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,

2022

2021

2022

2021

Cash provided by operating activities

$

38,499

$

45,321

$

435,326

$

368,809

Capital expenditures

(9,517)

(13,051)

(19,496)

(24,713)

Free cash flow

$

28,982

$

32,270

$

415,830

$

344,096

Restructuring and other related payments

2,314

748

40,826

14,464

Acquisition and transaction-related payments

1,718

139

11,834

14,981

Non-ordinary course tax payment ⁽¹⁾

-

-

-

17,907

Adjusted free cash flow

$

33,014

$

33,157

$

468,490

$

391,448

(1) In 2021, we made payments related to a non-U.S. prior period tax exposure, primarily related to foreign withholding taxes.