PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands)

Three Months Ended

Nine Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Cash provided by operating activities

$

116,766

$

88,034

$

396,827

323,488

Capital expenditures

(4,470)

(3,420)

(9,979)

(11,662)

Free cash flow

$

112,296

$

84,614

$

386,848

$

311,826

Restructuring and other related payments

10,161

1,987

38,512

13,716

Acquisition & transaction-related payments

9,684

3,767

10,116

14,842

Non-ordinary course tax payment ⁽¹⁾

-

16,936

-

17,907

Adjusted free cash flow

$

132,141

$

107,304

$

435,476

$

358,291

(1) In the three and nine months ended June 30, 2021, we made payments related to a non-U.S. prior period tax exposure, primarily related to foreign withholding taxes.