PTC Inc (PTC) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the PTC 2023 Second Quarter Conference Call. (Operator Instructions)

女士們先生們，下午好。感謝您的支持，歡迎參加 PTC 2023 第二季度電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Matt Shimao, PTC's Head of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給 PTC 投資者關係主管 Matt Shimao 先生。請繼續，先生。

Good afternoon. Thank you, Lisa, and welcome to PTC's Fiscal 2023 Second Quarter Conference Call. On the call today are Jim Heppelmann, Chief Executive Officer; and Kristian Talvitie, Chief Financial Officer.

下午好。謝謝 Lisa，歡迎參加 PTC 2023 財年第二季度電話會議。今天接聽電話的是首席執行官 Jim Heppelmann；和首席財務官 Kristian Talvitie。

Today's conference call is being broadcast live through an audio webcast, and a replay of the call will be available later today at www.ptc.com. During this call, PTC will make forward-looking statements, including guidance as to future operating results. Because such statements deal with future events, actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in PTC's annual report on Form 10-K, Form 10-Q and other filings with the U.S. Securities and Exchange Commission as well as in today's press release. The forward-looking statements, including guidance provided during this call, are valid only as of today's date, April 26, 2023, and PTC assumes no obligation to update these forward-looking statements.

今天的電話會議將通過音頻網絡直播進行現場直播，電話重播將於今天晚些時候在 www.ptc.com 上提供。在此次電話會議中，PTC 將做出前瞻性陳述，包括對未來經營業績的指導。由於此類陳述涉及未來事件，因此實際結果可能與前瞻性陳述中預測的結果存在重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多信息，請參閱 PTC 的 10-K 表格、10-Q 表格年度報告和其他向美國證券交易委員會提交的文件以及在今天的新聞稿中。前瞻性陳述，包括本次電話會議期間提供的指導，僅在今天即 2023 年 4 月 26 日有效，PTC 不承擔更新這些前瞻性陳述的義務。

During the call, PTC will discuss non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's press release made available on our website.

在電話會議期間，PTC 將討論非 GAAP 財務措施。這些非 GAAP 措施不是根據公認的會計原則編制的。非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可以在我們網站上今天發布的新聞稿中找到。

With that, I'd like to turn the call over to PTC's Chief Executive Officer, Jim Heppelmann.

有了這個，我想把電話轉給 PTC 的首席執行官 Jim Heppelmann。

Thanks, Matt. Good afternoon, everyone, and thank you for joining us. I'm pleased to report PTC delivered strong results in our second fiscal quarter of 2023. As you know, we feel that ARR and free cash flow are the best metrics to assess the performance of our business. We exceeded our guidance on both metrics in Q2 and are at the midpoint, raising the full year guidance for both metrics. A reminder that as usual, I'll focus my discussion on constant currency results when discussing top line metrics, and Kristian will expound on currency effects later in the call.

謝謝，馬特。大家下午好，感謝您加入我們。我很高興地報告 PTC 在 2023 年第二財季取得了強勁的業績。如您所知，我們認為 ARR 和自由現金流是評估我們業務績效的最佳指標。我們在第二季度超出了我們對這兩個指標的指導，並且處於中點，提高了這兩個指標的全年指導。提醒一下，和往常一樣，在討論頂線指標時，我將重點討論恆定的貨幣結果，而 Kristian 將在稍後的電話會議中闡述貨幣影響。

Starting with the top line metric of ARR on Slide 4. In Q2, we came in at $1.814 billion, which was above the high end of our guidance range, and up 26% year-over-year. Top line strength was broad based across all segments and geographies. Bookings were solid in Q2, and our churn results were outstanding. Organic ARR growth was 13%, with ServiceMax and Codebeamer, contributing the extra 13 points of inorganic growth to bridge us to that 26% growth rate.

從幻燈片 4 上 ARR 的最高指標開始。在第二季度，我們的收入為 18.14 億美元，高於我們指導範圍的上限，同比增長 26%。收入實力廣泛分佈於所有細分市場和地區。第二季度的預訂量穩定，我們的客戶流失率結果非常出色。 ServiceMax 和 Codebeamer 的有機 ARR 增長率為 13%，貢獻了額外的 13 個無機增長點，使我們達到了 26% 的增長率。

Given our strong first half results, together with a solid outlook for the second half, we are narrowing our full year ARR guidance range while slightly raising the midpoint. Kristian will provide guidance details later. Global PMIs continue to hover in the mid-40s to 50 range, suggesting the business environment remains challenging for industrial companies, but it does not appear to be getting much worse.

鑑於我們上半年的強勁業績以及下半年的穩健前景，我們正在縮小全年 ARR 指導範圍，同時略微提高中點。克里斯蒂安稍後將提供指導細節。全球採購經理人指數繼續徘徊在 40 至 50 的範圍內，表明商業環境對工業公司而言仍然充滿挑戰，但似乎並沒有變得更糟。

Despite the sluggish macro, the solid organic bookings result we saw in Q2 was up nicely on a sequential and year-over-year basis, suggesting at this point that the softer booking result in Q1 was probably an anomaly within the normal range of bookings volatility rather than the beginning of a more sinister trend.

儘管宏觀經濟低迷，但我們在第二季度看到的穩健有機預訂結果環比和同比都有很好的增長，這表明在這一點上，第一季度疲軟的預訂結果可能是預訂波動正常範圍內的異常情況而不是更險惡趨勢的開始。

While we did see continued booking softness in small and medium business and in China, this was offset by notable bookings strength in Europe and in the U.S., and in particular with Windchill and Codebeamer as well as with IoT and AR. Running counter to the SMB trend, Onshape had a record bookings quarter, helped in part by a large household name electronics company, making the decision to move away from SolidWorks and standardize instead on Onshape to gain the advantages of SaaS and agile product development.

雖然我們確實看到中小型企業和中國的預訂持續疲軟，但這被歐洲和美國顯著的預訂強勁所抵消，尤其是 Windchill 和 Codebeamer 以及物聯網和增強現實。與 SMB 趨勢相反，Onshape 的預訂季度創下紀錄，這在一定程度上得益於一家家喻戶曉的大型電子公司，該公司決定放棄 SolidWorks 並在 Onshape 上進行標準化，以獲得 SaaS 和敏捷產品開發的優勢。

This key win represents a notable milestone for Onshape. In our core business, we saw a higher mix of ramp deals from companies choosing to proceed with large strategic programs but wanting to ramp their deployments over multiple years. This buying behavior pushes more of the bookings into deferred ARR, which benefits fiscal '24 and fiscal '25 ARR growth more than it does fiscal '23. Deferred ARR is up sharply year-over-year.

此次關鍵勝利代表了 Onshape 的一個重要里程碑。在我們的核心業務中，我們看到更多的公司選擇繼續實施大型戰略計劃，但希望在多年內擴大部署。這種購買行為將更多的預訂推入遞延 ARR，這比 23 財年更有利於 24 財年和 25 財年的 ARR 增長。遞延 ARR 同比大幅上升。

Naturally, we took the outlook for bookings, churn, start dates and deferred ARR into account when we adjusted our FY '23 ARR guidance. We landed a large and interesting PLM and ALM order from a European automotive OEM that included extension options for Windchill and Codebeamer to contemplate our relationship spanning 20 years.

當然，在我們調整 FY '23 ARR 指南時，我們考慮了預訂、客戶流失、開始日期和遞延 ARR 的前景。我們從一家歐洲汽車 OEM 那裡獲得了一份有趣的大型 PLM 和 ALM 訂單，其中包括 Windchill 和 Codebeamer 的擴展選項，以考慮我們長達 20 年的合作關係。

The fact that an automotive OEM wants to understand commercial terms over the next 2 decades speaks to how sticky our software is. Clearly, they expect to have it for a while. A final top line observation is that organic growth arguably has a bit more momentum than the numbers on this slide suggests. That's because following the Codebeamer acquisition, our strategy has been to shift our organic ALM selling effort to the new Codebeamer technology platform. That strategy is working, and Codebeamer is doing exceptionally well.

一家汽車原始設備製造商想要了解未來 2 年的商業條款這一事實說明了我們的軟件有多粘。顯然，他們希望擁有一段時間。最後的頂線觀察是，有機增長的勢頭可以說比這張幻燈片上的數字所顯示的要大一些。這是因為在收購 Codebeamer 之後，我們的戰略一直是將有機 ALM 銷售工作轉移到新的 Codebeamer 技術平台上。該策略正在發揮作用，而 Codebeamer 的表現非常出色。

Codebeamer is now the ALM standard at several of the largest European and Asian auto OEMs and at numerous suppliers. But the consequence of this shift in sales strategy is that some of the ALM business we would have likely transacted organically is now scored as inorganic Codebeamer instead. We estimate that excluding the impact of this mix shift factor in Q2 would cause this slide to show organic growth at 14%, with inorganic growth at 12%. Codebeamer will become organic in Q3 when we pass the acquisition anniversary.

Codebeamer 現在是歐洲和亞洲幾家最大的汽車原始設備製造商以及眾多供應商的 ALM 標準。但這種銷售策略轉變的結果是，我們本可以有機交易的一些 ALM 業務現在被評分為無機 Codebeamer。我們估計，如果排除第二季度這一混合轉變因素的影響，這張幻燈片將顯示有機增長率為 14%，無機增長率為 12%。收購週年紀念日後，Codebeamer 將在第三季度成為有機產品。

Moving to Slide 5 and switching to our bottom line. We delivered $207 million of free cash flow in Q2, a record quarterly result that was ahead of our guidance and up 48% year-over-year. Note that in fiscal '22, we had $41 million of restructuring-related cash outflows for the full year, and $18 million in Q2. Excluding the impact of restructuring payments in last year's compare, we still delivered 31% year-over-year free cash flow growth in Q2, driven by a combination of strong ARR growth and higher operating efficiency due to disciplined cost management. We raised our free cash flow guide for the year. Kristian will elaborate on that, too.

移動到幻燈片 5 並切換到我們的底線。我們在第二季度交付了 2.07 億美元的自由現金流，這是創紀錄的季度業績，超出了我們的指引，同比增長 48%。請注意，在 22 財年，我們全年有 4100 萬美元的重組相關現金流出，第二季度有 1800 萬美元。剔除去年比較中重組付款的影響，我們在第二季度仍實現了 31% 的自由現金流同比增長，這主要得益於 ARR 強勁增長和嚴格的成本管理帶來的更高運營效率。我們提高了今年的自由現金流指南。克里斯蒂安也會對此進行詳細說明。

To help you understand what's driving the big year-over-year increase in free cash flow, let me recap the margin expansion program that PTC management has been driving. First, I'll remind you that operating efficiency is our metric that measures the percentage of our billings that we're able to convert to cash flow each year. Margins have been expanding for many years now, but the organizational realignment we did at the end of fiscal '21, coupled with the resource rebalancing work we did during fiscal '22, have together created an organizational model for PTC that's efficient and sustainable. We delivered 300 basis points of expansion in fiscal '22.

