PTC ANNOUNCES FISCAL FOURTH QUARTER 2019 RESULTS; PROVIDES FISCAL 2020 OUTLOOK Solid Q4’19 Revenue and Operating Margin Performance BOSTON, MA, Oct 23, 2019 - PTC (NASDAQ: PTC) today reported financial results for its fiscal fourth quarter and fiscal year ended September 30, 2019. James Heppelmann, President and CEO said “PTC’s ARR grew 12% in fiscal 2019 reflecting the strength of our technology in the markets we serve and the value we provide to our customers. We also successfully completed the transition to subscription licensing and ended the year strong across key financial metrics including revenue and margins.” Heppelmann added, “Today, we also announced PTC’s intention to acquire Onshape, creators of the first SaaS product development platform that unites next-generation CAD, data management, and collaboration tools. Onshape’s proven talent and technology are the perfect complement to PTC’s market leading on-premise CAD and PLM solutions, and will dramatically strengthen PTC’s ability to participate in the highest growth part of the market with a unique SaaS-based product offering. Most importantly, Onshape will put PTC in a position to lead the market’s inevitable shift to SaaS.” Fourth quarter and fiscal year 2019 highlights1 Additional operating and financial highlights are set forth below. For additional details, please refer to the prepared remarks and financial data tables that have been posted to the Investor Relations section of our website at investor@ptc.com. Note that all references to revenue and margins are under ASC 605.  License and subscription bookings in Q4’19 were $150 million, $5 million above the high end of our guidance range driven by strong bookings in IoT and AR, including a mega deal with our strategic alliance partner Rockwell Automation.2 FY’19 license and subscription bookings were $472 million, up 1% year over year or 4% on a constant currency basis.  ARR per the new definition was $1,116 million, or $1,134 million at the guidance Fx rate, at the end of Q4’19, in line with the targets we provided in September. This is a 10% increase, or 12% increase consistent with the guidance rate, compared to Q4’18, reflecting the strength of our recurring revenue business.  Operating cash flow was $55 million in Q4’19; FY’19 operating cash flow was $285 million. FY’19 free cash flow was $221 million and adjusted free cash flow was $245 million, increases of 4% and 13%, respectively, over Q4’18. FY’19 adjusted free cash flow excludes $25 million of restructuring payments related to our workforce realignment and headquarters relocation.  Recurring software revenue was $284 million in Q4’19, an increase of 9% year over year or 11% in constant currency. FY’19 recurring software revenue was $1,079 million, an increase of 10% year over year or 13% in constant currency. 1 We include operating and non-GAAP financial measures in our operational highlights. We revised the definition of ARR on September 5, 2019. The detailed definitions of these items 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. 2 The mega deal from Rockwell Automation was issued to satisfy a portion of expected FY20 demand and will be credited against committed ACV minimums due in FY20 under the parties’ strategic alliance agreement, as amended. Excluding the mega deal, bookings for the quarter were within the guidance range. 1

 Operating margin: Q4’19 GAAP operating margin was 11%, compared to 4% in Q4’18; Q4’19 non-GAAP operating margin was 22%, compared to 21% in Q4’18. FY’19 GAAP operating margin was 8%, compared to 6% in FY’18; FY’19 non-GAAP operating margin was 22%, compared to 18% in FY’18.  Total cash, cash equivalents, and marketable securities: As of the end of Q4’19 total cash, cash equivalents, and marketable securities was $327 million and total debt, net of deferred issuance costs, was $669 million3. We repurchased approximately 378,000 shares in the fourth quarter of fiscal 2019 and 1.4 million shares in fiscal 2019, spending $25 million and $115 million, respectively. Additionally, in Q4’19, we repaid $30 million on our revolving credit facility. In fiscal 2019, we also retired 3 million shares at no cost related to the ASR initiated in the fourth quarter of fiscal 2018. Fiscal 2020 Operational Outlook Our fiscal 2020 operational outlook includes the following general considerations:  ARR guidance: o Allows for potential impact of moderate weakening of macroeconomic conditions o Onshape contribution of approximately 100 bps of incremental growth o Contribution from ramp deals and deals with FY’20 