PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Nine Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Cash flows from operating activities:

Net income

$

70,476

$

51,203

$

206,244

$

183,980

Stock-based compensation

49,420

43,068

133,283

133,896

Depreciation and amortization

21,987

22,501

65,456

62,670

Amortization of right-of-use lease assets

8,612

9,075

26,149

28,031

Loss (gain) on investment

(2,993)

-

31,854

-

Gain on divestiture of business

(29,808)

-

(29,808)

-

Operating lease liability

(7,184)

(3,124)

(10,544)

(13,106)

Accounts receivable

12,918

5,744

25,228

(4,110)

Accounts payable and accruals

23,165

16,851

(16,768)

15,955

Deferred revenue

(28,975)

(21,477)

18,038

30,733

Income taxes

12,403

(8,580)

6,124

(13,524)

Other

(13,255)

(27,227)

(58,429)

(101,037)

Net cash provided by operating activities

116,766

88,034

396,827

323,488

Capital expenditures

(4,470)

(3,420)

(9,979)

(11,662)

Acquisition of businesses, net of cash acquired ⁽¹⁾

(274,974)

(581)

(274,974)

(717,779)

Purchase of intangible assets

(999)

-

(5,453)

(550)

Borrowings (payments) on debt, net

159,000

(30,000)

(16,000)

472,000

Repurchases of common stock

-

-

(125,000)

-

Net proceeds associated with issuance of common stock

-

-

10,857

10,484

Payments of withholding taxes in connection with vesting of stock-based awards

(12,261)

(14,973)

(62,856)

(42,215)

Net proceeds from marketable securities ⁽²⁾

-

-

-

58,469

Net proceeds from sale of investments ⁽³⁾

4,213

-

46,906

-

Divestiture of business, net ⁽⁴⁾

32,518

-

32,518

-

Other financing & investing activities

6,736

(488)

17,804

(3,570)

Foreign exchange impact on cash

(10,915)

1,103

(14,654)

1,646

Net change in cash, cash equivalents, and restricted cash

15,614

39,675

(4,004)

90,311

Cash, cash equivalents, and restricted cash, beginning of period

307,428

326,596

327,046

275,960

Cash, cash equivalents, and restricted cash, end of period

$

323,042

$

366,271

$

323,042

$

366,271

(1) In the three months ended June 30, 2022, we acquired Intland for approximately $275.0 million, net of cash acquired. In the three months ended March 31, 2021, we acquired Arena for approximately $715 million, net of cash acquired.

(2) In the three months ended December 31, 2020, we sold all of our available-for-sale securities.

(3) In the three months ended March 31, 2022, we sold an equity investment in a publicly-traded company for $42.7 million.

(4) In the three months ended June 30, 2022, we sold a portion of our PLM services business.