PTC

2024 Annual Report
Table of Contents
5
Annual Report on Form 10-K for the period ended September 30, 2024
97
Stock Performance Graph
99
Corporate Information

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended: September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_ to_
Commission File Number: 0-18059
PTC Inc.
(Exact name of registrant as specified in its charter)
Massachusetts
04-2866152
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
121 Seaport Boulevard, Boston, MA 02210
(Address of principal executive offices, including zip code)
(781) 370-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange on which registered
Common Stock, $.01 par value per share
PTC
NASDAQ Global Select Market
Securities registered pursuant
to Section 12(g) of the Act: None
Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☑
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. Yes ☑ No ☐
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). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. 
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☑Accelerated Filer
☐Non-accelerated Filer
☐Smaller Reporting Company
☐
Emerging growth company
☐
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or 
issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of our voting stock held by non-affiliates was approximately $22,558,974,797 on March 28, 2024 based on the last reported 
sale price of our common stock on the Nasdaq Global Select Market on that date. There were 119,716,947 shares of our common stock outstanding on that day 
and 120,129,080 shares of our common stock outstanding on November 12, 2024.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement in connection with the 2025 Annual Meeting of Shareholders (2025 Proxy Statement) are incorporated by 
reference into Part III.

PTC Inc.
ANNUAL REPORT ON FORM 10-K FOR FISCAL YEAR 2024
Table of Contents
Page
PART I.
Item 1.
Business
1
Item 1A.
Risk Factors
8
Item 1B.
Unresolved Staff Comments
18
Item 1C.
Cybersecurity
18
Item 2.
Properties
20
Item 3.
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
21
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
37
Item 8.
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
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
42
Item 12.
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
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
F-9
 

1
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 our 2024 Impact Report, to be 
published in early 2025, are provided for convenience. The content on PTC.com and in our 2024 Impact 
Report is not incorporated by reference into this Annual Report unless expressly stated.
PART I
ITEM 1. Business
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. 

2
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 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 being 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 pursue mid-to-long-term growth opportunities.
Our Principal Products and Services
PLM software products for product data management and process orchestration
Our Windchill® PLM application suite manages all aspects of the product development lifecycle—
from concept through service and end-of-life. Windchill provides real-time information sharing, dynamic 
data visualization, and the ability to collaborate across geographically distributed teams, enabling 
manufacturers to elevate their product development, manufacturing, field service, and end-of-life 
processes. 
Our Codebeamer® and pure::variantsTM application lifecycle management (ALM) solutions enable 
companies to accelerate the development of products that contain software, including software-
defined products which require multiple software variants to be created and updated over the life of the 
product. 
Our ServiceMax® service lifecycle management (SLM) solution enables companies to improve asset 
uptime with optimized in-person and remote service, boost technician productivity with the latest mobile 
tools, and deliver metrics for confident decision making.
Our Servigistics® service parts management solution enables companies to effectively manage their 
service parts inventory, enabling them to optimize equipment availability and uptime, and increase 
customer satisfaction. 
Our Arena® Software as a Service (SaaS) PLM solution enables product teams to collaborate virtually 
anytime and anywhere, making it easier to share the latest product and quality information with internal 
teams and supply chain partners and deliver innovative products to customers faster. Our Arena quality 
management system software connects quality and product designs into a single system to simplify 
regulatory compliance.
CAD software products for product data authoring
Our Creo® 3D CAD technology enables the digital design, testing, and modification of product 
models. With its design simulation, additive manufacturing, and generative design innovations, we enable 
our customers to be first to market with differentiated products. From initial concept to design, simulation, 
and analysis, Creo provides designers with innovative tools to efficiently create better products, faster.

3
Our Onshape® SaaS product development platform unites computer-aided design with data 
management, collaboration tools, and real-time analytics. A cloud-native multi-tenant solution that can 
be instantly deployed on virtually any computer or mobile device, Onshape enables teams to work 
together from just about anywhere. Real-time design reviews, commenting, and simultaneous editing 
enable a collaborative workflow where multiple design iterations can be completed in parallel and 
merged into the final design.
Enabling technologies
Our principal products and services are enhanced by a collection of enabling technologies, 
including SaaS versions of our Creo® CAD and Windchill® PLM software, artificial intelligence software, our 
ThingWorx® Internet of Things software, and our Vuforia® augmented reality software. The primary focus of 
these technologies is to deliver value-added capabilities to our principal products and services, such as 
the improved security and collaboration environment of a SaaS platform; unlocking productivity with 
artificial intelligence; moving product data more quickly across engineering, manufacturing, and service 
using IoT; or automatically analyzing the quality of a manufactured product with augmented reality.
Our Markets and How We Address Them
Our strategy aims to create value for our customers, increase our Annual Run Rate (ARR) and cash 
flow, and deliver long-term value for shareholders. We focus our resources on the following five solutions, 
where we believe we can create the greatest customer value:
•
PLM
•
ALM
•
SLM
•
CAD
•
SaaS or Software as a Service 
Our growth is primarily driven by existing customers that continue to expand their PTC footprint, 
largely relating to their focus on improving their competitiveness through digital transformation. To a lesser 
extent, our growth is also supported by new customers and price increases. 
We derive approximately 75% of our sales from products and services sold directly by our sales force 
to end-user customers. The rest of our sales of products and services are through third-party resellers. Our 
sales force focuses on large accounts, while our reseller channel provides a cost-effective means of 
covering the small- and medium-size business markets. Our strategic reseller and software partners enable 
us to increase our market reach, offer broader solutions, and add compelling technology to our offerings. 
Our strategic services partners provide service offerings to help customers implement our product 
offerings and transition to SaaS. 
Additional financial information about our international and domestic operations may be found in 
Note 3. Revenue from Contracts with Customers of Notes to Consolidated Financial Statements in this 
Annual Report, which information is incorporated herein by reference.
Competition
We compete with a number of companies whose offerings address one or more specific functional 
areas covered by our solutions. For enterprise CAD and PLM solutions, we compete with large established 
companies including Autodesk, Dassault Systèmes SA, and Siemens AG. For our ALM products, we 
compete with IBM, Jama Software, Inc. and Siemens AG. For our SLM products, we compete with 
enterprise software companies such as Oracle, SAP and IFS AB, and with companies that offer point 
solutions.

4
Proprietary Rights
Our software products and related technical know-how, along with our trademarks, including our 
company names, product names and logos, are proprietary. We protect our intellectual property rights in 
these items by relying on copyrights, trademarks, patents and common law safeguards, including trade 
secret protection. The nature and extent of such legal protection depends in part on the type of 
intellectual property right and the relevant jurisdiction. In the U.S., we are generally able to maintain our 
trademark registrations for as long as the trademarks are in use and to maintain our patents for up to 20 
years from the earliest effective filing date. We also use license management and other anti-piracy 
technology measures, as well as contractual restrictions, to curtail the unauthorized use and distribution of 
our products.
Our proprietary rights are subject to the risks and uncertainties described under Item 1A. Risk Factors 
below, which is incorporated into this section by reference.
Environmental Sustainability
At PTC, we’re working to contribute to the decarbonization and circularity of global manufacturing. 
While we have a climate action plan committed to reducing our company’s “footprint,” we believe far 
larger benefits will flow from our “handprint” stemming from our software offerings. Our software solutions 
enable manufacturers to design, build, and service their products more sustainably.
Footprint 
Our emission reduction plan was validated by the Science Based Targets initiative (SBTi) in September 
2024. Our near-term commitment is to reduce by 2030 combined Scope 1 (direct emissions from 
owned/controlled operations) and Scope 2 (indirect energy use) emissions by 50% and reduce Scope 3 - 
Category 1 (Purchased Goods and Services) by 25% compared to our 2022 baseline. Our long-term net-
zero commitment is to reach net-zero across all scope emissions by 2050, with absolute reductions of over 
90% across Scopes 1-3, with accredited carbon removal offsets for the remaining 10% (or less) as needed.
We have already begun to implement programs and pursue initiatives to reduce our emissions and 
carbon footprint, including: 
•
entering into a Virtual Power Purchase Agreement (VPPA) to reduce our future carbon footprint;
•
prioritizing energy efficiency and accessibility to public transportation when selecting office 
space; 
•
providing a subsidy for employee’s public transportation commute costs; and 
•
selecting suppliers with decarbonization targets.
Handprint
Environmental sustainability is integral to our product offerings. With our software, manufacturers can 
support their sustainability and compliance initiatives, including by designing with less material, enhancing 
product repairability and circularity, improving factory efficiency, and enabling remote service. 

5
People and Culture
Within our work environment we seek to create an equitable and inclusive culture in which all 
employees can thrive. This is a key aspect of our talent strategy. Our approach is focused on promoting 
an agile culture, an increased sense of belonging, engaged work environments, and high-performing 
teams. 
 

6
PTC at-a-Glance
As of September 30, 2024, PTC had 7,501 full-time employees. Our employee population is 
geographically diverse and serves a geographically diverse customer and partner network. 
Worldwide Employee Representation
United States Employee Representation

7
Compensation and Benefits 
PTC provides a comprehensive and competitive compensation and benefits package designed to 
attract, retain, motivate, and engage talent around the world, including base salaries, and, for eligible 
roles, incentive and equity compensation. Employees also have the opportunity to purchase PTC stock at 
a discount through our Employee Stock Purchase Plan. 
Our benefit offerings are designed to meet the needs of our employees and their families around the 
world. Specific offerings differ country by country due to cultural norms, market dynamics, and legal 
requirements, but we provide a wide variety of core health and financial programs such as healthcare, 
life and disability insurance, employee assistance plans, retirement savings and pension benefit plans, 
and generous paid family leave and vacation time.
 Talent Development & Employee Engagement 
As we focus on enhancing the employee experience, we are increasing our efforts to invest in our 
people and create meaningful opportunities to learn, grow, develop, and advance their careers. We 
have specific development programs and coaching programs, as well as numerous other self-led 
learning paths. The variety of options means that employees have the ability to focus on the 
development path most meaningful to them. 
Diversity, Equity, and Inclusion (DEI) 
Commitment to our values and diversity in our workforce is supported by various ongoing efforts. We 
mitigate bias by coaching managers and leaders in fostering psychologically safe environments. We also 
review and revise our processes based on feedback and engagement scores from employee pulse 
surveys. We embed equitable practices into the planning and execution of how we attract, select, 
develop, and retain talent. Meanwhile, our DEI ambassadors are aligned with business functions to 
amplify and enhance our efforts in these areas. Finally, to cultivate a community of belonging, our 11 
Employee Resource Groups foster an inclusive culture and facilitate safe spaces for employees to 
navigate social issues and challenges. 
Additional Information About Our Employee Initiatives 
You can find more information about our employee initiatives in our 2024 Impact Report, which we 
expect to release in early 2025. 
Available Information
We make available free of charge on our website at www.ptc.com the following reports as soon as 
reasonably practicable after electronically filing them with, or furnishing them to, the SEC: our Annual 
Reports on Form 10-K; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; and 
amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Securities 
Exchange Act of 1934. Our Proxy Statements for our Annual Meetings and Section 16 trading reports on 
SEC Forms 3, 4 and 5 also are available on our website. 
Corporate Information
PTC was incorporated in Massachusetts in 1985 and is headquartered in Boston, Massachusetts.

8
ITEM 1A. Risk 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 large and well-established companies to 
emerging start-ups. Some of our competitors and potential competitors have greater name recognition in 
the markets we serve and greater financial, technical, sales and marketing, and other resources, which 
could limit our ability to gain customer recognition and confidence in our products and solutions and 
successfully sell our products and solutions, which could adversely affect our ability to grow our business.
A breach of security in our products or computer systems, or those of our third-party service providers, 
could compromise the integrity of our products, cause loss of data, harm our reputation, create additional 
liability and adversely affect our business, financial condition, operating results, and prospects.
We have implemented and continue to implement measures intended to maintain the security and 
integrity of our products, source code and IT systems. The potential for a security breach or system 
disruption has significantly increased over time as the scope, number, intensity and sophistication of 
attempted cyberattacks and cyber intrusions have increased – particularly cyberattacks and intrusions 
designed to access and exfiltrate information and to disrupt and lock up access to systems for the 
purpose of demanding a ransom payment. It is impossible for us to eliminate the risk of a successful 
cyberattack or intrusion, and, in fact, we regularly deal with security issues and have experienced security 
incidents from time to time. Accordingly, there is a risk that a cyberattack or intrusion will be successful 
and that such event will be material.
In addition, we offer cloud services to our customers and some of our products, including our SaaS 
products, are hosted by third-party service providers, which expose us to additional risks as those 
repositories of our customers’ proprietary data may be targeted and a cyberattack or intrusion may be 
successful and material. Interception of data transmission, misappropriation or modification of data, 
corruption of data and attacks against our service providers may adversely affect our products or 
product and service delivery. Malicious code, viruses or vulnerabilities that are undetected by us or our 
service providers may disrupt our business operations generally and may have a disproportionate effect 
on those of our products that are developed and delivered in the cloud environment.

9
While we devote resources to maintaining the security and integrity of our products and systems, as 
well as performing due diligence of our third-party service providers, security breaches that have not had 
a material effect on our business or that of our customers have occurred, and we will continue to face 
cybersecurity threats and exposure. A significant breach of the security and/or integrity of our products or 
systems, or those of our third-party service providers, whether intentional or by human error by our 
employees or others, could disrupt our business operations or those of our customers, could prevent our 
products from functioning properly, could enable access to sensitive, proprietary or confidential 
information of our customers, or could enable access to our sensitive, proprietary or confidential 
information. This could require us to incur significant costs of investigation, remediation and/or payment of 
a ransom; harm our reputation; cause customers to stop buying our products; and cause us to face 
lawsuits and potential liability, any of which could have a material adverse effect on our business, 
financial condition, operating results, and prospects.
We have a large ecosystem of strategic, technology, and software partners and system integrators that 
enable us to enhance our products and offerings, expand our market reach, and accelerate our 
customers’ digital transformation journeys. Failures by those partners or termination of those relationships 
could adversely affect our business, financial condition, operating results, and prospects.
We have many strategic, technology, and software partner and system integrator relationships with 
other companies that provide technologies and software that we embed in our solutions, that provide 
implementation services to our customers, that we work with to offer complementary solutions and 
services, and that market and sell our solutions. If these companies fail to perform as we expect, or if a 
company terminates or substantially alters the terms of the relationship, we could experience delays in 
product development, reduced or delayed sales, customer dissatisfaction, and additional expenses, and 
our business, financial condition, results of operations, and prospects could be materially adversely 
affected.
We increasingly rely on third-party providers of cloud infrastructure services to deliver our offerings to 
users on our platform, and any disruption of or interference with our use of these services could adversely 
affect our business, financial condition, operating results, and prospects.
Our continued growth depends in part on the ability of our existing and potential customers to use 
and access our cloud services or our website in order to download our software or encrypted access keys 
for our software within an acceptable amount of time. We use a number of third-party service providers 
that we do not control for key components of our infrastructure, particularly with respect to development 
and delivery of our cloud-based products. The use of these service providers gives us greater flexibility in 
efficiently delivering a more tailored, scalable customer experience, but also exposes us to additional risks 
and vulnerabilities. Third-party service providers operate their own platforms that we access, and we are, 
therefore, vulnerable to their service interruptions. We may experience interruptions, delays and outages 
in service and availability from time to time as a result of problems with our third-party service providers’ 
infrastructure. Lack of availability of this infrastructure could be due to a number of potential causes 
including technical failures, natural disasters, fraud or security attacks that we cannot predict or prevent. 
Such outages could adversely impact our business, financial condition, results of operations, and 
prospects.
If we are unable to renew our agreements with our cloud service providers on commercially 
reasonable terms, or any of our agreements are prematurely terminated, or we need to add new cloud 
services providers to increase capacity and uptime, we could experience interruptions, downtime, 
delays, and additional expenses related to transferring to and providing support for these new platforms. 
Any of the above circumstances or events may harm our reputation and brand, reduce the availability or 
usage of our platforms and impair our ability to attract new users, any of which could adversely affect our 
business, financial condition, results of operations, and prospects. 

10
We may be unable to hire or retain employees with the necessary skills to operate and grow our business, 
which could adversely affect our ability to compete and adversely affect our business, financial 
condition, results of operations, and prospects.
Our success depends upon our ability to attract and retain highly skilled employees to develop and 
sell our products and solutions and to operate and grow our business. Competition for such employees in 
our industry is intense worldwide.
If we are unable to attract and retain employees with the requisite skills to develop and sell our 
products and solutions, or to guide, operate and support our business, we may be unable to compete 
successfully, which would adversely affect our business, financial condition, results of operations, and 
prospects.
We depend on sales within the discrete manufacturing sector and our business could be adversely 
affected if manufacturing activity does not grow or if it contracts, or if manufacturers are adversely 
affected by other macroeconomic factors.
A large amount of our sales are to customers in the discrete manufacturing sector. Manufacturers 
worldwide continue to face uncertainty about the global macroeconomic environment due to, among 
other factors, the effects of earlier and ongoing supply chain disruptions, high interest rates and inflation, 
volatile foreign exchange rates and the current relative strength of the U.S. Dollar, and the U.S. 
government’s focus on technology transactions with non-U.S. entities. Customers may delay, reduce, or 
forego purchases of our solutions due to these challenges and concerns, which could adversely affect 
our business, financial condition, results of operations, and prospects. 
If we fail to successfully transform our operations to support the sale of SaaS solutions and to develop 
competitive SaaS solutions, our business and prospects could be adversely affected.
Transforming our business to offer and support SaaS solutions requires considerable additional 
investment in our organization. Whether we will be successful and will accomplish our business and 
financial objectives is subject to risks and uncertainties, including but not limited to: our ability to further 
develop and scale infrastructure, our ability to include functionality and usability in such offerings that 
address customer requirements, our ability and the ability of our partners to transition existing customer 
implementations to SaaS, customer demand, attach and renewal rates, channel adoption, and our costs. 
If we are unable to successfully establish these new offerings and navigate our business transition, our 
business, financial condition, results of operations, and prospects could be adversely affected.
Because our sales and operations are globally dispersed, we face additional compliance risks, and any 
compliance failure could adversely affect our business and prospects.
We sell and deliver software and services, and maintain support operations, in many countries whose 
laws and practices differ from one another and are subject to unexpected changes. Managing these 
geographically dispersed operations requires significant attention and resources to ensure compliance 
with laws of those countries and those of the U.S. governing our activities in non-U.S. countries.
Those laws include, but are not limited to, anti-corruption laws and regulations (including the U.S. 
Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act 2010), data privacy laws and regulations 
(including the European Union's General Data Privacy Regulation), and trade and economic sanctions 
laws and regulations (including laws administered by the U.S. Department of the Treasury’s Office of 
Foreign Assets Control, the U.S. State Department, the U.S. Department of Commerce, the United Nations 
Security Council and other sanctions authorities). Our compliance risks are heightened due to the go-to-
market approach for our business that relies heavily on a partner ecosystem, the fact that some of the 
countries we operate in have a higher incidence of corruption and fraudulent business practices, the fact 
that we sell to governments and state-owned business enterprises, and the fact that global enforcement 
of laws has significantly increased.

11
Accordingly, while we strive to maintain a comprehensive compliance program, an employee, 
agent or business partner may violate our policies or U.S. or other applicable laws, as has occurred in the 
past, or we may inadvertently violate such laws. Investigations of alleged violations of those laws can be 
expensive and disruptive. Violations of such laws can lead to civil and/or criminal prosecutions, substantial 
fines and other sanctions, including the revocation of our rights to continue certain operations, and also 
cause business loss and reputational harm, which could adversely affect our business, financial condition, 
results of operations, and prospects.
We and our customers are subject to an increasing number of laws and regulations related to 
sustainability matters, compliance with which could adversely affect our business, financial condition, 
results of operations, and prospects.
We are subject to an increasing number of laws and regulations promulgated by multiple countries 
and jurisdictions that require new and expansive disclosure on sustainability topics and, in some cases, 
remediation of adverse effects, that will increase our compliance costs and expose us to risks associated 
with regulatory compliance. 
These laws and regulations include those promulgated pursuant to the European Union’s Corporate 
Sustainability Reporting Directive (“CSRD”) and its Corporate Sustainability Due Diligence Directive 
(“CSDDD”). CSRD requires new and expansive disclosures related to sustainability risks and opportunities. 
CSDDD will require us to conduct due diligence to identify, prevent, mitigate, and account for actual and 
potential adverse impacts on human rights and the environment arising from our own operations and our 
value chains and to remediate any such adverse impacts. Compliance with these directives requires 
significant investment in resources, including the implementation of new reporting systems, data 
collection processes, and due diligence procedures. 
As many of our customers and potential customers, particularly those in Germany and elsewhere in 
the European Union, are also subject to such laws and directives, those companies will increasingly be 
required to assess our sustainability efforts and impacts; if we are unable to satisfactorily address their 
requests for information or other sustainability related requests, contracting periods with those companies 
may be extended or those companies may elect to use other suppliers or switch suppliers, which could 
adversely affect our business, financial condition, results of operations, and prospects.
The regulatory landscape for sustainability continues to evolve and expand and the introduction of 
additional laws or regulatory requirements may impose further compliance burdens and further increase 
our compliance costs. We are committed to meeting existing and future regulatory requirements; 
however, the financial and operational impact of current and future laws and regulations remains 
uncertain and could materially adversely affect our business, financial condition, results of operations and 
prospects.
Increased scrutiny and expectations around environmental, social, and governance (“ESG”) matters may 
require us to incur additional costs or otherwise adversely impact our reputation, business, and prospects.
Our stakeholders, including investors, customers, suppliers, and employees, are placing greater 
emphasis on our ESG performance and transparency. This increasing stakeholder attention to and 
expectations around ESG matters, particularly sustainability matters, and our response to the same, may 
result in higher costs (including higher costs related to compliance, stakeholder engagement, and 
contracting), adversely impact our reputation, or otherwise negatively affect our business performance 
and prospects. 
Our statements about our sustainability, environmental and human capital initiatives and goals, and 
progress against those goals, may be based on standards for measuring progress that are still developing, 
internal controls and processes that continue to evolve, and assumptions that are subject to change. If 
our related data, processing and reporting are incomplete or otherwise inaccurate, or if we fail to 
achieve progress on our stated targets or initiatives when or as expected, our business, financial 
condition, operating results, and prospects could be adversely affected.

12
II. Risks Related to Our Intellectual Property
We may be unable to adequately protect our proprietary rights, which could adversely affect our business 
and our prospects.
Our software products are proprietary. We protect our intellectual property rights in these items by 
relying on copyrights, trademarks, patents and common law safeguards, including trade secret 
protection, as well as restrictions on disclosures and transferability contained in our agreements with other 
parties. Despite these measures, the laws of all relevant jurisdictions may not afford adequate protection 
to our products and other intellectual property. In addition, we frequently encounter attempts by 
individuals and companies to pirate our software. If our measures to protect our intellectual property 
rights fail, others may be able to use those rights, which could reduce our competitiveness and adversely 
affect our business, financial condition, operating results, and prospects.
In addition, any legal action to protect our intellectual property rights that we may bring or be 
engaged in could be costly, may distract management from day-to-day operations and may lead to 
additional claims against us, and we may not succeed, all of which could adversely affect our business, 
financial condition, operating results, and prospects.
Intellectual property infringement claims could be asserted against us, which could be expensive to 
defend, could result in limitations on our use of the claimed intellectual property, and could adversely 
affect our business and prospects.
The software industry is characterized by frequent litigation regarding copyright, patent and other 
intellectual property rights. We have faced such lawsuits from time to time. Any such claim could result in 
significant expense to us and divert the efforts of our technical and management personnel. We cannot 
be sure that we would prevail against any such asserted claims. If we did not prevail, we could be 
prevented from using the claimed intellectual property or be required to enter into royalty or licensing 
agreements, which might not be available on terms acceptable to us. In addition to possible claims with 
respect to our proprietary products, some of our products contain technology developed by and 
licensed from third parties and we may likewise be susceptible to infringement claims with respect to 
these third-party technologies.

