PTC Inc (PTC) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by, and welcome to today's PTC 2024 fourth-quarter conference call. (Operator Instructions)

女士們、先生們，下午好，感謝大家的支持，歡迎參加今天的 PTC 2024 年第四季電話會議。（操作員說明）

I would now like to turn the call over to Matt Shimao, PTC's Head of Investor Relations. Matt, please go ahead.

我現在想將電話轉給 PTC 投資者關係主管 Matt Shimao。馬特，請繼續。

Good afternoon. Thank you, Aaron, and welcome to PTC's fourth-quarter and full fiscal year 2024 conference call. On the call today are Neil Barua, Chief Executive Officer; and Kristian Talvitie, Chief Financial Officer. 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.

午安.謝謝 Aaron，歡迎參加 PTC 第四季和 2024 財年的電話會議。今天參加電話會議的是執行長 Neil Barua；克里斯蒂安·塔爾維蒂（Kristian Talvitie），財務長。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。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。

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 US 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, November 6, 2024, and PTC assumes no obligation to update these forward-looking statements.

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提交的其他文件正如今天的新聞稿所示。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（2024 年 11 月 6 日）有效，PTC 不承擔更新這些前瞻性聲明的義務。

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。非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節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, Neil Barua.

說到這裡，我想將電話轉給 PTC 執行長 Neil Barua。

Thanks, Matt. I've been traveling the globe, meeting with customers, listening to their perspectives and supporting the teams to close deals. I'm hearing one consistent theme from the companies that build the products the world relies upon, Neil, we need to shorten our development time lines as quickly as possible with the highest quality to remain competitive. This includes our hardware, mechanical, electronic and embedded software processes that all need to come together for a final product. Please help us do this as PTC's core offerings are the key to unlock this value.

謝謝，馬特。我一直在世界各地旅行，與客戶會面，傾聽他們的觀點並支持團隊完成交易。我從那些生產世界所依賴的產品的公司那裡聽到了一個一致的主題，尼爾，我們需要盡快以最高的品質縮短我們的開發時間，以保持競爭力。這包括我們的硬體、機械、電子和嵌入式軟體流程，所有這些流程都需要組合在一起才能形成最終產品。請幫助我們做到這一點，因為 PTC 的核心產品是釋放這價值的關鍵。

This is PTC's North Star as we are best positioned across these critical dimensions to address the needs of our customers have. It is tangible of the momentum. And while it might not show up every quarter in a linear fashion, I'm orderly convinced of our long-term trajectory due to this tectonic shift happening within the key verticals we serve. In fiscal '24, our free cash flow growth was solid, up 25% year over year.

這是 PTC 的北極星，因為我們在這些關鍵方面處於最佳位置，可以滿足客戶的需求。勢頭是看得見摸得著的。雖然它可能不會以線性方式每季出現，但由於我們所服務的關鍵垂直領域內發生的這種結構性轉變，我對我們的長期軌跡深信不疑。24 財年，我們的自由現金流成長穩健，年增 25%。

Our constant currency ARR growth was up 12% year over year. I am proud of the team as these results were driven in a selling environment that remain difficult, an environment that is consistent with what we have been articulating over the course of the past two years.

我們的以固定匯率計算的 ARR 成長率年增 12%。我為團隊感到自豪，因為這些成果是在仍然困難的銷售環境中取得的，而這種環境與我們在過去兩年中所闡述的情況是一致的。

We also delivered despite several organizational moves we made over the past two quarters. There were varying pockets of relative strength, such as areas APAC and more broadly with our reseller channel. There are also pockets of relative weakness such as Western Europe.

儘管我們在過去兩個季度採取了一些組織舉措，但我們仍然實現了目標。相對實力各不相同，例如亞太地區以及更廣泛的經銷商通路。還有一些相對疲軟的地區，例如西歐。

In summary, however, aggregate transaction volumes were in line with what we have been seeing over the past couple of years, which speaks to PTC's resilient business model and our diversification across the verticals and geographies we serve. This allowed us to report solid Q4 results despite the steady persistence of macroeconomic headwinds and geopolitical uncertainty.

但總而言之，總交易量與我們過去幾年所看到的情況一致，這說明了 PTC 具有彈性的業務模式以及我們在所服務的垂直行業和地區的多元化。儘管宏觀經濟逆風和地緣政治不確定性持續存在，這使我們能夠報告穩健的第四季業績。

I'm also energized to announce that given the strength of our business and consistency of our free cash flow generation, we announced today a $2 billion share repurchase authorization. This provides us with another lever to further enhance shareholder value. Kristian will walk you through the details of how we plan to execute our buyback program.

我還很高興地宣布，鑑於我們的業務實力和自由現金流產生的一致性，我們今天宣布了 20 億美元的股票回購授權。這為我們進一步提升股東價值提供了另一個槓桿。克里斯蒂安將向您詳細介紹我們計劃如何執行回購計劃的細節。

Let's move now to slide 4, which highlights our product portfolio and strategy. As a reminder, our five focus areas are: one, PLM, which is driven primarily by our Windchill product; two, ALM, which is driven by our Codebeamer product; three, SLM, which is primarily driven by our ServiceMax product; four, CAD, which is driven primarily by our Creo product; and five, our continued focus on SaaS.

