[10-Q] PTC, INC Quarterly Earnings Report
Q2 2025 snapshot (Perdoceo Education 鈥� PRDO):
- Revenue surged 25.7 % YoY to $209.6 m, aided by the Dec-24 USAHS acquisition (18 % of quarterly sales) and continued growth at legacy units.
- Operating income climbed 11.7 % to $51.4 m; net income up 6.8 % to $41.0 m, delivering diluted EPS of $0.62 versus $0.57.
- YTD revenue $422.6 m (+26 %), net income $84.7 m (+8.8 %). Operating cash flow strengthened to $143.9 m (+55 %).
- Cash, equivalents & short-term investments reached $659.6 m after $46.1 m of buybacks (1.6 m shares) and $17.7 m in dividends; only $1 m remained under the prior $50 m authorization, but a new $75 m program was approved 7/31/25.
- Segment mix: CTU 56 % of revenue, AIUS 26 %, USAHS 18 % (-$2.0 m YTD operating loss during integration).
- Gross deferred revenue rose to $113.6 m, reflecting higher billing and enrollment; allowance for credit losses stable at $42.3 m.
- Balance sheet still debt-light; a $56.8 m failed sale-leaseback created a financing liability. Total cash plus investments exceed all liabilities by ~$675 m.
- Effective tax rate eased to 27.0 % (benefit from stock-comp and reserve releases).
- Regulatory/legal: DOJ False Claims Act suit and new CID remain unresolved; litigation reserve $1.5 m.
Takeaway: Solid top-line growth and cash generation offset margin dilution from USAHS and higher depreciation. Ample liquidity supports continued buybacks and dividends, while integration execution and regulatory outcomes are key watch items.
Riepilogo Q2 2025 (Perdoceo Education 鈥� PRDO):
- I ricavi sono aumentati del 25,7% su base annua, raggiungendo 209,6 milioni di dollari, grazie all'acquisizione di USAHS a dicembre 2024 (18% delle vendite trimestrali) e alla crescita continua delle unit脿 storiche.
- Il reddito operativo 猫 salito dell'11,7% a 51,4 milioni di dollari; l'utile netto 猫 aumentato del 6,8% a 41,0 milioni, con un EPS diluito di 0,62 dollari rispetto a 0,57 dollari.
- I ricavi da inizio anno sono pari a 422,6 milioni di dollari (+26%), l'utile netto a 84,7 milioni (+8,8%). Il flusso di cassa operativo si 猫 rafforzato a 143,9 milioni (+55%).
- La liquidit脿, equivalenti e investimenti a breve termine hanno raggiunto 659,6 milioni di dollari dopo riacquisti per 46,1 milioni (1,6 milioni di azioni) e dividendi per 17,7 milioni; 猫 rimasto solo 1 milione sotto l'autorizzazione precedente di 50 milioni, ma il 31/07/25 猫 stato approvato un nuovo programma da 75 milioni.
- Composizione per segmenti: CTU 56% dei ricavi, AIUS 26%, USAHS 18% (perdita operativa di 2,0 milioni da inizio anno durante l'integrazione).
- Il ricavo differito lordo 猫 salito a 113,6 milioni, riflettendo maggiori fatturazioni e iscrizioni; la riserva per perdite su crediti 猫 stabile a 42,3 milioni.
- Il bilancio rimane con poco debito; una vendita con riacquisto fallita da 56,8 milioni ha creato una passivit脿 finanziaria. La liquidit脿 totale pi霉 investimenti supera tutte le passivit脿 di circa 675 milioni.
- L'aliquota fiscale effettiva si 猫 ridotta al 27,0% (beneficio da compensi in azioni e rilascio di riserve).
- Aspetti regolatori/legali: la causa DOJ per False Claims Act e il nuovo CID non sono ancora risolti; la riserva per contenziosi 猫 di 1,5 milioni.
Conclusione: Una solida crescita dei ricavi e generazione di cassa compensano la riduzione dei margini dovuta a USAHS e all鈥檃umento degli ammortamenti. Un鈥檃mpia liquidit脿 supporta ulteriori riacquisti e dividendi, mentre l鈥檈secuzione dell鈥檌ntegrazione e gli esiti regolatori restano aspetti chiave da monitorare.
Resumen Q2 2025 (Perdoceo Education 鈥� PRDO):
- Los ingresos aumentaron un 25,7% interanual hasta 209,6 millones de d贸lares, impulsados por la adquisici贸n de USAHS en diciembre de 2024 (18% de las ventas trimestrales) y el crecimiento continuo de las unidades heredadas.
- El ingreso operativo creci贸 un 11,7% hasta 51,4 millones; la utilidad neta subi贸 un 6,8% a 41,0 millones, con un EPS diluido de 0,62 frente a 0,57.
- Los ingresos acumulados en el a帽o alcanzaron 422,6 millones (+26%), la utilidad neta 84,7 millones (+8,8%). El flujo de caja operativo se fortaleci贸 a 143,9 millones (+55%).
- El efectivo, equivalentes e inversiones a corto plazo llegaron a 659,6 millones tras recompras por 46,1 millones (1,6 millones de acciones) y dividendos por 17,7 millones; qued贸 solo 1 mill贸n bajo la autorizaci贸n previa de 50 millones, pero el 31/07/25 se aprob贸 un nuevo programa de 75 millones.
- Composici贸n por segmentos: CTU 56% de ingresos, AIUS 26%, USAHS 18% (p茅rdida operativa de 2,0 millones en lo que va del a帽o durante la integraci贸n).
- Los ingresos diferidos brutos subieron a 113,6 millones, reflejando mayor facturaci贸n y matr铆culas; la provisi贸n para p茅rdidas crediticias se mantuvo estable en 42,3 millones.
- El balance sigue con bajo nivel de deuda; una venta con arrendamiento fallida de 56,8 millones gener贸 un pasivo financiero. El total de efectivo m谩s inversiones supera todas las obligaciones por aproximadamente 675 millones.
- La tasa impositiva efectiva baj贸 al 27,0% (beneficio por compensaci贸n en acciones y liberaci贸n de reservas).
- Regulatorio/legal: la demanda DOJ por la Ley de Reclamaciones Falsas y el nuevo CID siguen sin resolverse; la provisi贸n para litigios es de 1,5 millones.
颁辞苍肠濒耻蝉颈贸苍: Un s贸lido crecimiento en ingresos y generaci贸n de efectivo contrarrestan la diluci贸n de m谩rgenes por USAHS y mayor depreciaci贸n. La amplia liquidez respalda recompras y dividendos continuos, mientras que la ejecuci贸n de la integraci贸n y los resultados regulatorios son aspectos clave a vigilar.
2025雲� 2攵勱赴 臧滌殧 (Perdoceo Education 鈥� PRDO):
- 毵れ稖鞚� 鞝勲厔 霃欔赴 雽�牍� 25.7% 歃濌皜頃� 2鞏� 960毵� 雼煬毳� 旮半頄堨溂氅�, 2024雲� 12鞗� USAHS 鞚胳垬(攵勱赴 毵れ稖鞚� 18%)鞕� 旮办〈 靷梾攵�鞚� 歆�靻嶌爜鞚� 靹膘灔鞐� 頌橃瀰鞚�.
- 鞓侅梾鞚挫澋鞚� 11.7% 歃濌皜頃� 5,140毵� 雼煬, 靾滌澊鞚奠潃 6.8% 歃濌皜頃� 4,100毵� 雼煬搿� 頋劃 欤茧嫻靾滌澊鞚奠潃 0.62雼煬鞐愳劀 0.57雼煬搿� 靸侅姽.
- 鞐办磮 雽�牍� 毵れ稖鞚� 4鞏� 2,260毵� 雼煬(+26%), 靾滌澊鞚奠潃 8.8% 歃濌皜頃� 8,470毵� 雼煬. 鞓侅梾 順勱笀 頋愲鞚� 55% 歃濌皜頃� 1鞏� 4,390毵� 雼煬搿� 臧曧檾霅�.
- 順勱笀, 順勱笀靹� 鞛愳偘 氚� 雼赴 韴瀽鞎§潃 6鞏� 5,960毵� 雼煬鞐� 雼晿氅�, 4,610毵� 雼煬(160毵� 欤�) 攴滊鞚� 鞛愳偓欤� 毵れ瀰瓿� 1,770毵� 雼煬鞚� 氚半嫻旮� 歆�旮� 頉勳瀯; 鞚挫爠 5,000毵� 雼煬 頃滊弰 欷� 100毵� 雼煬毵� 雮晿鞙茧倶, 2025雲� 7鞗� 31鞚检棎 靸堧鞖� 7,500毵� 雼煬 頂勲攴鸽灗 鞀轨澑.
- 攵�氍鸽硠 毵れ稖 甑劚: CTU 56%, AIUS 26%, USAHS 18% (韱淀暕 瓿检爼鞐愳劀 鞐办磮 雽�牍� 200毵� 雼煬 鞓侅梾靻愳嫟 氚滌儩).
- 齑� 鞚挫棸 靾橃澋鞚� 1鞏� 1,360毵� 雼煬搿� 觳惮 氚� 霌彪 歃濌皜 氚橃榿; 雽�靻愳订雼龟笀鞚� 4,230毵� 雼煬搿� 鞎堨爼鞝� 鞙犾.
- 鞛靸來儨響滊姅 鞐爠頌� 攵�毂勱皜 鞝侅潓; 5,680毵� 雼煬 攴滊鞚� 鞁ろ尐頃� 毵り皝 頉� 鞛Μ鞀� 瓿勳暯鞚� 旮堨湹 攵�毂勲 鞚胳嫕霅�. 順勱笀 氚� 韴瀽 齑濎暋鞚� 氇摖 攵�毂勲ゼ 鞎� 6鞏� 7,500毵� 雼煬 齑堦臣.
- 鞁ろ毃 靹胳湪鞚� 27.0%搿� 鞕勴檾霅�(欤检嫕 氤挫儊 氚� 於╇嫻旮� 頃挫牅搿� 鞚疙暅 順滍儩).
- 攴滌牅/氩曥爜 靷暛: DOJ鞚� 項堨渼 觳惮氩� 靻岇啞 氚� 鞁犼窚 CID電� 鞎勳 頃搓舶霅橃 鞎婌晿鞙茧┌, 靻岇啞 於╇嫻旮堨潃 150毵� 雼煬鞛�.
鞖旍爯: 瓴碃頃� 毵れ稖 靹膘灔瓿� 順勱笀 彀届稖鞚� USAHS搿� 鞚疙暅 毵堨 頋劃瓿� 臧愱皜靸侁皝 歃濌皜毳� 靸侅噭頃�. 於╇秳頃� 鞙犽彊靹膘溂搿� 鞛愳偓欤� 毵れ瀰瓿� 氚半嫻旮� 歆�旮夓澊 歆�靻� 臧�電ロ晿氅�, 韱淀暕 鞁ろ枆瓿� 攴滌牅 瓴瓣臣臧� 欤检殧 甏�彀� 韽澑韸胳瀯.
R茅sum茅 du T2 2025 (Perdoceo Education 鈥� PRDO) :
- Le chiffre d'affaires a augment茅 de 25,7 % en glissement annuel, atteignant 209,6 M$, soutenu par l'acquisition de USAHS en d茅cembre 2024 (18 % des ventes trimestrielles) et la croissance continue des unit茅s historiques.
- Le r茅sultat op茅rationnel a progress茅 de 11,7 % 脿 51,4 M$ ; le r茅sultat net a augment茅 de 6,8 % 脿 41,0 M$, avec un BPA dilu茅 de 0,62 $ contre 0,57 $.