13
III. Risks Related to Acquisitions
Businesses we acquire may not generate the sales and earnings we anticipate and may otherwise 
adversely affect our business and prospects.
We have acquired, and intend to continue to acquire, new businesses and technologies. If we fail to 
successfully integrate and manage the businesses and technologies we acquire, if an acquisition does 
not further our business strategy or return a level of sales as we expect, or if a business we acquire has 
unexpected legal or financial liabilities, our business, financial condition, results of operations, and 
prospects could be adversely affected.
The types of issues that we may face in integrating and operating the acquired business include:
•
difficulties managing an acquired company’s technologies or lines of business or entering new 
markets where we have limited or no prior experience or where competitors may have stronger 
market positions;
•
unanticipated operating difficulties in connection with the acquired entities, including potential 
declines in sales of the acquired entity;
•
complications relating to the assumption of pre-existing contractual relationships of an acquired 
company that we would not have otherwise entered into, the termination or modification of 
which may be costly or disruptive to our business;
•
litigation arising from the transaction, including potential intellectual property claims or disputes 
following an acquisition;
•
diversion of management and employee attention;
•
challenges with implementing adequate and appropriate controls, procedures and policies in an 
acquired business;
•
potential loss of key personnel in connection with an acquisition; and
•
potential incompatibility of business cultures.
Further, if we do not achieve the expected return on our investments, it could impair the intangible 
assets and goodwill that we recorded as part of an acquisition, which could require us to record a 
reduction to the value of those assets.
We may incur significant debt or issue a material amount of debt or equity securities to finance an 
acquisition, which could adversely affect our operating flexibility, business and prospects. 
If we were to incur a significant amount of debt—whether by borrowing funds under our credit 
facility or otherwise or issuing new debt securities—to finance an acquisition, our interest expense, debt 
service requirements and leverage would increase significantly. The increases in these expenses and in 
our leverage could constrain our ability to operate as we might otherwise or to borrow additional 
amounts and could adversely affect our business, financial condition, results of operations, and prospects.
If we were to issue a significant amount of equity securities in connection with an acquisition, existing 
stockholders would be diluted and our stock price could decline.

14
IV. Risks Related to Our Indebtedness
Our substantial indebtedness could adversely affect our business, financial condition, results of 
operations, and prospects, as well as our ability to meet our payment obligations under our debt.
We have a substantial amount of indebtedness. As of November 14, 2024, our total debt outstanding 
was approximately $1,668 million, $1 billion of which was associated with the 3.625% Senior Notes and 
4.000% Senior Notes (together, “Senior Notes”) issued in February 2020, which mature in February 2025 and 
2028, respectively, and are unsecured; $177 million of which was borrowed under our credit facility 
revolving line, which matures in January 2028; and $491 million of which was borrowed under our credit 
facility term loan [which began amortizing in March 2024]. All amounts outstanding under the credit 
facility and the Senior Notes will be due and payable in full on their respective maturity dates. As of 
November 14, 2024, we had unused commitments under our credit facility of approximately $1,073 million. 
PTC Inc. and one of our foreign subsidiaries are eligible borrowers under the credit facility and certain 
other foreign subsidiaries may become borrowers under our credit facility in the future, subject to certain 
conditions.
Specifically, our level of debt could:
•
make it more difficult for us to satisfy our debt obligations and other ongoing business obligations, 
which may result in defaults;
•
result in an event of default if we fail to comply with the financial and other covenants contained 
in the agreements governing our debt instruments, which could result in all of our debt becoming 
immediately due and payable or require us to negotiate an amendment to financial or other 
covenants that could cause us to incur additional fees and expenses;
•
limit our ability to obtain additional financing to fund future working capital, capital expenditures, 
acquisitions or other general corporate requirements;
•
reduce the availability of our cash to fund working capital, capital expenditures, acquisitions and 
other general corporate purposes and limit our ability to obtain additional financing for these 
purposes;
•
increase our vulnerability to adverse economic and industry conditions;
•
amplify the risk of increased interest rates as certain of our borrowings, including borrowings 
under our credit facility, are at variable rates of interest;
•
limit our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our 
business, the industries in which we operate, and the overall economy; and
•
place us at a competitive disadvantage compared to other, less leveraged competitors.
Any of the above-listed factors could have an adverse effect on our business, financial condition, 
results of operations, and prospects, and our ability to meet our payment obligations under our debt 
agreements.
Despite our current level of indebtedness, we and our subsidiaries might incur substantially more debt and 
other obligations. This could further exacerbate the risks to our business, financial condition, and 
prospects described above.
We and our subsidiaries might incur significant additional indebtedness and other obligations in the 
future, including secured debt. Although the credit agreement governing our credit facility contains 
restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of 
qualifications and exceptions. The additional indebtedness incurred in compliance with these restrictions 
could be substantial. In addition, the credit agreement and the indenture governing our Senior Notes due 
2025 and 2028, will not prevent us from incurring obligations that do not constitute indebtedness. If new 

15
debt is added to our current debt levels, or we incur other obligations, the related risks that we now face 
could increase. 
We may not be able to generate enough cash to service all our indebtedness and may be forced to take 
other actions to satisfy our obligations under our indebtedness, which may not be successful, and could 
harm our business and prospects.
Our ability to make scheduled payments on or refinance our debt obligations depends on our 
financial condition and operating performance, which are subject to prevailing economic and 
competitive conditions and to certain financial, business, legislative, regulatory and other factors, some of 
which are beyond our control. We may be unable to maintain a level of cash flows from operating 
activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.
If our cash flows and capital resources are insufficient to fund our debt service obligations, we could 
face substantial liquidity problems and could be forced to reduce or delay investments and capital 
expenditures or to dispose of material assets or operations, seek additional debt or equity capital, or 
restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if 
necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions 
may not allow us to meet our scheduled debt service obligations. Our debt agreements restrict our ability 
to dispose of assets and use the proceeds from those dispositions and may also restrict our ability to raise 
debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be 
able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt 
service obligations then due.
Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our 
indebtedness on commercially reasonable terms or at all, would materially and adversely affect our 
ability to satisfy our debt obligations.
If we cannot make scheduled payments on our debt, we will be in default and the lenders under our 
credit facility could terminate their commitments to loan money, the lenders could foreclose against the 
assets securing their borrowings, the holders of our Senior Notes could declare all outstanding principal, 
premium, if any, and interest to be due and payable, and we could be forced into bankruptcy or 
liquidation. These events could result in a loss of your investment.
We are required to comply with certain financial and operating covenants under our debt agreements. 
Any failure to comply with those covenants could cause amounts borrowed to become immediately due 
and payable and/or prevent us from borrowing under the credit facility.
We are required to comply with specified financial and operating covenants under our debt 
agreements and to make payments under our debt, which limit our ability to operate our business as we 
otherwise might operate it. Our failure to comply with any of these covenants or to meet any debt 
payment obligations could result in an event of default which, if not cured or waived, would result in any 
amounts outstanding, including any accrued interest and/or unpaid fees, becoming immediately due 
and payable. We might not have enough working capital or liquidity to satisfy any repayment obligations 
if those obligations were accelerated. In addition, if we are not in compliance with the financial and 
operating covenants under the credit facility when we wish to borrow funds, we will be unable to borrow 
funds to pursue certain corporate initiatives, including strategic acquisitions, which could adversely affect 
our business and prospects.

16
V. Risks Related to Our Common Stock 
Our stock price has been volatile, which may make it harder to resell shares at a favorable time and 
price. 
Market prices for securities of software companies are generally volatile and are subject to significant 
fluctuations that may be unrelated or disproportionate to the operating performance of these 
companies. Accordingly, the trading prices and valuations of software companies’ stocks, and of ours, 
may not be predictable. Negative changes in the public’s perception of the prospects of software 
companies, or of PTC or the markets we serve, could depress our stock price regardless of our operating 
results. 
Also, a large percentage of our common stock is held by institutional investors. Purchases and sales 
of our common stock by these investors could have a significant impact on the market price of our stock. 
If our results of operations do not meet market or analysts’ expectations, our stock price could decline.
Our quarterly operating results fluctuate depending on many factors, including the effect of ASC 606 
on revenue recognition for the on-premises software subscriptions we offer, variability in the timing of start 
dates for our subscription offerings, length of contracts, and renewals, and significant unexpected 
expenses in a quarter. Accordingly, our quarterly results are difficult to predict and we may be unable to 
confirm or adjust expectations with respect to our operating results for a quarter until that quarter has 
closed. If our quarterly operating results do not meet market or analysts’ expectations, our stock price 
could decline.
VI. General Risk Factors
Our international businesses present economic and operating risks, which could adversely affect our 
business and prospects.
We expect that our international operations will continue to expand and to account for a significant 
portion of our total revenue. Because we transact business in various foreign currencies, the volatility of 
foreign exchange rates has had and may in the future have a material adverse effect on our revenue, 
expenses, cash flows and operating results.
Other risks inherent in our international operations include, but are not limited to, the following:
•
difficulties in staffing and managing foreign sales and development operations;
•
exposure of our operations and employees to political instability and armed conflict in the 
countries and regions in which we operate, including Israel;
•
increased financial accounting and reporting burdens and complexities;
•
increased regulatory and compliance risks;
•
inadequate local infrastructure; and
•
greater difficulty in protecting our intellectual property.

17
We may have exposure to additional tax liabilities and our effective tax rate may increase or fluctuate, 
which could increase our income tax expense, reduce our net income, and increase our tax payment 
obligations.
As a multinational organization, we are subject to income taxes as well as non-income based taxes 
in the U.S. and in various foreign jurisdictions. Significant judgment is required in determining our worldwide 
income tax provision and other tax liabilities. In the ordinary course of a global business, there are many 
intercompany transactions and calculations where the ultimate tax determination is uncertain. Our tax 
returns are subject to review by various taxing authorities. Although we believe that our tax estimates are 
reasonable, the final determination of tax audits or tax disputes could be different from what is reflected 
in our reported income tax provisions and accruals. 
Our effective tax rate and tax payment obligations can be adversely affected by several factors, 
many of which are outside of our control, including:
•
changes in tax laws (for example, the introduction of an amendment to Section 174 of the U.S. 
tax legislation), regulations, and interpretations in multiple jurisdictions in which we operate;
•
assessments, and any related tax interest or penalties, by taxing authorities;
•
changes in the relative proportions of revenues and income before taxes in the various 
jurisdictions in which we operate that have differing statutory tax rates;
•
changes to the financial accounting rules for income taxes;
•
unanticipated changes in tax rates; and
•
changes to a valuation allowance on net deferred tax assets, if any.

18
ITEM 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity 
We are subject to various cybersecurity risks in connection with our business. For more information on 
our cybersecurity related risks, see the section entitled “Risks Related to Our Business Operations and 
Industry” in Item 1A of this Annual Report.
Our Approach
PTC takes a holistic, multi-layered approach to cybersecurity and privacy that combines traditional 
Defense-in-Depth methods with next-generation Zero Trust principles. In today’s globally interconnected 
world, we consider every entry point on the attack surface critical, and we aim to secure the points under 
our control. In developing our cybersecurity risk management program, we are informed by industry 
benchmarks and standards, including the cybersecurity framework created by the National Institute of 
Standards and Technology (“NIST”). We also have various security-related certifications and 
authorizations, including ISO 27001, SOC 2 Type II and FedRAMP, for certain of our products and services.
People. PTC recognizes that technology alone cannot mitigate all security threats, so we focus on 
developing our most critical resource: our people. Security is the responsibility of everyone employed by 
PTC and is independent of departmental affiliation. PTC’s corporate cybersecurity awareness activities 
are combined with enterprise-wide and department-specific tools and mandatory employee training, 
providing everyone employed by PTC with the knowledge and resources to support our efforts to mitigate 
security threats. 
Process. An educated workforce needs a governance framework to guide and monitor its activities. 
PTC has processes and policies in place to try to anticipate security risks and facilitate compliance with 
applicable contractual obligations, regulations and standards, as well as address any incidents or 
violations. PTC focuses on continuous improvement and is constantly maturing its processes to keep pace 
with the rapidly evolving cybersecurity threat landscape. 
Technology. PTC seeks to automate these processes and remove the potential for human error to the 
extent feasible by implementing technology solutions. From fundamental IT security to development of 
our software products and keeping our customers’ data safe in the cloud, PTC aims to maintain a secure 
infrastructure that is continuously monitored for possible threats. 
These three key elements of people, process, and technology are tightly interwoven to support our 
aim to secure our environments and data.
Governance 
Cybersecurity is a risk area with oversight at the highest levels of the organization, including the 
Executive and Board Level. The overall operational program is led by the Cybersecurity Strategy Council, 
a cross-functional team of executives and subject matter experts, including our Chief Product Security 
Officer, Chief Information Security Officer and Chief Compliance Officer. The Cybersecurity Strategy 
Council oversees a “Three Lines Model” of Operations, Risk Monitoring and Oversight, and Audit, to 
effectively address cybersecurity, risk management and control.  All Cybersecurity, Risk and Internal Audit 
functions report to the PTC Executive Leadership Team.

19
PTC’s Cybersecurity Program is supported by robust processes and procedures at all levels. Our 
matrixed cybersecurity organization is governed by industry-standard frameworks, and to ensure that they 
are executed, we involve the Executive Leadership Team, the Cybersecurity Strategy Council, 
and business unit security leads and cybersecurity analysts across the enterprise. We provide regular 
updates on our cybersecurity strategic plans, programs, and initiatives, and vulnerabilities and any 
applicable remediation efforts to the Cybersecurity Committee of the Board of Directors at its four 
regularly scheduled meetings per year. Our Incident Response Plans provide for notice, and continued 
updates, to the Cybersecurity Committee of applicable incidents on a timely basis. Ongoing program 
assessments are performed to monitor progress and identify opportunities for growth.
Risk Assessment
PTC conducts an annual cybersecurity maturity assessment. Periodically, we engage a third-party 
security consulting firm to conduct an Enterprise Security Maturity Assessment. This independent 
assessment provides a mechanism to benchmark our current risk profile and enables us to measure 
progress as we make program improvements. Identified cybersecurity risks are reviewed by the 
Cybersecurity Strategy Council, which ensures that risk tolerances are established and used to 
appropriately manage risks.
Third-Party Vendor Risk Management
Our Vendor Risk Management (VRM) program supports PTC in meeting its cybersecurity, privacy, 
regulatory and compliance obligations and managing risk associated with third-party vendors who have 
access to PTC IT systems and data. Prior to outsourcing or allowing third-party access to PTC or customer 
systems, IP, or data; risks associated with such activity are clearly identified and documented. The process 
of selecting a third-party vendor includes due diligence of the vendor service or product in question. 
Third-party companies using PTC facilities or accessing PTC’s IT Systems are subject to PTC’s VRM review 
and are required to demonstrate that proper security measures are in place before they have access to 
any PTC IT systems or data. All such vendors are to be approved by PTC’s VRM process and contractually 
bound to maintain appropriate cybersecurity technical and organization measures and to protect PTC’s 
data to which they may have access.
Incident Response
PTC maintains a formal Cybersecurity Incident Response Policy to address cybersecurity incidents. 
The Policy is tested on a regular basis, including a continuous improvement program involving periodic 
tabletop exercises. Cybersecurity incident handling is managed by individual organizations with 
cybersecurity responsibility and monitored/guided by applicable corporate functions. All Cybersecurity 
Incident Response Plans under the Policy are based on industry standards, such as the NIST Computer 
Security Incident Handling Guide – Special Publication 800-61.
Management’s Role in Assessing and Managing Our Risks from Cybersecurity Threats
Our Cybersecurity Program is overseen by executives on our Executive Leadership Team and 
managed by our Cybersecurity Strategy Council, including our Senior Vice President, Chief Information 
Security Officer (CISO), who reports to our Executive Vice President, Chief Digital Officer (CDO). Our CISO 
is responsible for day-to-day risk management activities, including staying informed about and monitoring 
prevention, detection, mitigation, and remediation efforts through regular communication and reporting 
from professionals in the information security team, and the use of technological tools and software. Our 
CDO is responsible for our broader IT program, which includes PTC’s ability to remediate and recover from 
a cybersecurity incident while reducing impacts to the business and operations. Our CDO and CISO 
regularly report directly to the Cybersecurity Committee of the Board of Directors on our Cybersecurity 
Program and efforts to prevent, detect, mitigate, and remediate issues. In addition, we have an 
escalation process in place to inform senior management and the Cybersecurity Committee and the 
Board of Directors of material issues.

20
Management Experience
Our CDO and CISO have extensive experience assessing and managing cybersecurity programs and 
cybersecurity risk. Our CDO joined PTC as Chief Digital Officer in January 2022 and is responsible for PTC’s 
global information technology (IT) team, overseeing PTC’s digital infrastructure and working with business 
leaders to guide PTC’s digital process optimization strategy. He has more than two decades of IT and 
operations leadership. Before joining PTC, he served as Global Vice President and Chief Information 
Officer for Avaya, where he led a globally-dispersed team of 1,200 IT professionals to support the entire 
global Avaya enterprise. Prior to Avaya, he held technology leadership roles at Arise Virtual Solutions Inc., 
Oracle, and Colorado College.
Our CISO joined PTC as Cyber Information Security Officer in April 2022 and, before joining PTC, was 
the Vice President, Information Technology, North America and Europe for Alorica, where he led Alorica’s 
transformation to a secure endpoint architecture for 90,000 global remote and hybrid employees.
ITEM 2. Properties
We currently have 75 office locations used in operations in the United States and internationally, 
predominately as sales and/or support offices and for research and development work. Of our total of 
approximately 1,060,000 square feet of leased facilities used in operations, approximately 401,000 square 
feet are located in the U.S., including approximately 250,000 square feet at our headquarters facility 
located in Boston, Massachusetts, and approximately 268,000 square feet are located in India, where a 
significant amount of our research and development is conducted.
ITEM 3. Legal Proceedings
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
PART II
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
Our common stock is traded on the Nasdaq Global Select Market under the symbol "PTC."
On September 30, 2024, the close of our fiscal year, and on November 12, 2024, our common stock 
was held by 884 and 877 shareholders of record, respectively.
ITEM 6. [Reserved]

21
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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, including the reasons we use those measures, are described below in Results of 
Operations - Operating Measure and Results of Operations - Non-GAAP Financial Measures, respectively. 
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 demand environment, which has been challenging for many quarters now, ARR 
grew 14% (12% constant currency) to $2.25 billion as of the end of FY'24 compared to FY’23. 
Cash provided by operating activities grew 23% to $750 million in FY'24 compared to FY'23. Free cash 
flow grew 25% to $736 million in FY'24 compared to FY'23. Our cash flow growth is attributable to solid top-
line growth due to our subscription business model and operational discipline. Interest payments were $47 
million higher in FY'24 compared to FY'23, mainly due to the payment of $30 million of imputed interest on 
a deferred acquisition payment associated with our 2023 acquisition of ServiceMax and incremental 
interest expense associated with borrowings in FY'23 and FY'24. We ended FY’24 with cash and cash 
equivalents of $266 million and gross debt of $1.75 billion, which debt carried an aggregate weighted 
average interest rate of 5.1%.
Revenue grew 10% (9% constant currency) in FY'24 compared to FY'23. Our acquisition of ServiceMax 
in early Q2'23 contributed to FY'24 revenue growth. Under ASC 606, the timing of revenue recognition for 
on-premises subscription revenue can vary significantly, impacting reported revenue and growth rates. 
Results of Operations
The following table shows the measures that we consider the most significant indicators of our 
business performance. In addition to providing operating income, operating margin, diluted earnings per 
share and cash from operations as calculated under GAAP, we provide our ARR operating measure and 
non-GAAP operating income, non-GAAP operating margin, non-GAAP diluted earnings per share, and 
free cash flow for the reported periods. We also provide a view of our actual results on a constant 
currency basis. Our non-GAAP financial measures exclude the items described in Non-GAAP Financial 
Measures below. Investors should use our non-GAAP financial measures only in conjunction with our GAAP 
results.

22
For discussion of our FY'23 results and comparison to our FY'22 results, refer to Management's 
Discussion and Analysis of Financial Conditions and Results of Operations in our Annual Report on Form 10-
K for the year ended September 30, 2023.
(Dollar amounts in millions, except per share data)
Year ended September 30,
Percent Change
2024
2023
Actual
Constant 
Currency(1)
ARR
$
2,254.7
$
1,978.6
14%
12%
Total recurring revenue(2)
$
2,134.0
$
1,907.9
12%
12%
Perpetual license
32.2
38.6
(17)%
(16)%
Professional services
132.2
150.5
(12)%
(12)%
Total revenue
2,298.5
2,097.1
10%
9%
Total cost of revenue
444.8
441.0
1%
1%
Gross margin
1,853.7
1,656.0
12%
12%
Operating expenses
1,265.6
1,197.6
6%
6%
Operating income
$
588.1
$
458.5
28%
27%
Non-GAAP operating income(1)
$
894.3
$
758.9
18%
17%
Operating margin
25.6%
21.9%
Non-GAAP operating margin(1)
38.9%
36.2%
Diluted earnings per share
$
3.12
$
2.06
Non-GAAP diluted earnings per share(1)
$
5.08
$
4.34
Cash provided by operating activities
$
750.0
$
610.9
Capital expenditures
(14.4)
(23.8)
Free cash flow
$
735.6
$
587.0
(1)
See Non-GAAP Financial Measures below for a reconciliation of our GAAP results to our non-GAAP financial measures and 
Impact of Foreign Currency Exchange on Results of Operations below for a description of how we calculate our results on a 
constant currency basis. 
(2)
Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.
Impact of Foreign Currency Exchange on Results of Operations 
Approximately 50% 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. 
Changes in foreign currency exchange rates were a slight tailwind to reported income statement results 
in FY’24. ARR was positively impacted by improvements in currency exchange rates, particularly the Euro 
to U.S. Dollar exchange rate, as of September 30, 2024 compared to September 30, 2023.
 The results of operations in the table above, and the tables and discussions below about revenue by 
line of business and product group present both actual percentage changes year over year and 
percentage changes on a constant currency basis. Our constant currency disclosures are calculated by 
multiplying the results in local currency for FY'24 and FY'23 by the exchange rates in effect on September 
30, 2023. If FY'24 reported results were converted into U.S. Dollars using the rates in effect as of September 
30, 2023, ARR would have been lower by $47 million, revenue would have been lower by $22 million, and 
expenses would have been lower by $10 million. If FY'23 reported results were converted into U.S. Dollars 
using the rates in effect as of September 30, 2023, ARR would have been the same, revenue would have 
been lower by $17 million, and expenses would have been lower by $12 million.

23
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 up front 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)
Year ended September 30,
Percent Change
2024
2023
Actual
Constant
Currency
License(1)
$
806.9
$
747.0
8%
8%
Support and cloud services(2)
1,359.4
1,199.5
13%
13%
Software revenue
2,166.2
1,946.6
11%
11%
Professional services
132.2
150.5
(12)%
(12)%
Total revenue
$
2,298.5
$
2,097.1
10%
9%
(1)
Includes perpetual licenses and the license portion of on-premises subscription sales.
(2)
Includes support on perpetual licenses, the support portion of on-premises subscription sales, SaaS, and hosting services.
Software revenue growth in FY'24 was driven by PLM, which included the contribution from 
ServiceMax (acquired in early Q2'23), and CAD.
License revenue growth in FY'24 was mainly driven by CAD and PLM growth in Europe and Asia 
Pacific, offset by lower license revenue in the Americas, particularly in PLM. A higher proportion of sales in 
FY'24 were SaaS, which adversely affected license revenue growth in the Americas and Europe.
Support and cloud services revenue growth in FY'24 was mainly driven by PLM (which included 
contribution from ServiceMax) in the Americas and Europe.
Professional services revenue decreased in FY'24 as we continue to execute on our strategy of 
leveraging partners to deliver services rather than contracting to deliver services ourselves.

24
Software Revenue by Product Group
(Dollar amounts in millions)
Year ended September 30,
Percent Change
2024
2023
Actual
Constant
Currency
PLM
$
1,333.4
$
1,186.0
12%
12%
CAD
832.8
760.6
9%
10%
Software revenue
$
2,166.2
$
1,946.6
11%
11%
PLM software revenue growth in FY'24 was driven by growth in Europe and the contribution from 
ServiceMax (acquired in early Q2'23). Year-over-year PLM software revenue growth for FY'24 excluding 
Q1'24 ServiceMax revenue would have been 9% (9% constant currency).
PLM ARR grew 15% (13% constant currency) from September 30, 2023 to September 30, 2024.
CAD software revenue growth in FY'24 was primarily driven by revenue growth in Europe and Asia 
Pacific.
CAD ARR grew 13% (10% constant currency) from September 30, 2023 to September 30, 2024. 
Gross Margin
(Dollar amounts in millions)
Year ended September 30,
2024
2023
Percent 
Change
License gross margin
$
760.0
$
693.8
10%
License gross margin percentage
94%
93%
Support and cloud services gross margin
$
1,084.8
$
954.5
14%
Support and cloud services gross margin percentage
80%
80%
Professional services gross margin
$
8.9
$
7.7
15%
Professional services gross margin percentage
7%
5%
Total gross margin
$
1,853.7
$
1,656.0
12%
Total gross margin percentage
81%
79%
Non-GAAP gross margin(1)
$
1,913.6
$
1,712.6
12%
Non-GAAP gross margin percentage(1)
83%
82%
(1)
Non-GAAP financial measures are reconciled to GAAP results under Non-GAAP Financial Measures below.
License gross margin grew at a higher rate than license revenue in FY'24 due mainly to lower 
intangible amortization expense. Excluding intangible amortization expense, license gross margin 
percentage was consistent year over year.
Support and cloud services gross margin growth in FY'24 was in line with support and cloud services 
revenue growth. Cost of support and cloud services in FY'24 grew at a similar rate to revenue, driven by 
higher intangible amortization expense, compensation expense, and royalty expense.
Professional services gross margin increased in FY’24 compared to FY’23, primarily due to lower 
outside service costs, partially offset by decreases in 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.