start dates o Modest improvement to churn  FCF and adjusted FCF guidance reflects: o Operating cash flow of $248M - $268M o $30M of Capex o $37M of restructuring and headquarters relocation charges4 o Short-term impacts of $65M . $25M of incremental interest expense related to the Onshape acquisition . $25M of incremental tax impact driven by the timing of ASC606 revenue recognition . $15M of negative impact due to Fx In millions Operating Metrics ARR $1,245 - $1,280 YoY in CC 12% - 15% Free cash flow $218-$238 YoY in CC (1%) - 8% Adjusted free cash flow $255-$275 YoY in CC 4% - 12% Fiscal 2020 Financial Outlook Our fiscal 2020 financial outlook includes the following general considerations:  The Onshape acquisition (excluding the impact of purchase accounting and acquisition- related costs).  Operating expenses are expected to grow roughly 9%, slightly elevated due to the Onshape acquisition. We expect the run-rate to decline in the back half of FY’20.  Allows for potential impact of moderate weakening of macroeconomic conditions  Based on Fx rates as of September 30, 2019. 3 We plan to increase the revolving credit facility from $700 million to $1 billion in FY’20. 4 Adjusted free cash flow excludes $37 million of estimated restructuring payments related primarily to our workforce realignment associated with expected synergies and operational efficiencies related to the Onshape acquisition, and headquarters relocation. 2

 Sharecount will be roughly flat compared to FY’19. We are suspending the share repurchase program for one year to accelerate debt repayment.  ASC 606 creates quarterly and annual volatility for on-premise subscription companies due to factors that affect revenue recognition such as: o Term length for new and renewal bookings o Contract start-date timing o Quarterly spread of new and renewal bookings o Support to subscription conversions o Potential future changes to revenue recognition for certain future products and future functionality as products become increasingly reliant on cloud functionality  As such, we are providing a wide range on revenue and EPS. For fiscal year ending September 30, 2020, the company expects: In millions except per share amounts GAAP Non-GAAP(1) Revenue $1,410-$1,510 $1,410-$1,510 Effectivetaxrate 20% 19% Diluted shares outstanding 116 116 Diluted earnings per share $0.59-$1.22 $1.95-$2.60 (1) The FY’20 non-GAAP revenue and non-GAAP EPS guidance exclude the estimated items outlined in the table below, as well as any tax effects and discrete tax items (which are not known nor reflected). In millions FY’20 Restructuring charges $25 Intangible asset amortization expense $49 Stock-based compensation expense $119 Total Estimated Pre-Tax GAAP adjustments $193 Estimates for the effect of acquisition accounting on fair value of acquired deferred revenue, intangible amortization and acquisition-related charges related primarily to the Onshape acquisition are not reflected in the FY’20 revenue and EPS guidance table above. PTC’s Fiscal Fourth Quarter Results Conference Call, Prepared Remarks and Data Tables Prepared remarks and financial data tables have been posted to the Investor Relations section of our website at ptc.com. The Company will host a conference call to discuss results at 5:00 pm ET on Wednesday, October 23, 2019. To access the live webcast, please visit PTC’s Investor Relations website at investor.ptc.com at least 15 minutes before the scheduled start time to download any necessary audio or plug-in software. To participate in the live conference call, dial 773-799-3757 or 800-857-5592 and provide the passcode PTC. The call will be recorded, and a replay will be available for 10 days following the call by dialling 800-873-2012 and entering the passcode 9752. The archived webcast will also be available on PTC’s Investor Relations website. 3

PTC Inc. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 Revenue: Subscription license $ 84,936 Subscription support & cloud services 97,641 Total Subscription 182,577 $ 185,483 $ 142,376 Perpetual support 100,007 98,577 117,819 Total recurring revenue 282,584 284,060 260,195 Perpetual license 9,347 8,530 27,030 Total software revenue 291,931 292,590 287,225 Professional services 43,073 42,238 25,296 Total revenue (1) 335,004 334,828 312,521 Cost of revenue: (2) (3) Cost of software revenue 48,813 48,415 43,765 Cost of professional services revenue 36,604 35,343 34,361 Total cost of revenue 85,417 83,758 78,126 Gross margin 249,587 251,070 234,395 Operating expenses: (2)(3) Sales and marketing 101,307 111,701 