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Parametric Technology New (PMTC) filed Quarterly Report for the period ended 2011-12-31.
Parametric Technology New has a market cap of $3.11 billion; its shares were traded at around $26.27 with a P/E ratio of 26 and P/S ratio of 2.7.
This is the annual revenues and earnings per share of PMTC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PMTC.
Highlight of Business Operations:
We acquired MKS on May 31, 2011 and 4C Solutions, Inc. (4CS) on September 2, 2011. The results of operations of acquired businesses have been included in PTC's consolidated financial statements beginning on their respective acquisition dates. These acquisitions added $18.5 million to our first quarter of 2012 revenue ($20.0 million on a non-GAAP basis), and added $26.6 million of operating costs and expenses (including acquisition-related costs of $2.1 million and amortization of acquired intangible assets of $3.4 million and stock-based compensation from converted unvested MKS options of $0.3 million), or $20.8 million on a non-GAAP basis. As a result, these acquisitions unfavorably impacted our GAAP and non-GAAP operating income by approximately $8 million and $1 million, respectively, for the first quarter of 2012. MKS and 4CS revenue is classified as “Enterprise” revenue.Consulting and training services engagements typically result from sales of new licenses, particularly of our Enterprise solutions. In the first quarter of 2012, compared to the first quarter of 2011, consulting revenue, which is primarily related to Windchill implementations among our direct Enterprise customers, was up 28% ($14.7 million) and training revenue, which typically represents about 15% of our total consulting and training services revenue, was up 16% ($1.3 million). In addition, MKS and 4CS contributed $5.6 million to Enterprise consulting and training service revenue in the first quarter. Excluding MKS and 4CS, consulting and training service revenue increased 17% ($10.3 million) in the first quarter of 2012 compared to the first quarter of 2011.
The increase in revenue in the first quarter of 2012 compared to the first quarter of 2011 consisted of an increase in license revenue of 30% ($8.6 million), an increase in consulting and training service revenue of 29% ($7.3 million) and an increase in maintenance revenue of 17% ($9.4 million). The increase in license revenue reflects growth in license sales of Desktop and Enterprise products to large customers. Total Desktop and Enterprise license revenue increased 36% ($5.7 million) and 22% ($2.9 million) in the first quarter of 2012, respectively, compared to the first quarter of 2011.
The increase in revenue in the Pacific Rim in the first quarter of 2012, compared to the first quarter of 2011, was due primarily to an increase of 19% ($2.5 million) in license revenue and an increase of 15% ($1.4 million) in maintenance revenue. Revenue from China, which has historically represented 6% to 7% of our total revenue, decreased 1% in the first quarter of 2012 compared to the first quarter of 2011.
Cash provided by operating activities was $36.5 million in the first three months of 2012, compared to $(48.0) million of cash used by operating activities in the first three months of 2011. The first quarter of 2011 included the resolution, as previously disclosed, of a litigation matter, which reduced our cash balance by approximately $48 million during the quarter, including $52.1 million paid to settle the matter. Excluding the impact of the litigation settlement, cash provided by operations improved due primarily to increased profitability (profit before tax for the first quarter of 2012 and 2011 was $29.9 million and $15.2 million, respectively) and collections on accounts receivables, which had a $14 million favorable impact in the first quarter of 2012 as compared to the first quarter of 2011. Accounts receivable days sales outstanding is 63 days at the end of the first quarter of 2012 compared to 62 days as of September 30, 2011 and 60 days at the end of the first quarter of 2011. In the first quarter of 2012 and 2011, cash used by operating activities related to the change in accounts payable and accrued expenses and accrued compensation and benefits was $32.9 million and $29.2 million, respectively, primarily related to the payment of year-end incentive compensation accruals.
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