25
Operating Expenses
(Dollar amounts in millions)
Year ended September 30,
2024
2023
Percent 
Change
Sales and marketing
$
559.0
$
530.1
5%
% of total revenue
24%
25%
Research and development
433.0
394.4
10%
% of total revenue
19%
19%
General and administrative
232.4
233.5
(0)%
% of total revenue
10%
11%
Amortization of acquired intangible assets
42.0
40.0
5%
% of total revenue
2%
2%
Restructuring and other credits, net
(0.8)
(0.5)
74%
% of total revenue
0%
0%
Total operating expenses
$
1,265.6
$
1,197.6
6%
Total headcount increased by 4% between September 30, 2023 and September 30, 2024.
Operating expenses in FY'24 compared to FY'23 increased primarily due to the following:
•
a $47 million increase in compensation and benefits expense (excluding stock-based 
compensation), driven by higher headcount and our Q2'23 acquisition of ServiceMax, as well as 
higher health insurance costs in the U.S.;
•
a $16 million increase in stock-based compensation expense, driven in part by acceleration of 
expense on equity grants held by our former chief executive and chief operating officers (which 
expense is included in General and administrative and Sales and marketing), as well as the 
impact of an FY'24 change in eligibility for continued vesting upon retirement for a subset of 
prospective equity grants;
•
a $14 million increase in outside services, driven by consulting services related to corporate 
initiatives; and
•
a $10 million increase in software subscription related costs;
partially offset by:
•
a $16 million decrease in acquisition and transaction-related costs, largely driven by costs 
associated with our Q2'23 acquisition of ServiceMax; and
•
a $12 million decrease in marketing expense, primarily due to not holding our LiveWorx event in 
FY'24.

26
Interest Expense
(Dollar amounts in millions)
Year ended September 30,
2024
2023
Percent 
Change
Interest expense
$
(119.7)
$
(129.4)
(8)%
Interest expense includes interest on our credit facility loans and our Senior Notes due 2025 and 2028. 
Interest expense in FY'23 also included $30 million of interest on a deferred acquisition payment 
associated with the ServiceMax acquisition. The decrease in interest expense was driven by the lower 
aggregate average of debt and deferred acquisition payment liability balances outstanding in FY'24 
compared to FY'23.
Other Income
(Dollar amounts in millions)
Year ended September 30,
2024
2023
Percent 
Change
Interest income
$
4.4
$
5.4
(19)%
Other expense, net
(3.8)
(1.9)
(103)%
Other income, net
$
0.6
$
3.5
(84)%
Other income, net was lower in FY'24 compared to FY'23 due to a $2.0 million impairment loss related 
to an available-for-sale debt security.
Income Taxes
(Dollar amounts in millions)
Year ended September 30,
2024
2023
Percent 
Change
Income before income taxes
$
469.0
$
332.6
41%
Provision for income taxes
92.6
87.0
6%
Effective income tax rate
20%
26%
The effective tax rate for FY’24 was lower than the effective rate for FY’23. In FY'24, the rate was 
impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. Commissioner, issued on August 26, 
2024. The ruling related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax 
Act (our fiscal 2018). As a result, we recorded a $14.4 million benefit for additional foreign tax credits that 
have become available to us. Additionally, our rate included a net benefit of $4.4 million for the effects of 
Internal Revenue Service (IRS) procedural guidance requiring consent for previously automatic changes 
of accounting method. The IRS procedural guidance change significantly increased our estimated 
taxable income in the year ended September 30, 2024, resulting in an increase to the estimated tax 
benefit for the deductions associated with Global Intangible Low-Taxed Income and Foreign-Derived 
Intangible Income. The benefit from this IRS procedural guidance change will reverse in a future fiscal 
period if we receive IRS consent for a change in the treatment of these deductions. These benefits were 
offset by a tax expense of $4.6 million related to a tax reserve in a foreign jurisdiction. FY'23 included tax 
expense of $21.8 million related to an uncertain tax position regarding transfer pricing in a foreign 
jurisdiction where we are currently under audit. Our FY'23 rate was also impacted by tax expense of $6.3 
million related to non-deductible imputed interest related to the deferred payment on the acquisition of 
ServiceMax. 
In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, 
including the IRS in the United States. 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 including Germany, Ireland, and Italy. Audits by tax authorities typically involve 
examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating 
losses, and tax credits. 

27
Liquidity and Capital Resources
(in millions)
September 30,
2024
2023
Cash and cash equivalents
$
265.8
$
288.1
Restricted cash
0.7
0.7
Total
$
266.5
$
288.8
(in millions)
Year ended September 30,
2024
2023
Net cash provided by operating activities
$
750.0
$
610.9
Net cash used in investing activities
$
(124.8)
$
(866.1)
Net cash provided by (used in) financing activities
$
(650.7)
$
268.3
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 September 30, 2024, we had cash and cash equivalents of $36 million in the U.S., $127 million in Europe, 
$86 million in Asia Pacific (including India), and $17 million in other non-U.S. 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 by $139.1 million in FY'24 compared to FY'23. This 
increase was driven by higher collections (including contribution from ServiceMax), which were partially 
offset by higher salary-related and interest payments. Interest payments in FY'24 were approximately $47.2 
million higher than in FY'23 and include the payment of $30.0 million of imputed interest on the 
ServiceMax deferred acquisition payment.
Cash Used in Investing Activities
Cash used in investing activities in FY'24 was driven by the acquisition of pure-systems for $93.5 million 
in Q1'24. Cash used in investing activities in FY'23 was driven by a payment of $828.2 million in Q2'23 
related to the acquisition of ServiceMax. Capital expenditures in FY'24 were lower than in FY'23 as we 
invest more in cloud-based rather than on-premises software.
Cash Provided by (Used in) Financing Activities
Cash used in financing activities in FY'24 included $620.0 million paid to settle a deferred acquisition 
payment associated with our acquisition of ServiceMax, Q1'24 borrowings of $739.8 million to fund that 
payment and the pure-systems acquisition, and subsequent net payments on debt of $693.9 million.
Cash provided by financing activities in FY’23 was primarily related to net new borrowings of $771.0 
million (a $500.0 million term loan and a $271.0 million incremental revolving line) to fund the ServiceMax 
acquisition and net repayments of $428.0 million on the new revolving facility.

28
Outstanding Debt
(in millions)
September 30,
2024
2023
4.000% Senior Notes due 2028
$
500.0
$
500.0
3.625% Senior Notes due 2025
500.0
500.0
Credit facility revolver line
262.0
202.0
Credit facility term loan
490.6
500.0
Total debt
1,752.6
1,702.0
Unamortized debt issuance costs for the Senior Notes
(4.1)
(6.2)
Total debt, net of issuance costs
$
1,748.6
$
1,695.8
Undrawn under credit facility revolver
$
988.0
$
1,048.0
Undrawn under credit facility revolver available to borrow
$
972.1
$
384.6
As of September 30, 2024, we were in compliance with all financial and operating covenants of the 
credit facility and the Senior Note indentures. As of September 30, 2024, the annual rates for borrowings 
outstanding under the credit facility revolver line and term loan were 7.0% and 6.9%, respectively.
In addition to the debt shown in the above table, as of September 30, 2023, we had a $620 million 
deferred acquisition payment liability related to the fair value of the $650 million installment paid in 
October 2023 for the ServiceMax acquisition. Of the $650 million paid, $620 million was recorded as a 
financing outflow and the $30 million of imputed interest was recorded as an operating cash outflow.
Our credit facility and our Senior Notes, including the financial and operating covenants and 
limitations on the payment of dividends, are described in Note 9. Debt of Notes to the Consolidated 
Financial Statements in this Annual Report.
Share Repurchase Authorization
Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our 
Board of Directors has authorized us to repurchase up to $2 billion of our common stock in the period 
October 1, 2024 through September 30, 2027. We may use cash from operations and borrowings under 
our credit facility to make any such repurchases. All shares of our common stock repurchased are 
automatically restored to the status of authorized and unissued.
Our long-term goal is to return approximately 50% of our free cash flow to shareholders via share 
repurchases, while also taking into consideration the interest rate environment and strategic initiatives 
and acquisitions, which could cause us to reduce, suspend, or cease repurchases. We currently intend to 
repurchase approximately $300 million of our common stock in FY'25.
Expectations for 2025
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, including redemption of the 3.625% 
Senior Notes in February 2025, and to meet our known long-term capital requirements.
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.

29
Contractual Obligations
At September 30, 2024, our future contractual obligations were related to debt, leases, pension 
liabilities, unrecognized tax benefits, and purchase obligations. See Note 9. Debt, Note 17. Leases, Note 
14. Pension Plans, and Note 8. Income Taxes of Notes to Consolidated Financial Statements in this Annual 
Report for information about those obligations, which Notes are incorporated by reference into this 
section. Our purchase obligations were approximately $163.2 million, with $88.2 million expected to be 
paid in FY'25 and $75.0 million thereafter. Purchase obligations represent minimum commitments due to 
third parties, including royalty contracts, research and development contracts, telecommunication 
contracts, information technology maintenance contracts in support of internal-use software and 
hardware, financing leases, operating leases with original terms of less than 12 months, and other 
marketing and consulting contracts. Contracts for which our commitment is variable or based on volumes 
with no fixed minimum quantities and contracts that can be canceled without payment penalties are not 
included in the purchase obligation amounts above. The purchase obligations included above are in 
addition to amounts included in Current liabilities and Prepaid expenses recorded on our September 30, 
2024 Consolidated Balance Sheet.
As of September 30, 2024, we had letters of credit and bank guarantees outstanding of 
approximately $15.6 million (of which $0.6 million was collateralized).

30
Operating Measure
ARR
ARR (Annual Run Rate) represents the annualized value of our portfolio of active subscription 
software, SaaS, hosting, and support contracts as of the end of the reporting period. We calculate ARR as 
follows:
•
We consider a contract to be active when the product or service contractual term commences 
(the “start date”) until the right to use the product or service ends (the “expiration date”). Even if 
the contract with the customer is executed before the start date, the contract will not count 
toward ARR until the customer right to receive the benefit of the products or services has 
commenced.
•
For contracts that include annual values that increase over time, which we refer to as ramp 
contracts, we include in ARR only the annualized value of components of the contract that are 
considered active as of the date of the ARR calculation. We do not include any future 
committed increases in the contract value as of the date of the ARR calculation.
•
As ARR includes only contracts that are active at the end of the reporting period, ARR does not 
reflect assumptions or estimates regarding future customer renewals or non-renewals.
•
Active contracts are annualized by dividing the total active contract value by the contract 
duration in days (expiration date minus start date), then multiplying that by 365 days (or 366 days 
for leap years).
We believe ARR is a valuable operating measure to assess the health of a subscription business 
because it is aligned with the amount that we invoice the customer on an annual basis. We 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.
Non-GAAP Financial Measures
The non-GAAP financial measures presented in the discussion of our results of operations and the 
respective most directly comparable GAAP measures are:
•
free cash flow—cash flow from operations
•
non-GAAP gross margin—GAAP gross margin
•
non-GAAP operating income—GAAP operating income
•
non-GAAP operating margin—GAAP operating margin

31
•
non-GAAP net income—GAAP net income
•
non-GAAP diluted earnings per share—GAAP diluted earnings per share
Free cash flow is cash flow from operations net of capital expenditures, which are expenditures for 
property and equipment and consist primarily of facility improvements, office equipment, computer 
equipment, and software. We believe that free cash flow, in conjunction with cash from operations, is a 
useful measure of liquidity since capital expenditures are a necessary component of ongoing operations. 
Free cash flow is not a measure of cash available for discretionary expenditures.
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; Restructuring and other charges (credits), net; 
non-operating charges (credits), net; and income tax adjustments.
Stock-based compensation is a non-cash expense relating to stock-based awards issued to 
executive officers, employees and outside directors, consisting of restricted stock units. We exclude this 
expense as it is a non-cash expense and we assess our internal operations excluding this expense and 
believe it facilitates comparisons to the performance of other companies in our industry.
Amortization of acquired intangible assets is a non-cash expense that is impacted by the timing and 
magnitude of our acquisitions. We believe the assessment of our operations excluding these costs is 
relevant to our assessment of internal operations and comparisons to the performance of other 
companies in our industry.
Acquisition and transaction-related charges included in General and administrative expenses are 
direct costs of potential and completed acquisitions and expenses related to acquisition integration 
activities, including transaction fees, due diligence costs, severance and professional fees. Subsequent 
adjustments to our initial estimated amount of contingent consideration associated with specific 
acquisitions are also included within acquisition and transaction-related charges. Other transactional 
charges include third-party costs related to structuring merger and acquisition transactions outside of 
ordinary business operations. We do not include these costs when reviewing our operating results 
internally. The occurrence and amount of these costs varies depending on the timing and size of 
acquisitions and transactions. 
Restructuring and other charges (credits), net includes excess facility restructuring charges (credits); 
impairment and accretion expense charges related to the lease assets of exited facilities; sublease 
income from previously impaired facilities; severance charges resulting from substantial employee 
reduction actions; and third-party professional consulting fees related to modifications of our business 
strategy. These costs may vary in size based on our restructuring plan. 
Non-operating charges (credits), net are gains or losses associated with sales or changes in value of 
assets or liabilities that are generally investing or financing in nature and are not indicative of our ongoing 
ordinary operating activities. In FY'24, we recognized an impairment charge related to an available-for-
sale debt security. In FY'23, we recognized a financing charge for a debt commitment agreement 
associated with our acquisition of ServiceMax.
Income tax adjustments include the tax impact of the items above. Additionally, we exclude other 
material tax items that we do not include when reviewing our operating results internally. For example, in 
FY'24, adjustments include a charge related to a tax reserve related to prior years in a foreign jurisdiction. 
Adjustments in FY’23 include a charge related to an uncertain tax position in a foreign jurisdiction.
We use these non-GAAP financial measures, and we believe that they assist our investors, to make 
period-to-period comparisons of our operational performance because they provide a view of our 
operating results without items that are not, in our view, indicative of our core operating results. We 
believe that these non-GAAP financial measures help illustrate underlying trends in our business, and we 
use the measures to establish budgets and operational goals (communicated internally and externally) 

32
for managing our business and evaluating our performance. We believe that providing non-GAAP 
financial measures also affords investors a view of our operating results that may be more easily 
compared to the results of other companies in our industry that use similar financial measures to 
supplement their GAAP results.
The items excluded from the non-GAAP financial measures often have a material impact on our 
financial results, certain of those items are recurring, and other such items often recur. Accordingly, the 
non-GAAP financial measures included in this Annual Report 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.
(in millions, except per share amounts)
Year ended September 30,
2024
2023
GAAP gross margin
$
1,853.7
$
1,656.0
Stock-based compensation
21.4
20.9
Amortization of acquired intangible assets included in cost of revenue
38.5
35.7
Non-GAAP gross margin
$
1,913.6
$
1,712.6
GAAP operating income
$
588.1
$
458.5
Stock-based compensation
223.5
206.5
Amortization of acquired intangible assets
80.5
75.7
Acquisition and transaction-related charges
3.1
18.7
Restructuring and other credits, net
(0.8)
(0.5)
Non-GAAP operating income
$
894.3
$
758.9
GAAP net income
$
376.3
$
245.5
Stock-based compensation
223.5
206.5
Amortization of acquired intangible assets
80.5
75.7
Acquisition and transaction-related charges
3.1
18.7
Restructuring and other credits, net
(0.8)
(0.5)
Non-operating charges, net(1)
2.0
5.1
Income tax adjustments(2)
(71.2)
(33.5)
Non-GAAP net income
$
613.4
$
517.6
GAAP diluted earnings per share
$
3.12
$
2.06
Stock-based compensation
1.85
1.73
Amortization of acquired intangible assets
0.67
0.63
Acquisition and transaction-related charges
0.03
0.16
Restructuring and other credits, net
(0.01)
—
Non-operating charges, net(1)
0.02
0.04
Income tax adjustments(2)
(0.59)
(0.28)
Non-GAAP diluted earnings per share
$
5.08
$
4.34
Cash provided by operating activities
$
750.0
$
610.9
Capital expenditures
(14.4)
(23.8)
Free cash flow
$
735.6
$
587.0
(1)
In FY'24, we recognized an impairment loss of $2.0 million on an available-for-sale debt security. In FY'23, we recognized $4.2 
million of financing charges for a debt commitment agreement associated with our acquisition of ServiceMax.
(2)
Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax 
rate by jurisdiction to the non-GAAP adjustments listed above. In FY'24, adjustments exclude a tax expense of $4.4 million or 
$0.04 per share for a tax reserve related to prior years in a foreign jurisdiction. In FY'23, non-GAAP expense excludes $21.8 
million or $0.18 per share related to uncertain tax positions in a foreign jurisdiction. 
Operating margin impact of non-GAAP adjustments:
Year ended September 30,
2024
2023
GAAP operating margin
25.6%
21.9%
Stock-based compensation
9.7%
9.8%
Amortization of acquired intangible assets
3.5%
3.6%
Acquisition and transaction-related charges
0.1%
0.9%
Restructuring and other credits, net
(—)%
(—)%
Non-GAAP operating margin
38.9%
36.2%

33
Critical Accounting Policies and Estimates
We have prepared our consolidated financial statements in accordance with accounting principles 
generally accepted in the United States of America. In preparing our financial statements, we make 
estimates, assumptions and judgments that can have a significant impact on our reported revenues, 
results of operations, and net income, as well as on the value of certain assets and liabilities on our 
balance sheet. These estimates, assumptions and judgments are made based on our historical 
experience and on other assumptions that we believe to be reasonable under the circumstances. These 
estimates may change as new events occur or additional information is obtained, and we may 
periodically be faced with uncertainties, the outcomes of which are not within our control and may not 
be known for a prolonged period of time.
The accounting policies, methods and estimates used to prepare our financial statements are 
described generally in Note 2. Summary of Significant Accounting Policies of Notes to Consolidated 
Financial Statements in this Annual Report. The most important accounting judgments and estimates that 
we made in preparing the financial statements involved:
•
revenue recognition;
•
accounting for income taxes; and
•
valuation of assets and liabilities acquired in business combinations.
A critical accounting policy is one that is both material to the presentation of our financial 
statements and requires us to make subjective or complex judgments that could have a material effect 
on our financial condition and results of operations. Critical accounting policies require us to make 
assumptions about matters that are uncertain at the time of the estimate, and different estimates that we 
could have used, or changes in the estimates that are reasonably likely to occur, may have a material 
impact on our financial condition or results of operations. Because the use of estimates is inherent in the 
financial reporting process, actual results could differ from those estimates.
Accounting policies, guidelines and interpretations related to our critical accounting policies and 
estimates are generally subject to numerous sources of authoritative guidance and are often reexamined 
by accounting standards rule makers and regulators. These rule makers and/or regulators may 
promulgate interpretations, guidance or regulations that may result in changes to our accounting 
policies, which could have a material impact on our financial position and results of operations.
Revenue Recognition
We record revenues in accordance with the guidance provided by ASC 606, Revenue from 
Contracts with Customers. For a full description of our revenue accounting policy, refer to Note 2. 
Summary of Significant Accounting Policies, included in the Notes to Consolidated Financial Statements in 
this Annual Report.
Our sources of revenue include: (1) subscriptions, (2) perpetual licenses, (3) support for perpetual 
licenses, and (4) professional services. Subscriptions include term-based on-premises licenses and related 
support, Software-as-a-Service (SaaS), and hosting services. 

34
Judgments and Estimates
Determination of performance obligations. Our subscriptions are frequently sold as a bundle of 
products and services, typically pairing on-premises term software licenses with support and, for certain 
offerings, cloud services over the same term. Significant judgment is used in determining the performance 
obligations related to these bundled products and services. On-premises software is typically determined 
to be a distinct performance obligation and is thus recognized separately from the support and cloud 
components. On-premises software revenue is generally recognized at the point in time that the software 
is made available to the customer, while the support and cloud software revenue components are 
recognized ratably over the term of the contract. In cases where subscriptions include cloud functionality 
and on-premises software, an assessment has been performed to determine whether the cloud services 
are distinct from the on-premises software. In the substantial majority of instances, cloud services provide 
incremental functionality to customers and have been considered distinct and recognized separately 
from the on-premises software. This assessment could have a significant impact on the timing of revenue 
recognition and may change as our product offerings evolve.
Allocation of transaction price. We estimate the standalone selling price of each identified 
performance obligation and use that estimate to allocate the transaction price among said performance 
obligations. The estimated standalone selling price is determined using all information reasonably 
available to us, including market conditions and other observable inputs. Significant judgment is used in 
determining the standalone selling prices of the on-premises license, support, and cloud components of 
our subscription products. These estimates are subject to change as our product offerings change and 
could have a significant impact due to the difference in the timing of revenue recognition for on-
premises licenses versus support and cloud. 
Right to exchange. Our multi-year, non-cancellable subscription contracts provide customers with an 
annual right to exchange software within the original subscription with other software. When it applies to 
on-premises licenses, we account for this right as a liability. For most contracts, we use the expected value 
method to determine the liability associated with this right across a portfolio of contracts. Where contracts 
are outside of the standard portfolio of contracts due to contract size, longer contract duration, or other 
unique contractual terms, we use the most likely amount method to determine the liability for each 
individual contract. In both circumstances, the transaction price is constrained based on our estimates, 
which impacts the amount of revenue recognized. Changes in these estimates could significantly impact 
revenue for any given period. 
Accounting for Income Taxes
As part of the process of preparing our consolidated financial statements, we are required to 
calculate our income tax expense based on taxable income by jurisdiction. There are many transactions 
and calculations about which the ultimate tax outcome is uncertain; as a result, our calculations involve 
estimates by management. Some of these uncertainties arise as a consequence of revenue-sharing, cost-
reimbursement and transfer pricing arrangements among related entities and the differing tax treatment 
of revenue and cost items across various jurisdictions. If tax authorities compelled us to revise or to 
account differently for our arrangements, that revision could affect our recorded tax liabilities.
The income tax accounting process also involves estimating our actual current tax liability, together 
with assessing temporary differences resulting from differing treatment of items for tax and accounting 
purposes. These differences result in deferred tax assets and liabilities, which are included within our 
consolidated balance sheets. We must then assess the likelihood that our deferred tax assets will be 
recovered from future taxable income and, to the extent we believe that it is more likely than not that all 
or a portion of our deferred tax assets will not be realized, we must establish a valuation allowance as a 
charge to income tax expense.

35
We have unrecognized tax benefits as of September 30, 2024 of $65.0 million. 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 $27.0 million as audits close and statutes of limitations expire.
As of September 30, 2024, we have a valuation allowance of $17.4 million against net deferred tax 
assets in the U.S. and a valuation allowance of $4.4 million against net deferred tax assets in certain 
foreign jurisdictions. The valuation allowance recorded in the U.S. relates to Massachusetts tax credit 
carryforwards that we do not expect to realize a benefit from prior to expiration. 
The valuation allowance recorded against net deferred tax assets of certain foreign jurisdictions is 
established primarily for our capital loss carryforwards, the majority of which do not expire. However, there 
are limitations imposed on the utilization of such capital losses that could further restrict the recognition of 
any tax benefits. We will continue to reassess our valuation allowance requirements each financial 
reporting period.
Prior to the passage of the U.S. Tax Act, we asserted that substantially all of the undistributed earnings 
of our foreign subsidiaries were considered indefinitely invested and accordingly, no deferred taxes were 
provided. Pursuant to the provisions of the U.S. Tax Act, these earnings were subjected to a one-time 
transition tax and there is therefore no longer a material cumulative basis difference associated with the 
undistributed earnings. We maintain our assertion to permanently reinvest these earnings outside the U.S. 
unless repatriation can be done substantially tax-free, with the exception of our Taiwan subsidiary. If we 
decide to repatriate any additional non-U.S. earnings in the future, we may be required to establish a 
deferred tax liability on such earnings. The amount of unrecognized deferred tax liability on the 
undistributed earnings would not be material.
In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, 
including the Internal Revenue Service (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. Although we believe our tax estimates are appropriate, the final determination of tax audits and 
any related litigation could result in material changes in our estimates.
Valuation of Assets and Liabilities Acquired in Business Combinations
In accordance with business combination accounting, we allocate the purchase price of acquired 
companies to the tangible and intangible assets acquired and liabilities assumed based on their 
estimated fair values. Determining these fair values requires management to make significant estimates 
and assumptions, especially with respect to intangible assets.
Our identifiable intangible assets acquired consist of purchased software, trademarks, customer lists 
and contracts, and software support agreements and related relationships. Purchased software consists 
of products that have reached technological feasibility and the combination of processes, inventions 
and trade secrets related to the design and development of acquired products. Customer lists and 
contracts and software support agreements and related relationships represent the underlying 
relationships and agreements with customers of the acquired company’s installed base. We have 
generally valued intangible assets using discounted cash flow models. Critical estimates in valuing certain 
of the intangible assets include but are not limited to:
•
future expected revenues and costs related to software license sales, customer support 
agreements, customer contracts and related customer relationships and acquired developed 
technologies and trademarks and trade names; and
•
discount rates used to determine the present value of estimated future cash flows.

