Company: PTC
Filing Date: 2025-11-21
Form Type: 10-K
Source: 0001193125-25-291326
Chunk: 99

Company: PTC INC.
Filing Date: 2025-11-21
Form: 10-K
Item: Item 6
Chunk 99
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16. LeasesOur headquarters are located at 121 Seaport Boulevard, Boston, Massachusetts, encompassing approximately 250,000 square feet under a lease agreement that runs through June 2037. 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 $8.2 million.In 2025, we subleased certain portions of our Seaport headquarters for lease terms ending May 2031 and June 2037. We recognized an impairment charge of $12.8 million on right-of-use assets related to subleased facilities. For additional information on this impairment charge, see Note 2. Summary of Significant Accounting Policies.The components of lease cost reflected in the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023 were as follows: 

         (in thousands)
          
         Year ended September 30,

         2025

         2024

         2023

         Operating lease cost
          
         $
         32,912

         $
         33,288

         $
         32,402

         Short-term lease cost

         1,453

         3,691

         5,411

         Variable lease cost

         10,572

         9,919

         10,945

         Sublease income

         (958
         )

         (1,436
         )

         (4,749
         )

         Total lease cost
          
         $
         43,979

         $
         45,462

         $
         44,009

F-39

Supplemental cash flow information for the years ended September 30, 2025, 2024, and 2023 was as follows: 

         (in thousands)
          
         Year ended September 30,

         2025

         2024

         2023

         Cash paid for amounts included in the measurement of lease liabilities:

          Operating cash flows from operating leases
          
         $
         36,303

         $
         35,498