Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, ERP

PTC Announces Fourth fiscal Quarter and Full Year 2023 Results


Solid ARR and Cash Flow in Fourth Fiscal Quarter and Full Year

BOSTON, Nov. 1, 2023 /PRNewswire/ -- PTC (NASDAQ: PTC) today reported financial results for its fourth fiscal quarter and full year ended September 30, 2023.

"In our fourth fiscal quarter, we again delivered solid ARR and cash flow results. We reported ARR growth of 26%, organic ARR growth of 15%, and organic constant currency ARR growth of 13%. Our ServiceMax® business contributed an additional 11 points of ARR growth, taking constant currency ARR growth to 23%. Our operating cash flow was $50 million in Q4, up 29% year over year, and $611 million in FY'23, up 40%. Our free cash flow was $44 million in Q4, up 52% year over year, and $587 million in FY'23, up 41%," said James Heppelmann, CEO, PTC.

"Our differentiated product portfolio and our industry-leading SaaS capabilities align well to the manufacturing industry's push for digital transformation. On a constant currency basis, Creo and Windchill ARR continued to grow at a double-digit pace, growing 10% and 16% respectively; ServiceMax ended fiscal 2023 at the $170 million of ARR we guided to previously; and our Codebeamer ARR has more than doubled since we acquired the business six quarters ago. Our strong market position and solid execution, coupled with our subscription model, position PTC to continue delivering durable and consistent ARR and cash flow growth," concluded Heppelmann.

Fourth Quarter and Full Year 2023 Highlights

Key operating and financial highlights are set forth below. The definitions of our operating and non-GAAP financial measures and reconciliations of non-GAAP financial measures to comparable GAAP measures are included below and in the reconciliation tables at the end of this press release.

$ in millions

Q4'23

Q4'22

YoY Change


Q4'23
Guidance

ARR as reported

$1,979

$1,572

26 %



Constant currency ARR (FY'23 Plan FX rates)

$1,941

$1,572

23 %


$1,935 - $1,950

Organic ARR as reported

$1,807

$1,572

15 %



Constant currency organic ARR

$1,770

$1,572

13 %



Operating cash flow

$50

$38

29 %


~$44

Free cash flow

$44

$29

52 %


~$42

Revenue1

$547

$508

8 %


$540 - $570

Operating margin1

22 %

29 %

 -660 bps



Non-GAAP operating margin1

37 %

40 %

-350 bps



Earnings per share1

$0.382

$0.902

(58 %)


$0.47 - $0.77

Non-GAAP earnings per share1

$1.202

$1.272

(5 %)


$0.95 - $1.25

Total cash and cash equivalents

$288

$272

6 %



Gross debt

$2,3223

$1,359

71 %




In Q4'23, revenue growth was 6% year over year on a constant currency basis. Revenue and, as a result, operating margin,
operating profit, and earnings per share are impacted by revenue recognition under ASC 606.

2 In Q4'23, both EPS and non-GAAP EPS were impacted by increased interest expense. Q4'23 EPS included an impact of
$0.18 related to a non-cash tax charge.

3 Q4'23 gross debt includes a deferred acquisition payment related to ServiceMax of $620 million, which was paid in October
2023.

 

$ in millions

FY'23

FY'22

YoY Change


FY'23
Guidance

Operating cash flow

$611

$435

40 %


~$605

Free cash flow

$587

$416

41 %


~$585

Revenue1

$2,097

$1,933

8 %


$2,090 - $2,120

Operating margin1

22 %

23 %

 -130 bps



Non-GAAP operating margin1

36 %

38 %

-170 bps



Earnings per share1

$2.062

$2.65

(22 %)


$2.14 - $2.45

Non-GAAP earnings per share1

$4.342

$4.58

(5 %)


$4.07 - $4.38


In FY'23, revenue growth was 12% year over year on a constant currency basis. Revenue and, as a result, operating margin,
operating profit, and earnings per share are impacted by revenue recognition under ASC 606.

2 In FY'23, both EPS and non-GAAP EPS were impacted by increased interest expense. FY'23 EPS included an impact of
$0.18 related to a non-cash tax charge.


Fiscal 2024 Guidance and Mid-Term Targets

"Despite a challenging backdrop, our financial results in FY'23 were solid, driven by the resilience of our business model, consistent execution, operational discipline, and the actions we have taken to align our investments with our growth opportunities. Our Q4'23 ARR was slightly below the mid-point of our guidance range, as we had lower in-year starts and ended the year with more deferred ARR than we had modeled. At the start of FY'24, deferred ARR with contractually committed start dates over the next 12 months was approximately $20 million higher than at the start of FY'23. Given that, we are raising the low end of our previously communicated ARR growth range and establishing a FY'24 ARR guidance range of 11% to 14%. We continue to expect approximately $725 million of free cash flow in FY'24," said Kristian Talvitie, CFO, PTC.

