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PTC ANNOUNCES FIRST FISCAL QUARTER 2025 RESULTS

Published

1 year ago

on

Solid ARR and Cash Flow

BOSTON, Feb. 5, 2025 /PRNewswire/ — PTC (NASDAQ: PTC) today reported financial results for its first fiscal quarter ended December 31, 2024.

“In Q1’25, we delivered solid year-over-year constant currency ARR growth of 11% and cash flow growth above 25%, which was in-line with our guidance. Our differentiated strategy leverages our unique portfolio to help product companies accelerate their time to market and manage increasing complexity. It’s an exciting time because our products are at the epicenter of driving business transformation at our customers,” said Neil Barua, President and CEO, PTC.

“In order to better serve the needs of our customers and strengthen our ability to drive consistent growth, in Q1’25, we began the realignment of our go-to-market organization to align with the vertical industries we serve. We will continue to focus on optimizing how we operate, so we can increase customer value while also enhancing shareholder returns,” concluded Barua.

First Fiscal Quarter 2025 Highlights

Key operating and financial highlights are set forth below. The definitions of our operating and non-GAAP financial measures and reconciliations of non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release.

$ in millions

Q1’25

Q1’24

YoY Change

Q1’25
Guidance

ARR as reported

$2,205

$2,057

7 %

Constant currency ARR (FY’25 Plan FX rates1)

$2,277

$2,059

11 %

~10.5% growth

Operating cash flow

$238

$187

27 %

~$234

Free cash flow

$236

$183

29 %

~$230

Revenue2

$565

$550

3%3

$540 to $570

Operating margin2

20 %

22 %

 (110 bps)

Non-GAAP operating margin2

34 %

36 %

(240 bps)

Earnings per share2

$0.684

$0.55

23 %

$0.28 to $0.52

Non-GAAP earnings per share2

$1.10

$1.11

(0 %)

$0.75 to $0.95

Total cash and cash equivalents

$196

$265

(26 %)

Gross debt5

$1,548

$2,267

(32 %)

1

On a constant currency basis, using our FY’25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods.

2

Revenue and, as a result, operating margin and earnings per share are impacted under ASC 606.

3

In Q1’25, revenue grew 2% year over year on a constant currency basis. 

4

Q1’25 GAAP EPS included a non-cash tax benefit of $5.4 million or $0.04, due to the release of a tax reserve related to prior years.

5

Gross debt excludes unamortized debt issuance costs.

“In a selling environment that continued to be challenging, our Q1’25 ARR grew 11% year over year on a constant currency basis. Our Q1’25 cash flow was solid, with operating cash flow growing 27% year over year and free cash flow growing 29% year over year, driven by ARR growth and a disciplined process for incremental investment in our business. Additionally, as we indicated, we resumed share repurchases, buying back $75 million worth of our stock in Q1,” said Kristian Talvitie, CFO.

“Given our differentiated product portfolio, the resilience of our subscription business model, the actions we have taken over time to align our investments with market opportunities, and allowing that our go-to-market changes are expected to take time to have their intended effect, we expect Q2’25 constant currency ARR growth of approximately 9.5%. Supported by ARR growth, the predictability of our cash collections, the disciplined budgeting structure we have in place, and being mindful of foreign exchange rate fluctuations, we expect Q2’25 free cash flow of approximately $270 million. We also intend to continue to execute on our share repurchase program, with approximately $75 million of buy backs expected in Q2’25,” Talvitie concluded.

Full Fiscal Year 2025 and Second Fiscal Quarter Guidance

$ in millions

FY’25 Previous
Guidance

FY’25
Guidance

FY’25 YoY
Growth
Guidance

Q2’25
Guidance

Constant currency ARR (FY’25 Plan FX rates1)

9% to 10% growth

9% to 10% growth

9% to 10%

~9.5% growth

Operating cash flow

$850 to $8652

$850 to $8652

13% to 15%

~$2742

Free cash flow

$835 to $8502

$835 to $8502

14% to 16%

~$2702

Revenue

$2,505 to $2,605

$2,430 to $2,530

6% to 10%

$590 to $620

Earnings per share

$3.68 to $4.57

$3.36 to $4.24

8% to 36%

$0.79 to $1.05

Non-GAAP earnings per share

$5.60 to $6.30

$5.30 to $6.00

4% to 18%

$1.30 to $1.50

1

On a constant currency basis, using our FY’25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods.

