PTC Inc. Files 2024 Annual Report

Ticker: PTC · Form: 10-K · Filed: Nov 14, 2024 · CIK: 857005

Sentiment: neutral

Topics: annual-report, sec-filing, financials

Related Tickers: PTC

TL;DR

PTC Inc. filed its 2024 10-K. All good on reporting.

AI Summary

PTC Inc. filed its annual report for the fiscal year ended September 30, 2024. The company is incorporated in Massachusetts and its principal executive offices are located at 121 Seaport Boulevard, Boston, MA. PTC Inc.'s common stock is traded on the NASDAQ Global Select Market under the symbol PTC. The filing indicates that PTC Inc. has met its reporting requirements for the past 12 months and 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of PTC Inc.'s financial performance and business operations for the fiscal year 2024, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or unusual disclosures.

Key Players & Entities

FAQ

What is the fiscal year end date for PTC Inc.'s annual report?

The fiscal year end date for PTC Inc.'s annual report is September 30, 2024.

In which state is PTC Inc. incorporated?

PTC Inc. is incorporated in Massachusetts.

What is the address of PTC Inc.'s principal executive offices?

The address of PTC Inc.'s principal executive offices is 121 Seaport Boulevard, Boston, MA 02210.

On which stock exchange is PTC Inc.'s common stock registered?

PTC Inc.'s common stock is registered on the NASDAQ Global Select Market.

Has PTC Inc. filed all required reports for the preceding 12 months and 90 days?

Yes, the filing indicates that PTC Inc. has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Filing Stats: 4,352 words · 17 min read · ~15 pages · Grade level 15.9 · Accepted 2024-11-14 17:27:14

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. Reserved 20 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39 Item 9A.

Controls and Procedures

Controls and Procedures 39 Item 9B. Other Information 40 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 41 PART III. Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 43 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accounting Fees and Services 43 PART IV. Item 15. Exhibits and Financial Statement Schedules 44 Item 16. Form 10-K Summary 44 Exhibit Index 45

Signatures

Signatures 47 APPENDIX A Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP, Boston, MA, PCAOB ID: 238 ) F-1 Consolidated Financial Statements F-4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-9 Table of Contents Cautionary Note About Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In particular, statements that are not historical facts, including but not limited to, statements about our anticipated financial results, capital development and growth, stock repurchases, our environmental sustainability initiatives, and the development of our products, markets and workforce, are forward-looking statements. These forward-looking statements are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions, whether in the negative or affirmative. Forward-looking statements are based on our current plans, expectations and assumptions and are not guarantees of future performance. Factors that may cause our actual results to differ materially from these statements include, but are not limited to, the risks and uncertainties discussed in Item 1A. "Risk Factors" and elsewhere throughout this Annual Report. Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition. We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. Unless otherwise indicated, all references to a year reflect our fiscal year that ends on September 30. Website References References to our PTC.com website in this Annual Report and to

Bu siness

ITEM 1. Bu siness Our Business 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: Industrials Federal, Aerospace and Defense Electronics and High Tech Automotive Medical Technology and Life Sciences 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. 1 Table of Contents Within the overall PLM category, our offerings also include ALM (Application Lifecycle Management) and SLM (Service Lifecyle Management). Given the breadth and openness of our portfolio, we can enable end-to-end digital thread initiatives, which 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 peopl

Ri sk Factors

ITEM 1A. Ri sk Factors The following are important factors we have identified that could affect an investment in our securities. You should consider them carefully when evaluating an investment in PTC securities, because these factors could cause actual results to differ materially from historical results or any forward-looking statements. The risks described below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, operating results, and prospects. I. Risks Related to Our Business Operations and Industry We face significant competition, which could adversely affect our business, financial condition, operating results, and prospects if we are unable to successfully compete. The markets for our products and solutions are rapidly changing and characterized by intense competition, disruptive technology developments, evolving distribution models and increasingly lower barriers to entry. If we are unable to provide products and solutions that address customers' needs as well as our competitors' products and solutions do, or to align our pricing, licensing and delivery models with customer preferences, we could lose customers and/or fail to attract new customers, which could adversely affect our business, financial condition, operating results, and prospects. For example, customer demand for SaaS solutions is increasing. While our Arena, ServiceMax, and Onshape solutions are cloud-native SaaS solutions, and we have introduced our Windchill+, Creo+, and Kepware+ SaaS solutions, customers may not adopt them as we expect. If we are unable to compete successfully with competitors offering SaaS solutions, we could lose customers and/or fail to attract new customers, which could adversely affect our business, financial condition, operating results, and prospects. Our current and potential competitors range from l

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