PTC Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Twelve Months Ended

September 30,

September 30,

September 30,

September 30,

2022

2021

2022

2021

Cash flows from operating activities:

Net income

$

106,837

$

292,943

$

313,081

$

476,923

Stock-based compensation

41,580

43,393

174,863

177,289

Depreciation and amortization

22,238

22,569

87,694

85,239

Amortization of right-of-use lease assets

8,198

9,264

34,346

37,295

Loss (gain) on investment

-

(68,829)

31,854

(68,829)

Gain on divestiture of business

-

-

(29,808)

-

Accounts receivable

(190,235)

(115,308)

(165,006)

(119,418)

Accounts payable and accruals

17,080

25,916

312

41,871

Deferred revenue

39,549

27,969

57,586

58,702

Income taxes

21,510

(130,602)

27,634

(144,126)

Other

(28,258)

(61,994)

(97,230)

(176,137)

Net cash provided by operating activities

38,499

45,321

435,326

368,809

Capital expenditures

(9,517)

(13,051)

(19,496)

(24,713)

Acquisition of businesses, net of cash acquired ⁽¹⁾

(7,969)

(251)

(282,943)

(718,030)

Purchase of intangible assets

(998)

-

(6,451)

(550)

Purchase of investments

-

(2,000)

-

(4,000)

Borrowings (payments) on debt, net

(75,000)

(40,000)

(91,000)

432,000

Repurchases of common stock

-

(30,000)

(125,000)

(30,000)

Net proceeds associated with issuance of common stock

10,350

11,091

21,207

21,575

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

(6,135)

(10,742)

(68,991)

(52,957)

Net proceeds from marketable securities ⁽²⁾

-

-

-

58,469

Net proceeds from sale of investments ⁽³⁾

-

-

46,906

-

Divestitures of businesses and assets, net ⁽⁴⁾

-

-

32,518

-

Other financing & investing activities

10,164

2,181

27,968

611

Foreign exchange impact on cash

(9,548)

(1,773)

(24,203)

(127)

Net change in cash, cash equivalents, and restricted cash

(50,154)

(39,224)

(54,159)

51,087

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

323,042

366,271

327,047

275,960

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

$

272,888

$

327,047

$

272,888

$

327,047

(1) In Q322, we acquired Intland for approximately $278 million, net of cash acquired. In Q221, we acquired Arena for approximately
$715 million, net of cash acquired.

(2) In Q121, we sold all of our available-for-sale securities.

(3) In Q222, we sold an equity investment in a publicly-traded company for $42.7 million.

(4) In Q322, we sold a portion of our PLM services business.