- Le chiffre d'affaires cumul茅 est de 422,6 M$ (+26 %), le r茅sultat net de 84,7 M$ (+8,8 %). Les flux de tr茅sorerie op茅rationnels se sont renforc茅s 脿 143,9 M$ (+55 %).
- La tr茅sorerie, 茅quivalents et investissements 脿 court terme ont atteint 659,6 M$ apr猫s 46,1 M$ de rachats d'actions (1,6 M d'actions) et 17,7 M$ de dividendes ; il ne restait qu'1 M$ sous l'autorisation pr茅c茅dente de 50 M$, mais un nouveau programme de 75 M$ a 茅t茅 approuv茅 le 31/07/25.
- R茅partition par segment : CTU 56 % du chiffre d'affaires, AIUS 26 %, USAHS 18 % (perte op茅rationnelle de 2,0 M$ depuis le d茅but de l'ann茅e li茅e 脿 l'int茅gration).
- Le chiffre d'affaires diff茅r茅 brut est pass茅 脿 113,6 M$, refl茅tant une facturation et des inscriptions plus 茅lev茅es ; la provision pour pertes sur cr茅ances reste stable 脿 42,3 M$.
- Le bilan reste peu endett茅 ; une op茅ration de cession-bail avort茅e de 56,8 M$ a cr茅茅 un passif financier. La tr茅sorerie totale plus les investissements d茅passent toutes les dettes d'environ 675 M$.
- Le taux d'imposition effectif s'est all茅g茅 脿 27,0 % (b茅n茅fice li茅 脿 la r茅mun茅ration en actions et aux reprises de provisions).
- R茅glementaire/juridique : la plainte DOJ au titre du False Claims Act et le nouveau CID ne sont pas encore r茅solus ; la provision pour litiges s'茅l猫ve 脿 1,5 M$.
Conclusion : Une croissance solide du chiffre d'affaires et une g茅n茅ration de tr茅sorerie compensent la dilution des marges due 脿 USAHS et 脿 l'augmentation des amortissements. Une liquidit茅 abondante soutient les rachats d'actions et les dividendes continus, tandis que la mise en 艙uvre de l'int茅gration et les r茅sultats r茅glementaires restent des points cl茅s 脿 surveiller.
Q2 2025 脺bersicht (Perdoceo Education 鈥� PRDO):
- Der Umsatz stieg im Jahresvergleich um 25,7 % auf 209,6 Mio. USD, unterst眉tzt durch die 脺bernahme von USAHS im Dezember 2024 (18 % des Quartalsumsatzes) und anhaltendes Wachstum bei den Bestandsunternehmen.
- Das operative Ergebnis kletterte um 11,7 % auf 51,4 Mio. USD; der Nettogewinn stieg um 6,8 % auf 41,0 Mio. USD, was ein verw盲ssertes EPS von 0,62 gegen眉ber 0,57 ergab.
- Der kumulierte Umsatz im Jahr betr盲gt 422,6 Mio. USD (+26 %), der Nettogewinn 84,7 Mio. USD (+8,8 %). Der operative Cashflow verbesserte sich um 55 % auf 143,9 Mio. USD.
- Barmittel, 脛quivalente und kurzfristige Investitionen erreichten 659,6 Mio. USD nach R眉ckk盲ufen im Wert von 46,1 Mio. USD (1,6 Mio. Aktien) und Dividendenzahlungen von 17,7 Mio. USD; unter der vorherigen Genehmigung von 50 Mio. USD verblieb nur 1 Mio. USD, aber ein neues Programm 眉ber 75 Mio. USD wurde am 31.07.25 genehmigt.
- Segmentmix: CTU 56 % des Umsatzes, AIUS 26 %, USAHS 18 % (operativer Verlust von 2,0 Mio. USD im laufenden Jahr w盲hrend der Integration).
- Der Brutto-aufgeschobene Umsatz stieg auf 113,6 Mio. USD, was h枚here Abrechnungen und Einschreibungen widerspiegelt; die Wertberichtigung f眉r Kreditverluste blieb stabil bei 42,3 Mio. USD.
- Die Bilanz bleibt schuldenarm; ein gescheiterter Sale-and-Leaseback in H枚he von 56,8 Mio. USD f眉hrte zu einer Finanzverbindlichkeit. Der Gesamtbetrag an Barmitteln plus Investitionen 眉bersteigt alle Verbindlichkeiten um ca. 675 Mio. USD.
- Der effektive Steuersatz sank auf 27,0 % (Vorteil durch Aktienverg眉tung und R眉ckstellungen).
- Regulatorisch/rechtlich: Die DOJ-Klage nach dem False Claims Act und die neue CID sind noch nicht abgeschlossen; die R眉ckstellung f眉r Rechtsstreitigkeiten betr盲gt 1,5 Mio. USD.
Fazit: Solides Umsatzwachstum und Cashflow kompensieren die Margenverw盲sserung durch USAHS und h枚here Abschreibungen. Die ausreichende Liquidit盲t unterst眉tzt weitere R眉ckk盲ufe und Dividenden, w盲hrend die Umsetzung der Integration und regulatorische Ergebnisse wichtige Beobachtungspunkte bleiben.
- Revenue growth 25.7 % YoY driven by both organic enrollment and USAHS acquisition.
- Net income up 6.8 % and diluted EPS $0.62, marking the fifth straight quarterly EPS increase.
- Operating cash flow $143.9 m exceeds net income, boosting liquidity to $659.6 m.
- Board authorized new $75 m share-repurchase program after nearly exhausting prior plan.
- Minimal long-term debt; cash and investments comfortably cover all liabilities.
- Operating expenses up 31 % YoY, compressing operating margin from 27.6 % to 24.5 %.
- USAHS posted a $2.0 m YTD operating loss, indicating integration/margin risks.
- $56.8 m failed sale-leaseback liability adds fixed financing cost through 2050.
- Ongoing DOJ False Claims Act litigation and new CID could lead to material penalties or Title IV restrictions.
- Bad-debt expense rose to $13.0 m YTD, reflecting higher credit-loss provisioning.
Insights
TL;DR 鈥� Revenue beats and cash builds; margins tighten, but capital return intact.
Perdoceo posted double-digit revenue and EPS gains despite elevated expenses tied to the USAHS acquisition. Free cash flow conversion remains robust (OCF > net income), and $660 m of liquid assets provides exceptional balance-sheet optionality. Share count fell 1 % YTD and a fresh $75 m authorization signals confidence. Key positives include 26 % YTD revenue growth, 19.6 % net margin and minimal leverage. Offsets are higher depreciation (+230 %) and integration drag that pushed USAHS into a modest loss. Valuation catalysts rest on successful USAHS margin expansion and resolution of DOJ matters. Overall impact viewed as moderately positive for equity holders.
TL;DR 鈥� Strong finances, but legal clouds and sale-leaseback liability temper outlook.
The filing flags persistent regulatory exposure: an active False Claims Act suit and a fresh DOJ CID probing admissions pay and Fast Track credits. Historical precedents indicate settlements can reach eight-figure sums and impose operating restrictions. Litigation reserve is only $1.5 m, suggesting potential under-provisioning. The failed sale-leaseback adds $56.8 m of financing obligations plus interest, marginally increasing fixed-cost leverage. Bad-debt expense also ticked up 8 %. While liquidity is ample, unresolved probes could curtail future cash deployment and affect Title IV eligibility. I classify the disclosure as medium-risk, counter-balancing otherwise healthy fundamentals.
Riepilogo Q2 2025 (Perdoceo Education 鈥� PRDO):
- I ricavi sono aumentati del 25,7% su base annua, raggiungendo 209,6 milioni di dollari, grazie all'acquisizione di USAHS a dicembre 2024 (18% delle vendite trimestrali) e alla crescita continua delle unit脿 storiche.
- Il reddito operativo 猫 salito dell'11,7% a 51,4 milioni di dollari; l'utile netto 猫 aumentato del 6,8% a 41,0 milioni, con un EPS diluito di 0,62 dollari rispetto a 0,57 dollari.
- I ricavi da inizio anno sono pari a 422,6 milioni di dollari (+26%), l'utile netto a 84,7 milioni (+8,8%). Il flusso di cassa operativo si 猫 rafforzato a 143,9 milioni (+55%).
- La liquidit脿, equivalenti e investimenti a breve termine hanno raggiunto 659,6 milioni di dollari dopo riacquisti per 46,1 milioni (1,6 milioni di azioni) e dividendi per 17,7 milioni; 猫 rimasto solo 1 milione sotto l'autorizzazione precedente di 50 milioni, ma il 31/07/25 猫 stato approvato un nuovo programma da 75 milioni.
- Composizione per segmenti: CTU 56% dei ricavi, AIUS 26%, USAHS 18% (perdita operativa di 2,0 milioni da inizio anno durante l'integrazione).
- Il ricavo differito lordo 猫 salito a 113,6 milioni, riflettendo maggiori fatturazioni e iscrizioni; la riserva per perdite su crediti 猫 stabile a 42,3 milioni.
- Il bilancio rimane con poco debito; una vendita con riacquisto fallita da 56,8 milioni ha creato una passivit脿 finanziaria. La liquidit脿 totale pi霉 investimenti supera tutte le passivit脿 di circa 675 milioni.
- L'aliquota fiscale effettiva si 猫 ridotta al 27,0% (beneficio da compensi in azioni e rilascio di riserve).
- Aspetti regolatori/legali: la causa DOJ per False Claims Act e il nuovo CID non sono ancora risolti; la riserva per contenziosi 猫 di 1,5 milioni.
Conclusione: Una solida crescita dei ricavi e generazione di cassa compensano la riduzione dei margini dovuta a USAHS e all鈥檃umento degli ammortamenti. Un鈥檃mpia liquidit脿 supporta ulteriori riacquisti e dividendi, mentre l鈥檈secuzione dell鈥檌ntegrazione e gli esiti regolatori restano aspetti chiave da monitorare.
Resumen Q2 2025 (Perdoceo Education 鈥� PRDO):
- Los ingresos aumentaron un 25,7% interanual hasta 209,6 millones de d贸lares, impulsados por la adquisici贸n de USAHS en diciembre de 2024 (18% de las ventas trimestrales) y el crecimiento continuo de las unidades heredadas.
- El ingreso operativo creci贸 un 11,7% hasta 51,4 millones; la utilidad neta subi贸 un 6,8% a 41,0 millones, con un EPS diluido de 0,62 frente a 0,57.
- Los ingresos acumulados en el a帽o alcanzaron 422,6 millones (+26%), la utilidad neta 84,7 millones (+8,8%). El flujo de caja operativo se fortaleci贸 a 143,9 millones (+55%).
- El efectivo, equivalentes e inversiones a corto plazo llegaron a 659,6 millones tras recompras por 46,1 millones (1,6 millones de acciones) y dividendos por 17,7 millones; qued贸 solo 1 mill贸n bajo la autorizaci贸n previa de 50 millones, pero el 31/07/25 se aprob贸 un nuevo programa de 75 millones.
- Composici贸n por segmentos: CTU 56% de ingresos, AIUS 26%, USAHS 18% (p茅rdida operativa de 2,0 millones en lo que va del a帽o durante la integraci贸n).
- Los ingresos diferidos brutos subieron a 113,6 millones, reflejando mayor facturaci贸n y matr铆culas; la provisi贸n para p茅rdidas crediticias se mantuvo estable en 42,3 millones.
- El balance sigue con bajo nivel de deuda; una venta con arrendamiento fallida de 56,8 millones gener贸 un pasivo financiero. El total de efectivo m谩s inversiones supera todas las obligaciones por aproximadamente 675 millones.