109,198 Research and development 64,113 64,113 62,396 General and administrative 25,911 25,911 41,558 Amortizationofacquiredintangibleassets 6,055 6,055 7,784 Restructuring and other charges, net 5,650 5,650 1,918 Total operating expenses 203,036 213,430 222,854 Operating income 46,551 37,640 11,541 Other expense, net (3) (12,767) (12,790) (10,872) Income before income taxes 33,784 24,850 669 Provision (benefit) for income taxes (4) 23,958 40,794 (12,522) Net income (loss) $ 9,826 $ (15,944) $ 13,191 Earnings (loss) per share: Basic $ 0.09 $ (0.14) $ 0.11 Weighted average shares outstanding 115,025 115,025 117,823 Diluted $ 0.08 $ (0.14) $ 0.11 Weighted average shares outstanding 115,897 115,025 119,580 (1) See supplemental financial data for revenue by license, support, and professional services. (2) See supplemental financial data for additional information about stock-based compensation. (3) Periods prior to 2019 reflect immaterial expense reclassifications in connection with the adoption of new pension accounting prescribed in Accounting Standards Update 2017-07. (4) Our tax provision for the fourth quarter of 2019 is based on estimates that are subject to final review. 4

PTC Inc. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Twelve Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 Revenue: Subscription license $ 253,698 Subscription support & cloud services 348,452 Total Subscription 602,150 $ 667,597 $ 482,027 Perpetual support 415,248 411,030 496,826 Total recurring revenue 1,017,398 1,078,627 978,853 Perpetual license 70,702 72,191 109,634 Total software revenue 1,088,100 1,150,818 1,088,487 Professional services 167,531 160,676 153,337 Total revenue (1) 1,255,631 1,311,494 1,241,824 Cost of revenue: (2)(3) Cost of software revenue 185,414 183,218 182,843 Cost of professional services revenue 139,964 134,936 143,659 Total cost of revenue 325,378 318,154 326,502 Gross margin 930,253 993,340 915,322 Operating expenses: (2)(3) Sales and marketing 417,449 441,958 414,764 Research and development 246,888 246,888 249,786 General and administrative 127,919 127,919 143,045 Amortization of acquired intangible assets 23,841 23,841 31,350 Restructuring and other charges, net 51,114 51,114 3,764 Total operating expenses 867,211 891,720 842,709 Operating income 63,042 101,620 72,613 Other expense, net (3) (42,742) (42,916) (43,957) Income before income taxes 20,300 58,704 28,656 Provision (benefit) for income taxes (4) 47,760 55,725 (23,331) Net income (loss) $ (27,460) $ 2,979 $ 51,987 Earnings (loss) per share: Basic $ (0.23) $ 0.03 $ 0.45 Weighted average shares outstanding 117,724 117,724 116,390 Diluted $ (0.23) $ 0.03 $ 0.44 Weighted average shares outstanding 117,724 118,714 118,158 (1) See supplemental financial data for revenue by license, support, and professional services. (2) See supplemental financial data for additional information about stock-based compensation. (3) Periods prior to 2019 reflect immaterial expense reclassifications in connection with the adoption of new pension accounting prescribed in Accounting Standards Update 2017-07. (4) Our tax provision for fiscal 2019 is based on estimates that are subject to final review. Our 2018 year-to-date tax rate includes a benefit of $12 million relating to the enactment of the Tax Cuts and Jobs Act. 5

PTC Inc. SUPPLEMENTAL FINANCIAL DATA FOR REVENUE AND STOCK-BASED COMPENSATION (in thousands) Revenue by license, support and services is as follows: Three Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 License revenue (1) $ 94,283 $ 173,514 $ 152,675 Support and cloud services revenue 197,648 119,076 134,550 Professional services revenue 43,073 42,238 25,296 Total revenue $ 335,004 $ 334,828 $ 312,521 Twelve Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 License revenue (1) $ 324,400 $ 666,770 $ 529,265 Support and cloud services revenue 763,700 484,048 559,222 Professional services revenue 167,531 160,676 153,337 Total revenue $ 1,255,631 $ 1,311,494 $ 1,241,824 (1) Under ASC 605, we have classified all subscription revenue as license revenue. The amounts in the income statement include stock-based compensation as follows: Three Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 Cost of software revenue $ 1,791 $ 1,791 $ 1,180 Cost of professional services revenue 1,361 1,361 2,233 Sales and marketing 6,912 6,912 10,066 Research and development 7,168 7,168 3,862 General and administrative (2,440) (2,440) 13,583 Total stock-based compensation $ 14,792 $ 14,792 $ 30,924 Twelve Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 Cost of software revenue $ 5,513 $ 5,513 $ 4,446 Cost of professional services revenue 6,426 6,426 7,079 Sales and marketing 32,026 32,026 24,893 Research and development 22,019 22,019 13,488 General and administrative 20,416 20,416 33,033 Total stock-based compensation $ 86,400 $ 86,400 $ 82,939 6