為了幫助您了解是什麼推動了自由現金流的同比大幅增長，讓我回顧一下 PTC 管理層一直在推動的利潤率擴張計劃。首先，我要提醒您，運營效率是我們衡量每年能夠轉換為現金流的賬單百分比的指標。利潤率多年來一直在擴大，但我們在 21 財年末進行的組織調整，加上我們在 22 財年進行的資源再平衡工作，共同為 PTC 打造了一個高效且可持續的組織模型。我們在 22 財年實現了 300 個基點的擴張。

At the midpoint of our fiscal '23 ARR guidance range, based on actions that are well behind us now, we expect our operating efficiency to expand by at least another 450 basis points this year. Looking back, while other companies were hiring like crazy, the proactive work we did to optimize our cost structure proved prescient and is generating exactly the results we promised. Given the trends at PTC, we do not anticipate any need for the type of layoffs or restructuring that we've seen in the tech world around us. Indeed, we're still hiring and investing in the business, albeit conservatively, which Kristian will discuss later.

根據我們現在遠遠落後的行動，在我們 23 財年 ARR 指導範圍的中點，我們預計今年我們的運營效率將至少再提高 450 個基點。回顧過去，當其他公司瘋狂招聘時，我們為優化成本結構所做的積極工作被證明是有先見之明的，並且正在產生我們承諾的結果。鑑於 PTC 的趨勢，我們預計不需要像我們周圍的科技界那樣進行裁員或重組。事實上，我們仍在招聘和投資業務，儘管是保守的，克里斯蒂安稍後將討論這一點。

Turning to Slide 6. A large driver of this margin expansion is the natural result of putting the business model transition behind us, traversing the valley of death in fiscal 2014 through '19 caused PTC to defer revenue recognition while retaining the same spending levels, which made our reported margins look much worse than they fundamentally were. The short-term pain we endured during that transition is long gone. And now, we're enjoying the fruits of the long-term gain we were aiming for, which is a resilient business that's tracking toward peer-leading performance.

轉到幻燈片 6。這種利潤率增長的一個重要推動力是我們將商業模式轉型拋在腦後的自然結果，從 2014 財年到 19 財年穿越死亡谷導致 PTC 推遲確認收入，同時保持相同的支出水平，這使我們報告的利潤率看起來比基本面差得多。我們在過渡期間所承受的短期痛苦早已不復存在。而現在，我們正在享受我們所追求的長期收益所帶來的成果，這是一個有彈性的業務，正在追踪同行領先的績效。

That's a good segue to Slide 7, where I'd like to share a view of PTC's combined top and bottom line performance in comparison to peers. Starting at the upper left, Autodesk recently showed this FY '23 Rule of 40 comparison at their Investor Day in March. Note that Autodesk definition of the Rule of 40 uses free cash flow margin rather than operating margin, which is probably a good way to look at it given ASC 606 accounting noise. I'd prefer to use ARR rather than revenue growth for the same reasons, but I realize that makes comparisons of actuals hard to do.

這是幻燈片 7 的一個很好的轉折點，我想在幻燈片 7 中分享 PTC 與同行相比的綜合頂線和底線表現的觀點。從左上角開始，Autodesk 最近在 3 月份的投資者日展示了這個 FY '23 Rule of 40 比較。請注意，Autodesk 對 40 規則的定義使用自由現金流量利潤率而不是營業利潤率，考慮到 ASC 606 會計噪聲，這可能是一種很好的觀察方式。出於同樣的原因，我更願意使用 ARR 而不是收入增長，但我意識到這使得很難對實際情況進行比較。

So for today's purposes, we will embrace Autodesk definition. That said, this chart showed PTC with an anemic 28% figure for fiscal '23, which didn't sound right to me given the margin expansion I just described. So moving to the upper right, our team looked up all the actuals to reverse engineer the Autodesk chart, and 2 things became clear: First, Autodesk has a strange fiscal calendar, where 11 of the 12 months of their fiscal '23 actually happened in calendar '22. Most of the companies in this analysis, including PTC, would say this is really a '22 comparison.

因此，出於今天的目的，我們將接受 Autodesk 的定義。也就是說，這張圖表顯示 PTC 在 23 財年的數字只有 28%，考慮到我剛才描述的利潤率擴張，這對我來說並不合適。因此，轉到右上角，我們的團隊查找了所有實際情況以對 Autodesk 圖表進行逆向工程，有兩件事變得清晰：首先，Autodesk 有一個奇怪的會計日曆，他們的 23 財年的 12 個月中有 11 個月實際上發生在日曆 '22。此分析中的大多數公司（包括 PTC）會說這確實是 22 世紀的比較。

Second, there are some significant onetime factors involved here, too, because PTC's fiscal '22 cash flow was negatively impacted by the restructuring I mentioned, whereas Autodesk cash flow during this period was helped by their practice of billing multiyear subscriptions upfront, which they've since committed to move away from.

其次，這裡也涉及一些重要的一次性因素，因為 PTC 的 22 財年現金流受到我提到的重組的負面影響，而 Autodesk 在此期間的現金流得益於他們預先為多年訂閱計費的做法，他們'從那以後我就決定搬離。

Putting those points aside, obviously, the future matters more than the past. So it's interesting to consider the trajectory of companies in this peer group going forward. The 2 charts on the lower half of the slide have been created using consensus data pulled directly from FactSet. In the current year, based on strong growth and significant free cash flow margin expansion that PTC has been delivering, we're expected to move to the middle of the pack, while Autodesk recedes.

撇開這些不談，很明顯，未來比過去更重要。因此，考慮這個同行群體中公司的發展軌跡是很有趣的。幻燈片下半部分的 2 個圖表是使用直接從 FactSet 中提取的共識數據創建的。在今年，基於 PTC 一直在實現的強勁增長和顯著的自由現金流利潤率擴張，我們預計將進入中間位置，而 Autodesk 則退步。

Next year in 2024, based on continued growth and margin expansion, PTC is expected to lead this peer group in the Rule of 40 as Autodesk defines it. Of course, these are just consensus models and not actuals, but we're comfortable with the expectations shown here for PTC because they align to the midterm guidance ranges we provided at our November Investor Day. We'll plan to revisit this useful chart periodically to track how PTC is doing as compared to peers.

明年 2024 年，基於持續增長和利潤率擴張，PTC 有望在 Autodesk 定義的 40 規則中領先該同行。當然，這些只是共識模型而非實際情況，但我們對此處顯示的 PTC 預期感到滿意，因為它們符合我們在 11 月投資者日提供的中期指導範圍。我們將計劃定期重新訪問這個有用的圖表，以跟踪 PTC 與同行相比的表現。

Turning to Slide 8. Let's look at ARR growth by geography. ARR growth in Americas was 29%. In Europe, ARR growth was 25%. And in Asia Pacific, ARR growth was 19%. All 3 regions benefited from the acquisitions of ServiceMax and Codebeamer, albeit to differing degrees.

轉到幻燈片 8。讓我們看看按地域劃分的 ARR 增長。美洲的 ARR 增長率為 29%。在歐洲，ARR 增長率為 25%。而在亞太地區，ARR 增長率為 19%。所有 3 個地區都受益於對 ServiceMax 和 Codebeamer 的收購，儘管程度不同。

Next, let's look at ARR performance of our product groups on Slide 9. In CAD, which is those products that enable authoring of product data, we delivered 10% ARR growth in Q2 in a market that's been growing an estimated 7%. Within these results, the growth was primarily driven by Creo, but supplemented by strong percentage growth in Onshape. Jay Vleeschhouwer recently noted in his research that Creo has been the fastest-growing major CAD system for 12 of the past 16 quarters. Onshape's growing at a considerably faster rate than Creo, so PTC is clearly taking shares in different parts of the market with both products. I feel we have a great hand to play in the CAD market.

接下來，讓我們在幻燈片 9 上查看我們產品組的 ARR 性能。在 CAD 中，這些產品能夠創作產品數據，我們在第二季度實現了 10% 的 ARR 增長，而這個市場的增長率估計為 7%。在這些結果中，增長主要由 Creo 推動，但輔之以 Onshape 的強勁百分比增長。 Jay Vleeschhouwer 最近在他的研究中指出，Creo 在過去 16 個季度中有 12 個季度是增長最快的主要 CAD 系統。 Onshape 的增長速度比 Creo 快得多，因此 PTC 顯然正在通過這兩種產品在市場的不同部分佔據份額。我覺得我們在 CAD 市場上有很大的優勢。

In PLM, which includes those products that enable data and process management, our ARR growth rate in Q1 was 39% or 16% organic, with the inorganic growth coming from both ServiceMax and Codebeamer, Codebeamer having enjoyed a tailwind from the ALM mix shift factor I previously mentioned. In PLM, we continue to significantly outperform the market, which has been growing approximately 8% in core PLM, but more like 11% when you roll in the extended PLM categories of ALM and SLM. ARR growth for PLM in Q2 was primarily driven by Windchill, supplemented by strong percentage growth in Arena, IoT and SLM. PTC has a strong hand to play here, too. As clearly, we are taking significant market share in the PLM market as well.

在 PLM 中，包括那些支持數據和流程管理的產品，我們第一季度的 ARR 增長率為 39% 或 16% 有機增長，無機增長來自 ServiceMax 和 Codebeamer，Codebeamer 受益於 ALM 組合轉變因素我之前提到過。在 PLM 方面，我們的表現繼續顯著優於市場，核心 PLM 的增長率約為 8%，但在 ALM 和 SLM 的擴展 PLM 類別中，增長率更接近 11%。第二季度 PLM 的 ARR 增長主要由 Windchill 推動，輔之以 Arena、IoT 和 SLM 的強勁百分比增長。 PTC 在這方面也有很強的實力。很明顯，我們也在 PLM 市場中佔有重要的市場份額。

Turning to Slide 10. Now that 2022 is behind us, we thought it would be helpful to publish PTC's calendar year performance for those analysts who wish to make growth and market share comparisons on that basis. As you can see, calendar 2022 was a strong year for PTC, and it was our fifth consecutive year of double-digit ARR growth in both our CAD and PLM segments.

