PTC ANNOUNCES SECOND FISCAL QUARTER 2025 RESULTS

Delivered solid execution in Q2'25 and exceeded guidance across all metrics Constant Currency ARR Growth of 10% Operating Cash Flow Growth of 12% Free Cash Flow Growth of 13% Proceeding with share repurchases under our $2 billion authorization Continuing to build a strong foundation for AI-driven and verticalized growth Updating FY'25 guidance to proactively manage macroeconomic risk , /PRNewswire/ -- PTC (NASDAQ: PTC) today reported financial results for its second fiscal quarter ended March 31, 2025. "Q2 was a solid quarter for us, and I remain extremely optimistic about our position as an enabler of the digital economy – particularly our position as a supplier of software tools that make our customers more efficient as they design, manufacture, and service their products," said Neil Barua, President and CEO, PTC. "While the current macroeconomic uncertainty makes it challenging for us to predict precisely how our customers will react, PTC is in a better position today to meet our customers' demand than ever before. I am confident that PTC can help our customers navigate this period by accelerating their continued transition into the digital age," concluded Barua. Second Fiscal Quarter 2025 Highlights Key operating and financial highlights are set forth below. The definitions of our operating and non-GAAP financial measures and reconciliations of non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release. $ in millions Q2'25 Q2'24 YoY Change Q2'25Guidance ARR as reported $2,290 $2,088 10 % Constant currency ARR (FY'25 Plan FX rates1) $2,326 $2,119 10 % ~9.5% growth Operating cash flow $281 $251 12 % ~$274 Free cash flow $279 $247 13 % ~$270 Revenue2 $636 $603 6%3 $590 to $620 Operating margin2 35 % 30 % 530 bps Non-GAAP operating margin2 47 % 42 % 490 bps Earnings per share2 $1.354 $0.95 42 % $0.79 to $1.05 Non-GAAP earnings per share2 $1.79 $1.46 23 % $1.30 to $1.50 Total cash and cash equivalents $235 $249 (6 %) Gross debt5 $1,393 $2,011 (31 %) 1 On a constant currency basis, using our FY'25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods. 2 Revenue and, as a result, operating margin and earnings per share are impacted under ASC 606. 3 In Q2'25, revenue grew 8% year over year on a constant currency basis. 4 Q2'25 GAAP EPS included a non-cash tax benefit of $4.2 million or $0.03, due to the release of a tax reserve related to prior years. 5 Gross debt excludes unamortized debt issuance costs. "In Q2'25, the selling environment remained challenging. Given this backdrop, our ARR was solid, growing 10% year over year. Our Q2'25 cash flow was also solid, with operating cash flow growing 12% year over year and free cash flow growing 13% year over year, driven by our ARR growth, subscription business model, and diligent financial management. Additionally, we continued to execute our capital allocation strategy in a disciplined and consistent manner, repurchasing $75 million worth of our stock in Q2'25," said Kristian Talvitie, CFO. "We have updated our FY'25 guidance ranges to reflect our first half results and the potential for elevated macroeconomic uncertainty in the second half of FY'25. Supported by our guidance for 7% to 9% constant currency ARR growth, the predictability of our cash collections, the disciplined budgeting structure we have in place, and being mindful of foreign exchange rate fluctuations, we expect $840 million to $850 million of free cash flow in FY'25. We also remain focused on the disciplined and consistent execution of our capital allocation strategy, and we intend to proceed with approximately $75 million of share repurchases in Q3'25," Talvitie concluded. Full Fiscal Year 2025 and Third Fiscal Quarter Guidance $ in millions; % rounded to the nearest half FY'25 PreviousGuidance FY'25Guidance FY'25 YoYGrowthGuidance Q3'25Guidance Constant currency ARR (FY'25 Plan FX rates1) 9% to 10% growth 7% to 9% growth 7% to 9% 8.5% to 9.5% growth Operating cash flow $850 to $865 $855 to $865 14% to 15% $234 to $239 Free cash flow $835 to $850 $840 to $850 14% to 16% $230 to $235 Revenue $2,430 to $2,530 $2,445 to $2,565 6% to 12% $560 to $600 Earnings per share $3.36 to $4.24 $3.78 to $4.73 21% to 52% $0.56 