⁽³⁾Represents acquisition-related charges, as well as, expense related to a terminating U.S. pension plan of $1.7 million in the three months ended January 3, 2015.
⁽⁴⁾Income tax adjustments for the three months ended January 3, 2015 and December 28, 2013 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, and also include any identified tax items. In the fourth quarter of 2012, a valuation allowance was established against our U.S. net deferred tax assets. Similarly, in the fourth quarter of 2014, valuation allowances were established against our foreign net deferred tax assets in two foreign jurisdictions. As the U.S. and the two foreign jurisdictions are profitable on a non-GAAP basis, the 2015 and 2014 non-GAAP tax provisions are being calculated assuming there is no valuation allowance in these jurisdictions.

PTC Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
			January 3, 2015				September 30, 2014
ASSETS
Cash and cash equivalents			$	261,052			$	293,654
Accounts receivable, net				201,391				235,688
Property and equipment, net				65,766				67,783
Goodwill and acquired intangible assets, net				1,320,013				1,349,400
Other assets				289,001				253,429
Total assets			$	2,137,223			$	2,199,954
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue			$	397,620			$	382,544
Borrowings under credit facility				605,625				611,875
Other liabilities				278,525				351,646
Stockholders' equity				855,453				853,889
Total liabilities and stockholders' equity			$	2,137,223			$	2,199,954

PTC Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
				Three Months Ended
				January 3, 2015					December 28, 2013
Cash flows from operating activities:
Net income				$	30,284				$	39,657
Stock-based compensation					11,242					12,764
Depreciation and amortization					21,237					19,100
Accounts receivable					25,800					19,273
Accounts payable and accruals					(53,229	)				(42,862	)
Deferred revenue					(8,776	)				(10,827	)
Income taxes					(2,953	)				7,393
Excess tax benefits from stock-based awards					163					(6,802	)
Other					(12,121	)				(1,454	)
Net cash provided by operating activities (5)					11,647					36,242
Capital expenditures					(5,636	)				(5,774	)
Acquisitions of businesses, net of cash acquired					180					-
Proceeds (payments) on debt, net					(6,250	)				110,000
Proceeds from issuance of common stock					3					351
Payments of withholding taxes in connection with
vesting of stock-based awards					(21,669	)				(19,363	)
Excess tax benefits from stock-based awards					(163	)				6,802
Other financing & investing activities					(1,000	)				-
Foreign exchange impact on cash					(9,714	)				1,206
Net change in cash and cash equivalents					(32,602	)				129,464
Cash and cash equivalents, beginning of period					293,654					241,913
Cash and cash equivalents, end of period				$	261,052				$	371,377

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