36
In addition, we estimate the useful lives of our intangible assets based upon the expected period 
over which we anticipate generating economic benefits from the related intangible asset.
Net tangible assets consist of the fair values of tangible assets less the fair values of assumed liabilities 
and obligations. Except for deferred revenues, net tangible assets were generally valued by us at the 
respective carrying amounts recorded by the acquired company, if we believed that their carrying 
values approximated their fair values at the acquisition date. Deferred revenue for acquisitions reflect the 
amounts that would have been deferred as of the acquisition date in accordance with ASC 606.
In addition, uncertain tax positions and tax-related valuation allowances assumed in connection with 
a business combination are initially estimated as of the acquisition date. We reevaluate these items 
quarterly with any adjustments to our preliminary estimates being recorded to goodwill provided that we 
are within the measurement period (up to one year from the acquisition date) and we continue to collect 
information in order to determine their estimated values. Subsequent to the measurement period or our 
final determination of the estimated value of uncertain tax positions or tax-related valuation allowances, 
whichever comes first, changes to these uncertain tax positions and tax-related valuation allowances will 
affect our provision for income taxes in our Consolidated Statements of Operations.
Our estimates of fair value are based upon assumptions believed to be reasonable at that time, but 
which are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and 
unanticipated events and circumstances may occur, which may affect the accuracy or validity of such 
assumptions, estimates or actual results.
When events or changes in circumstances indicate that the carrying value of a finite-lived intangible 
asset may not be recoverable, we perform an assessment of the asset for potential impairment. This 
assessment is based on projected undiscounted future cash flows over the asset’s remaining life. If the 
carrying value of the asset exceeds its undiscounted cash flows, we record an impairment loss equal to 
the excess of the carrying value over the fair value of the asset, determined using projected discounted 
future cash flows of the asset.
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 2. Summary of Significant Accounting 
Policies, included in the Notes to Consolidated Financial Statements of this Annual Report, which is 
incorporated herein by reference, for all recently issued accounting pronouncements, none of which are 
expected to have a material effect. 
Off-Balance Sheet Arrangements
We have not created, and are not party to, any special-purpose or off-balance sheet entities for the 
purpose of raising capital, incurring debt or operating parts of our business that are not consolidated (to 
the extent of our ownership interest therein) into our financial statements. We have not entered into any 
transactions with unconsolidated entities whereby we have subordinated retained interests, derivative 
instruments or other contingent arrangements that expose us to material continuing risks, contingent 
liabilities, or any other obligation under a variable interest in an unconsolidated entity that provides 
financing, liquidity, market risk or credit risk support to us.

37
ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk
We face exposure to financial market risks, including adverse movements in foreign currency 
exchange rates and changes in interest rates. These exposures may change over time as business 
practices evolve and could have a material adverse impact on our financial results.
Foreign currency exchange risk
Our earnings and cash flows are subject to fluctuations due to changes in foreign currency 
exchange rates. Our most significant foreign currency exposures relate to Eurozone countries, Japan, 
Sweden, Switzerland, China and India. We enter into foreign currency forward contracts to manage our 
exposure to fluctuations in foreign exchange rates that arise from receivables and payables 
denominated in foreign currencies. We do not enter into or hold foreign currency derivative financial 
instruments for trading or speculative purposes.
Our non-U.S. revenues are generally transacted through our non-U.S. subsidiaries and typically are 
denominated in their local currency. In addition, expenses that are incurred by our non-U.S. subsidiaries 
typically are denominated in their local currency. Approximately 50% of our revenue and 35% of our 
expenses were transacted in currencies other than the U.S. Dollar. Currency translation affects our 
reported results because we report our results of operations in U.S. Dollars. Historically, our most significant 
currency risk has been changes in the Euro and Japanese Yen relative to the U.S. Dollar. Based on current 
revenue and expense levels (excluding restructuring charges and stock-based compensation), a $0.10 
change in the USD to EUR exchange rate and a 10 Yen change in the Yen to USD exchange rate would 
impact operating income by approximately $38 million and $6 million, respectively.
Our exposure to foreign currency exchange rate fluctuations arises in part from intercompany 
transactions, with most intercompany transactions occurring between a U.S. Dollar functional currency 
entity and a foreign currency denominated entity. Intercompany transactions typically are denominated 
in the local currency of the non-U.S. Dollar functional currency subsidiary in order to centralize foreign 
currency risk. Also, both PTC (the parent company) and our non-U.S. subsidiaries may transact business 
with our customers and vendors in a currency other than their functional currency (transaction risk). In 
addition, we are exposed to foreign exchange rate fluctuations as the financial results and balances of 
our non-U.S. subsidiaries are translated into U.S. Dollars (translation risk). If sales to customers outside the 
United States increase, our exposure to fluctuations in foreign currency exchange rates will increase.
Our foreign currency risk management strategy is principally designed to mitigate the future 
potential financial impact of changes in the U.S. Dollar value of balances denominated in foreign 
currency, resulting from changes in foreign currency exchange rates. Our foreign currency hedging 
program uses forward contracts to manage the foreign currency exposures that exist as part of our 
ongoing business operations. The contracts are primarily denominated in the Euro, Swiss Franc, and 
Swedish Krona currencies, and have maturities of less than four months.
The majority of our foreign currency forward contracts are not designated as hedges for accounting 
purposes, and changes in the fair value of these instruments are recognized immediately in earnings. 
Because we enter into these derivative contracts only as an economic hedge, any gains or losses on the 
underlying foreign-denominated balance are generally offset by the losses or gains on the derivative 
contract. Gains and losses on these derivatives and foreign currency denominated receivables and 
payables are included in Other income, net.

38
As of September 30, 2024 and 2023, we had outstanding forward contracts for derivatives not 
designated as hedging instruments with notional amounts equivalent to the following: 
September 30,
Currency Hedged (in thousands)
2024
2023
Euro / U.S. Dollar
$
781,398
$
383,227
British Pound / U.S. Dollar
24,810
6,058
Israeli Shekel / U.S. Dollar
12,535
11,852
Japanese Yen / U.S. Dollar
42,340
4,770
Swiss Franc / U.S. Dollar
74,939
32,766
Swedish Krona / U.S. Dollar
48,596
35,085
Chinese Renminbi / U.S. Dollar
32,124
16,660
New Taiwan Dollar / U.S. Dollar
16,368
11,855
All other
25,368
21,363
Total
$
1,058,478
$
523,636
Debt
In addition to the $1 billion due under our 2025 and 2028 Senior Notes, as of September 30, 2024, we 
had $753 million outstanding under our credit facility. Loans under the credit facility bear interest at 
variable rates which reset every 30 to 180 days depending on the rate and period selected by us. These 
loans are subject to interest rate risk as interest rates will be adjusted at each rollover date to the extent 
such amounts are not repaid. As of September 30, 2024, the weighted average annual rate on the credit 
facility loans was 6.9%. Based on the borrowings outstanding and interest rates in effect as of September 
30, 2024, a 100 basis point per annum change in interest rate applied over a one-year period would have 
an $8 million impact on annual earnings and cash flows.
Cash and cash equivalents
As of September 30, 2024, cash equivalents were invested in highly liquid investments with maturities 
of three months or less when purchased. We invest our cash with highly rated financial institutions in North 
America, Europe and Asia Pacific and in diversified domestic and international money market mutual 
funds. At September 30, 2024, we had cash and cash equivalents of $36 million in the United States, $127 
million in Europe, $86 million in Asia Pacific (including India), and $17 million in other non-U.S. countries. 
Given the short maturities and investment grade quality of the portfolio holdings at September 30, 2024, a 
hypothetical 10% change in interest rates would not materially affect the fair value of our cash and cash 
equivalents.
Our invested cash is subject to interest rate fluctuations and, for non-U.S. operations, foreign currency 
exchange rate risk. In a declining interest rate environment, we would experience a decrease in interest 
income. The opposite holds true in a rising interest rate environment. Over the past several years, the U.S. 
Federal Reserve Board, European Central Bank and Bank of England have changed certain benchmark 
interest rates, which has led to declines and increases in market interest rates. These changes in market 
interest rates have resulted in fluctuations in interest income earned on our cash and cash equivalents. 
Interest income will continue to fluctuate based on changes in market interest rates and levels of cash 
available for investment. Changes in foreign currencies relative to the U.S. Dollar had a favorable impact 
of $3.2 million and $2.9 million on our consolidated cash balances in FY'24 and FY'23, respectively. The 
impact in FY'24 was due in particular to changes in the Brazilian Real, Swedish Krona, Chinese Renminbi, 
and New Taiwan Dollar.

39
ITEM 8. Financial Statements and Supplementary Data
The consolidated financial statements and notes to the consolidated financial statements are 
attached as APPENDIX A.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
ITEM 9A. Controls and Procedures
Evaluation 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 Annual Report. Based on 
this evaluation, we concluded that our disclosure controls and procedures were effective at the 
reasonable assurance level as of September 30, 2024.
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over 
financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) of 
the Exchange Act as a process designed by, or under the supervision of, our principal executive and 
principal financial officers and effected by our board of directors, management and other personnel, to 
provide reasonable assurance regarding the reliability of financial reporting and the preparation of 
financial statements for external purposes in accordance with generally accepted accounting principles 
and includes those policies and procedures that:
•
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the 
transactions and dispositions of our assets;
•
Provide reasonable assurance that transactions are recorded as necessary to permit preparation 
of financial statements in accordance with generally accepted accounting principles, and that 
our receipts and expenditures are being made only in accordance with authorizations of our 
management and directors; and
•
Provide reasonable assurance regarding prevention or timely detection of unauthorized 
acquisition, use or disposition of our assets that could have a material effect on the financial 
statements.

40
Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance 
with the policies or procedures may deteriorate.
Our management assessed the effectiveness of our internal control over financial reporting as of 
September 30, 2024 using the criteria set forth by the Committee of Sponsoring Organizations of the 
Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this assessment 
and those criteria, our management concluded that, as of September 30, 2024, our internal control over 
financial reporting was effective.
The effectiveness of our internal control over financial reporting as of September 30, 2024 has been 
audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in 
their report, which appears under Item 8.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting that occurred during the quarter 
ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our 
internal control over financial reporting.
ITEM 9B. Other Information
Amendment to PTC By-Laws
On November 14, 2024, in connection with a periodic review of corporate governance matters and 
certain recent changes to Securities and Exchange Commission rules and the Massachusetts Business 
Corporation Act (the “MBCA”), the Board of Directors (the “Board”) of PTC approved and adopted an 
amendment and restatement of the Company’s By-Laws (as so amended, the “Amended and Restated 
By-Laws”), which became effective upon approval. The Amended and Restated By-Laws amend and 
restate the By-Laws in their entirety to, among other things: (i) permit virtual only meetings of shareholders; 
(ii) revise the advance notice provisions of the By-Laws to expand the informational and other 
requirements for shareholder proponents and director nominees in connection with shareholder proposals 
and shareholder director nominations; (iii) address matters relating to Rule 14a-19 under the Securities 
Exchange Act of 1934, as amended; (iv) provide processes and procedures for shareholders seeking to 
call a special meeting of shareholders and obligations and rights of the Board with respect to such 
requests and the conduct of such meetings; (v) state how abstentions and broker non-votes are treated 
with respect to the determination of whether a quorum of shareholders exists and of the number of shares 
voting on a matter; (vi) provide that any shareholder soliciting proxies from other shareholders must use a 
proxy card color other than white, with the white proxy card being reserved for the exclusive use by the 
Board; (vii) provide that the Board may adopt such rules, regulations, and procedures as the Board may 
deem appropriate for the conduct of any meeting of shareholders; (viii) clarify and confirm that the 
Board, except as otherwise provided by law, and to the extent permitted by law, may limit its exercise of 
the powers of the corporation pursuant to an agreement approved by the Board; (ix) provide that 
removal of a director may occur only at a meeting called for the purpose of removing such director, the 
meeting notice for which must state that the purpose or a purpose of the meeting is the removal of the 
director; and (x) make various updates throughout to conform to the MBCA and to make ministerial 
changes, clarifications, and other conforming revisions. 
The foregoing description of the Amended and Restated By-Laws does not purport to be complete 
and is qualified by reference to the full Amended and Restated By-Laws, a copy of which is filed as Exhibit 
3.2 to this Form 10-K and incorporated herein by reference.

41
Director and Executive Officer Adoption, Modification or Termination of 10b5-1 Plans in Q4’24
Our Section 16 officers and directors may enter into plans or arrangements for the purchase or sale of 
our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the 
Exchange Act. Such plans and arrangements must comply in all respects with our insider trading policies, 
including our policy governing entry into and operation of 10b5-1 plans and arrangements.
During the quarter ended September 30, 2024, the following Section 16 officers adopted Rule 10b5-1 
trading arrangements (as defined in Item 408 of Regulation S-K of the Exchange Act). All plans adopted 
covered only sales of PTC common stock. No plans were modified or terminated.
Name and Title of Director or 
Section 16 Officer
 
Date of Adoption, 
Modification, or Termination
 
Duration of the Plan
 Aggregate Number of Shares of Common 
Stock that may be Sold under the Plan
Kristian Talvitie 
Executive Vice President, 
Chief Financial Officer
Adopted 
August 2, 2024
Ends
 February 2, 2025
15,050, plus all net vested shares issued 
for the FY2024 Corporate Incentive Plan, 
plus all net vested shares that vest on 
November 15, 2024 under performance-
based RSU awards granted on 
November 17, 2021, November 16, 2022, 
and November 15, 2023(1)(2)
Catherine Kniker, 
Executive Vice President, 
Chief Strategy, Marketing, 
and Sustainability Officer 
Adopted
August 12, 2024
Ends
August 8, 2025
6,580, plus all net vested shares issued for 
the FY2024 Corporate Incentive Plan, plus 
15% of all net vested shares that vest on 
November 15, 2024 under performance-
based RSU awards granted on 
November 17, 2021, November 16, 2022, 
and November 15, 2023, plus all shares 
purchased under the 2016 Employee 
Stock Purchase Plan for the offering 
periods ending on January 31, 2025 and 
July 31, 2025(1)(2(3)
Aaron von Staats
Executive Vice President,
General Counsel
Adopted
August 8, 2024
Ends
August 15, 2025
8,618, plus all net vested shares issued for 
the FY2024 Corporate Incentive Plan, plus 
10% of total shares that vest on 
November 15, 2024 under performance-
based RSU awards granted on 
November 17, 2021, November 16, 2022, 
and November 15, 2023, plus 80% of all 
net vested shares that vest on November 
15, 2024 under performance-based RSU 
awards granted on November 17, 2021, 
November 16, 2022, and November 15, 
2023(1)(2)
(1)
The total number of shares that would be issued for the FY2024 Corporate Incentive Plan could not be known when the plan 
was adopted as the FY2024 performance period had not yet ended and attainment of the performance measure was not 
known.
(2)
The total number of shares that would be earned and vested under the performance-based RSU awards for the FY2024 
performance period could not be known when the plan was adopted as the FY2024 performance period had not yet ended 
and attainment of the performance measures was not known.
(3)
The total number of shares that will be purchased under the 2016 Employee Stock Purchase Plan for the offering periods 
ending January 31, 2025 and July 31, 2025 could not be known when the plan was adopted.
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

42
PART III
ITEM 10. Directors, Executive Officers and Corporate Governance
The information required by this item not set forth below may be found under the headings 
“Corporate Governance and the Board of Directors," “Insider Trading Policies and Procedures,” "Our 
Executive Officers," “Delinquent Section 16(a) Reports,” and “Transactions with Related Persons” 
appearing in our 2025 Proxy Statement. Such information is incorporated herein by reference.
Code of Ethics for Senior Executive Officers
We have adopted a Code of Ethics for Senior Executive Officers that applies to our President and 
Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer, as well as others. The Code 
is embedded in our Code of Business Conduct and Ethics applicable to all employees. A copy of the 
Code of Business Conduct and Ethics is publicly available on our website at www.ptc.com. If we make 
any substantive amendments to, or grant any waiver from, including any implicit waiver, the Code of 
Ethics for Senior Executive Officers to or for our President and Chief Executive Officer, Chief Financial 
Officer or Chief Accounting Officer, we will disclose the nature of such amendment or waiver in a current 
report on Form 8-K.
Changes to Shareholder Director Nomination Procedures 
As described in Item 9B of this Annual Report, our By-Laws were amended and restated on 
November 14, 2024 to, among other things, revise the advance notice provisions of the By-Laws to 
expand the informational and other requirements for shareholder proponents and director nominees in 
connection with shareholder director nominations. Those provisions are set forth in Section 2.3 of the 
Amended and Restated By-Laws filed as Exhibit 3.2 to this Annual Report and incorporated herein by 
reference. 
ITEM 11. Executive Compensation
Information with respect to director and executive compensation may be found under the headings 
“Director Compensation,” “Compensation Discussion and Analysis,” “Compensation Tables,” 
“Compensation Committee Report,” and “Pay Ratio Disclosure” appearing in our 2025 Proxy Statement. 
Such information is incorporated herein by reference.

43
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters
Information about our common stock ownership may be found under the heading “Information 
about PTC Common Stock Ownership” appearing in our 2025 Proxy Statement. Such information is 
incorporated herein by reference.
EQUITY COMPENSATION PLAN INFORMATION
as of September 30, 2024
Plan Category
Number of securities 
to be issued upon 
exercise of 
outstanding options, 
warrants and rights
Weighted-average 
exercise price 
of outstanding 
options, warrants 
and rights
Number of securities 
remaining available 
for future issuance 
under equity 
compensation plans
Equity compensation plans approved by security holders:
2000 Equity Incentive Plan(1)
2,061,934
—
6,064,590
2016 Employee Stock Purchase Plan(2)
—
—
2,036,133
Total
2,061,934
—
8,100,723
(1)
All of the shares issuable upon vesting are restricted stock units, which have no exercise price. 
(2)
This amount represents the total number of shares remaining available under the 2016 Employee Stock Purchase Plan, of which 
90,333 shares are subject to purchase during the current offering period.
ITEM 13. Certain Relationships and Related Transactions, and Director Independence
Information with respect to this item may be found under the headings “Independence of Our 
Directors,” “Review of Transactions with Related Persons” and “Transactions with Related Persons” 
appearing in our 2025 Proxy Statement. Such information is incorporated herein by reference.
ITEM 14. Principal Accounting Fees and Services
Information with respect to this item may be found under the headings “Engagement of 
Independent Auditor and Approval of Professional Services and Fees” and “PricewaterhouseCoopers LLP 
Professional Services and Fees” in our 2025 Proxy Statement. Such information is incorporated herein by 
reference.

44
PART IV
ITEM 15. Exhibits and Financial Statement Schedules
(a) Documents Filed as Part of Form 10-K
1.
Financial Statements
Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP, 
Boston, MA, PCAOB ID: 238)
F-1
Consolidated Balance Sheets as of September 30, 2024 and 2023
F-4
Consolidated Statements of Operations for the years ended September 30, 2024, 2023 and 
2022
F-5
Consolidated Statements of Comprehensive Income for the years ended September 30, 
2024, 2023 and 2022
F-6
Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 
2022
F-7
Consolidated Statements of Stockholders’ Equity for the years ended September 30, 2024, 
2023 and 2022
F-8
Notes to Consolidated Financial Statements
F-9
2.
Financial Statement Schedules
Schedules have been omitted since they are either not required, not applicable, or the 
information is otherwise included in the Financial Statements per Item 15(a)1 above.
3.
Exhibits
The list of exhibits in the Exhibit Index is incorporated herein by reference.
(b) Exhibits
We hereby file the exhibits listed in the attached Exhibit Index.
(c) Financial Statement Schedules
None.
ITEM 16. Form 10-K Summary
None.

45
EXHIBIT INDEX
Incorporated by Reference
Exhibit
Number Description
Filed 
Herewith
Form
Filing Date
Exhibit
SEC File 
No.
3.1
Restated Articles of Organization of PTC Inc.
10-K
November 23, 2015
3.1
0-18059
3.2
Amended and Restated By-Laws of PTC Inc.
X
4.1
Indenture, dated as of February 13, 2020, between PTC Inc. 
and Wells Fargo Bank, National Association, as trustee
8-K
February 13, 2020
4.1
0-18059
4.2
Form of 3.625% senior unsecured notes due 2025
8-K
February 13, 2020
4.2
0-18059
4.3
Form of 4.000% senior unsecured notes due 2028
8-K
February 13, 2020
4.3
0-18059
4.4
Description of Securities Registered under Section 12 of the 
Securities Exchange Act of 1934
10-K
November 18, 2019
4.4
0-18059
10.1*
2000 Equity Incentive Plan
8-K
February 21, 2023
10.1
0-18059
10.1-1*
Form of Restricted Stock Unit Certificate (Non-Employee 
Director)
X
10.1-2*
Form of Restricted Stock Unit Certificate (U.S.)
10-K
November 18, 2016
10.1.11
0-18059
10.1-3*
Form of Restricted Stock Unit Certificate (U.S. EVP)
X
10.1-4*
Form of Restricted Stock Unit Certificate (U.S. Section 16)
X
10.1-5*
Form of Restricted Stock Unit Certificate (U.S.)
10-K
November 20, 2023
10.1.12
0-18059
10.1-6*
Form of Restricted Stock Unit Certificate (U.S. Section 16 
and U.S. EVP)
10-K
November 20, 2023
10.1.13
0-18059
10.1-8*
Form of Restricted Stock Unit Certificate (Non-U.S.)
X
10.1-9*
Form of Restricted Stock Unit Certificate (Israel)
X
10.2*
2016 Employee Stock Purchase Plan
8-K
February 21, 2023
10.2
0-18059
10.3-1*
Executive Agreement by and between the Company and 
James Heppelmann dated September 30, 2020
8-K
October 6, 2020
10.1
0-18059
10.3-2*
Amendment No. 1 to Executive Agreement by and 
between the Company and James Heppelmann dated 
February 16, 2023
8-K
February 21, 2023
10.3
0-18059
10.4-1*
Offer Letter dated July 24, 2023 by and between the 
Company and Neil Barua
8-K
July 26, 2023
10.1
0-18059
10.4-2*
Executive Agreement between the Company and Neil 
Barua dated July 24, 2023
8-K
July 26, 2023
10.2
0-18059
10.5*
Form of Executive Agreement dated November 16, 2023 by 
and between PTC Inc. and each of Kristian Talvitie, 
Catherine Kniker, and Aaron von Staats
10-K
November 20, 2023
10.5
0-18059
10.6*
Executive Agreement dated November 16, 2023 by and 
between Michael DiTullio and PTC Inc.
10-K
November 20, 2023
10.6
0-18059
10.10
Office Lease Agreement dated as of September 7, 2017 by 
and between PTC Inc. and SCD L2 Seaport Square LLC
8-K
September 7, 2017
10
0-18059
10.11
First Amendment to Lease dated as of October 5, 2017 by 
and between PTC Inc. and SCD L2 Seaport Square LLC
8-K
November 29, 2017
10.23
0-18059
10.16
Fourth Amended and Restated Credit Agreement dated 
January 3, 2023 by and among PTC, PTC (IFSC) Limited, 
JPMorgan Chase Bank, N.A., as administrative agent, and 
the Lenders named therein
8-K
January 3, 2023
4.4
0-18059

46
10.17
Amendment No. 1 dated October 1, 2024 to the Fourth 
Amended and Restated Credit Agreement dated January 
3, 2023 by and among PTC, PTC (IFSC) Limited, JPMorgan 
Chase Bank, N.A., as administrative agent, and the Lenders 
named therein
8-K
October 7, 2024
10.1
0-18059
19.1
Trading in Company Securities Policy
X
19.2
Rule 10b5-1 Plan Policy 
X
21.1
Subsidiaries of PTC Inc.
X
23.1
Consent of PricewaterhouseCoopers LLP, an independent 
registered public accounting firm
X
31.1
Certification of the Chief Executive Officer Pursuant to 
Exchange Act Rules 13(a)-14(a) and 15d-14(a)
X
31.2
Certification of the Chief Financial Officer Pursuant to 
Exchange Act Rules 13(a)-14(a) and 15d-14(a)
X
32**
Certification of Periodic Financial Report Pursuant to 18 
U.S.C. Section 1350
X
97.1
Executive Compensation Recoupment Policy
X
101.INS
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
101.SCH
Inline XBRL Taxonomy Extension Schema with Embedded 
Linkbase Documents
104
The cover page of the Annual Report on Form 10-K 
formatted in Inline XBRL (included in Exhibit 101)
* Identifies a management contract or compensatory plan or arrangement in which an executive officer or director of PTC 
participates.
** Indicates that the exhibit is being furnished with this report and is not filed as a part of it.