轉到幻燈片 10。既然 2022 年已經過去，我們認為發布 PTC 的歷年業績對那些希望在此基礎上進行增長和市場份額比較的分析師會有幫助。如您所見，2022 年對 PTC 來說是強勁的一年，這是我們在 CAD 和 PLM 領域連續第五年實現兩位數的 ARR 增長。

In PLM, the addition of ServiceMax into our portfolio brings management of the customer's installed base of products into our product life cycle management offering and this significantly expands our category leadership. On a calendar 2022 basis, inclusive of the $153 million ServiceMax contributed on a pro forma basis, PLM revenue was $1.15 billion. ARR growth was strong at 20%, with organic at 18%, which suggests we're widening the leadership gap.

在 PLM 中，將 ServiceMax 添加到我們的產品組合中，將客戶安裝的產品基礎管理納入我們的產品生命週期管理產品中，這顯著擴大了我們的類別領導地位。在 2022 日曆年的基礎上，包括 ServiceMax 預估貢獻的 1.53 億美元，PLM 收入為 11.5 億美元。 ARR 增長強勁，達到 20%，有機增長率為 18%，這表明我們正在擴大領先差距。

In Canada, results were all organic in calendar '22, and growth here, too, remains well ahead of the market. CAD revenue was $788 million in calendar '22, and the ARR growth rate was 10%. PTC's growth rate in CAD is best-in-class. So while we're not the category leader, given the differential growth rates, we are in the passing lane.

在加拿大，22 年的業績都是有機的，而且這裡的增長也仍然遠遠領先於市場。 22 年的 CAD 收入為 7.88 億美元，ARR 增長率為 10%。 PTC 在 CAD 領域的增長率是一流的。因此，雖然我們不是類別領導者，但考慮到不同的增長率，我們處於超車道。

Turning to Slide 11. In just a few weeks, we're hosting our big LiveWorx event on May 15 and 16 here in Boston. This is our flagship event dedicated to our customer and partner ecosystem, and we're also welcoming investors to join. It's a great way to network and learn firsthand all things PTC.

轉到幻燈片 11。幾週後，我們將於 5 月 15 日至 16 日在波士頓舉辦我們的大型 LiveWorx 活動。這是我們致力於為我們的客戶和合作夥伴生態系統舉辦的旗艦活動，我們也歡迎投資者加入。這是建立人際網絡並親身了解 PTC 一切的好方法。

This year, we're excited to try a new approach to maximize the investor experience. In addition to having an exclusive investor lunch session on sustainability as well as an executive Q&A session, we have organized an immersive investor track, which will enable you to attend our main keynote and our spotlight sessions on ServiceMax, Windchill and Creo Plus sitting alongside our customers and partners. We will host a special demo tour for investors, and you'll be free to explore and learn more on your own, too. There will also be opportunities to network with our executive team, and our Board will be present as well. We would love to see you at LiveWorx. If you need registration details, please reach out to our IR team.

今年，我們很高興嘗試一種新方法來最大化投資者體驗。除了關於可持續發展的獨家投資者午餐會和高管問答環節外，我們還組織了沉浸式投資者環節，讓您能夠參加我們的主要主題演講和我們關於 ServiceMax、Windchill 和 Creo Plus 的聚光燈會議客戶和合作夥伴。我們將為投資者舉辦一次特別的演示之旅，您也可以自由探索和了解更多信息。還將有機會與我們的執行團隊建立聯繫，我們的董事會也將出席。我們很樂意在 LiveWorx 見到你。如果您需要註冊詳細信息，請聯繫我們的 IR 團隊。

On Slide 12, one of the demos you can check out on the Windchill section will come from Fresenius Medical Care. Fresenius is the world's leading provider of products and services for individuals that need dialysis treatment. Fresenius produces dialysis machines in over 40 manufacturing facilities around the globe and also runs a network of over 4,000 dialysis clinics. There's a lot of inherent complexity in their product life cycle. Fresenius saw the opportunity to bring down treatment costs and improve their products by building a digital thread workflow across their engineering, manufacturing and service domains. Windchill was selected as the backbone to bring product data together and enable better collaboration across internal groups and with external partners.

在幻燈片 12 上，您可以在 Windchill 部分查看的演示之一將來自 Fresenius Medical Care。費森尤斯 (Fresenius) 是全球領先的為需要透析治療的個人提供產品和服務的供應商。費森尤斯在全球 40 多家製造工廠生產透析機，還運營著一個由 4,000 多家透析診所組成的網絡。他們的產品生命週期中有很多內在的複雜性。 Fresenius 看到了通過跨工程、製造和服務領域構建數字主線工作流程來降低治療成本和改進產品的機會。 Windchill 被選為將產品數據整合在一起並在內部團隊之間以及與外部合作夥伴之間實現更好協作的支柱。

Fresenius subsequently standardized on Creo, and has since adopted ThingWorx for smart connected products and for smart connected factories. Currently, they're exploring how they might leverage ServiceMax in that digital thread. Fresenius is a great case study that shows the breadth of what PTC technology can enable.

Fresenius 隨後對 Creo 進行了標準化，並自此將 ThingWorx 用於智能互聯產品和智能互聯工廠。目前，他們正在探索如何在該數字線程中利用 ServiceMax。 Fresenius 是一個很好的案例研究，展示了 PTC 技術可以實現的廣度。

For another teaser on Slide 13, one of the demos you literally can't missing is the Komatsu wheel loader. It's big and yellow and weighs 30 tons. Using Creo and Windchill, Komatsu engineers and manufacturers equipment that customers use for decades in the field. Because Komatsu's aftermarket service business contributes significantly to their overall financial results, they've been investing in software to make the services business more efficient and productive. Komatsu has been using PTC service life cycle management software, including Servigistics since 2006 to optimize spare parts inventory, and Arbortext since 2015 to streamline the availability of service instructions.

對於幻燈片 13 上的另一個預告片，您絕對不能錯過的演示之一是小松輪式裝載機。它又大又黃，重達30噸。使用 Creo 和 Windchill，Komatsu 設計和製造客戶在該領域使用了數十年的設備。由於 Komatsu 的售後服務業務對其整體財務業績做出了重大貢獻，因此他們一直在投資軟件以提高服務業務的效率和生產力。 Komatsu 一直在使用 PTC 服務生命週期管理軟件，包括自 2006 年以來優化備件庫存的 Servigistics，以及自 2015 年以來的 Arbortext 以簡化服務說明的可用性。

Last year, Komatsu expanded their investment in service technology by selecting ServiceMax. Komatsu purchased software independently from PTC and ServiceMax when we were still separate companies, but represents a good example of the type of customer where we think we can be successful cross-selling because they really appreciate that 3D model-based digital thread.

去年，小松通過選擇 ServiceMax 擴大了對服務技術的投資。當我們還是獨立的公司時，Komatsu 獨立於 PTC 和 ServiceMax 購買了軟件，但代表了我們認為我們可以成功進行交叉銷售的客戶類型的一個很好的例子，因為他們真的很欣賞基於 3D 模型的數字線程。

Komatsu is also a poster child for my point that for every customer that ServiceMax currently has, PTC has 10 more that look like them, companies that use Creo and Windchill to produce products that have long service lives.

Komatsu 也是我的典型代表，對於 ServiceMax 目前擁有的每個客戶，PTC 還有 10 個看起來像他們的公司，這些公司使用 Creo 和 Windchill 來生產使用壽命長的產品。

Summarizing then on Slide 14. In fiscal '23, we're continuing to make good progress toward our midterm guidance targets. With solid first half results, we're well positioned to achieve our full year ARR and free cash flow guidance, which ticked upward this quarter. PTC has expanded our clear category leadership role in PLM, which has become a must-have technology backbone for digital transformation at industrial companies. The addition of ServiceMax further extends what was already a unique portfolio of interconnected digital thread capabilities across the full product life cycle.

然後在幻燈片 14 上進行總結。在 23 財年，我們將繼續在實現中期指導目標方面取得良好進展。憑藉穩健的上半年業績，我們完全有能力實現全年 ARR 和自由現金流量指引，這些指引在本季度呈上升趨勢。 PTC 擴大了我們在 PLM 中明確的類別領導角色，PLM 已成為工業公司數字化轉型的必備技術支柱。 ServiceMax 的加入進一步擴展了整個產品生命週期中已經獨特的互連數字線程功能組合。

Second, with organic growth at double-digit levels already, we're in the early days, but executing well against the major on-premise to SaaS transformation that should provide a multiyear growth tailwind. You'll learn a lot more about our SaaS strategy at LiveWorx.

其次，隨著已經達到兩位數水平的有機增長，我們還處於起步階段，但針對主要的內部部署到 SaaS 的轉型執行良好，這應該會提供多年的增長動力。您將在 LiveWorx 了解更多關於我們的 SaaS 策略的信息。

Third, we have a well-earned reputation for driving margin expansion that goes back more than a decade and the proactive changes we made are driving high levels of free cash flow growth through the midterm guidance period. Fourth, with organic ARR in the low teens juxtaposed on PMIs in the upper 40s, I trust you would agree we are actively demonstrating that our business model is very resilient. Q2 bookings were solid and churn outstanding. Top line growth and bottom line profitability are approaching peer leadership levels, even in this challenging macro environment.

第三，十多年來，我們在推動利潤率擴張方面享有盛譽，我們所做的積極變革正在推動中期指導期內自由現金流的高水平增長。第四，青少年的有機 ARR 與 40 歲以上的 PMI 並列，我相信你會同意我們正在積極證明我們的商業模式非常有彈性。第 2 季度的預訂量穩定且流失率高。即使在這個充滿挑戰的宏觀環境中，收入增長和利潤率也接近同行領先水平。

And finally, we're led by a team that has deep expertise and a proven ability to drive growth and margin expansion. I want to congratulate Mike DiTullio, who was promoted to President and COO in the quarter. Mike and I have decades of experience working together, and I'm very much enjoying this new division of labor. Congratulations also to Neil Barua, who was previously the CEO of ServiceMax and joined PTC as the President of our SLM business that combines ServiceMax with PTC's broader suite of service-related technologies and use cases. We're pleased to have Neil join the team and love what he brings to the business.

