Company: PTC
Filing Date: 2025-11-21
Form Type: 10-K
Source: 0001193125-25-291326
Chunk: 38

Company: PTC INC.
Filing Date: 2025-11-21
Form: 10-K
Item: Item 6
Chunk 38
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'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. Operating margin impact of non-GAAP adjustments: 

     Year ended September 30,

     2025

     2024

     GAAP operating margin

     35.9
     %

     25.6
     %

     Stock-based compensation

     7.9
     %

     9.7
     %

     Amortization of acquired intangible assets

     2.9
     %

     3.5
     %

     Acquisition and transaction-related charges

     0.3
     %

     0.1
     %

     Impairment and other charges (credits), net

     0.6
     %

     (—
     )%

     Non-GAAP operating margin

     47.5
     %

     38.9
     %

32

Critical Accounting Policies and EstimatesWe 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