PTC Inc (PTC) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2023 Fourth Quarter Conference Call. (Operator Instructions) Following the presentation, the conference will be open for questions. I would now like to turn the call over to Matt Shimao, PTC's Head of Investor Relations. Please go ahead.

女士們、先生們，午安。感謝您的耐心等待，歡迎參加 PTC 2023 年第四季電話會議。 （操作員說明）演示結束後，會議將開放提問。我現在想將電話轉給 PTC 投資者關係主管 Matt Shimao。請繼續。

Good afternoon. Thank you, Danica, and welcome to PTC's 2023 Fourth Quarter Conference Call. On the call today are Jim Heppelmann, CEO; Neil Barua, CEO-elect; and Kristian Talvitie, CFO. 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.

午安.謝謝 Danica，歡迎參加 PTC 2023 年第四季電話會議。今天參加電話會議的是執行長 Jim Heppelmann； Neil Barua，候任執行長；和財務長克里斯蒂安·塔爾維蒂。今天的電話會議將透過音訊網路廣播進行現場直播，今天晚些時候將在 www.ptc.com 上提供電話會議的重播。

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.

在本次電話會議中，PTC 將做出前瞻性聲明，包括有關未來營運績效的指導。由於此類陳述涉及未來事件，實際結果可能與前瞻性陳述中的預測有重大差異。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、10-Q 表年度報告以及向美國證券交易委員會和美國證券交易委員會提交的其他文件。在今天的新聞稿中。

The forward-looking statements, including guidance provided during this call are valid only as of today's date, November 1, 2023, and PTC assumes no obligation to update these forward-looking statements. 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.

前瞻性陳述（包括本次電話會議期間提供的指導）僅截至今天（2023 年 11 月 1 日）有效，PTC 不承擔更新這些前瞻性聲明的義務。在電話會議期間，PTC 將討論非 GAAP 財務指標。這些非公認會計準則衡量指標並非依照公認會計原則制定。非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表可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 CEO, Jim Heppelmann.

說到這裡，我想將電話轉給 PTC 執行長 Jim Heppelmann。

Thanks, Matt. Good afternoon, everyone, and thank you for joining us. As usual, I will focus on constant currency results when discussing top line metrics, and Kristian will cover currency effects later in the call. I'm pleased to report that in the fourth quarter, PTC again delivered solid financial results in terms of ARR and free cash flow, which are the most important metrics to assess the performance of our business.

謝謝，馬特。大家下午好，感謝您加入我們。像往常一樣，在討論頂線指標時，我將重點放在不變的貨幣結果，克里斯蒂安將在稍後的電話會議中討論貨幣影響。我很高興地向大家報告，在第四季度，PTC 再次在 ARR 和自由現金流方面取得了穩健的財務業績，這是評估我們業務績效的最重要指標。

Reflecting on the full year, which will be my last year in the CEO seat, fiscal '23 has been one of PTC's best years ever. Despite a challenging economy, we delivered a seventh consecutive year of double-digit top line growth with ARR growing 23%, 13% organically, and revenue crossing the $2 billion threshold. And on the bottom line, we delivered 41% growth in free cash flow. This performance is a great stepping-off point for me as I hand the reins of the company to Neil Barua going forward.

回顧全年，這將是我擔任執行長的最後一年，23 財年是 PTC 有史以來最好的年份之一。儘管經濟情勢充滿挑戰，我們仍連續第七年實現兩位數的營收成長，ARR 成長 23%，有機成長 13%，營收突破 20 億美元大關。從底線來看，我們的自由現金流成長了 41%。這次業績對我來說是一個很好的起點，因為我將公司的管理權交給了 Neil Barua。

Given the CEO transition that's actively underway, during this call, I'll focus my comments on Q4 and fiscal '23 and let Neil take the lead on forward-looking commentary. Coming back to the Q4 results and turning to Slide 4. Though the manufacturing PMIs have indicated a sluggish global environment for many quarters now, our top line ARR continues to show good resilience. In Q4, we saw a broad-based ARR strength across our product groups and geographies. Our churn remained low. And for the full year, we did better than the churn targets we had shared previously. Customer demand was solid in Q4, up overall and on an organic basis, in line with the exceptional results we delivered in Q4 last year.

鑑於執行長過渡正在進行中，在本次電話會議中，我將重點關注第四季度和 23 財年的評論，並讓尼爾帶頭髮表前瞻性評論。回到第四季的業績並轉向幻燈片 4。儘管製造業 PMI 表明全球環境已經連續多個季度低迷，但我們的營收 ARR 繼續表現出良好的彈性。在第四季度，我們看到了我們的產品組和地區的廣泛的 ARR 優勢。我們的客戶流失率仍然很低。就全年而言，我們的表現比之前分享的客戶流失目標要好。第四季客戶需求強勁，整體有機成長，與我們去年第四季的出色業績一致。

Within this context, the portion of business that we signed in Q4, but that did not start in Q4 or fiscal '23, was greater than we had modeled. Since ARR only kicks in when the subscription starts, Q4 ARR was $8 million lower than we had modeled, while deferred ARR is consequently $8 million higher. With this influx, our total deferred ARR is now $20 million higher than it was at the beginning of fiscal '23. Kristian will explain that because of this added strength in deferred ARR, we are now guiding ARR to grow 11% to 14% in fiscal '24, higher than the 10% to 14% growth range we discussed previously.

在此背景下，我們在第四季度簽署但並非在第四季度或 23 財年開始的業務部分比我們建模的要大。由於 ARR 僅在訂閱開始時生效，因此第四季度 ARR 比我們建模的低 800 萬美元，而遞延 ARR 因此高出 800 萬美元。隨著這些資金的湧入，我們的遞延 ARR 總額現在比 23 財年年初增加了 2,000 萬美元。克里斯蒂安將解釋說，由於遞延 ARR 的增加，我們現在指導 ARR 在 24 財年增長 11% 至 14%，高於我們之前討論的 10% 至 14% 的增長範圍。

Moving to Slide 5 and switching to our bottom line view. We delivered $44 million of free cash flow in Q4, ahead of our guidance and up 52% year-over-year. For the full year, our free cash flow was $587 million, ahead of our guidance and up 41% year-over-year. Remember that ARR is the primary driver of cash flow. So this robust result was driven by a combination of strong ARR growth and higher operating efficiency. In fiscal '23, we delivered 38% operating efficiency, which was 620 basis points higher than fiscal '22, well above our initial target (inaudible) approximately 450 basis points of improvement in operating efficiency.

轉到投影片 5 並切換到我們的底線檢視。我們在第四季度交付了 4,400 萬美元的自由現金流，超出了我們的指引，比去年同期成長 52%。全年，我們的自由現金流為 5.87 億美元，高於我們的指導，年增 41%。請記住，ARR 是現金流的主要動力。因此，這一強勁業績是由強勁的 ARR 成長和更高的營運效率共同推動的。在 23 財年，我們實現了 38% 的營運效率，比 22 財年高出 620 個基點，遠高於我們最初的目標（聽不清楚）營運效率提高約 450 個基點。

We expect these operating efficiency improvements to be sustainable, and we think our subscription business model will continue to provide us with operating leverage. Turning to Slide 6. Let's look at ARR growth by geography. ARR growth in the Americas was 25%. In Europe, ARR growth was 24%, and in APAC, ARR growth was 18%. Regionally, compared to a quarter ago, the GAAP between as reported and constant currency ARR widened in Europe and narrowed in APAC. On a global basis in Q4, our constant currency ARR growth was 3% less than our reported ARR growth. Versus prior quarters, we saw improved demand in China and in our SMB reseller channel. All 3 regions benefited from inorganic growth to varying degrees due to the acquisition of ServiceMax.

我們預計這些營運效率的提高是可持續的，並且我們認為我們的訂閱業務模式將繼續為我們提供營運槓桿。轉向幻燈片 6。讓我們看看按地理位置劃分的 ARR 增長。美洲的 ARR 成長率為 25%。在歐洲，ARR 成長率為 24%，在亞太地區，ARR 成長率為 18%。從地區來看，與季度前相比，歐洲的公認會計準則與固定貨幣 ARR 之間的差距擴大，而亞太地區則縮小。在第四季的全球範圍內，我們的固定貨幣 ARR 成長比我們報告的 ARR 成長低 3%。與前幾季相比，我們看到中國和我們的中小企業經銷商通路的需求有所改善。由於收購了 ServiceMax，這三個地區都不同程度地受益於無機成長。

Next, let's look at ARR performance of our product groups on Slide 7. In CAD, we delivered 10% ARR growth in Q4. Within these results, the growth magnitude was primarily driven by Creo but supplemented by strong percentage growth in Onshape. PTC is taking share in different parts of the CAD market with both products, and we're excited about the potential of our new Creo+SaaS offering as well as Onshape. We launched Creo+ at LiveWorx event this past May, and the initial customer demand for Creo+ has been encouraging. Regarding Onshape, with NPS scores that lead the industry by a considerable margin and solid retention rates, we see good opportunities to take share in the part of the CAD market that Onshape focuses on.

接下來，讓我們來看看投影片 7 上我們產品組的 ARR 表現。在 CAD 領域，我們在第四季實現了 10% 的 ARR 成長。在這些結果中，成長幅度主要由 Creo 推動，但 Onshape 的強勁百分比成長作為補充。 PTC 正在透過這兩種產品在 CAD 市場的不同部分佔據份額，我們對新的 Creo+SaaS 產品以及 Onshape 的潛力感到興奮。今年 5 月，我們在 LiveWorx 活動中推出了 Creo+，客戶對 Creo+ 的初步需求令人鼓舞。至於Onshape，憑藉在業界遙遙領先的NPS分數和穩定的保留率，我們看到了在Onshape重點關注的CAD市場中佔據份額的良好機會。

Garmin's recent decision to replace their incumbent CAD system with Onshape speaks to the product's maturing functionality and competitive differentiation. In PLM, our ARR growth rate in Q4 was 34% or 15% organic with the incremental inorganic growth coming from ServiceMax. ARR growth in Q4 was primarily driven by Windchill, but supplemented by strong organic growth in ALM, thanks to Codebeamer. Codebeamer has proven to be a great addition to our portfolio with strong demand coming from manufacturing companies that might already be profession at managing hardware development but are struggling to deal with a growing wave of software complexity.