47
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly 
authorized on the 14th day of November, 2024.
PTC Inc.
By:
/s/ NEIL BARUA
Neil Barua
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed 
below by the following persons on behalf of the Registrant and in the capacities indicated below, on the 
14th day of November, 2024.
Signature
Title
(i) Principal Executive Officer:
/s/ NEIL BARUA
President and Chief Executive Officer
Neil Barua
(ii) Principal Financial Officer:
/s/ KRISTIAN TALVITIE
Executive Vice President and Chief Financial Officer
Kristian Talvitie
(iii) Principal Accounting Officer:
/s/ ALICE CHRISTENSON
Chief Accounting Officer
Alice Christenson
(iv) Board of Directors:
/s/ JANICE CHAFFIN
Chair of the Board
Janice Chaffin
/s/ NEIL BARUA
President and Chief Executive Officer
Neil Barua
/s/ MARK BENJAMIN
Director
Mark Benjamin
/s/ ROB BERNSHTEYN
Director
Rob Bernshteyn
/s/ AMAR HANSPAL
Director
Amar Hanspal
/s/ MICHAL KATZ
Director
Michal Katz
/s/ PAUL LACY
Director
Paul Lacy
/s/ CORINNA LATHAN
Director
Corinna Lathan
/s/ JANESH MOORJANI
Director
Janesh Moorjani
/s/ ROBERT SCHECHTER
Director
Robert Schechter
 

F-1
APPENDIX A
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of PTC Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of PTC Inc. and its subsidiaries (the 
"Company") as of September 30, 2024 and 2023, and the related consolidated statements of operations, 
of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the 
period ended September 30, 2024, including the related notes (collectively referred to as the 
"consolidated financial statements"). We also have audited the Company's internal control over financial 
reporting as of September 30, 2024, based on criteria established in Internal Control - Integrated 
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material 
respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its 
operations and its cash flows for each of the three years in the period ended September 30, 2024 in 
conformity with accounting principles generally accepted in the United States of America. Also in our 
opinion, the Company maintained, in all material respects, effective internal control over financial 
reporting as of September 30, 2024, based on criteria established in Internal Control - Integrated 
Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining 
effective internal control over financial reporting, and for its assessment of the effectiveness of internal 
control over financial reporting, included in Management’s Annual Report on Internal Control over 
Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s 
consolidated financial statements and on the Company's internal control over financial reporting based 
on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight 
Board (United States) (PCAOB) and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities 
and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that 
we plan and perform the audits to obtain reasonable assurance about whether the consolidated 
financial statements are free of material misstatement, whether due to error or fraud, and whether 
effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of 
material misstatement of the consolidated financial statements, whether due to error or fraud, and 
performing procedures that respond to those risks. Such procedures included examining, on a test basis, 
evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also 
included evaluating the accounting principles used and significant estimates made by management, as 
well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal 
control over financial reporting included obtaining an understanding of internal control over financial 
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and 
operating effectiveness of internal control based on the assessed risk. Our audits also included performing 
such other procedures as we considered necessary in the circumstances. We believe that our audits 
provide a reasonable basis for our opinions.

F-2
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable 
assurance regarding the reliability of financial reporting and the preparation of financial statements for 
external purposes in accordance with generally accepted accounting principles. A company’s internal 
control over financial reporting includes those policies and procedures that (i) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are 
recorded as necessary to permit preparation of financial statements in accordance with generally 
accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (iii) provide 
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk 
that controls may become inadequate because of changes in conditions, or that the degree of 
compliance with the policies or procedures may deteriorate.

F-3
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the 
consolidated financial statements that was communicated or required to be communicated to the audit 
committee and that (i) relates to accounts or disclosures that are material to the consolidated financial 
statements and (ii) involved our especially challenging, subjective, or complex judgments. The 
communication of critical audit matters does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter 
below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to 
which it relates.
Revenue Recognition - Identification of Distinct Performance Obligations
As described in Note 2 to the consolidated financial statements, the Company’s sources of revenue 
include: (1) subscriptions, (2) perpetual licenses, (3) support for perpetual licenses and (4) professional 
services. Revenue is derived from the licensing of computer software products, cloud-based offerings, 
and related support and professional services contracts. During the year ended September 30, 2024, the 
Company recognized revenue from contracts with customers of $2,298 million. The Company’s contracts 
with customers for subscriptions typically include commitments to transfer term-based, on-premises 
software licenses bundled with support and/or cloud services. On-premises software is determined to be a 
distinct performance obligation from support. As disclosed by management, significant judgment is used 
in determining the performance obligations related to these bundled products and services. The 
corresponding revenues are recognized as the related performance obligations are satisfied. 
The principal considerations for our determination that performing procedures relating to revenue 
recognition - identification of distinct performance obligations, is a critical audit matter are the (i) 
significant judgment by management when identifying the distinct performance obligations, and (ii) a 
high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit 
evidence related to management’s identification of distinct performance obligations within contracts 
with customers.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with 
forming our overall opinion on the consolidated financial statements. These procedures included testing 
the effectiveness of controls relating to the revenue recognition process, including controls over the 
identification of distinct performance obligations. These procedures also included, among others (i) 
evaluating the Company’s revenue recognition accounting policy and (ii) testing management’s 
identification of distinct performance obligations in its contracts with customers by examining revenue 
contracts on a sample basis and evaluating whether these performance obligations are satisfied at a 
point in time or satisfied over time.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
November 14, 2024
We have served as the Company’s auditor since 1992.

F-4
PTC Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
265,808
$
288,103
Accounts receivable, net of allowance for doubtful accounts of $1,180 and $429 at 
September 30, 2024 and September 30, 2023, respectively
861,953
811,398
Prepaid expenses
102,931
96,016
Other current assets
68,013
81,849
Total current assets
1,298,705
1,277,366
Property and equipment, net
75,187
88,391
Goodwill
3,461,891
3,358,511
Acquired intangible assets, net
897,476
941,249
Deferred tax assets
159,404
123,319
Operating right-of-use lease assets
133,317
143,028
Other assets
357,562
356,978
Total assets
$
6,383,542
$
6,288,842
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
24,198
$
43,480
Accrued expenses and other current liabilities
129,528
132,841
Accrued compensation and benefits
173,797
160,431
Accrued income taxes
39,978
14,919
Current portion of long-term debt
521,467
9,375
Deferred acquisition payments
—
620,040
Deferred revenue
754,039
665,362
Short-term lease obligations
24,186
24,737
Total current liabilities
1,667,193
1,671,185
Long-term debt
1,227,105
1,686,410
Deferred tax liabilities
32,216
29,508
Long-term deferred revenue
21,235
16,188
Long-term lease obligations
157,568
168,455
Other liabilities
63,827
39,806
Total liabilities
3,169,144
3,611,552
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued
—
—
Common stock, $0.01 par value; 500,000 shares authorized; 120,155 and 118,846 
shares issued and outstanding at September 30, 2024 and September 30, 2023, 
respectively
1,202
1,188
Additional paid-in capital
1,965,307
1,820,905
Retained earnings
1,349,610
973,277
Accumulated other comprehensive loss
(101,721)
(118,080)
Total stockholders’ equity
3,214,398
2,677,290
Total liabilities and stockholders’ equity
$
6,383,542
$
6,288,842
The accompanying notes are an integral part of these consolidated financial statements.

F-5
PTC Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year ended September 30,
2024
2023
2022
Revenue:
License
$
806,871
$
747,022
$
782,680
Support and cloud services
1,359,355
1,199,536
987,573
Total software revenue
2,166,226
1,946,558
1,770,253
Professional services
132,246
150,495
163,094
Total revenue
2,298,472
2,097,053
1,933,347
Cost of revenue:
Cost of license revenue
46,850
53,200
49,240
Cost of support and cloud services revenue
274,599
245,027
184,789
Total cost of software revenue
321,449
298,227
234,029
Cost of professional services revenue
123,367
142,779
151,951
Total cost of revenue
444,816
441,006
385,980
Gross margin
1,853,656
1,656,047
1,547,367
Operating expenses:
Sales and marketing
558,954
530,125
485,247
Research and development
433,047
394,370
338,822
General and administrative
232,377
233,516
204,732
Amortization of acquired intangible assets
42,018
40,022
34,970
Restructuring and other charges (credits), net
(802)
(460)
36,234
Total operating expenses
1,265,594
1,197,573
1,100,005
Operating income
588,062
458,474
447,362
Interest expense
(119,653)
(129,417)
(54,268)
Other income, net
553
3,509
4,004
Income before income taxes
468,962
332,566
397,098
Provision for income taxes
92,629
87,026
84,017
Net income
$
376,333
$
245,540
$
313,081
Earnings per share—Basic
$
3.14
$
2.07
$
2.67
Earnings per share—Diluted
$
3.12
$
2.06
$
2.65
Weighted-average shares outstanding—Basic
119,679
118,341
117,194
Weighted-average shares outstanding—Diluted
120,742
119,334
118,233
The accompanying notes are an integral part of these consolidated financial statements.

F-6
PTC Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year ended September 30,
2024
2023
2022
Net income
$
376,333
$
245,540
$
313,081
Other comprehensive income (loss), net of tax:
Hedge gain (loss) arising during the period, net of tax of $5.3 million, $2.5 
million, and $(5.8) million in 2024, 2023, and 2022, respectively
(16,315)
(7,516)
17,556
Foreign currency translation adjustment, net of tax of $0 for each period
36,465
45,692
(92,768)
Change in pension benefit, net of tax of $1.7 million, $1.3 million, and 
$(7.1) million in 2024, 2023, and 2022, respectively
(3,791)
(2,798)
17,618
Other comprehensive income (loss)
16,359
35,378
(57,594)
Comprehensive income
$
392,692
$
280,918
$
255,487
The accompanying notes are an integral part of these consolidated financial statements.

F-7
PTC Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended September 30,
2024
2023
2022
Cash flows from operating activities:
Net income
$
376,333
$
245,540
$
313,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
108,119
104,760
87,694
Amortization of right-of-use lease assets
33,288
32,402
34,346
Stock-based compensation
223,461
206,459
174,863
Loss on investment
—
—
31,854
Gain on divestiture of business
—
—
(29,808)
Other non-cash items, net
(1,625)
(4,065)
(4,560)
Provision (benefit) from deferred income taxes
(39,040)
16,676
42,963
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable
(34,629)
(98,607)
(165,006)
Accounts payable and accrued expenses
(24,368)
15,918
6,957
Accrued compensation and benefits
8,404
7,845
(6,645)
Deferred revenue
81,399
56,572
57,586
Accrued income taxes
65,006
4,639
(15,329)
Other current assets and prepaid expenses
(16,137)
6,974
(40,643)
Operating lease liabilities
(13,245)
(1,929)
(13,610)
Other noncurrent assets and liabilities
(16,982)
17,677
(38,417)
Net cash provided by operating activities
749,984
610,861
435,326
Cash flows from investing activities:
Additions to property and equipment
(14,378)
(23,814)
(19,496)
Acquisitions of businesses, net of cash acquired
(93,457)
(828,271)
(282,943)
Proceeds from sale of investments
—
349
46,906
Purchases of investments
—
(5,823)
—
Purchase of intangible assets
(3,990)
(800)
(6,451)
Settlement of net investment hedges
(13,078)
(7,602)
24,857
Divestitures of businesses and assets, net
—
(154)
32,518
Other investing activities
89
—
3,408
Net cash used in investing activities
(124,814)
(866,115)
(201,201)
Cash flows from financing activities:
Borrowings under credit facility
1,084,845
1,540,000
264,000
Repayments of borrowings under credit facility and acquired debt
(1,038,921)
(1,197,000)
(355,000)
Repurchases of common stock
—
—
(125,000)
Proceeds from issuance of common stock
25,674
21,652
21,207
Payments of withholding taxes in connection with stock-based awards
(102,001)
(82,448)
(68,991)
Payments of principal for financing leases
(82)
(536)
(297)
Credit facility origination costs
—
(13,355)
—
Payment of deferred acquisition consideration
(620,040)
—
—
Other financing activity
(200)
—
—
Net cash provided by (used in) financing activities
(650,725)
268,313
(264,081)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
3,223
2,851
(24,203)
Net change in cash, cash equivalents, and restricted cash
(22,332)
15,910
(54,159)
Cash, cash equivalents, and restricted cash, beginning of period
288,798
272,888
327,047
Cash, cash equivalents, and restricted cash, end of period
$
266,466
$
288,798
$
272,888
The accompanying notes are an integral part of these consolidated financial statements.

F-8
PTC Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands) 
Common Stock
Additional
Accumulated 
Other
Total
Shares
Amount
Paid-In
Capital
Retained 
Earnings
Comprehensive
Loss
Stockholders’
Equity
Balance as of September 30, 2021
117,163
$
1,172
$1,718,504
$
414,656
$
(95,864)
$
2,038,468
Common stock issued for employee stock-based awards
1,737
18
(18)
—
—
—
Shares surrendered by employees to pay taxes related to 
stock-based awards
(597)
(6)
(68,985)
—
—
(68,991)
Common stock issued for employee stock purchase plan
215
2
21,205
—
—
21,207
Compensation expense from stock-based awards
—
—
174,863
—
—
174,863
Net income
—
—
—
313,081
—
313,081
Repurchases of common stock
(1,046)
(11)
(124,989)
—
—
(125,000)
Gain on net investment hedges, net of tax
—
—
—
—
17,556
17,556
Foreign currency translation adjustment
—
—
—
—
(92,768)
(92,768)
Change in defined benefit pension items, net of tax
—
—
—
—
17,618
17,618
Balance as of September 30, 2022
117,472
$
1,175
$1,720,580
$
727,737
$
(153,458)
$
2,296,034
Common stock issued for employee stock-based awards
1,798
18
(18)
—
—
—
Shares surrendered by employees to pay taxes related to 
stock-based awards
(620)
(7)
(82,761)
—
—
(82,768)
Common stock issued for employee stock purchase plan
196
2
21,650
—
—
21,652
Compensation expense from stock-based awards
—
—
161,454
—
—
161,454
Net income
—
—
—
245,540
—
245,540
Loss on net investment hedges, net of tax
—
—
—
—
(7,516)
(7,516)
Foreign currency translation adjustment
—
—
—
—
45,692
45,692
Change in defined benefit pension items, net of tax
—
—
—
—
(2,798)
(2,798)
Balance as of September 30, 2023
118,846
$
1,188
$1,820,905
$
973,277
$
(118,080)
$
2,677,290
Common stock issued for employee stock-based awards
1,733
18
(18)
—
—
—
Shares surrendered by employees to pay taxes related to 
stock-based awards
(612)
(6)
(101,918)
—
—
(101,924)
Common stock issued for employee stock purchase plan
188
2
25,672
—
—
25,674
Compensation expense from stock-based awards
—
—
220,666
—
—
220,666
Net income
—
—
—
376,333
—
376,333
Loss on net investment hedges, net of tax
—
—
—
—
(16,315)
(16,315)
Foreign currency translation adjustment
—
—
—
—
36,465
36,465
Change in defined benefit pension items, net of tax
—
—
—
—
(3,791)
(3,791)
Balance as of September 30, 2024
120,155
$
1,202
$1,965,307
$1,349,610
$
(101,721)
$
3,214,398
The accompanying notes are an integral part of these consolidated financial statements.

F-9
PTC Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Description of Business and Basis of Presentation
Business
PTC Inc. was incorporated in 1985 and is headquartered in Boston, Massachusetts. PTC is a global 
software company that provides a portfolio of innovative digital solutions that work together to transform 
how physical products are engineered, manufactured, and serviced.
Basis of Presentation
Our fiscal year-end is September 30. The consolidated financial statements include PTC Inc. (the 
parent company) and its wholly-owned subsidiaries, including those operating outside the United States. 
All intercompany balances and transactions have been eliminated in the consolidated financial 
statements.
We prepare our financial statements under generally accepted accounting principles in the United 
States that require management to make estimates and assumptions that affect the amounts reported 
and the related disclosures. Actual results could differ from these estimates.
2. Summary of Significant Accounting Policies
Foreign Currency Translation
For our non-U.S. operations where the functional currency is the local currency, we translate assets 
and liabilities at exchange rates in effect at the balance sheet date and record translation adjustments in 
stockholders’ equity. For our non-U.S. operations where the U.S. Dollar is the functional currency, we 
remeasure monetary assets and liabilities using exchange rates in effect at the balance sheet date and 
non-monetary assets and liabilities at historical rates and record resulting exchange gains or losses in 
Other income, net in the Consolidated Statements of Operations. We translate income statement 
amounts at average rates for the period. Transaction gains and losses are recorded in Other income, net 
in the Consolidated Statements of Operations.
Revenue Recognition
Nature of Products and Services
Our sources of revenue include: (1) subscriptions, (2) perpetual licenses, (3) support for perpetual 
licenses and (4) professional services. Subscriptions include term-based on-premises licenses and related 
support, Software-as-a-Service (SaaS), and hosting services. Revenue is derived from the licensing of 
computer software products, cloud-based offerings, and related support and professional services 
contracts. In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized 
when a customer obtains control of promised products or services. The amount of revenue recognized 
reflects the consideration that we expect to be entitled to receive in exchange for these products or 
services. To achieve the core principle of this standard, we apply the following five steps:
(1) identify the contract with the customer,
(2) identify the performance obligations in the contract,
(3) determine the transaction price,
(4) allocate the transaction price to performance obligations in the contract, and
(5) recognize revenue when or as we satisfy a performance obligation.

F-10
We enter into contracts that include combinations of licenses, support, cloud-based offerings, and 
professional services, each of which are accounted for as separate performance obligations with 
differing revenue recognition patterns referenced below.
Performance Obligation
When Performance Obligation is Typically Satisfied
Term-based subscriptions
On-premises software licenses
Point in Time: Upon the later of when the software is made available or the 
subscription term commences
Support and cloud-based offerings (including 
SaaS)
Over Time: Ratably over the contractual term; commencing upon the later of 
when the software is made available or the subscription term commences
Perpetual software licenses
Point in Time: When the software is made available
Support for perpetual software licenses
Over Time: Ratably over the contractual term
Professional services
Over Time: As services are provided
Judgments and Estimates
Our contracts with customers for subscriptions typically include commitments to transfer term-based, 
on-premises software licenses bundled with support and/or cloud services. Significant judgment is used in 
determining the performance obligations related to these bundled products and services. On-premises 
software is determined to be a distinct performance obligation from support which is sold for the same 
term of the subscription. For subscription arrangements which include cloud services and on-premises 
licenses, we assess whether the cloud component is highly interrelated with the on-premises term-based 
software licenses. Other than a limited population of subscriptions, the cloud component is not currently 
deemed to be interrelated with the on-premises term software and, as a result, cloud services are 
accounted for as a distinct performance obligation from the software and support components of the 
subscription.
Judgment is required to allocate the transaction price to each performance obligation. We use the 
estimated standalone selling price method to allocate the transaction price for items that are not sold 
separately. The estimated standalone selling price is determined using all information reasonably 
available to us, including market conditions and other observable inputs. The corresponding revenues are 
recognized as the related performance obligations are satisfied. Where subscriptions include on-premises 
software and support only, we determined that approximately 55% of the estimated standalone selling 
price for subscriptions is attributable to software licenses and approximately 45% is attributable to support 
for those licenses. Some of our subscription offerings include a combination of on-premises and cloud-
based technology. In such cases, the cloud-based technology is generally considered distinct and 
receives an allocation of approximately 5% to 50% of the estimated standalone selling price of the 
subscription. The amounts allocated to cloud are based on assessment of the relative value of the cloud 
functionality in the subscription, with the remaining amounts allocated between software and support.
Our multi-year, non-cancellable subscription contracts provide customers with an annual right to 
exchange software within the subscription with other software. Although the exchange right is limited to 
software products within a similar product grouping, the exchange right is not limited to products with 
substantially similar features and functionality as those originally delivered. We determined that, for on-
premises licenses, this right to exchange previously delivered software for different software represents 
variable consideration to be accounted for as a liability. We have identified a standard portfolio of 
contracts with common characteristics and applied the expected value method of determining variable 
consideration associated with this right. Additionally, in isolated situations that are outside of the standard 
portfolio of contracts due to contract size, longer contract duration, or other unique contractual terms, 
we use the most likely amount method to determine the amount of variable consideration. In both 
circumstances, the variable consideration included in the transaction price is constrained to the extent it 
is probable that a significant reversal in the amount of cumulative revenue recognized will not occur 
when the uncertainty associated with the variable consideration is subsequently resolved. As of 
September 30, 2024 and 2023, the total liability was $26.0 million and $23.7 million, respectively, primarily 
associated with the annual right to exchange on-premises subscription software.

F-11
Practical Expedients
We have elected certain practical expedients associated with our revenue recognition policy. We 
do not account for significant financing components if the period between revenue recognition and 
when the customer pays for the products or services is one year or less. Additionally, we recognize 
revenue equal to the amount we have a right to invoice when the amount corresponds directly with the 
value to the customer of our performance to date. Finally, revenue is recognized net of any taxes 
collected from customers that are subsequently remitted to governmental authorities.
Cash Equivalents
Our cash equivalents are invested in money market accounts and time deposits of financial 
institutions. We have established guidelines relative to credit ratings, diversification and maturities that are 
intended to maintain safety and liquidity. Cash equivalents include highly liquid investments with original 
maturity periods of three months or less when purchased.
Equity Securities
In 2022, we sold shares of a common stock investment in Matterport for a total of $42.7 million. The 
aggregate realized gain from the original investment of $8.7 million was $34.0 million, including cumulative 
recognized gains prior to 2022, partially offset by a recognized loss of $34.8 million in 2022. The loss in 2022 
was recognized in Other income, net in the Consolidated Statements of Operations. As of and 
subsequent to September 30, 2022, PTC held no shares in Matterport.
Concentration of Credit Risk and Fair Value of Financial Instruments
The amounts reflected in the Consolidated Balance Sheets for Cash and cash equivalents, Accounts 
receivable and Accounts payable approximate their fair value due to their short maturities. Financial 
instruments that potentially subject us to concentration of credit risk consist primarily of investments, trade 
accounts receivable and foreign currency derivative instruments. Our cash, cash equivalents, and foreign 
currency derivatives are placed with financial institutions with high credit standings. Our credit risk for 
derivatives is also mitigated due to the short-term nature of the contracts. Our customer base consists of 
many geographically diverse customers dispersed across many industries. No individual customer 
comprised more than 10% of our trade accounts receivable as of September 30, 2024 or 2023 or more 
than 10% of our revenue for the years ended September 30, 2024, 2023 or 2022.
Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer 
a liability in the principal or most advantageous market for the asset or liability in an orderly transaction 
between market participants on the measurement date. When determining the fair value measurements 
for assets and liabilities required to be recorded at fair value, we consider assumptions that market 
participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk 
of nonperformance. 
The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs 
for such valuations into three broad levels: 
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; 
•
Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are 
observable for the asset or liability, either directly or indirectly through market corroboration, for 
substantially the full term of the financial instrument; or
•
Level 3: unobservable inputs that are supported by little or no market activity and that are 
significant to the fair value of the assets or liabilities.

F-12
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input 
that is significant to the fair value measurement. The hierarchy requires us to maximize the use of 
observable inputs and minimize the use of unobservable inputs when measuring fair value.
Allowance for Doubtful Accounts
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our 
customers to make required payments. In determining the adequacy of the allowance for doubtful 
accounts, we analyze specific individual accounts receivable, historical bad debts, customer 
concentrations, customer credit-worthiness, current economic conditions, and accounts receivable 
aging trends. 
Derivatives
Generally accepted accounting principles require all derivatives, whether designated in a hedging 
relationship or not, to be recorded on the balance sheet at fair value. Our earnings and cash flows are 
subject to fluctuations due to changes in foreign currency exchange rates. Our most significant foreign 
currency exposures relate to Eurozone countries, Japan, Sweden, Switzerland, China and India. Our 
foreign currency risk management strategy is principally designed to mitigate the future potential 
financial impact of changes in the U.S. Dollar value of anticipated transactions and balances 
denominated in foreign currencies resulting from changes in foreign currency exchange rates. We enter 
into derivative transactions, specifically foreign currency forward contracts and options, 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. For a description of our non-designated hedge and net 
investment hedge activity see Note 16. Derivative Financial Instruments.
Non-Designated Hedges
We hedge our net foreign currency monetary assets and liabilities primarily resulting from foreign 
currency denominated receivables and payables 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 four months. Generally, we do 
not designate these foreign currency forward contracts as hedges for accounting purposes and changes 
in the fair value of these instruments are recognized immediately in earnings. Because we enter into 
forward contracts only as an economic hedge, any gains or losses on the underlying foreign-
denominated balance are generally offset by the losses or gains on the forward contract. Gains and 
losses on forward contracts and foreign denominated receivables and payables are included in Other 
income, net.
In 2023, we hedged our forecasted U.S. Dollar cash flows with foreign exchange options to reduce 
the risk that they would be adversely affected by changes in Euro or Japanese Yen exchange rates. We 
did not hold any foreign currency option contracts as of September 30, 2023 or 2024. We did not 
designate these foreign currency options as hedges for accounting purposes and changes in the fair 
value of these instruments were recognized immediately in earnings. Because we entered into options as 
an economic hedge, currency impacts on the Euro or Japanese Yen-denominated operations as 
compared to the forecasted plan rate may have been partially offset by gains on the options. Gains and 
losses on foreign exchange options were included in Other income, net.

