PTC (PTC) 10-Q 2 Feb 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2023	Jan. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	0-18059
Entity Registrant Name	PTC Inc.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2866152
Entity Address, Address Line One	121 Seaport Boulevard
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	781
Local Phone Number	370-5000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	PTC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119,552,405
Amendment Flag	false
Entity Central Index Key	0000857005
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
ASSETS
Cash and cash equivalents	$ 264,997	$ 288,103
Accounts receivable, net of allowance for doubtful accounts of $480 and $429 at December 31, 2023 and September 30, 2023, respectively	678,000	811,398
Prepaid expenses	123,160	96,016
Other current assets	68,252	81,849
Total current assets	1,134,409	1,277,366
Property and equipment, net	85,389	88,391
Goodwill	3,458,463	3,358,511
Acquired intangible assets, net	953,370	941,249
Deferred tax assets	123,109	123,319
Operating right-of-use lease assets	141,340	143,028
Other assets	375,077	356,978
Total assets	6,271,157	6,288,842
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	14,384	43,480
Accrued expenses and other current liabilities	118,751	132,841
Accrued compensation and benefits	117,368	160,431
Accrued income taxes	14,056	14,919
Current portion of long-term debt	12,500	9,375
Deferred acquisition payments	0	620,040
Deferred revenue	649,707	665,362
Short-term lease obligations	23,567	24,737
Total current liabilities	950,333	1,671,185
Long-term debt	2,248,355	1,686,410
Deferred tax liabilities	40,758	29,508
Long-term deferred revenue	15,777	16,188
Long-term lease obligations	166,458	168,455
Other liabilities	42,823	39,806
Total liabilities	3,464,504	3,611,552
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 500,000 shares authorized; 119,445 and 118,846 shares issued and outstanding at December 31, 2023 and September 30, 2023, respectively	1,194	1,188
Additional paid-in capital	1,860,934	1,820,905
Retained earnings	1,039,664	973,277
Accumulated other comprehensive loss	(95,139)	(118,080)
Total stockholders’ equity	2,806,653	2,677,290
Total liabilities and stockholders’ equity	$ 6,271,157	$ 6,288,842

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Allowance for doubtful accounts	$ 480	$ 429
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	119,445,000	118,846,000
Common stock, shares outstanding	119,445,000	118,846,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 550,214	$ 465,910
Cost of revenue:
Total cost of revenue	110,020	95,790
Gross margin	440,194	370,120
Operating expenses:
Sales and marketing	136,924	118,383
Research and development	105,783	88,177
General and administrative	69,206	50,971
Amortization of acquired intangible assets	10,363	8,026
Restructuring and other credits, net	(795)	(338)
Total operating expenses	321,481	265,219
Operating income	118,713	104,901
Interest and debt premium expense	(35,334)	(16,358)
Other income (expense), net	2,220	(2,119)
Income before income taxes	85,599	86,424
Provision for income taxes	19,212	11,389
Net income	$ 66,387	$ 75,035
Earnings per share—Basic	$ 0.56	$ 0.64
Earnings per share—Diluted	$ 0.55	$ 0.63
Weighted-average shares outstanding—Basic	119,124	117,819
Weighted-average shares outstanding—Diluted	120,250	118,788
License
Revenue:
License	$ 183,998	$ 172,698
Cost of revenue:
Cost of license revenue	10,329	12,753
Support and cloud services
Revenue:
Support and cloud services	330,469	257,656
Cost of revenue:
Cost of support and cloud services revenue	67,023	50,225
Software
Revenue:
Total software revenue	514,467	430,354
Cost of revenue:
Total cost of software revenue	77,352	62,978
Professional services
Revenue:
Professional services	35,747	35,556
Cost of revenue:
Cost of professional services revenue	$ 32,668	$ 32,812

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 66,387	$ 75,035
Other comprehensive income, net of tax:
Hedge loss arising during the period, net of tax of $3.8 million and $3.8 million in the first quarter of 2024 and 2023, respectively	(11,511)	(11,485)
Foreign currency translation adjustment, net of tax of $0 for each period	34,674	60,029
Change in defined benefit pension items, net of tax of $0 for each period	(222)	(308)
Other comprehensive income	22,941	48,236
Comprehensive income	$ 89,328	$ 123,271

Consolidated Statements Of Co_2

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Hedge loss arising during the period, tax	$ 3.8	$ 3.8
Foreign currency translation adjustment, tax	0	0
Change in pension benefit, tax	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 66,387	$ 75,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,222	21,328
Amortization of right-of-use lease assets	7,724	8,054
Stock-based compensation	59,013	41,504
Other non-cash items, net	(1,086)	(617)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	153,950	105,512
Accounts payable and accrued expenses	(51,204)	7,680
Accrued compensation and benefits	(13,483)	(17,530)
Deferred revenue	(29,094)	(19,635)
Accrued income taxes	13,467	(16,836)
Other current assets and prepaid expenses	(19,338)	2,956
Operating lease liabilities	(4,953)	7,895
Other noncurrent assets and liabilities	(21,264)	(34,425)
Net cash provided by operating activities	187,341	180,921
Cash flows from investing activities:
Additions to property and equipment	(4,563)	(9,180)
Acquisitions of businesses, net of cash acquired	(93,457)	0
Settlement of net investment hedges	(7,347)	(10,795)
Divestitures of businesses and assets, net	0	(154)
Net cash used in investing activities	(105,367)	(20,129)
Cash flows from financing activities:
Borrowings under credit facility	739,845	0
Repayments of borrowings under credit facility and acquired debt	(181,441)	0
Payments of withholding taxes in connection with stock-based awards	(50,326)	(52,423)
Payments of principal for financing leases	0	(217)
Credit facility origination costs	0	(1,350)
Payment of deferred acquisition consideration	(620,040)	0
Net cash used in financing activities	(111,962)	(53,990)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6,689	8,616
Net change in cash, cash equivalents, and restricted cash	(23,299)	115,418
Cash, cash equivalents, and restricted cash, beginning of period	288,798	272,888
Cash, cash equivalents, and restricted cash, end of period	265,499	388,306
Supplemental disclosure of non-cash financing and investing activities:
Withholding taxes in connection with stock-based awards, accrued	4,009	452
Operating right-of-use assets obtained in exchange for operating lease liabilities	$ 1,965	$ 13,375