Garmin 最近決定用 Onshape 取代其現有的 CAD 系統，這說明了該產品功能的成熟和競爭優勢。在 PLM 領域，我們第四季的 ARR 有機成長率為 34% 或 15%，增量無機成長來自 ServiceMax。第四季的 ARR 成長主要由 Windchill 推動，但得益於 Codebeamer，ALM 的強勁有機成長也起到了補充作用。事實證明，Codebeamer 是我們產品組合的一個重要補充，來自製造公司的強烈需求，這些公司可能已經擅長管理硬體開發，但正在努力應對不斷增長的軟體複雜性浪潮。

While demand is most notable in the automotive industry due to the rise of software-defined vehicles, we see customer demand for ALM tools expanding in other verticals as well, driven by the trend towards software-driven products of all types. Not only do manufacture products contain more software than ever, but there has been an explosion of software configurations that need to be developed and maintained across a company's different product lines, including across model years, sales options and cloud deployments. That's why we supplemented our Codebeamer ALM solution with the acquisition of pure-systems.

雖然由於軟體定義汽車的興起，汽車產業的需求最為顯著，但我們看到，在所有類型的軟體驅動產品趨勢的推動下，客戶對 ALM 工具的需求也在其他垂直領域不斷擴大。製造產品不僅包含比以往更多的軟體，而且需要跨公司不同產品線開發和維護的軟體配置也呈現爆炸性成長，包括跨型號年份、銷售選項和雲端部署。這就是我們透過收購純系統來補充 Codebeamer ALM 解決方案的原因。

You probably know that on the hardware side of the manufactured product, configuration management has always been the special sauce of Windchill. Now with the addition of the pure::variants' solution, Codebeamer will be able to offer equally robust configuration management for the software side of the product. The pure-systems company is relatively small, but their breakthrough pure::variants offering has already landed early wins at many of the same auto and industrial companies that are adopting Codebeamer. Introducing this key competitive differentiator and value proposition into Codebeamer, makes our position in the ALM market even more promising.

您可能知道，在製造產品的硬體方面，配置管理一直是 Windchill 的拿手好戲。現在，透過新增 pure::variants 解決方案，Codebeamer 將能夠為產品的軟體方面提供同樣強大的組態管理。這家 pure-systems 公司規模相對較小，但他們突破性的 pure::variants 產品已經在許多採用 Codebeamer 的汽車和工業公司中取得了早期勝利。將這一關鍵的競爭優勢和價值主張引入 Codebeamer，使我們在 ALM 市場的地位更加光明。

We've been taking significant share in the PLM market and are well positioned going forward with our strength in core PLM with Windchill and Arena, complemented by strong positions in the faster-growing ALM and SLM parts of the market. Wrapping up my comments then. First, I'd like to say heartfelt thank you to all of you who have supported me and my team over the years. Your insights and support have helped us to transform PTC into the awesome company it is today, a $2 billion scale growth and profit leader with a unique product portfolio that helps our manufacturing customers digitally transform their businesses. I'm personally very proud of what the PTC team has accomplished during my 13 years as CEO and much longer tenure as the company's technology and strategy leader.

我們在 PLM 市場中佔據了重要份額，並且憑藉我們在 Windchill 和 Arena 等核心 PLM 方面的優勢，以及在市場中快速增長的 ALM 和 SLM 部分中的強大地位，我們處於有利的地位。然後總結我的評論。首先，我謹向多年來支持我和我的團隊的所有人表示衷心的感謝。您的見解和支持幫助我們將 PTC 轉變為當今的出色公司，成為規模達 20 億美元的成長和利潤領先者，擁有獨特的產品組合，可幫助我們的製造業客戶實現業務數位轉型。我個人對 PTC 團隊在我擔任執行長 13 年以及擔任公司技術和策略領導者的更長任期內所取得的成就感到非常自豪。

I feel things are in good position to transition the leadership to Neil Barua. Neil will be supported by the same team who drove our transformation, including Kristian, Mike DiTullio, Aaron Von Staats, Kevin Wrenn, Steve Dertien, Catherine Kniker and thousands of other PTC employees. I wish them all the best as they evolve the business in pursuit of new ways to create value for our customers and shareholders under Neil's leadership just as they did during mine.

我認為一切都處於將領導權移交給尼爾巴魯阿的有利位置。 Neil 將得到推動我們轉型的同一團隊的支持，包括 Kristian、Mike DiTullio、Aaron Von Staats、Kevin Wrenn、Steve Dertien、Catherine Kniker 以及數千名其他 PTC 員工。我祝福他們在尼爾的領導下發展業務，尋求新的方式為我們的客戶和股東創造價值，就像他們在我的領導下一樣。

I will remain in the background, supporting Neil through February, but I plan to let him take the stage in investor discussions going forward. With that, I'll hand the call over to Neil to share his perspectives on the CEO transition and the future of the PTC business.

我將留在幕後，為尼爾提供整個二月的支持，但我計劃讓他在未來的投資者討論中上台。接下來，我將把電話轉給 Neil，分享他對 CEO 過渡和 PTC 業務未來的看法。

Thanks, Jim. Hello, everyone. Let's turn to Slide 9. The CEO transition is progressing well and according to plan. I'm excited to soon step into the CEO role, and I appreciate everything Jim is doing to ensure a seamless transition. I spent much of the past quarter traveling with Jim to visit customers, employees and partners. These meetings have been good opportunities for me to listen and to build relationships with key stakeholders. These meetings have also reinforced how relevant our software is to our customers' digital transformation initiatives.

謝謝，吉姆。大家好。讓我們轉向投影片 9。執行長的換屆進展順利且按計劃進行。我很高興很快就擔任首席執行官，我很感謝吉姆為確保無縫過渡所做的一切。上個季度的大部分時間我都和吉姆一起出差拜訪客戶、員工和合作夥伴。這些會議是我傾聽主要利害關係人並與主要利害關係人建立關係的好機會。這些會議也強化了我們的軟體與客戶數位轉型計畫的相關性。

PTC has established a strong position with customers, and it is clear to me that there continues to be a lot of opportunity ahead. I'm also starting to meet with investors and analysts, and I'm looking forward to continuing and deepening the 2-way dialogue. To that end, I'm looking forward to callbacks with many of you as well as some investor roadshows upcoming and conferences. And we are working on nailing down a date for an Investor Day, likely in the spring after the CEO transition. More broadly, I've been immersing myself in all aspects of PTC's business. As one example, I work closely with our team on the win at Volkswagen Group that we announced yesterday.

PTC 已經在客戶中建立了強大的地位，我很清楚，未來仍然有很多機會。我也開始與投資者和分析師會面，我期待繼續並深化雙向對話。為此，我期待與你們中的許多人進行回電以及即將舉行的一些投資者路演和會議。我們正在努力確定投資者日的日期，可能是在執行長換屆後的春季。更廣泛地說，我一直致力於 PTC 業務的各個方面。舉個例子，我與我們的團隊密切合作，促成了我們昨天宣布的大眾汽車集團的勝利。

This significant expansion of PTC's footprint at VW underscores the value PTC brings to customers and our customers rely on us to support their product development needs at scale. Our teams understand the digital transformation needs of our customers, and we have the right strategy and product portfolio to help them achieve their goals. There's no other company that can help manufacturers drive closed-loop product life cycle management across engineering, manufacturing, quality and service. PTC is in a very healthy position and I am energized by the business that has been built and the job ahead. Next, let's turn to Slide 10.

PTC 在大眾汽車業務的顯著擴張凸顯了 PTC 為客戶帶來的價值，而我們的客戶依賴我們大規模支援他們的產品開發需求。我們的團隊了解客戶的數位轉型需求，我們擁有正確的策略和產品組合來幫助他們實現目標。沒有其他公司可以幫助製造商推動工程、製造、品質和服務的閉環產品生命週期管理。 PTC 的處境非常健康，我對已經建立的業務和未來的工作充滿了活力。接下來，我們來看投影片 10。

On the Q3 call, we shared this framework, which shows the layers of cumulative drivers that support our top line growth. Fiscal '24 is expected to be our eighth consecutive year of double-digit constant currency ARR growth. So PTC's ability to put up consistent double-digit growth is well established. This is a good framework to understand the sustainability of our top line performance. I won't go through each of the drivers now, but the takeaway is that all the layers contribute to our growth. PTC is clearly moving in the right direction, and my focus as the new CEO will be on ensuring a disciplined and metrics-driven execution of the strategy.

在第三季的電話會議上，我們分享了這個框架，它顯示了支持我們營收成長的累積驅動因素的各個層次。預計 24 財年我們將連續第八年達到兩位數的固定貨幣 ARR 成長。因此，PTC 保持持續兩位數成長的能力是眾所周知的。這是一個很好的框架，可以幫助您了解我們營收績效的可持續性。我現在不會詳細介紹每個驅動因素，但重點是所有層面都有助於我們的成長。 PTC 顯然正在朝著正確的方向前進，作為新任首席執行官，我的重點將是確保戰略的嚴格執行和指標驅動。

Moving to Slide 11. We also shared this framework on our Q3 call, which shows the layers of cumulative drivers that support our bottom line growth. It's important to recognize that our strong free cash flow growth in recent years is attributable not only to our solid top line growth, but also to our subscription license business model and strong operational discipline. Focusing on operational execution is essential to consistently deliver for our customers and our shareholders. As with the previous slide, all the layers in this framework are important, and I see good opportunities to further expand our operating efficiency. I want to reiterate that with our subscription model and operational discipline, we expect our free cash flow to grow faster than our ARR over the midterm.