最後，我們由一支擁有深厚專業知識和經過驗證的推動增長和利潤擴張能力的團隊領導。我要祝賀 Mike DiTullio，他在本季度晉升為總裁兼首席運營官。邁克和我有數十年的合作經驗，我非常享受這種新的分工。還要祝賀 Neil Barua，他曾擔任 ServiceMax 的首席執行官，加入 PTC 擔任我們的 SLM 業務總裁，該業務將 ServiceMax 與 PTC 更廣泛的服務相關技術和用例套件相結合。我們很高興 Neil 加入團隊並熱愛他為企業帶來的一切。

With so many positive trends going our way, I continue to believe PTC has a tremendous opportunity to create shareholder value.

有這麼多積極的趨勢，我仍然相信 PTC 擁有創造股東價值的巨大機會。

With that, I'll turn it over to Kristian for his more detailed commentary on financial results and guidance.

有了這個，我將把它交給克里斯蒂安，以獲得他對財務結果和指導的更詳細評論。

Thanks, Jim, and good afternoon, everyone. Before I get into it, I'd like to note that the non-GAAP results and guidance and ARR references I'll be discussing will be in both constant currency and as reported.

謝謝，吉姆，大家下午好。在開始之前，我想指出，我將討論的非 GAAP 結果和指導以及 ARR 參考資料將採用固定貨幣和報告的形式。

Turning to Slide 16. In Q2 of '23, our constant currency ARR was $1.81 billion, up 26% year-over-year and above the high end of our guidance range. On an organic constant currency basis, excluding ServiceMax and Codebeamer, our ARR was $1.63 billion, up 13% year-over-year. As Jim explained, our solid top line in Q2 was broad-based across all geographies and product groups. Our pipeline development also continued over the past 3 months in a solid and consistent way, and our outlook was steady all quarter long.

轉向幻燈片 16。在 2023 年第二季度，我們的固定貨幣 ARR 為 18.1 億美元，同比增長 26%，高於我們指導範圍的高端。在有機固定貨幣基礎上，不包括 ServiceMax 和 Codebeamer，我們的 ARR 為 16.3 億美元，同比增長 13%。正如 Jim 所解釋的那樣，我們在第二季度的穩固收入在所有地區和產品組中都有廣泛的基礎。在過去的 3 個月裡，我們的管道開發也以穩固一致的方式繼續進行，我們的前景整個季度都很穩定。

In Q2, our organic top line continued to show good resilience. I'm sure many of you have been following the manufacturing PMIs due to the historical correlation with our top line when we operated a perpetual business model. The PMIs have been soft over the past year, particularly in Europe, where factory orders have been down 11 months in a row and where the Eurozone PMI was a little over 47 in March. In contrast to those trends, our top line, including in Europe, has continued to grow. Our subscription business model makes our ARR resilient, and demand for digital transformation continues across our customer base.

在第二季度，我們的有機收入繼續表現出良好的彈性。我相信你們中的許多人一直在關注製造業採購經理人指數，因為在我們運營永久性商業模式時，製造業採購經理人指數與我們的收入存在歷史相關性。 PMI 在過去一年一直疲軟，尤其是在歐洲，工廠訂單連續 11 個月下降，3 月份歐元區 PMI 略高於 47。與這些趨勢相反，我們的收入（包括在歐洲）繼續增長。我們的訂閱業務模式使我們的 ARR 具有彈性，並且我們的客戶群對數字化轉型的需求持續存在。

In fact, Q2 was one of our best bookings quarters in Europe ever. On an as reported basis, we delivered 23% ARR growth, 11% organic. In Q2, our as reported ARR was $68 million higher than our constant currency ARR. Remember that for our constant currency reporting, we use rates as of September 30, 2022, for all periods, forwards and backwards. On a year-over-year basis, currency fluctuations were still a meaningful headwind in Q2 and for the entire first half.

事實上，第二季度是我們在歐洲有史以來最好的預訂季度之一。根據報告，我們實現了 23% 的 ARR 增長，11% 的有機增長。在第二季度，我們報告的 ARR 比我們的固定貨幣 ARR 高出 6800 萬美元。請記住，對於我們的固定貨幣報告，我們使用截至 2022 年 9 月 30 日的匯率，適用於所有時期，包括向前和向後。與去年同期相比，貨幣波動在第二季度和整個上半年仍然是一個重要的逆風。

Moving on to cash flow. Our results were strong with Q2 cash from operations of $211 million, and free cash flow of $207 million, coming in ahead of our guidance. This performance was driven by continued strong execution based on a foundation of solid collections and cost discipline. When assessing and forecasting our cash flow, it's always good to remember a few things. The majority of our collections occur in the first half of our fiscal year. Q4 is our lowest cash flow generation quarter, and on an annual basis, free cash flow is primarily a function of ARR rather than revenue.

繼續現金流。我們的業績強勁，第二季度運營現金為 2.11 億美元，自由現金流為 2.07 億美元，超出了我們的指導。這一業績是由基於紮實的收款和成本紀律的基礎上持續強勁的執行力推動的。在評估和預測我們的現金流量時，記住一些事情總是好的。我們的大部分收款發生在我們財政年度的上半年。第 4 季度是我們產生現金流量最低的季度，按年計算，自由現金流量主要是 ARR 而不是收入的函數。

Q2 revenue of $542 million increased 7% year-over-year and was up 13% on a constant currency basis. In Q2, recurring revenue grew by approximately $40 million, partially offset by small declines in perpetual license and professional services revenue. The decline in professional services revenue is consistent with our strategy to transition some of our professional services to DXP services, our partner for Windchill, plus lift and shift projects. And the decline in perpetual license revenue is consistent with our plan to continue transitioning Kepware to a subscription model over time. Kepware is the primary driver of the small amount of perpetual license revenue we have left.

第二季度收入為 5.42 億美元，同比增長 7%，按固定匯率計算增長 13%。在第二季度，經常性收入增長了約 4000 萬美元，部分被永久許可和專業服務收入的小幅下降所抵消。專業服務收入的下降與我們將部分專業服務過渡到 DXP 服務、我們的 Windchill 合作夥伴以及提升和轉移項目的戰略是一致的。永久許可收入的下降與我們隨著時間的推移繼續將 Kepware 過渡到訂閱模式的計劃是一致的。 Kepware 是我們剩餘的少量永久許可收入的主要驅動力。

As we've discussed previously, revenue is impacted by ASC 606, so we do not believe that revenue is the best indicator of our underlying business performance, but would rather guide you to ARR as the best metric to understand our top line performance and cash generation.

正如我們之前所討論的，收入受到 ASC 606 的影響，因此我們不認為收入是我們基本業務績效的最佳指標，而是引導您將 ARR 作為了解我們的頂線績效和現金的最佳指標一代。

Moving to Slide 17. We ended the second quarter with cash and cash equivalents of $320 million. Our gross debt was $2.545 billion, with an aggregate interest rate of 5.4%. In Q2, in conjunction with the ServiceMax acquisition, we took out a $500 million term loan and increased the size of our revolving credit facility from $1 billion to $1.25 billion.

轉到幻燈片 17。第二季度結束時，我們的現金和現金等價物為 3.2 億美元。我們的總債務為 25.45 億美元，總利率為 5.4%。在第二季度，結合對 ServiceMax 的收購，我們獲得了 5 億美元的定期貸款，並將我們的循環信貸額度從 10 億美元增加到 12.5 億美元。

After the new borrowings and $205 million of debt pay down in Q2, we had $1 billion in high-yield notes, a $500 million term loan and approximately $425 million drawn on our revolver at the end of the quarter. As a reminder, we have a second payment for the ServiceMax transaction due in October of 2023 of $650 million, which consists of $620 million of debt and $30 million of imputed interest. We intend to fund this with cash on hand and our revolving credit facility.

在第二季度償還了新借款和 2.05 億美元的債務後，我們在本季度末有 10 億美元的高收益票據、5 億美元的定期貸款和大約 4.25 億美元的循環貸款。提醒一下，我們還有 2023 年 10 月到期的 ServiceMax 交易的第二筆付款 6.5 億美元，其中包括 6.2 億美元的債務和 3000 萬美元的推算利息。我們打算用手頭現金和我們的循環信貸額度為此提供資金。

This deferred payment is included in debt on our balance sheet and is factored into our debt-to-EBITDA ratio, which was 3.4x at the end of Q2. We continue to be -- expect to be around 3x levered by the end of Q4, and below 3x throughout fiscal '24. Given the interest rate environment, we expect to prioritize paying down our debt in fiscal '23 and fiscal '24. We've paused our share repurchase program. And in fiscal '23, we expect our diluted share count to increase by approximately 1 million shares.

這筆延期付款包含在我們資產負債表的債務中，併計入我們的債務與 EBITDA 比率，該比率在第二季度末為 3.4 倍。我們將繼續——預計到第四季度末槓桿率將達到 3 倍左右，而在整個 24 財年將低於 3 倍。鑑於利率環境，我們預計將優先償還 23 財年和 24 財年的債務。我們已經暫停了我們的股票回購計劃。在 23 財年，我們預計稀釋後的股份數量將增加約 100 萬股。

We expect to substantially reduce our debt by the end of fiscal '24, and we'll then revisit the prioritization of debt paydown and share repurchases. Despite this interruption, our long-term goal, assuming our debt-to-EBITDA ratio is below 3x, remains to return 50% or so of our free cash flow to shareholders via share repurchases, while also taking into consideration the interest rate environment and strategic opportunities.

我們預計到 24 財年末將大幅減少我們的債務，然後我們將重新考慮償還債務和股票回購的優先順序。儘管有這種中斷，但我們的長期目標（假設我們的債務與 EBITDA 比率低於 3 倍）仍然是通過股票回購將我們自由現金流的 50% 左右返還給股東，同時還要考慮利率環境和戰略機遇。

Next, Slide 18 shows our ARR by product group. In the constant currency section on the top half of the slide, we use rates as of September 30, 2022, to calculate ARR for all periods. You can see on the slide how FX dynamics have resulted in differences between our constant currency ARR and as reported ARR over the past 6 quarters.

接下來，幻燈片 18 按產品組顯示了我們的 ARR。在幻燈片上半部分的不變貨幣部分，我們使用截至 2022 年 9 月 30 日的匯率來計算所有時期的 ARR。您可以在幻燈片上看到外匯動態如何導致我們的恆定貨幣 ARR 與過去 6 個季度報告的 ARR 之間的差異。

Based on exchange rates at the end of Q2 '23, as reported ARR in Q3 '23 would be higher by approximately $70 million compared to the midpoint of our constant currency guidance, and fiscal '23 in as reported ARR would be higher by approximately $73 million compared to our constant currency guidance midpoint.

