PTC ANNOUNCES $2 BILLION SHARE REPURCHASE AUTHORIZATION
BOSTON, Nov. 6, 2024 /PRNewswire/ -- PTC (NASDAQ: PTC) today announced that its Board of Directors has authorized the repurchase of up to $2 billion worth of PTC common stock through September 30, 2027.
"This repurchase authorization demonstrates the Board's confidence in PTC's ability to drive customer value while enhancing shareholder returns, and supports PTC's capital allocation strategy," said Janice Chaffin, Chair of the Board.
"PTC intends to repurchase approximately $300 million of our common stock in fiscal 2025, beginning in our first quarter, as we balance debt paydown with returning capital to shareholders. Our long-term goal remains to return approximately 50% of our free cash flow to shareholders via share repurchases, while also taking into consideration the interest rate environment and strategic opportunities," said Kristian Talvitie, CFO.
PTC expects to make such repurchases through open market purchases, including under Rule 10b5-1 plans, and may repurchase shares through other methods as well.
The specific timing and amount of repurchases will depend on a number of factors, including PTC's free cash flow, general business and economic conditions, alternative investment opportunities, PTC's stock price, and other considerations. The repurchase authorization may be extended, suspended, or discontinued at any time without prior notice and does not obligate us to repurchase any particular amount of common stock in any particular period.
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 25,000 customers globally. For more information, please visit www.ptc.com.
PTC Investor Relations Contact
Matt Shimao
SVP, Investor Relations
mshimao@ptc.com
investor@ptc.com
PTC Media Contact
Greg Payne
gpayne@ptc.com
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SOURCE PTC Inc.