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Sep. 30, 2022	$ 2,296,034	$ 1,175	$ 1,720,580	$ 727,737	$ (153,458)
Beginning balance (in shares) at Sep. 30, 2022		117,472,000
Common stock issued for employee stock-based awards		$ 11	(11)
Common stock issued for employee stock-based awards (in shares)		1,090,000
Shares surrendered by employees to pay taxes related to stock-based awards	(52,875)	$ (4)	(52,871)
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)		(401,000)
Compensation expense from stock-based awards	34,119		34,119
Net Income (Loss)	75,035			75,035
Loss on net investment hedges, net of tax	(11,485)				(11,485)
Foreign currency translation adjustment	60,029				60,029
Change in defined benefit pension items, net of tax	(308)				(308)
Ending balance at Dec. 31, 2022	2,400,549	$ 1,182	1,701,817	802,772	(105,222)
Ending balance (in shares) at Dec. 31, 2022		118,161,000
Beginning balance at Sep. 30, 2023	$ 2,677,290	$ 1,188	1,820,905	973,277	(118,080)
Beginning balance (in shares) at Sep. 30, 2023	118,846,000	118,846,000
Common stock issued for employee stock-based awards		$ 10	(10)
Common stock issued for employee stock-based awards (in shares)		950,000
Shares surrendered by employees to pay taxes related to stock-based awards	$ (54,336)	$ (4)	(54,332)
Shares surrendered by employees to pay taxes related to stock-based awards (in shares)		(351,000)
Compensation expense from stock-based awards	94,371		94,371
Net Income (Loss)	66,387			66,387
Loss on net investment hedges, net of tax	(11,511)				(11,511)
Foreign currency translation adjustment	34,674				34,674
Change in defined benefit pension items, net of tax	(222)				(222)
Ending balance at Dec. 31, 2023	$ 2,806,653	$ 1,194	$ 1,860,934	$ 1,039,664	$ (95,139)
Ending balance (in shares) at Dec. 31, 2023	119,445,000	119,445,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 66,387	$ 75,035

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended
	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Director and Executive Officer Adoption, Modification or Termination of 10b5-1 Plans in Q1’24 Our section 16 officers and directors may enter into plans or arrangements for the purchase or sale of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Such plans and arrangements must comply in all respects with our insider trading policies, including our policy governing entry into and operation of 10b5-1 plans and arrangements. During the quarter ended December 31, 2023, the following Section 16 officers and directors adopted Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K of the Exchange Act). All plans adopted covered only sales of PTC common stock. No plans were modified or terminated . Name and Title of Director or Section 16 Officer Date of Adoption, Modification, or Termination Duration of the Plan Aggregate Number of Shares of Common Stock that may be Sold under the Plan Paul Lacy Director Adopted December 1, 2023 Ends December 31, 2024 7,500
Name	Paul Lacy
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 1, 2023
Rule 10b5-1 Arrangement Terminated	false
Termination Date	December 31, 2024
Aggregate Available	7,500
Rule 10b51 Arr Modified Flag	false

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation General The accompanying unaudited condensed consolidated financial statements include the accounts of PTC Inc. and its wholly owned subsidiaries and have been prepared by management in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited quarterly financial statements should be read in conjunction with our annual consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary for a fair statement of our financial position, results of operations and cash flows as of the dates and for the periods indicated. The September 30, 2023 Consolidated Balance Sheet included herein is derived from our audited consolidated financial statements. Unless otherwise indicated, all references to a year mean our fiscal year, which ends on September 30. Pending Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU will be effective for us in 2026. We expect the adoption to result in disclosure changes only. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU will be effective for us in 2025. We expect the adoption to result in disclosure changes only.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	2. Revenue from Contracts with Customers Receivables, Co ntract Assets and Contract Liabilities (in thousands) December 31, September 30, Short-term and long-term receivables $ 880,808 $ 997,490 Contract asset $ 17,563 $ 16,465 Deferred revenue $ 665,484 $ 681,550 During the three months ended December 31, 2023, we recognized $ 289.4 million of revenue that was included in Deferred revenue as of September 30, 2023. The remainder of the change was driven by additional deferrals, primarily from new billings. Our multi-year, non-cancellable on-premises subscription contracts provide customers with an annual right to exchange software within the subscription with other software. As of December 31, 2023 and September 30, 2023, our total revenue liability was $ 25.5 million and $ 23.7 million, respectively, primarily associated with the annual right to exchange on-premises subscription software. Remaining Performance Obligations Our contracts with customers include transaction price amounts allocated to performance obligations that will be satisfied and recognized as revenue at a later date. As of December 31, 2023, the transaction price amounts include performance obligations of $ 665.5 million recorded in Deferred revenue and $ 1,499.7 million that are not yet recorded in the Consolidated Balance Sheets. We expect to recognize approximately 60 % of the total $ 2,165.2 million over the next 12 months, with the remaining amount thereafter. Disaggregation of Revenue (in thousands) Three months ended December 31, 2023 December 31, 2022 Recurring revenue (1) $ 506,027 $ 417,110 Perpetual license 8,440 13,244 Professional services 35,747 35,556 Total revenue $ 550,214 $ 465,910 (1) Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and cloud services revenue. Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below. (in thousands) Three months ended December 31, December 31, Americas $ 267,267 $ 226,912 Europe 196,953 167,210 Asia Pacific 85,994 71,788 Total revenue $ 550,214 $ 465,910

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Stock-Based Compensation	3. Stock-based Compensation The value of stock issued for restricted stock units (RSUs) vested is as follows: (in thousands) Three months ended December 31, 2023 December 31, 2022 Stock issued for vested RSUs $ 146,869 $ 143,794 Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended December 31, December 31, Cost of license revenue $ 38 $ 37 Cost of support and cloud services revenue 3,382 2,790 Cost of professional services revenue 1,669 1,248 Sales and marketing 16,127 12,196 Research and development 14,238 11,458 General and administrative 23,559 13,775 Total stock-based compensation expense $ 59,013 $ 41,504 As of December 31, 2023 and September 30, 2023 , we had liability-classified awards related to stock-based compensation based on a fixed monetary amount of $ 9.5 million and $ 44.9 million, respectively.

Earnings per Share (EPS) and Co

Earnings per Share (EPS) and Common Stock	3 Months Ended
	Dec. 31, 2023
Earnings Per Share And Common Stock [Abstract]
Earnings per Share (EPS) and Common Stock	4. Earnings per Share (EPS) and Common Stock EPS The following table presents the calculation for both basic and diluted EPS: (in thousands, except per share data) Three months ended December 31, December 31, Net income $ 66,387 $ 75,035 Weighted-average shares outstanding—Basic 119,124 117,819 Dilutive effect of restricted stock units 1,126 969 Weighted-average shares outstanding—Diluted 120,250 118,788 Earnings per share—Basic $ 0.56 $ 0.64 Earnings per share—Diluted $ 0.55 $ 0.63 Anti-dilutive shares were immaterial for the three months ended December 31, 2023 and December 31, 2022 .