Neil Barua, CEO-elect, added, "We continue to target mid-teens growth over the medium term. While the macroeconomic environment could impact any given period, we believe our differentiated product portfolio and market position put us in a good position to drive sustainable top line growth. Given the stability of our subscription license model, we expect non-GAAP operating expense growth at roughly 50% of ARR growth over the medium term, as we continue to invest in our product portfolio. In terms of free cash flow, we are providing targets through FY'26 that represent a three-year CAGR of approximately 20%."

  $ in millions

FY'23
Actual

FY'24
Guidance

FY'24 YoY Growth
Guidance

Q1'24
Guidance



Constant currency ARR (FY'24 Plan FX rates)

$1,979

$2,190 - $2,250

11% - 14%

$1,995 - $2,010


Operating cash flow

$611

~$745

~22%

~$1852


Free cash flow1

$587

~$725

~23%

~$1802


Revenue

$2,097

$2,270 - $2,360

8% - 13%

$520 - $550


Earnings per share

$2.06

$2.42 - $3.32

18% - 61%

$0.26 - $0.49


Non-GAAP earnings per share1

$4.34

$4.50 - $5.20

4% - 20%

$0.80 - $1.00




Refer to the non-GAAP reconciliation table on page 13.


Includes the $30 million imputed interest payment related to the ServiceMax deferred acquisition payment.


 

  $ in millions

FY'25
Targets

FY'26
Targets



ARR at constant currency

Mid-teens % growth

Mid-teens % growth


Operating cash flow

$850 - $900

~$1,025


Free cash flow1

$825 - $875

~$1,000




Assumes capital expenditures of approximately $25 million.




Reconciliation of EPS Guidance to Non-GAAP EPS Guidance


FY'24
Guidance

Q1'24
Guidance



Earnings per share

$2.42 - $3.321

$0.26 - $0.492


Stock-based compensation expense

$1.66 - $1.91

$0.46 - $0.50


Intangible asset amortization expense

~$0.68

~$0.17


Acquisition and transaction-related expense

~$0.01

~$0.01


Income tax adjustments related to the reconciling items

($0.52) ? ($0.47)

($0.14) ? ($0.13)


Non-GAAP Earnings per share

$4.50 - $5.201

$0.80 - $1.002




Our FY'24 EPS and non-GAAP EPS guidance are both inclusive of an expected $121 million in interest expense ($96 million, net
of tax) or $1.00 per share ($0.80 per share, net of tax). This compares to interest expense in FY'23 of $129 million ($96 million, net
of tax) or $1.08 per share ($0.80 per share, net of tax) with the expected decrease in FY'24 primarily due to expected debt 
paydown during FY'24.


Our Q1'24 EPS and non-GAAP EPS guidance are both inclusive of an expected $36 million in interest expense ($29 million, net
of tax) or $0.30 per share ($0.24 per share, net of tax). This compares to interest expense in Q1'23 of $16 million ($14 million, net
of tax) or $0.14 per share ($0.12 per share, net of tax) with the expected increase in Q1'24 primarily due to an increase in debt.




FY'24 financial guidance and mid-term targets include the following assumptions:

PTC's Fiscal Fourth Quarter and Full Year Results Conference Call

The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, November 1, 2023. To participate in the live conference call, dial (888) 330-2508 or (240) 789-2735 and provide the passcode 7328695, or log in to the webcast, available on PTC's Investor Relations website. A replay will also be available.

Important Information About Our Operating and Non-GAAP Financial Measures

Non-GAAP Financial Measures

PTC provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors, to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.

Non-GAAP operating expense, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income and non-GAAP EPS exclude the effect of the following items: stock-based compensation; amortization of acquired intangible assets; acquisition and transaction-related charges included in general and administrative expenses; restructuring and other charges, net; certain non-operating charges and credits; and income tax adjustments. Additional information about the items we exclude from our non-GAAP financial measures and the reasons we exclude them can be found in "Non-GAAP Financial Measures" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022.

Free Cash Flow: PTC provides information on free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings and to evaluate our performance against our announced long-term goals and intent to return approximately 50% of our free cash flow to shareholders via stock repurchases. Free cash flow is cash provided by (used in) operations net of capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures.