- La tasa impositiva efectiva baj贸 al 27,0% (beneficio por compensaci贸n en acciones y liberaci贸n de reservas).
- Regulatorio/legal: la demanda DOJ por la Ley de Reclamaciones Falsas y el nuevo CID siguen sin resolverse; la provisi贸n para litigios es de 1,5 millones.
颁辞苍肠濒耻蝉颈贸苍: Un s贸lido crecimiento en ingresos y generaci贸n de efectivo contrarrestan la diluci贸n de m谩rgenes por USAHS y mayor depreciaci贸n. La amplia liquidez respalda recompras y dividendos continuos, mientras que la ejecuci贸n de la integraci贸n y los resultados regulatorios son aspectos clave a vigilar.
2025雲� 2攵勱赴 臧滌殧 (Perdoceo Education 鈥� PRDO):
- 毵れ稖鞚� 鞝勲厔 霃欔赴 雽�牍� 25.7% 歃濌皜頃� 2鞏� 960毵� 雼煬毳� 旮半頄堨溂氅�, 2024雲� 12鞗� USAHS 鞚胳垬(攵勱赴 毵れ稖鞚� 18%)鞕� 旮办〈 靷梾攵�鞚� 歆�靻嶌爜鞚� 靹膘灔鞐� 頌橃瀰鞚�.
- 鞓侅梾鞚挫澋鞚� 11.7% 歃濌皜頃� 5,140毵� 雼煬, 靾滌澊鞚奠潃 6.8% 歃濌皜頃� 4,100毵� 雼煬搿� 頋劃 欤茧嫻靾滌澊鞚奠潃 0.62雼煬鞐愳劀 0.57雼煬搿� 靸侅姽.
- 鞐办磮 雽�牍� 毵れ稖鞚� 4鞏� 2,260毵� 雼煬(+26%), 靾滌澊鞚奠潃 8.8% 歃濌皜頃� 8,470毵� 雼煬. 鞓侅梾 順勱笀 頋愲鞚� 55% 歃濌皜頃� 1鞏� 4,390毵� 雼煬搿� 臧曧檾霅�.
- 順勱笀, 順勱笀靹� 鞛愳偘 氚� 雼赴 韴瀽鞎§潃 6鞏� 5,960毵� 雼煬鞐� 雼晿氅�, 4,610毵� 雼煬(160毵� 欤�) 攴滊鞚� 鞛愳偓欤� 毵れ瀰瓿� 1,770毵� 雼煬鞚� 氚半嫻旮� 歆�旮� 頉勳瀯; 鞚挫爠 5,000毵� 雼煬 頃滊弰 欷� 100毵� 雼煬毵� 雮晿鞙茧倶, 2025雲� 7鞗� 31鞚检棎 靸堧鞖� 7,500毵� 雼煬 頂勲攴鸽灗 鞀轨澑.
- 攵�氍鸽硠 毵れ稖 甑劚: CTU 56%, AIUS 26%, USAHS 18% (韱淀暕 瓿检爼鞐愳劀 鞐办磮 雽�牍� 200毵� 雼煬 鞓侅梾靻愳嫟 氚滌儩).
- 齑� 鞚挫棸 靾橃澋鞚� 1鞏� 1,360毵� 雼煬搿� 觳惮 氚� 霌彪 歃濌皜 氚橃榿; 雽�靻愳订雼龟笀鞚� 4,230毵� 雼煬搿� 鞎堨爼鞝� 鞙犾.
- 鞛靸來儨響滊姅 鞐爠頌� 攵�毂勱皜 鞝侅潓; 5,680毵� 雼煬 攴滊鞚� 鞁ろ尐頃� 毵り皝 頉� 鞛Μ鞀� 瓿勳暯鞚� 旮堨湹 攵�毂勲 鞚胳嫕霅�. 順勱笀 氚� 韴瀽 齑濎暋鞚� 氇摖 攵�毂勲ゼ 鞎� 6鞏� 7,500毵� 雼煬 齑堦臣.
- 鞁ろ毃 靹胳湪鞚� 27.0%搿� 鞕勴檾霅�(欤检嫕 氤挫儊 氚� 於╇嫻旮� 頃挫牅搿� 鞚疙暅 順滍儩).
- 攴滌牅/氩曥爜 靷暛: DOJ鞚� 項堨渼 觳惮氩� 靻岇啞 氚� 鞁犼窚 CID電� 鞎勳 頃搓舶霅橃 鞎婌晿鞙茧┌, 靻岇啞 於╇嫻旮堨潃 150毵� 雼煬鞛�.
鞖旍爯: 瓴碃頃� 毵れ稖 靹膘灔瓿� 順勱笀 彀届稖鞚� USAHS搿� 鞚疙暅 毵堨 頋劃瓿� 臧愱皜靸侁皝 歃濌皜毳� 靸侅噭頃�. 於╇秳頃� 鞙犽彊靹膘溂搿� 鞛愳偓欤� 毵れ瀰瓿� 氚半嫻旮� 歆�旮夓澊 歆�靻� 臧�電ロ晿氅�, 韱淀暕 鞁ろ枆瓿� 攴滌牅 瓴瓣臣臧� 欤检殧 甏�彀� 韽澑韸胳瀯.
R茅sum茅 du T2 2025 (Perdoceo Education 鈥� PRDO) :
- Le chiffre d'affaires a augment茅 de 25,7 % en glissement annuel, atteignant 209,6 M$, soutenu par l'acquisition de USAHS en d茅cembre 2024 (18 % des ventes trimestrielles) et la croissance continue des unit茅s historiques.
- Le r茅sultat op茅rationnel a progress茅 de 11,7 % 脿 51,4 M$ ; le r茅sultat net a augment茅 de 6,8 % 脿 41,0 M$, avec un BPA dilu茅 de 0,62 $ contre 0,57 $.
- Le chiffre d'affaires cumul茅 est de 422,6 M$ (+26 %), le r茅sultat net de 84,7 M$ (+8,8 %). Les flux de tr茅sorerie op茅rationnels se sont renforc茅s 脿 143,9 M$ (+55 %).
- La tr茅sorerie, 茅quivalents et investissements 脿 court terme ont atteint 659,6 M$ apr猫s 46,1 M$ de rachats d'actions (1,6 M d'actions) et 17,7 M$ de dividendes ; il ne restait qu'1 M$ sous l'autorisation pr茅c茅dente de 50 M$, mais un nouveau programme de 75 M$ a 茅t茅 approuv茅 le 31/07/25.
- R茅partition par segment : CTU 56 % du chiffre d'affaires, AIUS 26 %, USAHS 18 % (perte op茅rationnelle de 2,0 M$ depuis le d茅but de l'ann茅e li茅e 脿 l'int茅gration).
- Le chiffre d'affaires diff茅r茅 brut est pass茅 脿 113,6 M$, refl茅tant une facturation et des inscriptions plus 茅lev茅es ; la provision pour pertes sur cr茅ances reste stable 脿 42,3 M$.
- Le bilan reste peu endett茅 ; une op茅ration de cession-bail avort茅e de 56,8 M$ a cr茅茅 un passif financier. La tr茅sorerie totale plus les investissements d茅passent toutes les dettes d'environ 675 M$.
- Le taux d'imposition effectif s'est all茅g茅 脿 27,0 % (b茅n茅fice li茅 脿 la r茅mun茅ration en actions et aux reprises de provisions).
- R茅glementaire/juridique : la plainte DOJ au titre du False Claims Act et le nouveau CID ne sont pas encore r茅solus ; la provision pour litiges s'茅l猫ve 脿 1,5 M$.
Conclusion : Une croissance solide du chiffre d'affaires et une g茅n茅ration de tr茅sorerie compensent la dilution des marges due 脿 USAHS et 脿 l'augmentation des amortissements. Une liquidit茅 abondante soutient les rachats d'actions et les dividendes continus, tandis que la mise en 艙uvre de l'int茅gration et les r茅sultats r茅glementaires restent des points cl茅s 脿 surveiller.
Q2 2025 脺bersicht (Perdoceo Education 鈥� PRDO):
- Der Umsatz stieg im Jahresvergleich um 25,7 % auf 209,6 Mio. USD, unterst眉tzt durch die 脺bernahme von USAHS im Dezember 2024 (18 % des Quartalsumsatzes) und anhaltendes Wachstum bei den Bestandsunternehmen.
- Das operative Ergebnis kletterte um 11,7 % auf 51,4 Mio. USD; der Nettogewinn stieg um 6,8 % auf 41,0 Mio. USD, was ein verw盲ssertes EPS von 0,62 gegen眉ber 0,57 ergab.
- Der kumulierte Umsatz im Jahr betr盲gt 422,6 Mio. USD (+26 %), der Nettogewinn 84,7 Mio. USD (+8,8 %). Der operative Cashflow verbesserte sich um 55 % auf 143,9 Mio. USD.
- Barmittel, 脛quivalente und kurzfristige Investitionen erreichten 659,6 Mio. USD nach R眉ckk盲ufen im Wert von 46,1 Mio. USD (1,6 Mio. Aktien) und Dividendenzahlungen von 17,7 Mio. USD; unter der vorherigen Genehmigung von 50 Mio. USD verblieb nur 1 Mio. USD, aber ein neues Programm 眉ber 75 Mio. USD wurde am 31.07.25 genehmigt.
- Segmentmix: CTU 56 % des Umsatzes, AIUS 26 %, USAHS 18 % (operativer Verlust von 2,0 Mio. USD im laufenden Jahr w盲hrend der Integration).
- Der Brutto-aufgeschobene Umsatz stieg auf 113,6 Mio. USD, was h枚here Abrechnungen und Einschreibungen widerspiegelt; die Wertberichtigung f眉r Kreditverluste blieb stabil bei 42,3 Mio. USD.
- Die Bilanz bleibt schuldenarm; ein gescheiterter Sale-and-Leaseback in H枚he von 56,8 Mio. USD f眉hrte zu einer Finanzverbindlichkeit. Der Gesamtbetrag an Barmitteln plus Investitionen 眉bersteigt alle Verbindlichkeiten um ca. 675 Mio. USD.
- Der effektive Steuersatz sank auf 27,0 % (Vorteil durch Aktienverg眉tung und R眉ckstellungen).
- Regulatorisch/rechtlich: Die DOJ-Klage nach dem False Claims Act und die neue CID sind noch nicht abgeschlossen; die R眉ckstellung f眉r Rechtsstreitigkeiten betr盲gt 1,5 Mio. USD.
Fazit: Solides Umsatzwachstum und Cashflow kompensieren die Margenverw盲sserung durch USAHS und h枚here Abschreibungen. Die ausreichende Liquidit盲t unterst眉tzt weitere R眉ckk盲ufe und Dividenden, w盲hrend die Umsetzung der Integration und regulatorische Ergebnisse wichtige Beobachtungspunkte bleiben.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from_ to_
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
There were
Table of Contents
PTC Inc.