Acquisitions

Acquisitions	3 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Acquisitions	5. Acquisitions Acquisition and transaction-related costs in the three months ended December 31, 2023 totaled $ 2.5 million, compared to $ 5.8 million in the three months ended December 31, 2022. These costs are classified in General and administrative expense in the accompanying Consolidated Statements of Operations. pure-systems On October 4, 2023, we acquired pure-systems GmbH pursuant to a Share Purchase Agreement. Pure-systems is a leading provider of product and software variant management solutions used by manufacturing companies to efficiently manage the different versions of software and systems engineering assets. The purchase price was $ 93.5 million, net of cash acquired, which was financed primarily with a draw on the revolving line of our credit facility. Pure-systems had approximately 50 employees on the close date. The acquisition of pure-systems has been accounted for as a business combination. Assets and liabilities assumed have been recorded at their estimated fair values as of the acquisition date. The fair values of intangible assets were based on valuations using a discounted cash flow model which requires the use of significant estimates and assumptions, including estimating future revenues and costs. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The purchase price allocation is considered preliminary, pending finalization of the valuation of intangible assets. Additional adjustments may be recorded during the measurement period to Goodwill, intangible assets, and net tax liabilities. The following table outlines the preliminary purchase price allocation for pure-systems: (in thousands) Goodwill $ 77,118 Customer relationships 17,400 Purchased software 10,000 Trademarks 800 Net tax liability ( 8,860 ) Acquired debt ( 2,475 ) Other net liabilities ( 526 ) Total $ 93,457 The acquired customer relationships, purchased software, and trademarks are being amortized over useful lives o f 18 years, 10 years, and 10 years, respectively, based on the expected economic benefit pattern of the assets. The acquired goodwill will not be deductible for income tax purposes. The amount of goodwill resulting from the purchase price allocation reflects the expected value that will be created by expanding our ALM offerings, which are included within our PLM product group. Our results of operations for the reported periods if presented on a pro forma basis would not differ materially from our reported results. ServiceMax On January 3, 2023, we acquired ServiceMax, Inc. pursuant to a Share Purchase Agreement dated November 17, 2022 for $ 1,448.2 million, net of cash acquired. PTC paid the first installment of $ 828.2 million on the acquisition date. The remaining installment of $ 650.0 million, of which $ 620.0 million represents the fair value as of the acquisition date and $ 30.0 million is imputed interest, was paid in October 2023. The fair value of the deferred acquisition payment was calculated based on our borrowing rate at the time of the acquisition. The purchase price allocation resulted in $ 974.9 million of Goodwill, $ 628.6 million of intangible assets, $ 121.7 million of net tax liabilities, and $ 33.6 million of other net liabilities. ServiceMax develops and licenses cloud-native, product-centric field service management (FSM) software, which is included within our PLM product group. ServiceMax had approximately 500 employees on the close date.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. Goodwill and Intangible Assets Goodwill and acquired intangible assets consisted of the following: (in thousands) December 31, 2023 September 30, 2023 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill (not amortized) $ 3,458,463 $ 3,358,511 Intangible assets with finite lives (amortized): Purchased software $ 629,554 $ 406,952 $ 222,602 $ 615,915 $ 395,109 $ 220,806 Capitalized software 22,877 22,877 — 22,877 22,877 — Customer lists and relationships 1,140,213 427,224 712,989 1,116,117 413,125 702,992 Trademarks and trade names 37,892 20,113 17,779 36,851 19,400 17,451 Other 3,928 3,928 — 3,867 3,867 — Total intangible assets with finite lives $ 1,834,464 $ 881,094 $ 953,370 $ 1,795,627 $ 854,378 $ 941,249 Total goodwill and acquired intangible assets $ 4,411,833 $ 4,299,760 Changes in Goodwill were as follows: (in thousands) Balance, October 1, 2023 $ 3,358,511 Acquisitions 77,118 Foreign currency translation adjustment 22,834 Balance, December 31, 2023 $ 3,458,463 The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended December 31, December 31, Amortization of acquired intangible assets $ 10,363 $ 8,026 Cost of revenue 9,566 6,142 Total amortization expense $ 19,929 $ 14,168

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or • Level 3: unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset's or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Money market funds, time deposits, and corporate notes/bonds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The principal market in which we execute our foreign currency derivatives is the institutional market in an over-the-counter environment with a relatively high level of price transparency. The market participants usually are large financial institutions. Our foreign currency derivatives’ valuation inputs are based on quoted prices and quoted pricing intervals from public data sources and do not involve management judgment. These contracts are typically classified within Level 2 of the fair value hierarchy. Our significant financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and September 30, 2023 were as follows: (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents (1) $ 58,772 $ — $ — $ 58,772 Convertible note — — 2,000 2,000 Forward contracts — 1,473 — 1,473 $ 58,772 $ 1,473 $ 2,000 $ 62,245 Financial liabilities: Forward contracts — 5,584 — 5,584 $ — $ 5,584 $ — $ 5,584 (in thousands) September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents (1) $ 72,754 $ — $ — $ 72,754 Convertible note — — 2,000 2,000 Forward contracts — 7,340 — 7,340 $ 72,754 $ 7,340 $ 2,000 $ 82,094 Financial liabilities: Forward contracts — 3,158 — 3,158 $ — $ 3,158 $ — $ 3,158 (1) Money market funds and time deposits.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. Derivative Financial Instruments We enter into foreign currency forward contracts to manage our exposure to foreign currency exchange risk in order to reduce earnings volatility. We do not enter into derivative transactions for trading or speculative purposes. The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets: (in thousands) Fair Value of Derivatives Designated As Hedging Instruments Fair Value of Derivatives Not Designated As Hedging Instruments December 31, September 30, December 31, September 30, Derivative assets (1) : Forward contracts $ — $ 3,770 $ 1,473 $ 3,570 Derivative liabilities (2) : Forward contracts $ 3,051 $ — $ 2,533 $ 3,158 (1) As of December 31, 2023 and September 30, 2023 , current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2) As of December 31, 2023 and September 30, 2023 , current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. Non-Designated Hedges We hedge our net foreign currency monetary assets and liabilities primarily resulting from foreign currency denominated receivables and payables with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates. These contracts have maturities of up to approximately three months . Generally, we do not designate these foreign currency forward contracts as hedges for accounting purposes and changes in the fair value of these instruments are recognized immediately in earnings. Because we enter into forward contracts only as an economic hedge, gains or losses on the underlying foreign-denominated balance are generally offset by the losses or gains on the forward contract. Gains and losses on forward contracts and foreign denominated receivables and payables are included in Other income (expense), net. As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following: Currency Hedged (in thousands) December 31, September 30, Canadian Dollar / U.S. Dollar $ 2,547 $ 5,135 Euro / U.S. Dollar 437,668 383,227 British Pound / U.S. Dollar 5,359 6,058 Israeli Shekel / U.S. Dollar 9,264 11,852 Japanese Yen / U.S. Dollar — 4,770 Swiss Franc / U.S. Dollar 11,303 32,766 Swedish Krona / U.S. Dollar 14,229 35,085 Chinese Renminbi / U.S. Dollar 5,180 16,660 New Taiwan Dollar / U.S. Dollar 18,492 11,855 Korean Won / U.S. Dollar — 6,157 Danish Krone / U.S. Dollar 5,358 6,731 All other 4,609 3,340 Total $ 514,009 $ 523,636 The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022: (in thousands) Three months ended Location of Gain (Loss) December 31, December 31, Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged Other income (expense), net $ ( 3,735 ) $ ( 11,009 ) In the three months ended December 31, 2023, foreign curren cy gains, net were $ 1.0 million. In the three months ended December 31, 2022, foreign currency losses, net were $ 3.2 million. Net Investment Hedges We translate balance sheet accounts of subsidiaries with foreign functional currencies into the U.S. Dollar using the exchange rate at each balance sheet date. Resulting translation adjustments are reported as a component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. We designate certain foreign exchange forward contracts as net investment hedges against exposure on translation of balance sheet accounts of Euro and Japanese Yen functional subsidiaries. Net investment hedges partially offset the impact of foreign currency translation adjustment recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. All foreign exchange forward contracts are carried at fair value on the Consolidated Balance Sheets and the maximum duration of net investment hedge foreign exchange forward contracts is approximately three months . Net investment hedge relationships are designated at inception, and effectiveness is assessed retrospectively on a quarterly basis using the net equity position of Euro and Japanese Yen functional subsidiaries. As the forward contracts are highly effective in offsetting exchange rate exposure, we record changes in these net investment hedges in Accumulated other comprehensive loss and subsequently reclassify them to foreign currency translation adjustment in Accumulated other comprehensive loss at the time of forward contract maturity. Changes in the fair value of foreign exchange forward contracts due to changes in time value are excluded from the assessment of effectiveness. Our derivatives are not subject to any credit contingent features. We manage credit risk with counterparties by trading among several counterparties and we review our counterparties’ credit at least quarterly. As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following: Currency Hedged (in thousands) December 31, September 30, Euro / U.S. Dollar $ 373,527 $ 337,923 Japanese Yen / U.S. Dollar 10,522 10,285 Total $ 384,049 $ 348,208 The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022: (in thousands) Three months ended Location of Gain (Loss) December 31, December 31, Loss recognized in OCI OCI $ ( 15,304 ) $ ( 15,305 ) Gain (loss) reclassified from OCI to earnings n/a $ - $ - Gain recognized , excluded portion Other income (expense), net $ 1,136 $ 969 As of December 31, 2023, we estimate that all amounts reported in Accumulated other comprehensive loss will be applied against exposed balance sheet accounts upon translation within the next three months. Offsetting Derivative Assets and Liabilities We have entered into master netting arrangements for our forward contracts that allow net settlements under certain conditions. Although netting is permitted, it is currently our policy and practice to record all derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets. The following table sets forth the offsetting of derivative assets as of December 31, 2023: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of December 31, 2023 Gross Gross Net Amounts of Financial Cash Net Forward contracts $ 1,473 $ — $ 1,473 $ ( 1,473 ) $ — $ — The following table sets forth the offsetting of derivative liabilities as of December 31, 2023: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of December 31, 2023 Gross Gross Net Amounts of Financial Cash Net Forward contracts $ 5,584 $ — $ 5,584 $ ( 1,473 ) $ — $ 4,111