to $0.88 Non-GAAP earnings per share $5.30 to $6.00 $5.80 to $6.55 14% to 29% $1.05 to $1.30 1 On a constant currency basis, using our FY'25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods. Reconciliation of Operating Cash Flow Guidance to Free Cash Flow Guidance $ in millions FY'25Guidance Q3'25 Guidance Operating cash flow $855 to $865 $234 to $239 Capital expenditures ~$15 ~$4 Free cash flow $840 to $850 $230 to $235 Reconciliation of EPS Guidance to Non-GAAP EPS Guidance FY'25 Guidance Q3'25Guidance Earnings per share $3.78 to $4.73 $0.56 to $0.88 Stock-based compensation $1.91 to $1.66 $0.47 to $0.38 Amortization of acquired intangibles ~$0.65 ~$0.16 Impairment and other charges (credits), net ~$0.03 ~$0.00 Acquisition and transaction-related charges ~$0.01 ~$0.00 Income tax adjustments ($0.58) to ($0.53) ($0.14) to ($0.12) Non-GAAP Earnings per share $5.80 to $6.55 $1.05 to $1.30 FY'25 financial guidance includes the following assumptions: We provide ARR guidance on a constant currency basis, using our FY'25 Plan foreign exchange rates (rates as of September 30, 2024) for all periods. We expect churn to remain low. For cash flow, due to largely similar invoicing seasonality, and consistent with the past 4 years, we expect the majority of our collections to occur in the first half of our fiscal year and for fiscal Q4 to be our lowest cash flow generation quarter. Compared to FY'24, given our FY'25 ARR guidance range, FY'25 GAAP operating expenses are expected to increase approximately 3% and FY'25 non-GAAP operating expenses are expected to increase approximately 4%, primarily due to investments to drive future growth. Cash flow guidance includes approximately $19 million of outflows related to go-to-market realignment, of which $14 million was paid out in the first half of FY'25, approximately $4 million is expected to be paid out in Q3'25, and approximately $1 million is expected to be paid out in Q4'25. Capital expenditures are expected to be approximately $15 million. Cash interest payments are expected to be approximately $90 million. Cash tax payments are expected to be approximately $110 million. GAAP and non-GAAP tax rates are expected to be approximately 20% to 25%. GAAP P&L results are expected to include the items below, totaling approximately $284 million to $314 million, as well as their related tax effects: approximately $200 million to $230 million of stock-based compensation expense, approximately $79 million of intangible asset amortization expense, approximately $4 million of impairment charges to right-of-use lease assets related to facilities subleasing activities, and approximately $1 million, net, related to acquisition and transaction-related expenses. As expected, we retired $500 million of senior notes that were due in Q2'25. We currently intend to repurchase approximately $300 million of our common stock in FY'25, of which $150 million was repurchased in the first half of FY'25, and approximately $75 million is expected to be repurchased in each of the two remaining quarters of FY'25. We currently expect our fully diluted share count to be approximately flat in FY'25. PTC's Second Fiscal Quarter Results Conference Call The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, April 30, 2025. To participate in the live conference call, dial (888) 330-2508 or (240) 789-2735, provide the passcode 7328695, and press # or log in to the webcast, available on PTC's Investor Relations website. A replay will also be available. Important Information About Our Operating and Non-GAAP Financial Measures Non-GAAP Financial Measures We provide supplemental non-GAAP financial measures to our financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges included in general and administrative expenses; impairment and other charges (credits), net; non-operating charges (credits), net shown in the reconciliation provided; and income tax adjustments. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in "Non-GAAP Financial Measures" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. In Q2'25, we changed the income statement caption of Restructuring and other charges (credits), net to Impairment and other charges (credits), net to reflect that the amounts presented are mainly impairment charges rather than restructuring charges. We correspondingly revised the caption with respect to the list of items excluded from our non-GAAP financial measures and, as reflected below, the list of items covered under that caption to reflect the primary charges and credits included in the adjustment. All charges and credits under the captioned line item remain the same. Impairment and other charges (credits), net are charges associated with disposal or exit activities, including lease impairment and abandonment charges, net charges or income related to impaired or exited facilities, restructuring severance charges resulting from substantial employee reduction actions, and other related costs. Free Cash Flow: We provide information on free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goals and intent to return excess cash to shareholders via stock repurchases. Free cash flow is cash provided by (used in) operations net of capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures. Constant Currency (CC): We present CC information to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency exchange rate fluctuations. To present CC information, FY'25 and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2024, rather than the actual exchange rates in effect during that period. 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 change over time, 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. Forward-Looking Statements Statements in this document that are not historic facts, including statements about our future operating, financial and growth expectations, and potential stock repurchases, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to, among other factors, the effects of recently imposed import tariffs, threats of additional and reciprocal import tariffs, and global trade tensions and uncertainty, volatile foreign exchange rates, high interest rates or increases in interest rates, inflation, tightening of credit standards and availability, geopolitical uncertainty, including the effects of the conflicts between Russia and Ukraine and in the Middle East, and tensions between the U.S. and China, any of which could cause customers to delay or reduce purchases of new software, adopt competing software solutions, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect our ARR (Annual Run Rate) and/or financial results and cash flow and growth; our investments in our software solutions may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if customers are slower to adopt those solutions than we expect or if they adopt competing solutions; our go-to-market realignment and other strategic initiatives to improve organizational and operational efficiency may not do so when or as we expect and may disrupt our business to a greater extent than we expect; other uses of cash or our credit facility limits could limit or preclude the return of excess cash to shareholders via share repurchases, or could change the amount and timing of any share repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including changes to tax laws in the U.S. and other countries and the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are described from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission. About PTC (NASDAQ: PTC) PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, 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. For more information, please visit www.ptc.com. PTC.com @PTC Blogs PTC Investor Relations Contact Matt ShimaoSVP, Investor Relations[email protected][email protected] PTC Inc. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 Revenue: Recurring revenue $ 601,549 $ 564,014 $ 1,125,860 $ 1,070,041 Perpetual license 5,836 6,753 15,241 15,193 Professional services 28,981 32,305 60,393 68,052 Total revenue (1) 636,366 603,072 1,201,494 1,153,286 Cost of revenue (2) 106,262 110,055 218,059 220,075 Gross margin 530,104 493,017 983,435 933,211 Operating expenses: Sales and marketing (2) 125,031 134,521 282,563 271,445 Research and development (2) 111,023 106,998 226,539 212,781 General and administrative (2) 54,993 61,526 108,312 130,732 Amortization of acquired intangible assets 11,380 10,424 22,820 20,787 Impairment