PTC Inc. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) (in thousands, except per share data) Three Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 GAAP revenue $ 335,004 $ 334,828 $ 312,521 Fairvalueadjustmentofacquireddeferredsubscriptionrevenue - - 75 Fair value adjustment of acquired deferred services revenue 192 192 223 Settlement adjustment - subscription revenue (2) - - (5,250) Settlement adjustment - services revenue (2) - - 14,546 Non-GAAP revenue $ 335,196 $ 335,020 $ 322,115 GAAP gross margin $ 249,587 $ 251,070 $ 234,395 Fair value adjustment of acquired deferred revenue 192 192 298 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (88) (88) (91) Stock-based compensation 3,152 3,152 3,413 Amortizationofacquiredintangibleassetsincludedincostofrevenue 6,874 6,874 6,677 Non-GAAP gross margin $ 259,717 $ 261,200 $ 253,988 GAAP operating income $ 46,551 $ 37,640 $ 11,541 Fair value adjustment of acquired deferred revenue 192 192 298 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (88) (88) (91) Stock-based compensation 14,792 14,792 30,924 Amortizationofacquiredintangibleassetsincludedincostofrevenue 6,874 6,874 6,677 Amortizationofacquiredintangibleassets 6,055 6,055 7,784 Acquisition-related and other transactional charges included in general and administrative costs 1,895 1,895 135 Restructuring and other charges, net 5,650 5,650 1,918 Non-GAAP operating income (1) $ 81,921 $ 73,010 $ 68,482 GAAP net income (loss) $ 9,826 $ (15,944) $ 13,191 Fair value adjustment of acquired deferred revenue 192 192 298 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (88) (88) (91) Stock-based compensation 14,792 14,792 30,924 Amortization of acquired intangible assets included in cost of revenue 6,874 6,874 6,677 Amortization of acquired intangible assets 6,055 6,055 7,784 Acquisition-related and other transactional charges included in general and administrative costs 1,895 1,895 135 Restructuring and other charges, net 5,650 5,650 1,918 Income tax adjustments (3) 29,317 32,673 (16,843) Non-GAAP net income $ 74,513 $ 52,099 $ 53,289 GAAP diluted earnings (loss) per share $ 0.08 $ (0.14) $ 0.11 Fairvalueadjustmentofacquireddeferredrevenue - - - Settlement adjustment - revenue (2) - - 0.08 Stock-based compensation 0.13 0.13 0.26 Amortization of acquired intangibles 0.11 0.11 0.12 Acquisition-related and other transactional charges 0.02 0.02 - Restructuring and other charges, net 0.05 0.05 0.02 Income tax adjustments 0.25 0.28 (0.14) Non-GAAPdilutedearningspershare $ 0.64 $ 0.45 $ 0.45 GAAP diluted weighted average shares outstanding 115,897 115,025 119,580 Dilutiveeffectofstock-basedcompensationplans - 872 - Non-GAAP diluted weighted average shares outstanding 115,897 115,897 119,580 (1) Operating margin impact of non-GAAP adjustments: Three Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 GAAP operating margin 13.9% 11.2% 3.7% Fair value adjustment of acquired deferred revenue 0.1% 0.1% 0.1% Settlement adjustment - revenue (2) 0.0% 0.0% 2.4% Fair value adjustment to deferred services cost 0.0% 0.0% 0.0% Stock-based compensation 4.4% 4.4% 9.9% Amortization of acquired intangibles 3.9% 3.9% 4.6% Acquisition-related and other transactional charges 0.6% 0.6% 0.0% Restructuring and other charges, net 1.7% 1.7% 0.6% Non-GAAP operating margin 24.4% 21.8% 21.3% (2) Our Q4'18 and FY'18 GAAP revenue results include the impact of a settlement of a customer dispute concerning a professional services receivable. The settlement, reached in September 2018, included partial payment of the receivable and new software purchases. The net revenue write-down recorded in the fourth quarter of 2018 was $9.3 million, comprised of a $14.5 million services revenue write-down, partially offset by new subscription revenue of $5.2 million. We have excluded these amounts from our Non-GAAP results. (3) We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2019 and 2018 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. The fourth quarter of 2018 excludes the GAAP benefit of a $3 million valuation allowance release in a foreign jurisdiction as the jurisdiction was profitable on a non-GAAP basis. 7