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes (in thousands) Three months ended December 31, December 31, Income before income taxes $ 85,599 $ 86,424 Provision for income taxes $ 19,212 $ 11,389 Effective income tax rate 22 % 13 % The effective tax rate for the three months ended December 31, 2023 was higher than the effective tax rate for the corresponding prior-year period primarily due to a non-cash tax expense of $ 3.6 million related to a tax reserve in a foreign jurisdiction as well as a decrease in the excess tax benefits related to stock-based compensation. In the normal course of business, PTC and its subsidiaries are examined by various taxing authorities, including the Internal Revenue Service in the U.S. We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate. We are currently under audit by tax authorities in several jurisdictions. Audits by tax authorities typically involve examination of the deductibility of certain permanent items, transfer pricing, limitations on net operating losses and tax credits.

Debt

Debt	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	10. Debt As of December 31, 2023 and September 30, 2023, we had the following debt obligations: (in thousands) December 31, September 30, 4.000% Senior notes due 2028 $ 500,000 $ 500,000 3.625% Senior notes due 2025 500,000 500,000 Credit facility revolver line (1)(2) 766,527 202,000 Credit facility term loan (1)(2) 500,000 500,000 Total debt 2,266,527 1,702,000 Unamortized debt issuance costs for the senior notes (3) ( 5,672 ) ( 6,215 ) Total debt, net of issuance costs (4) $ 2,260,855 $ 1,695,785 (1) Unamortized debt issuance costs related to the credit facility were $ 2.3 million included in Other current assets and $ 7.0 million included in Other assets on the Consolidated Balance Sheet as of December 31, 2023 and $ 2.3 million included in Other current assets and $ 7.5 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2023 . (2) The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028 . However, if our outstanding 2025 Senior Notes have not been refinanced to mature on or after April 3, 2028 or redeemed by November 16, 2024, all amounts outstanding under the credit facility will become due and payable on November 16, 2024. The term loan will begin amortizing in March 2024, with payments of $ 9.4 million in 2024, $ 21.9 million in 2025, and $ 25.0 million in 2026 and 2027, and $ 418.7 million in 2028. (3) Unamortized debt issuance costs for the senior notes are included in Long-term debt on the Consolidated Balance Sheets. (4) As of December 31, 2023 and September 30, 2023, $ 12.5 million and $ 9.4 million, respectively, of debt associated with the credit facility term loan was classified as short term with the remaining balance classified as long term. Senior Unsecured Notes In February 2020, we issued $ 500 million in aggregate principal amount of 4.0 % senior, unsecured long-term debt at par value, due in 2028 (the 2028 notes) and $ 500 million in aggregate principal amount of 3.625 % senior, unsecured long-term debt at par value, due in 2025 (the 2025 notes). As of December 31, 2023, the total estimated fair value of the 2028 and 2025 notes was approximately $ 478.8 million and $ 491.4 million, respectively, based on quoted prices for the notes on that date. We were in compliance with all the covenants for all our senior notes as of December 31, 2023. Credit Agreement Our credit facility consists of (i) a $ 1.25 billion revolving credit facility, (ii) a $ 500 million term loan credit facility, and (iii) an incremental facility pursuant to which we may incur additional term loan tranches or increase the revolving credit facility. As of December 31, 2023, unused commitments under our credit facility were $ 483 million and amounts available for borrowing were $ 470 million. As of December 31, 2023, the fair value of our credit facility approximates its book value. PTC and certain eligible foreign subsidiaries are eligible borrowers under the credit facility. As of the filing of this Form 10-Q, $ 221.5 million was borrowed by an eligible foreign subsidiary borrower. Loans under the credit facility bear interest at variable rates. As of December 31, 2023, the annual rate for borrowings outstanding was 7.2 % . A quarterly revolving commitment fee on the undrawn portion of the revolving credit facility is required, ranging from 0.175 % to 0.325 % per annum, based upon our total leverage ratio. As of December 31, 2023, we were in compliance with all financial and operating covenants of the credit facility. Interest In the three months ended December 31, 2023 and 2022, we incurred interest expense on our debt of $ 35.3 million and $ 16.4 million, respectively . In the three months ended December 31, 2023, we paid $ 44.8 million of interest on our debt, of which $ 30.0 million was interest imputed on the $ 650.0 million ServiceMax deferred acquisition payment that we settled in the period. In the three months ended December 31, 2022, we paid $ 4.8 million of interest on our debt. The average interest rate on borrowings outstanding was approximately 5.7 % and 4.2 % during the three months ended December 31, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Guarantees and Indemnification Obligations We enter into standard indemnification agreements with our customers and business partners in the ordinary course of our business. Under such agreements, we typically indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to our products. Indemnification may also cover other types of claims, including claims relating to certain data breaches. These agreements typically limit our liability with respect to indemnification claims other than intellectual property infringement claims. Historically, our costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and, accordingly, we believe the estimated fair value of liabilities under these agreements is immaterial. We warrant that our software products will perform in all material respects in accordance with our standard published specifications during the term of the license. Additionally, we generally warrant that our consulting services will be performed consistent with generally accepted industry standards and, in the case of fixed price services, the agreed-upon specifications. In most cases, liability for these warranties is capped. If necessary, we would provide for the estimated cost of product and service warranties based on specific warranty claims and claim history; however, we have not incurred significant cost under our product or services warranties. As a result, we believe the estimated fair value of these liabilities is immaterial.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Receivables, Contract Assets and Liabilities	Co ntract Assets and Contract Liabilities (in thousands) December 31, September 30, Short-term and long-term receivables $ 880,808 $ 997,490 Contract asset $ 17,563 $ 16,465 Deferred revenue $ 665,484 $ 681,550
Disaggregation of Revenue	Disaggregation of Revenue (in thousands) Three months ended December 31, 2023 December 31, 2022 Recurring revenue (1) $ 506,027 $ 417,110 Perpetual license 8,440 13,244 Professional services 35,747 35,556 Total revenue $ 550,214 $ 465,910 (1) Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and cloud services revenue.
Summary of Revenue for Geographic Regions	Our international revenue is presented based on the location of our customer. Revenue for the geographic regions in which we operate is presented below. (in thousands) Three months ended December 31, December 31, Americas $ 267,267 $ 226,912 Europe 196,953 167,210 Asia Pacific 85,994 71,788 Total revenue $ 550,214 $ 465,910

