Company: PTC
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015530
Chunk: 87

Company: PTC INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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 for Q1'25 was lower than the effective tax rate for the corresponding prior-year period primarily due to changes in the geographic mix of income before taxes. Additionally, for the three months ended December 31, 2024 and December 31, 2023, rates were impacted by a benefit of $5.4 million and an expense of $3.6 million, respectively, associated with the impact of tax reserves related to prior years in foreign jurisdictions.

In FY’24, we requested IRS consent for an accounting method change in the treatment of certain deductions. If we do not receive this consent, our future tax payments could be higher than currently estimated.

Critical Accounting Policies and Estimates

There were no material changes to our critical accounting policies and estimates as set forth under the heading Critical Accounting Policies and Estimates in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Annual Report on Form 10-K.

21

Recent Accounting Pronouncements

In accordance with recently issued accounting pronouncements, we will be required to comply with certain changes in accounting rules and regulations. Refer to Note 1. Basis of Presentation to the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q, which is incorporated herein by reference, for all recently issued accounting pronouncements, none of which are expected to have a material effect.

Liquidity and Capital Resources

    (in millions)
     
    December 31, 2024

    September 30, 2024

    Cash and cash equivalents
     
    $
    196.3

    $
    265.8

    Restricted cash

    0.6

    0.7

    Total
     
    $
    196.9

    $
    266.5

    (in millions)
     
    Three months ended

    December 31, 2024

    December 31, 2023

    Net cash provided by operating activities
     
    $
    238.4

    $
    187.3

    Net cash provided by (used in) investing activities
     
    $
    25.5

    $
    (105.4
    )

    Net cash used in financing activities
     
    $
    (324.3
    )
     
    $
    (112.0
    )

Cash, Cash Equivalents and Restricted Cash

We invest our cash with highly rated financial institutions.