and other charges (credits), net (3) 4,213 (7) 4,213 (802) Total operating expenses 306,640 313,462 644,447 634,943 Operating income 223,464 179,555 338,988 298,268 Other expense, net (18,215) (33,810) (40,585) (66,924) Income before income taxes 205,249 145,745 298,403 231,344 Provision for income taxes 42,605 31,300 53,527 50,512 Net income $ 162,644 $ 114,445 $ 244,876 $ 180,832 Earnings per share: Basic $ 1.35 $ 0.96 $ 2.04 $ 1.52 Weighted average shares outstanding 120,177 119,587 120,210 119,354 Diluted $ 1.35 $ 0.95 $ 2.02 $ 1.50 Weighted average shares outstanding 120,854 120,712 121,000 120,480 (1) See supplemental financial data for revenue by license, support and cloud services, and professional services. (2) See supplemental financial data for additional information about stock-based compensation. (3) Caption has been changed from "Restructuring and other charges (credits), net" to reflect that impairment is now the primary component of the charge. Additional information about this change can be found in the "Non-GAAP Financial Measures" section of this document. PTC Inc. SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION (in thousands, except per share data) Revenue by license, support and services is as follows: Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 License revenue (1) $ 254,395 $ 234,321 $ 427,149 $ 418,319 Support and cloud services revenue 352,990 336,446 713,952 666,915 Professional services revenue 28,981 32,305 60,393 68,052 Total revenue $ 636,366 $ 603,072 $ 1,201,494 $ 1,153,286 (1) License revenue includes the portion of subscription revenue allocated to license. The amounts in the income statement include stock-based compensation as follows: Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 Cost of revenue $ 5,507 $ 5,034 $ 11,420 $ 10,123 Sales and marketing 13,545 14,729 31,613 30,856 Research and development 14,391 13,936 30,546 28,174 General and administrative 18,069 20,492 33,784 44,051 Total stock-based compensation $ 51,512 $ 54,191 $ 107,363 $ 113,204 PTC Inc. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 GAAP gross margin $ 530,104 $ 493,017 $ 983,435 $ 933,211 Stock-based compensation 5,507 5,034 11,420 10,123 Amortization of acquired intangible assets included in cost of revenue 8,131 9,584 16,431 19,150 Non-GAAP gross margin $ 543,742 $ 507,635 $ 1,011,286 $ 962,484 GAAP operating income $ 223,464 $ 179,555 $ 338,988 $ 298,268 Stock-based compensation 51,512 54,191 107,363 113,204 Amortization of acquired intangible assets 19,511 20,008 39,251 39,937 Acquisition and transaction-related charges 610 302 825 2,808 Impairment and other charges (credits), net (2) 4,213 (7) 4,213 (802) Non-GAAP operating income (1) $ 299,310 $ 254,049 $ 490,640 $ 453,415 GAAP net income $ 162,644 $ 114,445 $ 244,876 $ 180,832 Stock-based compensation 51,512 54,191 107,363 113,204 Amortization of acquired intangible assets 19,511 20,008 39,251 39,937 Acquisition and transaction-related charges 610 302 825 2,808 Impairment and other charges (credits), net (2) 4,213 (7) 4,213 (802) Non-operating charges, net (3) - 2,000 - 2,000 Income tax adjustments (4) (21,699) (14,586) (46,390) (28,624) Non-GAAP net income $ 216,791 $ 176,353 $ 350,138 $ 309,355 GAAP diluted earnings per share $ 1.35 $ 0.95 $ 2.02 $ 1.50 Stock-based compensation 0.43 0.45 0.89 0.94 Amortization of acquired intangibles 0.16 0.17 0.32 0.33 Acquisition and transaction-related charges 0.01 0.00 0.01 0.02 Impairment and other charges (credits), net (2) 0.03 (0.00) 0.03 (0.01) Non-operating charges, net (3) - 0.02 - 0.02 Income tax adjustments (4) (0.18) (0.12) (0.38) (0.24) Non-GAAP diluted earnings per share $ 1.79 $ 1.46 $ 2.89 $ 2.57 (1) Operating margin impact of non-GAAP adjustments: Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2024 2023 2024 2023 GAAP operating margin 35.1 % 29.8 % 28.2 % 25.9 % Stock-based compensation 8.1 % 9.0 % 8.9 % 9.8 % Amortization of acquired intangibles 3.1 % 3.3 % 3.3 % 3.5 % Acquisition and transaction-related charges 0.1 % 0.1 % 0.1 % 0.2 % Impairment and other charges (credits), net (2) 0.7 % 0.0 % 0.4 % (0.1) % Non-GAAP operating margin 47.0 % 42.1 % 40.8 % 39.3 % (2) Caption has been changed from "Restructuring and other