轉到投影片 11。我們也在第三季電話會議上分享了這個框架，它顯示了支持我們利潤成長的累積驅動因素的各個層次。重要的是要認識到，我們近年來強勁的自由現金流成長不僅歸功於我們穩健的營收成長，還歸功於我們的訂閱授權業務模式和強大的營運紀律。專注於營運執行對於持續為我們的客戶和股東提供服務至關重要。與上一張投影片一樣，該框架中的所有層都很重要，我看到了進一步提高營運效率的好機會。我想重申，憑藉我們的訂閱模式和營運紀律，我們預計我們的自由現金流在中期的成長速度將快於我們的 ARR。

As we reinvest in our business to drive growth, we expect to do so prudently such that non-GAAP operating expenses are expected to grow at roughly half the rate of our ARR over time. Let's turn to Slide 12. Today, we are providing targets that reflect solid top line and bottom line growth over the medium term, which Kristian will take you through in more detail. As you will hear from Kristian, for fiscal '26, we are targeting ARR growth in the mid-teens and free cash flow of approximately $1 billion. If there is one takeaway from my comments today, it should be that I am singularly focused on leading PTC to execute to its full potential.

當我們對業務進行再投資以推動成長時，我們預計會謹慎行事，以便隨著時間的推移，非公認會計準則營運費用的成長率預計約為我們的 ARR 成長率的一半。讓我們轉向投影片 12。今天，我們提供的目標反映了中期穩健的營收和利潤成長，克里斯蒂安將向您詳細介紹這些目標。正如克里斯蒂安（Kristian）所說，26 財年，我們的目標是 ARR 增長在十幾歲左右，自由現金流約為 10 億美元。如果說我今天的評論有一個要點的話，那就是我特別專注於領導 PTC 充分發揮其潛力。

As the company's next CEO, I strongly believe that we have the right strategy, organization and product portfolio to drive consistent customer and shareholder value in the years ahead. Over to you, Kristian.

作為公司的下一任首席執行官，我堅信我們擁有正確的策略、組織和產品組合，可以在未來幾年推動一致的客戶和股東價值。交給你了，克里斯蒂安。

Thanks, Neil, and hello, everyone. Starting off with Slide 14. In Q4 '23, our constant currency ARR was $1.941 billion, up 23% year-over-year and in line with our guidance range. On an organic constant currency basis, excluding ServiceMax, our ARR was $1.77 billion, up 13% year-over-year. In Q4, our as reported ARR was $38 million higher than our constant currency ARR. Also in Q4, our ARR was impacted by $8 million due to start date timing. The key point is we contracted the overall amount of business that we guided to at the beginning of the quarter. At end year starts landed as expected, we would have been around the high end of our guidance range.

謝謝尼爾，大家好。從投影片 14 開始。23 年第 4 季度，我們的固定貨幣 ARR 為 19.41 億美元，年成長 23%，符合我們的指導範圍。在有機固定貨幣基礎上（不包括 ServiceMax），我們的 ARR 為 17.7 億美元，年增 13%。第四季度，我們報告的 ARR 比固定貨幣 ARR 高出 3800 萬美元。同樣在第四季度，由於開始日期時間安排，我們的 ARR 受到了 800 萬美元的影響。關鍵是我們收縮了季度初指導的業務總量。當年底開工率按預期下降時，我們將處於指導範圍的高端附近。

Now with approximately $20 million more deferred ARR in fiscal '24 -- starting in fiscal '24 compared to what started in fiscal '23, we're increasing our fiscal '24 guidance range to 11% to 14%. Moving on to cash flow. Our results were solid and ahead of our guidance with Q4 operating cash flow of $50 million and free cash flow of $44 million. For the full year, our free cash flow was $587 million, up 41%. When assessing and forecasting our cash flow, it's always good to remember a few things.

現在，與 23 財年開始相比，24 財年的遞延 ARR 增加了約 2,000 萬美元，我們將 24 財年的指導範圍提高到 11% 至 14%。轉向現金流。我們的業績穩健，超出了我們的指導，第四季度營運現金流為 5,000 萬美元，自由現金流為 4,400 萬美元。全年自由現金流為 5.87 億美元，成長 41%。在評估和預測我們的現金流時，記住一些事情總是好的。

The majority of our collections occur in the first half of our fiscal year and 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. Q4 revenue of $547 million increased $39 million or 8% year-over-year and was up 6% on a constant currency basis. For the full year, revenue was $2.097 billion, up 8% or 12% on a constant currency basis. As we've discussed previously, revenue is impacted by ASC 606, so we do not believe that revenue or EPS are the best indicators of our underlying business performance, but would rather guide you to ARR and free cash flow as the best metrics to understand our business and cash generation potential.

我們的收款大部分發生在我們財年的上半年，第四季是我們現金流產生最低的季度。從年度來看，自由現金流主要取決於 ARR，而不是收入。第四季營收為 5.47 億美元，年增 3,900 萬美元，即 8%，以固定匯率計算成長 6%。全年營收為 20.97 億美元，成長 8%，以固定匯率計算成長 12%。正如我們之前討論的，收入受到 ASC 606 的影響，因此我們不認為收入或每股收益是我們基本業務績效的最佳指標，而是引導您將 ARR 和自由現金流作為了解的最佳指標我們的業務和現金產生潛力。

Moving to Slide 15. We ended the fourth quarter with cash and cash equivalents of $288 million. Our gross debt was $2.322 billion with an aggregate interest rate of 5.7%. During Q4, we paid down $43 million of debt and at the end of Q4, we had $1 billion in high-yield notes, a $500 million term loan and approximately $202 million drawn on our revolver. In October of '23, we made the final payment for the ServiceMax transaction totaling $650 million, including $30 million of imputed interest, which will be included in our Q1 '24 free cash flow. We funded this payment with cash on hand and our revolving credit facility. The deferred payment was also -- was included in debt on our Q4 balance sheet, and also factored into our debt-to-EBITDA ratio, which was 3x at the end of Q4.

轉到投影片 15。第四季結束時，我們的現金和現金等價物為 2.88 億美元。我們的總債務為 23.22 億美元，總利率為 5.7%。在第四季度，我們償還了 4,300 萬美元的債務，在第四季度末，我們擁有 10 億美元的高收益票據、5 億美元的定期貸款以及約 2.02 億美元的左輪手槍提取資金。 23 年 10 月，我們為 ServiceMax 交易支付了總計 6.5 億美元的最終付款，其中包括 3000 萬美元的推定利息，這將計入我們 24 年第一季的自由現金流中。我們用手頭現金和循環信貸額度支付這筆款項。延期付款也包含在我們第四季度資產負債表的債務中，並且還計入了我們的債務與 EBITDA 比率，該比率在第四季度末為 3 倍。

Also in October, we drew an additional EUR 85 million on the revolver related to the pure-systems acquisition. We expect to be below 3x levered at the end of Q1 '24 and remain below 3x throughout the remainder of fiscal '24. We're prioritizing paying down our debt in fiscal '24. We expect to use substantially all of our free cash flow to pay down our debt this year and end the year with gross debt of approximately $1.7 billion. We've paused our share repurchase program, and we expect our diluted share count to increase by approximately 1 million shares in fiscal '24. Heading into fiscal '25, we'll revisit the prioritization of debt pay-down and share repurchases. Our long-term goal, assuming our debt-to-EBITDA ratio is below 3x, remains to return approximately 50% of our free cash flow to shareholders via share repurchases while also taking into consideration the interest rate environment and strategic opportunities.

同樣在 10 月份，我們又從純系統收購相關的左輪手槍中提取了 8,500 萬歐元。我們預計到 24 年第一季末槓桿率將低於 3 倍，並在 24 年財年剩餘時間內保持在 3 倍以下。我們優先考慮在 24 財年償還債務。我們預計今年將使用大部分自由現金流來償還債務，到年底債務總額約為 17 億美元。我們已經暫停了股票回購計劃，預計 24 財年稀釋後的股票數量將增加約 100 萬股。進入 25 財年，我們將重新審視債務償還和股票回購的優先順序。假設我們的債務與 EBITDA 比率低於 3 倍，我們的長期目標仍然是透過股票回購向股東返還約 50% 的自由現金流，同時考慮利率環境和策略機會。

Next, turning to Slide 16. Let's take a quick look at how we did against our initial guidance for the year. Summarizing our fiscal '23 financial results. In a challenging market environment, we executed well in all 4 quarters and consistently delivered solid top and bottom line growth. With that, let me move on to fiscal '24 guidance. Turning to Slide 18. We provide ARR on both a constant currency basis and on an as reported basis. 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 8 quarters. Clearly, as reported ARR embeds a lot of FX volatility. We believe 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.

接下來，轉向投影片 16。讓我們快速瀏覽一下我們今年的初步指導情況。總結我們 23 財年的財務表現。在充滿挑戰的市場環境中，我們在四個季度都表現良好，並持續實現了穩健的營收和利潤成長。接下來，讓我談談 24 財年的指導。轉向投影片 18。我們在固定貨幣基礎和報告基礎上提供 ARR。您可以在幻燈片中看到外匯動態如何導致我們的固定貨幣 ARR 與過去 8 個季度報告的 ARR 之間存在差異。顯然，如報告所述，ARR 包含了很大的外匯波動性。我們相信恆定匯率是評估我們業務營收的最佳方式，因為它從分析中消除了匯率波動，無論是正面還是負面。

That's why we provide ARR guidance on a constant currency basis. For fiscal '23, we provided constant currency ARR guidance for the year and constant currency ARR results for all 4 quarters, using FX rates as of September 30, 2022. For comparative purposes, we also provided constant currency ARR history at these FX rates. Next, on Slide 19, we're taking the same approach for fiscal '24. Our as reported Q4 '23 ARR was $1.79 billion based on actual FX rates as of September 30, 2023. That rate is our baseline for our fiscal '24 constant currency ARR guidance. For comparative purposes, we've recast our constant currency ARR history at these rates which you can see on the upper half of this slide and is also in the data tables posted on our website.