Constant Currency (CC): We present CC information to provide a framework for assessing how our underlying business performed excluding the effects of foreign currency rate fluctuations. To present CC information, FY'23 and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the foreign exchange rate as of September 30, 2022, rather than the actual exchange rates in effect during that period. All discussion of FY'24 and comparative prior period ARR results (including FY'23 baseline amounts) are reflected using the foreign exchange rates as of September 30, 2023.

Operating Measures

ARR: ARR (Annual Run Rate) represents the annualized value of our portfolio of active subscription software, cloud, SaaS, and support contracts as of the end of the reporting period. We calculate ARR as follows:

We believe ARR is a valuable operating measure to assess the health of a subscription business because it is aligned with the amount that we invoice the customer on an annual basis. We invoice customers annually for the current year of the contract. A customer with a one-year contract will typically be invoiced for the total value of the contract at the beginning of the contractual term, while a customer with a multi-year contract will be invoiced for each annual period at the beginning of each year of the contract.

ARR increases by the annualized value of active contracts that commence in a reporting period and decreases by the annualized value of contracts that expire in the reporting period.

As ARR is not annualized recurring revenue, it is not calculated based on recognized or unearned revenue and is not affected by variability in the timing of revenue under ASC 606, particularly for on-premises license subscriptions where a substantial portion of the total value of the contract is recognized at a point in time upon the later of when the software is made available, or the subscription term commences.

ARR should be viewed independently of recognized and unearned revenue and is not intended to be combined with, or to replace, either of those items. Investors should consider our ARR operating measure only in conjunction with our GAAP financial results.

Organic Constant Currency ARR: We provide an organic constant currency ARR measure to help investors understand and assess the performance of our business without the distorting effects of ARR from acquisitions in the comparative period and foreign exchange rate fluctuations.

Deferred ARR: Deferred ARR is ARR attributable to our portfolio of subscription software, cloud, SaaS and support contracts that are not active as of the end of the reporting period but are contractually committed to commence in a future period.

Because ARR is independent of recognized and unearned revenue, deferred ARR should not be viewed as a measurement of revenue which will be recognized in future periods.

Churn: We provide a churn measure to enable investors to understand and assess our customer contract retention. Churn represents the difference between the ARR amount for all subscription software, cloud, SaaS and support contracts ended within a reporting period and the ARR for renewal contracts started within a reporting period as of the end of the reporting period.

Forward-Looking Statements

Statements in this press release that are not historic facts, including statements about our future financial and growth expectations, guidance, and targets, and potential stock repurchases, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to, among other factors, increasing interest rates and inflation, tightening of credit standards and availability, volatile foreign exchange rates, supply chain disruptions, the effects of the Russia/Ukraine conflict, including the effect on energy supplies to Europe, the effects of Mideast tensions and actions, and growing tensions with China, any of which could cause customers to delay or reduce purchases of new software, reduce the number of subscriptions they carry, or delay payments to us, which would adversely affect ARR and/or our financial results, including cash flow; our businesses, including our ServiceMax and SaaS businesses, may not expand and/or generate the ARR and/or cash flow we expect if customers are slower to adopt those technologies than we expect or if they adopt competing technologies; our strategic initiatives and investments, including our accelerated investments in our transition to SaaS and the acquisition of ServiceMax, may not deliver the results when or as we expect; we may be unable to generate sufficient operating cash flow to return 50% of free cash flow to shareholders via share repurchases, and other uses of cash or our credit facility limits could preclude such repurchases; and foreign exchange rates may differ materially from those we expect. In addition, our assumptions concerning our future GAAP and non-GAAP effective income tax rates are based on estimates and other factors that could change, including the geographic mix of our revenue, expenses, and profits. Other risks and uncertainties that could cause actual results to differ materially from those projected are detailed from time to time in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

About PTC (NASDAQ: PTC)

PTC (NASDAQ: PTC) is a global software company that enables industrial and manufacturing companies to digitally transform how they engineer, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 25,000 customers globally. For more information, please visit www.ptc.com.

PTC.com @PTC Blogs

PTC Investor Relations Contact
Matt Shimao
SVP, Investor Relations
[email protected]
[email protected]

PTC Inc.


UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except per share data)



























Three Months Ended



Twelve Months Ended



September 30,



September 30,



September 30,



September 30,



2023



2022



2023



2022














Revenue:












Recurring revenue

$

500,256



$

463,156



$

1,907,918



$

1,736,188


Perpetual license


8,223




7,854




38,640




34,065


Professional services


38,141




36,915




150,495




163,094


Total revenue(1)


546,620




507,925




2,097,053




1,933,347














Cost of revenue (2)


115,856




95,530




441,006




385,980














Gross margin


430,764




412,395




1,656,047




1,547,367














Operating expenses:












Sales and marketing (2)


137,452




119,038




530,125




485,247


Research and development (2)


102,025




88,183




394,370




338,822


General and administrative (2)


59,567




50,705




233,516




204,732


Amortization of acquired intangible assets


10,670




9,105




40,022




34,970


Restructuring and other charges (credits), net


(84)




(653)




(460)




36,234


Total operating expenses


309,630




266,378




1,197,573




1,100,005














Operating income


121,134




146,017




458,474




447,362


Other income (expense), net


(32,587)




(8,639)




(125,908)




(50,264)


Income before income taxes


88,547




137,378




332,566




397,098


Provision for income taxes


42,944




30,541




87,026




84,017


Net income

$

45,603



$

106,837



$

245,540



$

313,081














Earnings per share:












Basic

$

0.38



$

0.91



$

2.07



$

2.67


Weighted average shares outstanding


118,803




117,431




118,341




117,194














Diluted

$

0.38



$

0.90



$

2.06



$

2.65


Weighted average shares outstanding


120,112




118,634




119,334




118,233














(1) See supplemental financial data for revenue by license, support and cloud services, and professional services


(2) See supplemental financial data for additional information about stock-based compensation.


 

PTC Inc.


SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION


(in thousands, except per share data)


























Revenue by license, support and services is as follows:













Three Months Ended



Twelve Months Ended



September
30,



September
30,



September
30,



September
30,



2023



2022



2023



2022


License revenue (1)

$

184,391



$

220,034



$

747,022



$

782,680


Support and cloud services revenue


324,088




250,976




1,199,536




987,573


Professional services revenue


38,141




36,915




150,495




163,094


Total revenue

$

546,620



$

507,925



$

2,097,053



$

1,933,347














(1) License revenue includes the portion of subscription revenue allocated to license.














The amounts in the income statement include stock-based compensation as follows:



















Three Months Ended



Twelve Months Ended



September
30,



September
30,



September
30,



September
30,



2023



2022



2023



2022


Cost of revenue

$

5,206



$

4,110



$

20,874



$

22,775


Sales and marketing


16,840




10,911




56,394




49,467


Research and development


17,092




11,262




58,931




41,944


General and administrative


19,753




15,297




70,260




60,677


Total stock-based compensation

$

58,891



$

41,580



$

206,459



$

174,863


 

PTC Inc.


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED)


(in thousands, except per share data)















Three Months Ended



Twelve Months Ended



September
30,



September
30,



September
30,



September
30,



2023



2022



2023



2022














GAAP gross margin

$

430,764



$

412,395



$

1,656,047



$

1,547,367


Stock-based compensation


5,206




4,110




20,874




22,775


Amortization of acquired intangible assets included in cost of
revenue


9,877




6,568




35,694




25,578


Non-GAAP gross margin

$

445,847



$

423,073



$

1,712,615



$

1,595,720














GAAP operating income

$

121,134



$

146,017



$

458,474



$

447,362


Stock-based compensation


58,891




41,580




206,459




174,863


Amortization of acquired intangible assets


20,547




15,673




75,716




60,548


Acquisition and transaction-related charges


222




1,877




18,706




13,185


Restructuring and other charges (credits), net


(84)




(653)




(460)




36,234


Non-GAAP operating income (1)

$

200,710



$

204,494



$

758,895



$

732,192














GAAP net income

$

45,603



$

106,837



$

245,540



$

313,081


Stock-based compensation


58,891




41,580




206,459




174,863


Amortization of acquired intangible assets


20,547




15,673




75,716




60,548


Acquisition and transaction-related charges


222




1,877




18,706




13,185


Restructuring and other charges (credits), net


(84)




(653)




(460)




36,234


Non-operating charges (credits), net (2)


-




(3,408)




5,147




(1,362)


Income tax adjustments (3)


19,017




(11,448)




(33,489)




(55,065)


Non-GAAP net income

$

144,196



$

150,458



$

517,619



$

541,484














GAAP diluted earnings per share

$

0.38



$

0.90



$

2.06



$

2.65


Stock-based compensation


0.49




0.35




1.73




1.48


Amortization of acquired intangibles


0.17




0.13




0.63




0.51


Acquisition and transaction-related charges


0.00




0.02




0.16




0.11


Restructuring and other charges (credits), net


(0.00)




(0.01)




(0.00)




0.31


Non-operating charges (credits), net (2)


-




(0.03)




0.04




(0.01)


Income tax adjustments (3)


0.16




(0.10)




(0.28)




(0.47)


Non-GAAP diluted earnings per share

$

1.20



$

1.27



$

4.34



$

4.58


























(2) In FY23, we recognized $4.2 million of financing charges for a debt commitment agreement associated with our acquisition
of ServiceMax. Net credits for FY22 include a $29.8 million gain on the sale of a portion of our PLM services business, a $3.4
million gain on the sale of an asset, and a $3.0 million gain on the sale of an investment, offset by a $34.8 million charge from
the reduction in value of an equity investment in a publicly-traded company.