2

FY’25 cash flow guidance includes approximately $20 million of outflows related to go-to-market realignment, of which $11 million was paid out in Q1’25 and approximately $4 million is expected in Q2’25.

 

Reconciliation of Operating Cash Flow Guidance to Free Cash Flow Guidance

$ in millions

FY’25
Guidance

Q2’25
Guidance

Operating cash flow

$850 to $865

~$274

Capital expenditures

~$15

~$4

Free cash flow

$835 to $850

~$270

 

Reconciliation of EPS Guidance to Non-GAAP EPS Guidance

FY’25
Guidance

Q2’25
Guidance

Earnings per share

$3.36 to $4.24

$0.79 to $1.05

Stock-based compensation expense

$1.90 to $1.66

$0.48 to $0.40

Intangible asset amortization expense

~$0.65

~$0.16

Impairment charges to right-of-use lease assets

~$0.04

~$0.04

Income tax adjustments related to the reconciling items

($0.65) to ($0.59)

($0.17) to ($0.15)

Non-GAAP Earnings per share

$5.30 to $6.00

$1.30 to $1.50

 

FY’25 financial guidance includes the following assumptions:

We provide ARR guidance on a constant currency basis, using our FY’25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods.We expect churn to remain low.For cash flow, due to largely similar invoicing seasonality, and consistent with the past 4 years, we expect the majority of our collections to occur in the first half of our fiscal year and for fiscal Q4 to be our lowest cash flow generation quarter.Compared to FY’24, at our FY’25 ARR guidance, FY’25 GAAP operating expenses are expected to increase approximately 4% and FY’25 non-GAAP operating expenses are expected to increase approximately 5%, primarily due to investments to drive future growth.Cash flow guidance includes approximately $20 million of outflows related to go-to-market realignment.Capital expenditures are expected to be approximately $15 million.Cash interest payments are expected to be approximately $90 million.Cash tax payments are expected to be approximately $110 million.GAAP and non-GAAP tax rates are expected to be approximately 25%.GAAP P&L results are expected to include the items below, totaling approximately $284 million to $314 million, as well as their related tax effects:approximately $200 million to $230 million of stock-based compensation expense,approximately $79 million of intangible asset amortization expense, andapproximately $5 million of impairment charges to right-of-use lease assets related to facilities subleasing activities.Our long-term goal, assuming our Debt/EBITDA ratio is below 3x, is to return approximately 50% of our free cash flow to shareholders via share repurchases, while also taking into consideration the interest rate environment and strategic opportunities.We currently intend to repurchase approximately $300 million of our common stock in FY’25 and retire the $500 million senior notes due in Q2’25.We currently expect our fully diluted share count to be approximately flat in FY’25.

PTC’s First Fiscal Quarter Results Conference Call

The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, February 5, 2025. To participate in the live conference call, dial (888) 330-2508 or (240) 789-2735, provide the passcode 7328695, and press # or log in to the webcast, available on PTC’s Investor Relations website. A replay will also be available.

Important Information About Our Operating and Non-GAAP Financial Measures

Non-GAAP Financial Measures
We provide supplemental non-GAAP financial measures to our financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.

Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges included in general and administrative expenses; restructuring and other charges and credits, net; non-operating charges and credits shown in the reconciliation provided; and income tax adjustments. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in “Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Free Cash Flow: We provide information on free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goals and intent to return approximately 50% of our free cash flow to shareholders via stock repurchases. Free cash flow is cash provided by (used in) operations net of capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures.

