PTC (PTC) FY2021 results: revenue $1.8 billion, up 23.9% on the year

PTC Inc. (PTC) reported revenue of $1.8 billion for fiscal 2021, the year ended 30 September 2021, up 23.9% on the year before. Net income was $477 million, up 264.9%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2021.

Revenue

$1.8 billion

+23.9% on the year

FY2014FY2021

Operating margin

21.1%

14.5% a year earlier

FY2014FY2021

Net income

$477 million

+264.9% on the year

FY2014FY2021

Diluted EPS

$4.03

+259.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,807	1,458	1,256	+23.9%
Cost of revenue	371	334	325	+11.0%
Gross profit	1,436	1,124	930	+27.7%
Gross margin	79.5%	77.1%	74.1%
Research and development	300	257	247	+16.9%
Operating income	381	211	63.0	+80.6%
Operating margin	21.1%	14.5%	5.0%
Interest expense	50.5	76.4	43.0	-34.0%
Pre-tax income	392	135	20.3	+190.8%
Income tax	-85.2	4.0	47.8
Effective tax rate	-21.7%	3.0%	235.3%
Net income	477	131	-27.5	+264.9%
Net margin	26.4%	9.0%	-2.2%
Diluted EPS	$4.03	$1.12	-$0.23	+259.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	369	234	285	+57.7%
Capital expenditure	24.7	20.2	64.4	+22.4%
Free cash flow	344	214	221	+61.1%
Free cash flow margin	19.0%	14.6%	17.6%
Cash from investing	-688	-526	-150
Cash from financing	370	297	-123	+24.5%
Depreciation and amortisation	85.2	80.8	77.8	+5.5%
Share-based compensation	177	115	86.4	+54.0%
Buybacks	30.0	0.0	115
Diluted shares, weighted	118m	116m	118m	+1.8%
Shares outstanding at period end	117m	116m	115m	+0.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,038	1,438	1,202	+41.7%
Short-term borrowings	n/a	n/a	0.0
Debt	1,439	1,005	669	+43.2%
Operating lease liabilities	181	180	0.0	+0.3%
Other liabilities	849	759	793	+11.8%
Total liabilities and equity	4,508	3,383	2,665	+33.3%
Fixed assets	100	101	106	-1.2%
Goodwill	2,192	1,626	1,238	+34.8%
Intangible assets	379	238	170	+59.5%
Investments	0.0	59.1	57.4
Cash and equivalents	327	275	270	+18.5%
Receivables	541	415	373	+30.3%
Other assets	969	668	451	+45.0%
Total assets	4,508	3,383	2,665	+33.3%

10-K for the year ended 30 September 2021, filed 22 November 2021: the filing.