PTC Inc. Q1 FY2024 results: revenue $550 million, up 18.1% on the year

PTC Inc. (PTC) reported revenue of $550 million for Q1 FY2024, the quarter ended 31 December 2023, up 18.1% on the same quarter a year earlier. Net income was $66 million, down 11.5% on the year, and diluted earnings per share $0.55. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2024.

Revenue$550 millionup 18.1%

Net income$66 milliondown 11.5%

Diluted EPS$0.55

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	550	547	n/a	n/a
Cost of revenue	110	116	n/a	n/a
Gross profit	440	431	n/a	n/a
Gross margin	80.0%	78.8%	n/a
Research and development	106	102	n/a	n/a
Operating income	119	121	n/a	n/a
Operating margin	21.6%	22.2%	n/a
Interest expense	35.3	35.7	n/a	n/a
Pre-tax income	85.6	88.5	n/a	n/a
Income tax	19.2	42.9	n/a	n/a
Effective tax rate	22.4%	48.5%	n/a
Net income	66.4	45.6	n/a	n/a
Net margin	12.1%	8.3%	n/a
Diluted EPS	$0.55	$0.39	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	187	49.8	n/a	n/a
Capital expenditure	4.6	5.8	n/a	n/a
Free cash flow	183	44.0	n/a	n/a
Free cash flow margin	33.2%	8.0%	n/a
Depreciation and amortisation	27.2	27.8	n/a	n/a
Share-based compensation	59.0	58.9	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	120m	119m	n/a	n/a
Shares outstanding at period end	119m	119m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	6,271	6,289	n/a	n/a
Cash and equivalents	265	288	n/a	n/a
Receivables	678	811	n/a	n/a
Goodwill	3,458	3,359	n/a	n/a
Total debt, as filed	2,261	1,696	n/a	n/a
Long-term debt	2,248	1,686	n/a	n/a
Operating lease liabilities	166	168	n/a	n/a
Shareholders' equity	2,807	2,677	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	547	550	603	519	627	565	636	644	894	686	774	600
Cost of revenue	116	110	110	112	113	112	106	110	117	118	114	110
Gross profit	431	440	493	407	514	453	530	534	777	568	661	490
Gross margin	79%	80%	82%	78%	82%	80%	83%	83%	87%	83%	85%	82%
R&D	102	106	107	110	110	116	111	117	115	120	124	116
Operating income	121	119	180	95.8	194	116	223	210	434	221	296	167
Operating margin	22%	22%	30%	18%	31%	20%	35%	33%	49%	32%	38%	28%
Interest expense	35.7	35.3	31.6	27.8	24.9	22.0	19.6	18.4	17.0	17.3	15.3	15.8
Pre-tax income	88.5	85.6	146	67.4	170	93.2	205	194	428	203	747	152
Tax rate	48%	22%	21%	-2%	26%	12%	21%	27%	19%	18%	21%	22%
Net income	45.6	66.4	114	69.0	127	82.2	163	141	348	167	591	119
Net margin	8%	12%	19%	13%	20%	15%	26%	22%	39%	24%	76%	20%
Diluted EPS	$0.39	$0.55	$0.95	$0.57	$1.05	$0.68	$1.35	$1.17	$2.88	$1.39	$4.98	$1.03
Operating cash flow	49.8	187	251	214	98.1	238	281	244	104	270	321	261
Capital expenditure	5.8	4.6	3.6	1.6	4.5	2.8	2.8	1.9	3.5	2.3	2.7	11.3
Free cash flow	44.0	183	247	212	93.6	236	279	242	100	267	318	249
Buybacks	0.0	0.0	0.0	0.0	0.0	75.0	75.0	75.0	75.0	200	626	500
Shares outstanding	119m	119m	120m	120m	120m	120m	120m	120m	120m	119m	115m	111m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 2 February 2024, accession 0000950170-24-010527: the filing on EDGAR. All of PTC Inc.'s filings: EDGAR company page.

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