Constant Currency (CC): We present CC information to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency exchange rate fluctuations. To present CC information, FY’25 and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2024, rather than the actual exchange rates in effect during that period.

Operating Measure
ARR: ARR (Annual Run Rate) represents the annualized value of our portfolio of active subscription software, SaaS, hosting, and support contracts as of the end of the reporting period. We calculate ARR as follows:

We consider a contract to be active when the product or service contractual term commences (the “start date”) until the right to use the product or service ends (the “expiration date”). Even if the contract with the customer is executed before the start date, the contract will not count toward ARR until the customer right to receive the benefit of the products or services has commenced.For contracts that include annual values that increase over time as there are additional deliverables in subsequent periods, which we refer to as ramp contracts, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation.As ARR includes only contracts that are active at the end of the reporting period, ARR does not reflect assumptions or estimates regarding future customer renewals or non-renewals.Active contracts are annualized by dividing the total active contract value by the contract duration in days (expiration date minus start date), then multiplying that by 365 days (or 366 days for leap years).

We believe ARR is a valuable operating measure to assess the health of a subscription business because it is aligned with the amount that we invoice the customer on an annual basis. We invoice customers annually for the current year of the contract. A customer with a one-year contract will typically be invoiced for the total value of the contract at the beginning of the contractual term, while a customer with a multi-year contract will be invoiced for each annual period at the beginning of each year of the contract.

ARR increases by the annualized value of active contracts that commence in a reporting period and decreases by the annualized value of contracts that expire in the reporting period.

As ARR is not annualized recurring revenue, it is not calculated based on recognized or unearned revenue and is not affected by variability in the timing of revenue under ASC 606, particularly for on-premises license subscriptions where a substantial portion of the total value of the contract is recognized at a point in time upon the later of when the software is made available, or the subscription term commences.

ARR should be viewed independently of recognized and unearned revenue and is not intended to be combined with, or to replace, either of those items. Investors should consider our ARR operating measure only in conjunction with our GAAP financial results.

Because ARR is independent of recognized and unearned revenue, deferred ARR should not be viewed as a measurement of revenue which will be recognized in future periods.

Forward-Looking Statements

Statements in this document that are not historic facts, including statements about our future financial and growth expectations and targets, potential stock repurchases, and the expected effect of our go-to-market realignment, 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 due to, among other factors, the effects of recently imposed import tariffs and threats of additional import tariffs, volatile foreign exchange rates, high interest rates or increases in interest rates and inflation, tightening of credit standards and availability, geopolitical uncertainty, including the effects of the conflicts between Russia and Ukraine and in the Middle East, and tensions with China, any of which could cause customers to delay or reduce purchases of new software, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect ARR and/or our financial results and cash flow; our investments in our software solutions may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if customers are slower to adopt those solutions than we expect or if they adopt competing solutions; our go-to-market realignment and other strategic initiatives to improve organizational and operational efficiency may not do so when or as we expect and may disrupt our business to a greater extent than we expect; other uses of cash or our credit facility limits could limit or preclude the return of 50% of free cash flow to shareholders via share repurchases, or could change the amount and timing of any share repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including changes to tax laws in the U.S. and other countries and the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission.

About PTC (NASDAQ: PTC)

PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 30,000 customers globally. For more information, please visit www.ptc.com.

PTC.com   @PTC    Blogs

PTC Investor Relations Contact   
Matt Shimao
SVP, Investor Relations
mshimao@ptc.com
investor@ptc.com

PTC Inc.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

Three Months Ended

December 31,

December 31,

2024

2023

Revenue:

Recurring revenue

$

524,311

$

506,027

Perpetual license

9,405

8,440

Professional services

31,412

35,747

Total revenue (1)

565,128

550,214

Cost of revenue (2)

111,797

110,020

Gross margin

453,331

440,194

Operating expenses:

Sales and marketing (2)

157,532

136,924

Research and development (2)

