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PTC Announces Fiscal fourth Quarter and full year 2021 Results

 

Strong ARR, Revenue, EPS, and Cash Flow Performance for the Fourth Quarter and Full Year

 

BOSTON, MA, November 3, 2021 - PTC (NASDAQ: PTC) today reported financial results for its fiscal fourth quarter and full year ended September 30, 2021.  

“Our performance in 2021 reflects strong execution against the financial guidance we set at the beginning of our fiscal year.  Capped by an outstanding fourth quarter, in fiscal 2021 we delivered our fourth consecutive year of double-digit organic ARR growth, while also delivering operating cash flow growth of 58% and free cash flow growth in excess of 60%,” said James Heppelmann, President and CEO, PTC.

 

“In Q4 and throughout the year we saw growth across all product segments and geographies. Our Core CAD and PLM products continued to outpace market growth, and the strong performance of our Onshape and Arena businesses reflects the growing momentum for cloud-native SaaS technologies in the industrial software market,” continued Heppelmann.

 

“Building on a track record of solid financial performance and market leading technology, we are accelerating our SaaS transition timeline by implementing key initiatives that better align us to SaaS best practices, including reorganizing our customer success organization and combining product development, delivery, and support under one umbrella.  We are also incrementally investing in our Atlas platform, the SaaS transition of our Core CAD and PLM products, and product and go-to-market initiatives for our cloud-native Onshape and Arena businesses.  These changes enable PTC to accelerate the transition to SaaS across our portfolio, begin moving our on-premise customers to SaaS offerings sooner than previously contemplated, and expand contribution margins. These moves enhance PTC’s ability to support customers and deliver strong top-line growth coupled with strong free cash flow, expanding our opportunity to deliver shareholder value over the long-term,” concluded Heppelmann.

 

 

Fourth quarter and full year 2021 highlights1

Key operating and financial highlights are set forth below. For additional details, please refer to the Q4’21 earnings presentation and financial data tables that have been posted to the Investor Relations section of our website at investor.ptc.com.

ARR was $1.47 billion at the end of Q4’21 and FY’21, representing growth of 16%, and 16% in constant currency, compared to Q4’20 and FY’20. Organic growth was 11% as of the end of Q4’21, or 12% in constant currency, compared to Q4’20.

Cash flow from operations was $45 million and free cash flow was $32 million in Q4’21, compared to Q4’20 cash flow from operations of $34 million and free cash flow of $29 million.  For FY’21, cash flow from operations was $369 million and free cash flow was $344 million, compared to FY’20 cash flow from operations of $234 million and free cash flow of $214 million.  

Revenue was $481 million in Q4’21 compared to $391 million in Q4’20, growth of 23%, or 21% in constant currency, and revenue for FY’21 was $1,807 million compared to $1,458 million in FY’20, growth of 24%, or 20% in constant currency, driven primarily by strong execution, as well as the impact of up-front license revenue recognition under ASC 606, and a modest contribution from Arena.

Operating margin was 24% in Q4’21, compared to 17% in Q4’20.  Non-GAAP operating margin in Q4’21 was 37%, compared to 32% in Q4’20.  For FY’21, operating margin was 21%, compared to 14% in FY’20, and non-GAAP operating margin was 35%, compared to 29% in FY’20.

 

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We include operating and non-GAAP financial measures in our operational highlights. The detailed definitions of these items and reconciliations of Non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release.

 

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The following information was filed by Ptc Inc. (PTC) on Wednesday, November 3, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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