PTC Announces First Quarter Fiscal Year 2019 Results

⁽¹⁾ Includes our Q119 workforce realignment and charges related to our headquarters relocation. The headquarters relocation charges include accelerated depreciation expense associated with exiting the Needham headquarters facility and relocating to our new worldwide headquarters in the Boston Seaport District, which occurred in January 2019. Because the Needham lease will not expire until November 2022, we have been seeking to sublease that space, but have not yet done so. As a result, we will bear overlapping rent obligations for those premises and, in Q2, expect to incur a restructuring charge of approximately $24 million, based on the net present value of remaining lease commitments net of estimated sublease income. From a cash perspective, the free rent and estimated sublease income on Seaport headquarters total approximately $30 million, as compared to the estimated net cash flows of $29 million on the Needham headquarters. Additionally, we will incur other costs associated with the move which will be recorded as incurred.

Fiscal 2019 Business Outlook – ASC 605
For the second quarter and fiscal year ending September 30, 2019, the company expects:

In millions except per share amounts
Operating Measures⁽¹⁾	Q2’19 Low	Q2’19 High	FY’19 Low	FY’19 High

Subscription ACV	$ 50	$ 55	$ 216	$ 224
License and Subscription Bookings	107	120	$ 500	$ 520
Subscription % of Bookings	93%	93%	86%	86%
⁽¹⁾ An explanation of the metrics included in this table is provided below.

Financial Measures	Q2’19 Low	Q2’19 High	FY’19 Low	FY’19 High
Subscription Revenue	$ 156	$ 160	$ 670	$ 677
Support Revenue	106	106	430	433
Perpetual License Revenue	9	10	67	70
Total Software Revenue	271	276	1,167	1,180
Professional Services Revenue	39	39	158	160
Total Revenue	$ 310	$ 315	$ 1,325	$ 1,340
Operating Expense (GAAP)	$ 238	$ 241	$ 923	$ 928
Operating Expense (Non-GAAP)	179	182	748	753
Operating Margin (GAAP)	(3%)	(2%)	6%	7%
Operating Margin (Non-GAAP)	19%	20%	23%	23%
Tax Rate (GAAP)	30%	30%	30%	30%
Tax Rate (Non-GAAP)	19%	18%	19%	18%
Shares Outstanding	120	120	119	119
EPS (GAAP)	($0.13)	($0.10)	$ 0.25	$ 0.32
EPS (Non-GAAP)	$ 0.31	$ 0.36	$ 1.75	$ 1.85
Free Cash Flow			$ 265	$ 275
Adjusted Free Cash Flow			$ 290	$ 300

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