NEEDHAM, MA, Apr 20, 2017 – PTC reported financial results for the second quarter ended April 1, 2017. Second quarter FY’17 GAAP revenue was $280 million. They recorded a GAAP net loss of $1 million or $0.01 per share.
“We are very pleased with our second fiscal quarter performance,” said James Heppelmann, president and CEO, PTC. “Bookings of $95 million and subscription mix of 71% both exceeded the high end of our guidance for the quarter. Bookings growth of 11% year-over-year was driven by another strong quarter in IoT, with new bookings growing faster than the estimated 40% market growth rate; as well as solid bookings results in CAD and core PLM, which both grew at or above the estimated market growth rates.”
Heppelmann added, “Even with the higher than guidance subscription mix in the quarter, which drove down reported revenue in the current period as revenue is deferred and recognized over future periods, revenue and non-GAAP EPS both fell within our guidance ranges. Despite the higher subscription mix, revenue grew year-over-year for the first time in nine quarters, evidencing that we have exited the subscription trough. In addition, total deferred revenue – billed and unbilled – grew $56 million over last quarter, and billed deferred revenue grew $117 million over last quarter.”
Heppelmann continued, “Our strong Q2 results are yet another positive step along our journey to create significant long-term value for our customers and shareholders through our transition to a subscription business model. Due to the success of this transition, we have separately announced today a plan to accelerate our transition by offering our core Solutions products and ThingWorx platform only by subscription in the Americas and Western Europe beginning January 1, 2018.”
A complete chart of the financial results is available here.
PTC has the most robust Internet of Things technology in the world. In 1986 they revolutionized digital 3D design, and in 1998 were first to market with Internet-based PLM. Now their leading IoT and AR platform and field-proven solutions bring together the physical and digital worlds to reinvent the way you create, operate, and service products. With PTC, global manufacturers and an ecosystem of partners and developers can capitalize on the promise of the IoT today and drive the future of innovation.
For more information, visit www.ptc.com.