這就是我們在固定貨幣基礎上提供 ARR 指導的原因。對於23 財年，我們使用截至2022 年9 月30 日的外匯匯率提供了當年的固定貨幣ARR 指導以及所有4 個季度的固定貨幣ARR 結果。出於比較目的，我們還提供了這些外匯匯率下的固定貨幣ARR 歷史記錄。接下來，在投影片 19 上，我們對 24 財年採取相同的方法。根據截至 2023 年 9 月 30 日的實際匯率，我們報告的 23 年第 4 季 ARR 為 17.9 億美元。該匯率是我們 24 財年固定貨幣 ARR 指引的基準。出於比較目的，我們按照這些匯率重新計算了固定貨幣 ARR 歷史記錄，您可以在這張投影片的上半部看到，也可以在我們網站上發布的資料表中看到。

With that, I'll take you through our guidance on Slide 20. For fiscal '24, we expect constant currency ARR to grow from $1.979 billion to $2.19 billion to $2.25 billion, which corresponds to growth of 11% to 14%. Our Q1 constant currency guidance range of $1.995 billion to $2.01 billion corresponds to year-over-year growth of 22% to 23%. Note that we closed the ServiceMax acquisition right at the start of Q2 '23, so Q1 will be the last quarter we exclude ServiceMax from our organic growth rate. On cash flows, we're guiding for free cash flow of approximately $725 million in fiscal '24. Note that our cash flow guidance is not on a constant currency basis, so FX fluctuations can have an impact in either direction.

接下來，我將帶您瀏覽投影片 20 中的指引。對於 24 財年，我們預計固定貨幣 ARR 將從 19.79 億美元成長到 21.9 億美元到 22.5 億美元，相當於成長 11% 到 14%。我們第一季的固定匯率指引範圍為 19.95 億美元至 20.1 億美元，相當於年增 22% 至 23%。請注意，我們在 23 年第二季初就完成了對 ServiceMax 的收購，因此第一季將是我們將 ServiceMax 排除在有機成長率之外的最後一個季度。在現金流方面，我們預計 24 財年的自由現金流約為 7.25 億美元。請注意，我們的現金流量指引並非以恆定貨幣為基礎，因此外匯波動可能會對任一方向產生影響。

For fiscal '24, our guidance for operating cash flow is $745 million. We're assuming CapEx of approximately $20 million. It's worth noting how consistent and solid our free cash flow results have been since completing our transition to a subscription business model. In addition, we maintain consistent billing practices, and we've optimized our AR, AP and budgeting processes over the past few years. The predictability of our cash generation is tremendously helpful as we manage our business and invest for growth. For example, we're able to maintain core long-term investments even in a turbulent macroeconomic environment, which is great for customers and employees alike.

對於 24 財年，我們的營運現金流指引為 7.45 億美元。我們假設資本支出約為 2000 萬美元。值得注意的是，自從完成向訂閱業務模式的轉變以來，我們的自由現金流結果是多麼一致和穩固。此外，我們保持一致的計費做法，並在過去幾年中優化了 AR、AP 和預算流程。當我們管理業務和投資成長時，我們現金產生的可預測性非常有幫助。例如，即使在動盪的宏觀經濟環境中，我們也能夠維持核心長期投資，這對客戶和員工來說都是好事。

Beyond our core investments, we adjust our shorter-term or more discretionary investments accordingly given our business performance and outlook. The net result is solid and consistent free cash flow growth. In fiscal '24, we expect approximately 55% or more of our free cash flow to be generated in the first half of the year, which is less than we've seen over the past 3 years. This is primarily because in Q1 of '24, our free cash flow of $180 million includes a $30 million imputed interest payment related to the deferred payment on our acquisition of ServiceMax.

除了我們的核心投資之外，我們還會根據我們的業務表現和前景來相應地調整我們的短期或更多可自由支配的投資。最終結果是自由現金流的穩定和持續成長。在 24 財年，我們預計大約 55% 或更多的自由現金流將在今年上半年產生，這比我們過去 3 年看到的要少。這主要是因為在 2024 年第一季度，我們的自由現金流為 1.8 億美元，其中包括與我們收購 ServiceMax 的延期付款相關的 3000 萬美元的推定利息支付。

Finally, on this slide, we're continuing to provide revenue and EPS guidance to help you with your models. But as a reminder, ASC 606 makes revenue difficult to predict in the short term for on-premise subscription companies. More importantly, revenue does not influence ARR or cash generation as we typically bill customers annually upfront regardless of contract term lengths. Also, since revenue is impacted by ASC 606, it's important to remember that margins and earnings per share also impacted, so we do not view these as meaningful indicators of the performance of our business.

最後，在這張投影片上，我們將繼續提供收入和每股盈餘指導，以幫助您建立模型。但提醒一下，ASC 606 讓本地訂閱公司的短期收入難以預測。更重要的是，收入不會影響 ARR 或現金生成，因為我們通常每年向客戶預付費用，無論合約期限長短如何。此外，由於收入受到 ASC 606 的影響，因此請務必記住，利潤率和每股盈餘也會受到影響，因此我們不認為這些是我們業務績效的有意義的指標。

Turning to Slide 21. Here, you can see how we're investing for growth while delivering solid free cash flow. On the slide in blue, you can see our absolute level of R&D spending, which has increased steadily over the years. But more importantly, you can see the slope of the blue line has inflected in recent years, along with our transition to a subscription model. As our free cash flows expanded, this has enabled us to reinvest greater amounts year after year into R&D to drive future growth despite the turbulent macro environment we've been in. Moving on to Slide 22. Here's an illustrative constant currency ARR model for fiscal '24. You can see our results over the past 3 years and the column on the right illustrates what's needed to get to the midpoint of our constant currency ARR guidance for fiscal '24.

轉向投影片 21。在這裡，您可以看到我們如何在提供穩定的自由現金流的同時進行成長投資。在藍色幻燈片上，您可以看到我們研發支出的絕對水平，多年來一直在穩步增長。但更重要的是，您可以看到近年來，隨著我們向訂閱模式的過渡，藍線的斜率已經改變了。隨著我們的自由現金流的擴大，這使我們能夠年復一年地將更多資金再投資於研發，以推動未來的成長，儘管我們一直處於動盪的宏觀環境中。繼續看幻燈片22。這是一個說明性的財政固定貨幣ARR 模型'24。您可以看到我們過去 3 年的結果，右側的列說明了達到 24 財年固定貨幣 ARR 指導中點所需的條件。

The illustrative model indicates that to hit the $2.22 billion midpoint of our guidance range, we need to add $241 million of net ARR this year. While this is higher than the amounts we added in fiscal '23 and '22, there are some important drivers to consider. First of all, as we discussed earlier, we have more deferred ARR contractually committed to start in fiscal '24. In fact, that amount is approximately $20 million higher at the start of fiscal '24 compared to the start of fiscal '23. Secondly, we expect Codebeamer to be a tailwind for ARR growth in fiscal '24. While we currently expect pure-systems to have de minimis impact on our ARR results in fiscal '24, given its overall size, we do expect that pure-systems will help drive our Codebeamer momentum.

該說明性模型表明，要達到指導範圍 22.2 億美元的中點，我們今年需要增加 2.41 億美元的淨 ARR。雖然這高於我們在 23 財年和 22 財年增加的金額，但仍有一些重要的驅動因素需要考慮。首先，正如我們之前討論的，我們按照合約承諾在 24 財年開始推遲更多的 ARR。事實上，與 23 財年年初相比，24 財年年初的這筆金額大約高出 2,000 萬美元。其次，我們預期 Codebeamer 將成為 24 財年 ARR 成長的推動力。雖然我們目前預計純系統將對我們 24 財年的 ARR 結果產生微乎其微的影響，但考慮到其總體規模，我們確實預計純系統將有助於推動我們的 Codebeamer 勢頭。

Also, fiscal '24 will be our first full year of having ServiceMax under our roof. The broader PTC Salesforce has been equipped to sell ServiceMax, and they also have quotas now. All things considered, we believe we've set our fiscal '24 constant currency ARR guidance range prudently. Next, on Slide 23, here's a similar illustrative model for Q1. You can see our results over the past 8 quarters, and the column on the right illustrates what's needed to get to the midpoint of our constant currency ARR guidance.

此外，24 財年將是我們使用 ServiceMax 的第一個全年。更廣泛的 PTC Salesforce 已經準備好銷售 ServiceMax，而且他們現在也有配額。考慮到所有因素，我們相信我們已經謹慎地設定了 24 財年固定貨幣 ARR 指引範圍。接下來，在投影片 23 上，這是 Q1 的類似說明模型。您可以看到我們過去 8 個季度的結果，右側的欄位說明了達到我們的固定貨幣 ARR 指導中點所需的條件。

Because our ARR trends tend to see some seasonality, the most relevant comparison is the sequential growth in Q1 '23 and Q1 '22. The illustrative model indicates that to hit the midpoint of our Q1 guidance range, we need to add $24 million of net ARR on a sequential basis. We believe we've set our Q1 constant currency guidance range prudently. It's also worth mentioning that the incremental $20 million of deferred ARR we have starting in fiscal '24, is skewed to the second half of the year. Moving on to Slide 24. I know that most of you model free cash flow using the indirect method, which uses the P&L and balance sheet as a starting point. Given the complexities related to ASC 606, there are inherent challenges in using the indirect method to forecast free cash flow for PTC.

由於我們的 ARR 趨勢往往會出現一些季節性，因此最相關的比較是 23 年第 1 季和 22 年第 1 季的環比增長。該說明性模型表明，要達到我們第一季指導範圍的中點，我們需要連續增加 2400 萬美元的淨 ARR。我們相信，我們已經謹慎地設定了第一季的固定貨幣指引範圍。另外值得一提的是，我們從 24 財年開始增加的 2,000 萬美元的遞延 ARR 偏向今年下半年。轉到投影片 24。我知道你們中的大多數人都使用間接方法對自由現金流進行建模，該方法以損益表和資產負債表為起點。鑑於與 ASC 606 相關的複雜性，使用間接方法預測 PTC 的自由現金流存在固有的挑戰。

The model on this slide is based on what we use internally. I know that looking at it this way, may be unfamiliar to some of you, so please feel free to reach out if we can help. Starting at the top, for fiscal '24 ARR, we're using the midpoint of our constant currency ARR guidance range. Next, our perpetual revenue is primarily related to our Kepware business, which is moving to subscription over time. And the primary reason our professional services is modeled to decline in fiscal '24 is because a portion of our professional services revenue is transitioning to DXP over time.

