Subsequent Events

6 Months Ended

Mar. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition

In April 2019, we purchased a services company with expertise in industrial IoT for approximately $8 million. We do not expect the acquisition to have a material impact in fiscal 2019.

Common Stock Repurchases

In the third quarter of 2019, we continued our share repurchase program. We expect to repurchase approximately $25 million of our common stock in the quarter.

On July 20, 2018, we entered into an accelerated share repurchase (“ASR”) agreement with a major financial institution (“Bank”). The ASR allowed us to buy a large number of shares immediately at a purchase price determined by an average market price over a period of time. Under the ASR, we agreed to purchase $1,000 million of our common stock, in total, with an initial delivery to us in July 2018 of 8.2 million shares. We settled the ASR in May 2019 and the Bank delivered to us 3.0 million additional shares.

Appointment of New Chief Financial Officer

On April 24, 2019, we announced the appointment of Kristian Talvitie as our Executive Vice President and Chief Financial Officer effective May 15, 2019. Andrew Miller, our current Executive Vice President, Chief Financial Officer, whose intention to retire we announced on January 23, 2019, will remain with PTC for an undetermined period to ensure a smooth transition of the role to Mr. Talvitie.  The departure of Mr. Miller may have an impact on the timing and amount of stock-based compensation expense for outstanding unvested awards.