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Schedule of Total Fair Value of RSUs Vested	The value of stock issued for restricted stock units (RSUs) vested is as follows: (in thousands) Three months ended December 31, 2023 December 31, 2022 Stock issued for vested RSUs $ 146,869 $ 143,794
Schedule of Classification of Compensation Expense	Compensation expense recorded for our stock-based awards is classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended December 31, December 31, Cost of license revenue $ 38 $ 37 Cost of support and cloud services revenue 3,382 2,790 Cost of professional services revenue 1,669 1,248 Sales and marketing 16,127 12,196 Research and development 14,238 11,458 General and administrative 23,559 13,775 Total stock-based compensation expense $ 59,013 $ 41,504

Earnings per Share (EPS) and _2

Earnings per Share (EPS) and Common Stock (Tables)	3 Months Ended
	Dec. 31, 2023
Earnings Per Share And Common Stock [Abstract]
Earnings per Share Basic and Diluted	The following table presents the calculation for both basic and diluted EPS: (in thousands, except per share data) Three months ended December 31, December 31, Net income $ 66,387 $ 75,035 Weighted-average shares outstanding—Basic 119,124 117,819 Dilutive effect of restricted stock units 1,126 969 Weighted-average shares outstanding—Diluted 120,250 118,788 Earnings per share—Basic $ 0.56 $ 0.64 Earnings per share—Diluted $ 0.55 $ 0.63

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Dec. 31, 2023
Pure System
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table outlines the preliminary purchase price allocation for pure-systems: (in thousands) Goodwill $ 77,118 Customer relationships 17,400 Purchased software 10,000 Trademarks 800 Net tax liability ( 8,860 ) Acquired debt ( 2,475 ) Other net liabilities ( 526 ) Total $ 93,457

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Acquired Intangible Assets	Goodwill and acquired intangible assets consisted of the following: (in thousands) December 31, 2023 September 30, 2023 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill (not amortized) $ 3,458,463 $ 3,358,511 Intangible assets with finite lives (amortized): Purchased software $ 629,554 $ 406,952 $ 222,602 $ 615,915 $ 395,109 $ 220,806 Capitalized software 22,877 22,877 — 22,877 22,877 — Customer lists and relationships 1,140,213 427,224 712,989 1,116,117 413,125 702,992 Trademarks and trade names 37,892 20,113 17,779 36,851 19,400 17,451 Other 3,928 3,928 — 3,867 3,867 — Total intangible assets with finite lives $ 1,834,464 $ 881,094 $ 953,370 $ 1,795,627 $ 854,378 $ 941,249 Total goodwill and acquired intangible assets $ 4,411,833 $ 4,299,760
Schedule of Changes in Goodwill by Reportable Segments	Changes in Goodwill were as follows: (in thousands) Balance, October 1, 2023 $ 3,358,511 Acquisitions 77,118 Foreign currency translation adjustment 22,834 Balance, December 31, 2023 $ 3,458,463
Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives	The aggregate amortization expense for intangible assets with finite lives is classified in our Consolidated Statements of Operations as follows: (in thousands) Three months ended December 31, December 31, Amortization of acquired intangible assets $ 10,363 $ 8,026 Cost of revenue 9,566 6,142 Total amortization expense $ 19,929 $ 14,168