這張投影片上的模型是基於我們內部使用的模型。我知道，這樣看，你們中的一些人可能會感到陌生，所以如果我們可以提供幫助，請隨時與我們聯繫。從頂部開始，對於 24 財年 ARR，我們使用固定貨幣 ARR 指導範圍的中點。接下來，我們的永久收入主要與我們的 Kepware 業務相關，隨著時間的推移，該業務正在轉向訂閱。我們的專業服務在 24 財年預計會下降的主要原因是，隨著時間的推移，我們的部分專業服務收入正在轉向 DXP。

These 3 line items get us to our expected cash generation for the year. Moving down the model, you can see that even though we continue to reinvest in the business, we also see room to expand our operating efficiency due to our sticky products and subscription business model, combined with operational discipline. Continuing to move down the model, we provide guidance assumptions for stock comp, CapEx, interest payments. You can find these on Slide 29 of the earnings deck and also Pages 3 and 4 of the press release. Specifically, interest payments are expected to be approximately $135 million in fiscal '24, driven by an increase in debt, higher interest rates and the timing of our interest payments.

這 3 個項目讓我們了解了今年的預期現金產生量。向下看模型，您可以看到，儘管我們繼續對業務進行再投資，但由於我們的黏性產品和訂閱業務模式以及營運紀律，我們也看到了提高營運效率的空間。繼續向下移動模型，我們提供了股票補償、資本支出、利息支付的指導假設。您可以在收益報告的投影片 29 以及新聞稿的第 3 頁和第 4 頁上找到這些內容。具體而言，由於債務增加、利率上升和利息支付時間安排，預計 24 財年的利息支付約為 1.35 億美元。

Next, cash taxes are modeled higher in fiscal '24, reflecting higher taxable income as well as the impact of Section 174. And finally, let's take a look at the other category. In fiscal '23, the $72 million is related to FX movements, pre-acquisition ServiceMax collections and working capital. For fiscal '24, the main driver of the $19 million being modeled is working capital to support continued growth. All this sums up to expected free cash flow of approximately $725 million. If the demand environment is such that we're trending to the lower end of the ARR guidance range, we'll be more judicious in incremental investment decisions. If the demand environment is such that we're trending to the higher end of the ARR guidance range, we would feel more comfortable increasing investments.

接下來，24 財年的現金稅模型更高，反映了更高的應稅收入以及第 174 條的影響。最後，讓我們來看看其他類別。在 23 財年，7,200 萬美元與外匯變動、收購前的 ServiceMax 收款和營運資金有關。對於 24 財年，所建模的 1,900 萬美元的主要驅動力是支持持續成長的營運資金。所有這些加起來預計自由現金流約為 7.25 億美元。如果需求環境使我們趨向於 ARR 指導範圍的下限，我們將在增量投資決策中更加明智。如果需求環境使我們趨向 ARR 指導範圍的高端，我們會更願意增加投資。

We have a robust budgeting process internally and that helps us not only prioritize run rate spend but also prioritizes additional investments we might want to make. For example, even in a muted demand environment, we may want to increase R&D investments but it wouldn't necessarily make sense to increase sales and marketing spending. So turning to Slide 25. For fiscal '25, we're reiterating our previous targets, and for fiscal '26, we're providing targets that extend the trajectory that we're on. We provide these targets to help you understand the potential of our business. But I also want to remind you that the macroeconomic environment, FX rates and interest rates have been volatile in recent years and could positively or negatively impact our midterm targets.

我們內部有一個強大的預算流程，這不僅可以幫助我們優先考慮運行率支出，還可以優先考慮我們可能想要進行的額外投資。例如，即使在需求低迷的環境下，我們可能希望增加研發投資，但增加銷售和行銷支出不一定有意義。因此轉向投影片 25。對於 25 財年，我們重申了先前的目標，對於 26 財年，我們提供了擴展我們當前軌蹟的目標。我們提供這些目標是為了幫助您了解我們業務的潛力。但我也想提醒大家，近年來宏觀經濟環境、匯率和利率一直在波動，可能會對我們的中期目標產生正面或負面的影響。

It's also important to point out that global tax law changes are expected to have a significant impact on our midterm free cash flow, which we've factored into our midterm targets. Next, on Slide 26, I'd like to explain the progression of our free cash flow, looking back 3 years and looking forward 3 years. Over the course of fiscal '21 to fiscal '23, we delivered a 40% 3-year free cash flow CAGR. Over that time period, we had solid ARR growth. And as expected, our non-GAAP OpEx growth was roughly 50% of our ARR growth, it was actually 46%. Looking forward, we're targeting FY '26 free cash flow of approximately $1 billion, which reflects a 3-year free cash flow CAGR of approximately 20%. This factors in a continuous operational discipline, it also factors in a hefty step-up in cash taxes, particularly in fiscal '25 and '26 due to global tax law changes and the depletion of our deferred tax assets.

同樣重要的是要指出，全球稅法的變化預計將對我們的中期自由現金流產生重大影響，我們已將其納入中期目標。接下來，在投影片 26 上，我想解釋我們自由現金流的進展情況，回顧 3 年並展望 3 年。在 21 財年至 23 財年期間，我們實現了 40% 的 3 年自由現金流複合年增長率。在此期間，我們實現了穩健的 ARR 成長。正如預期的那樣，我們的非 GAAP 營運支出成長約為 ARR 成長的 50%，實際上是 46%。展望未來，我們的目標是 26 財年自由現金流約為 10 億美元，這反映了 3 年自由現金流複合年增長率約為 20%。這不僅影響了持續的營運紀律，也導致了現金稅的大幅增加，特別是在 25 財年和 26 財年，由於全球稅法的變化和我們遞延稅資產的耗盡，現金稅大幅增加。

We're focused on paying down our debt and while interest payments will increase in fiscal '24, we expect them to decrease in both fiscal '25 and '26. In summary, turning to Slide 27. First, we have a strong portfolio and strategy. We have a solid position in CAD with a long-term opportunity to disrupt this market with Onshape and Creo+. This year, we've expanded our category leadership in PLM, which has become a technology backbone for digital transformation and industrial companies. The acquisitions of Codebeamer and pure-systems significantly strengthen our ALM position, which is becoming increasingly important to our customers as their products add more software and complexity to their products. And the addition of ServiceMax further extends what was already a unique portfolio of interconnected Digital Thread capabilities across the full product life cycle.

我們專注於償還債務，雖然利息支付將在 24 財年增加，但我們預計利息支付在 25 財年和 26 財年都會減少。總而言之，轉向投影片 27。首先，我們擁有強大的產品組合和策略。我們在 CAD 領域擁有穩固的地位，並有機會透過 Onshape 和 Creo+ 顛覆這個市場。今年，我們擴大了在 PLM 領域的領先地位，PLM 已成為數位轉型和工業公司的技術支柱。收購 Codebeamer 和 pure-systems 顯著增強了我們的 ALM 地位，隨著客戶的產品增加了更多的軟體和複雜性，這對我們的客戶變得越來越重要。 ServiceMax 的加入進一步擴展了整個產品生命週期中已有的獨特的互連數位執行緒功能組合。

Second, our strong execution. With organic growth at double-digit levels already, we're in the early days of a major on-premise to SaaS transformation driven by the evolving needs of our customers, but it's an oversimplification to focus only on SaaS as the one and only major driver of growth for PTC. The delivery model is important, but it all starts with our robust software portfolio that meets the needs of industrial product companies. We continue to benefit from cumulative layers of PTC-specific growth drivers, including driving customer expansion through cross-selling our differentiated portfolio and PLM expanding beyond the engineering department and becoming an enterprise-wide system of record.

二是執行力強。隨著客戶不斷變化的需求推動，有機成長已達到兩位數水平，我們正處於內部部署向 SaaS 重大轉型的早期階段，但僅將 SaaS 視為唯一的主要業務過於簡單化了。PTC 的成長動力。交付模式很重要，但這一切都始於我們強大的軟體產品組合，可以滿足工業產品公司的需求。我們繼續受益於 PTC 特定成長驅動力的累積層，包括透過交叉銷售我們的差異化產品組合和 PLM 擴展到工程部門之外並成為企業範圍的記錄系統來推動客戶擴張。

Fiscal '24 is forecasted to be our eighth consecutive year of double-digit constant currency ARR growth. Third, we have a well-earned reputation for driving margin expansion that goes back more than a decade. We've been demonstrating that we're judicious with our investments, being mindful of both long-term opportunities and near-term macro uncertainty. From a cost and operational perspective, we're lean and a continuous improvement mindset is part of PTC's culture.

預計 24 財年我們將連續第八年達到兩位數的固定貨幣 ARR 成長。第三，十多年前，我們在推動利潤成長方面享有盛譽。我們一直在證明我們的投資是明智的，同時關注長期機會和近期宏觀不確定性。從成本和營運角度來看，我們是精實的，持續改善的心態是 PTC 文化的一部分。

Fourth, with organic ARR growth in the low teens, juxtaposed PMIs that are generally in the mid-40s, I trust you would agree we're actively demonstrating that our business model is very resilient. We're targeting solid top line ARR growth and bottom line free cash flow growth. And finally, we're led by a team that has deep expertise and a proven ability to drive growth and margin expansion. And while I personally will miss Jim, I'm also excited to have Neil join the team and help continue to drive and evolve PTC. For sure, the environment around us will continue to change, and we will continue to adapt accordingly while still pushing the envelope of what we can do for our customers.

第四，隨著有機 ARR 成長在十幾歲左右，PMI 普遍在 40 多歲左右，我相信您會同意我們正在積極證明我們的業務模式非常有彈性。我們的目標是實現穩健的營收 ARR 成長和淨利潤自由現金流成長。最後，我們的領導團隊擁有深厚的專業知識和經過驗證的推動成長和利潤擴張的能力。雖然我個人會想念 Jim，但我也很高興 Neil 加入團隊並幫助繼續推動和發展 PTC。當然，我們周圍的環境將繼續發生變化，我們將繼續相應地適應，同時繼續挑戰我們能為客戶做的事情的極限。

With so many positive trends going our way, we continue to believe PTC has a tremendous opportunity to continue to create value for our customers and shareholders. With that, I'll pass it back to Neil for a couple of closing comments.