PTC Inc. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (UNAUDITED) (in thousands, except per share data) Twelve Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 GAAP revenue $ 1,255,631 $ 1,311,494 $ 1,241,824 Fairvalueadjustmentofacquireddeferredsubscriptionrevenue 66 66 341 Fair value adjustment of acquired deferred services revenue 721 721 929 Settlement adjustment - subscription revenue (2) - - (5,250) Settlement adjustment - services revenue (2) - - 14,546 Non-GAAP revenue $ 1,256,418 $ 1,312,281 $ 1,252,390 GAAP gross margin $ 930,253 $ 993,340 $ 915,322 Fair value adjustment of acquired deferred revenue 787 787 1,270 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (308) (308) (384) Stock-based compensation 11,939 11,939 11,525 Amortization of acquired intangible assets included in cost of revenue 27,306 27,306 26,706 Non-GAAP gross margin $ 969,977 $ 1,033,064 $ 963,735 GAAP operating income $ 63,042 $ 101,620 $ 72,613 Fair value adjustment of acquired deferred revenue 787 787 1,270 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (308) (308) (384) Stock-based compensation 86,400 86,400 82,939 Amortization of acquired intangible assets included in cost of revenue 27,306 27,306 26,706 Amortizationofacquiredintangibleassets 23,841 23,841 31,350 Acquisition-related and other transactional charges included in general and administrative costs 3,110 3,110 1,853 Restructuring and other charges, net 51,114 51,114 3,764 Non-GAAP operating income (1) $ 255,292 $ 293,870 $ 229,407 GAAP net income (loss) $ (27,460) $ 2,979 $ 51,987 Fair value adjustment of acquired deferred revenue 787 787 1,270 Settlement adjustment - revenue (2) - - 9,296 Fair value adjustment to deferred services cost (308) (308) (384) Stock-based compensation 86,400 86,400 82,939 Amortization of acquired intangible assets included in cost of revenue 27,306 27,306 26,706 Amortization of acquired intangible assets 23,841 23,841 31,350 Acquisition-related and other transactional charges included in general and administrative costs 3,110 3,110 1,853 Restructuring and other charges, net 51,114 51,114 3,764 Income tax adjustments (3) 29,719 11,816 (37,581) Non-GAAP net income $ 194,509 $ 207,045 $ 171,200 GAAP diluted earnings (loss) per share $ (0.23) $ 0.03 $ 0.44 Fairvalueadjustmentofacquireddeferredrevenue 0.01 0.01 0.01 Settlement adjustment - revenue (2) - - 0.08 Stock-based compensation 0.73 0.73 0.70 Amortization of acquired intangibles 0.43 0.43 0.49 Acquisition-related and other transactional charges 0.03 0.03 0.02 Restructuring and other charges, net 0.43 0.43 0.03 Incometaxadjustments 0.25 0.10 (0.32) Non-GAAPdilutedearningspershare $ 1.64 $ 1.74 $ 1.45 GAAP diluted weighted average shares outstanding 117,724 118,714 118,158 Dilutiveeffectofstock-basedcompensationplans 990 - - Non-GAAP diluted weighted average shares outstanding 118,714 118,714 118,158 (1) Operating margin impact of non-GAAP adjustments: Twelve Months Ended September 30, September 30, September 30, 2019 2019 2018 ASC 606 ASC 605 ASC 605 GAAP operating margin 5.0% 7.7% 5.8% Fair value adjustment of acquired deferred revenue 0.1% 0.1% 0.1% Settlement adjustment - revenue (2) 0.0% 0.0% 0.6% Fair value adjustment to deferred services cost 0.0% 0.0% 0.0% Stock-based compensation 6.9% 6.6% 6.7% Amortization of acquired intangibles 4.1% 3.9% 4.7% Acquisition-related and other transactional charges 0.2% 0.2% 0.1% Restructuring and other charges, net 4.1% 3.9% 0.3% Non-GAAP operating margin 20.3% 22.4% 18.3% (2) Our Q4'18 and FY'18 GAAP revenue results include the impact of a settlement of a customer dispute concerning a professional services receivable. The settlement, reached in September 2018, included partial payment of the receivable and new software purchases. The net revenue write-down recorded in the fourth quarter of 2018 was $9.3 million, comprised of a $14.5 million services revenue write-down, partially offset by new subscription revenue of $5.2 million. We have excluded these amounts from our Non-GAAP results. (3) We have recorded a full valuation allowance against our U.S. net deferred tax assets. As we are profitable on a non-GAAP basis, the 2019 and 2018 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. The fourth quarter of 2018 excludes the GAAP benefit of a $3 million valuation allowance release in a foreign jurisdiction as the jurisdiction was profitable on a non-GAAP basis and a non-cash benefit of approximately $12 million related to the enactment of the Tax Cuts and Jobs Act. 8