現在讓我們轉到投影片 4，其中重點介紹了我們的產品組合和策略。提醒一下，我們的五個重點領域是：一是 PLM，主要由我們的 Windchill 產品驅動；二是 PLM。二、ALM，由我們的Codebeamer產品驅動；第三是SLM，這主要是由我們的ServiceMax產品所驅動的；四、CAD，主要由我們的Creo產品驅動；五是我們持續關注 SaaS。

These are the areas where we believe we can create the greatest customer value and are the areas where we have focused resources and attention. As I said earlier, our customers need to introduce new products at a faster pace and with higher quality. It is not unusual to hear from customers that they need to shorten their new product introduction timelines in half, and that's not possible without digital transformation across our workflows, which is exactly what our products enable.

這些是我們相信能夠創造最大客戶價值的領域，也是我們集中資源和關注的領域。正如我之前所說，我們的客戶需要以更快的速度、更高的品質推出新產品。從客戶那裡聽到他們需要將新產品推出時間縮短一半的情況並不罕見，如果沒有整個工作流程的數位轉型，這是不可能實現的，而這正是我們的產品所實現的。

It is also worth highlighting that we are bringing our suite of software offerings in the areas that matter most for our customers together to help product companies improve their competitiveness. Given the unique breadth and openness of our portfolio, we can enable end-to-end digital threat initiatives, which leverage a connected flow of product data across design, manufacturing, service and ultimately, reuse.

另外值得強調的是，我們正在將我們的軟體產品套件整合到對客戶最重要的領域，以幫助產品公司提高競爭力。鑑於我們產品組合獨特的廣度和開放性，我們可以實現端到端數位威脅計劃，利用跨設計、製造、服務和最終重用的產品資料互聯流。

A digital thread enables product companies to break down silos, streamline workflows and achieve interoperability across departments, functions and systems with a single version of the truth. It also secures the quality, consistency and traceability, product-related data, ensuring that the data up-to-date, accessible, reliable and actionable.

數位主線使產品公司能夠打破孤島，簡化工作流程，並透過單一事實版本實現跨部門、職能和系統的互通性。它還確保產品相關數據的品質、一致性和可追溯性，確保數據是最新的、可存取的、可靠的和可操作的。

With the digital thread, the right data is delivered to the right people at the right time and in the right context across the value chain. The demand drivers for our core offerings are strong, and our differentiated capabilities to drive digital thread initiatives are increasingly important to our customers. There is so much we can do to help our customers drive better business outcomes.

透過數位主線，正確的數據可以在整個價值鏈的正確時間、正確的環境中交付給正確的人員。我們核心產品的需求驅動力強勁，我們推動數位主線計畫的差異化能力對我們的客戶越來越重要。我們可以做很多事情來幫助我們的客戶取得更好的業務成果。

But as I mentioned last quarter, given this incredible opportunity in front of us, this underscores that we also need to evolve how we operate to deliver more value to our customers, with more precision and with more consistency.

但正如我上季度提到的，考慮到我們面前的這個令人難以置信的機會，這強調我們還需要改進我們的營運方式，以更精確、更一致的方式為客戶提供更多價值。

I'll turn to this now on slide 5. Last quarter, I previewed some changes in our go-to-market efforts that we were contemplating. I'd like to get into some more detail since the first elements of these changes have been put into place. During my time here at PTC, I visited with many of our customers, and importantly, spend time with the go-to-market teams that interact with these customers.

我現在將在幻燈片 5 上討論這一點。上個季度，我預覽了我們正在考慮的市場推廣工作中的一些變化。由於這些變化的第一個要素已經落實到位，我想了解更多細節。在 PTC 工作期間，我拜訪了許多客戶，重要的是，我花時間與與這些客戶互動的市場推廣團隊進行交流。

I had the chance to assess our capabilities and to examine the ways in which PTC's go-to-market teams are organized to bring value to our customers. Along with external advisers, we evaluated these elements on a qualitative basis and took the time to assess the performance of our go-to-market teams on a quantitative basis as well.

我有機會評估我們的能力並研究 PTC 的市場推廣團隊的組織方式，以便為我們的客戶帶來價值。我們與外部顧問一起定性評估這些要素，並花時間定量評估我們的市場推廣團隊的績效。

The result of this evaluation is that we are making changes to our go-to-market structure that I believe will make us more effective in serving our customers and enable us to sustain the low double-digit ARR growth target for the medium term that we've previously laid out. I'd like to take a few minutes to walk you through these changes in more detail. First, we are hiring a new Chief Revenue Officer, who is expected to start in December.