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Our significant financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and September 30, 2023 were as follows: (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents (1) $ 58,772 $ — $ — $ 58,772 Convertible note — — 2,000 2,000 Forward contracts — 1,473 — 1,473 $ 58,772 $ 1,473 $ 2,000 $ 62,245 Financial liabilities: Forward contracts — 5,584 — 5,584 $ — $ 5,584 $ — $ 5,584 (in thousands) September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash equivalents (1) $ 72,754 $ — $ — $ 72,754 Convertible note — — 2,000 2,000 Forward contracts — 7,340 — 7,340 $ 72,754 $ 7,340 $ 2,000 $ 82,094 Financial liabilities: Forward contracts — 3,158 — 3,158 $ — $ 3,158 $ — $ 3,158 (1) Money market funds and time deposits.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets: (in thousands) Fair Value of Derivatives Designated As Hedging Instruments Fair Value of Derivatives Not Designated As Hedging Instruments December 31, September 30, December 31, September 30, Derivative assets (1) : Forward contracts $ — $ 3,770 $ 1,473 $ 3,570 Derivative liabilities (2) : Forward contracts $ 3,051 $ — $ 2,533 $ 3,158 (1) As of December 31, 2023 and September 30, 2023 , current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2) As of December 31, 2023 and September 30, 2023 , current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.
Schedule of Notional Amounts of Outstanding Forward Contracts and Options	As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following: Currency Hedged (in thousands) December 31, September 30, Canadian Dollar / U.S. Dollar $ 2,547 $ 5,135 Euro / U.S. Dollar 437,668 383,227 British Pound / U.S. Dollar 5,359 6,058 Israeli Shekel / U.S. Dollar 9,264 11,852 Japanese Yen / U.S. Dollar — 4,770 Swiss Franc / U.S. Dollar 11,303 32,766 Swedish Krona / U.S. Dollar 14,229 35,085 Chinese Renminbi / U.S. Dollar 5,180 16,660 New Taiwan Dollar / U.S. Dollar 18,492 11,855 Korean Won / U.S. Dollar — 6,157 Danish Krone / U.S. Dollar 5,358 6,731 All other 4,609 3,340 Total $ 514,009 $ 523,636 As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following: Currency Hedged (in thousands) December 31, September 30, Euro / U.S. Dollar $ 373,527 $ 337,923 Japanese Yen / U.S. Dollar 10,522 10,285 Total $ 384,049 $ 348,208
Schedule of Net Gains and Losses on Foreign Currency Exposures	The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022: (in thousands) Three months ended Location of Gain (Loss) December 31, December 31, Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged Other income (expense), net $ ( 3,735 ) $ ( 11,009 ) The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022: (in thousands) Three months ended Location of Gain (Loss) December 31, December 31, Loss recognized in OCI OCI $ ( 15,304 ) $ ( 15,305 ) Gain (loss) reclassified from OCI to earnings n/a $ - $ - Gain recognized , excluded portion Other income (expense), net $ 1,136 $ 969
Schedule of Offsetting Assets	The following table sets forth the offsetting of derivative assets as of December 31, 2023: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of December 31, 2023 Gross Gross Net Amounts of Financial Cash Net Forward contracts $ 1,473 $ — $ 1,473 $ ( 1,473 ) $ — $ —
Schedule of Offsetting Liabilities	The following table sets forth the offsetting of derivative liabilities as of December 31, 2023: (in thousands) Gross Amounts Offset in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets As of December 31, 2023 Gross Gross Net Amounts of Financial Cash Net Forward contracts $ 5,584 $ — $ 5,584 $ ( 1,473 ) $ — $ 4,111

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Income Taxes	(in thousands) Three months ended December 31, December 31, Income before income taxes $ 85,599 $ 86,424 Provision for income taxes $ 19,212 $ 11,389 Effective income tax rate 22 % 13 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Obligations	As of December 31, 2023 and September 30, 2023, we had the following debt obligations: (in thousands) December 31, September 30, 4.000% Senior notes due 2028 $ 500,000 $ 500,000 3.625% Senior notes due 2025 500,000 500,000 Credit facility revolver line (1)(2) 766,527 202,000 Credit facility term loan (1)(2) 500,000 500,000 Total debt 2,266,527 1,702,000 Unamortized debt issuance costs for the senior notes (3) ( 5,672 ) ( 6,215 ) Total debt, net of issuance costs (4) $ 2,260,855 $ 1,695,785 (1) Unamortized debt issuance costs related to the credit facility were $ 2.3 million included in Other current assets and $ 7.0 million included in Other assets on the Consolidated Balance Sheet as of December 31, 2023 and $ 2.3 million included in Other current assets and $ 7.5 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2023 . (2) The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028 . However, if our outstanding 2025 Senior Notes have not been refinanced to mature on or after April 3, 2028 or redeemed by November 16, 2024, all amounts outstanding under the credit facility will become due and payable on November 16, 2024. The term loan will begin amortizing in March 2024, with payments of $ 9.4 million in 2024, $ 21.9 million in 2025, and $ 25.0 million in 2026 and 2027, and $ 418.7 million in 2028. (3) Unamortized debt issuance costs for the senior notes are included in Long-term debt on the Consolidated Balance Sheets. (4) As of December 31, 2023 and September 30, 2023, $ 12.5 million and $ 9.4 million, respectively, of debt associated with the credit facility term loan was classified as short term with the remaining balance classified as long term.

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Short-term and long-term receivables	$ 880,808	$ 997,490
Contract asset	17,563	16,465
Deferred revenue	$ 665,484	$ 681,550

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Revenue from External Customer [Line Items]
Deferred revenue, revenue recognized	$ 289,400
Deferred revenue	665,484	$ 681,550
Refund liability	25,500	$ 23,700
Revenue, remaining performance obligation, amount	2,165,200
Unrecorded
Revenue from External Customer [Line Items]
Revenue, remaining performance obligation, amount	$ 1,499,700

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Remaining Performance Obligations - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01	Dec. 31, 2023
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percentage	60%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue		$ 550,214	$ 465,910
Recurring revenue
Disaggregation Of Revenue [Line Items]
Revenue	[1]	506,027	417,110
Perpetual license
Disaggregation Of Revenue [Line Items]
Revenue		8,440	13,244
Professional services
Disaggregation Of Revenue [Line Items]
Professional services		$ 35,747	$ 35,556
[1] Recurring revenue is comprised of on-premises subscription, perpetual support, SaaS, and cloud services revenue.

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Revenue By Geographic Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	$ 550,214	$ 465,910
Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	550,214	465,910
Americas | Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	267,267	226,912
Europe | Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	196,953	167,210
Asia-Pacific | Operating Segments
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenue	$ 85,994	$ 71,788

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability classified awards related to stock-based compensation	$ 9.5	$ 44.9

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Total Fair Value of RSUs Vested (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Total fair value of RSU awards at vest	$ 146,869	$ 143,794

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Classification of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 59,013	$ 41,504
Sales and marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	16,127	12,196
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	14,238	11,458
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	23,559	13,775
License | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	38	37
Support and cloud services | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,382	2,790
Professional services | Cost of Sales
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,669	$ 1,248

Earnings per Share (EPS) and _3

Earnings per Share (EPS) and Common Stock - Earnings per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share And Common Stock [Abstract]
Net Income (Loss)	$ 66,387	$ 75,035
Weighted-average shares outstanding—Basic	119,124	117,819
Dilutive effect of restricted stock units	1,126	969
Weighted-average shares outstanding—Diluted	120,250	118,788
Earnings per share—Basic	$ 0.56	$ 0.64
Earnings per share—Diluted	$ 0.55	$ 0.63

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands				3 Months Ended
	Oct. 04, 2023 USD ($) Employees	Oct. 02, 2023 USD ($)	Jan. 03, 2023 USD ($) Employees	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Business combination, acquisition related costs				$ 2,500	$ 5,800
Goodwill				3,458,463		$ 3,358,511
Revenue				550,214	$ 465,910
Servicemax Inc. acquisition
Business Acquisition [Line Items]
Preliminary purchase price			$ 828,200
Payments to acquire business, net of cash			$ 1,448,200
Deferred acquisition payments		$ 650,000		$ 650,000
Payments to acquire business		620,000
Imputed interest payable		$ 30,000
Number Of Employees | Employees			500
Goodwill			$ 974,900
Intangible assets			628,600
Net tax liabilities			121,700
Other net liabilities			$ 33,600
Pure System
Business Acquisition [Line Items]
Payments to acquire business, net of cash	$ 93,500
Number Of Employees | Employees	50
Goodwill	$ 77,118
Other net liabilities	$ 526
Pure System | Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	18 years
Intangible assets	$ 17,400
Pure System | Purchased Software
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	10 years
Intangible assets	$ 10,000
Pure System | Trademarks
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	10 years
Intangible assets	$ 800