隨著如此多的積極趨勢的發展，我們仍然相信 PTC 有巨大的機會繼續為我們的客戶和股東創造價值。至此，我將把它傳回給尼爾，讓他發表幾個結束語。

Thank you, everyone, for joining us and for your time today.

感謝大家今天加入我們並抽出時間。

Actually, we're going to...

事實上，我們要...

We're going to move to Q&A now, and then I'll give some closing remarks.

我們現在將進入問答環節，然後我將做一些結束語。

(Operator Instructions) Your first question comes from the line of Daniel Jester with BMO Capital Markets.

（操作員說明）您的第一個問題來自 BMO 資本市場的 Daniel Jester。

This is Kyle Aberasturi on for Dan Jester. In the prepared remarks, you hinted at better-than-expected churn this year, which is great to hear, obviously. Could you dig a bit further into this, maybe what is driving the strength? And how you guys are thinking about the retention into fiscal year 2024?

我是凱爾·阿伯拉斯圖裡 (Kyle Aberasturi) 為丹·傑斯特 (Dan Jester) 發言。在準備好的演講中，您暗示今年的客戶流失情況好於預期，顯然，這很高興聽到。您能否進一步深入研究一下，也許是什麼推動了這種力量？你們如何考慮 2024 財年的保留？

Yes, sure. It's Kristian. So we've been on this journey really for a number of years now trying to drive programmatic change to help with the churn. And frankly, it's a few different things. One is we've been driving for longer term lengths, which has been helping. Two, we've had more commercial discipline, particularly around price increase realization. Three, there has been -- both market and product maturity have been improving in some of our segments that have higher churn such as IoT and AR. So those are some of the levers that we've been pulling on.

是的，當然。這是克里斯蒂安。因此，多年來我們一直在努力推動程序性變革以幫助解決客戶流失問題。坦白說，這是一些不同的事情。一是我們一直在努力爭取更長的期限，這很有幫助。第二，我們有更多的商業紀律，特別是在實現價格上漲方面。第三，在我們的部分客戶流失率較高的細分市場（例如物聯網和擴增實境）中，市場和產品成熟度都在不斷提高。這些是我們一直在使用的一些槓桿。

I think we're in a great spot as it stands. Candidly, I'd say I think there's even more room to continue to improve from here, albeit it will be at a more muted pace than it's been over the past 3 years or so.

我認為我們目前處於一個很好的位置。坦白說，我認為這裡還有更大的空間繼續改進，儘管進步的速度比過去三年左右的速度要慢一些。

The next question comes from Ken Wong with Oppenheimer & Company.

下一個問題來自奧本海默公司的 Ken Wong。

This question is for Neil. So Neil, I think in the past, you had mentioned that you were very involved in the financial planning and obviously, plus the target out to fiscal '25. Perhaps there was some skepticism there, but with fiscal '26 introduced, I guess it's fair to assume that you definitely put your stamp on that particular trajectory? Any specific nuances or refinements to the strategic road map that might have gone into that fiscal '26 number that you can perhaps share with us?

這個問題是問尼爾的。因此，尼爾，我想您過去曾提到您非常參與財務規劃，顯然，加上 25 財年的目標。也許有人對此持懷疑態度，但隨著 26 財年的推出，我想可以公平地假設您確實在該特定軌跡上留下了自己的印記？您可以與我們分享可能已納入 26 財年數字的策略路線圖的任何具體細微差別或改進嗎？

Yes. Ken, a few things, and I've got more to share, obviously, as the CEO transition comes to an end here in February, and we're planning on something at Investor Day for a more comprehensive update here. But couple of the themes that give me more confidence since the last time we spoke around the business and again, 90 days more of the transition, but around the PLM expansion capabilities is actually something that is very interesting, and some of the trends that we've seen this past year that I believe will continue. And the focus of the company on that is giving me confidence around supporting the guidance that we put out there for the multiple years that you indicated.

是的。肯，有幾件事，顯然，隨著執行長過渡期在二月份結束，我還有更多要分享的事情，我們計劃在投資者日做一些事情，以便在這裡進行更全面的更新。但是，自上次我們圍繞業務進行討論以來，有幾個主題給了我更多信心，而且還有90 天的過渡時間，但圍繞PLM 擴展功能實際上是非常有趣的事情，我們所預測的一些趨勢過去的一年我相信這種情況將會持續下去。公司對此的關注讓我有信心支持我們多年來提出的指導方針。

As well as this ALM strength. I think that is something that we've shown momentum, and we're building more momentum given some of the things that we're seeing in the marketplace with that product and solutions have now augmented by pure-systems as well. And lastly, on the SLM piece and the cross-sell opportunities, not only within SLM, but connecting back to PLM, we're advancing those beyond what we were doing 90 days ago. And now given the fact that ServiceMax is in the quotas of the sellers, we've created enablement and I see also that area to be an area that we'll focus in on to keep building on the sustainable growth levers that we've been showing, but continue to show that trend into '25 and '26.

以及這個ALM的實力。我認為這是我們已經表現出的勢頭，考慮到我們在市場上看到的一些產品和解決方案現在也透過純係統得到了增強，我們正在建立更多的動力。最後，關於 SLM 部分和交叉銷售機會，不僅在 SLM 內部，而且連接回 PLM，我們正在將這些內容推進到超出 90 天前的水平。現在考慮到 ServiceMax 已在賣家的配額中，我們已經創建了支持，我也認為該領域是我們將重點關注的領域，以繼續建立我們一直以來的可持續成長槓桿正在顯現，但在25 年和26年繼續呈現這種趨勢。

All right. We'll move to our next question. It's Jason Celino with KeyBanc.

好的。我們將繼續討論下一個問題。我是 KeyBanc 的 Jason Celino。

Great. Kind of a follow-up on the Codebeamer strength, this momentum that we're seeing and then with the Volvo deal, I don't know if any of us really knew what PTC was doing in ALM 2 or 3 years ago. So when I think about the Codebeamer pipeline and the ALM strength, how much of this is maybe from existing customers looking to upgrade existing legacy ALM products versus wins and displacements of other tools versus customers who may not even had an ALM product before, if that makes sense?

偉大的。這是對 Codebeamer 實力、我們所看到的勢頭以及沃爾沃交易的後續行動，我不知道我們中是否有人真正了解 PTC 在 2 或 3 年前在 ALM 中所做的事情。因此，當我考慮Codebeamer 管道和ALM 優勢時，其中有多少可能來自希望升級現有舊版ALM 產品的現有客戶，而不是其他工具的勝利和替代，以及以前甚至可能沒有ALM 產品的客戶，如果那樣的話說得通？

Yes. Let me take the front end of this. Thanks for the question. We indicated in a press release a large strategic relationship with Volkswagen across their entire enterprise where we are deploying Codebeamer to their enterprise users for all the use cases that we talked about. One of the themes that we're seeing is this is actually a tip of the spear and an enabler for getting into new logos, particularly in the automotive segment.

是的。讓我來看看這個的前端。謝謝你的提問。我們在新聞稿中表示，與大眾汽車在整個企業中建立了廣泛的策略關係，我們正在為他們的企業用戶部署 Codebeamer，用於我們討論的所有用例。我們看到的主題之一是，這實際上是矛尖和進入新標誌的推動者，特別是在汽車領域。

What we're seeing is that a displacement of other tools in the marketplace that now Codebeamer with its differentiated capabilities with also the element of the tieback to PLM within PTC is actually creating the momentum that we spoke about, that will continue to push on over the course of this year as well.

我們看到的是，市場上其他工具的取代，現在 Codebeamer 憑藉其差異化的功能以及 PTC 內 PLM 的回接元素，實際上正在創造我們談到的勢頭，這種勢頭將繼續推動今年的歷程也是如此。

Maybe I can add, Neil. Just if I could. In the fourth quarter, we actually did transactions with 5 auto OEMs. The big one was Volkswagen and then smaller, in some cases (inaudible) type transactions with other global OEMs. And at least 3 of those, we have no meaningful CAD, PLM or ALM business with prior to this Codebeamer win. So I mean, certainly, we can upsell from the ALM position we had and sometimes from the PLM position. But what's really exciting is that we're knocking down big name new logos that we have no previous relationship with.

也許我可以補充一下，尼爾。如果我能的話就好了。第四季度，我們實際上與5家汽車整車廠進行了交易。其中最大的一筆是大眾汽車，然後是較小的一筆，在某些情況下是與其他全球原始設備製造商進行的（聽不清楚）類型的交易。在 Codebeamer 獲勝之前，我們至少與其中 3 項沒有任何有意義的 CAD、PLM 或 ALM 業務。所以我的意思是，我們當然可以從 ALM 職位（有時甚至是 PLM 職位）進行追加銷售。但真正令人興奮的是，我們正在廢除以前與我們沒有關係的大牌新標誌。

All right. It looks like our next question comes from Saket Kalia with Barclays Capital.

好的。看起來我們的下一個問題來自巴克萊資本的 Saket Kalia。

Okay. Great. Nice to see the quarter and the guide in the new long-term framework. Neil, maybe for you a little bit of a higher-level question. I know that we've said that it's an oversimplification to focus on SaaS for PTC. But clearly, you come from a SaaS background with at least ServiceMax, if not your time before that as well, so maybe the question is, as you met customers (inaudible), what do they think to you about taking PLM and CAD to the cloud?

好的。偉大的。很高興看到新的長期框架中的季度和指南。尼爾，也許你想問一個更高層次的問題。我知道我們已經說過，專注於 PTC 的 SaaS 過於簡單化了。但顯然，您有SaaS 背景，至少擁有ServiceMax，如果您之前也沒有這樣的經歷，所以也許問題是，當您遇到客戶（聽不清楚）時，他們對您將PLM 和CAD 引入市場有何看法？雲？

Yes. Great question. So first off, there is continued interest in our SaaS offering, and it is an important layer of the cake that we mentioned in terms of the sustainable growth drivers. As a reminder, this is -- we expect an S-shaped adoption curve. We've also told you, and I agree with this is a decade-plus long journey. We continue on this journey into '24. And in regards to feedback from customers, we're seeing opportunities by which the road map, the ability for Windchill+, Creo+ for not only new logos by the way, but also conversions continues to be interesting.