PTC Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (1) (in thousands) September 30, September 30, September 30, 2019 2019 2018 (2) ASC 606 ASC 605 ASC 605 ASSETS Cash and cash equivalents $ 269,579 $ 269,579 $ 259,946 Marketable securities 57,435 57,435 55,951 Accounts receivable, net 372,743 107,921 129,297 Property and equipment, net 105,531 105,531 80,613 Goodwill and acquired intangible assets, net 1,408,128 1,408,128 1,382,659 Other assets 452,600 523,314 420,556 Total assets $ 2,666,016 $ 2,471,908 $ 2,329,022 LIABILITIES AND STOCKHOLDERS' EQUITY Deferred revenue $ 396,632 $ 578,748 $ 499,442 Debt, net of deferred issuance costs 669,134 669,134 643,268 Other liabilities 398,252 347,693 311,723 Stockholders' equity 1,201,998 876,333 874,589 Total liabilities and stockholders' equity $ 2,666,016 $ 2,471,908 $ 2,329,022 (1) Our consolidated balance sheet as of September 30, 2019 under ASC 606 is preliminary, pending final adjustments required as a result of our adoption of ASC 606. In addition, the tax balances are based on estimates that are subject to final review. We expect the adjustments to be finalized prior to the filing of our Form 10-K for fiscal (2) The adoption of ASC 606 resulted in up front license recognition under our subscription contracts, resulting in unbilled receivables, and an increase in receivables previously included in other current assets under ASC 605 related to billed but uncollected support and subscription receivables that had corresponding deferred revenue. The adoption also resulted in a decrease in deferred revenue primarily due to the up front license recognition to accumulated deficit at the time of adoption related to on-premise subscription software licenses. 9

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, 2019 2018 2019 2018 Cash flows from operating activities: Net income (loss) $ 9,826 $ 13,191 $ (27,460) $ 51,987 Stock-based compensation 14,792 30,924 86,400 82,939 Depreciation and amortization 19,190 22,105 77,824 87,408 Accounts receivable (58,808) (799) 29,446 20,396 Accounts payable and accruals 23,420 37,150 4,102 (1,737) Deferred revenue 20,550 (26,653) 45,875 56,141 Income taxes 14,717 (16,228) 1,940 (46,233) Other (1) 11,529 2,270 67,018 (3,149) Net cash provided by operating activities (4) 55,216 61,960 285,145 247,752 Capital expenditures (4,832) (17,375) (64,411) (36,041) Acquisition of businesses, net of cash acquired (2) - - (86,737) (3,000) Purchaseofintangibleasset - - - (3,000) Borrowings (payments) on debt, net (30,000) (50,000) 25,000 (70,000) Net proceeds associated with issuance of common stock (3) 8,817 1,008,182 12,975 1,015,654 Repurchases of common stock (3) (24,999) (1,000,000) (114,994) (1,100,000) Payments of withholding taxes in connection with vesting of stock-based awards (175) (577) (44,366) (45,374) Proceeds from (purchase of) investments - - (7,500) (1,000) Contingent consideration - (525) (1,575) (8,275) Purchases of marketable securities, net (2,778) (1,748) (1,051) (6,171) Other financing & investing activities 5,166 (2,851) 9,675 (2,851) Foreign exchange impact on cash (4,708) (4,201) (2,565) (7,810) Net change in cash, cash equivalents, and restricted cash (1) 1,707 (7,135) 9,596 (20,116) Cash, cash equivalents, and restricted cash, beginning of period 268,982 268,228 261,093 281,209 Cash, cash equivalents, and restricted cash, end of period $ 270,689 $ 261,093 $ 270,689 $ 261,093 (1) In the first quarter of fiscal 2019, we adopted Accounting Standards Update (ASU) 2016-18 - Statement of Cash Flows (Topic 230) . In accordance with this guidance, we excluded the $0.5 million increase and $0.1 million increase related to the change in restricted cash from the change in other current assets for the three months and twelve months ended September 30, 2018, respectively. (2) On December 29, 2018, we acquired Frustum for $70 million, net of cash acquired. (3) In the fourth quarter of 2018, Rockwell Automation made a $1.0 billion equity investment in PTC as part of a strategic alliance. Using the cash proceeds from this investment, PTC entered into a $1.0 billion accelerated share repurchase. (4) Our consolidated cash flows as of September 30, 2019 are preliminary, pending final balance sheet adjustments required as a result of our adoption of ASC 606. In addition, our tax balances are based on estimates that are subject to final review. Any adjustments will impact components of operating cash flow, but not total cash from operating activities. We expect the adjustments to be finalized prior to the filing of our Form 10-K for fiscal year 2019. Important Disclosures Important Information About Our Operating and Non-GAAP Financial Measures PTC provides non-GAAP supplemental