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PTC Inc. (PTC-2.39%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenue of $565.1 million, an increase from $550.2 million in the same quarter the previous year. The increase in revenue was driven by growth in support and cloud services.
License revenue decreased to $172.8 million from $184.0 million, reflecting a lower volume and value of large contracts renewing in the quarter.
The company reported a gross margin of $453.3 million, representing 80% of total revenue, consistent with the previous year.
Operating income for the quarter was $115.5 million, down from $118.7 million in the previous year, primarily due to costs related to a go-to-market realignment.
Net income for the quarter was $82.2 million, up from $66.4 million in the previous year, driven by lower interest expenses and a non-cash tax benefit.
Cash provided by operating activities was $238.4 million, while cash used in investing and financing activities was $25.5 million and $324.3 million, respectively.
PTC had cash and cash equivalents of $196.3 million as of December 31, 2024. The company plans to use existing cash and cash equivalents, along with cash generated from operations and amounts available under its credit facility, to meet its capital requirements.
The filing also details the company's debt obligations, including $1,547.5 million in total debt as of December 31, 2024, with $524.9 million classified as short-term.
PTC's Annual Run Rate (ARR) grew 7% to $2.21 billion as of the end of the quarter, compared to the same period the previous year, reflecting the company's subscription-based business model.
The company continues to focus on expanding its software solutions and maintaining operational efficiency amid a challenging demand environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PTC Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.