Acquisitions - Schedule of Purc

Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 04, 2023	Sep. 30, 2023	Jan. 03, 2023
Business Acquisition [Line Items]
Goodwill	$ 3,458,463		$ 3,358,511
Servicemax Inc. acquisition
Business Acquisition [Line Items]
Goodwill				$ 974,900
Intangible assets				628,600
Other net liabilities				$ (33,600)
Pure Systems [Member]
Business Acquisition [Line Items]
Goodwill		$ 77,118
Net tax liability		(8,860)
Acquired debt		(2,475)
Other net liabilities		(526)
Total		93,457
Customer relationships | Pure Systems [Member]
Business Acquisition [Line Items]
Intangible assets		17,400
Purchased Software | Pure Systems [Member]
Business Acquisition [Line Items]
Intangible assets		10,000
Trademarks | Pure Systems [Member]
Business Acquisition [Line Items]
Intangible assets		$ 800

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Goodwill (not amortized)	$ 3,458,463	$ 3,358,511
Intangible assets with finite lives (amortized), Gross Carrying Amount	1,834,464	1,795,627
Intangible assets with finite lives (amortized), Accumulated Amortization	881,094	854,378
Intangible assets with finite lives (amortized), Net Book Value	953,370	941,249
Intangible Assets, Net (Including Goodwill)	4,411,833	4,299,760
Purchased Software
Intangible assets with finite lives (amortized), Gross Carrying Amount	629,554	615,915
Intangible assets with finite lives (amortized), Accumulated Amortization	406,952	395,109
Intangible assets with finite lives (amortized), Net Book Value	222,602	220,806
Capitalized Software
Intangible assets with finite lives (amortized), Gross Carrying Amount	22,877	22,877
Intangible assets with finite lives (amortized), Accumulated Amortization	22,877	22,877
Intangible assets with finite lives (amortized), Net Book Value	0	0
Customer Lists and Relationships
Intangible assets with finite lives (amortized), Gross Carrying Amount	1,140,213	1,116,117
Intangible assets with finite lives (amortized), Accumulated Amortization	427,224	413,125
Intangible assets with finite lives (amortized), Net Book Value	712,989	702,992
Trademarks and Trade Names
Intangible assets with finite lives (amortized), Gross Carrying Amount	37,892	36,851
Intangible assets with finite lives (amortized), Accumulated Amortization	20,113	19,400
Intangible assets with finite lives (amortized), Net Book Value	17,779	17,451
Other
Intangible assets with finite lives (amortized), Gross Carrying Amount	3,928	3,867
Intangible assets with finite lives (amortized), Accumulated Amortization	3,928	3,867
Intangible assets with finite lives (amortized), Net Book Value	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Changes in Goodwill by Reportable Segments (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Balance, October 1, 2023	$ 3,358,511
Foreign currency translation adjustment	22,834
Balance, December 31, 2023	3,458,463
Pure System
Goodwill [Line Items]
Goodwill, acquired	$ 77,118

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Aggregate Amortization Expense for Intangible Assets with Finite Lives (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 10,363	$ 8,026
Cost of revenue	9,566	6,142
Total amortization expense	$ 19,929	$ 14,168

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Financial assets:
Cash equivalents	$ 58,772	$ 72,754
Convertible note	$ 2,000	$ 2,000
Derivative Asset Statement of Financial Position Extensible Enumeration	Other assets	Other assets
Financial assets, fair value	$ 62,245	$ 82,094
Financial liabilities:
Derivative Liability Statement Of Financial Position Extensible Enumeration	Other liabilities	Other liabilities
Financial liabilities, fair value	$ 5,584	$ 3,158
Forward Contracts
Financial assets:
Foreign currency contract, asset	1,473	7,340
Financial liabilities:
Foreign currency contracts, liability	5,584	3,158
Level 1
Financial assets:
Cash equivalents	58,772	72,754
Convertible note	0	0
Financial assets, fair value	58,772	72,754
Financial liabilities:
Financial liabilities, fair value	0	0
Level 1 | Forward Contracts
Financial assets:
Foreign currency contract, asset	0	0
Financial liabilities:
Foreign currency contracts, liability	0	0
Level 2
Financial assets:
Cash equivalents	0	0
Convertible note	0	0
Financial assets, fair value	1,473	7,340
Financial liabilities:
Financial liabilities, fair value	5,584	3,158
Level 2 | Forward Contracts
Financial assets:
Foreign currency contract, asset	1,473	7,340
Financial liabilities:
Foreign currency contracts, liability	5,584	3,158
Level 3
Financial assets:
Cash equivalents	0	0
Convertible note	2,000	2,000
Financial assets, fair value	2,000	2,000
Financial liabilities:
Financial liabilities, fair value	0	0
Level 3 | Forward Contracts
Financial assets:
Foreign currency contract, asset	0	0
Financial liabilities:
Foreign currency contracts, liability	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Derivative Financial Instruments at Gross Fair Value (Details) - Forward contracts - USD ($) $ in Thousands		Dec. 31, 2023	Sep. 30, 2023
Designated as Hedging Instrument
Derivative [Line Items]
Gross Amount of Recognized Assets	[1]	$ 0	$ 3,770
Gross Amount of Recognized Liabilities	[2]	3,051	0
Not Designated as Hedging Instrument
Derivative [Line Items]
Fair Value of Derivatives Not Designated As Hedging Instruments	[1]	1,473	3,570
Fair Value of Derivatives Not Designated As Hedging Instruments	[2]	$ 2,533	$ 3,158
[1] As of December 31, 2023 and September 30, 2023 , current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. As of December 31, 2023 and September 30, 2023 , current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Derivative Financial Instrume_4

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1	$ (3.2)
Maximum | Forward contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, remaining maturity	3 months
Maximum | Forward contracts | Designated as Hedging Instrument | Net Investment Hedging
Derivative [Line Items]
Derivative, remaining maturity	3 months