115,516

105,783

General and administrative (2)

53,319

69,206

Amortization of acquired intangible assets

11,440

10,363

Restructuring and other credits, net

–

(795)

Total operating expenses

337,807

321,481

Operating income

115,524

118,713

Other expense, net

(22,370)

(33,114)

Income before income taxes

93,154

85,599

Provision (benefit) for income taxes

10,922

19,212

Net income

$

82,232

$

66,387

Earnings per share:

Basic

$

0.68

$

0.56

Weighted average shares outstanding

120,243

119,124

Diluted

$

0.68

$

0.55

Weighted average shares outstanding

121,145

120,250

(1) See supplemental financial data for revenue by license, support and cloud services, and professional services.

(2) See supplemental financial data for additional information about stock-based compensation.

 

PTC Inc.

SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION

(in thousands, except per share data)

Revenue by license, support and services is as follows:

Three Months Ended

December 31,

December 31,

2024

2023

License revenue (1)

$

172,754

$

183,998

Support and cloud services revenue

360,962

330,469

Professional services revenue

31,412

35,747

Total revenue

$

565,128

$

550,214

(1) License revenue includes the portion of subscription revenue allocated to license.

The amounts in the income statement include stock-based compensation as follows:

Three Months Ended

December 31,

December 31,

2024

2023

Cost of revenue

$

5,913

$

5,089

Sales and marketing

18,068

16,127

Research and development

16,155

14,238

General and administrative

15,715

23,559

Total stock-based compensation

$

55,851

$

59,013

 

PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

December 31,

December 31,

2024

2023

GAAP gross margin

$

453,331

$

440,194

Stock-based compensation

5,913

5,089

Amortization of acquired intangible assets included in cost of revenue

8,300

9,566

Non-GAAP gross margin

$

467,544

$

454,849

GAAP operating income

$

115,524

$

118,713

Stock-based compensation

55,851

59,013

Amortization of acquired intangible assets

19,740

19,929

Acquisition and transaction-related charges

215

2,506

Restructuring and other credits, net

–

(795)

Non-GAAP operating income (1)

$

191,330

$

199,366

GAAP net income

$

82,232

$

66,387

Stock-based compensation

55,851

59,013

Amortization of acquired intangible assets

19,740

19,929

Acquisition and transaction-related charges

215

2,506

Restructuring and other credits, net

–

(795)

Income tax adjustments (2)

(24,691)

(14,038)

Non-GAAP net income

$

133,347

$

133,002

GAAP diluted earnings per share

$

0.68

$

0.55

Stock-based compensation

0.46

0.49

Amortization of acquired intangibles

0.16

0.17

Acquisition and transaction-related charges

0.00

0.02

Restructuring and other credits, net

–

(0.01)

Income tax adjustments (2)

(0.20)

(0.12)

Non-GAAP diluted earnings per share

$

1.10

$

1.11

(1) Operating margin impact of non-GAAP adjustments:

Three Months Ended

December 31,

December 31,

2024

2023

GAAP operating margin

20.4

%

21.6

%

Stock-based compensation

9.9

%

10.7

%

Amortization of acquired intangibles

3.5

%

3.6

%

Acquisition and transaction-related charges

0.0

%

0.5

%

Restructuring and other credits, net

0.0

%

(0.1)

%

Non-GAAP operating margin

33.9

%

36.2

%

(2) Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above. Additionally, adjustments exclude a $5.4 million benefit in Q1’25 and $3.6 million charge in Q1’24 related to the non-cash tax impact of tax reserves related to prior years in foreign jurisdictions.

