PTC Issues Statement
Comments in Short Seller Report are Inaccurate and Misleading; PTC Stands by Its Reporting and Disclosure
- Spruce Point states that it considers the metrics PTC uses to discuss its performance during its subscription transition to be misleading. PTC stands by its reporting and disclosure. PTC provides such metrics to enable investors to better understand the Company's business performance as it transitions to a subscription business model. Use of additional performance metrics is common among software companies transitioning to a subscription model. PTC has been transparent about the metrics the Company provides, the reasons we believe they are helpful, and how they are calculated.
Spruce Point also notes that PTC provides non-GAAP measures in
addition to GAAP financial results, which is true for many software
companies. PTC clearly describes the items excluded from the non-GAAP
measures, why they are excluded, and reconciles the non-GAAP measures
to its GAAP results. PTC's financial statements are prepared in
accordance with GAAP and our financial statements are audited by
independent auditing firm
- We believe PTC's stock performance over the past 12 months, both on an absolute and relative basis, reflects the progress the Company is making as well as the market's confidence in the Company and our ability to continue executing on our strategy.
- The Company believes it is exiting the subscription transition trough and that its results will begin to reflect the expected benefits of our strategic execution and business model transition, including accelerated revenue growth, margin expansion, and earnings growth, that we expect will translate into even greater returns for PTC shareholders.
Statements in this press release that are not historic facts, including statements about our exit from the subscription trough and the expected benefits of our strategic execution and business model transition, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate; customers may not purchase our solutions when or at the rates we expect; our businesses, including our
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