F-13
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 three months.
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 and subsequently 
upon contract maturity reclassify them to Foreign currency translation adjustment 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.
Leases
We determine if an arrangement is a lease at inception. Operating leases are included in Operating 
right-of-use lease assets, Short-term lease obligations, and Long-term lease obligations on our 
Consolidated Balance Sheets. Our operating leases are primarily for office space, automobiles, servers, 
and office equipment. We made an election not to separate lease components from non-lease 
components for office space, servers and office equipment. We combine fixed payments for non-lease 
components with lease payments and account for them together as a single lease component which 
increases the amount of our lease assets and liabilities. Finance leases are included in Property and 
equipment, Accrued expenses and other current liabilities, and Other liabilities on our Consolidated 
Balance Sheets. 
Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities 
represent our obligation to make lease payments arising from the leases. Right-of-use assets and liabilities 
are recognized at the lease commencement date based on the present value of lease payments over 
the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental 
borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term as 
that of the lease payments at the commencement date. The right-of-use assets include any lease 
payments made and exclude lease incentives received. Operating lease expense is recognized on a 
straight-line basis over the lease term. 
Our lease terms include periods under options to extend or terminate the lease when it is reasonably 
certain that we will exercise that option. We generally use the base non-cancellable lease term when 
determining the lease assets and liabilities. 
Certain lease agreements contain variable payments, which are expensed as incurred and not 
included in the lease assets and liabilities. These variable payments include insurance, taxes, index-based 
payment adjustments, and payments for maintenance and utilities. 
Our operating leases expire at various dates through 2037.

F-14
Property and Equipment
Property and equipment are recorded at cost and depreciated using the straight-line method over 
their estimated useful lives. Computer hardware and software are typically amortized over three to five 
years, and furniture and fixtures over three to twelve years. Leasehold improvements are amortized over 
the shorter of their useful lives or the remaining terms of the related leases. Maintenance and repairs are 
charged to expense when incurred; additions and improvements are capitalized. When an item is sold or 
retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is 
recognized in income.
Software Development Costs
We incur costs to develop computer software to be licensed or otherwise marketed to customers. 
Our research and development expenses consist principally of salaries and benefits, costs of computer 
software and equipment, and facility expenses. Research and development costs are expensed as 
incurred, except for costs of internally developed or externally purchased software that qualify for 
capitalization. Development costs for software to be sold externally incurred subsequent to the 
establishment of technological feasibility, but prior to the general release of the product, are capitalized 
and, upon general release, are amortized using the greater of either the straight-line method over the 
expected life of the related products or based upon the pattern in which economic benefits related to 
such assets are realized. The straight-line method is used if it approximates the same amount of expense 
as that calculated using the ratio that current period gross product revenues bear to total anticipated 
gross product revenues. No internal development costs for software to be sold externally were capitalized 
in 2024, 2023 or 2022. We purchased software of $4.1 million, $1.0 million, and $6.0 million in 2024, 2023, 
and 2022, respectively. Additionally, we acquired capitalized software through business combinations (for 
further detail, see Note 6. Acquisitions and Disposition of Businesses). These assets are included in Acquired 
intangible assets, net in the accompanying Consolidated Balance Sheets.
Business Combinations
We allocate the purchase price of acquisitions to the tangible and intangible assets acquired and 
liabilities assumed based on their estimated fair value. Goodwill is measured as the excess of the 
purchase price over the value of net identifiable assets acquired. While best estimates and assumptions 
are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as 
contingent consideration, where applicable, our estimates are inherently uncertain and subject to 
refinement. Any adjustments to estimated fair value are recorded to goodwill, provided that we are 
within the measurement period (up to one year from the acquisition date) and that we continue to 
collect information to determine estimated fair value. Subsequent to the measurement period or our final 
determination of estimated fair value, whichever comes first, adjustments are recorded in the 
Consolidated Statements of Operations.
Segments
We operate as a single operating and reportable segment. Operating segments are defined as 
components of an enterprise about which separate financial information is evaluated regularly by the 
chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing 
performance. Our CODM is our Chief Executive Officer.
Goodwill, Acquired Intangible Assets and Long-lived Assets
Goodwill is the amount by which the purchase price in a business acquisition exceeds the fair value 
of net identifiable assets on the date of purchase.
Goodwill is evaluated for impairment annually as of the end of the third quarter, or more frequently if 
events or changes in circumstances indicate that the asset might be impaired. Factors we consider 
important, on an overall company basis and segment basis, when applicable, that could trigger an 
impairment review include significant under-performance relative to historical or projected future 

F-15
operating results, significant changes in our use of the acquired assets or the strategy for our overall 
business, significant negative industry or economic trends, a significant decline in our stock price for a 
sustained period and a reduction of our market capitalization relative to net book value. 
Our annual goodwill impairment test is based on either a quantitative or qualitative assessment. A 
quantitative assessment compares the fair value of the reporting unit to its carrying value. If the reporting 
unit’s carrying value exceeds its fair value, we record an impairment loss equal to the difference between 
the carrying value of goodwill and its estimated fair value. We estimate the fair values of our reporting unit 
using discounted cash flow valuation models. Those models require estimates of future revenues, profits, 
capital expenditures, working capital, terminal values based on revenue multiples, and discount rates for 
the reporting unit. We estimate these amounts by evaluating historical trends; current budgets and 
operating plans; and industry data. A qualitative assessment is designed to determine whether we 
believe it is more likely than not that the fair value of our reporting unit exceeds its carrying value. A 
qualitative assessment includes a review of qualitative factors, including company-specific (financial 
performance and long-range plans), industry, and macroeconomic factors, and a consideration of the 
fair value of the reporting unit at the last valuation date.
During the third fiscal quarter of 2024, we completed our annual impairment test of goodwill, which 
was based on a qualitative assessment, and concluded that there was no impairment. Through 
September 30, 2024, there were no events or changes in circumstances that indicated that the carrying 
values of goodwill or acquired intangible assets may not be recoverable.
Long-lived assets primarily include property and equipment, right-of-use lease assets, and acquired 
intangible assets with finite lives (including purchased software, customer lists and trademarks). Purchased 
software is amortized over periods up to 16 years, customer lists are amortized over periods up to 20 years 
and trademarks are amortized over periods up to 15 years. We review long-lived assets for impairment 
when events or changes in business circumstances indicate that the carrying amount of the assets may 
not be fully recoverable or that the useful lives of those assets are no longer appropriate. There were no 
such events or changes in business circumstances in 2024. An impairment test is based on a comparison 
of the undiscounted cash flows to the recorded value of the asset or asset group. If impairment is 
indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis.
Advertising Expenses
Advertising costs are expensed as incurred. Total advertising expenses incurred were $15.0 million, 
$11.7 million and $8.6 million in 2024, 2023 and 2022, respectively, and are included in Sales and marketing 
expenses in the accompanying Consolidated Statements of Operations.
Income Taxes
Our income tax expense includes U.S. and international income taxes. Certain items of income and 
expense are not reported in tax returns and financial statements in the same year. The tax effects of these 
differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the 
estimated future tax effects of deductible temporary differences and tax operating loss and credit 
carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income 
taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income 
and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will 
not be realized, we establish a valuation allowance. To the extent we establish a valuation allowance or 
increase this allowance in a period, we include an expense within Provision for income taxes in the 
Consolidated Statements of Operations.
Comprehensive Income
Comprehensive income consists of Net income and Other comprehensive income (loss), which 
includes foreign currency translation adjustments, changes in unrecognized actuarial gains and losses 
(net of tax) related to pension benefits, unrealized gains and losses on hedging instruments and 
unrealized gains and losses on marketable securities. We do not record tax provisions or benefits for the 

F-16
net changes in the foreign currency translation adjustment, as we intend to reinvest permanently 
undistributed earnings of our foreign subsidiaries. Accumulated other comprehensive loss is reported as a 
component of Stockholders’ equity and comprised the following as of September 30, 2024: cumulative 
translation adjustment losses of $78.1 million, unrecognized actuarial losses related to pension benefits of 
$15.2 million ($10.5 million net of tax), and accumulated net losses from net investment hedges of $14.8 
million ($13.1 million net of tax). As of September 30, 2023, Accumulated other comprehensive loss 
comprised the following: cumulative translation adjustment losses of $114.5 million, unrecognized 
actuarial losses related to pension benefits of $9.6 million ($6.7 million net of tax), and accumulated net 
gains from net investment hedges of $6.9 million ($3.1 million net of tax).
Earnings per Share (EPS)
Basic EPS is calculated by dividing net income by the weighted average number of shares 
outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted average 
number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, restricted shares 
and restricted stock units using the treasury stock method. The calculation of the dilutive effect of 
outstanding equity awards under the treasury stock method includes consideration of proceeds from the 
assumed exercise of stock options, unrecognized compensation expense and any tax benefits as 
additional proceeds. Anti-dilutive shares excluded from the calculations of diluted EPS were immaterial in 
the years ended September 30, 2024, 2023, and 2022.
The following table presents the calculation for both basic and diluted EPS:
(in thousands, except per share data)
Year ended September 30,
2024
2023
2022
Net income
$
376,333
$
245,540
$
313,081
Weighted average shares outstanding
119,679
118,341
117,194
Dilutive effect of employee stock options, restricted shares and restricted 
stock units
1,063
993
1,039
Diluted weighted average shares outstanding
120,742
119,334
118,233
Earnings per share—Basic
$
3.14
$
2.07
$
2.67
Earnings per share—Diluted
$
3.12
$
2.06
$
2.65
Stock-Based Compensation
We measure the compensation cost of employee services received in exchange for an award of 
equity based on the grant-date fair value of the award. That cost is recognized over the period during 
which an employee is required to provide service in exchange for the award. See Note 12. Equity 
Incentive Plans for a description of the types of equity awards granted, the compensation expense 
related to such awards and detail of such awards outstanding. See Note 8. Income Taxes for detail of the 
tax benefit related to stock-based compensation recognized in the Consolidated Statements of 
Operations.

F-17
Pending Accounting Pronouncements
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. The ASU will be effective for us in the second quarter of 2028, ending March 31, 2028. We are still 
evaluating the impact of this new guidance on our consolidated financial statements, but 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 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 2025. We expect the adoption to result 
in disclosure changes only.
3. Revenue from Contracts with Customers
Receivables, Contract Assets, and Contract Liabilities
(in thousands)
September 30,
2024
2023
Short-term and long-term receivables
$
1,062,052
$
997,490
Contract asset
$
14,410
$
16,465
Deferred revenue
$
775,274
$
681,550
As of September 30, 2024, $14.4 million of our contract assets are expected to be transferred to 
receivables within the next 12 months and therefore are included in Other current assets. As of September 
30, 2023, $16.1 million of our contract asset balance was included in Other current assets with the 
remainder included in Other assets. 
Approximately $12.3 million of the September 30, 2023 contract asset balance was transferred to 
receivables during the year ended September 30, 2024 as a result of the right to payment becoming 
unconditional. Additions to contract asset of approximately $10.2 million primarily related to revenue 
recognized in the period, net of billings. There were no impairments of contract assets in the year ended 
September 30, 2024.
During the year ended September 30, 2024, we recognized $645.5 million of revenue that was 
included in deferred revenue as of September 30, 2023. There were additional deferrals of $738.2 million, 
primarily related to new billings. For subscription contracts, we generally invoice customers annually.

F-18
Costs to Obtain or Fulfill a Contract
We recognize an asset for the incremental costs of obtaining a contract with a customer if the 
benefit of those costs is expected to be longer than one year. These deferred costs (primarily 
commissions) are amortized proportionately related to revenue over 5 years, which is generally longer 
than the term of the initial contract because of anticipated renewals as commissions for renewals are not 
commensurate with commissions related to our initial contracts. As of September 30, 2024 and September 
30, 2023, deferred costs of $42.5 million and $41.8 million, respectively, were included in Other current 
assets and $76.4 million and $78.7 million, respectively, were included in Other assets. Amortization 
expense related to costs to obtain a contract with a customer was $52.0 million, $53.4 million, and $50.9 
million in the years ended September 30, 2024, 2023, and 2022, respectively. There were no substantial 
impairments of the contract cost asset in the years ended September 30, 2024 and 2023.
Remaining Performance Obligations
Our contracts with customers include transaction price amounts allocated to performance 
obligations that will be satisfied and recognized as revenue at a later date. As of September 30, 2024, the 
transaction price amounts include additional performance obligations of $775.3 million recorded in 
deferred revenue and $1,494.0 million that are not yet recorded in the Consolidated Balance Sheets. Of 
the total $2,269.3 million, we expect to recognize approximately 57% over the next 12 months, 25% over 
the next 13 to 24 months, and the remaining amount thereafter.
Disaggregation of Revenue
(in thousands)
Year ended September 30,
2024
2023
2022
Recurring revenue(1)
$
2,134,030
$
1,907,918
$
1,736,188
Perpetual license
32,196
38,640
34,065
Professional services
132,246
150,495
163,094
Total revenue
$
2,298,472
$
2,097,053
$
1,933,347
(1)
Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and hosting services revenue.
We report revenue by the following two product groups:
(in thousands)
Year ended September 30,
2024
2023
2022
Product lifecycle management (PLM)
$
1,459,078
$
1,330,316
$
1,137,016
Computer-aided design (CAD)
839,394
766,737
796,331
Total revenue
$
2,298,472
$
2,097,053
$
1,933,347
We license products to customers worldwide. Our sales and marketing operations outside the United 
States are conducted principally through our international sales subsidiaries throughout Europe and the 
Asia Pacific region. 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)
Year ended September 30,
2024
2023
2022
Americas(1)
$
1,087,929
$
1,023,273
$
895,095
Europe(2)
859,387
753,796
714,216
Asia Pacific
351,156
319,984
324,036
Total revenue
$
2,298,472
$
2,097,053
$
1,933,347
(1)
Includes revenue in the United States totaling $1,057.3 million, $993.8 million, and $864.7 million for 2024, 2023 and 2022, 
respectively.
(2)
Includes revenue in Germany totaling $330.5 million, $292.0 million, and $318.5 million for 2024, 2023 and 2022, respectively.

F-19
4. Restructuring and Other Charges (Credits), Net
Restructuring and other charges (credits), net includes restructuring charges (credits) and impairment 
and accretion expense charges related to the lease assets of exited facilities. 
Restructuring and other charges (credits), net and related payments were immaterial in 2024 and 
2023 and the balances of restructuring accruals were immaterial as of September 30, 2024 and 2023.
In 2022, Restructuring and other charges (credits), net totaled $36.2 million, of which $32.4 million is 
attributable to restructuring charges primarily related to employee termination benefits, $5.1 million is 
attributable to other charges for professional fees included in restructuring related to our SaaS 
transformation, offset by a $1.3 million credit attributable to sublease income and the reversal of lease 
liabilities related to exited lease facilities. These charges substantially relate to a plan to restructure our 
workforce and consolidate select facilities to align our customer facing and product-related functions 
with SaaS industry best practices and accelerate the opportunity for our on-premises customers to move 
to the cloud. We made cash payments related to restructuring charges of $40.8 million ($34.0 million 
related to employee charges, $2.5 million in payments for other professional fees, and $4.3 million in net 
payments for variable costs related to restructured facilities).
5. Property and Equipment
Property and equipment consisted of the following:
(in thousands)
September 30,
2024
2023
Computer hardware and software
$
262,085
$
304,045
Furniture and fixtures
20,177
20,042
Leasehold improvements
79,802
77,703
Gross property and equipment
362,064
401,790
Accumulated depreciation and amortization
(286,877)
(313,399)
Net property and equipment
$
75,187
$
88,391
Depreciation expense was $27.6 million, $29.0 million and $27.1 million in 2024, 2023 and 2022, 
respectively.
Property and equipment additions which were accrued and unpaid as of September 30, 2024, 2023, 
and 2022 were $0.6 million, $1.8 million, and $6.8 million, respectively.
Our material long-lived assets primarily reside in the United States in 2024, 2023 and 2022. 
6. Acquisitions and Disposition of Businesses
Acquisition and transaction-related costs were $3.1 million, $18.7 million and $13.2 million in 2024, 2023 
and 2022, respectively. Acquisition and transaction-related costs include direct costs of potential and 
completed acquisitions (e.g., investment banker fees and professional fees, including legal and valuation 
services) and expenses related to acquisition integration activities (e.g., professional fees and severance). 
Other transactional charges include third-party costs related to structuring unusual transactions, such as 
the divestiture of a portion of our business. These costs are classified in General and administrative 
expenses in the accompanying Consolidated Statements of Operations. 
Our results of operations include or exclude, as applicable, the results of acquired or sold businesses 
beginning on their respective acquisition or sale date.
The acquisitions described below have been accounted for as business combinations. Assets 
acquired and liabilities assumed have been recorded at their estimated fair values as of the respective 
acquisition date. The fair values of intangible assets were based on valuations using discounted cash flow 
models which require the use of significant estimates and assumptions, including estimating future 

F-20
revenues, future costs, and an applicable discount rate. The excess of the purchase price over the 
tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill.
pure-systems
On October 4, 2023, we acquired pure-systems GmbH pursuant to a Share Purchase Agreement. 
pure-systems is a leading provider of product and software variant management solutions used by 
manufacturing companies to efficiently manage the different versions of software and systems 
engineering assets. The purchase price was $93.5 million, net of cash acquired, which we financed 
primarily with a draw on the revolving line of our credit facility. pure-systems had approximately 50 
employees on the close date. 
The following table outlines the purchase price allocation for pure-systems:
(in thousands)
Goodwill
$
77,118
Customer relationships
17,400
Purchased software
10,000
Trademarks
800
Net tax liability
(8,860)
Acquired debt
(2,475)
Other net liabilities
(526)
Total
$
93,457
The acquired customer relationships, purchased software, and trademarks are being amortized over 
useful lives of 18 years, 10 years, and 10 years, respectively, based on the expected economic benefit 
pattern of the assets. The acquired goodwill will not be deductible for income tax purposes. The amount 
of goodwill resulting from the purchase price allocation reflects the expected value that will be created 
by expanding our application lifecycle management (ALM) offerings, which are included within our PLM 
product group.
Our results of operations for the reported periods if presented on a pro forma basis would not differ 
materially from our reported results.
ServiceMax
On January 3, 2023, we acquired ServiceMax, Inc. pursuant to a Share Purchase Agreement dated 
November 17, 2022 by and among PTC, ServiceMax, Inc., and ServiceMax JV, LP. ServiceMax develops 
and licenses cloud-native, product-centric field service management (FSM) software, which is included 
within our PLM product group. The purchase price of $1,448.2 million, net of cash acquired, was payable 
in two installments. Upon closing of the transaction, PTC paid the first installment of $828.2 million, as 
adjusted for working capital, indebtedness, cash, and transaction expenses as set forth in the Share 
Purchase Agreement. The remaining installment of $650.0 million, of which $620.0 million represents the fair 
value as of the acquisition date and $30.0 million is imputed interest, was paid in October 2023. The fair 
value of the deferred acquisition payment was calculated based on our borrowing rate at the time of the 
acquisition. 
PTC borrowed $630 million under the revolving line of our new credit facility and $500 million under 
the term loan of the new credit facility to repay amounts under the prior credit facility and to pay the 
closing purchase price and transaction expenses related to the acquisition. ServiceMax had 
approximately 500 employees on the close date. In the year ended September 30, 2023, ServiceMax 
revenue was $137.6 million and ServiceMax earnings were immaterial.

F-21
The following table sets forth the purchase price allocation for ServiceMax. The purchase price 
allocation includes the finalization of measurement period adjustments related to intangibles and 
deferred tax liabilities that resulted in a $3.5 million increase in customer relationships, a $3.2 million 
increase in net tax liability, and a $0.3 million decrease in goodwill compared to the balances reported as 
of March 31, 2023. We also recorded a liability of $620.0 million related to the fair value of the $650.0 
million deferred purchase price payment. 
(in thousands)
Goodwill
$
974,850
Customer relationships
512,700
Purchased software
106,900
Accounts receivable
58,722
Trademarks
9,000
Other net assets
5,540
Net tax liability
(121,656)
Deferred revenue
(97,829)
Total
$
1,448,227
The acquired customer relationships, purchased software, and trademarks are being amortized over 
useful lives of 20 years, 10 years, and 10 years, respectively, based on the expected economic benefit 
pattern of the assets. The acquired goodwill will not be deductible for income tax purposes. The amount 
of goodwill resulting from the purchase price allocation reflects expected future growth as ServiceMax 
expands our closed-loop product lifecycle management (PLM) strategy. 
Unaudited Pro Forma Financial Information 
The unaudited pro forma financial information in the table below summarizes the combined results of 
operations for PTC and ServiceMax for the pro forma years ended September 30, 2023 and 2022. The 
unaudited pro forma financial information as presented below is for informational purposes only and is not 
necessarily indicative of the results of operations that would have been achieved if the acquisition had 
taken place at the beginning of fiscal 2022. Since the acquisition took place in fiscal 2023, the unaudited 
pro forma financial information was prepared as though ServiceMax was acquired at the beginning of 
fiscal 2022. The unaudited pro forma financial information for all periods presented includes adjustments 
to reflect certain business combination effects, including: amortization of acquired intangible assets, 
including the elimination of related ServiceMax expenses; acquisition-related costs incurred by both 
parties; reversal of certain costs incurred by ServiceMax which would not have been incurred had the 
acquisition occurred at the beginning of fiscal 2022; interest expense under the new combined capital 
structure; stock-based compensation charges; and the related tax effects as though ServiceMax was 
acquired as of the beginning of fiscal 2022.
The unaudited pro forma financial information for the years ended September 30, 2023 and 2022 
presented below combines the historical results of PTC for those periods, the historical results of 
ServiceMax for the year ended October 31, 2022 and the three months ended January 31, 2023, and the 
effects of the pro forma adjustments listed above.
(in thousands)
Pro forma year ended 
September 30,
2023
2022
Revenue
$
2,140,738
$
2,101,796
Net income
$
239,437
$
230,655
The impact from acquisitions other than ServiceMax for the reported periods if presented on a pro 
forma basis would not differ materially from our reported results.

F-22
Intland Software
On April 29, 2022, we acquired Intland Software, GmbH, and Eger Invest GmbH (together, “Intland 
Software”) pursuant to a Share Sale and Purchase Agreement. Intland Software developed and 
marketed the Codebeamer Application Lifecycle Management (ALM) family of software products. The 
purchase price of the acquisition was $278.1 million, net of cash acquired, which was financed with cash 
on hand and $264 million borrowed under our existing credit facility. Intland Software had approximately 
150 employees on the close date. 
The following table sets forth the purchase price allocation for Intland Software. 
(in thousands)
Goodwill
$
240,971
Customer relationships
38,800
Purchased software
19,100
Accounts receivable
6,506
Trademarks
1,300
Net tax liability
(20,811)
Deferred revenue
(6,925)
Other net liabilities
(818)
Total
$
278,123
The acquired customer relationships, purchased software, and trademarks are being amortized over 
useful lives of 11 years, 10 years, and 10 years, respectively, based on the expected economic benefit 
pattern of the assets. The acquired goodwill was allocated to our software products segment and will not 
be deductible for income tax purposes. The resulting amount of goodwill reflects the expected value that 
will be created by expanding our ALM offerings, which are complementary to our PLM offerings.
PLM Services Business Disposition
On June 1, 2022, we sold a portion of our PLM services business to ITC Infotech India Limited pursuant 
to a Strategic Partner Agreement dated as of April 20, 2022 by and between PTC and ITC Infotech. 
Consideration received from ITC Infotech for the sale was approximately $60.4 million, consisting of $32.5 
million cash paid on closing and $28.0 million of services to be provided by ITC Infotech to PTC for no 
additional charge.
We recognized a gain on the sale of $29.8 million, which is included within Other income, net. The 
recognized gain consists of $60.4 million of consideration received, less net assets of the business of $30.6 
million. Net assets include $33.0 million of goodwill allocated to the business, less $2.4 million of liabilities 
associated with approximately 160 employees who transferred to ITC Infotech. Goodwill was allocated to 
the sold business based on a relative fair value allocation of total goodwill of the Professional Services 
segment. 
Additional future contingent consideration of up to $20 million may be received by PTC based on 
certain performance milestones. We have elected to defer the recognition of gains associated with 
contingent consideration until they become realizable.