 

PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31,

September 30,

2024

2024

ASSETS

Cash and cash equivalents

$

196,338

$

265,808

Accounts receivable, net

694,807

861,953

Property and equipment, net

71,069

75,187

Goodwill and acquired intangible assets, net

4,295,528

4,359,367

Lease assets, net

128,357

133,317

Other assets

689,265

687,910

Total assets

$

6,075,364

$

6,383,542

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deferred revenue

$

726,167

$

775,274

Debt, net of deferred issuance costs

1,543,991

1,748,572

Lease obligations

175,890

181,754

Other liabilities

399,495

463,544

Stockholders’ equity

3,229,821

3,214,398

Total liabilities and stockholders’ equity

$

6,075,364

$

6,383,542

 

PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

December 31,

December 31,

2024

2023

Cash flows from operating activities:

Net income

$

82,232

$

66,387

Stock-based compensation

55,851

59,013

Depreciation and amortization

25,823

27,222

Amortization of right-of-use lease assets

7,928

7,724

Operating lease liability

(3,850)

(4,953)

Accounts receivable

131,353

153,950

Accounts payable and accruals

(15,336)

(64,687)

Deferred revenue

(27,810)

(29,094)

Income taxes

(13,528)

13,467

Other

(4,234)

(41,688)

Net cash provided by operating activities

238,429

187,341

Capital expenditures

(2,767)

(4,563)

Acquisition of businesses, net of cash acquired(1)

–

(93,457)

Borrowings (payments) on debt, net(2)

(205,125)

558,404

Repurchases of common stock

(75,000)

–

Deferred acquisition payment(3)

–

(620,040)

Payments of withholding taxes in connection with vesting of stock-based awards

(42,789)

(50,326)

Settlement of net investment hedges

28,308

(7,347)

Other financing & investing activities

(1,410)

–

Foreign exchange impact on cash

(9,201)

6,689

Net change in cash, cash equivalents, and restricted cash

(69,555)

(23,299)

Cash, cash equivalents, and restricted cash, beginning of period

266,466

288,798

Cash, cash equivalents, and restricted cash, end of period

$

196,911

$

265,499

Supplemental cash flow information:

Cash paid for interest(3)

$

15,398

$

44,757

(1) In Q1’24, we acquired pure-systems for $93 million, net of cash acquired.

(2) In Q1’24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition and made $181 million in payments on our debt.

(3) In Q1’24, we made a payment of $650 million to settle the ServiceMax deferred acquisition payment liability, of which $620 million is a financing outflow and $30 million is an operating outflow and included in cash paid for interest.

 

PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands)

Three Months Ended

December 31,

December 31,

2024

2023

Cash provided by operating activities

$

238,429

$

187,341

Capital expenditures

(2,767)

(4,563)

Free cash flow

$

235,662

$

182,778

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/ptc-announces-first-fiscal-quarter-2025-results-302369330.html

SOURCE PTC Inc.

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Purina Films Docuseries A Different Breed Earns Three Daytime Emmy® Award Nominations

Published

27 minutes ago

on

July 21, 2026

By

Emmy®-nominated series celebrates the extraordinary bond between people and pets through the world of canine competition

ST. LOUIS, July 21, 2026 /PRNewswire/ — When pet lovers see the human-pet bond in action, it creates connection and deepens the appreciation they have for the animals in their own lives. That connection recently led Purina to dive deeper into the world of canine competition through a docuseries that is now receiving critical acclaim. Today, Purina is celebrating three Daytime Emmy® Award nominations for A Different Breed, its original nine-episode documentary series produced through Purina Films in partnership with InkBlot Narratives and WPP Media, including recognition for Outstanding Lifestyle Program, Outstanding Editing and Outstanding Directing.

The Daytime Emmy® Awards recognize excellence in daytime television and streaming programming across lifestyle, documentary, instructional, travel, culinary and children’s content. A Different Breed is nominated alongside productions from some of the entertainment industry’s leading studios, networks and streaming platforms.

Streaming on Prime Video, A Different Breed follows 18 teams on the road to the Purina Pro Plan Incredible Dog Challenge National Finals, putting the spotlight on the competitors, their dogs and the extraordinary relationships that drive them. The series marks an intentional shift from traditional brand-led content toward storytelling that entertains, inspires and fosters meaningful connections – all in new channels and formats that resonate with the viewing habits of today’s consumer.