INDEX TO FORM 10-Q
For the Quarter Ended June 30, 2025
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Part I—FINANCIAL INFORMATION |
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Item 1. |
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Unaudited Condensed Consolidated Financial Statements: |
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1 |
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Consolidated Balance Sheets as of June 30, 2025 and September 30, 2024 |
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1 |
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Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and June 30, 2024 |
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2 |
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Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2025 and June 30, 2024 |
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Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and June 30, 2024 |
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4 |
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Consolidated Statements of Stockholders' Equity for the three and nine months ended June 30, 2025 and June 30, 2024 |
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Notes to Condensed Consolidated Financial Statements |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risk |
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Item 4. |
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Controls and Procedures |
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Part II—OTHER INFORMATION |
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Item 1A. |
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Risk Factors |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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31 |
Item 5. |
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Other Information |
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Item 6. |
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Exhibits |
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Signature |
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Table of Contents
PART I—FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PTC Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
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June 30, 2025 |
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September 30, 2024 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net of allowance for doubtful accounts of $ |
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Prepaid expenses |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Goodwill |
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Acquired intangible assets, net |
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Deferred tax assets |
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Operating right-of-use lease assets |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
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Accrued expenses and other current liabilities |
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Accrued compensation and benefits |
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Accrued income taxes |
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Current portion of long-term debt |
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Deferred revenue |
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Short-term lease obligations |
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Total current liabilities |
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Long-term debt |
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Deferred tax liabilities |
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Long-term deferred revenue |
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Long-term lease obligations |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies (Note 11) |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Retained earnings |
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Accumulated other comprehensive loss |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
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$ |
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$ |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
1
Table of Contents
PTC Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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Three months ended |
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June 30, 2025 |
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June 30, 2024 |
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Revenue: |
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License |
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Support and cloud services |
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Total software revenue |
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Professional services |
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Total revenue |
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Cost of revenue: |
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Cost of license revenue |
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Cost of support and cloud services revenue |
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Total cost of software revenue |
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Cost of professional services revenue |
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Total cost of revenue |
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Gross margin |
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Operating expenses: |
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Sales and marketing |
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Research and development |
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General and administrative |
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Amortization of acquired intangible assets |
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Impairment and other charges (credits), net |
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Total operating expenses |
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Operating income |
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Interest expense |
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Other income (expense), net |
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Income before income taxes |
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Provision (benefit) for income taxes |
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Net income |
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$ |
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$ |
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$ |
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Earnings per share—Basic |
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$ |
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$ |
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$ |
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$ |
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Earnings per share—Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted-average shares outstanding—Basic |
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Weighted-average shares outstanding—Diluted |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
2
Table of Contents
PTC Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
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Three months ended |
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Nine months ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income (loss), net of tax: |
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Hedge gain (loss) arising during the period, net of tax of $ |
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Foreign currency translation adjustment, net of tax of $ |
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Change in pension benefit, net of tax of $( |
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Other comprehensive income (loss) |
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( |
) |
|
|
|
|
|
( |
) |
||
Comprehensive income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
3
Table of Contents
PTC Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
Nine months ended |
|
|||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
|
|
$ |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
|
|
|
|
||
Amortization of right-of-use lease assets |
|
|
|
|
|
|
||
Stock-based compensation |
|
|
|
|
|
|
||
Other non-cash items, net |
|
|
|
|
|
( |
) |
|
Changes in operating assets and liabilities, excluding the effects of acquisitions: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
|
|
|
|
||
Accounts payable and accrued expenses |
|
|
( |
) |
|
|
( |
) |
Accrued compensation and benefits |
|
|
|
|
|
|
||
Deferred revenue |
|
|
( |
) |
|
|
|
|
Accrued income taxes |
|
|
|
|
|
( |
) |
|
Other current assets and prepaid expenses |
|
|
|
|
|
( |
) |
|
Operating lease liabilities |
|
|
( |
) |
|
|
( |
) |
Other noncurrent assets and liabilities |
|
|
( |
) |
|
|
|
|
Net cash provided by operating activities |
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Additions to property and equipment |
|
|
( |
) |
|
|
( |
) |
Acquisitions of businesses, net of cash acquired |
|
|
( |
) |
|
|
( |
) |
Settlement of net investment hedges |
|
|
( |
) |
|
|
|
|
Net cash used in investing activities |
|
|
( |
) |
|
|
( |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Borrowings under credit facility |
|
|
|
|
|
|
||
Repayments of Senior Notes |
|
|
( |
) |
|
|
|
|
Repayments of borrowings under credit facility and acquired debt |
|
|
( |
) |
|
|
( |
) |
Repurchases of common stock |
|
|
( |
) |
|
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
|
|
||
Payments of withholding taxes in connection with stock-based awards |
|
|
( |
) |
|
|
( |
) |
Payment of deferred acquisition consideration |
|
|
|
|
|
( |
) |
|
Other financing activity |
|
|
( |
) |
|
|
|
|
Net cash used in financing activities |
|
|
( |
) |
|
|
( |
) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
( |
) |
|
|
( |
) |
Net change in cash, cash equivalents, and restricted cash |
|
|
( |
) |
|
|
( |
) |
Cash, cash equivalents, and restricted cash, beginning of period |
|
|
|
|
|
|
||
Cash, cash equivalents, and restricted cash, end of period |
|
$ |
|
|
$ |
|
||
Supplemental disclosure of non-cash financing and investing activities: |
|
|
|
|
|
|
||
Withholding taxes in connection with stock-based awards, accrued |
|
$ |
|
|
$ |
|
||
Operating right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
|
|
$ |
|
||
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
Table of Contents
PTC Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
|
|
Three months ended June 30, 2025 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained Earnings |
|
|
Other |
|
|
Total |
|
||||||
Balance as of March 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Common stock issued for employee stock-based awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|||
Shares surrendered by employees to pay taxes related to stock-based awards |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Compensation expense from stock-based awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchases of common stock, including excise tax |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loss on net investment hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Change in defined benefit pension items, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance as of June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
|
|
Nine months ended June 30, 2025 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained Earnings |
|
|
Other |
|
|
Total |
|
||||||
Balance as of September 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Common stock issued for employee stock-based awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|||
Shares surrendered by employees to pay taxes related to stock-based awards |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Common stock issued for employee stock purchase plan |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||
Compensation expense from stock-based awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Repurchases of common stock, including excise tax |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loss on net investment hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Change in defined benefit pension items, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance as of June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
5
Table of Contents
|
|
Three months ended June 30, 2024 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained Earnings |
|
|
Other |
|
|
Total |
|
||||||
Balance as of March 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Common stock issued for employee stock-based awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|||
Shares surrendered by employees to pay taxes related to stock-based awards |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Compensation expense from stock-based awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Gain on net investment hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Change in defined benefit pension items, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Balance as of June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
|
|
Nine months ended June 30, 2024 |
|
|||||||||||||||||||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|||||||||
|
|
Shares |
|
|
Amount |
|
|
Additional |
|
|
Retained Earnings |
|
|
Other |
|
|
Total |
|
||||||
Balance as of September 30, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Common stock issued for employee stock-based awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|||
Shares surrendered by employees to pay taxes related to stock-based awards |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Common stock issued for employee stock purchase plan |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||||
Compensation expense from stock-based awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Loss on net investment hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Change in defined benefit pension items, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Balance as of June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
6
Table of Contents
PTC Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation
General
The accompanying unaudited condensed consolidated financial statements include the accounts of PTC Inc. and its wholly owned subsidiaries and have been prepared by management in accordance with accounting principles generally accepted in the United States of America (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited quarterly financial statements should be read in conjunction with our annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of our financial position, results of operations and cash flows as of the dates and for the periods indicated. The September 30, 2024 Consolidated Balance Sheet included herein is derived from our audited consolidated financial statements.
Unless otherwise indicated, all references to a year mean our fiscal year, which ends on September 30.
In the second quarter of 2025, we changed the income statement caption of Restructuring and other charges (credits), net to Impairment and other charges (credits), net to reflect that the amounts presented are mainly impairment charges rather than restructuring charges. All charges and credits under the captioned line item remain the same.
Pending Accounting Pronouncements
Measurements of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU will be effective for us in the first quarter of 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
7
Table of Contents
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. As clarified by ASU 2025-01, ASU 2024-03 will be effective for us in the fourth quarter of 2028. We expect the adoption to result in disclosure changes only.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU will be effective for us in the fourth quarter of 2026. We expect the adoption to result in disclosure changes only.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU will be effective for us in the fourth quarter of 2025. The ASU does not change the definition of a reportable segment or the method for determining reportable segments. We expect the adoption to result in additional disclosures only.
2. Revenue from Contracts with Customers
Receivables, Contract Assets and Contract Liabilities
(in thousands) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
Short-term and long-term receivables |
|
$ |
|
|
$ |
|
||
Contract asset |
|
$ |
|
|
$ |
|
||
Deferred revenue |
|
$ |
|
|
$ |
|
||
During the nine months ended June 30, 2025, we recognized $
Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of June 30, 2025 and September 30, 2024, our total revenue liability was $
Remaining Performance Obligations (RPO)
Our contracts with customers include amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. The value of RPO and timing of recognition may be impacted by several factors, including the performance obligation type, duration and timing of commencement, as well as foreign currency exchange rate fluctuations. As of June 30, 2025, RPO totaled $
8
Table of Contents
Disaggregation of Revenue
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Recurring revenue(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Perpetual license |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Professional services |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
We report revenue by the following two product groups:
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Product lifecycle management (PLM) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Computer-aided design (CAD) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below.
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Americas |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asia Pacific |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
3. Stock-based Compensation
Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows:
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Cost of license revenue |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Cost of support and cloud services revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of professional services revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total stock-based compensation expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
As of June 30, 2025 and September 30, 2024, we had liability-classified awards related to stock-based compensation based on a fixed monetary amount of $
9
Table of Contents
4. Earnings per Share (EPS) and Common Stock
EPS
The following table presents the calculation for both basic and diluted EPS:
(in thousands, except per share data) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Net income |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Weighted-average shares outstanding—Basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dilutive effect of restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares outstanding—Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share—Basic |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Earnings per share—Diluted |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
There were
Common Stock Repurchases
Our Articles of Organization authorize us to issue up to
5. Acquisitions
Acquisition and transaction-related costs in the third quarter and first nine months of 2025 totaled $
pure-systems
On October 4, 2023, we acquired pure-systems GmbH pursuant to a Share Purchase Agreement. The purchase price was $
ServiceMax
On January 3, 2023, we acquired ServiceMax, Inc. pursuant to a Share Purchase Agreement dated November 17, 2022 for $
Other Acquisitions
In the third quarter of 2025, we acquired IncQuery Group GmbH pursuant to a Share Purchase Agreement. The purchase price was $
10
Table of Contents
6. Goodwill and Intangible Assets
During the third quarter of 2025, we completed our annual impairment test of goodwill, which was based on a qualitative assessment, and concluded that there was
Goodwill and acquired intangible assets consisted of the following:
(in thousands) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||||||||||||||||||
|
|
Gross |
|
|
Accumulated |
|
|
Net Book |
|
|
Gross |
|
|
Accumulated |
|
|
Net Book |
|
||||||
Goodwill |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
$ |
|
||||||
Intangible assets with finite lives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchased software |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Capitalized software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Customer lists and relationships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trademarks and trade names |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total intangible assets with finite lives |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Total goodwill and acquired intangible assets |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
$ |
|
||||||
Changes in Goodwill were as follows:
(in thousands) |
|
|
|
Balance, October 1, 2024 |
$ |
|
|
Acquisitions |
|
|
|
Foreign currency translation adjustment |
|
|
|
Balance, June 30, 2025 |
$ |
|
|
The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows:
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Amortization of acquired intangible assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total amortization expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
11
Table of Contents
7. Fair Value Measurements
The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels:
A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
Money market funds, time deposits, and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.
The principal market in which we execute our foreign currency derivatives is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants are generally large financial institutions. Our foreign currency derivatives’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy.
Our significant financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and September 30, 2024 were as follows:
(in thousands) |
|
June 30, 2025 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
(in thousands) |
|
September 30, 2024 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents(1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
12
Table of Contents
Level 3 Investments
Convertible Note
In the fourth quarter of 2021, we invested $
8. Derivative Financial Instruments
We enter into foreign currency forward contracts to manage our exposure to foreign currency exchange risk to reduce earnings volatility. We do not enter into derivative transactions for trading or speculative purposes.
