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,

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$

126,523

$

45,603

$

376,333

$

245,540

Stock-based compensation

62,219

58,891

223,461

206,459

Depreciation and amortization

26,847

27,817

108,119

104,760

Amortization of right-of-use lease assets

10,145

7,697

33,288

32,402

Operating lease liability

193

(569)

(13,245)

(1,929)

Accounts receivable

(166,051)

(198,128)

(34,629)

(98,607)

Accounts payable and accruals

(15,999)

12,395

(15,964)

23,763

Deferred revenue

73,006

37,876

81,399

56,572

Income taxes

27,761

31,225

25,966

21,315

Other

(46,530)

26,962

(34,744)

20,586

Net cash provided by operating activities

98,114

49,769

749,984

610,861

Capital expenditures

(4,537)

(5,779)

(14,378)

(23,814)

Acquisition of businesses, net of cash acquired ⁽¹⁾

-

-

(93,457)

(828,271)

Borrowings (payments) on debt, net ⁽²⁾

(63,125)

(43,000)

45,924

343,000

Deferred acquisition payment ⁽³⁾

-

-

(620,040)

-

Net proceeds associated with issuance of common stock

12,965

11,060

25,674

21,652

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

(9,412)

(6,959)

(102,001)

(82,448)

Settlement of net investment hedges

(16,904)

6,602

(13,078)

(7,602)

Credit facility origination costs

-

-

-

(13,355)

Other financing & investing activities

(4,183)

(1,119)

(4,183)

(6,964)

Foreign exchange impact on cash

5,226

(3,984)

3,223

2,851

Net change in cash, cash equivalents, and restricted cash

18,144

6,590

(22,332)

15,910

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

248,322

282,208

288,798

272,888

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

$

266,466

$

288,798

$

266,466

$

288,798

Supplemental cash flow information:

Cash paid for interest ⁽³⁾

$

24,641

$

37,855

$

137,036

$

89,801

(1) In FY'24, we acquired pure-systems for $93 million, net of cash acquired. In FY'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired. We paid $828 million in FY'23 and the remaining $620 million in Q1'24.

(2) In FY'24, we borrowed $740 million to fund the ServiceMax deferred acquisition payment and the pure-systems acquisition. Subsequently, we've made net payments of $694 million.

(3) In FY'24, we made a payment of $650 million to settle the ServiceMax deferred acquisition payment liability, of which $620 million is a financing outflow and $30 million is an operating outflow and included in cash paid for interest.