“The way people discover and engage with content continues to evolve, and we’re evolving with them,” said Andrea Faccio, President and Chief Growth Officer at Purina. “At Purina, we’ve always believed the bond between people and pets is full of inspiring stories. A Different Breed gave us the opportunity to share those stories in a way people actively choose to experience, and we’re incredibly proud to see them recognized alongside some of the industry’s most celebrated programs.”

Through Purina Films, Purina is evolving how it connects with pet lovers taking a more entertainment-led approach to storytelling, creating premium content that highlights the meaningful role pets play in people’s lives. By inviting viewers behind the scenes of the Purina Pro Plan Incredible Dog Challenge and into competitors’ lives and homes, A Different Breed tells the kinds of emotionally rich stories today’s audiences actively seek out.

The backdrop of the series is the Purina Pro Plan Incredible Dog Challenge, a premier canine performance sports competition that has showcased extraordinary canine athletes and their handlers for nearly 30 years. The competition features a variety of events, including high-flying disc routines, agility courses, weave pole racing and diving dog competitions.

The National Academy of Television Arts & Sciences will announce the winners of the Daytime Emmy Awards on October 30, 2026.

All nine episodes of A Different Breed are available to stream exclusively on Prime Video in the U.S. at no additional cost with a Prime membership. The second season of the Emmy®-nominated series is in production, continuing Purina’s commitment to bring audiences authentic stories that celebrate the incredible bond between people and pets.

About Nestlé Purina PetCare 
Nestlé Purina PetCare creates richer lives for pets and the people who love them. Founded in 1894, Purina has helped dogs and cats live longer, healthier lives by offering scientifically based nutritional innovations.

Purina manufactures some of the world’s most trusted and popular pet care products, including Dog Chow, Purina ONE, Pro Plan, Friskies and Tidy Cats. Our more than 11,000 U.S. associates take pride in our trusted pet food, treat and litter brands that feed 46 million dogs and 68 million cats every year. Nearly 500 Purina scientists, veterinarians, and pet care experts ensure our commitment to unsurpassed quality and nutrition.

Over the past five years, Purina has contributed more than $150 million towards organizations that bring, and keep, people and pets together, as well as those that help our communities and environment thrive.

Purina is part of Nestlé, a global leader in Nutrition, Health and Wellness. For more information, visit purina.com or subscribe here to get the latest Purina news.

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SOURCE Purina

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Toy Foundation Partners with Build-A-Bear & Chuck E. Cheese to Raise $100,000 for Children in Need

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27 minutes ago

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July 21, 2026

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The International Day of Play-themed cause marketing campaigns engaged consumers through promotions, exclusive product, & pin pad donations.

NEW YORK, July 21, 2026 /PRNewswire/ — The Toy Foundation™, the philanthropic arm of The Toy Association™, celebrated the United Nation’s International Day of Play (June 11) with two cause marketing campaigns with Build-A-Bear Foundation and Chuck E. Cheese. Together, the campaigns raised over $100,000, as families across the country and around the world supported The Toy Foundation’s mission to deliver the power of play to children in need.

The Toy Foundation’s partnership with Chuck E. Cheese included a three-part fundraising campaign throughout the month of June. At nearly 500 Chuck E. Cheese locations, families who donated $5 at checkout received 500 tickets to use toward prizes, turning a charitable gift into extra fun. Families also had the option to make a $1 or $3 donation directly at the pin pad, powered by FreedomPay’s Gateway to Giving™ — a charitable program that enables seamless giving at the point of sale, creating another opportunity to support a child in need. At select fun centers, families could also purchase a Chuck E. Cheese x Crazy Aaron’s Limited-Edition Thinking Putty, with one hundred percent of the purchase price benefitting The Toy Foundation.

