PTC Inc.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)

(in thousands)

Three Months Ended

Twelve Months Ended

September
30,

September
30,

September
30,

September
30,

2023

2022

2023

2022

Cash provided by operating activities⁽¹⁾

$

49,769

$

38,499

$

610,861

$

435,326

Capital expenditures

(5,779)

(9,517)

(23,814)

(19,496)

Free cash flow⁽¹⁾

$

43,990

$

28,982

$

587,047

$

415,830

(1) In the three and twelve months ended September 30, 2023, we made $10.3 million and $19.6 million of acquisition and
transaction-related payments, respectively, and $0.1 million and $1.5 million of restructuring payments, respectively.  In the
three and twelve months ended September 30, 2022, we made $1.7 million and $11.8 million acquisition and transaction-
related payments, respectively, and $2.3 million and $40.8 million of restructuring payments, respectively.  These payments are
included within cash provided by operating activities and free cash flow.