PTC ANNOUNCES SECOND FISCAL QUARTER 2022 RESULTS

 

PTC Inc.


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)


(in thousands, except per share data)























Three Months Ended



Six Months Ended





March 31,



March 31,



March 31,



March 31,





2022



2021



2022



2021




















GAAP gross margin

$

411,890



$

372,337



$

774,493



$

714,558


     Stock-based compensation


4,264




4,506




10,236




8,940


     Amortization of acquired intangible assets included in cost of revenue


5,921




7,117




12,414




13,384


Non-GAAP gross margin

$

422,075



$

383,960



$

797,143



$

736,882




















GAAP operating income

$

159,190



$

101,690



$

221,368



$

192,029


     Stock-based compensation


37,921




44,740




83,863




90,828


     Amortization of acquired intangible assets


14,371




14,767




29,348




27,581


     Acquisition-related and other transactional charges


3,903




10,310




4,953




14,226


     Restructuring and other charges, net


(1,562)




469




32,429




716


Non-GAAP operating income (1)

$

213,823



$

171,976



$

371,961



$

325,380




















GAAP net income

$

89,679



$

109,262



$

135,768



$

132,777


     Stock-based compensation


37,921




44,740




83,863




90,828


     Amortization of acquired intangible assets


14,371




14,767




29,348




27,581


     Acquisition-related and other transactional charges


3,903




10,310




4,953




14,226


     Restructuring and other charges, net


(1,562)




469




32,429




716


     Non-operating charges (2)


44,613




-




34,847




-


     Income tax adjustments (3)


(25,444)




(51,703)




(44,669)




(24,552)


Non-GAAP net income

$

163,481



$

127,845



$

276,539



$

241,576




















GAAP diluted earnings per share

$

0.76



$

0.92



$

1.15



$

1.13


     Stock-based compensation


0.32




0.38




0.71




0.77


     Amortization of acquired intangibles


0.12




0.12




0.25




0.23


     Acquisition-related and other transactional charges


0.03




0.09




0.04




0.12


     Restructuring and other charges, net


(0.01)




-




0.27




0.01


     Non-operating charges


0.38




-




0.29




-


     Income tax adjustments


(0.22)




(0.44)




(0.38)




(0.21)


Non-GAAP diluted earnings per share

$

1.39



$

1.08



$

2.34



$

2.05




















(1) Operating margin impact of non-GAAP adjustments:





Three Months Ended



Six Months Ended





March 31,



March 31,



March 31,



March 31,





2022



2021



2022



2021


GAAP operating margin


31.5

%



22.0

%



23.0

%



21.6

%

     Stock-based compensation


7.5

%



9.7

%



8.7

%



10.2

%

     Amortization of acquired intangibles


2.8

%



3.2

%



3.0

%



3.1

%

     Acquisition-related and other transactional charges


0.8

%



2.2

%



0.5

%



1.6

%

     Restructuring and other charges, net


(0.3)

%



0.1

%



3.4

%



0.1

%

Non-GAAP operating margin


42.3

%



37.2

%



38.6

%



36.5

%



















(2) Expense recognized due to 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 2021 we had recorded a full valuation allowance against our U.S. net deferred tax assets. As we were profitable on a non-GAAP basis, the 2021 tax provision was calculated assuming there was no valuation allowance.  Additionally, our non-GAAP results for the six months ended March 31, 2021 excluded tax expenses of $34.6 million related to a South Korean tax exposure, primarily related to foreign withholding taxes.



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