Stock Monitor: National Instruments Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 2, 2018 / Active-Investors.com has just released a free earnings report on PTC Inc. (PTC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PTC. The Company reported its second quarter fiscal 2018 operating and financial results on April 18, 2018. The product development software maker outperformed top- and bottom-line expectations. Additionally, the Company raised its revenue, earnings, and free cash flow guidance. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter of the fiscal year 2018, PTC's total revenues were $307.9 million compared to $280.0 million in Q2 FY17. The Company's revenue numbers beat analysts' estimates of $303.2 million.
During Q2 FY18, PTC's GAAP operating margin was 7% compared to 3% in Q2 FY17. The Company's non-GAAP operating margin was 18% in the reported quarter compared to 16% in the year earlier same quarter.
For Q2 FY18, PTC's GAAP net income was $7.9 million, or $0.07 per diluted share, compared to a GAAP net loss of $1.1 million, or $0.01 per diluted share, in Q2 FY17. On a non-GAAP basis, the Company's net income was $0.34 per diluted share, up 13% compared to $0.30 per diluted share in the year earlier comparable quarter. PTC's earnings beat Wall Street's estimates of $0.31 per share.
During Q2 FY18, PTC's license and subscription bookings were $99 million, up 4% compared to Q2 FY17. On a year-to-date basis, the Company's bookings gained 10% to $203 million, and the subscription mix was 72%.
For Q2 FY18, PTC's GAAP software revenues were $262 million and non-GAAP software revenues were $263 million, reflecting an increase of 12% on a y-o-y basis in each case, despite a 700-basis point increase in the subscription mix compared to the prior year's same quarter. Approximately 91% of the reported quarter software revenues came from recurring revenue streams, up from 88% in Q2 FY17.
PTC's Annualized Recurring Revenue (ARR) was $961 million, reflecting an increase of 15% on a y-o-y basis, and the fifth consecutive quarter of double-digit growth. PTC's total deferred revenues, billed and unbilled, surged 43% to $1.26 billion on a y-o-y basis.
For Q2 FY18, PTC's billed deferred revenues grew 1% to $498 million on a y-o-y basis. The Company noted that billed deferred revenues can fluctuate quarterly based on the contractual billings dates in PTC's recurring revenue contracts, as well as the timing of its fiscal reporting periods. PTC's Q2 FY18 ended on March 31, 2018, as opposed to April 01, 2017, for Q2 FY17. The Company's recurring revenue billings on April 01, 2018, were approximately $79 million, so if Q2 FY18 had ended on April 01, 2018, PTC's billed deferred revenues would have grown approximately 17% on a y-o-y basis.
During Q2 FY18, PTC's operating cash flow was $111.1 million compared to $76.4 million in Q2 FY17. The Company's free cash flow was $106 million in the reported quarter compared to $69 million in the year ago corresponding period.
As of March 31, 2018, PTC's total cash, cash equivalents, and marketable securities were $355 million and total debt, net of deferred issuance costs, was $643 million. During the reported quarter, the Company repaid approximately $100 million of debt.
For FY18, PTC is forecasting bookings to be in the range of $455 million to $475 million, reflecting a growth of 9% to 13% on a y-o-y basis. The Company raised its subscription revenue guidance to $475 million to $480 million for FY18, representing a growth of approximately 70% on a y-o-y basis. PTC is anticipating total revenues of $1.25 billion to $1.26 billion for FY18, reflecting an increase of $13 million at the midpoint of its previous guidance.
PTC is projecting earnings per share (EPS) to be in the range of $1.31 to $1.41, reflecting an increase of $0.02 over its earlier guidance. The Company also raised its free cash flow guidance by $15 million to a band of $210 million to $220 million for FY18, reflecting a growth of 96% y-o-y at the midpoint.
For Q3 FY18, PTC is projecting bookings to be in the range of 105 million to 115 million, revenues to be $310 million to $315 million, and EPS to be in the band of $0.30 to $0.34.
Stock Performance Snapshot
May 01, 2018 - At Tuesday's closing bell, PTC's stock marginally advanced 0.58%, ending the trading session at $82.83.
Volume traded for the day: 1.08 million shares, which was above the 3-month average volume of 927.05 thousand shares.
Stock performance in the last month - up 7.98%; previous three-month period - up 13.57%; past twelve-month period - up 51.09%; and year-to-date - up 36.30%
After yesterday's close, PTC's market cap was at $9.59 billion.
Price to Earnings (P/E) ratio was at 317.36.
The stock is part of the Technology sector, categorized under the Technical & System Software industry. This sector was up 0.8% at the end of the session.
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