(3) 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. In FY23, non-GAAP expense excludes $21.8 million related to
a non-cash tax charge.


 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands)















September 30,



September 30,



2023



2022








ASSETS












Cash and cash equivalents

$

288,103



$

272,182


Accounts receivable, net


811,398




636,556


Property and equipment, net


88,391




98,101


Goodwill and acquired intangible assets, net


4,299,761




2,736,372


Lease assets, net


143,028




137,780


Other assets


658,161




806,277








Total assets

$

6,288,842



$

4,687,268








LIABILITIES AND STOCKHOLDERS' EQUITY












Deferred revenue

$

681,550



$

520,333


Debt, net of deferred issuance costs


1,695,785




1,350,628


Deferred acquisition payments (1)


620,040




-


Lease obligations


193,192




189,575


Other liabilities


420,985




330,698


Stockholders' equity


2,677,290




2,296,034








Total liabilities and stockholders' equity

$

6,288,842



$

4,687,268








(1) Deferred acquisition payments represent the fair value of the $650 million payment to be made in Q1'24 associated with
the ServiceMax, Inc. acquisition.


 

PTC Inc.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)







































Three Months Ended



Twelve Months Ended



September
30,



September
30,



September
30,



September
30,



2023



2022



2023



2022














Cash flows from operating activities:












Net income

$

45,603



$

106,837



$

245,540



$

313,081


Stock-based compensation


58,891




41,580




206,459




174,863


Depreciation and amortization


27,817




22,238




104,760




87,694


Amortization of right-of-use lease assets


7,697




8,198




32,402




34,346


Loss (gain) on investment


-




-




-




31,854


Gain on divestiture of business


-




-




-




(29,808)


Operating lease liability


(569)




(3,066)




(1,929)




(13,610)


Accounts receivable


(198,128)




(190,235)




(98,607)




(165,006)


Accounts payable and accruals


12,395




17,080




23,763




312


Deferred revenue


37,876




39,549




56,572




57,586


Income taxes


31,225




21,510




21,315




27,634


Other


26,962




(25,192)




20,586




(83,620)


Net cash provided by operating activities


49,769




38,499




610,861




435,326














Capital expenditures


(5,779)




(9,517)




(23,814)




(19,496)


Acquisition of businesses, net of cash acquired (1)


-




(7,969)




(828,271)




(282,943)


Purchase of intangible assets


(800)




(998)




(800)




(6,451)


Borrowings (payments) on debt, net(2)


(43,000)




(75,000)




343,000




(91,000)


Repurchases of common stock


-




-




-




(125,000)


Net proceeds associated with issuance of common stock


11,060




10,350




21,652




21,207


Payments of withholding taxes in connection with vesting of stock-based
awards


(6,959)




(6,135)




(82,448)




(68,991)


Net proceeds from sale (purchases) of investments (3)


-




-




(5,474)




46,906


Credit facility origination costs


-




-




(13,355)




-


Divestiture of business, net(4)


-




-




(154)




32,518


Other financing & investing activities


6,283




10,164




(8,138)




27,968


Foreign exchange impact on cash


(3,984)




(9,548)




2,851




(24,203)














Net change in cash, cash equivalents, and restricted cash


6,590




(50,154)




15,910




(54,159)


Cash, cash equivalents, and restricted cash, beginning of period


282,208




323,042




272,888




327,047


Cash, cash equivalents, and restricted cash, end of period

$

288,798



$

272,888



$

288,798



$

272,888














Supplemental cash flow information:












Cash paid for interest

$

37,855



$

22,618



$

89,801



$

48,525














(1) In FY'23, we acquired ServiceMax Inc. for $1,448 million, net of cash acquired.  We paid $828 million in FY'23 with the
remaining $650 million to be paid in Q1'24.  Of the $650 million to be paid, $620 million will be a financing outflow and $30
million of imputed interest will be an operating cash outflow. In FY'22, we acquired Intland for approximately $278 million, net of
cash acquired.


(2) In FY'23, net borrowings were related to a credit facility established to fund the ServiceMax acquisition.


(3) In FY'22, we sold an equity investment in a publicly-traded company for $43 million.


(4) In FY'22, we sold a portion of our PLM services business.


 

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.


 

SOURCE PTC Inc.


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