PTC Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>PTC Inc. filed its Q1 2024 10-Q report, detailing financial performance and disclosures.</b>

AI Summary

PTC INC. (PTC) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. PTC Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. Key financial statement items and disclosures related to assets, liabilities, and equity are included. The report details various financial instruments, including foreign exchange forward contracts and options. Information on debt, credit facilities, and cost of sales is presented.

Why It Matters

For investors and stakeholders tracking PTC INC., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of PTC Inc., crucial for understanding recent performance and financial health. The disclosures on financial instruments and debt offer insights into the company's risk management strategies and leverage.

Risk Assessment

Risk Level: medium — PTC INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative financial information, and the risk level is medium due to the inherent uncertainties in financial reporting and market conditions.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess PTC Inc.'s current financial position and future outlook.

Key Numbers

• 2023-12-31 — Report Date (Conformed period of report)
• 2024-02-02 — Filing Date (Filed as of date)
• 2023-09-30 — Fiscal Year End (Fiscal year end)
• 1992-07-03 — Name Change Date (Former company name change date)

Key Players & Entities

• PTC INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240202 (date) — Filed as of date
• 0000857005 (company) — Central Index Key
• 7372 (industry) — Standard Industrial Classification
• MA (location) — State of Incorporation
• 121 SEAPORT BOULEVARD (address) — Business Address Street 1
• BOSTON (location) — Business Address City

Forward-Looking Statements

• PTC will continue to see strong recurring revenue growth in the next quarter. (PTC INC.) — medium confidence, target: 2024-03-31
• Net income per share will remain robust, potentially exceeding $0.90 in the next quarter. (PTC INC.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

PTC Inc. operates in the software industry, specifically focusing on product lifecycle management (PLM), Internet of Things (IoT), and augmented reality (AR) solutions.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review PTC Inc.'s revenue and cost of sales segments for Q1 FY2024.
2. Analyze the company's debt and credit facility details.
3. Examine disclosures related to foreign exchange forward contracts and options.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the fiscal year-end 10-K filing.

Filing Documents

• ptc-20231231.htm (10-Q) — 1911KB
• ptc-ex31_1.htm (EX-31.1) — 12KB
• ptc-ex31_2.htm (EX-31.2) — 12KB
• ptc-ex32.htm (EX-32) — 11KB
• 0000950170-24-010527.txt (&nbsp;) — 8315KB
• ptc-20231231.xsd (EX-101.SCH) — 1367KB
• ptc-20231231_htm.xml (XML) — 1415KB

—FINANCIAL INFORMATION

Part I—FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial Statements: 1 Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023 1 Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022 2 Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and December 31, 2022 3 Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and December 31, 2022 4 Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2023 and December 31, 2022 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

—OTHER INFORMATION

Part II—OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 27 Item 5. Other Information 27 Item 6. Exhibits 28 Signature 29 Table of Contents

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

UNAUDITED CONDENSED CONS OLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CONDENSED CONS OLIDATED FINANCIAL STATEMENTS PTC Inc. CONSOLIDATED B ALANCE SHEETS (in thousands, except per share data) (unaudited) December 31, 2023 September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 264,997 $ 288,103 Accounts receivable, net of allowance for doubtful accounts of $ 480 and $ 429 at December 31, 2023 and September 30, 2023, respectively 678,000 811,398 Prepaid expenses 123,160 96,016 Other current assets 68,252 81,849 Total current assets 1,134,409 1,277,366 Property and equipment, net 85,389 88,391 Goodwill 3,458,463 3,358,511 Acquired intangible assets, net 953,370 941,249 Deferred tax assets 123,109 123,319 Operating right-of-use lease assets 141,340 143,028 Other assets 375,077 356,978 Total assets $ 6,271,157 $ 6,288,842 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,384 $ 43,480 Accrued expenses and other current liabilities 118,751 132,841 Accrued compensation and benefits 117,368 160,431 Accrued income taxes 14,056 14,919 Current portion of long-term debt 12,500 9,375 Deferred acquisition payments — 620,040 Deferred revenue 649,707 665,362 Short-term lease obligations 23,567 24,737 Total current liabilities 950,333 1,671,185 Long-term debt 2,248,355 1,686,410 Deferred tax liabilities 40,758 29,508 Long-term deferred revenue 15,777 16,188 Long-term lease obligations 166,458 168,455 Other liabilities 42,823 39,806 Total liabilities 3,464,504 3,611,552 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.01 par value; 5,000 shares authorized; none issued — — Common stock, $ 0.01 par value; 500,000 shares authorized; 119,445 and 118,846 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively 1,194 1,188 Add

View Full Filing

View this 10-Q filing on SEC EDGAR