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts and Options (Details) - Not Designated as Hedging Instrument - Foreign Exchange Forward Contract and Options - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Derivative [Line Items]
Notional amount	$ 514,009	$ 523,636
Canadian / U.S. Dollar
Derivative [Line Items]
Notional amount	2,547	5,135
Euro / U.S. Dollar
Derivative [Line Items]
Notional amount	437,668	383,227
British Pound / U.S. Dollar
Derivative [Line Items]
Notional amount	5,359	6,058
Israeli Shekel / U.S. Dollar
Derivative [Line Items]
Notional amount	9,264	11,852
JPY/ U.S Dollar
Derivative [Line Items]
Notional amount	0	4,770
Swiss Franc / U.S. Dollar
Derivative [Line Items]
Notional amount	11,303	32,766
Swedish Krona / U.S. Dollar
Derivative [Line Items]
Notional amount	14,229	35,085
Chinese Renminbi / U.S. Dollar
Derivative [Line Items]
Notional amount	5,180	16,660
New Taiwan Dollar / U.S. Dollar
Derivative [Line Items]
Notional amount	18,492	11,855
Korea Won/ U.S. Dollar
Derivative [Line Items]
Notional amount	0	6,157
Danish krone/ U.S. Dollar
Derivative [Line Items]
Notional amount	5,358	6,731
All other
Derivative [Line Items]
Notional amount	$ 4,609	$ 3,340

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Derivative Instruments and Hedging Activities Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Loss recognized in OCI	$ (11,511)	$ (11,485)
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Foreign Exchange Forward Contract and Options | Not Designated as Hedging Instrument
Derivative Instruments Gain Loss [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Foreign Exchange Forward Contract and Options | Not Designated as Hedging Instrument | Other income (expense), net
Derivative Instruments Gain Loss [Line Items]
Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged	$ (3,735)	$ (11,009)
Forward Contracts | Designated as Hedging Instrument | Net Investment Hedging
Derivative Instruments Gain Loss [Line Items]
Loss recognized in OCI	(15,304)	(15,305)
Gain (loss) reclassified from OCI to earnings	0	0
Gain recognized, excluded portion	$ 1,136	$ 969

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Notional Amounts of Outstanding Forward Contracts (Details) - Forward Contracts - Designated as Hedging Instrument - Net Investment Hedging - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Derivative [Line Items]
Notional amount	$ 384,049	$ 348,208
Euro / U.S. Dollar
Derivative [Line Items]
Notional amount	373,527	337,923
Japanese Yen / U.S. Dollar
Derivative [Line Items]
Notional amount	$ 10,522	$ 10,285

Derivative Financial Instrume_8

Derivative Financial Instruments - Schedule of Offsetting Assets (Details) - Foreign Currency Forwards $ in Thousands	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Gross Amount of Recognized Assets	$ 1,473
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Assets Presented in the Consolidated Balance Sheets	1,473
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(1,473)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	0
Net Amount	$ 0

Derivative Financial Instrume_9

Derivative Financial Instruments - Schedule of Offsetting Liabilities (Details) - Foreign Currency Forwards $ in Thousands	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Gross Amount of Recognized Liabilities	$ 5,584
Gross Amounts Offset in the Consolidated Balance Sheets	0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets	5,584
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(1,473)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged	0
Net Amount	$ 4,111

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 85,599	$ 86,424
Provision for income taxes	$ 19,212	$ 11,389
Effective income tax rate	22%	13%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Non-cash tax expense related to the excess tax benefits	$ 3.6

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Sep. 30, 2023	Feb. 13, 2020
Debt Instrument [Line Items]
Total debt		$ 2,266,527	$ 1,702,000
Unamortized debt issuance costs for the senior notes	[1]	(5,672)	(6,215)
Total debt, net of issuance costs	[2]	2,260,855	1,695,785
4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes				$ 500,000
3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes				$ 500,000
Long-term Debt [Member] | Revolver Credit Facility
Debt Instrument [Line Items]
Payment to credit facility revolver	[3],[4]	766,527	202,000
Long-term Debt [Member] | Secured Debt
Debt Instrument [Line Items]
Payment to credit facility revolver	[3],[4]	500,000	500,000
Long-term Debt [Member] | 4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes		500,000	500,000
Long-term Debt [Member] | 3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes		$ 500,000	$ 500,000
[1] Unamortized debt issuance costs for the senior notes are included in Long-term debt on the Consolidated Balance Sheets. As of December 31, 2023 and September 30, 2023, $ 12.5 million and $ 9.4 million, respectively, of debt associated with the credit facility term loan was classified as short term with the remaining balance classified as long term. The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028 . However, if our outstanding 2025 Senior Notes have not been refinanced to mature on or after April 3, 2028 or redeemed by November 16, 2024, all amounts outstanding under the credit facility will become due and payable on November 16, 2024. The term loan will begin amortizing in March 2024, with payments of $ 9.4 million in 2024, $ 21.9 million in 2025, and $ 25.0 million in 2026 and 2027, and $ 418.7 million in 2028. Unamortized debt issuance costs related to the credit facility were $ 2.3 million included in Other current assets and $ 7.0 million included in Other assets on the Consolidated Balance Sheet as of December 31, 2023 and $ 2.3 million included in Other current assets and $ 7.5 million included in Other assets on the Consolidated Balance Sheet as of September 30, 2023 .

Debt - Schedule of Long-term _2

Debt - Schedule of Long-term Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	[1]	$ 5,672	$ 6,215
Long term debt		$ 12,500	9,375
Line of Credit
Debt Instrument [Line Items]
Credit facility maturity date		Jan. 03, 2028
Secured Debt
Debt Instrument [Line Items]
Long term debt maturity repayments year one		$ 9,400
Long term debt maturity repayments year two		21,900
Long term debt maturity repayments year three		25,000
Long term debt maturity repayments year four		25,000
Long term debt maturity repayments year five		418,700
Long term debt		12,500	9,400
Other Current Assets | Line of Credit
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		2,300	2,300
Other Noncurrent Assets | Line of Credit
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 7,000	$ 7,500
[1] Unamortized debt issuance costs for the senior notes are included in Long-term debt on the Consolidated Balance Sheets.

Debt - Senior Notes - Additiona

Debt - Senior Notes - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Feb. 13, 2020
4.000% Senior Notes Due 2028
Debt Instrument [Line Items]
Senior Notes		$ 500
Interest rate		4%
4.000% Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Fair value amount	$ 478.8
3.625% Senior Notes Due 2025
Debt Instrument [Line Items]
Senior Notes		$ 500
Interest rate		3.625%
3.625% Senior Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Fair value amount	$ 491.4

Debt - Credit Agreement - Addit

Debt - Credit Agreement - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 02, 2023	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023
Debt Instrument [Line Items]
Periodic interest payment		$ 44.8	$ 4.8
Interest rate during period		5.70%	4.20%
Interest expense		$ 35.3	$ 16.4
Servicemax Inc. acquisition
Debt Instrument [Line Items]
Interest related to the deferred acquisition payment		30
Deferred acquisition payments	$ 650	650
Line of Credit
Debt Instrument [Line Items]
Unused commitments under credit facility		483
Amount borrowed from credit facility foreign subsidiary		221.5
Amounts available for borrowing		$ 470
Line of Credit | Minimum
Debt Instrument [Line Items]
Credit facility commitment fees percentage		0.175%
Line of Credit | Maximum
Debt Instrument [Line Items]
Credit facility commitment fees percentage		0.325%
Secured Debt
Debt Instrument [Line Items]
Credit facility amount				$ 500
Annual rate for borrowings outstanding		7.20%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility amount				$ 1,250