(2) 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 2017 and 2016 non-GAAP tax provisions are being calculated assuming there is no valuation allowance. Income tax adjustments 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. For the three and nine months ended July 1, 2017 and 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 1,					September 30,
				2017					2016
ASSETS
Cash and cash equivalents				$	260,695				$	277,935
Marketable securities					50,189					49,616
Accounts receivable, net					128,561					161,357
Property and equipment, net					63,443					67,113
Goodwill and acquired intangible assets, net					1,445,453					1,480,118
Other assets					343,420					309,590
Total assets				$	2,291,761				$	2,345,729
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue				$	465,316				$	413,657
Debt, net of deferred issuance costs					712,191					751,601
Other liabilities					278,874					337,805
Stockholders' equity					835,380					842,666
Total liabilities and stockholders' equity				$	2,291,761				$	2,345,729

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
						Three Months Ended														Nine Months Ended
						July 1,							July 2,							July 1,							July 2,
						2017							2016							2017							2016
Cash flows from operating activities:
Net income (loss)						$	(951	)					$	3,073						$	(11,196	)					$	(25,992	)
Stock-based compensation							16,574							13,796							56,139							51,821
Depreciation and amortization							21,504							21,817							64,187							64,721
Accounts receivable							19,540							(5,118	)						34,913							58,499
Accounts payable and accruals							(7,338	)						7,831							(47,924	)						(9,861	)
Deferred revenue							18,528							20,573							45,985							44,592
Income taxes							(3,152	)						(8,644	)						(17,832	)						(17,470	)
Excess tax benefits from stock-based awards							(258	)						(38	)						(397	)						(94	)
Other							9,208							6,167							(21,809	)						3,380
Net cash provided by operating activities							73,655							59,457							102,066							169,596
Capital expenditures							(4,544	)						(7,766	)						(19,333	)						(16,632	)
Acquisitions of businesses, net of cash acquired (1)							(4,960	)						-							(4,960	)						(164,191	)
Proceeds (payments) on debt, net							-							(60,000	)						(40,000	)						110,000
Proceeds from issuance of common stock							-							18							3,978							19
Payments of withholding taxes in connection with vesting of stock-based awards
							(7,078	)						(5,165	)						(26,244	)						(20,636	)
Excess tax benefits from stock-based awards							258							38							397							94
Proceeds from sales of investments							-							-							15,218							-
Contingent consideration							(8,343	)						(9,371	)						(11,054	)						(10,621	)
Proceeds (purchases) of marketable securities, net							(2,013	)						(44,605	)						(733	)						(44,605	)
Repurchases of common stock							(34,994	)						-							(34,994	)						-
Other financing & investing activities							-							(5,709	)						(184	)						(6,759	)
Foreign exchange impact on cash							5,398							(727	)						(1,397	)						4,944
Net change in cash and cash equivalents							17,379							(73,830	)						(17,240	)						21,209
Cash and cash equivalents, beginning of period							243,316							368,456							277,935							273,417
Cash and cash equivalents, end of period						$	260,695						$	294,626						$	260,695						$	294,626

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