The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:
(in thousands) |
|
Fair Value of Derivatives Designated As Hedging Instruments |
|
|
Fair Value of Derivatives Not Designated As Hedging Instruments |
|
||||||||||
|
|
June 30, 2025 |
|
|
September 30, 2024 |
|
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||||
Derivative assets(1): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Derivative liabilities(2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward contracts |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Non-Designated Hedges
We hedge our net foreign currency monetary assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These contracts have maturities of up to approximately
As of June 30, 2025 and September 30, 2024, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following:
Currency Hedged (in thousands) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
Euro / U.S. Dollar |
|
$ |
|
|
$ |
|
||
British Pound / U.S. Dollar |
|
|
|
|
|
|
||
Israeli Shekel / U.S. Dollar |
|
|
|
|
|
|
||
Indian Rupee / U.S. Dollar |
|
|
|
|
|
|
||
Japanese Yen / U.S. Dollar |
|
|
|
|
|
|
||
Swiss Franc / U.S. Dollar |
|
|
|
|
|
|
||
Swedish Krona / U.S. Dollar |
|
|
|
|
|
|
||
Chinese Renminbi / U.S. Dollar |
|
|
|
|
|
|
||
New Taiwan Dollar / U.S. Dollar |
|
|
|
|
|
|
||
All other |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
||
13
Table of Contents
The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and June 30, 2024:
(in thousands) |
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
Location of Gain (Loss) |
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged |
|
Other income (expense), net |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
In the three and nine months ended June 30, 2025, total foreign currency gains, net were $
Net Investment Hedges
We translate balance sheet accounts of subsidiaries with foreign functional currencies into the U.S. Dollar using the exchange rate at each balance sheet date. Resulting translation adjustments are reported as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. We designate certain foreign exchange forward contracts as net investment hedges against exposure on translation of balance sheet accounts of Euro and Japanese Yen functional subsidiaries. Net investment hedges partially offset the impact of Foreign currency translation adjustment recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. All foreign exchange forward contracts are carried at fair value on the Consolidated Balance Sheets and the maximum duration of net investment hedge foreign exchange forward contracts is approximately
Net investment hedge relationships are designated at inception, and effectiveness is assessed retrospectively on a quarterly basis using the net equity position of Euro and Japanese Yen functional subsidiaries. As the forward contracts are highly effective in offsetting exchange rate exposure, we record changes in these net investment hedges in Accumulated other comprehensive loss. Changes in the fair value of foreign exchange forward contracts due to changes in time value are excluded from the assessment of effectiveness. Our derivatives are not subject to any credit contingent features. We manage credit risk with counterparties by trading among several counterparties and we review our counterparties’ credit at least quarterly.
As of June 30, 2025 and September 30, 2024, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:
Currency Hedged (in thousands) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
Euro / U.S. Dollar |
|
$ |
|
|
$ |
|
||
Japanese Yen / U.S. Dollar |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
||
The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and June 30, 2024:
(in thousands) |
|
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
Location of Gain (Loss) |
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Gain (loss) recognized in Other comprehensive income (loss) ("OCI") |
|
OCI |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
Gain (loss) reclassified from OCI to earnings |
|
n/a |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Gain recognized, excluded portion |
|
Other income (expense), net |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
14
Table of Contents
Offsetting Derivative Assets and Liabilities
We have entered into master netting arrangements for our forward contracts that allow net settlements under certain conditions. Although netting is permitted, it is currently our policy and practice to record all derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets.
The following table sets forth the offsetting of derivative assets as of June 30, 2025:
(in thousands) |
|
Gross Amounts Offset in the Consolidated Balance Sheets |
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheets |
|
|
|
|
||||||||||||
As of June 30, 2025 |
|
Gross |
|
|
Gross |
|
|
Net Amounts of |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||
Forward contracts |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
The following table sets forth the offsetting of derivative liabilities as of June 30, 2025:
(in thousands) |
|
Gross Amounts Offset in the Consolidated Balance Sheets |
|
|
|
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheets |
|
|
|
|
||||||||||||
As of June 30, 2025 |
|
Gross |
|
|
Gross |
|
|
Net Amounts of |
|
|
Financial |
|
|
Cash |
|
|
Net |
|
||||||
Forward contracts |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||||
9. Income Taxes
(in thousands) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
Income before income taxes |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Provision (benefit) for income taxes |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|||
Effective income tax rate |
|
|
% |
|
|
( |
)% |
|
|
% |
|
|
% |
|||
The effective tax rate for the three and nine months ended June 30, 2025 was higher than the effective tax rate for the corresponding prior-year periods primarily due to changes in the geographic mix of income before taxes and the effects of Internal Revenue Service (IRS) procedural guidance issued in April 2024 requiring IRS consent for certain previously automatic changes of accounting method on our estimated taxable income for the year ended September 30, 2024. Additionally, for the nine months ended June 30, 2025 and June 30, 2024, rates were impacted by a benefit of $
In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the IRS in the U.S. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. We are currently under audit by tax authorities in several jurisdictions. Audits by tax authorities typically involve examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating losses and tax credits.
As of June 30, 2025 and September 30, 2024, we had unrecognized tax benefits of $
15
Table of Contents
Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in favorable or unfavorable changes in our estimates. We believe it is reasonably possible that within the next 12 months the amount of unrecognized tax benefits related to the resolution of multi-jurisdictional tax positions could be reduced by up to $
On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to us beginning in 2026. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. We are in the process of evaluating the impact of the Act to our consolidated financial statements and cash flow.
10. Debt
As of June 30, 2025 and September 30, 2024, we had the following debt obligations:
(in thousands) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
4.000% Senior notes due 2028 |
|
$ |
|
|
$ |
|
||
3.625% Senior notes due 2025 |
|
|
|
|
|
|
||
Credit facility revolver line(1)(2) |
|
|
|
|
|
|
||
Credit facility term loan(1)(2) |
|
|
|
|
|
|
||
Total debt |
|
|
|
|
|
|
||
Unamortized debt issuance costs for the senior notes(3) |
|
|
( |
) |
|
|
( |
) |
Total debt, net of issuance costs(4) |
|
$ |
|
|
$ |
|
||
Senior Unsecured Notes
In February 2020, we issued $
As of June 30, 2025, the total estimated fair value of the 2028 notes was approximately $
We were in compliance with all the covenants for our senior notes as of June 30, 2025.
Credit Agreement
Our credit facility consists of (i) a $
16
Table of Contents
As of June 30, 2025, unused commitments under our credit facility were $
As of June 30, 2025, the fair value of our credit facility approximates its book value.
PTC and certain foreign subsidiaries are eligible borrowers under the credit facility. As of June 30, 2025, $
Loans under the credit facility bear interest at variable rates. As of June 30, 2025, the annual rate for borrowings outstanding was
As of June 30, 2025, we were in compliance with all financial and operating covenants of the credit facility.
Interest
We incurred interest expense on our debt of $
11. Commitments and Contingencies
Guarantees and Indemnification Obligations
We enter into standard indemnification agreements with our customers and business partners in the ordinary course of our business. Under such agreements, we typically indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products. Indemnification may also cover other types of claims, including claims relating to certain data breaches. These agreements typically limit our liability with respect to indemnification claims other than intellectual property infringement claims. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial.
We warrant that our software products will perform in all material respects in accordance with our standard published specifications during the term of the license. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards and, in the case of fixed price services, the agreed-upon specifications. In most cases, liability for these warranties is capped. If necessary, we would provide for the estimated cost of product and service warranties based on specific warranty claims and claim history; however, we have not incurred significant cost under our product or services warranties. As a result, we believe the estimated fair value of these liabilities is immaterial.
17
Table of Contents
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Business Overview
PTC is a global software company that enables manufacturers and product companies to digitally transform how they design, 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.
We primarily serve customers in the following industry verticals:
Our customers are focused on improving their competitiveness in the face of global competition and increasing product complexity, and our suite of software offerings is a strategic enabler of this and their digital transformation initiatives. We enable our customers to establish a strong product data foundation and leverage that foundation to drive cross-functional collaboration, accelerate new product introduction timelines and deliver higher product quality.
Our offerings include CAD (Computer-Aided Design) solutions for product data authoring and PLM (Product Lifecycle Management) solutions for product data management and process orchestration. Within the overall PLM category, our offerings also include ALM (Application Lifecycle Management) and SLM (Service Lifecycle Management).
Our product portfolio enables end-to-end digital thread initiatives that leverage a connected flow of product data across design, manufacturing, service, and, ultimately, reuse. A digital thread enables product companies to break down silos, streamline workflows, and achieve interoperability across departments, functions and systems with a single version of truth. It also secures the quality, consistency and traceability of product-related data, ensuring that the data is up-to-date, accessible, reliable and actionable. With a digital thread, the right data is delivered to the right people at the right time and in the right context across the value chain.
Our business is based on a subscription model, with 93% of our 2024 revenue recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher customer engagement and retention and provides better business predictability. This, in turn, enables us to make steady and sustained investments to support our customers and pursue mid-to-long-term growth opportunities.
Forward-Looking Statements
Statements in this document that are not historic facts, including statements about our future operating, financial and growth expectations, and potential stock repurchases, 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, threats of additional and reciprocal import tariffs, global trade tensions and uncertainty, volatile foreign exchange rates, high interest rates or increases in interest rates, inflation, tightening of credit standards
18
Table of Contents
and availability, geopolitical uncertainty, including the effects of the conflicts between Russia and Ukraine and in the Middle East, and tensions between the U.S. and China, any of which could cause customers to delay or reduce purchases of new software, adopt competing software solutions, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect our ARR (Annual Run Rate) and/or financial results and cash flow and growth; our investments in our software solutions, including the integration of artificial intelligence (AI) capabilities into 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; customers may not build the product data foundations essential for the AI-driven transformation of their business when or as we expect, which could adversely affect our ARR and/or financial results and cash flow and growth; our go-to-market realignment and related initiatives may disrupt our business to a greater extent than we expect or may not generate the ARR and/or financial results or cash flow when or as we expect; other uses of cash or our credit facility limits could limit or preclude the return of excess cash 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 described below throughout or referenced in Part II, Item 1A. Risk Factors of this report.
Our Operating and Non-GAAP Financial Measures
Our discussion of results includes discussion of our ARR (Annual Run Rate) operating measure, non-GAAP financial measures, and disclosure of our results on a constant currency basis. ARR and our non-GAAP financial measures are described below in Operating and Non-GAAP Financial Measures. The methodology used to calculate constant currency disclosures is described in Results of Operations - Impact of Foreign Currency Exchange on Results of Operations. You should read those sections to understand our operating measure, non-GAAP financial measures, and constant currency disclosures.
Executive Overview
Despite the overall selling environment, which has been challenging for a couple of years now and reflects heightened macroeconomic uncertainly related to global trade tensions and tariffs, ARR grew 14% (9% constant currency) to $2.42 billion as of the end of Q3’25 compared to Q3’24.
Cash provided by operating activities grew 14% to $244 million in Q3'25 compared to Q3'24. Free cash flow grew 14% to $242 million in Q3'25 compared to Q3'24. Our cash flow growth is attributable to resilient top-line growth due to our subscription business model and operational discipline. In Q3'25, we repaid $157 million of debt and repurchased $75 million of our outstanding shares.