information to its financial results. We use these non- GAAP measures, and we believe that they assist our investors, to make period-to-period comparisons of our operational performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. We believe that these non-GAAP measures help illustrate underlying trends in our business, and we use the measures to establish budgets and operational goals, communicated internally and externally, for managing our business and evaluating our performance. We believe that providing non- GAAP measures affords investors a view of our operating results that may be more easily compared to the results of peer companies. In addition, compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. However, non-GAAP information should not be construed as an alternative to GAAP information as the items excluded from the non-GAAP measures often have a material impact on our 10

financial results and such items often recur. Management uses, and investors should consider, non-GAAP measures in conjunction with our GAAP results. Non-GAAP revenue, 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: fair value of acquired deferred revenue, fair value adjustment to deferred services cost, stock-based compensation, amortization of acquired intangible assets, acquisition-related and other transactional charges included in general and administrative costs, restructuring and headquarters relocation charges, 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” of our Annual Report on Form 10-K for the fiscal year ended September 30, 2018. Free Cash Flow and Adjusted Free Cash Flow - PTC also provides information on “free cash flow” and “adjusted 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 goal of returning approximately 50% of our free cash flow to shareholders via stock repurchases. Free cash flow is net cash provided by (used in) operating activities less capital expenditures; adjusted free cash flow is free cash flow excluding restructuring payments and certain identified non-ordinary course payments. Free cash flow and adjusted free cash flow are not measures of cash available for discretionary expenditures. Constant Currency Change Metric - Year-over-year changes in revenue and bookings on a constant currency basis compare reported results excluding the effect of any hedging converted into U.S. dollars based on the corresponding prior year’s foreign currency exchange rates to reported results for the comparable prior year period. Operating Measures ARR To help investors understand and assess the success of our subscription transition, we provide an ARR operating measure. On September 5, 2019, we revised the ARR definition. ARR represents the annualized value of our portfolio of recurring customer arrangements as of the end of the reporting period, including subscription software, cloud, and support contracts. This is a change from our prior definition where ARR for a quarter was calculated by dividing the portion of non- GAAP software revenue attributable to subscription and support under ASC 605 for the quarter by the number of days in the quarter and multiplying by 365. We believe ARR is a valuable operating metric to measure the health of a subscription business because it captures expected subscription and support cash generation from new customers, existing customer expansions and includes the impact of churn (gross churn net of pricing). Because this measure represents the annualized value of recurring customer contracts as of the end of a reporting period, ARR does not represent revenue for any particular period or remaining revenue that will be recognized in future periods. New Subscription Annualized Contract Value (ACV) New subscription ACV includes new subscription and support ARR from existing customer expansions and from new customers. Churn 11

Churn is gross churn net of pricing, it does not include upsell and cross sell. Cash Generation Cash generation is ARR plus perpetual license revenue and professional services revenue. Cost of Revenue Cost of revenue includes cost of license, cost of support and cloud services, and cost of professional services. Software Revenue Any reference to “total recurring software revenue” or “recurring software revenue” means the sum of subscription revenue and support revenue. Any reference to “total software revenue” or “software revenue” means the sum of subscription revenue, support revenue and perpetual license revenue. “Subscription revenue” includes cloud services revenue. Navigate Allocation Revenue and bookings for the Navigate™ ThingWorx-based IoT solution for PLM are allocated 50% to Solutions and 50% to IoT. Foreign Currency Impacts on our Business We have a global business, with Europe and Asia historically representing approximately 60% of our revenue, and fluctuation in foreign currency exchange rates can significantly impact our results. We do not forecast currency movements; rather we provide detailed constant currency commentary. Bookings Metrics On Sept 5, 2019 we announced a revision to our reporting measures. We will no longer provide bookings but instead will provide ARR, which we believe provides a more comprehensive view of a subscription business. We offer both perpetual and subscription licensing options to our customers, as well as monthly software rentals for certain products. Given the difference in revenue recognition between the sale of a perpetual software license and a subscription, we use bookings for internal planning, forecasting and reporting of new license and cloud services transaction (as subscription bookings includes cloud services bookings). In order to normalize between perpetual and subscription licenses, we define subscription bookings as the subscription annualized contract value (subscription ACV) of new subscription contracts multiplied by a conversion factor of 2. We arrived at the conversion factor of 2 by considering a number of variables including pricing, support, length of term, and renewal rates. We define subscription ACV as the total value of a new subscription contract (which may include annual values that increase over time) divided by the term of the contract (in days) multiplied by 365. If the term of the subscription contract is less than a year, and is not associated with an existing contract, the booking is equal to the total contract value. Beginning in Q3’18, minimum ACV commitments under our Strategic Alliance Agreement with Rockwell Automation are included in subscription ACV if the period-to-date minimum ACV commitment exceeds actual ACV sold under the Agreement. License and subscription bookings equal subscription bookings (as described above) plus perpetual license bookings. Because subscription bookings is a metric we use to approximate the value of subscription sales if sold as perpetual licenses, it does not represent the actual revenue that will be recognized with respect to subscription sales or that would be recognized if the sales were perpetual licenses, nor does the annualized value of monthly software rental bookings represent the value of any such booking. 12

Forward-Looking Statements Statements in this press release that are not historic facts, including statements about our future financial and growth expectations and targets, 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 deteriorate due to, among other factors, the geopolitical environment, including the focus on technology transactions with non-U.S. entities and potential expanded prohibitions, and ongoing trade tensions and tariffs; our businesses, including our Internet of Things (IoT) and Augmented Reality businesses, may not expand and/or generate the revenue we expect if customers are slower to adopt those technologies than we expect or adopt competing technologies; bookings associated with minimum ACV commitments under our Strategic Alliance Agreement with Rockwell Automation may not result in subscription contracts sold through to end-user customers; the Onshape acquisition may not close when or as we expect and may not provide the competitive benefit we expect; we may be unable to generate sufficient operating cash flow to repay the Onshape debt when or as we expect or to return 50% of free cash flow to shareholders and other uses of cash or our credit facility limits or other matters could preclude such repayments or share repurchases; we may be unable to expand our outstanding credit facility as we expect, which could adversely affect our liquidity and our credit rating; we may be unable to expand our partner ecosystem as we expect; and our partners may not generate the revenue 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 unleashes industrial innovation with award-winning, market-proven solutions that enable companies to differentiate their products and services, improve operational excellence, and increase workforce productivity. With PTC, and its partner ecosystem, manufacturers can capitalize on the promise of today’s new technology to drive digital transformation. PTC.com @PTC Blogs PTC Investor Relations Contacts Tim Fox Noelle Faris tifox@ptc.com nfaris@ptc.com 13