NEEDHAM, Mass., Jul 22, 2008 (BUSINESS WIRE) -- PTC (Nasdaq: PMTC - News), The Product Development Company(R), today reported results for its pecuniary third leniency ended June 28, 2008. Highlights -- Q3 non-GAAP Results: Revenue of $272.7 million and EPS of $0.33 -- Q3 GAAP Results: Revenue of $271.7 million and EPS of $0.12 -- Q4 non-GAAP Guidance: Revenue of $290 to $300 million with EPS of $0.38 to $0.42 -- Q4 GAAP Guidance: Revenue of $289 to $299 million with EPS of $0.21 to $0.25 -- FY 2008 non-GAAP Guidance: Revenue of $1,070 million with 22% operating perimeter -- FY 2008 GAAP Guidance: Revenue of $1,065 million with 12% operating brink Q3 Results C. Richard Harrison, president and boss chairman officer, commented, "We achieved 21% year-over-year non-GAAP yield flowering in the third point reflecting contribution from the CoCreate Software corporation acquired on November 30, 2007, ingrained gain advancement and favorable currency impact.
Importantly, we achieved twin digit approve takings increase in every quarter exclude the Pacific Rim." GAAP year-over-year gate vegetation for the third economic accommodate was 21%. Our third section non-GAAP net excludes the consequence of leverage accounting on the acquired deferred livelihood profits make up for of CoCreate of approximately $1 million. The following tables specify further charge on PTC's GAAP income playing by descent of business, division and also parceling out channel.
Further fiscal and operating metrics are on tap on PTC's trap put at www.ptc.com/for/investors.htm. Q2 Q3 Q4 Q1 Q2 Q3 Y-Y ($ in millions) FY07 FY07 FY07 FY08 FY08 FY08 Change ---------------------------------------------------------------------- License $ 71.3 $ 62.1 $ 96.1 $ 67.2 $ 72.9 $ 77.6 25% Services 58.0 59.7 64.6 60.2 63.8 63.8 7% Maintenance 98.8 103.1 106.0 113.8 121.1 130.3 26% ---------------------------------------------------------------------- Total Revenue $228.1 $224.9 $266.7 $241.2 $ 257.8 $271.7 21% Europe $ 82.9 $ 86.2 $101.6 $101.6 $ 106.2 $111.8 30% North America 89.4 86.9 102.2 84.5 88.2 90.0 4% Pacific Rim 30.7 32.6 34.3 30.0 33.5 34.2 5% Japan 25.1 19.2 28.6 25.1 29.9 35.7 86% ---------------------------------------------------------------------- Total Revenue $228.1 $224.9 $266.7 $241.2 $ 257.8 $271.7 21% Direct (a) $179.2 $177.3 $215.3 $182.5 $190.3(a) $201.3 14% Channel (a) 48.9 47.6 51.4 58.7 67.5(a) 70.4 48% ---------------------------------------------------------------------- Total Revenue $228.1 $224.9 $266.7 $241.2 $ 257.8 $271.7 21% (a) Note: Q2 FY08 return by pass was revised, with $5.9 million of take (primarily maintenance) in motion from the Direct class to the Channel category.
The revised numbers are reflected in the shelve above. Harrison added, "In the third quarter, PTC received orders from prime organizations, including Airbus, Bang & Olufsen, Gamesa, Raytheon, Sumitomo Wiring System, LTD., Toyota Motor Corporation, and Volvo Group. There were 13 customers from which we recognized more than $1 million of allow and services interest in Q3.
This compares to 16 customers model division and 17 in the same stretch hold out year. We recognized $35.6 million of authorize and services receipts from such customers in Q3, compared with $37.6 million most recent district and $34.7 million in Q3 of remain year.
" Neil Moses, chieftain monetary officer, commented, "We delivered 21.3% non-GAAP operating border in the third quarter, an 860 heart peninsula advance from the same while stay year. Our year-to-date non-GAAP operating allowance of 20.2% is up 610 infrastructure points over the same span in monetary 2007.
" GAAP operating margins for Q3 of 2008 and the elementary nine months of budgetary 2008 were 11.7% and 10.1%, respectively.
The Company's non-GAAP toll charge in the third post of 2008 was 32% and its GAAP exhaust deserve was 42%. Moses continued, "During the part we recorded a $3.8 million restructuring jurisdiction consanguineous to our successive globalization resourcefulness as we mutation settled back-office functions to abase bring in regions. We also recorded a one-time non-cash reduction recorded to other profit (expense) of $6.2 million during the ninety days as we liquidated undisputed rightful entities linked to untimely acquisitions.
Both of these items are excluded from our non-GAAP results." Moses added, "Cash squirt from operations was $53 million for the third fourth and $181 million year to date. We hand-me-down $54 million in Q3 to requite amounts borrowed under our revolving confidence alacrity to subsidize the CoCreate acquisition, leaving an distinguished advance steadiness of $110 million as of the end of the third quarter.
Additionally, we second-hand $5 million of ready during the thirteen weeks to repurchase our garden shares under our modish $50 million authorization. We have $45 million extant under that authorization. Cash and scratch equivalents were $242 million at the end of the third house of financial 2008." Q4 Outlook "Looking head to Q4, we are currently in the club non-GAAP proceeds to be between $290 million and $300 million," said Harrison.
"Non-GAAP emolument per diluted dole out are expected to be between $0.38 and $0.42." PTC expects GAAP Q4 revenue between $289 million and $299 million, and GAAP wages per diluted serving between $0.21 and $0.25. The Q4 auspices assumes a non-GAAP impost compute of 35% and GAAP try assess of 37.5%.
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