Revenue grew 24% (22% constant currency) to $644 million in Q3'25 compared to Q3'24. Under ASC 606, the timing of revenue recognition for on-premises subscription revenue can vary significantly, impacting reported revenue and growth rates. Operating margin grew by 1410 basis points in Q3'25 compared to Q3'24, reflecting higher revenue as well as continued operating discipline. Diluted earnings per share grew 106% to $1.17 in Q3'25 compared to Q3'24.
19
Table of Contents
Results of Operations
(Dollar amounts in millions, except per share data) |
|
Three months ended |
|
|
Percent Change |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
||||
ARR |
|
$ |
2,415.6 |
|
|
$ |
2,126.1 |
|
|
|
14 |
% |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total recurring revenue(2) |
|
$ |
613.6 |
|
|
$ |
481.6 |
|
|
|
27 |
% |
|
|
25 |
% |
Perpetual license |
|
|
7.8 |
|
|
|
7.1 |
|
|
|
10 |
% |
|
|
10 |
% |
Professional services |
|
|
22.6 |
|
|
|
30.0 |
|
|
|
(25 |
)% |
|
|
(26 |
)% |
Total revenue |
|
|
643.9 |
|
|
|
518.6 |
|
|
|
24 |
% |
|
|
22 |
% |
Total cost of revenue |
|
|
110.0 |
|
|
|
111.9 |
|
|
|
(2 |
)% |
|
|
(2 |
)% |
Gross margin |
|
|
533.9 |
|
|
|
406.7 |
|
|
|
31 |
% |
|
|
29 |
% |
Operating expenses |
|
|
324.1 |
|
|
|
310.9 |
|
|
|
4 |
% |
|
|
3 |
% |
Operating income |
|
$ |
209.8 |
|
|
$ |
95.8 |
|
|
|
119 |
% |
|
|
107 |
% |
Non-GAAP operating income(1) |
|
$ |
285.2 |
|
|
$ |
164.4 |
|
|
|
73 |
% |
|
|
68 |
% |
Operating margin |
|
|
32.6 |
% |
|
|
18.5 |
% |
|
|
|
|
|
|
||
Non-GAAP operating margin(1) |
|
|
44.3 |
% |
|
|
31.7 |
% |
|
|
|
|
|
|
||
Diluted earnings per share |
|
$ |
1.17 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
||
Non-GAAP diluted earnings per share(1) |
|
$ |
1.64 |
|
|
$ |
0.98 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
$ |
243.9 |
|
|
$ |
213.8 |
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
(1.9 |
) |
|
|
(1.6 |
) |
|
|
|
|
|
|
||
Free cash flow |
|
$ |
242.0 |
|
|
$ |
212.2 |
|
|
|
|
|
|
|
||
(Dollar amounts in millions, except per share data) |
|
Nine months ended |
|
|
Percent Change |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
||||
ARR |
|
$ |
2,415.6 |
|
|
$ |
2,126.1 |
|
|
|
14 |
% |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total recurring revenue(2) |
|
$ |
1,739.4 |
|
|
$ |
1,551.6 |
|
|
|
12 |
% |
|
|
12 |
% |
Perpetual license |
|
|
23.0 |
|
|
|
22.2 |
|
|
|
3 |
% |
|
|
4 |
% |
Professional services |
|
|
83.0 |
|
|
|
98.1 |
|
|
|
(15 |
)% |
|
|
(15 |
)% |
Total revenue |
|
|
1,845.4 |
|
|
|
1,671.9 |
|
|
|
10 |
% |
|
|
11 |
% |
Total cost of revenue |
|
|
328.1 |
|
|
|
332.0 |
|
|
|
(1 |
)% |
|
|
(1 |
)% |
Gross margin |
|
|
1,517.3 |
|
|
|
1,339.9 |
|
|
|
13 |
% |
|
|
14 |
% |
Operating expenses |
|
|
968.5 |
|
|
|
945.8 |
|
|
|
2 |
% |
|
|
2 |
% |
Operating income |
|
$ |
548.8 |
|
|
$ |
394.1 |
|
|
|
39 |
% |
|
|
39 |
% |
Non-GAAP operating income(1) |
|
$ |
775.8 |
|
|
$ |
617.8 |
|
|
|
26 |
% |
|
|
26 |
% |
Operating margin |
|
|
29.7 |
% |
|
|
23.6 |
% |
|
|
|
|
|
|
||
Non-GAAP operating margin(1) |
|
|
42.0 |
% |
|
|
37.0 |
% |
|
|
|
|
|
|
||
Diluted earnings per share |
|
$ |
3.20 |
|
|
$ |
2.07 |
|
|
|
|
|
|
|
||
Non-GAAP diluted earnings per share(1) |
|
$ |
4.53 |
|
|
$ |
3.54 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
$ |
763.7 |
|
|
$ |
651.9 |
|
|
|
|
|
|
|
||
Capital expenditures |
|
|
(7.5 |
) |
|
|
(9.8 |
) |
|
|
|
|
|
|
||
Free cash flow |
|
$ |
756.2 |
|
|
$ |
642.0 |
|
|
|
|
|
|
|
||
20
Table of Contents
Impact of Foreign Currency Exchange on Results of Operations
Approximately 55% of our revenue and 35% of our expenses are transacted in currencies other than the U.S. Dollar. Because we report our results of operations in U.S. Dollars, currency translation, particularly changes in the Euro, Yen, Shekel, and Rupee relative to the U.S. Dollar, affects our reported results. Our constant currency disclosures are calculated by multiplying the results in local currency for the quarterly periods for FY'25 and FY'24 by the exchange rates in effect on September 30, 2024.
If reported results for the nine months ended June 30, 2025 were converted into U.S. Dollars using the rates in effect as of September 30, 2024, ARR would have been lower by $43 million, revenue would have been higher by $33 million, and expenses would have been higher by $11 million. If reported results for the nine months ended June 30, 2024 were converted into U.S. Dollars using the rates in effect as of September 30, 2024, ARR would have been higher by $44 million, revenue would have been higher by $26 million, and expenses would have been higher by $10 million.
Revenue
Under ASC 606, the volume, mix, and duration of contract types (support, SaaS, on-premises subscription) starting or renewing in any given period can have a material impact on revenue in the period, and as a result can impact the comparability of reported revenue period over period. We recognize revenue for the license portion of on-premises subscription contracts when we deliver the licenses to the customer, typically on the start date, and we recognize revenue on the support portion of on-premises subscription contracts and stand-alone support contracts ratably over the term. We continue to convert existing support contracts to on-premises subscriptions, resulting in a shift to up-front recognition of on-premises subscription license revenue in the period converted compared to ratable recognition for a perpetual support contract. Revenue from our cloud services (primarily SaaS) contracts is recognized ratably. We expect that over time a higher portion of our revenue will be recognized ratably as we expand our SaaS offerings, release additional cloud functionality into our products, and migrate customers from on-premises subscriptions to SaaS. Given the different mix, duration and volume of new and renewing contracts in any period, year-over-year or sequential revenue can vary significantly.
Revenue by Line of Business
(Dollar amounts in millions) |
|
Three months ended |
|
|
Percent Change |
|
|
Nine months ended |
|
|
Percent Change |
|
||||||||||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
||||||||
License |
|
$ |
251.5 |
|
|
$ |
149.1 |
|
|
|
69 |
% |
|
|
66 |
% |
|
$ |
678.6 |
|
|
$ |
567.4 |
|
|
|
20 |
% |
|
|
20 |
% |
Support and cloud services |
|
|
369.9 |
|
|
|
339.5 |
|
|
|
9 |
% |
|
|
7 |
% |
|
|
1,083.8 |
|
|
|
1,006.4 |
|
|
|
8 |
% |
|
|
8 |
% |
Software revenue |
|
|
621.3 |
|
|
|
488.6 |
|
|
|
27 |
% |
|
|
25 |
% |
|
|
1,762.4 |
|
|
|
1,573.8 |
|
|
|
12 |
% |
|
|
12 |
% |
Professional services |
|
|
22.6 |
|
|
|
30.0 |
|
|
|
(25 |
)% |
|
|
(26 |
)% |
|
|
83.0 |
|
|
|
98.1 |
|
|
|
(15 |
)% |
|
|
(15 |
)% |
Total revenue |
|
$ |
643.9 |
|
|
$ |
518.6 |
|
|
|
24 |
% |
|
|
22 |
% |
|
$ |
1,845.4 |
|
|
$ |
1,671.9 |
|
|
|
10 |
% |
|
|
11 |
% |
Software revenue growth in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods was driven by license revenue growth, which reflects the higher total value and longer average duration of contracts that renewed in the current-year periods.
Support and cloud services revenue growth in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods was mainly driven by growth in PLM.
Professional services revenue decreased in Q3'25 and the first nine months of FY'25 as we continue to execute on our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves.
21
Table of Contents
Software Revenue by Product Group
(Dollar amounts in millions) |
|
Three months ended |
|
|
Percent Change |
|
|
Nine months ended |
|
|
Percent Change |
|
||||||||||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Actual |
|
|
Constant |
|
||||||||
PLM |
|
$ |
382.1 |
|
|
$ |
300.3 |
|
|
|
27 |
% |
|
|
25 |
% |
|
$ |
1,074.1 |
|
|
$ |
958.6 |
|
|
|
12 |
% |
|
|
12 |
% |
CAD |
|
|
239.2 |
|
|
|
188.3 |
|
|
|
27 |
% |
|
|
25 |
% |
|
|
688.3 |
|
|
|
615.2 |
|
|
|
12 |
% |
|
|
12 |
% |
Software revenue |
|
$ |
621.3 |
|
|
$ |
488.6 |
|
|
|
27 |
% |
|
|
25 |
% |
|
$ |
1,762.4 |
|
|
$ |
1,573.8 |
|
|
|
12 |
% |
|
|
12 |
% |
PLM software revenue growth in Q3'25 was driven by the higher total value and longer average duration of contracts that renewed in the period. PLM software revenue growth in the first nine months of FY'25 was driven by revenue growth across all geographic regions, primarily in Windchill.
PLM ARR grew 14% (10% constant currency) from Q3’24 to Q3'25, primarily driven by Windchill and Codebeamer.
CAD software revenue growth in Q3'25 was driven by the higher total value and longer average duration of contracts that renewed in the period. CAD software revenue growth in the first nine months of FY'25 was driven by revenue growth across all geographic regions, primarily in Creo.
CAD ARR grew 13% (8% constant currency) from Q3’24 to Q3’25, primarily driven by Creo.
Gross Margin
(Dollar amounts in millions) |
|
Three months ended |
|
|
|
|
|
Nine months ended |
|
|
|
|
||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
||||||
License gross margin |
|
$ |
239.4 |
|
|
$ |
137.0 |
|
|
|
75 |
% |
|
$ |
645.4 |
|
|
$ |
534.4 |
|
|
|
21 |
% |
License gross margin percentage |
|
|
95 |
% |
|
|
92 |
% |
|
|
|
|
|
95 |
% |
|
|
94 |
% |
|
|
|
||
Support and cloud services gross margin |
|
$ |
296.4 |
|
|
$ |
269.5 |
|
|
|
10 |
% |
|
$ |
868.7 |
|
|
$ |
802.0 |
|
|
|
8 |
% |
Support and cloud services gross margin percentage |
|
|
80 |
% |
|
|
79 |
% |
|
|
|
|
|
80 |
% |
|
|
80 |
% |
|
|
|
||
Professional services gross margin |
|
$ |
(1.9 |
) |
|
$ |
0.2 |
|
|
|
(1,352 |
)% |
|
$ |
3.2 |
|
|
$ |
3.5 |
|
|
|
(8 |
)% |
Professional services gross margin percentage |
|
|
(9 |
)% |
|
|
1 |
% |
|
|
|
|
|
4 |
% |
|
|
4 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total gross margin |
|
$ |
533.9 |
|
|
$ |
406.7 |
|
|
|
31 |
% |
|
$ |
1,517.3 |
|
|
$ |
1,339.9 |
|
|
|
13 |
% |
Total gross margin percentage |
|
|
83 |
% |
|
|
78 |
% |
|
|
|
|
|
82 |
% |
|
|
80 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP gross margin(1) |
|
$ |
547.4 |
|
|
$ |
422.3 |
|
|
|
30 |
% |
|
$ |
1,558.7 |
|
|
$ |
1,384.7 |
|
|
|
13 |
% |
Non-GAAP gross margin percentage(1) |
|
|
85 |
% |
|
|
81 |
% |
|
|
|
|
|
84 |
% |
|
|
83 |
% |
|
|
|
||
License gross margin growth in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods were in line with license revenue growth. Cost of license revenue in Q3'25 and the first nine months of FY'25 remained consistent with the corresponding FY'24 periods.
