PTC Inc (PMTC) saw its loss widen to $28.47 million, or $0.25 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.55 million, or $0.05 a share. On the other hand, adjusted net income for the quarter stood at $22.88 million, or $0.20 a share compared with $77.08 million or $0.67 a share, a year ago.
Revenue during the quarter dropped 7.78 percent to $288.24 million from $312.57 million in the previous year period. Gross margin for the quarter contracted 432 basis points over the previous year period to 71.25 percent. Operating margin for the quarter stood at negative 11.47 percent as compared to a negative 6.91 percent for the previous year period.
Operating loss for the quarter was $33.08 million, compared with an operating loss of $21.61 million in the previous year period.
However, the adjusted operating income for the quarter stood at $31.61 million compared to $87.56 million in the prior year period. At the same time, adjusted operating margin contracted 1705 basis points in the quarter to 10.97 percent from 28.01 percent in the last year period.
“This past year clearly marked a turning point for PTC,” said James Heppelmann, president and chief executive officer, PTC. “We exceeded our key strategic objectives for bookings growth, IoT market leadership, margin improvement, and subscription transition. We now start fiscal 2017 more than a year ahead of the objectives we outlined at our investor day last November. Our focus on improved execution led to bookings growth, beating the high end of our guidance for the quarter and for the fiscal year. We continue to see increased demand for our subscription offering across our business, resulting in a 70% subscription bookings mix for the quarter and 56% for the fiscal year, both well ahead of our guidance.”
Operating cash flow improves marginally
PTC Inc has generated cash of $183.17 million from operating activities during the year, up 1.81 percent or $3.27 million, when compared with the last year.
The company has spent $191.99 million cash to meet investing activities during the year as against cash outgo of $129.04 million in the last year.
Cash flow from financing activities was $6.53 million for the year as against cash outgo of $53.16 million in the last year period.
Cash and cash equivalents stood at $277.94 million as on Sep. 30, 2016, up 1.65 percent or $4.52 million from $273.42 million on Sep. 30, 2015.
Debt moves up
PTC Inc has witnessed an increase in total debt over the last one year. It stood at $758.12 million as on Sep. 30, 2016, up 13.47 percent or $90 million from $668.12 million on Sep. 30, 2015. Total debt was 32.23 percent of total assets as on Sep. 30, 2016, compared with 30.23 percent on Sep. 30, 2015. Debt to equity ratio was at 0.90 as on Sep. 30, 2016, up from 0.78 as on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