根據 23 年第二季度末的匯率，23 年第三季度報告的 ARR 將比我們不變貨幣指導的中點高出約 7000 萬美元，而 23 財年報告的 ARR 將高出約 73 美元百萬與我們不變的貨幣指導中點相比。

We report both actual and constant currency results, and FX fluctuations can have a material impact on actuals. But remember, we provide ARR guidance on a constant currency basis. If exchange rates fluctuate significantly between the end of Q2 '23 and the end of Q3 '23, the impact to our as reported ARR would also change.

我們報告實際結果和恆定貨幣結果，外匯波動會對實際結果產生重大影響。但請記住，我們以固定貨幣為基礎提供 ARR 指導。如果匯率在 23 年第二季度末和 23 年第三季度末之間大幅波動，對我們報告的 ARR 的影響也會發生變化。

We believe that constant currency is the best way to evaluate the top line performance of our business because it removes FX fluctuations from the analysis, positive or negative. Given the continued volatility in FX that we've seen over the past few months, I thought it would be useful to update our ARR sensitivity rule of thumb on Slide 19. Using FX rates at the end of Q2, the impact of a $0.10 change in the euro to USD rate would be about $40 million positive or negative, and the impact of a JPY 10 change in the U.S. dollar to yen rate would be about $9 million, again, positive or negative. In addition to the dollar, we transact in euro, the yen and more than 10 other additional currencies. And of course, the estimated dollar impact to ARR is dependent on the size of the ARR base.

我們認為，固定匯率是評估我們業務頂線績效的最佳方式，因為它從分析中消除了外匯波動，無論是積極的還是消極的。鑑於我們在過去幾個月看到的外匯持續波動，我認為更新幻燈片 19 上的 ARR 敏感度經驗法則會很有用。使用第二季度末的匯率，0.10 美元變化的影響歐元兌美元匯率的影響大約為 4000 萬美元，美元兌日元匯率變動 10 日元的影響將是大約 900 萬美元，同樣，正面或負面。除美元外，我們還使用歐元、日元和其他 10 多種其他貨幣進行交易。當然，美元對 ARR 的估計影響取決於 ARR 基礎的規模。

With that, I'll take you through our guidance on Slide 20. For all ARR guidance amounts, we're using our constant currency FX rates, which are as of September 30, 2022. For fiscal '23, we expect constant currency ARR growth of 22% to 24%, which corresponds to a fiscal '23 constant currency ARR guidance range of $1.925 billion to $1.95 billion. We raised the low end by $15 million and lowered the high end of our ARR range by $10 million. So the midpoint of our ARR guidance is up a few million dollars.

有了這個，我將帶您完成我們在幻燈片 20 上的指導。對於所有 ARR 指導金額，我們使用的是截至 2022 年 9 月 30 日的固定貨幣匯率。對於 23 財年，我們預計固定貨幣 ARR增長 22% 至 24%，這對應於 23 財年固定貨幣 ARR 指導範圍為 19.25 億美元至 19.5 億美元。我們將 ARR 範圍的低端提高了 1500 萬美元，並將 ARR 範圍的高端降低了 1000 萬美元。因此，我們的 ARR 指導的中點增加了幾百萬美元。

I'm going to circle back on this on the next slide to provide a little more context. For Q3, we're guiding constant currency ARR to be in the range of $1.845 billion to $1.855 billion. At the midpoint, this equates to 24% constant currency growth. On cash flows, we are again raising our fiscal '23 cash flow guidance. We're now targeting cash from operations of $600 million and free cash flow of $580 million. I think it's worth pointing out that we're raising our cash flow guidance for the year while also increasing investments in select growth opportunities for our business in the second half of fiscal '23.

我將在下一張幻燈片中回過頭來提供更多背景信息。對於第三季度，我們將恆定貨幣 ARR 指導在 18.45 億美元至 18.55 億美元之間。在中點，這相當於 24% 的恆定貨幣增長。在現金流方面，我們再次提高了 23 財年的現金流指導。我們現在的目標是 6 億美元的運營現金和 5.8 億美元的自由現金流。我認為值得指出的是，我們正在提高今年的現金流量指導，同時還在 23 財年下半年增加對我們業務的精選增長機會的投資。

The important point here is the resilience of our business enables us to maintain core long-term investments even in a turbulent macro environment. In addition to that, as a baseline, we can adjust our shorter-term investments accordingly given our business performance and outlook. The net result is solid and consistent cash flow growth. We maintain consistent billing practices and we've improved our processes around collections and payments over the past 2 to 3 years. Because of this, the quarterly seasonality of our free cash flow results has been very consistent over the past 2 years, and we're on track to deliver similar quarterly linearity in fiscal '23 as well.

這裡的重點是我們業務的彈性使我們即使在動蕩的宏觀環境中也能維持核心的長期投資。除此之外，作為基準，我們可以根據我們的業務表現和前景相應地調整我們的短期投資。最終結果是穩定且持續的現金流增長。在過去的 2 到 3 年裡，我們保持一致的計費做法，並改進了收款和付款流程。正因為如此，我們自由現金流結果的季度季節性在過去 2 年中一直非常一致，我們也有望在 23 財年實現類似的季度線性。

As in the past 2 fiscal years, we ended the halfway point of fiscal '23 at approximately 65% of our full year cash flow target. For Q3, we're guiding to free cash flow of approximately $155 million. We expect approximately $5 million of CapEx, and therefore, our cash from operations guidance is approximately $160 million.

與過去 2 個財政年度一樣，我們在 23 財年的中點結束時實現了全年現金流量目標的約 65%。對於第三季度，我們指導自由現金流約為 1.55 億美元。我們預計資本支出約為 500 萬美元，因此，我們的運營現金指導約為 1.6 億美元。

Moving to revenue guidance. For fiscal '23, we expect revenue of $2.08 billion to $2.14 billion, which corresponds to a growth rate of 8% to 11%. ASC 606 makes it fairly difficult to predict in the short term for on-premise subscription companies, hence the wide range. More importantly, revenue does not influence ARR or cash generation as we typically bill customers annually upfront regardless of contract term lengths.

轉向收入指導。對於 23 財年，我們預計收入為 20.8 億美元至 21.4 億美元，相當於 8% 至 11% 的增長率。 ASC 606 使得內部訂閱公司在短期內很難預測，因此範圍很廣。更重要的是，收入不會影響 ARR 或現金產生，因為無論合同期限長短，我們通常每年都會預先向客戶收費。

Next, on Slide 21. We've taken you through a lot of details. So I think it's important to step back and give you a high-level perspective. We'll use the slide that we showed on our Q4 '22 call as a basis to do this. The initial guidance range and scenarios we provided on our Q4 '22 call is at the bottom half of this slide. We started the year providing a range of ARR outcomes that included organic bookings anywhere from up 5% to down 15% on a year-over-year basis and churn anywhere from flat to worse by 100 basis points. On the top half of the slide, you can see a summary of the current guidance range. As you can see, we've narrowed the guidance from our initial range of $60 million at the start of the year to our current range of $25 million at the midpoint.

接下來，在幻燈片 21 上。我們向您介紹了很多細節。所以我認為退後一步，給你一個高層次的視角是很重要的。我們將使用我們在 Q4 '22 電話會議上展示的幻燈片作為執行此操作的基礎。我們在 Q4 '22 電話會議上提供的初始指導範圍和情景位於本幻燈片的下半部分。今年年初，我們提供了一系列 ARR 結果，其中包括有機預訂量同比增長 5% 到下降 15%，流失率從持平到更差 100 個基點。在幻燈片的上半部分，您可以看到當前指導範圍的摘要。如您所見，我們已將指導範圍從年初的 6000 萬美元縮小到目前中點的 2500 萬美元範圍。

In short, since Q4 of fiscal '22, we've taken the bottom end of the ARR range up by $25 million and taking the top end of the range down by $10 million, along with the adjustment for ServiceMax we made at the time of close. So basically, based on our first half performance and the outlook for the second half, we've taken the initial low-end scenario for ARR off the table, which called for an organic bookings decline of 15% and for churn to increase. Our organic bookings growth was solid in the first half, and we expect flattish organic bookings for the full year. We've also continued our strong organic churn performance, and we've actually seen an improvement of about 50 basis points in the first half. And while we continue to guide to flat churn for the year, we think this may be conservative.

簡而言之，自 22 財年第四季度以來，我們將 ARR 範圍的下限提高了 2500 萬美元，並將範圍的上限降低了 1000 萬美元，同時我們在關閉。因此，基本上，根據我們上半年的表現和下半年的展望，我們已經排除了 ARR 最初的低端情景，即要求有機預訂量下降 15% 並增加客戶流失率。上半年我們的有機預訂量增長穩健，我們預計全年有機預訂量將持平。我們還繼續保持強勁的有機客戶流失表現，實際上我們在上半年看到了大約 50 個基點的改善。雖然我們繼續指導今年的平穩流失，但我們認為這可能是保守的。

There are a lot of factors that could impact where we end the year in terms of ARR and just to be clear on the major factors they include: first, whether organic bookings are flat or a little better or a little worse than that. Second, how inorganic bookings perform also matters. The scenarios we're showing on the bottom half of the page only contemplated organic bookings. In addition to flattish organic bookings, we expect total bookings growth on a year-over-year basis, supported by bookings from ServiceMax and Codebeamer.

有很多因素可能會影響我們在 ARR 方面結束這一年的時間，並明確其中包括的主要因素：首先，有機預訂是持平還是好一點或差一點。其次，無機預訂的表現也很重要。我們在頁面下半部分顯示的場景僅考慮有機預訂。除了持平的有機預訂外，我們預計總預訂量將同比增長，這得益於 ServiceMax 和 Codebeamer 的預訂量。

Third, whether churn comes in flat or continues on the trend of slight improvement we've seen in the first half. Fourth, we saw in Q2, in particular, increased customer interest in ramp deals. These are multiyear contractual commitments from customers where the ARR increases during the contractual term. In practice, what this means is that the amount of ARR we get in year 1 is smaller than the exit run rate, which is what creates deferred ARR for us. These are great deals in the sense that they demonstrate significant customer commitments to PTC. And with low churn rates we have, these deals bode well for future ARR growth. And lastly, it probably goes without saying that the difference in timing of booking a deal and when the contract term actually begins, matters as well. We count the booking when we sign the contract, but ARR and revenue start only when the contract term begins. We have consistently called this out as a factor in ARR, especially in Q4 when we may sign a contract in Q4, but for a variety of reasons, it doesn't actually start until Q1.

