PTC Inc. |
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) |
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(in thousands, except per share data) |
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| Three Months Ended |
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| Twelve Months Ended |
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| September 30, |
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| September 30, |
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| September 30, |
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| September 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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GAAP gross margin | $ | 513,722 |
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| $ | 430,764 |
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| $ | 1,853,656 |
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| $ | 1,656,047 |
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Stock-based compensation |
| 5,460 |
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| 5,206 |
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| 21,439 |
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| 20,874 |
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Amortization of acquired intangible assets included in cost of revenue |
| 9,660 |
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| 9,877 |
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| 38,495 |
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| 35,694 |
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Non-GAAP gross margin | $ | 528,842 |
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| $ | 445,847 |
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| $ | 1,913,590 |
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| $ | 1,712,615 |
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GAAP operating income | $ | 193,973 |
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| $ | 121,134 |
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| $ | 588,062 |
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| $ | 458,474 |
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Stock-based compensation |
| 62,219 |
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| 58,891 |
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| 223,461 |
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| 206,459 |
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Amortization of acquired intangible assets |
| 20,219 |
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| 20,547 |
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| 80,513 |
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| 75,716 |
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Acquisition and transaction-related charges |
| 144 |
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| 222 |
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| 3,106 |
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| 18,706 |
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Restructuring and other credits, net |
| - |
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| (84) |
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| (802) |
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| (460) |
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Non-GAAP operating income (1) | $ | 276,555 |
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| $ | 200,710 |
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| $ | 894,340 |
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| $ | 758,895 |
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GAAP net income | $ | 126,523 |
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| $ | 45,603 |
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| $ | 376,333 |
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| $ | 245,540 |
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Stock-based compensation |
| 62,219 |
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| 58,891 |
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| 223,461 |
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| 206,459 |
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Amortization of acquired intangible assets |
| 20,219 |
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| 20,547 |
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| 80,513 |
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| 75,716 |
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Acquisition and transaction-related charges |
| 144 |
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| 222 |
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| 3,106 |
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| 18,706 |
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Restructuring and other credits, net |
| - |
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| (84) |
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| (802) |
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| (460) |
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Non-operating charges, net (2) |
| - |
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| - |
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| 2,000 |
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| 5,147 |
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Income tax adjustments (3) |
| (23,043) |
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| 19,017 |
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| (71,205) |
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| (33,489) |
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Non-GAAP net income | $ | 186,062 |
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| $ | 144,196 |
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| $ | 613,406 |
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| $ | 517,619 |
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GAAP diluted earnings per share | $ | 1.04 |
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| $ | 0.38 |
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| $ | 3.12 |
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| $ | 2.06 |
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Stock-based compensation |
| 0.51 |
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| 0.49 |
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| 1.85 |
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| 1.73 |
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Amortization of acquired intangibles |
| 0.17 |
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| 0.17 |
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| 0.67 |
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| 0.63 |
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Acquisition and transaction-related charges |
| 0.00 |
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| 0.00 |
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| 0.03 |
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| 0.16 |
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Restructuring and other credits, net |
| - |
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| (0.00) |
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| (0.01) |
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| (0.00) |
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Non-operating charges, net (2) |
| - |
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| - |
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| 0.02 |
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| 0.04 |
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Income tax adjustments (3) |
| (0.19) |
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| 0.16 |
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| (0.59) |
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| (0.28) |
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Non-GAAP diluted earnings per share | $ | 1.54 |
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| $ | 1.20 |
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| $ | 5.08 |
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| $ | 4.34 |
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(1) Operating margin impact of non-GAAP adjustments: |
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| Three Months Ended |
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| Twelve Months Ended |
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| September 30, |
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| September 30, |
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| September 30, |
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| September 30, |
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| 2024 |
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| 2023 |
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| 2024 |
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| 2023 |
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GAAP operating margin |
| 31.0 | % |
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| 22.2 | % |
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| 25.6 | % |
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| 21.9 | % |
Stock-based compensation |
| 9.9 | % |
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| 10.8 | % |
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| 9.7 | % |
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| 9.8 | % |
Amortization of acquired intangibles |
| 3.2 | % |
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| 3.8 | % |
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| 3.5 | % |
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| 3.6 | % |
Acquisition and transaction-related charges |
| 0.0 | % |
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| 0.0 | % |
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| 0.1 | % |
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| 0.9 | % |
Restructuring and other credits, net |
| 0.0 | % |
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| 0.0 | % |
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| 0.0 | % |
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| 0.0 | % |
Non-GAAP operating margin |
| 44.1 | % |
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| 36.7 | % |
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| 38.9 | % |
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| 36.2 | % |
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(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. |
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(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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