PTC ANNOUNCES FOURTH FISCAL QUARTER AND FULL FISCAL YEAR 2024 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,



2024



2023



2024



2023














GAAP gross margin

$

513,722



$

430,764



$

1,853,656



$

1,656,047


Stock-based compensation


5,460




5,206




21,439




20,874


Amortization of acquired intangible assets included in cost of revenue


9,660




9,877




38,495




35,694


Non-GAAP gross margin

$

528,842



$

445,847



$

1,913,590



$

1,712,615














GAAP operating income

$

193,973



$

121,134



$

588,062



$

458,474


Stock-based compensation


62,219




58,891




223,461




206,459


Amortization of acquired intangible assets


20,219




20,547




80,513




75,716


Acquisition and transaction-related charges


144




222




3,106




18,706


Restructuring and other credits, net


-




(84)




(802)




(460)


Non-GAAP operating income (1)

$

276,555



$

200,710



$

894,340



$

758,895














GAAP net income

$

126,523



$

45,603



$

376,333



$

245,540


Stock-based compensation


62,219




58,891




223,461




206,459


Amortization of acquired intangible assets


20,219




20,547




80,513




75,716


Acquisition and transaction-related charges


144




222




3,106




18,706


Restructuring and other credits, net


-




(84)




(802)




(460)


Non-operating charges, net (2)


-




-




2,000




5,147


Income tax adjustments (3)


(23,043)




19,017




(71,205)




(33,489)


Non-GAAP net income

$

186,062



$

144,196



$

613,406



$

517,619














GAAP diluted earnings per share

$

1.04



$

0.38



$

3.12



$

2.06


Stock-based compensation


0.51




0.49




1.85




1.73


Amortization of acquired intangibles


0.17




0.17




0.67




0.63


Acquisition and transaction-related charges


0.00




0.00




0.03




0.16


Restructuring and other credits, net


-




(0.00)




(0.01)




(0.00)


Non-operating charges, net (2)


-




-




0.02




0.04


Income tax adjustments (3)


(0.19)




0.16




(0.59)




(0.28)


Non-GAAP diluted earnings per share

$

1.54



$

1.20



$

5.08



$

4.34














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

















Three Months Ended



Twelve Months Ended



September 30,



September 30,



September 30,



September 30,



2024



2023



2024



2023


GAAP operating margin


31.0

%



22.2

%



25.6

%



21.9

%

Stock-based compensation


9.9

%



10.8

%



9.7

%



9.8

%

Amortization of acquired intangibles


3.2

%



3.8

%



3.5

%



3.6

%

Acquisition and transaction-related charges


0.0

%



0.0

%



0.1

%



0.9

%

Restructuring and other credits, net


0.0

%



0.0

%



0.0

%



0.0

%

Non-GAAP operating margin


44.1

%



36.7

%



38.9

%



36.2

%













(2) In FY'24, we recognized an impairment loss of $2.0 million on an available-for-sale debt security. In FY'23, we recognized $4.2 million of financing charges for a debt commitment agreement associated with our acquisition of ServiceMax.


(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. Additionally, in the fourth quarter and full year of FY'24, adjustments exclude a tax expense $0.8M and $4.4 million, respectively, for a tax reserve related to prior years in a foreign jurisdiction. In FY'23, non-GAAP expense excludes $21.8 million related to uncertain tax positions in a foreign jurisdiction.



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