第三，流失率是持平還是繼續保持我們在上半年看到的略有改善的趨勢。第四，我們特別在第二季度看到客戶對坡道交易的興趣增加。這些是來自客戶的多年合同承諾，其中 ARR 在合同期限內增加。實際上，這意味著我們在第 1 年獲得的 ARR 數量小於退出運行率，這就是為我們創造了遞延 ARR 的原因。從它們表明客戶對 PTC 的重要承諾的意義上說，這些都是很棒的交易。由於我們的客戶流失率很低，這些交易預示著未來 ARR 的增長。最後，不用說，預訂交易的時間和合同期限實際開始的時間也很重要。我們在簽訂合同時計算預訂，但 ARR 和收入僅在合同期限開始時才開始計算。我們一直將此稱為 ARR 的一個因素，尤其是在第四季度，我們可能會在第四季度簽訂合同，但由於各種原因，它實際上要到第一季度才開始。

This also can create deferred ARR for us, but it's just short-term deferred and the timing difference is generally measured in days or weeks. A lot of moving parts for sure, but the net result of all of this is that we've raised the midpoint of our ARR guidance by approximately $8 million from when we started the year.

這也可以為我們創造遞延 ARR，但它只是短期遞延，時間差異通常以天或週來衡量。肯定有很多移動部件，但所有這一切的最終結果是我們將 ARR 指導的中點從年初開始提高了大約 800 萬美元。

On the free cash flow side of the equation at the beginning of the year, we said we thought $560 million was a good target regardless of the ARR outcome as we would moderate or increase spending based on the environment as we saw it. As you know, we were cautious on spending and hiring in the first half, and that has served us well. We're comfortable increasing the target to $580 million for the year. given the results in the first half and the outlook for the back half. While there is a tailwind from FX to be expected for the year, I'll remind you that FX rates in the first half are still below the FX rates for the first half of last year. So we've not really seen much of a year-over-year benefit from FX thus far this year.

在今年年初等式的自由現金流方面，我們表示，無論 ARR 結果如何，我們認為 5.6 億美元是一個不錯的目標，因為我們會根據我們所看到的環境來減少或增加支出。如您所知，上半年我們對支出和招聘持謹慎態度，這對我們很有幫助。我們很樂意將今年的目標提高到 5.8 億美元。鑑於上半年的結果和下半年的展望。雖然預計今年外匯會帶來順風，但我要提醒您，上半年的匯率仍低於去年上半年的匯率。因此，今年到目前為止，我們還沒有真正看到外匯帶來的同比收益有多大。

And I'll also remind you, we generate about 65% of our free cash flow in the first half. But if FX rates hold for the second half, we should see some pickup. That said, this will be offset by higher-than-anticipated interest rates and the increased investments we're making in select growth opportunities, namely Codebeamer, Windchill Plus and Atlas in the back half, and this is all factored into our current guidance.

我還要提醒你，上半年我們產生了大約 65% 的自由現金流。但如果下半年匯率保持不變，我們應該會看到一些回升。也就是說，這將被高於預期的利率和我們在選擇增長機會（即後半部分的 Codebeamer、Windchill Plus 和 Atlas）中增加的投資所抵消，這都已納入我們當前的指導方針。

Hopefully, this slide helps clarify at a big picture level, how we've performed through the first half and our expected range of outcomes for the back half. Summing all this up, in the first half of fiscal '23, we've been demonstrating the resilience of the model and the stickiness of our solutions or said another way, the value that customers are getting from our solutions in an uncertain macro environment. On the top line, we think the combination of flattish organic bookings compared to record bookings last year with additional growth coming from our more recent acquisitions and churn that is flat to improving is a compelling outcome in a difficult macro.

希望這張幻燈片有助於從大局層面闡明我們在上半場的表現以及我們對後半場的預期結果範圍。綜上所述，在 23 財年上半年，我們一直在展示模型的彈性和我們解決方案的粘性，或者換句話說，客戶在不確定的宏觀環境中從我們的解決方案中獲得的價值。最重要的是，我們認為與去年創紀錄的預訂量相比持平的有機預訂量與我們最近的收購帶來的額外增長以及持平改善的客戶流失相結合，在困難的宏觀環境中是一個令人信服的結果。

On the bottom line, we're continuing to be judicious with our investments. being mindful of both long-term opportunities and near-term macro uncertainty.

歸根結底，我們將繼續審慎地進行投資。注意長期機會和近期宏觀不確定性。

Turning to Slide 22. Although we're not providing separate guidance on ServiceMax, I thought it would be helpful to summarize the financial disclosures we made on ServiceMax in one place for you. These are the same numbers we provided previously with 1 exception. Since we focus on software ARR, we updated the geographic region chart to show the expected ARR mix instead of the expected revenue mix. As part of PTC, ServiceMax continues to trend toward the numbers we gave you.

轉到幻燈片 22。雖然我們沒有提供有關 ServiceMax 的單獨指南，但我認為將我們在 ServiceMax 上所做的財務披露總結在一個地方會很有幫助。這些數字與我們之前提供的數字相同，但有 1 個例外。由於我們專注於軟件 ARR，因此我們更新了地理區域圖表以顯示預期的 ARR 組合而不是預期的收入組合。作為 PTC 的一部分，ServiceMax 繼續朝著我們提供的數字發展。

Turning to Slide 23. We Here's an illustrative constant currency ARR model for the back half of the year. You can see our results over the past 6 quarters -- and the 2 columns on the right illustrate what is needed to get to the midpoint of our constant currency ARR guidance for Q3 and Q4 of fiscal '23 because our ARR tends to see some seasonality, the most relevant comparisons are the sequential growth in Q3 and Q4 of fiscal '22. The illustrative model indicates that to hit the midpoint of our Q3 '23 guidance range of $1.85 billion, we need to add $36 million of organic ARR on a sequential basis.

轉到幻燈片 23。我們這裡有一個說明性的下半年固定貨幣 ARR 模型。您可以看到我們過去 6 個季度的結果——右側的兩列說明了需要什麼才能達到我們對 23 財年第三季度和第四季度的恆定貨幣 ARR 指導的中點，因為我們的 ARR 往往會出現一些季節性，最相關的比較是 22 財年第三季度和第四季度的連續增長。說明性模型表明，要達到 23 年第三季度 18.5 億美元指導範圍的中點，我們需要連續增加 3600 萬美元的有機 ARR。

This is $7 million less than the $43 million we added in Q3 of fiscal '22. And in percentage terms, we need 2% organic sequential ARR growth to hit our guidance midpoint for Q3, which is at the lower end of what we've delivered over the past 6 quarters. Next, to hit the midpoint of our full year guidance range of $1.938 billion, we need to add $88 million of organic ARR on a sequential basis in Q4. While this is $12 million more than we added in Q4 of fiscal '22, we expect previously deferred ARR and sequential ARR growth from ServiceMax that we didn't have in Q4 of '22. We expect these 2 things will more than compensate for the additional $12 million sequential increase when compared to Q4 of '22. All things considered, we believe we've set our Q3 '23 and full year constant currency ARR guidance ranges prudently.

這比我們在 22 財年第三季度增加的 4300 萬美元少了 700 萬美元。就百分比而言，我們需要 2% 的連續 ARR 有機增長才能達到我們對第三季度的指導中點，這是我們在過去 6 個季度中交付的結果的下限。接下來，為了達到 19.38 億美元的全年指導範圍的中點，我們需要在第四季度連續增加 8800 萬美元的有機 ARR。雖然這比我們在 22 財年第四季度增加的金額多了 1200 萬美元，但我們預計之前推遲的 ARR 和 ServiceMax 的連續 ARR 增長是我們在 22 財年第四季度沒有的。與 22 年第四季度相比，我們預計這兩件事將足以彌補額外的 1200 萬美元連續增長。考慮到所有因素，我們相信我們已經謹慎地設定了 23 年第三季度和全年不變貨幣 ARR 指導範圍。

Turning to Slide 24. I'll conclude my prepared remarks today by highlighting that we prepared for a storm, and we're demonstrating resilience in the midst of one. For sure, the environment will continue to change around us, and we will continue to adapt accordingly while still pushing the envelope of what we can do for our customers.

轉到幻燈片 24。我將通過強調我們為風暴做好準備來結束我今天準備好的發言，並且我們正在風暴中展示彈性。可以肯定的是，我們周圍的環境將繼續發生變化，我們將繼續做出相應的調整，同時不斷挑戰我們可以為客戶做的事情的極限。

From a top line perspective, we serve industrial product companies and R&D at those companies tends to be quite resilient. So we have a supportive top line backdrop. We also have a subscription business model and our products are very sticky with our customers. Given our results in the first half and the pipeline and outlook for the second half, we expect to deliver flattish organic bookings in fiscal '23 in comparison to record bookings in 2022. We also expect our ARR growth in fiscal '23 to benefit from incremental ServiceMax and Codebeamer contributions. And on the top line, we conservatively expect flattish churn from the already strong level of churn at the end of fiscal '22.

從頂線的角度來看，我們服務於工業產品公司，這些公司的研發往往具有很強的彈性。因此，我們有一個支持性的頂線背景。我們還有訂閱業務模式，我們的產品非常受客戶歡迎。鑑於我們上半年的業績以及下半年的計劃和前景，與 2022 年創紀錄的預訂量相比，我們預計 23 財年的有機預訂量將持平。我們還預計 23 財年的 ARR 增長將受益於增量ServiceMax 和 Codebeamer 的貢獻。最重要的是，我們保守地預計 22 財年末本已強勁的客戶流失水平將持平。

Just as importantly, from a cost and operational perspective, we are lean, having already battened down the hatches a while ago. In addition to the cost optimization work we did last year, we slowed planned hires and backfills in the first half of fiscal '23. We're well positioned to deliver on our updated cash flow targets for the year. And now at a time when many other technology companies are cutting costs, we're capitalizing on the strength of our business model and outlook by increasing investments selectively in long-term growth opportunities.

同樣重要的是，從成本和運營的角度來看，我們很精簡，不久前就已經做好了準備。除了我們去年所做的成本優化工作外，我們還放慢了 23 財年上半年的計劃招聘和回填。我們完全有能力實現今年更新的現金流量目標。現在，在許多其他科技公司都在削減成本的時候，我們正在通過有選擇地增加對長期增長機會的投資來利用我們商業模式和前景的優勢。

So with that, I'll turn the call over to the operator, and we can begin Q&A.

