<SEC-DOCUMENT>0001654954-17-003503.txt : 20170731
<SEC-HEADER>0001654954-17-003503.hdr.sgml : 20170731
<ACCEPTANCE-DATETIME>20170420164852
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-17-003503
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PTC INC.
		CENTRAL INDEX KEY:			0000857005
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				042866152
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		140 KENDRICK STREET
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			02494
		BUSINESS PHONE:		7813705000

	MAIL ADDRESS:	
		STREET 1:		140 KENDRICK STREET
		CITY:			NEEDHAM
		STATE:			MA
		ZIP:			02494

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMETRIC TECHNOLOGY CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<font style="font-family: Times New Roman; font-size: 13px">April
20, 2017</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
By EDGAR</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100 F
Street, N.E.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Washington,
DC 20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Attention:&#xA0;Kathleen
Collins, Accounting Branch Chief</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Re:&#xA0;PTC Inc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Form
10-K for the Fiscal Year Ended September 30, 2016</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Filed
November 18, 2016</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">File
No. 000-18059</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
letter is submitted in response to Kathleen Collins&#x2019; letter
dated April&#xA0;6, 2017 setting forth the comments of the staff of
the Securities and Exchange Commission (the &#x201C;Staff&#x201D;)
regarding the Form&#xA0;10-K filed November&#xA0;18, 2016 (the
&#x201C;2016 Form&#xA0;10-K&#x201D;) by PTC Inc. (the
&#x201C;Company&#x201D;). Please find our response to the
Staff&#x2019;s comments below. For your convenience, the comment in
Ms.&#xA0;Collins&#x2019; letter is restated below, followed by our
response.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Form 10-K for the Fiscal Year Ended September 30, 2016</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Item 15. Exhibits and Financial Statement Schedules</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Consolidated Statements of Operations, page F-4</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
We note your response to prior comment 2. It remains unclear how
you determined that combining the cost of both product and services
(i.e., support) in cost of software revenue on the face of your
consolidated statement of operations complies with Rule 5-03(b)(2)
of Regulation S-X. Please explain further and clarify how you
determined that similar margins are achieved for all products and
services. Also, tell us how you considered applying a reasonable
allocation methodology to separately reflect the direct cost of
both product and service revenues for purposes of complying with
this Rule<font style="font-weight: bold">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Response:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px;">
<font style="font-family: Times New Roman; font-size: 13px">Prior
to 2016, revenue from subscription contracts was immaterial and was
classified with license revenue (subscription revenue comprised
only 5% and 2% of total revenue in 2015 and 2014, respectively.) In
2016, we began a strategic initiative to expand adoption of our
subscription license offerings by our customers. Accordingly, in
order to provide investors with a clear view of our results
and</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">the
change in our business model, and because we expected subscription
revenue to become an increasingly larger percentage of our revenue,
we began reporting subscription revenue as a separate line item in
our income statement. At the time that we made that change, we
assessed how we should report our cost of revenue and,
specifically, whether we should report product costs and service
costs separately. As part of that assessment, we considered the
nature of the costs and how we internally measure and track the
costs. We also considered what was meaningful to our investors
relative to providing costs for our software
solutions.</font></div>
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">A
substantial portion of our software costs are indirect costs
incurred in support of multiple products and services. For example,
approximately 90% of our support costs are related to costs
incurred in support of both license and subscription products,
including compensation and benefits and facilities and information
technology-related costs. The same group of individuals provide
support for both license and subscription products and we do not
track nor report these costs separately by product or service, as
we do not manage our business in this manner. We concluded that
allocating all of these costs to different revenue streams would
not provide meaningful information to investors because it would
result in similar margins for support, license and subscription
revenue. Historical margins for the software service elements
(support) and software product elements (license) were similar. In
the Statement of Operations and in Management&#x2019;s Discussion
and Analysis of our Annual Report on Form 10-K for the year ended
September&#xA0;30, 2015, we reported &#x201C;license and
subscription&#x201D; gross margins of 85%, 88% and 89% for 2015,
2014 and 2013, respectively, and support gross margin of 88% for
each of 2015, 2014 and 2013.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">We do
report cost of professional services revenue separately from cost
of software revenue as the margins related to our professional
services, which ranged from 12% to 14% in the three years ended
September 30, 2016, are significantly lower than those for our
software solutions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">As our
business evolves, we will continue to assess our presentation of
product and service revenue and costs in our income statement, and
make changes in the future, if necessary, to ensure that we provide
useful information to our investors and continue to comply with
Rule 5-03 of Regulation S-X.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">* * * *
* * *</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If you
have any questions, please do not hesitate to call me at (781)
370-5070.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Very
truly yours,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">PTC
INC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/
Andrew Miller</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Andrew
Miller</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<DOCUMENT>
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end
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</SEC-DOCUMENT>