F-23
7. Goodwill and Acquired Intangible Assets
Goodwill and acquired intangible assets consisted of the following:
(in thousands)
September 30, 2024
September 30, 2023
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
Goodwill (not amortized)
$3,461,891
$3,358,511
Intangible assets with finite lives (amortized)(1):
Purchased software
$
634,439
$
436,471
$
197,968
$
615,915
$
395,109
$
220,806
Capitalized software
22,877
22,877
—
22,877
22,877
—
Customer lists and relationships
1,141,086
457,718
683,368
1,116,117
413,125
702,992
Trademarks and trade names
37,961
21,821
16,140
36,851
19,400
17,451
Other
3,941
3,941
—
3,867
3,867
—
$1,840,304
$
942,828
$
897,476
$1,795,627
$
854,378
$
941,249
Total goodwill and acquired intangible assets
$4,359,367
$4,299,760
(1)
The weighted-average useful lives of purchased software, customer lists and relationships, and trademarks and trade names 
with a remaining net book value are 11 years, 17 years, and 11 years, respectively. The weighted-average useful life for all 
intangible assets in total is 15 years. 
The changes in the carrying amounts of Goodwill from September 30, 2023 to September 30, 2024 
are due to the impact of acquisitions and to foreign currency translation adjustments related to those 
asset balances that are recorded in non-U.S. currencies.
Changes in Goodwill were as follows:
(in thousands)
Balance, September 30, 2022
$
2,353,654
ServiceMax acquisition
974,850
Foreign currency translation adjustments
30,007
Balance, September 30, 2023
$
3,358,511
pure-systems acquisition
77,118
Foreign currency translation adjustments
26,262
Balance, September 30, 2024
$
3,461,891
The aggregate amortization expense for intangible assets with finite lives recorded for the years 
ended September 30, 2024, 2023 and 2022 was reflected in our Consolidated Statements of Operations as 
follows:
(in thousands)
Year ended September 30,
2024
2023
2022
Amortization of acquired intangible assets
$
42,018
$
40,022
$
34,970
Cost of revenue
38,495
35,694
25,578
Total amortization expense
$
80,513
$
75,716
$
60,548
The estimated aggregate future amortization expense for intangible assets with finite lives remaining 
as of September 30, 2024 is $78.7 million for 2025, $78.8 million for 2026, $78.9 million for 2027, $76.1 million 
for 2028, $73.0 million for 2029 and $512.0 million thereafter.

F-24
8. Income Taxes
Our Income (loss) before income taxes consisted of the following:
(in thousands)
Year ended September 30,
2024
2023
2022
Domestic
$
43,504
$
(49,193)
$
97,460
Foreign
425,458
381,759
299,638
Total income before income taxes
$
468,962
$
332,566
$
397,098
Our Provision for income taxes consisted of the following:
(in thousands)
Year ended September 30,
2024
2023
2022
Current:
Federal
$
44,642
$
7,311
$
767
State
25,359
10,020
6,675
Foreign
61,668
53,019
33,612
131,669
70,350
41,054
Deferred:
Federal
(60,378)
(11,821)
25,730
State
(7,387)
(10,028)
(3,177)
Foreign
28,725
38,525
20,410
(39,040)
16,676
42,963
Provision for income taxes
$
92,629
$
87,026
$
84,017
Taxes computed at the statutory federal income tax rates are reconciled to the Provision for income 
taxes as follows:
(in thousands)
Year ended September 30,
2024
2023
2022
Statutory federal income tax rate
$
98,482
21%
$
69,839
21%
$
83,391
21%
State income taxes, net of federal tax benefit
4,631
1%
577
0%
6,518
2%
Federal research and development credits
(11,203)
(2)%
(7,751)
(2)%
(7,477)
(2)%
Uncertain tax positions
7,268
2%
23,302
7%
2,418
1%
Foreign tax credit
(30,119)
(7)%
(11,415)
(3)%
(9,078)
(2)%
Foreign rate differences
(15,368)
(3)%
(20,829)
(6)%
(8,982)
(2)%
Foreign tax on U.S. provision
15,120
3%
11,415
3%
9,078
2%
Excess tax benefits from restricted stock
(9,225)
(2)%
(6,963)
(2)%
(8,278)
(2)%
U.S. permanent items
2,711
0%
5,341
2%
3,453
—
Non-deductible compensation
10,157
2%
8,344
3%
11,851
3%
Base Erosion Anti-Abuse Tax (BEAT)
3,264
1%
—
—
—
—
GILTI, net of foreign tax credits
31,388
7%
17,861
5%
2,705
1%
Foreign-Derived Intangible Income (FDII)
(15,148)
(3)%
(8,987)
(3)%
(6,848)
(2)%
Non-deductible imputed interest
—
—
6,292
2%
—
—
Sale of a portion of the PLM services business
—
—
—
—
6,844
2%
Other, net
671
0%
—
(1)%
(1,578)
(1)%
Provision for income taxes
$
92,629
20%
$
87,026
26%
$
84,017
21%
In 2024, 2023, and 2022, our effective tax rate is impacted by our corporate structure in which our 
foreign taxes are at a net effective tax rate lower than the U.S. rate. A significant amount of our foreign 
earnings is generated by our subsidiaries organized in Ireland and the Cayman Islands. In 2024, 2023, and 
2022, the foreign rate differential predominantly relates to these earnings. In addition to the foreign rate 
differential, our tax rate differed from the U.S. statutory federal income tax due to the net effects of the 
Global Intangible Low-Taxed Income (GILTI) and Foreign Derived Intangible Income (FDII) regimes 
(together referred to as U.S. Tax reform), and the excess tax benefit related to stock-based 
compensation.

F-25
In 2024, the rate was impacted by a U.S. Tax Court ruling in Varian Medical Systems, Inc. v. 
Commissioner, issued on August 26, 2024.  The ruling related to the U.S. taxation of deemed foreign 
dividends in the transition year of the Tax Act (our fiscal 2018). As a result, we recorded a $14.4 million 
benefit for additional foreign tax credits that have become available to us. Additionally, our rate included 
a net benefit of $4.4 million for the effects of IRS procedural guidance requiring consent for previously 
automatic changes of accounting method. The IRS procedural guidance change significantly increased 
our estimated taxable income in the year ended September 30, 2024, resulting in an increase to the 
estimated tax benefit for the deductions associated with Global Intangible Low-Taxed Income and 
Foreign-Derived Intangible Income. The benefit from this IRS procedural guidance change will reverse in a 
future fiscal period if we receive IRS consent for a change in the treatment of these deductions. These 
benefits were offset by a tax expense of $4.6 million related to a tax reserve in a foreign jurisdiction. 
Additionally in 2023, our results include tax expense of $21.8 million relating to an uncertain tax 
position regarding transfer pricing in a foreign jurisdiction where we are currently under audit. Our rate 
was also impacted by non-deductible imputed interest related to the deferred payment on the 
acquisition of ServiceMax, Inc.
In 2022, our results include tax expense relating to the book over tax basis difference in goodwill 
disposed of as part of the sale of a portion of the PLM services business.
At September 30, 2024 and 2023, income taxes payable and income tax accruals recorded on the 
accompanying Consolidated Balance Sheets were $75.3 million ($40.0 million in Accrued income taxes, 
$6.2 million in Accrued expenses and other current liabilities and $29.1 million in Other liabilities) and $30.4 
million ($14.9 million in Accrued income taxes, $4.8 million in Accrued expenses and other current liabilities 
and $10.7 million in Other liabilities), respectively. At September 30, 2024 and 2023, prepaid taxes 
recorded in Prepaid expenses on the accompanying Consolidated Balance Sheets were $14.0 million 
and $22.7 million, respectively. We made net income tax payments of $68.6 million, $65.9 million and $55.0 
million in 2024, 2023 and 2022, respectively.

F-26
The significant temporary differences that created deferred tax assets and liabilities are shown 
below:
(in thousands)
September 30,
2024
2023
Deferred tax assets:
Net operating loss carryforwards
$
14,141
$
22,272
Foreign tax credits
2,028
3,750
Capitalized research and development
136,001
83,748
Pension benefits
7,629
5,327
Prepaid expenses
18,551
15,040
Deferred revenue
2,607
5,902
Stock-based compensation
22,231
19,684
Other reserves not currently deductible
34,422
19,604
Amortization of intangible assets
60,527
90,888
Research and development and other tax credits
25,706
64,618
Lease liabilities
46,460
50,102
Fixed assets
106,741
83,796
Capital loss carryforward
3,875
3,700
Other
3,528
2,279
Gross deferred tax assets
484,447
470,710
Valuation allowance
(21,755)
(21,695)
Total deferred tax assets
462,692
449,015
Deferred tax liabilities:
Acquired intangible assets not deductible
(257,731)
(263,178)
Lease assets
(34,160)
(37,332)
Pension prepayments
(3,283)
(1,808)
Deferred revenue
(1,243)
(17,400)
Depreciation
(4,683)
(5,779)
Deferred income
(11,636)
(8,656)
Prepaid commissions
(13,738)
(13,757)
Other
(9,030)
(7,294)
Total deferred tax liabilities
(335,504)
(355,204)
Net deferred tax assets
$
127,188
$
93,811
We reassess our valuation allowance requirements each financial reporting period. We assess 
available positive and negative evidence to estimate whether sufficient future taxable income will be 
generated to use our existing deferred tax assets.
For U.S. tax return purposes, net operating loss (NOL) carryforwards and tax credits are generally 
available to be carried forward to future years, subject to certain limitations. At September 30, 2024, we 
had U.S. federal tax effected NOL carryforwards from acquisitions of $0.8 million which expire in 2025 to 
2034. The use of these NOL carryforwards is limited as a result of the change in ownership rules under 
Internal Revenue Code Section 382. Additionally, we have state NOL carryforwards, net of federal 
benefit, of $6.9 million, with various expiration dates beginning in 2027, a number of which never expire.   
As of September 30, 2024, we had federal R&D credit carryforwards of $4.6 million, which expire 
beginning in 2026 and ending in 2044, and Massachusetts R&D credit carryforwards of $29.2 million, which 
expire beginning in 2025 and ending in 2039. We also had foreign tax credits of $2.0 million, which expire 
beginning in 2032 and ending in 2034.
We also have tax effected NOL carryforwards in non-U.S. jurisdictions totaling $6.9 million, the majority 
of which do not expire, and non-U.S. tax credit carryforwards of $2.2 million that expire beginning in 2031 
and ending in 2042. Additionally, we have tax effected amortization carryforwards of $66.1 million in a 
foreign jurisdiction. There are limitations imposed on the use of such attributes that could restrict the 
recognition of any tax benefits.
As of September 30, 2024, we have a valuation allowance of $17.4 million against net deferred tax 
assets in the United States and a valuation allowance of $4.4 million against net deferred tax assets in 
certain foreign jurisdictions. The $17.4 million U.S. valuation allowance relates to Massachusetts tax credit 
carryforwards which we do not expect to realize a benefit from prior to expiration. The valuation 
allowance recorded against net deferred tax assets of certain foreign jurisdictions is established primarily 

F-27
for our capital loss carryforwards, the majority of which do not expire. However, there are limitations 
imposed on the utilization of such capital losses that could restrict the recognition of any tax benefits.
The changes to the valuation allowance were primarily due to the following:
(in thousands)
Year ended September 30,
2024
2023
2022
Valuation allowance, beginning of year
$
21,695
$
22,283
$
52,085
Net increase (decrease) in deferred tax assets with a full valuation 
allowance(1)
60
(588)
(29,802)
Valuation allowance, end of year
$
21,755
$
21,695
$
22,283
(1)
In 2022, this change included the loss of foreign attributes upon liquidation of a foreign subsidiary.
Our policy is to record estimated interest and penalties related to the underpayment of income taxes 
as a component of our income tax provision. In 2024, 2023 and 2022 we recorded interest expense of $3.3 
million, $0.5 million and $0.2 million, respectively. In 2024, 2023 and 2022 we had no penalty expenses in 
our income tax provision. As of September 30, 2024 and 2023, we had accrued $3.1 million and $1.4 
million of net estimated interest expense, respectively. We had no accrued tax penalties as of September 
30, 2024, 2023 or 2022. 
Year ended September 30,
Unrecognized tax benefits (in thousands)
2024
2023
2022
Unrecognized tax benefit, beginning of year
$
50,742
$
23,923
$
21,166
Tax positions related to current year:
Additions
7,570
7,075
3,144
Tax positions related to prior years:
Additions
10,705
20,855
785
Reductions
(452)
—
(1,172)
Settlements
(3,530)
—
—
Statute expirations
—
(1,111)
—
Unrecognized tax benefit, end of year
$
65,035
$
50,742
$
23,923
If all of our unrecognized tax benefits as of September 30, 2024 were to become recognizable in the 
future, we would record a benefit to the income tax provision of $65.0 million (which would be partially 
offset by an increase in the U.S. valuation allowance of $6.2 million). 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 $27.0 million as audits close and statutes of limitations expire.
In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, 
including the IRS in the United States. 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, including Germany, Ireland, and Italy. Audits by tax authorities typically involve 
examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating 
losses and tax credits. Although we believe our tax estimates are appropriate, the final determination of 
tax audits and any related litigation could result in material changes in our estimates. As of September 30, 
2024, we remained subject to examination in the following major tax jurisdictions for the tax years 
indicated:
Major Tax Jurisdiction
Open Years
United States
2021 through 2024
Germany
2015 through 2024
France
2023 through 2024
Japan
2019 through 2024
Ireland
2019 through 2024

F-28
Additionally, net operating loss and tax credit carryforwards from certain earlier periods in these 
jurisdictions may be subject to examination to the extent they are used in later periods.
We incurred expenses related to stock-based compensation in 2024, 2023 and 2022 of $223.5 million, 
$206.5 million and $174.9 million, respectively. Accounting for the tax effects of stock-based awards 
requires that we establish a deferred tax asset as the compensation is recognized for financial reporting 
prior to recognizing the tax deductions. The tax benefit recognized in the Consolidated Statements of 
Operations related to stock-based compensation totaled $27.5 million, $33.4 million and $27.1 million in 
2024, 2023 and 2022, respectively. Upon vesting of the stock-based awards, the actual tax deduction is 
compared with the cumulative financial reporting compensation cost and any excess tax deduction is 
considered a windfall tax benefit and is recorded to the tax provision. In 2024, 2023 and 2022, net windfall 
tax benefits of $10.2 million, $7.8 million and $5.2 million were recorded to the tax provision. 
Prior to the passage of the U.S. Tax Cuts and Jobs Act in December of 2017 (the Tax Act), we asserted 
that substantially all of the undistributed earnings of our foreign subsidiaries were considered indefinitely 
reinvested and accordingly, no deferred taxes were provided. Pursuant to the provisions of the U.S. Tax 
Act, these earnings were subjected to U.S. federal taxation via a one-time transition tax, and there is 
therefore no longer a material cumulative basis difference associated with the undistributed earnings. We 
maintain our assertion of our intention to permanently reinvest these earnings outside the United States 
unless repatriation can be done substantially tax-free, with the exception of our Taiwan subsidiary. If we 
decide to repatriate any additional non-U.S. earnings in the future, we may be required to establish a 
deferred tax liability on such earnings. The amount of unrecognized deferred tax liability on the 
undistributed earnings would not be material.
9. Debt
As of September 30, 2024 and 2023, we had the following short- and long-term debt obligations:
(in thousands)
September 30,
 
2024
2023
4.000% Senior Notes due 2028
$
500,000
$
500,000
3.625% Senior Notes due 2025
500,000
500,000
Credit facility revolver line(1)(2)
262,000
202,000
Credit facility term loan(1)(2)
490,625
500,000
Total debt
1,752,625
1,702,000
Unamortized debt issuance costs for the Senior Notes(3)
(4,053)
(6,215)
Total debt, net of issuance costs(4)
$
1,748,572
$
1,695,785
(1)
Unamortized debt issuance costs related to the credit facility were $2.3 million included in Other current assets and $5.2 million 
included in Other assets on the Consolidated Balance Sheet as of September 30, 2024 and $2.3 million included in Other 
current assets and $7.5 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2023.
(2)
The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all 
amounts then outstanding will become due and payable is January 3, 2028. The term loan began amortizing in March 2024, 
with payments remaining of $21.9 million in 2025, $25.0 million in 2026 and 2027, and $418.7 million in 2028.
(3)
Of the unamortized debt issuance costs for the Senior Notes, $0.4 million was included in Current portion of long-term debt and 
$3.6 million was included in Long-term debt on the Consolidated Balance Sheet as of September 30, 2024. As of September 30, 
2023, all unamortized debt issuance costs for the Senior Notes were included in Long-term debt on the Consolidated Balance 
Sheets.
(4)
As of September 30, 2024, $521.5 million of debt was classified as short term, including $499.6 million associated with the 2025 
Senior Notes and related debt issuance costs and $21.9 million associated with the credit facility term loan. As of September 
30, 2023, $9.4 million of debt associated with the credit facility term loan was classified as short term with the remaining 
balance classified as long term.
Senior Unsecured Notes 
In February 2020, we issued $500 million in aggregate principal amount of 4.0% senior, unsecured 
long-term debt at par value, due in 2028 (the 2028 notes) and $500 million in aggregate principal amount 
of 3.625% senior, unsecured long-term debt at par value, due in February 2025 (the 2025 notes). 

F-29
As of September 30, 2024, the total estimated fair value of the 2028 and 2025 notes was 
approximately $485.7 million and $497.7 million, respectively, based on quoted prices for the notes on that 
date.
We were in compliance with all the covenants for all our Senior Notes as of September 30, 2024.
Terms of the 2028 and 2025 Notes
Interest on the 2028 and 2025 notes is payable semi-annually on February 15 and August 15. The debt 
indenture for the 2028 and 2025 notes includes covenants that limit our ability to, among other things, 
incur additional debt, grant liens on our properties or capital stock, enter into sale and leaseback 
transactions or asset sales, and make capital distributions.
We may, on one or more occasions, redeem the 2028 and 2025 notes in whole or in part at specified 
redemption prices. In certain circumstances constituting a change of control, we will be required to make 
an offer to repurchase the notes at a purchase price equal to 101% of the aggregate principal amount of 
the notes, plus accrued and unpaid interest. Our ability to repurchase the notes upon such event may be 
limited by law, by the indenture associated with the notes, by our then-available financial resources or by 
the terms of other agreements to which we may be party at such time. If we fail to repurchase the notes 
as required by the indenture, it would constitute an event of default under the indenture which, in turn, 
may also constitute an event of default under other obligations.
Credit Agreement
In January 2023, we entered into an amended and restated credit agreement for a new secured 
multi-currency bank credit facility with a syndicate of banks. Pursuant to the agreement, all revolving 
commitments under the prior credit agreement were replaced with the revolving commitments under the 
new credit facility. The new credit facility consists of (i) a $1.25 billion revolving credit facility, (ii) a $500 
million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional 
term loan tranches or increase the revolving credit facility. As of September 30, 2024, unused 
commitments under our credit facility were approximately $988.0 million and amounts available for 
borrowing were $972.1 million.
As of September 30, 2024, the fair value of our credit facility approximates its book value.
PTC Inc. and certain eligible foreign subsidiaries are eligible borrowers under the credit facility. Any 
borrowings by PTC Inc. under the credit facility would be guaranteed by PTC Inc.’s material domestic 
subsidiaries that become parties to the subsidiary guaranty, if any. Any borrowings by eligible foreign 
subsidiary borrowers would be guaranteed by PTC Inc. and any subsidiary guarantors and secured, 
subject to exceptions, by a first priority perfected security interest in substantially all existing and after-
acquired personal property owned by PTC Inc. and its material domestic subsidiaries (except for certain 
indirect material domestic subsidiaries). As of September 30, 2024, $83.0 million was borrowed by an 
eligible foreign subsidiary borrower.
Loans under the credit facility bear interest at variable rates that reset every 30 to 180 days 
depending on the base rate (for USD borrowings, either the adjusted Daily Simple RFR or adjusted Term 
SOFR) and period selected by us. The spread over the base rate depends on our total leverage ratio. As 
of September 30, 2024, the annual rate for borrowings outstanding was 6.9%. A quarterly revolving 
commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.175% to 
0.325% per annum, based upon our total leverage ratio. 
The credit facility limits our ability to, among other things: incur additional indebtedness; incur liens or 
guarantee obligations; pay dividends and make other distributions; make investments and enter into joint 
ventures; dispose of assets; and engage in transactions with affiliates, except on an arms-length basis. 
Under the credit facility, PTC Inc. and its material domestic subsidiaries may not invest cash or property in, 
or loan amounts to, PTC Inc.’s foreign subsidiaries in aggregate amounts exceeding $100 million for 
purposes other than acquisitions of businesses. The credit facility also requires that we maintain certain 

F-30
financial ratios. As of September 30, 2024, we were in compliance with all financial and operating 
covenants of the credit facility. 
In 2023, we incurred $13.4 million in financing costs in connection with the January 2023 credit facility 
and related arrangements, of which $4.2 million (related to a since-extinguished bridge loan) was 
expensed in the period and $9.2 million was recorded as deferred debt issuance costs and included in 
Other assets and Other current assets on the Consolidated Balance Sheet. Deferred debt issuance costs 
are expensed over the term of the obligations.
Interest
In 2024, 2023 and 2022, we incurred interest expense of $119.7 million, $129.4 million, and $54.3 million, 
respectively, and paid $137.0 million, $89.8 million and $48.5 million, respectively, of interest on our debt. 
Interest expense in the year ended 2023 includes $30.0 million of interest imputed on the $650.0 million 
deferred acquisition payment related to the ServiceMax acquisition. The average interest rate on 
borrowings outstanding during 2024, 2023 and 2022 was approximately 5.4%, 4.9% and 3.4%, respectively.
10. Commitments and Contingencies
As of September 30, 2024 and 2023, we had letters of credit and bank guarantees outstanding of 
$15.6 million (of which $0.6 million was collateralized) and $13.1 million (of which $0.5 million was 
collateralized), respectively, primarily related to our corporate headquarters lease.
Legal and Regulatory Matters
With respect to legal proceedings and claims, we record an accrual for a contingency when it is 
probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
We are subject to legal proceedings and claims against us in the ordinary course of business. As of 
September 30, 2024, we estimate that the range of possible outcomes for such matters is immaterial and 
we do not believe that resolving them will have a material adverse impact on our financial condition, 
results of operations or cash flows. However, the results of legal proceedings cannot be predicted with 
certainty. Should any of these legal proceedings and claims be resolved against us, the operating results 
for a reporting period could be adversely affected.
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.

F-31
11. Stockholders’ Equity
Preferred Stock
We may issue up to 5.0 million shares of our preferred stock in one or more series. Of these shares, 0.5 
million are designated as Series A Junior Participating Preferred Stock. Our Board of Directors is authorized 
to fix the rights and terms for any series of preferred stock without additional shareholder approval.
Common Stock
Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our 
Board of Directors has authorized us to repurchase up to $2 billion of our common stock in the period 
October 1, 2024 through September 30, 2027. We use cash from operations and borrowings under our 
credit facility to make such repurchases. All shares of our common stock repurchased are automatically 
restored to the status of authorized and unissued. 
We did not repurchase any shares in 2024 or 2023. In 2022, we repurchased 1.05 million shares for 
$125 million. 
12. Equity Incentive Plans
We have two equity incentive plans, our 2000 Equity Incentive Plan and our 2016 Employee Stock 
Purchase Plan (ESPP).
Our 2000 Equity Incentive Plan provides for grants of nonqualified and incentive stock options, 
common stock, restricted stock, restricted stock units and stock appreciation rights to employees, 
directors, officers and consultants. We award restricted stock units (RSUs) as the principal equity incentive 
awards, including certain performance-based awards that are earned based on achieving performance 
criteria established by the Compensation Committee of our Board of Directors on or prior to the grant 
date. Each RSU represents the contingent right to receive one share of our common stock.
Our ESPP allows eligible employees to contribute up to 10% of their base salary, up to a maximum of 
$25,000 per year and subject to any other plan limitations, toward the purchase of our common stock at 
a discounted price. The purchase price of the shares on each purchase date is equal to 85% of the lower 
of the fair market value of our common stock on the first and last trading days of each offering period. 
The ESPP is qualified under Section 423 of the Internal Revenue Code. We estimate the fair value of each 
purchase right under the ESPP on the date of grant using the Black-Scholes option valuation model and 
use the straight-line attribution approach to record the expense over the six-month offering period.
The following table shows total stock-based compensation expense recorded in our Consolidated 
Statements of Operations:
(in thousands)
Year ended September 30,
2024
2023
2022
Cost of license revenue
$
133
$
145
$
272
Cost of support and cloud services revenue
14,479
12,801
11,022
Cost of professional services revenue
6,827
7,928
11,481
Sales and marketing
68,541
56,394
49,467
Research and development
60,266
58,931
41,944
General and administrative
73,215
70,260
60,677
Total stock-based compensation expense
$
223,461
$
206,459
$
174,863
Stock-based compensation expense in 2024, 2023 and 2022 includes $6.8 million, $6.8 million, and 
$6.4 million respectively, related to our ESPP.

