(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 2018 and 2017 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. We have recorded the impact of the Tax Cuts and Jobs Act in our Q1'18 GAAP earnings, resulting in a non-cash benefit of approximately $7 million. We have excluded this benefit from our non-GAAP results.

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
			December 30,				September 30,
			2017				2017
ASSETS
Cash and cash equivalents			$	291,679			$	280,003
Marketable securities				50,567				50,315
Accounts receivable, net				131,059				152,299
Property and equipment, net				61,219				63,600
Goodwill and acquired intangible assets, net				1,427,988				1,440,680
Other assets				343,430				373,487
Total assets			$	2,305,942			$	2,360,384
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred revenue			$	431,494			$	458,907
Debt, net of deferred issuance costs				742,622				712,406
Other liabilities				242,727				303,635
Stockholders' equity				889,099				885,436
Total liabilities and stockholders' equity			$	2,305,942			$	2,360,384

PTC Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
				Three Months Ended
				December 30,					December 31,
				2017					2016
Cash flows from operating activities:
	Net income (loss)			$	13,877				$	(9,141	)
	Stock-based compensation				18,331					17,988
	Depreciation and amortization				21,046					21,454
	Accounts receivable				21,603					21,184
	Accounts payable and accruals				(53,057	)				(53,608	)
	Deferred revenue				22,055					(11,726	)
	Income taxes				(14,272	)				(6,096	)
	Other				(4,456	)				(27,931	)
Net cash provided (used) by operating activities (1)					25,127					(47,876	)
Capital expenditures					(6,377	)				(7,100	)
Purchase of intangible asset					(2,500	)				-
Proceeds (payments) on debt, net					30,000					(20,000	)
Payments of withholding taxes in connection with
	vesting of stock-based awards				(33,488	)				(18,623	)
Proceeds from investments					-					1,502
Contingent consideration					(3,176	)				(2,711	)
Purchases of marketable securities, net					(508	)				-
Foreign exchange impact on cash					2,598					(9,760	)
Net change in cash and cash equivalents					11,676					(104,568	)
Cash and cash equivalents, beginning of period					280,003					277,935
Cash and cash equivalents, end of period				$	291,679				$	173,367

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