“Partnering with The Toy Foundation this International Day of Play allowed us to make a real difference through the power of play,” said Scott Drake, CEO of CEC Entertainment. “Play is at the heart of everything we do, and we are deeply grateful to the families that joined us in supporting this great cause. Together, we are giving back in a meaningful way that inspires pride across our entire community.”

Build-A-Bear brought its signature warmth to workshops across the U.S. and the UK with a weeklong fundraising campaign held June 8 to 12. Shoppers made donations in amounts of their choosing at checkout, both in stores and online, with every dollar supporting The Toy Foundation’s work to deliver play to children in need.

“Build-A-Bear Foundation is proud to partner with The Toy Foundation in advancing the shared belief that play has the power to positively impact children’s lives,” said David Henderson, president of Build-A-Bear Foundation. “From toy donations and sponsorship support to this International Day of Play fundraising campaign, we are committed to helping create more moments of joy for children and families in need. We are so grateful to our guests and partners whose generosity continues to make that impact possible.”

These fundraising campaigns complimented The Toy Foundation’s International Day of Play toy collection initiative, which resulted in nearly 20 companies donating $5.7 million in toys. The toy donations are being distributed to more than 450,000 children in under-resourced communities, schools, and hospitals around the world.

“We are grateful to Build-A-Bear Foundation and Chuck E. Cheese for their support, collaboration, and partnership in hosting two successful cause marketing campaigns, and to the companies that generously donated toys in honor of International Day of Play,” said Pam Mastrota, executive director of The Toy Foundation. “Together, we are making a lasting impact, transforming children’s lives with the power of play.”

The Toy Foundation partners with companies and retailers to create tailored cause marketing campaigns that engage consumers and support children through play.

Campaign opportunities include:

Retail campaigns that donate a portion of proceeds from select productsPoint-of-sale donation campaignsCo-branded products featuring cause-related messagingCustomized campaigns tailored to a company’s goals

To learn more and get involved in advancing the toy industry’s collective impact, visit toyfoundation.org or contact The Toy Foundation team.

About The Toy Foundation™ www.toyfoundation.org
The Toy Foundation™ is a 501(c)(3) children’s charity and philanthropic arm of The Toy Association. The uniting force for the collective philanthropy of the toy industry, The Toy Foundation is dedicated to creating a world where every child experiences the comfort, joy, and extraordinary benefits of play. The Toy Foundation works toward this vision through two program areas, Toy Chest, a toy distribution initiative, and Play Fund, a grant distribution initiative. By working together, The Toy Foundation has delivered the power of play to 38 million children in need worldwide. To learn more about The Toy Foundation, visit toyfoundation.org.

About Build‑A‑Bear Workshop, Inc.
Founded in 1997, Build‑A‑Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable “heart ceremony” that creates moments of connection for people of all ages.

Over the years, Build‑A‑Bear has grown into a multi‑generational phenomenon, positioned at the intersection of pop‑culture trends. Beyond its signature retail experience, the brand also offers pre‑stuffed plush, gifting, partnerships with best‑in‑class licensed and collectible characters, and original storytelling through Build‑A‑Bear Entertainment, LLC. Build‑A‑Bear’s current brand platform and message, “The Stuff You Love,” crosses ages and cultures while celebrating nearly 30 years of helping people mark life’s meaningful moments.

Today, Build‑A‑Bear operates more than 650 company-owned, partner-operated and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build‑A‑Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the company’s 5th consecutive year of record results. Learn more at the Investor Relations section of buildabear.com.

About Chuck E. Cheese
Chuck E. Cheese is where over 550,000 happy birthdays are celebrated every year. For nearly 50 years, Chuck E. Cheese has been the place Where A Kid Can Be A Kid®, making birthday kids the star of the show through its interactive experiences, arcade games and the beloved Chuck E. Cheese character. The brand operates more than 500 locations globally and remains committed to providing a fun, safe and inclusive environment through industry-leading programs such as Kid Check® and its partnership with Autism Speaks. As a strong advocate for local communities, Chuck E. Cheese has donated more than $24 million to schools and nonprofits through its fundraising programs. For more information, visit www.chuckecheese.com.