charges (credits), net" to reflect that impairment is now the primary component of the charge. Additional information about this change can be found in the "Non-GAAP Financial Measures" section of this document. (3) In Q2'24, we recognized an impairment loss of $2.0 million on an available-for-sale debt security. (4) 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. Additionally, in Q2'25, adjustments exclude a $4.9 million benefit related to the tax impact of tax reserves related to prior years in foreign jurisdictions, of which $4.2 million was a non-cash benefit. In the first six months of FY'25 and FY'24, adjustments exclude a $10.4 million benefit and a $3.6 million charge, respectively, related to the tax impact of tax reserves related to prior years in foreign jurisdictions. PTC Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, September 30, 2025 2024 ASSETS Cash and cash equivalents $ 235,169 $ 265,808 Accounts receivable, net 716,624 861,953 Property and equipment, net 68,047 75,187 Goodwill and acquired intangible assets, net 4,299,898 4,359,367 Lease assets, net 127,808 133,317 Other assets 714,885 687,910 Total assets $ 6,162,431 $ 6,383,542 LIABILITIES AND STOCKHOLDERS' EQUITY Deferred revenue $ 801,847 $ 775,274 Debt, net of deferred issuance costs 1,389,393 1,748,572 Lease obligations 178,105 181,754 Other liabilities 406,623 463,544 Stockholders' equity 3,386,463 3,214,398 Total liabilities and stockholders' equity $ 6,162,431 $ 6,383,542 PTC Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 Cash flows from operating activities: Net income $ 162,644 $ 114,445 $ 244,876 $ 180,832 Stock-based compensation 51,512 54,191 107,363 113,204 Depreciation and amortization 25,440 26,922 51,263 54,144 Amortization of right-of-use lease assets 8,237 7,735 16,165 15,459 Operating lease liability 1,254 (5,340) (2,596) (10,293) Accounts receivable (3,381) (46,443) 127,972 107,507 Accounts payable and accruals (35,370) (109) (50,706) (64,796) Deferred revenue 62,342 70,065 34,532 40,971 Income taxes 19,093 4,620 5,565 18,087 Other (10,462) 24,644 (14,696) (17,044) Net cash provided by operating activities 281,309 250,730 519,738 438,071 Capital expenditures (2,808) (3,639) (5,575) (8,202) Acquisition of businesses, net of cash acquired(1) - - - (93,457) Borrowings (payments) on debt, net(2) (155,000) (254,230) (360,125) 304,174 Repurchases of common stock (75,000) - (150,000) - Deferred acquisition payment(3) - - - (620,040) Net proceeds associated with issuance of common stock 13,307 12,709 13,307 12,709 Payments of withholding taxes in connection with vesting of stock-based awards (10,082) (20,858) (52,871) (71,184) Settlement of net investment hedges (16,048) 5,123 12,260 (2,224) Other financing & investing activities - - (1,410) - Foreign exchange impact on cash 3,153 (5,860) (6,048) 829 Net change in cash, cash equivalents, and restricted cash 38,831 (16,025) (30,724) (39,324) Cash, cash equivalents, and restricted cash, beginning of period 196,911 265,499 266,466 288,798 Cash, cash equivalents, and restricted cash, end of period $ 235,742 $ 249,474 $ 235,742 $ 249,474 Supplemental cash flow information: Cash paid for interest(3) $ 29,753 $ 49,263 $ 45,151 $ 94,020 (1) In Q1'24, we acquired pure-systems for $93 million, net of cash acquired. (2) In Q2'25, net repayments include borrowings on our credit facility revolver to fund the $500 million bond repayment in February. In Q1'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. (3) In Q1'24, we made a payment of $650 million to settle the ServiceMax deferred acquisition payment liability, of which $620 million is a financing outflow and $30 million is an operating outflow and included in cash paid for interest. PTC Inc. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) (in thousands) Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2025 2024 2025 2024 Cash provided by operating activities $ 281,309 $ 250,730 $ 519,738 $ 438,071 Capital expenditures (2,808) (3,639) (5,575) (8,202) Free cash flow $ 278,501 $ 247,091 $ 514,163 $ 429,869 SOURCE PTC Inc. 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PTC ANNOUNCES SECOND FISCAL QUARTER 2025 RESULTS

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