(3) 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 2016 and 2015 non-GAAP tax provisions are being calculated assuming there is no valuation allowance. Income tax adjustments for the three and nine months ended July 4, 2015 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. However, for the nine months ended July 2, 2016, because of low expected full year GAAP earnings combined with the relatively large year-to-date GAAP loss, the non-GAAP provision for the third quarter and first nine months of 2016 calculated based on our historical methodology is not reflective of our full year expected non-GAAP tax rate. As a result, in the second quarter we changed our methodology for calculating our non-GAAP tax provision. For the nine months ended July 2, 2016, our non-GAAP tax provision is based on our annual expected non-GAAP tax rate applied to our year-to-date non-GAAP earnings.

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
			July 2				September 30,
			2016				2015
ASSETS
Cash and cash equivalents (4)			$	294,626			$	273,417
Marketable securities (4)				44,606				-
Accounts receivable, net				151,718				197,275
Property and equipment, net				62,909				65,162
Goodwill and acquired intangible assets, net				1,493,042				1,360,342
Other assets				292,245				313,717
Total assets			$	2,339,146			$	2,209,913
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue			$	425,432			$	386,850
Debt				778,125				668,125
Other liabilities				272,928				294,767
Stockholders' equity				862,661				860,171
Total liabilities and stockholders' equity			$	2,339,146			$	2,209,913

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