Contact: Erin Wright
The Toy Foundation
646.520.4851
ewright@toyfoundation.org

View original content:https://www.prnewswire.com/news-releases/toy-foundation-partners-with-build-a-bear–chuck-e-cheese-to-raise-100-000-for-children-in-need-302831086.html

SOURCE The Toy Foundation

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Technology

Play a Video Game Against a Dish of Living Neurons: Intactis Bio Launches “Biostack”

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July 21, 2026

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Served from a rack mountable Biohybrid Processing Unit (BPU) to lower AI energy usage. 

SALT LAKE CITY, July 21, 2026 /PRNewswire/ — Intactis Bio launched the Biostack Alpha, a video game in which allows anyone to compete against living human neurons grown in the lab. A player sits on one side of the web-browser. On the other is Biohybrid Intelligence: a small population of neurons in a dish that receives the game board as patterns of electrical stimulation. These neurons then answer, move by move, where to drop the next piece.

 

Play a video game against living neurons in rack mountable Biohybrid Processing Unit (BPU) to lower AI energy usage.

Biocomputation is a field focused on curbing the AI energy crises by replacing inefficient silicon chips with low energy biological processors. Biostack is the most tactile and publicly accessible demonstration yet to emerge from the field of biocomputation. Play today at play.intactis.bio. 

A biocomputer you can rack

Biostack runs on the Intactis BPU (Biohybrid Processing Unit), a biocomputer built into the same form factor as the GPUs widely distributed in data centers today. Living neurons at its core are wrapped in the cooling, life support, and signal hardware needed to keep the neurons healthy while they compute. The unit pairs the living substrate with silicon and rack mountable networking, which allows the systems to scale out using existing data center infrastructure.

The map that makes neurons playable

What makes the tissue controllable is a computational neuroscience model. Intactis ran a comprehensive screen to map how electrical stimulus drives neural outputs, cataloguing more than 150 statistically significant relationships and accounting for up to 96% of the tissue’s response. “Biocomputation is not a black box. We have the actual equation,” said Daniel Rodriguez-Granrose, PhD, Founder and CEO of Intactis Bio. This design space lets the company map neural responses onto specific game controls, so the biocomputer can directly learn the Biostack board state and ideal responses in a closed loop.

How a dish of neurons plays

Each turn, Biostack compresses the board (the current piece, the height of every column, and any gaps) into a compact code and delivers it to the tissue as a timed sequence of electrical pulses. The neurons respond, and the system reads their answer as a six-bit placement: four bits choose one of ten columns, two bits choose one of four rotations. Together this represents over 1000 unique electrical inputs to encode the board space and up to 40 possible destinations for every piece. Intactis has successfully transmitted this information to the neurons, and mapped their response back to the live game. In this demo, game performance held and even improved across overnight gaps between sessions. The living network is genuinely shaped by use.

Why a game matters

The stakes reach well beyond the screen. AI’s appetite for electricity is on track to outrun global electricity production. A supercomputer can draw on the order of 20 megawatts; a human brain runs on about 20 watts. The company projects energy-cost reductions around 95%, total-cost reductions around 90%, and data center footprint reductions around 88% versus exaflop-scale silicon.

From demo to business

Intactis sells the capability as Cloud Biocompute as a Service, targeting gaming, robotics, AI and LLM developers already spending $20,000 or more per month on GPUs. The company has secured more than $1 million in early capital and non-dilutive support and is raising a $5 million seed round to bring the BPU to data center partners. Intactis is built by a team with more than $900 million in prior exits.

About Intactis Bio

Intactis Bio builds biohybrid computers that run living human neurons alongside silicon to deliver compute with dramatically lower energy, cost, and footprint. Its rack-mountable Biohybrid Processing Unit (BPU) targets the widening gap between AI compute demand and available power. Learn more at intactis.bio.

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SOURCE Intactis Bio Corp

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