Support and cloud services gross margin growth in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods was in line with support and cloud services revenue growth. Cost of support and cloud services revenue grew 5% in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods, primarily due to higher compensation-related costs.
Professional services gross margin decreased in Q3'25 compared to Q3'24, primarily driven by a sharper decrease in professional services revenue than in professional services expense. Professional services gross margin in the first nine months of FY'25 was consistent with the corresponding FY'24 period, with costs decreasing in line with professional services revenue. The decreases in professional services revenue and costs are due to our continued execution on our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves.
22
Table of Contents
Operating Expenses
(Dollar amounts in millions) |
|
Three months ended |
|
|
|
|
|
Nine months ended |
|
|
|
|
||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
||||||
Sales and marketing |
|
$ |
141.8 |
|
|
$ |
140.3 |
|
|
|
1 |
% |
|
$ |
424.3 |
|
|
$ |
411.8 |
|
|
|
3 |
% |
% of total revenue |
|
|
22 |
% |
|
|
27 |
% |
|
|
|
|
|
23 |
% |
|
|
25 |
% |
|
|
|
||
Research and development |
|
$ |
116.6 |
|
|
$ |
110.3 |
|
|
|
6 |
% |
|
$ |
343.2 |
|
|
$ |
323.0 |
|
|
|
6 |
% |
% of total revenue |
|
|
18 |
% |
|
|
21 |
% |
|
|
|
|
|
19 |
% |
|
|
19 |
% |
|
|
|
||
General and administrative |
|
$ |
54.1 |
|
|
$ |
49.7 |
|
|
|
9 |
% |
|
$ |
162.5 |
|
|
$ |
180.4 |
|
|
|
(10 |
)% |
% of total revenue |
|
|
8 |
% |
|
|
10 |
% |
|
|
|
|
|
9 |
% |
|
|
11 |
% |
|
|
|
||
Amortization of acquired intangible assets |
|
$ |
11.5 |
|
|
$ |
10.7 |
|
|
|
8 |
% |
|
$ |
34.4 |
|
|
$ |
31.5 |
|
|
|
9 |
% |
% of total revenue |
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
||
Impairment and other charges (credits), net |
|
$ |
— |
|
|
$ |
— |
|
|
|
0 |
% |
|
$ |
4.2 |
|
|
$ |
(0.8 |
) |
|
|
625 |
% |
% of total revenue |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
0 |
% |
|
|
(0 |
)% |
|
|
|
||
Total operating expenses |
|
$ |
324.1 |
|
|
$ |
310.9 |
|
|
|
4 |
% |
|
$ |
968.5 |
|
|
$ |
945.8 |
|
|
|
2 |
% |
Total headcount increased 3% between Q3’24 and Q3’25.
Operating expenses in Q3'25 increased compared to Q3'24, primarily due to the following:
Operating expenses in the first nine months of FY'25 increased compared to the first nine months of FY'24, primarily due to the following:
Interest Expense
(Dollar amounts in millions) |
|
Three months ended |
|
|
|
|
|
Nine months ended |
|
|
|
|
||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
||||||
Interest expense |
|
$ |
(18.4 |
) |
|
$ |
(27.8 |
) |
|
|
(34 |
)% |
|
$ |
(60.1 |
) |
|
$ |
(94.7 |
) |
|
|
(37 |
)% |
Interest expense in both FY'25 and FY'24 includes interest on our revolving credit facility, term loan, senior notes that were redeemed in Q2'25, and senior notes due in 2028. Interest expense decreased in Q3'25 and the first nine months of FY'25 compared to the corresponding FY'24 periods due to lower debt balances and lower interest rates.
Other Income (Expense)
(Dollar amounts in millions) |
|
Three months ended |
|
|
|
|
|
Nine months ended |
|
|
|
|
||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
||||||
Interest income |
|
$ |
0.9 |
|
|
$ |
1.0 |
|
|
|
(11 |
)% |
|
$ |
2.6 |
|
|
$ |
3.4 |
|
|
|
(23 |
)% |
Other income (expense), net |
|
|
1.3 |
|
|
|
(1.7 |
) |
|
|
178 |
% |
|
|
0.7 |
|
|
|
(4.1 |
) |
|
|
117 |
% |
Other income (expense), net |
|
$ |
2.3 |
|
|
$ |
(0.7 |
) |
|
|
440 |
% |
|
$ |
3.3 |
|
|
$ |
(0.7 |
) |
|
|
598 |
% |
23
Table of Contents
Other income (expense), net increased in Q3'25 compared to Q3'24, driven by foreign currency exchange gains in Q3'25. Other income (expense), net increased in the first nine months of FY'25 compared to the comparable FY'24 period due to a $2.0 million impairment charge recognized in Q2'24 related to an available-for-sale debt security and lower foreign currency exchange losses.
Income Taxes
(Dollar amounts in millions) |
|
Three months ended |
|
|
|
|
|
Nine months ended |
|
|
|
|
||||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
Percent Change |
|
||||||
Income before income taxes |
|
$ |
193.7 |
|
|
$ |
67.4 |
|
|
|
187 |
% |
|
$ |
492.1 |
|
|
$ |
298.7 |
|
|
|
65 |
% |
Provision (benefit) for income taxes |
|
$ |
52.3 |
|
|
$ |
(1.6 |
) |
|
|
(3,362 |
)% |
|
$ |
105.9 |
|
|
$ |
48.9 |
|
|
|
116 |
% |
Effective income tax rate |
|
|
27 |
% |
|
|
(2 |
)% |
|
|
|
|
|
22 |
% |
|
|
16 |
% |
|
|
|
||
The effective tax rate for Q3'25 and the first nine months of FY'25 was higher than the effective tax rate for the corresponding prior-year periods primarily due to changes in the geographic mix of income before taxes and the effects of IRS procedural guidance issued in April 2024 requiring IRS consent for certain previously automatic changes of accounting method on our estimated taxable income for FY'24. Additionally, for the first nine months of FY'25 and FY'24, rates were impacted by a benefit of $10.4 million and an expense of $3.6 million, respectively, associated with the impact of changes in tax reserves related to prior years in foreign jurisdictions.
In FY’24, we requested consent from the IRS to change the accounting method for the treatment of certain deductions. If we do not receive this consent, it would have a material adverse impact on cash flow for the year in which our request is denied and our future tax payments could be higher than currently estimated, which would also adversely impact our operating cash flow. In accordance with GAAP, our financial statements currently reflect the fact that we have not yet received the consent, including an accrual for the income tax payable in Accrued income taxes on the Consolidated Balance Sheets.
On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to us beginning in FY'26. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. We are in the process of evaluating the impact of the Act to our consolidated financial statements and cash flow, but currently expect such changes will have a material positive cash impact in FY'26 and FY'27. As our review is not yet complete, our expectations could change.
Critical Accounting Policies and Estimates
There were no material changes to our critical accounting policies and estimates as set forth under the heading Critical Accounting Policies and Estimates in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Annual Report on Form 10-K.
Recent Accounting Pronouncements
In accordance with recently issued accounting pronouncements, we will be required to comply with certain changes in accounting rules and regulations. Refer to Note 1. Basis of Presentation to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q, which is incorporated herein by reference, for all recently issued accounting pronouncements, none of which are expected to have a material effect.
24
Table of Contents
Liquidity and Capital Resources
(in millions) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
Cash and cash equivalents |
|
$ |
199.3 |
|
|
$ |
265.8 |
|
Restricted cash |
|
|
0.6 |
|
|
|
0.7 |
|
Total |
|
$ |
199.9 |
|
|
$ |
266.5 |
|
|
|
|
|
|
|
|
||
(in millions) |
|
Nine months ended |
|
|||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||
Net cash provided by operating activities |
|
$ |
763.7 |
|
|
$ |
651.9 |
|
Net cash used in investing activities |
|
$ |
(28.6 |
) |
|
$ |
(99.5 |
) |
Net cash used in financing activities |
|
$ |
(801.6 |
) |
|
$ |
(590.9 |
) |
Cash, Cash Equivalents and Restricted Cash
We invest our cash with highly rated financial institutions. Cash and cash equivalents include highly liquid investments with original maturities of three months or less.
Due to the stability of our subscription model and consistency of annual, up-front billing, we aim to maintain a low cash balance. A significant portion of our cash is generated and held outside the U.S. As of June 30, 2025, we had cash and cash equivalents of $5.2 million in the U.S., $73.6 million in Europe, $103.0 million in Asia Pacific (including India) and $17.5 million in other countries. We have substantial cash requirements in the U.S. but believe that the combination of our existing U.S. cash and cash equivalents, cash available under our revolving credit facility, future U.S. operating cash flows, and our ability to repatriate cash to the U.S. will be sufficient to meet our ongoing U.S. operating expenses and known capital requirements.
Cash Provided by Operating Activities
Cash provided by operating activities increased $111.8 million in the first nine months of FY'25 compared to the same period in FY'24. Growth was driven by higher collections as well as lower interest payments, partially offset by higher tax payments and payments related to our go-to-market realignment. Interest payments were $53.3 million lower in the first nine months of FY'25 compared to the first nine months of FY'24, driven by a Q1'24 payment of $30.0 million of imputed interest on a deferred acquisition payment associated with our FY'23 acquisition of ServiceMax as well as lower interest payments in FY'25 due mainly to lower debt balances.
Cash Used in Investing Activities
Cash used in investing activities in the first nine months of FY'25 was driven by outflows from the settlement of net investment hedges. Cash used in investing activities in the first nine months of FY'24 was driven by the acquisition of pure-systems for $93.5 million.
Cash Used in Financing Activities
Cash used in financing activities in the first nine months of FY'25 included net payments of $516.7 million on our outstanding debt, including the redemption of our 2025 senior notes primarily using a draw on our credit facility, and the repurchase of $225.0 million of our common stock. Cash used in financing activities in the first nine months of FY'24 included $620.0 million paid to settle the ServiceMax deferred acquisition payment, partially offset by net borrowings of $109.0 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. Payments of withholding taxes in connection with vesting of stock-based awards were lower in the first nine months of FY'25 compared to the comparable prior-year period, primarily driven by vesting of certain awards in connection with the chief executive officer succession in Q2'24.
