Income Taxes

6 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

(in thousands)	Three months ended						Six months ended
	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Income before income taxes	$	145,745		$	81,069		$	231,344		$	167,493
Provision for income taxes	$	31,300		$	17,565		$	50,512		$	28,954
Effective income tax rate		21	%		22	%		22	%		17	%

The effective tax rate for the six months ended March 31, 2024 was higher than the effective tax rate for the corresponding prior-year period primarily due to changes in the geographic mix of income before taxes in the various jurisdictions in which we operate as well as a non-cash tax expense of $3.6 million related to a tax reserve in a foreign jurisdiction.

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.