PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands)

Three Months Ended

Six Months Ended

March 31,

March 31,

March 31,

March 31,

2023

2022

2023

2022

Cash provided by operating activities⁽¹⁾

$

210,948

$

142,325

$

391,869

$

280,061

Capital expenditures

(3,770)

(2,148)

(12,950)

(5,510)

Free cash flow⁽¹⁾

$

207,178

$

140,177

$

378,919

$

274,551

(1) In the three and six months ended March 31, 2023, we made $2.3 million and $6.6 million of acquisition and transaction-
related payments, respectively, and $0.8 million and $1.4 million of restructuring payments, respectively.  In the three and six
months ended March 31,2022, we made $0.4 million and $0.4 million acquisition and transaction-related payments,
respectively, and $17.8 million and $28.4 million of restructuring payments, respectively.  These payments are included within
cash provided by operating activities and free cash flow.