因此，我會將電話轉給接線員，然後我們就可以開始問答了。

(Operator Instructions)

（操作員說明）

We'll go for to Jason Celino from KeyBanc.

我們將尋求來自 KeyBanc 的 Jason Celino。

Clean quarter here. Maybe just my 1 question. This morning, your French competitor talked about a really strong large deal pipeline for the year for them. I'm curious on what you're seeing from a pipeline, large deal pipeline perspective, for yourself? And if you are, what types of end markets we're seeing strengthen?

乾淨的地方在這裡。也許只是我的第一個問題。今天早上，您的法國競爭對手談到了他們今年非常強大的大型交易管道。我很好奇你從管道、大交易管道的角度為自己看到了什麼？如果你是，我們看到哪些類型的終端市場正在加強？

Yes. Jason, it's Kristian. Yes, I think we actually are -- we would agree that we're also seeing a pretty good pipeline for large deals. And I would say that actually is across our major geos and the major verticals that we serve as well. We've seen good interest in FA&D for sure, in automotive, industrial, med-device, life sciences or med devices as well. across all those, we continue to see good business momentum and good pipeline generation.

是的。傑森，是克里斯蒂安。是的，我認為我們實際上是——我們同意我們也看到了一個非常好的大型交易管道。我想說的是，這實際上跨越了我們的主要地理區域和我們服務的主要垂直領域。我們肯定看到了對 FA&D 的濃厚興趣，在汽車、工業、醫療設備、生命科學或醫療設備方面也是如此。在所有這些方面，我們繼續看到良好的業務勢頭和良好的管道生成。

Next, we'll hear from Nay Soe Naing, Berenberg.

接下來，我們將聽取 Berenberg 的 Nay Soe Naing 的意見。

Congrats on pretty good quarter. You mentioned a few times that you are winning in your core CAD and PLM markets. I just wanted to -- if you could share where is it then you're seeing competitive wins. Is it in the core Creo or Windchill? Or is it in your cloud version of the CAD and PLM products? And then related to that, now that you now have the plus version of Windchill and Creo, how do you expect the competitive landscape to change going forward?

恭喜你取得了不錯的成績。您多次提到您正在核心 CAD 和 PLM 市場中取勝。我只是想——如果你能分享它在哪裡，那麼你就會看到競爭的勝利。它是在核心 Creo 還是 Windchill 中？或者它在您的 CAD 和 PLM 產品的雲版本中？與此相關的是，既然您現在擁有 Windchill 和 Creo 的增強版，您認為未來的競爭格局會發生怎樣的變化？

Yes. Good question. So we believe that we're taking share with both products. because both products are growing double digits. I mean, Creo is growing low double digits and Onshape growing at a multiple of that. So I think we're taking share of them in different parts of the market. Creo is a little bit in the upper half of the market. And today, Onshape is typically a little bit in the bottom half of the market. They're both, for example, competing against SolidWorks but perhaps at different ends of the SolidWorks base. Creo might be taking customers that have kind of outgrown SolidWorks and Onshape's taking customers that, for example, might feel like SolidWorks is too heavy, too expensive, too complicated, requires a system administrator. They just -- they really like the idea of the pure web-based technology. So both products are doing very well. And in order to sustain that level of performance.

是的。好問題。所以我們相信我們正在分享這兩種產品。因為這兩種產品都在以兩位數的速度增長。我的意思是，Creo 正在以低兩位數的速度增長，而 Onshape 則以其倍數增長。所以我認為我們正在市場的不同部分分享它們。 Creo 處於市場的上半部分。如今，Onshape 通常處於市場的下半部分。例如，它們都在與 SolidWorks 競爭，但可能處於 SolidWorks 基礎的不同端。 Creo 可能會接受 SolidWorks 已經過時的客戶，而 Onshape 會接受那些可能覺得 SolidWorks 太重、太貴、太複雜、需要係統管理員的客戶。他們只是——他們真的很喜歡純網絡技術的想法。所以這兩款產品都做得很好。為了維持這種水平的表現。

Keep in mind for Creo, we're talking 22 quarters, 23 quarters now in a row we've had a double-digit growth rate, one of those numbers right now. You can't do that unless there's something good happening. And I mean, part of it is the business model, we're clear on that. But part of it is we're winning a lot of new orders as well. Now what would the advent of Creo Plus do? First of all, it's not yet in the market, but we're launching it at LiveWorx in a couple of weeks. That should be helpful. It should be helpful for 2 reasons. One is it's more compelling. Some of the advantages that are present in Onshape will become present in Creo. Some of the same characteristics. There won't be -- it won't be exactly like Onshape because it's fully Creo plus is fully compatible with Creo, and that's a fixed requirement. But I think some of the real advantages of always being on the latest version and so forth will accrue to Creo as well.

請記住，對於 Creo，我們談論的是 22 個季度，現在連續 23 個季度我們有兩位數的增長率，其中一個數字是現在。除非有好事發生，否則你不能那樣做。我的意思是，其中一部分是商業模式，我們對此很清楚。但部分原因是我們也贏得了很多新訂單。現在 Creo Plus 的出現會帶來什麼？首先，它還沒有上市，但我們將在幾週後在 LiveWorx 推出它。那應該會有幫助。它應該有幫助，原因有兩個。一是它更具吸引力。 Onshape 中存在的一些優勢將出現在 Creo 中。一些相同的特徵。不會 - 它不會完全像 Onshape，因為它完全是 Creo，而且與 Creo 完全兼容，這是一個固定的要求。但我認為，始終使用最新版本等的一些真正優勢也將歸於 Creo。

And then second of all, we will ultimately lift and shift Creo customers to the cloud, and there will be an uplift there as well. So it's only helpful, it's only helpful.

其次，我們最終會將 Creo 客戶提升並轉移到雲端，那裡也會有提升。所以它只是有幫助，它只是有幫助。

And your next question comes from Steve Tusa, JPMorgan. Steve.

你的下一個問題來自摩根大通的史蒂夫圖薩。史蒂夫。

Congrats on the execution on the quarter and looking forward to LiveWorx for sure. So just on this orders commentary. So were orders -- so were orders actually down in the first quarter? I'm still -- we're still -- I think there are still people trying to kind of pencil that out. You mentioned these ramp orders several times in this presentation, which I'm sure influences the actual number that you're kind of reporting and why it may not line up directly with the change in ARR. And then I guess as you look out and you say they're going to be flat for the year, does that imply they're going to be down at all at any point in the second half for bookings?

祝賀本季度的執行，並期待 LiveWorx。因此，就此訂單評論。訂單也是如此——第一季度的訂單真的下降了嗎？我仍然 - 我們仍然 - 我認為仍然有人試圖用鉛筆解決這個問題。您在本演示文稿中多次提到了這些坡道訂單，我確信這會影響您報告的實際數字以及為什麼它可能不直接與 ARR 的變化一致。然後我想當你往外看時，你說他們今年會持平，這是否意味著他們在下半年的任何時候都會出現預訂量下降的情況？

Steve, I mean, we had a very good orders quarter and it wouldn't be fair for us to give the details when it's a good strong quarter when we didn't want to give them when it was a softer quarter last quarter. So I mean I think Kristian took you through the guidance changes. In general, we're tracking well. Renewals have been our friend all year. But as Kristian said, in the first half, we have a number that doesn't compare too badly to a first half last year that was a record first half. So I think it's strong, but it is complicated to understand how much is going into deferred and when does it come back out? And by the way, how much is coming out next quarter and the quarter after that, it just requires a level of disclosure that seems a little bit inappropriate for an earnings call. So that's why we're just trying to back off and give you directional commentary on bookings and churn and much more precise commentary around ARR guidance.

史蒂夫，我的意思是，我們有一個非常好的訂單季度，當我們不想在上個季度疲軟的季度提供細節時，我們不想提供細節，這是不公平的。所以我的意思是，我認為 Kristian 帶您完成了指導變更。總的來說，我們跟踪得很好。續訂一直是我們全年的朋友。但正如克里斯蒂安所說，在上半年，我們的數字與去年上半年創紀錄的上半年相比並不算太差。所以我認為它很強大，但要了解有多少進入延期以及何時返回是很複雜的？順便說一句，下個季度和下個季度將公佈多少，它只需要一定程度的披露，這似乎有點不適合召開財報電話會議。所以這就是為什麼我們只是試圖退縮並為您提供有關預訂和流失的定向評論以及圍繞 ARR 指南的更準確的評論。

We'll go next to Ken Wong, Oppenheimer.

我們將去旁邊的 Ken Wong，Oppenheimer。

Great. I wanted to circle up on the ramp deals I guess how much of that was customer-driven versus maybe you guys are pushing more aggressively with kind of more add-ons, more attach, more cross-selling or just the sales force is maybe pushing in that particular direction. Any color there would be fantastic.

偉大的。我想在斜坡交易上繞圈子我猜其中有多少是客戶驅動的，而你們可能正在更積極地推動更多的附加產品、更多的附件、更多的交叉銷售，或者只是銷售人員可能正在推動在那個特定的方向。任何顏色都會很棒。

Well, first thing to know, Ken, is there's nothing but goodness in ramp deals. They make it a little bit more difficult for us to predict ARR though because, for example, if we were to get a very large order, I suppose we could take a smaller 1 that started all at once and go get another order later to grow it. But yes, in that environment, we'd rather take the larger order now with a ramp because it's got the customer locked in, ramps are irrevocable. It's not something Kristian talked earlier about churn, but just to be clear, you can only turn at the end of a ramp, not during one. So we like the commitment. And if a customer is willing to make a commitment, we want to take it. But it just makes it a little harder for us to predict. And as Kristian said, in Q4, it's really hard because sometimes a ramp in Q2, the first tranche might start in Q3 or Q4. But in Q4, if it's a ramp, anything that's not in Q4 is in the next fiscal year. So that makes it a little tricky to predict. But in general, ramps are great.