是的。很好的問題。首先，人們對我們的 SaaS 產品持續感興趣，這是我們在永續成長驅動力方面提到的蛋糕的重要一層。提醒一下，我們預期採用曲線呈 S 型。我們也告訴過你，我同意這是一個十多年的漫長旅程。我們將繼續這趟旅程，進入 24 年。關於客戶的回饋，我們看到了路線圖、Windchill+ 和 Creo+ 的功能的機會，順便說一句，不僅可以用於新徽標，而且還可以繼續進行有趣的轉換。

That being said, one thing's important here in my upfront here that I mention, the overall growth drivers of our ARR has very little right now, and quite frankly, into '24 to do with SaaS. That being said, we are making sure the SaaS opportunities we've already secured, the pipeline that we're working on, we're working hand in hand with those customers to ensure we're optimizing the conversion experience of those customers.

話雖如此，我在前面提到的一件事很重要，我們的 ARR 的整體成長動力目前與 SaaS 幾乎沒有什麼關係，而且坦白說，進入 24 年。話雖這麼說，我們正在確保我們已經獲得的 SaaS 機會、我們正在開發的管道、我們正在與這些客戶攜手合作，以確保我們正在優化這些客戶的轉換體驗。

Again, this will be a multiyear decade-plus long journey across the base of our existing customers plus those that were far new but is a key part of our focus. However, there are many other layers of the cake that are working extremely well right now that I'm going to help push the team even further to accelerate.

同樣，這將是一個長達十多年的漫長旅程，涉及我們現有客戶以及那些新客戶，但這是我們重點關注的關鍵部分。然而，蛋糕的許多其他層現在都運作得非常好，我將幫助推動團隊進一步加速。

Got it. Got it. That makes a lot of sense. Kristian, maybe for my follow-up for you. And apologies, I joined the call a little late. Great to see the continued double-digit growth in ARR continue into next year and beyond that. Maybe the question is can you just talk a little bit about your level of visibility here? I know we've talked about ramp deals in the past. And I think you mentioned something on deferred ARR. Maybe going one level deeper into sort of the level of visibility or comfort that you have as you look out to '24, which is clearly another sort of uncertain year of macro?

知道了。知道了。這很有意義。克里斯蒂安，也許是為了我對你的後續行動。抱歉，我加入通話的時間有點晚了。很高興看到 ARR 持續兩位數成長持續到明年及以後。也許問題是你能在這裡談談你的知名度嗎？我知道我們過去討論過斜坡交易。我想您提到了有關延遲 ARR 的內容。也許更深入地探討一下你展望24年時的可見度或舒適度，這顯然是宏觀經濟的另一個不確定的一年？

Yes. I mean again, I think we have a pretty good level of visibility. A lot of our contracts are multiyear contracts. So you don't -- they're not actually even coming up for renewal in fiscal '24. You have some portion that's coming up for renewal. But again, our retention rates at this point are already quite high. And then also, as you point out, we do have deferred ARR, we've had obviously deferred ARR for many years but we have that, which also provides more incremental visibility.

是的。我的意思是，我認為我們的知名度相當高。我們的許多合約都是多年期合約。所以你不會——他們實際上甚至不會在 24 財年進行續約。您有一些部分需要更新。但同樣，我們目前的保留率已經相當高了。然後，正如您所指出的，我們確實推遲了 ARR，我們顯然已經推遲了 ARR 多年，但我們擁有這一點，這也提供了更多增量可見性。

Our next question comes from Andrew Obin with BofA.

我們的下一個問題來自美國銀行的安德魯·奧賓。

Just a question on PLM and specifically Windchill. You guys have been very successful with growing the business. And I guess the question I have as your customers digitize their operation and there's this build-out of this digital value chain. What's the opportunity to monetize beyond sort of existing users as more people touch the Digital Thread? What are the revenue opportunities? Are there sort of opportunities to sort of charge people for different services? If you could expand on that?

只是一個關於 PLM，特別是 Windchill 的問題。你們在發展業務方面非常成功。我想當你的客戶將他們的營運數位化時我會遇到這個問題，而這個數位價值鏈會不斷擴展。隨著越來越多的人接觸數位主線，除了現有用戶之外還有什麼機會獲利？有哪些收入機會？是否有機會向人們收取不同服務的費用？如果你可以擴充一下嗎？

Yes. Let me take the front end and maybe Kristian and Jim could support here. As I mentioned, one of the drivers we've seen over many years right now is around Windchill's adoption within our customers. And what we've also seen is that expanding not only within engineering, but as you mentioned, it's now going to other groups that is tied closer to engineering, like supply chain, like quality as an example.

是的。讓我來負責前端，也許克里斯蒂安和吉姆可以在這裡提供支援。正如我所提到的，我們多年來看到的驅動因素之一是客戶對 Windchill 的採用。我們還看到，這種擴張不僅在工程領域，而且正如您所提到的，它現在正在向與工程關係更密切的其他群體擴展，例如供應鏈，例如品質。

And as Kristian said, we're seeing this migration of Windchill becoming more of an enterprise-wide system of record, that will take some time, but we are seeing the trends moving towards that, particularly as we think about model base and the Digital Thread that is pushing on this lever. To be clear, some of the economic points that you're asking about revenue potential outside of the already strong sustainable growth that we've been showing in Windchill, we're working on more of a metrics-driven approach to that within ourselves internally to think about how do we sustain that over the periods over the next medium and long term, that will be an area that we'll explain more in detail as we get into the Investor Day, hopefully, in early spring. Jim, do you want to add?

正如 Kristian 所說，我們看到 Windchill 的遷移更多地成為一個企業範圍的記錄系統，這需要一些時間，但我們看到了朝這個方向發展的趨勢，特別是當我們考慮模型庫和數位化時推動該槓桿的螺紋。需要明確的是，您所詢問的一些經濟問題是關於我們在Windchill 中展示的本已強勁的可持續增長之外的收入潛力，我們正在內部致力於更多地採用指標驅動的方法來實現這一目標思考我們如何在下一個中長期維持這一點，這將是我們在進入投資者日（希望在早春）時將更詳細解釋的一個領域。吉姆，你想補充一下嗎？

Maybe I would add that our rule of thumb has long been that when a customer first adopts an engineering and then expands to a broader enterprise deployment, there's generally 10 to 15x more users across the broader enterprise than there are in engineering. And so as companies digitize, they're basically saying, we need to have everybody in the enterprise logging into the system and getting real-time data as opposed to working with data that's been exported out of the system and passed on and maybe on a date, maybe wrong, et cetera, typically drawings and PDF files and so forth. So I think that there is a real opportunity. And yes, I think Neil is offering to quantify it a little bit more discretely at the Investor Day.

也許我要補充一點，我們的經驗法則長期以來一直是，當客戶首先採用工程，然後擴展到更廣泛的企業部署時，更廣泛的企業中的用戶通常比工程中的用戶多 10 到 15 倍。因此，當公司數位化時，他們基本上是在說，我們需要讓企業中的每個人都登入系統並獲取即時數據，而不是處理從系統導出並傳遞的數據。日期，可能是錯誤的等等，通常是圖紙和PDF 文件等。所以我認為這是一個真正的機會。是的，我認為尼爾在投資者日提出要更謹慎地量化它。

Our next question comes from Steve Tusa with JPMorgan.

我們的下一個問題來自摩根大通的史蒂夫·圖薩。

Jim, congrats again. Great run for sure. Can you guys -- I think you guys said you would update us kind of annually on the SaaS trajectory? I think you had put out an illustrative model or at least like some sense of where you'd be as a percentage of ARR by year-end '23. Maybe if we could just get a little bit of color on how that turned out?

吉姆，再次恭喜。肯定跑得很棒。你們能－我想你們說過你們會每年向我們通報 SaaS 發展軌跡的最新情況嗎？我認為您已經提出了一個說明性模型，或者至少對 23 年年底您的 ARR 百分比有所了解。也許我們能對結果有一點了解嗎？

Yes. I mean -- I think what we had said was we plan to be in the mid-20s in '23, and that's where we ended.

是的。我的意思是——我想我們說過我們計劃在 20 世紀 20 年代中期結束，這就是我們結束的地方。

Okay. Great. And then just a question on the long-term cash targets. You're kind of putting up some good numbers despite these other headwinds. I haven't gone back to (inaudible) model. But anything incremental that moved around you on an operating basis because the numbers seem pretty strong despite the nonfundamental headwinds?

好的。偉大的。然後是關於長期現金目標的問題。儘管有其他不利因素，你還是取得了一些不錯的成績。我還沒回到（聽不清楚）模型。但是，儘管存在非基本面的逆風，但由於數字似乎相當強勁，因此在營運基礎上發生了任何增量變化？

I'm not 100% sure I'm understanding the question, Steve. Like -- no, there isn't -- when we talked about some of the puts and takes, meaning the interest payments are going to come down, cash taxes are going to go up. But otherwise, it's really just operating the business.

我不能百分之百確定我理解這個問題，史蒂夫。就像——不，沒有——當我們談論一些看跌期權和看跌期權時，這意味著利息支付將會下降，現金稅將會上升。但除此之外，它其實只是經營業務。

It looks like our next question comes from Jay Vleeschhouwer with Griffin Securities.

看起來我們的下一個問題來自 Griffin 證券公司的 Jay Vleeschhouwer。

One thing that PTC does that I think is important and does rather well, for instance, at LiveWorx, is you share in some detail your product road maps for CAD, PLM and the other 3-letter acronyms. So with that in mind, for Jim and Neil, when you look into '24, what do you think are some of the principal product development or release executables that you're working on, whether it's developing Atlas further or new forms of packaging like DPM or anything else that you care to mention as far as the portfolio is concerned for '24? And then for Kristian, a question that's often come up in the past, which is about your sales coverage, your customer account segmentation. Anything new that you've implemented (inaudible) in terms of channel programs, channel margins, anything of that kind out in the field that we should be aware of?

