Item 2.02.Results of Operations and Financial Condition.
On November 3, 2021, PTC Inc. announced results for its fourth quarter and
fiscal year ended September 30, 2021. A copy of the press release is furnished
herewith as Exhibit 99.1.
Item 2.05.Costs Associated with Exit or Disposal Activities.
On November 3, 2021, PTC committed to a plan to restructure its workforce and
consolidate select facilities to align our customer facing and product-related
functions with SaaS industry best practices and accelerate the opportunity for
our on-premise customers to move to the Cloud. The restructuring is expected to
result in a charge of approximately $45 million to $50 million, which is
primarily attributable to employee termination benefits, substantially all of
which will be recorded in PTC's FY22 first fiscal quarter ending December 31,
2021. The restructuring will result in cash expenditures of approximately $45
million to $50 million, which we expect will primarily be paid in the first
quarter ending December 31, 2021, with the remainder following over the second
and third quarters of fiscal 2022.
In addition, in FY22, we anticipate cash expenditures of approximately $5
million related to our prior restructuring actions.
Item 5.02.Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 3, 2021, Troy Richardson, our Executive Vice President, Chief
Operating Officer, was promoted to President, Digital Thread Solutions. His
promotion is effective November 3, 2021.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
99.1 PTC Inc. Press Release dated November 3, 2021 .
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