25
Table of Contents
Outstanding Debt
(in millions) |
|
June 30, 2025 |
|
|
September 30, 2024 |
|
||
4.000% Senior notes due 2028 |
|
$ |
500.0 |
|
|
$ |
500.0 |
|
3.625% Senior notes due 2025 |
|
|
— |
|
|
|
500.0 |
|
Credit facility revolver line |
|
|
261.3 |
|
|
|
262.0 |
|
Credit facility term loan |
|
|
475.0 |
|
|
|
490.6 |
|
Total debt |
|
$ |
1,236.3 |
|
|
$ |
1,752.6 |
|
Unamortized debt issuance costs for the senior notes |
|
|
(2.8 |
) |
|
|
(4.1 |
) |
Total debt, net of issuance costs |
|
$ |
1,233.4 |
|
|
$ |
1,748.6 |
|
|
|
|
|
|
|
|
||
Undrawn under credit facility revolver |
|
$ |
988.7 |
|
|
$ |
988.0 |
|
Undrawn under credit facility revolver available to borrow |
|
$ |
971.8 |
|
|
$ |
972.1 |
|
As of June 30, 2025, we were in compliance with all financial and operating covenants of the credit facility and the note indenture. As of June 30, 2025, the annual rate for borrowings outstanding under the credit facility was 5.6%.
Our credit facility and our senior notes are described in Note 10. Debt to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q. As of June 30, 2025, $25.0 million of our debt associated with the credit facility term loan was classified as current. In Q2'25, we redeemed the 2025 senior notes using a draw on our revolving credit facility and cash on hand.
Future Expectations
We believe that existing cash and cash equivalents, together with cash generated from operations and amounts available under the credit facility, will be sufficient to meet our working capital and capital expenditure requirements through at least the next twelve months and to meet our known long-term capital requirements.
Our long-term goal is to return excess cash to shareholders via share repurchases. We currently intend to repurchase approximately $300 million of our common stock in FY'25.
Our expected uses and sources of cash could change, our cash position could be reduced, and we could incur additional debt obligations if we retire other debt, engage in strategic transactions, or repurchase shares, any of which could be commenced, suspended, or completed at any time. Any such repurchases or retirement of debt will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any debt retirement or issuance, share repurchases, or strategic transactions may be material.
26
Table of Contents
Operating and Non-GAAP Financial Measures
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 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 generally 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 as revenue 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.
27
Table of Contents
Non-GAAP Financial Measures
Our non-GAAP financial measures and the reasons we use them and exclude the items identified below are described in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended September 30, 2024.
The non-GAAP financial measures presented in the discussion of our results of operations and the respective most directly comparable GAAP measures are:
The non-GAAP financial measures other than free cash flow exclude, as applicable: stock-based compensation expense; amortization of acquired intangible assets; acquisition and transaction-related charges included in General and administrative expenses; Impairment and other charges (credits), net; non-operating charges (credits), net; and income tax adjustments as defined in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and as reflected in the reconciliation tables.
In Q2'25, we changed the income statement caption of Restructuring and other charges (credits), net to Impairment and other charges (credits), net to reflect that the amounts presented are mainly impairment charges rather than restructuring charges. We correspondingly revised the caption with respect to the list of items excluded from our non-GAAP financial measures and, as reflected below, the list of items covered under that caption to reflect the primary charges and credits included in the adjustment. All charges and credits under the captioned line item remain the same.
Impairment and other charges (credits), net are charges associated with disposal or exit activities, including lease impairment and abandonment charges, net charges or income related to impaired or exited facilities, restructuring severance charges resulting from substantial employee reduction actions, and other related costs.
The items excluded from the non-GAAP financial measures often have a material impact on our financial results, some of those items are recurring, and other items often recur. Accordingly, the non-GAAP financial measures included in this Quarterly Report on Form 10-Q should be considered in addition to, and not as a substitute for or superior to, the comparable measures prepared in accordance with GAAP. The following tables reconcile each of these non-GAAP financial measures to its most closely comparable GAAP measure on our financial statements.
28
Table of Contents
(in millions, except per share amounts) |
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
GAAP gross margin |
|
$ |
533.9 |
|
|
$ |
406.7 |
|
|
$ |
1,517.3 |
|
|
$ |
1,339.9 |
|
Stock-based compensation |
|
|
5.3 |
|
|
|
5.9 |
|
|
|
16.7 |
|
|
|
16.0 |
|
Amortization of acquired intangible assets included in cost of revenue |
|
|
8.2 |
|
|
|
9.7 |
|
|
|
24.6 |
|
|
|
28.8 |
|
Non-GAAP gross margin |
|
$ |
547.4 |
|
|
$ |
422.3 |
|
|
$ |
1,558.7 |
|
|
$ |
1,384.7 |
|
GAAP operating income |
|
$ |
209.8 |
|
|
$ |
95.8 |
|
|
$ |
548.8 |
|
|
$ |
394.1 |
|
Stock-based compensation |
|
|
54.0 |
|
|
|
48.0 |
|
|
|
161.4 |
|
|
|
161.2 |
|
Amortization of acquired intangible assets |
|
|
19.7 |
|
|
|
20.4 |
|
|
|
59.0 |
|
|
|
60.3 |
|
Acquisition and transaction-related charges |
|
|
1.6 |
|
|
|
0.2 |
|
|
|
2.4 |
|
|
|
3.0 |
|
Impairment and other charges (credits), net |
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
(0.8 |
) |
Non-GAAP operating income |
|
$ |
285.2 |
|
|
$ |
164.4 |
|
|
$ |
775.8 |
|
|
$ |
617.8 |
|
GAAP net income |
|
$ |
141.3 |
|
|
$ |
69.0 |
|
|
$ |
386.2 |
|
|
$ |
249.8 |
|
Stock-based compensation |
|
|
54.0 |
|
|
|
48.0 |
|
|
|
161.4 |
|
|
|
161.2 |
|
Amortization of acquired intangible assets |
|
|
19.7 |
|
|
|
20.4 |
|
|
|
59.0 |
|
|
|
60.3 |
|
Acquisition and transaction-related charges |
|
|
1.6 |
|
|
|
0.2 |
|
|
|
2.4 |
|
|
|
3.0 |
|
Impairment and other charges (credits), net |
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
(0.8 |
) |
Non-operating charges(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
Income tax adjustments(2) |
|
|
(19.3 |
) |
|
|
(19.5 |
) |
|
|
(65.7 |
) |
|
|
(48.2 |
) |
Non-GAAP net income |
|
$ |
197.4 |
|
|
$ |
118.0 |
|
|
$ |
547.5 |
|
|
$ |
427.3 |
|
GAAP diluted earnings per share |
|
$ |
1.17 |
|
|
$ |
0.57 |
|
|
$ |
3.20 |
|
|
$ |
2.07 |
|
Stock-based compensation |
|
|
0.45 |
|
|
|
0.40 |
|
|
|
1.34 |
|
|
|
1.34 |
|
Amortization of acquired intangible assets |
|
|
0.16 |
|
|
|
0.17 |
|
|
|
0.49 |
|
|
|
0.50 |
|
Acquisition and transaction-related charges |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Impairment and other charges (credits), net |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
(0.01 |
) |
Non-operating charges(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
Income tax adjustments(2) |
|
|
(0.16 |
) |
|
|
(0.16 |
) |
|
|
(0.54 |
) |
|
|
(0.40 |
) |
Non-GAAP diluted earnings per share |
|
$ |
1.64 |
|
|
$ |
0.98 |
|
|
$ |
4.53 |
|
|
$ |
3.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
|
$ |
243.9 |
|
|
$ |
213.8 |
|
|
$ |
763.7 |
|
|
$ |
651.9 |
|
Capital expenditures |
|
|
(1.9 |
) |
|
|
(1.6 |
) |
|
|
(7.5 |
) |
|
|
(9.8 |
) |
Free cash flow |
|
$ |
242.0 |
|
|
$ |
212.2 |
|
|
$ |
756.2 |
|
|
$ |
642.0 |
|
Operating margin impact of non-GAAP adjustments:
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||||
GAAP operating margin |
|
|
32.6 |
% |
|
|
18.5 |
% |
|
|
29.7 |
% |
|
|
23.6 |
% |
Stock-based compensation |
|
|
8.4 |
% |
|
|
9.3 |
% |
|
|
8.7 |
% |
|
|
9.6 |
% |
Amortization of acquired intangible assets |
|
|
3.1 |
% |
|
|
3.9 |
% |
|
|
3.2 |
% |
|
|
3.6 |
% |
Acquisition and transaction-related charges |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
0.2 |
% |
Impairment and other charges (credits), net |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
|
|
0.0 |
% |
Non-GAAP operating margin |
|
|
44.3 |
% |
|
|
31.7 |
% |
|
|
42.0 |
% |
|
|
37.0 |
% |
29
Table of Contents
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no significant changes in our market risk exposure as described in Item 7A. Quantitative and Qualitative Disclosures about Market Risk of our 2024 Annual Report on Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Effectiveness of Disclosure Controls and Procedures
Our management maintains disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is processed, recorded, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), as appropriate, to allow for timely decisions regarding required disclosure.
We evaluated, under the supervision and with the participation of management, including our principal executive and principal financial officers, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act that occurred during the period ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
30
Table of Contents
PART II—OTHER INFORMATION
ITEM 1A. RISK FACTORS
In addition to other information set forth in this report, you should carefully consider the risk factors described in Part I. Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below shows the shares of our common stock we repurchased in the third quarter of 2025.
Period |
Total Number of Shares (or Units) Purchased |
|
Average Price Paid per Share (or Unit) |
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
|
Approximate Dollar Value of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) |
|
||||
April 1, 2025 - April 30, 2025 |
|
— |
|
$ |
— |
|
|
— |
|
$ |
1,849,999,766 |
|
May 1, 2025 - May 31, 2025 |
|
267,282 |
|
$ |
168.36 |
|
|
267,282 |
|
$ |
1,805,001,497 |
|
June 1, 2025 - June 30, 2025 |
|
176,823 |
|
$ |
169.60 |
|
|
176,823 |
|
$ |
1,775,012,684 |
|
Total |
|
444,105 |
|
$ |
168.85 |
|
|
444,105 |
|
$ |
1,775,012,684 |
|
ITEM 5. OTHER INFORMATION
Director and Executive Officer
None.
31
Table of Contents
ITEM 6. EXHIBITS
|
|
|
|
|
|
Incorporated by Reference |
||||||
Exhibit Number |
|
Description |
|
Filed Herewith |
|
Form |
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Filling Date |
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Exhibit |
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SEC File No. |
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3.1 |
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Restated Articles of Organization of PTC Inc. |
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10-K |
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November 23, 2015 |
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3.1 |
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0-18059 |
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3.2 |
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Amended and Restated By-Laws of PTC Inc. |
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10-K |
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November 14, 2024 |
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3.2 |
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0-18059 |
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4.1 |
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Indenture dated as of February 13, 2020, between PTC Inc. and Wells Fargo Bank, National Association, as trustee |
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8-K |
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February 13, 2020 |
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4.1 |
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0-18059 |
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4.2 |
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Form of 4.000% senior unsecured notes due 2028 |
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8-K |
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February 13, 2020 |
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4.3 |
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0-18059 |
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31.1 |
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Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) |
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X |
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31.2 |
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Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) |
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X |
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32* |
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Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350 |
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X |
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101.INS |
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Inline XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document |
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101.SCH |
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Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
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104 |
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The cover page of the Q3 Form 10-Q formatted in Inline XBRL (included in Exhibit 101) |
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* Indicates that the exhibit is being furnished, not filed, with this report.
32
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PTC Inc. |
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By: |
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/s/ KRISTIAN TALVITIE |
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Kristian Talvitie Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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Date: July 31, 2025
33
Source:
FAQ
How did PRDO's revenue perform in Q2 2025?
What was Perdoceo's diluted EPS for the quarter?
How much cash and short-term investments does PRDO have?
What is the status of share repurchases?
Are there any significant legal or regulatory issues disclosed?
