Earnings Review and Free Research Report: PTC’s Total Revenue Grew 6.3%; Adjusted EPS Soared 70%
Research Desk Line-up: Systemax Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 17, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on PTC Inc. (NASDAQ: PTC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PTC, following the Company's release of its financial results on October 25, 2017, for the fourth quarter fiscal 2017. The software Company's revenue surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended September 30, 2017, PTC's total revenue increased 6.3% to $306.38 million from $288.24 million in Q4 FY16. Total revenue surpassed analysts' expectations of $306.1 million.
During Q4 FY17, the Company's license and subscription bookings increased 1% to $144 million on a y-o-y basis.
During FY17, PTC's total revenue increased 2.1% to $1.16 billion from $1.14 billion in FY16.
During Q4 FY17, the Company's gross profit increased 8.9% to $223.57 million from $205.38 million in the same period last year. For the reported quarter, the Company's gross margin increased 170 basis points to 73% of revenue from 71.3% of revenue in Q4 FY16.
For the reported quarter, PTC's sales and marketing expenses decreased 1.6% to $101.38 million from $102.99 million in Q4 FY16. During Q4 FY17, the Company's research and development (R&D) expenses increased 4.6% to $60.59 million from $57.93 million in the same period last year. During Q4 FY17, the Company's general and administrative (G&A) expenses decreased 3.6% to $36.28 million from $37.65 million in the same period last year. For the reported quarter, the Company's amortization expenses decreased 0.4% to $8.12 million from $8.16 million in the fourth quarter of 2016.
During Q4 FY17, the Company's operating income was $17.57 million compared to operating loss of $33.08 million in the same period last year. For the reported quarter, the Company's adjusted operating income increased 71.5% to $54.22 million from $31.61 million in the same period last year. For the reported quarter, the Company's adjusted operating margin increased 680 basis points to 17.7% of revenue from 10.9% of revenue in Q4 FY16.
For the reported quarter, PTC's net income was $17.44 million compared to net loss of $28.47 million in Q4 FY16. During Q4 FY17, the Company's diluted EPS was positive $0.15 compared to negative $0.25 in the same period last year. For the reported quarter, PTC's adjusted net income increased 72.8% to $39.54 million on a y-o-y basis from $22.88 million in Q4 FY16. During Q4 FY17, the Company's adjusted diluted EPS increased 70% to $0.34 on a y-o-y basis from $0.20 in the same period last year. Adjusted diluted EPS was below analysts' expectations of $0.37.
During FY17, PTC's net income was $6.24 million compared to net loss of $54.47 million in FY16. During FY17, the Company's diluted EPS was positive $0.05 compared to negative $0.48 in the last year. For the FY17, PTC's adjusted net income decreased 0.2% to $137.56 million from $137.83 million in FY16. During FY17, the Company's adjusted diluted EPS decreased 1.7% to $1.17 from $1.19 in last year.
PTC's Segment Details
Software - During Q4 FY17, the Software segment's revenue increased 10.4% to $264.59 million from $239.58 million in the same period last year. For the reported quarter, the segment's gross profit increased 9.7% to $217.71 million from $198.43 million in Q4 FY16.
Professional Services - During Q4 FY17, the Professional Services segment's revenue decreased 14.1% to $41.79 million from $48.66 million in the same period last year. For the reported quarter, the segment's gross profit decreased 15.5% to $5.87 million from $6.95 million in Q4 FY16.
Balance Sheet
As on September 30, 2017, PTC's cash and cash equivalents increased 0.7% to $280.00 million from $277.94 million on September 30, 2016. For the reported quarter, the Company's net debt decreased 5.2% to $712.41 million from $751.60 million in Q4 FY16.
During Q4 FY17, the Company's cash provided by operating activities increased 139.6% to $32.52 million from $13.57 million in the same period last year.
During Q4 FY17, the Company repurchased $16 million worth of shares.
Outlook
For FY18, PTC expects total revenue to be in the range of $1.23 billion to $1.24 billion and adjusted operating margin to be in the range of 17% to 18% of revenue. The Company estimates diluted EPS to be in the range of $0.24 to $0.30 and adjusted diluted EPS to be in the range of $1.27 to $1.37 for fiscal 2018.
Stock Performance
At the closing bell, on Thursday, November 16, 2017, PTC Inc.'s stock rose 2.00%, ending the trading session at $65.20. A total volume of 717.53 thousand shares have exchanged hands. The Company's stock price soared 21.82% in the last three months, 18.55% in the past six months, and 37.03% in the previous twelve months. Moreover, the stock skyrocketed 40.91% since the start of the year. The stock is trading at a PE ratio of 1278.43 and currently has a market cap of $7.52 billion.
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