

2.65


Stock-based compensation


0.49




0.35




1.73




1.48


Amortization of acquired intangibles


0.17




0.13




0.63




0.51


Acquisition and transaction-related charges


0.00




0.02




0.16




0.11


Restructuring and other charges (credits), net


(0.00)




(0.01)




(0.00)




0.31


Non-operating charges (credits), net (2)


-




(0.03)




0.04




(0.01)


Income tax adjustments (3)


0.16




(0.10)




(0.28)




(0.47)


Non-GAAP diluted earnings per share

$

1.20



$

1.27



$

4.34



$

4.58


























(2) In FY23, we recognized $4.2 million of financing charges for a debt commitment agreement associated with our acquisition
of ServiceMax. Net credits for FY22 include a $29.8 million gain on the sale of a portion of our PLM services business, a $3.4
million gain on the sale of an asset, and a $3.0 million gain on the sale of an investment, offset by a $34.8 million charge from
the reduction in value of an equity investment in a publicly-traded company.


(3) 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. In FY23, non-GAAP expense excludes $21.8 million related to
a non-cash tax charge .



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