F-32
2000 Equity Incentive Plan Accounting and Stock-Based Compensation Expense
The fair value of RSUs granted in 2024, 2023 and 2022 was based on the fair market value of our stock 
on the date of grant for service- and certain performance- based RSUs and based on a Monte Carlo 
simulation model for relative total shareholder return (rTSR) performance RSUs. The weighted average fair 
value per share of RSUs granted in 2024, 2023 and 2022 was $164.73, $130.64 and $114.31, respectively.
We account for forfeitures as they occur, rather than estimate expected forfeitures.
As of September 30, 2024, total unrecognized compensation cost related to unvested RSUs expected 
to vest was approximately $190.3 million and the weighted average remaining recognition period for 
unvested RSUs was 17 months. As of September 30, 2024, the weighted average remaining vesting term 
for outstanding awards is 1.0 years.
As of September 30, 2024, 6.1 million shares of common stock were available for grant under the 
equity incentive plan and 2.1 million shares of common stock were reserved for issuance upon vesting of 
RSUs granted and outstanding. 
The following table sets forth the restricted stock unit activity for the year ended September 30, 2024.
(in thousands, except grant date fair value data)
Shares
Weighted
Average
Grant Date
Fair Value
Aggregate
Intrinsic Value
Balance of outstanding RSUs at October 1, 2023
2,581
$
122.82
Granted(1)
1,332
$
164.73
Vested
(1,731)
$
124.29
Forfeited or not earned
(118)
$
133.15
Balance of outstanding RSUs at September 30, 2024
2,064
$
147.92
$
372,884
(1)
RSUs granted include 11 shares from prior period rTSR awards that were earned upon achievement of the performance criteria 
and vested in November 2023 and 42 shares from prior period performance-based awards that were earned upon 
achievement of the performance criteria and vested in November 2023.
The following table presents the number of RSU awards granted by award type:
(in thousands)
Year ended 
September 30, 2024
Performance-based RSUs(1)
97
Service-based RSUs(2)
1,103
Relative Total Shareholder Return RSUs(3)
79
(1)
The performance-based RSUs are primarily made up of RSUs granted to our executives and are eligible to vest based upon 
annual performance measures over a three-year period. To the extent earned, those performance-based RSUs will vest in 
three substantially equal installments on November 15, 2024, November 15, 2025, and November 15, 2026, or the date the 
Compensation Committee determines the extent to which the applicable performance criteria have been achieved for each 
performance period. Up to a maximum of two times the number of RSUs can be earned.
(2)
The service-based RSUs were granted to employees, including our executive officers. Substantially all service-based RSUs will 
vest in three substantially equal annual installments on or about the anniversary of the date of grant.
(3)
The rTSR RSUs were granted to our executives and are eligible to vest based on the performance of PTC stock relative to the 
stock performance of an index of PTC peer companies established as of the grant date, as determined at the end of the 
measurement period ending on September 30, 2026. The RSUs earned will vest on November 15, 2026. Up to a maximum of 
two times the number of rTSR RSUs eligible to be earned for the period may vest. If the stock price as of the beginning of the 
period is below the stock price at the end of the period, a maximum of 100% of the rTSR RSUs may vest.
The weighted-average fair value of the rTSR RSUs was $209.16 per target RSU on the grant date. The 
fair value of the rTSR RSUs was determined using a Monte Carlo simulation model, a generally accepted 
statistical technique used to simulate a range of possible future stock prices for PTC and the peer group. 
The method uses a risk-neutral framework to model future stock price movements based upon the risk-
free rate of return, the historical volatility of each entity, and the pairwise correlations of each entity being 
modeled. The fair value for each simulation is the product of the payout percentage determined by 
PTC’s rTSR rank against the peer group, the projected price of PTC stock, and a discount factor based on 
the risk-free rate.

F-33
The significant assumptions used in the Monte Carlo simulation model were as follows:
2024
2023
2022
Average volatility of peer group
49.30%
41.54%
34.67%
Risk-free interest rate
4.65%
4.12%
0.81%
Dividend yield
—%
—%
—%
Expected term (in years)
2.87
2.87
2.87
The value of stock issued for vested RSUs is as follows:
(in thousands)
Year ended September 30,
2024
2023
2022
Stock issued for vested RSUs
$
289,333
$
240,066
$
199,738
In 2024, shares issued upon vesting of restricted stock units were net of 0.6 million shares retained by 
us to cover employee tax withholdings of $101.9 million. In 2023, shares issued upon vesting of restricted 
stock units were net of 0.6 million shares retained by us to cover employee tax withholdings of $82.8 
million. In 2022, shares issued upon vesting of restricted stock and restricted stock units were net of 0.6 
million shares retained by us to cover employee tax withholdings of $69.0 million.
As of September 30, 2024 and September 30, 2023, we had liability-classified awards related to stock-
based compensation based on a fixed monetary amount of $47.7 million and $44.9 million, respectively.
13. Employee Benefit Plan
We offer a savings plan to eligible U.S. employees. The plan is qualified under Section 401(k) of the 
Internal Revenue Code. Participating employees may defer a portion of their pre-tax compensation, as 
defined, but not more than statutory limits. We contribute 50% of the amount contributed by the 
employee, up to a maximum of 3% of the employee’s earnings. Our matching contributions vest 
immediately. We made matching contributions of $9.2 million, $8.6 million and $7.8 million in 2024, 2023 
and 2022, respectively.
14. Pension Plans
We maintain several international defined benefit pension plans primarily covering certain 
employees of Computervision, which we acquired in 1998, and CoCreate, which we acquired in 2008, 
and covering employees in Japan. Benefits are based upon length of service and average 
compensation with vesting after one to five years of service. The pension cost was actuarially computed 
using assumptions applicable to each subsidiary plan and economic environment. We adjust our pension 
liability related to our plans due to changes in actuarial assumptions and performance of plan 
investments, as shown below. The vested benefit obligation is determined as the actuarial present value 
of the vested benefits to which the employee is currently entitled to but based on the employee's 
expected date of separation or retirement. Effective in 1998, benefits under one of the international plans 
were frozen indefinitely.
The following table presents the actuarial assumptions used in accounting for the pension plans:
2024
2023
2022
Weighted average assumptions used to determine benefit obligations at 
September 30 measurement date:
Discount rate
3.3%
4.2%
3.7%
Rate of increase in future compensation
3.0%
3.0%
3.6%
Weighted average assumptions used to determine net periodic pension 
cost for fiscal years ended September 30:
Discount rate
4.2%
3.7%
1.0%
Rate of increase in future compensation
3.0%
3.6%
2.8%
Rate of return on plan assets
4.8%
4.8%
5.0%
In selecting the expected long-term rate of return on assets, we considered the current investment 
portfolio, and the investment return goals in the plans’ investment policy statements. We, with input from 
the plans’ professional investment managers and actuaries, also considered the average rate of earnings 
expected on the funds invested or to be invested to provide plan benefits. This process included 
determining expected returns for the various asset classes that comprise the plans’ target asset 

F-34
allocation. This basis for selecting the long-term asset return assumptions is consistent with the prior year. 
Using generally accepted diversification techniques, the plans’ assets, in aggregate and at the individual 
portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the 
plans’ long-term liabilities to employees. Plan asset allocations are reviewed periodically and rebalanced 
to achieve target allocation among the asset categories when necessary. The discount rate is based on 
yield curves for highly rated corporate fixed income securities matched against cash flows for each future 
year.
The weighted long-term rate of return assumption, together with the assumptions used to determine 
the benefit obligations as of September 30, 2024 in the table above, will be used to determine our 2025 
net periodic pension income, which we expect to be approximately $0.3 million.
As of September 30, 2024, the weighted average interest credit rate used in our two cash balance 
pension plans is 4.3%.
All non-service net periodic pension costs are presented in Other income, net on the Consolidated 
Statement of Operations. The actuarially computed components of net periodic pension cost recognized 
in our Consolidated Statements of Operations for each year are shown below:
(in thousands)
Year ended September 30,
2024
2023
2022
Interest cost of projected benefit obligation
$
2,368
$
2,126
$
550
Service cost
674
690
1,016
Expected return on plan assets
(3,361)
(3,541)
(3,712)
Amortization of prior service cost
—
—
(4)
Recognized actuarial loss
398
241
1,425
Settlement gain
(19)
—
(82)
Net periodic pension (benefit) cost
$
60
$
(484)
$
(807)

F-35
The following tables display the change in benefit obligation and the change in the plan assets and 
funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets:
(in thousands)
Year ended September 30,
2024
2023
Change in benefit obligation:
Projected benefit obligation, beginning of year
$
60,433
$
58,129
Service cost
674
690
Interest cost
2,368
2,126
Actuarial loss (gain)
7,128
(1,589)
Foreign exchange impact
3,319
3,714
Participant contributions
100
96
Benefits paid
(3,162)
(2,968)
Plan amendments
—
235
Settlements
(618)
—
Projected benefit obligation, end of year
$
70,242
$
60,433
Change in plan assets and funded status:
Plan assets at fair value, beginning of year
$
68,875
$
67,581
Actual return (loss) on plan assets
5,120
(1,919)
Employer contributions
3,697
1,343
Participant contributions
100
96
Foreign exchange impact
3,745
4,593
Settlements
(618)
—
Benefits paid
(3,162)
(2,968)
Plan amendments
—
149
Plan assets at fair value, end of year
77,757
68,875
Projected benefit obligation, end of year
70,242
60,433
Underfunded status
$
(12,438)
$
(10,693)
Overfunded status
$
19,953
$
19,135
Accumulated benefit obligation, end of year
$
69,580
$
59,602
Amounts recognized in the balance sheet:
Non-current asset
$
19,953
$
19,135
Non-current liability
$
(12,083)
$
(10,419)
Current liability
$
(355)
$
(274)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss
$
15,230
$
9,573
As of September 30, 2024 and 2023, two of our pension plans had projected benefit obligations and 
accumulated benefit obligations in excess of plan assets. Three international plans were overfunded. 
The following table shows the change in Accumulated other comprehensive loss:
(in thousands)
Year ended September 30,
2024
2023
Accumulated other comprehensive loss, beginning of year
$
9,573
$
5,408
Recognized during year - net actuarial losses
(398)
(241)
Occurring during year - settlement gain
19
—
Occurring during year - net actuarial losses (gains)
5,369
3,871
Plan amendments
—
91
Foreign exchange impact
667
444
Accumulated other comprehensive loss, end of year
$
15,230
$
9,573
In 2024, our actuarial losses were impacted by the decrease in discount rate from 4.2% in 2023 to 
3.3% in 2024. In 2023, our actuarial losses were impacted by volatility in capital markets and the impact of 
rising interest rates.

F-36
The following table shows the percentage of total plan assets for each major category of plan assets:
September 30,
Asset category
2024
2023
Equity securities
12%
31%
Fixed income securities
62%
42%
Commodities
6%
7%
Insurance company funds
9%
10%
Options
0%
0%
Cash
11%
10%
100%
100%
We periodically review the pension plans’ investments in the various asset classes. For the CoCreate 
plans in Germany, assets are actively allocated between equity and fixed income securities to achieve 
target return. For the other international plans, assets are allocated 100% to fixed income securities. The 
fixed income securities for the other international plans primarily include investments held with insurance 
companies with fixed returns. The plans’ investment managers are provided specific guidelines under 
which they are to invest the assets assigned to them. In general, investment managers are expected to 
remain fully invested in their asset class with further limitations on risk as related to investments in a single 
security, portfolio turnover and credit quality.
The German CoCreate plan's investment policy prohibits the use of derivatives associated with 
leverage and speculation or investments in securities issued by PTC, except through index-related 
strategies and/or commingled funds. An investment committee oversees management of the pension 
plans’ assets. Plan assets consist primarily of investments in equity and fixed income securities.
In 2024, 2023 and 2022, our actual return (loss) on plan assets was $5.1 million, $(1.9) million and $2.3 
million, respectively.
Based on actuarial valuations and additional voluntary contributions, we contributed $3.7 million, 
$1.3 million and $3.0 million in 2024, 2023 and 2022, respectively, to the plans. In 2025, we expect to 
contribute $0.6 million to the plans and to directly pay $3.3 million in benefits.
As of September 30, 2024, benefit payments expected to be paid over the next ten years are as 
follows:
(in thousands)
Future Benefit Payments
2025
$
4,344
2026
4,151
2027
4,812
2028
4,913
2029
4,947
2030 to 2034
25,551

F-37
Fair Value of Plan Assets
The international plan assets are comprised primarily of investments in a trust and an insurance 
company. The underlying investments in the trust are primarily governmental fixed income securities and 
equities in funds and exchange-traded funds (ETFs). They are classified as Level 1 because the underlying 
units of the trust are traded in open public markets. The fair value of the underlying investments in equity 
securities and fixed income are based upon publicly-traded exchange prices.
(in thousands)
September 30, 2024
Level 1
Level 2
Level 3
Total
Fixed income securities:
Government
$
48,146
$
—
$
—
$
48,146
Equities in funds
9,550
—
—
9,550
Commodities
4,309
—
—
4,309
Insurance company funds(1)
—
7,385
—
7,385
Cash
8,277
—
—
8,277
Options
90
—
—
90
Total plan assets
$
70,372
$
7,385
$
—
$
77,757
(in thousands)
September 30, 2023
Level 1
Level 2
Level 3
Total
Fixed income securities:
Government
$
27,322
$
—
$
—
$
27,322
Corporate investment grade
1,632
—
—
1,632
Large capitalization stocks
20,864
—
—
20,864
Commodities
4,977
—
—
4,977
Insurance company funds(1)
—
7,102
—
7,102
Cash
6,978
—
—
6,978
Total plan assets
$
61,773
$
7,102
$
—
$
68,875
(1)
These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of 
return. The insurance company invests these assets primarily in government and corporate bonds.
 

F-38
15. Fair Value Measurements
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 forward contracts 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 
September 30, 2024 and 2023 were as follows:
(in thousands)
September 30, 2024
Level 1
Level 2
Level 3
Total
Financial assets:
Cash equivalents(1)
$
48,509
$
—
$
—
$
48,509
Forward contracts
—
1,202
—
1,202
$
48,509
$
1,202
$
—
$
49,711
Financial liabilities:
Forward contracts
—
4,166
—
4,166
$
—
$
4,166
$
—
$
4,166
(in thousands)
September 30, 2023
Level 1
Level 2
Level 3
Total
Financial assets:
Cash equivalents(1)
$
72,754
$
—
$
—
$
72,754
Convertible note
—
—
2,000
2,000
Forward contracts
—
7,340
—
7,340
$
72,754
$
7,340
$
2,000
$
82,094
Financial liabilities:
Forward contracts
—
3,158
—
3,158
$
—
$
3,158
$
—
$
3,158
(1)
Money market funds and time deposits.
Level 3 Investments
Convertible Note 
In the fourth quarter of 2021, we invested $2.0 million in a non-marketable convertible note. This debt 
security was classified as available-for-sale and included in Other assets on the Consolidated Balance 
Sheet. During the twelve months ended September 30, 2024, we recorded a $2.0 million impairment loss 
related to this Level 3 investment. The impairment loss is included in Other income, net on the 
Consolidated Statements of Operations.

F-39
16. Derivative Financial Instruments
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
September 30,
2024
2023
2024
2023
Derivative assets:(1)
Forward contracts
$
181
$
3,770
$
1,021
$
3,570
Derivative liabilities:(2)
Forward contracts
$
630
$
—
$
3,536
$
3,158
(1)
As of September 30, 2024 and 2023, current derivative assets are recorded in Other current assets on the Consolidated 
Balance Sheets. 
(2)
As of September 30, 2024 and 2023, current derivative liabilities are recorded in Accrued expenses and other current liabilities 
on the Consolidated Balance Sheets. 
Non-Designated Hedges
As of September 30, 2024 and 2023, we had outstanding forward contracts not designated as 
hedging instruments with notional amounts equivalent to the following: 
September 30,
Currency Hedged (in thousands)
2024
2023
Euro / U.S. Dollar
$
781,398
$
383,227
British Pound / U.S. Dollar
24,810
6,058
Israeli Shekel / U.S. Dollar
12,535
11,852
Japanese Yen / U.S. Dollar
42,340
4,770
Swiss Franc / U.S. Dollar
74,939
32,766
Swedish Krona / U.S. Dollar
48,596
35,085
Chinese Renminbi / U.S. Dollar
32,124
16,660
New Taiwan Dollar / U.S. Dollar
16,368
11,855
All other
25,368
21,363
Total
$
1,058,478
$
523,636
The following table shows the effect of our non-designated hedges, including forward contracts and 
options, on the Consolidated Statements of Operations for the years ended September 30, 2024, 2023 
and 2022:
(in thousands)
Year ended September 30,
Location of Gain (Loss)
2024
2023
2022
Net realized and unrealized gain (loss), excluding the underlying 
foreign currency exposure being hedged
Other income, net
$
(6,238)
$ (11,757)
$ 14,603
In 2024, 2023 and 2022, foreign currency losses, net were $1.8 million, $2.1 million and $0.9 million, 
respectively. 
Net Investment Hedges
As of September 30, 2024 and 2023, we had outstanding forward contracts designated as net 
investment hedges with notional amounts equivalent to the following:
September 30,
Currency Hedged (in thousands)
2024
2023
Euro / U.S. Dollar
$
462,894
$
337,923
Japanese Yen / U.S. Dollar
10,739
10,285
Total
$
473,633
$
348,208

F-40
The following table shows the effect of our derivative instruments designated as net investment 
hedges on the Consolidated Statements of Operations for the years ended September 30, 2024, 2023, 
and 2022:
(in thousands)
Year ended September 30,
Location of Gain (Loss)
2024
2023
2022
Gain (loss) recognized in OCI
OCI
$ (21,643)
$ (10,033)
$ 23,379
Gain (loss) reclassified from OCI to earnings
n/a
$
—
$
—
$
—
Gain recognized, excluded portion
Other income, net
$
4,346
$
4,241
$
1,797
As of September 30, 2024, we estimate that all amounts reported in Accumulated other 
comprehensive loss will be applied against exposed balance sheet accounts upon translation within the 
next three months.
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 September 30, 2024:
(in thousands)
Gross Amounts Offset in the 
Consolidated Balance Sheets
Gross Amounts Not Offset in 
the Consolidated Balance 
Sheets
As of September 30, 2024
Gross 
Amount of 
Recognized 
Assets
Gross 
Amounts 
Offset in the 
Consolidated 
Balance 
Sheets
Net Amounts 
of Assets 
Presented in 
the 
Consolidated 
Balance 
Sheets
Financial 
Instruments
Cash 
Collateral 
Received
Net Amount
Forward Contracts
$
1,202
$
—
$
1,202
$
(1,202)
$
—
$
—
The following table sets forth the offsetting of derivative liabilities as of September 30, 2024:
(in thousands)
Gross Amounts Offset in the 
Consolidated Balance Sheets
Gross Amounts Not Offset in 
the Consolidated Balance 
Sheets
As of September 30, 2024
Gross 
Amount of 
Recognized 
Liabilities
Gross 
Amounts 
Offset in the 
Consolidated 
Balance 
Sheets
Net Amounts 
of Liabilities 
Presented in 
the 
Consolidated 
Balance 
Sheets
Financial 
Instruments
Cash 
Collateral 
Pledged
Net Amount
Forward Contracts
$
4,166
$
—
$
4,166
$
(1,202)
$
—
$
2,964

F-41
17. Leases
Our headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts. The lease is for 
approximately 250,000 square feet and runs through June 30, 2037. We subleased a portion of the leased 
space through January 31, 2024. Base rent for the first year of the lease was $11.0 million and increases by 
$1 per square foot per year thereafter ($0.3 million per year). Base rent first became payable on July 1, 
2020. In addition to the base rent, we are required to pay our pro rata portions of building operating costs 
and real estate taxes (together, “Additional Rent”). Annual Additional Rent is estimated to be 
approximately $8.0 million.
The components of lease cost reflected in the Consolidated Statements of Operations for the years 
ended September 30, 2024, 2023, and 2022 were as follows:
(in thousands)
Year ended September 30,
2024
2023
2022
Operating lease cost
$
33,288
$
32,402
$
34,346
Short-term lease cost
3,691
5,411
2,653
Variable lease cost
9,919
10,945
10,095
Sublease income
(1,436)
(4,749)
(4,600)
Total lease cost
$
45,462
$
44,009
$
42,494
Supplemental cash flow information for the years ended September 30, 2024, 2023, and 2022 was as 
follows:
2024
2023
2022
Cash paid for amounts included in the measurement of lease liabilities:
 Operating cash flows from operating leases
$
35,498
$
36,038
$
38,709
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases(1)
$
11,079
$
28,257
$
15,431
(1)
In the year ended September 30, 2023, operating lease additions included $4.0 million related to the ServiceMax acquisition.
Supplemental balance sheet information related to the leases as of September 30, 2024 and 2023 
was as follows:
2024
2023
Weighted-average remaining lease term - operating leases
10.3 years
10.9 years
Weighted-average discount rate - operating leases
5.4%
5.2%
Maturities of lease liabilities as of September 30, 2024 are as follows:
(in thousands)
Operating Leases
2025
$
32,256
2026
26,850
2027
21,917
2028
19,475
2029
17,518
Thereafter
120,895
Total future lease payments
238,911
Less: imputed interest
(57,157)
Total lease liability
$
181,754
18. Subsequent Events
On October 1, 2024, we entered into an amendment to our credit agreement. Prior to the 
amendment, if our outstanding 2025 Senior Notes had not been refinanced to mature on or after April 3, 
2028 or redeemed by November 16, 2024, all amounts outstanding under the credit facility would 
become due and payable on November 16, 2024. After the amendment, the amount outstanding under 
the credit facility will not become due and payable on November 16, 2024 if on that date our total cash 
and cash equivalent investments, readily-marketable securities, and available revolving commitments 
under the credit agreement are greater than or equal to $600 million. 

STOCK PERFORMANCE GRAPH
The Stock Performance Graph below compares the cumulative stockholder return on our common stock
from September 30, 2019 to September 30, 2024 with the cumulative return over the same period of:
the S&P 500 Index,
the NASDAQ Composite Index, and
the S&P 500 Information Technology Index.
The Stock Performance Graph assumes that the value of the investment in PTC common stock and
each of the comparison groups was $100 on September 30, 2019 and assumes the reinvestment of
dividends. We have never declared a cash dividend on our common stock.
The stock price performance depicted in the graph below is not necessarily indicative of future stock
price performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
$0
$50
$100
$150
$200
$250
$300
$350
9/ 19
9/ 20
9/ 21
9/ 22
9/ 24
9/ 23
PTC INC
S&P 500
NASDAQ Composite
Among PTC INC, the S&P 500 Index,
the NASDAQ Composite Index and the S&P 500 Information Technology Index
*$100 invested on 9/30/19 in stock or index, including reinvestment of dividends.  Fiscal year ending September 30.
S&P 500 Information Technology
9/30/2019
9/30/2020
9/30/2021
9/30/2022
9/30/2023
9/30/2024
PTC INC
100.00
121.33
175.70
153.42
207.80
264.98
S&P 500
100.00
115.15
149.70
126.54
153.89
209.84
NASDAQ Composite
100.00
140.96
183.61
135.41
170.76
236.74
S&P 500 Information Technology
100.00
147.23
189.78
151.82
214.22
327.07

Directors
Janice Chaffin, Board Chair
Group President (Retired), Symantec Corporation, an
enterprise cybersecurity company
Neil Barua
Chief Executive Officer, PTC Inc.
Mark Benjamin
Chief Executive Officer (Retired), Nuance Communications,
an enterprise software company
Robert Bernshteyn
General Partner, ICONIQ Capital, a venture capital firm
Amar Hanspal
Chief Executive Officer, AMBR Technologies, a provider of
software solutions for the building construction industry
Michal Katz
Head of Investment and Corporate Banking, Mizuho
Americas, a division of Mizuho Financial Group, a financial
institution
Paul Lacy
President (Retired), Kronos Incorporated, an enterprise
software company
Corinna Lathan
Chief Executive Officer, De Oro Devices, a biomedical
device company
Robert Schechter
Chief Executive Officer (Retired), NMS Communications
Corporation, a software company
Executive Officers
Neil Barua
Chief Executive Officer and President
Kristian Talvitie
Executive Vice President, Chief Financial Officer
Robert Dahdah
Executive Vice President, Chief Revenue Officer
Aaron von Staats
Executive Vice President, General Counsel and Secretary
Shareholders and Stock Listing
Our common stock is traded on the Nasdaq Global Select
Market under the symbol PTC. On September 30, 2024, our
common stock was held by 875 shareholders of record.
Investor Information
You may obtain a copy of any of the exhibits to our Annual
Report on Form 10-K free of charge. These documents are
available on our website at www.ptc.com or by contacting
PTC Investor Relations.
Requests for information about PTC should be directed to:
Investor Relations
PTC
121 Seaport Boulevard
Boston, MA 02210
Telephone: 781.370.5000
Email: investor@ptc.com
Annual Meeting
The 2025 Annual Meeting of Stockholders will be held at the
time and location stated below.
Wednesday, February 12, 2025
10:00 a.m., local time
PTC Headquarters
121 Seaport Boulevard
Boston, Massachusetts 02210
Dividends
We have not paid dividends on our common stock and retain
earnings for use in our business. We review our policy with
respect to the payment of dividends from time to time. However,
there can be no assurance that we will pay any dividends in the
future.
Internet Address
www.ptc.com
Independent Accountants
PricewaterhouseCoopers LLP, Boston, Massachusetts
Transfer Agent and Registrar
Equiniti Trust Company, LLC, New York, New York