好吧，肯，首先要知道的是，坡道交易只有好處。它們讓我們預測 ARR 變得有點困難，因為，例如，如果我們要獲得一個非常大的訂單，我想我們可以採用一個較小的 1 立即開始，然後再獲得另一個訂單以增長它。但是，是的，在那種環境下，我們寧願現在接受更大的訂單，因為它已經鎖定了客戶，坡道是不可撤銷的。這不是 Kristian 之前談到的流失問題，但要明確一點，您只能在坡道盡頭轉彎，而不能在坡道中轉彎。所以我們喜歡這種承諾。如果客戶願意做出承諾，我們就願意接受。但這只會讓我們更難預測。正如 Kristian 所說，在第四季度，這真的很難，因為有時第二季度會有一個斜坡，第一批可能會在第三季度或第四季度開始。但在第四季度，如果它是一個斜坡，那麼第四季度沒有的任何東西都會在下一個財政年度出現。所以這使得預測有點棘手。但總的來說，坡道很棒。

And we do reward our sales team for getting them, but we also have a strange incentive that they get a little bit more credit for dollars to come in, in the front part of a ramp than they do for dollars to come in, in the back part of the ramp. But they still get credit for dollars that grow as the ramp goes on. So we want the bigger deals, the bigger commitments. And of course, we want them to start as soon as possible and grow as soon as possible. And that's all a point of negotiation with the customers.

我們確實會獎勵我們的銷售團隊獲得他們，但我們也有一個奇怪的動機，即他們在斜坡的前部獲得的美元收入比他們在斜坡上獲得的美元收入多一點，在斜坡上坡道的後部。但隨著增長的進行，他們仍然會因美元而增長。所以我們想要更大的交易，更大的承諾。當然，我們希望他們盡快開始並儘快成長。這就是與客戶談判的全部內容。

And next, we'll hear from Adam Borg.

接下來，我們將聽取 Adam Borg 的意見。

Great. Just for Jim on Codebeamer, it's nice to see the continued traction there. Is this more of an upsell motion or is this really tip of spear and maybe just as a quick follow-up on question on the incremental investments in the back half of the year. Just where are you making them in R&D as the sales and marketing? Any color there?

偉大的。只為 Codebeamer 上的吉姆，很高興看到那裡持續受到關注。這更像是一個追加銷售動作，還是這真的是矛尖，也許只是對今年下半年增量投資問題的快速跟進。作為銷售和市場營銷，您在研發中的什麼位置製造它們？那裡有顏色嗎？

Yes. Codebeamer is both an upsell and a tip of the spear. So some amount of the Codebeamer success, we're cross-selling from Windchill because Windchill and Codebeamer sold together like the previous product integrity and Windchill frequently were. So we're cross-selling from a windshield position. But for example, in some of these automotive accounts, we don't have a windchill position. And Codebeamer is a very compelling product, and then we'll leave with it. And we'll see if we get Codebeamer installed. Can we cross-sell from there? I don't know. We haven't had really enough time with it yet. But certainly, we've penetrated some accounts on Codebeamer where we had no significant windchill position, and that's good news.

是的。 Codebeamer 既是追加銷售也是矛尖。因此，Codebeamer 在一定程度上取得了成功，我們從 Windchill 進行交叉銷售，因為 Windchill 和 Codebeamer 像以前的產品完整性一樣一起銷售，而 Windchill 經常如此。所以我們從擋風玻璃位置交叉銷售。但是，例如，在其中一些汽車客戶中，我們沒有 windchill 頭寸。 Codebeamer 是一款非常引人注目的產品，我們將繼續使用它。我們會看看是否安裝了 Codebeamer。我們可以從那裡交叉銷售嗎？我不知道。我們還沒有足夠的時間來處理它。但可以肯定的是，我們已經深入了解了 Codebeamer 上的一些賬戶，在這些賬戶中我們沒有明顯的 windchill 頭寸，這是個好消息。

And then on the -- just on the sneaky follow-up question. The second question on the investments. What I would say is it's probably, again, the primary areas are Codebeamer, Windchill Plus and Atlas. And in terms of where it is organizationally, it's probably, I don't know, 75% to 80% R&D, 20% and 25% sales and marketing.

然後 - 關於偷偷摸摸的後續問題。第二個關於投資的問題。我想說的是，主要領域可能是 Codebeamer、Windchill Plus 和 Atlas。就組織結構而言，我不知道，它可能是 75% 到 80% 的研發，20% 和 25% 的銷售和營銷。

We will move on to Jay Vleeschhouwer, Griffin Securities.

我們將轉到 Griffin Securities 的 Jay Vleeschhouwer。

Jim, you mentioned the PLM-ALM selection at a European auto. Could you speak more broadly about multisolution sales, PLM with SLM, for example, as examples of the implementation of closed loop. And you're probably talking about LiveWorx, but maybe speak about what you're seeing already in that regard.

Jim，您在一家歐洲汽車公司提到了 PLM-ALM 選擇。您能否更廣泛地談談多解決方案銷售、PLM 和 SLM，例如，作為閉環實施的例子。你可能在談論 LiveWorx，但也可能在談論你在這方面已經看到的東西。

Yes. I mean I think there's a couple of words that go together here. There's the digital thread idea, which means data created upstream is used multiple times downstream. Then there's the model-based idea, which says, by the way, let's make sure this data is 3D models, not 2D drawing, so model-based digital thread and then closed loop means, let's make sure that things we find in the manufacturing process, for example, using DPM get reflected into changes upstream, either in the product itself or in the manufacturing plan. And then let's make sure that what we find when the product's on the field at the customer site, for example, IoT, smart connected products, that is likewise being funneled back end, ultimately, upstream, maybe into the product, maybe into the manufacturing process, maybe into the service process. But let's have these feedback loops. So I think this concept PTC has of a model-based closed-loop digital thread is very powerful, and I'd say pretty unique.

是的。我的意思是我認為這裡有幾個詞可以放在一起。有數字線程的想法，這意味著上游創建的數據會在下游多次使用。然後是基於模型的想法，順便說一下，讓我們確保這個數據是 3D 模型，而不是 2D 繪圖，所以基於模型的數字線程和閉環意味著，讓我們確保我們在製造中找到的東西流程，例如，使用 DPM 反映到產品本身或製造計劃中的上游更改。然後讓我們確保當產品在客戶現場現場時我們發現的東西，例如，物聯網、智能連接產品，同樣被匯集到後端，最終，上游，可能進入產品，可能進入製造進程，也許進入服務進程。但是讓我們有這些反饋循環。所以我認為 PTC 基於模型的閉環數字線程的這個概念非常強大，我認為非常獨特。

And yes, I'll talk a lot about that at LiveWorx. If I know it will be a kind of theme throughout. So it allows us to cross-sell in a lot of directions. We talked about Codebeamer and Windchill. Well, there's going to be a similar conversation between Windchill and ServiceMax and between ServiceMax and Servigistics and ServiceMax and ThingWorx IoT. So we like this idea of a lot of products that are very compelling could be sold stand-alone as the tip of the spear but then integrated into this digital thread so that they could -- kind of better together.

是的，我會在 LiveWorx 談論很多。如果我知道這將是貫穿始終的一種主題。所以它允許我們在很多方向上進行交叉銷售。我們談到了 Codebeamer 和 Windchill。那麼，Windchill 和 ServiceMax 之間以及 ServiceMax 和 Servigistics 以及 ServiceMax 和 ThingWorx IoT 之間將進行類似的對話。因此，我們喜歡這樣的想法，即許多非常引人注目的產品可以作為矛尖單獨出售，然後集成到這個數字線程中，這樣它們就可以——更好地結合在一起。

Better together, but you don't have to buy it all. If you want to use ServiceMax with some other PLM system, fine, we know how to make that work. And you have to be that way because it's practical. Customers don't throw out all their technology and switch lock, stock and barrel. They look at what they have and they want to systematically over time, upgrade it. And so we get in there, we might win with Windchill and then we might win with Codebeamer, and then we might introduce ServiceMax, and that's kind of how we've built our whole growth story over the last decade is by really perfecting these cross-sell motions.

一起更好，但你不必全部購買。如果您想將 ServiceMax 與其他 PLM 系統一起使用，沒問題，我們知道如何實現。你必須那樣做，因為它很實用。客戶不會扔掉他們所有的技術並切換鎖、槍托和槍管。他們查看自己擁有的東西，並希望隨著時間的推移系統地對其進行升級。所以我們進入了那裡，我們可能會用 Windchill 獲勝，然後我們可能會用 Codebeamer 獲勝，然後我們可能會引入 ServiceMax，這就是我們在過去十年中構建整個增長故事的方式，就是通過真正完善這些交叉- 賣出議案。

Okay everyone, at this time, that does conclude our question-and-answer session. We ask that you please you man on the line for any additional remarks as I hand the conference back to Mr. Jim Heppelmann.

好的大家，到此，我們的問答環節就結束了。當我將會議交還給 Jim Heppelmann 先生時，我們希望您能在線上發表任何其他評論。

Okay. Well, great. Thank you, Lisa. And for anybody who has more questions that maybe we didn't have time to get to, please come to LiveWorx, you're going to get lots and lots and lots of information. You're going to get a firehose. -- promise. So the real day we have set up for investors is May 16. You're welcome to stay longer, if you want, but that's where we had this sort of investor track that was on the slide. Otherwise, if you can't come to LiveWorx, there will be a couple of other opportunities to catch us. I know that Kristian, myself and Mike DiTullio, are going to the JPMorgan conference in Boston on May 22. We're hosting a Bank of America roadshow here at PTC on June 5. And then Kristian, our Chief Product Officer, Kevin Wrenn, are participating in the Stifel conference in Boston on June 6. So lots of opportunities to engage us with more questions and get more information across all those different events I spoke of. So thanks for your time today. Really appreciate it, and look forward to talking to you during the course of the quarter or in 90 days as the case may be.

好的。好吧，太好了。謝謝你，麗莎。對於任何有更多問題的人，我們可能沒有時間回答，請訪問 LiveWorx，您將獲得很多很多信息。你會得到一個消防水帶。 - 承諾。所以我們為投資者設置的真實日期是 5 月 16 日。如果你願意，歡迎你停留更長時間，但這就是我們在幻燈片上進行這種投資者跟踪的地方。否則，如果您不能來 LiveWorx，還有其他一些機會可以找到我們。我知道 Kristian、我和 Mike DiTullio 將參加 5 月 22 日在波士頓舉行的摩根大通會議。我們將於 6 月 5 日在 PTC 舉辦美國銀行路演。然後是 Kristian，我們的首席產品官 Kevin Wrenn，正在參加 6 月 6 日在波士頓舉行的 Stifel 會議。所以有很多機會讓我們參與更多的問題，並獲得我談到的所有這些不同事件的更多信息。所以感謝你今天的時間。真的很感激，並期待在本季度或 90 天內（視情況而定）與您交談。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

各位，今天的會議到此結束。感謝大家今天的參與。您現在可以斷開連接。