我認為 PTC 所做的一件事很重要，而且做得相當好，例如，在 LiveWorx，就是分享 CAD、PLM 和其他 3 個字母縮寫詞的產品路線圖的一些細節。因此，考慮到這一點，對於吉姆和尼爾來說，當您研究'24 時，您認為您正在開發的一些主要產品開發或發布可執行文件是什麼，無論是進一步開發Atlas 還是新形式的包裝（例如DPM 或您想提及的有關 24 年投資組合的任何其他內容？然後對克里斯蒂安來說，一個過去經常出現的問題是關於你的銷售覆蓋範圍、你的客戶帳戶細分。您在通路計劃、通路利潤以及我們應該了解的領域中實施的任何新措施（聽不清楚）嗎？

So Jay, thanks for the question. I'll start off and Jim could support here, too. On road map. First, on SLM, I'll take that since this was a question in the last call. We are working on a release in December that ties ServiceMax closer to Servigistics with a combined offering that we believe will have nice reception to the marketplace, as well as in the same release, a tie of ServiceMax to IoT for preventative maintenance use cases between the 2 capabilities.

傑伊，謝謝你的提問。我先開始，吉姆也可以在這裡提供支援。在路線圖上。首先，關於 SLM，我會這麼認為，因為這是上次通話中提出的問題。我們正在開發12 月份的一個版本，將ServiceMax 與Servigistics 更緊密地聯繫起來，我們相信該產品將受到市場的歡迎，並且在同一個版本中，將ServiceMax 與IoT 聯繫起來，用於在服務之間進行預防性維護用例。2 能力。

In terms of the broader portfolio, Windchill+, Creo+, Kepware+, as I said, this remains a strategic relevant area that will continue to grow and emphasize and we've got a number of leases for all the plus strategies that we have in '24. That includes, by the way, things that we're doing with Atlas in support of our Plus strategy. And then third, in an order of priority, by the way, here, Codebeamer, right, the ALM to scale and continue to capture what we're seeing is strong demand and pipeline, we're making sure that we're taking pure-systems and Codebeamer and working through how that looks to the customer as well as augments to Codebeamer in general to make sure that it's enterprise scalable in the regard that companies like Volkswagen are needing us to deliver for them on the end user experience piece.

就更廣泛的產品組合而言，Windchill+、Creo+、Kepware+，正如我所說，這仍然是一個戰略相關領域，將繼續發展和強調，我們已經為 24 年的所有附加戰略提供了許多租賃服務。順便說一句，這包括我們與 Atlas 一起做的事情，以支持我們的 Plus 策略。第三，按優先順序，順便說一下，這裡，Codebeamer，右側，ALM 可以擴展並繼續捕獲我們所看到的強勁需求和管道，我們確保我們採取純粹的- 系統和Codebeamer，並研究客戶的看法以及對Codebeamer 的整體增強，以確保它的企業可擴展性，因為大眾汽車等公司需要我們為他們提供最終用戶體驗。

Jim, anything to add?

吉姆，有什麼要補充的嗎？

Well, just maybe to observe (inaudible) you kind of called out projects that drive cross-selling is a top priority, projects that drive SaaS is a second priority, not far behind. And then functionality, scalability, whatever of certain products, in particular, like Codebeamer, where we have a tiger by the tail and want to make sure we're being responsive to it. I think that would be a way I could characterize it, just reflecting on what you said.

好吧，也許只是觀察（聽不清楚）您認為推動交叉銷售的項目是首要任務，推動 SaaS 的項目是第二優先事項，緊隨其後。然後是功能、可擴展性，以及某些產品，特別是像 Codebeamer，我們有一隻老虎在尾巴上，並希望確保我們能夠對其做出回應。我認為這將是我描述它的一種方式，只是反思你所說的話。

Jay, it's Kristian. So then to get to the part 2 of your question. So yes, we actually have some incentives that we're rolling out to drive -- to help continue to drive growth in the channel as well as improved retention in that space. So there are some programs there, and that's also focusing on enabling them to obviously, they do a great job already at selling CAD, PLM. We want to enable them to cross-sell other parts of the portfolio better and as we can see a focus on both on-prem and SaaS, particularly Windchill+, Creo+. And then on the direct side, I would say that is really just continued refinement of the territory coverage that we have. So that's where we are.

傑伊，我是克里斯蒂安。那麼接下來就進入你問題的第二部分。所以，是的，我們實際上正在推出一些激勵措施來推動——幫助繼續推動該管道的成長以及提高該領域的保留率。因此，那裡有一些計劃，而且重點是使他們能夠顯然，他們在銷售 CAD、PLM 方面已經做得很好。我們希望讓他們能夠更好地交叉銷售產品組合的其他部分，並且我們可以看到對本地部署和 SaaS 的關注，特別是 Windchill+、Creo+。然後在直接方面，我想說這實際上只是不斷完善我們所擁有的領土覆蓋範圍。這就是我們現在的情況。

Our next question comes from Blair Abernethy with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的布萊爾·阿伯內西。

Just Jim, I wonder if you can just expand a little more on the Windchill+ in terms of -- what have you seen there so far? I know it's only been a few months that you've been pushing that out there. But just wondering if you've got any sense at all as to what the revenue uplift might be there? And also, how are you positioning Windshield+ versus, say, Arena in the market?

Jim，我想知道您是否可以對 Windchill+ 進行更多擴展——到目前為止您在 Windchill+ 上看到了什麼？我知道你只用了幾個月的時間就將其推出。但只是想知道您是否對收入的成長有任何了解？另外，您如何定位 Windshield+ 與 Arena 等產品在市場上的定位？

Yes. Kristian, do you want to address what are we seeing in terms of uplift and then I can hit the differentiation versus Arena?

是的。克里斯蒂安，你想談談我們在提升方面看到了什麼，然後我可以與競技場進行差異化嗎？

Yes. So from an uplift -- so from an uplift perspective, we're continuing to see at this point better than what we have modeled or communicated, that kind of 2x uplift. I think we'll see as we continue to progress through this, I still think that's the right way to think about the long-term opportunity, but that's what we're seeing now.

是的。因此，從提升的角度來看，我們在這一點上繼續看到比我們建模或傳達的更好的效果，即 2 倍的提升。我認為，隨著我們繼續取得進展，我仍然認為這是考慮長期機會的正確方式，但這就是我們現在所看到的。

And maybe I could add on the Windchill versus Arena positioning. So Windchill teams up with Creo and sometimes with other CAD systems to kind of enable this Digital Thread. So typically larger companies who have complex products, and they're more vertically integrated, so they're thinking how does this engineering data get used by manufacturing, get used again by service. And Windchill is orchestrating all that complexity up and down the value chain.

也許我可以加入 Windchill 與 Arena 的定位。因此，Windchill 與 Creo 合作，有時還與其他 CAD 系統合作，以實現此數位主線。因此，通常是擁有複雜產品的大公司，並且它們更加垂直整合，因此他們正在思考這些工程數據如何被製造和使用，並再次被服務使用。 Windchill 正在協調價值鏈上下游的所有複雜性。

Arena on the other hand, is teamed up with Onshape in this agile product development and typically sold to smaller, fast-moving high-tech companies. Typically, companies have a lot of electronics, a lot of software and a tremendous amount of contract manufacturing. So it's a different problem that Arena is trying to solve and Arena excels at how does an engineering team in one company work with a contract manufacturing team in another or perhaps even other suppliers involved to orchestrate that.

另一方面，Arena 與 Onshape 合作進行敏捷產品開發，通常會出售給規模較小​​、發展迅速的高科技公司。通常，公司擁有大量的電子產品、大量的軟體和大量的合約製造。因此，Arena 試圖解決的是一個不同的問題，Arena 擅長於一家公司的工程團隊如何與另一家公司的合約製造團隊甚至其他供應商合作來協調這個問題。

It's much more -- Arena is much more focused on operations than on product configuration, much more well suited to a contract manufacturing type of set-up that you see so frequently in the electronics industry, for example. So I'd say Arena is a little bit of a special purpose product that pairs very nicely with Onshape, sort of like a nice red wine with a steak or something like that, and addresses this problem that a fair number of manufacturers have.

更重要的是，Arena 更注重營運而不是產品配置，更適合電子產業中常見的合約製造類型的設定。所以我想說 Arena 是一種特殊用途的產品，​​它與 Onshape 非常搭配，有點像一杯美味的紅酒配牛排或類似的東西，並解決了相當多的製造商所面臨的這個問題。

Thank you. We will wrap up our Q&A session now, and I will turn the call back over to Neil for closing remarks.

謝謝。我們現在將結束問答環節，我會將電話轉回給尼爾進行結束語。

Sure. Thank you, everyone, for joining us and for your questions today. Kristian and I will be both on the road in the weeks ahead, participating in investor conferences. Kristian will be at the RBC Conference in New York in mid-November. Kristian also will be going to London in early December, and will be at the NASDAQ and Berenberg Conferences.

當然。謝謝大家今天加入我們並提出問題。克里斯蒂安和我將在未來幾週內出差，參加投資者會議。克里斯蒂安將出席 11 月中旬在紐約舉行的 RBC 會議。 Kristian 也將於 12 月初前往倫敦，並出席納斯達克和貝倫貝格會議。

I'll be at the Barclays Conference in San Francisco in early December. We also have 2 bus tours coming to visit us at our Boston headquarters in early November. Those visits will be hosted by Kristian and Mike DiTullio. Reach out, please to BofA or Baird, if you're interested. And on behalf of the team, thank you again, and we look forward to engaging with you.

我將參加 12 月初在舊金山舉行的巴克萊會議。 11 月初，我們還有 2 個巴士旅遊團來參觀我們的波士頓總部。這些訪問將由克里斯蒂安·迪圖利奧和邁克·迪圖利奧主持。如果您有興趣，請聯絡美國銀行或貝爾德。我謹代表團隊再次感謝您，我們期待與您合作。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all.

謝謝。女士們、先生們，今天的電話會議到此結束。謝謝你們。