(2) We have recorded a full valuation allowance against our U.S. net deferred tax assets and a valuation allowance against net deferred tax assets in certain foreign jurisdictions. As we are profitable on a non-GAAP basis, the 2018 and 2017 non-GAAP tax provisions are being calculated assuming there is no valuation allowance. Income tax adjustments reflect the tax effects of non-GAAP adjustments which are calculated by applying the applicable tax rate by jurisdiction to the non-GAAP adjustments listed above. We have recorded the impact of the Tax Cuts and Jobs Act in our Q1'18 GAAP earnings, resulting in a non-cash benefit of approximately $7 million. We have excluded this benefit from our non-GAAP results.

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
			March 31,				September 30,
			2018				2017
ASSETS
Cash and cash equivalents			$	299,776			$	280,003
Marketable securities				55,264				50,315
Accounts receivable, net				127,151				152,299
Property and equipment, net				59,210				63,600
Goodwill and acquired intangible assets, net				1,421,633				1,440,680
Other assets				365,780				373,487
Total assets			$	2,328,814			$	2,360,384
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue			$	497,777			$	458,907
Debt, net of deferred issuance costs				642,837				712,406
Other liabilities				260,476				303,635
Stockholders' equity				927,724				885,436
Total liabilities and stockholders' equity			$	2,328,814			$	2,360,384

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
				Three Months Ended										Six Months Ended
				March 31,					April 1,					March 31,					April 1,
				2018					2017					2018					2017
Cash flows from operating activities:
	Net income (loss)			$	7,922				$	(1,104	)			$	21,799				$	(10,245	)
	Stock-based compensation				17,026					21,577					35,357					39,565
	Depreciation and amortization				21,681					21,229					42,727					42,683
	Accounts receivable				10,424					(5,811	)				32,027					15,373
	Accounts payable and accruals				13,927					13,022					(39,130	)				(40,586	)
	Deferred revenue				36,972					39,183					59,027					27,457
	Income taxes				138					(8,584	)				(14,134	)				(14,680	)
	Other				3,058					(3,086	)				(1,398	)				(31,017	)
Net cash provided by operating activities (1)					111,148					76,426					136,275					28,550
Capital expenditures					(4,762	)				(7,689	)				(11,139	)				(14,789	)
Acquisition of businesses, net of cash acquired					(3,000	)				-					(3,000	)				-
Purchase of intangible asset					(500	)				-					(3,000	)				-
Proceeds (payments) on debt, net					(100,000	)				(20,000	)				(70,000	)				(40,000	)
Proceeds from issuance of common stock					7,472					3,978					7,472					3,978
Payments of withholding taxes in connection with
	vesting of stock-based awards				(454	)				(543	)				(33,942	)				(19,166	)
Proceeds from investments					-					13,716					-					15,218
Contingent consideration					-					-					(3,176	)				(2,711	)
Purchases of marketable securities, net					(5,046	)				1,280					(5,554	)				1,280
Other financing & investing activities					-					(184	)				-					(184	)
Foreign exchange impact on cash					3,239					2,965					5,837					(6,795	)
Net change in cash and cash equivalents					8,097					69,949					19,773					(34,619	)
Cash and cash equivalents, beginning of period					291,679					173,367					280,003					277,935
Cash and cash equivalents, end of period				$	299,776				$	243,316				$	299,776				$	243,316

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