這次評估的結果是，我們正在改變我們的市場結構，我相信這將使我們更有效地為客戶提供服務，並使我們能夠維持中期低兩位數的 ARR 增長目標。我想花幾分鐘時間更詳細地向您介紹這些變化。首先，我們正在招募一位新的首席營收官，預計將於 12 月上任。

This leader is well known within the enterprise software space, and I expect that once you settle in, he will drive increased focus, speed and accountability in a more vertically-oriented go-to-market model. Speaking of which, the second adjustment we are making is that we are aligning PTC's selling, marketing, and customer success motions around the five key verticals we already serve, particularly in North America and Europe. Those are industrial products, federal aerospace and defense, electronics and high tech, automotive and lastly, medical technology and life sciences.

這位領導者在企業軟體領域是眾所周知的，我預計，一旦你適應了，他將在更垂直的市場進入模式中推動更高的關注度、速度和責任感。說到這裡，我們要做的第二個調整是圍繞我們已經服務的五個關鍵垂直市場（特別是在北美和歐洲）調整 PTC 的銷售、行銷和客戶成功行動。這些是工業產品、聯邦航空航太和國防、電子和高科技、汽車，最後是醫療技術和生命科學。

The rationale for this vertically-focused realignment is simple. It's an extension of our mantra of putting more wood behind the arrows that we believe deliver the greatest value to our customers and ultimately to our company and our shareholders.

這種垂直調整的理由很簡單。這是我們信條的延伸，我們相信為我們的客戶並最終為我們的公司和股東帶來最大的價值。

By aligning our go-to-market organization along industry lines, we will increase the specialization of our sellers, which will enhance their industry knowledge and allow them to be more effective at understanding the needs of their customers how to help with their digital transformation journeys and how to provide relevant industry-specific feedback to our product development teams.

透過按照行業線調整我們的市場進入組織，我們將提高賣家的專業化程度，這將增強他們的行業知識，並使他們能夠更有效地了解客戶的需求，如何幫助他們完成數位轉型之旅以及如何向我們的產品開發團隊提供相關的行業特定回饋。

Similarly, by having customer success teams that specialize in certain verticals, they will be more familiar with the pain points that affect their share of customers and can act more quickly with more precision to solve these challenges. Frankly, I believe that we have been leaving money on the table with our previous structure and that there are significant opportunities to enhance our ARR growth by selling to and serving our customers in this manner.

同樣，透過擁有專門從事某些垂直領域的客戶成功團隊，他們將更熟悉影響其客戶份額的痛點，並可以更快、更精確地採取行動來解決這些挑戰。坦白說，我相信我們以前的結構一直在保留資金，並且透過以這種方式向客戶銷售和服務，有很大的機會來提高我們的 ARR 成長。

We have a large pool of customers. and their need for digital transformation can be met by the portfolio of products we have today, yet we aren't fully capitalizing on this because how we currently operate. Consider, for example, a customer in the automotive sector, in some cases, that customer's lead salesperson within PTC might also be addressing customers in the med tech and high-tech spaces.

我們擁有大量客戶。我們今天擁有的產品組合可以滿足他們對數位轉型的需求，但由於我們目前的營運方式，我們尚未充分利用這一點。例如，考慮一下汽車行業的客戶，在某些情況下，該客戶在 PTC 內的首席銷售人員也可能會向醫療技術和高科技領域的客戶提供服務。

And while that automotive customer might have certain brands and divisions using our Windchill product for PLM, they might not be standardized on it. The automotive industry is under immense pressure to transform to software-defined vehicles, which, of course, comes a tremendous unique challenges, some of which can be addressed with our Codebeamer product, working alongside and integrated with Windchill.

雖然該汽車客戶可能有某些品牌和部門使用我們的 Windchill PLM 產品，但他們可能沒有實現標準化。汽車產業面臨著向軟體定義汽車轉型的巨大壓力，這當然帶來了巨大的獨特挑戰，其中一些挑戰可以透過我們的 Codebeamer 產品與 Windchill 協同工作和整合來解決。

By adjusting the PTC teams that serve this customer to focus exclusively on the auto industry, for example, we believe that our selling and customer success teams will be able to cross-sell our solutions and this will also enable us to address these customers' unique industry-specific challenges more swiftly and effectively.

例如，透過調整為該客戶服務的PTC 團隊，使其專門專注於汽車行業，我們相信我們的銷售和客戶成功團隊將能夠交叉銷售我們的解決方案，這也將使我們能夠滿足這些客戶的獨特需求。

Underpinning this transformation are three cultural tenets that I think are worth highlighting because we believe that will ultimately drive value to our customers and to PTC overall. First, focus on what matters the most for our customers; second, drive increased speed internally and deliver value to our customers more quickly; and third, be more accountable for our decisions from start to finish.

我認為值得強調的三個文化原則支撐著這一轉變，因為我們相信這最終將為我們的客戶和整個 PTC 帶來價值。首先，專注於對客戶最重要的事；其次，提高內部速度，更快為客戶提供價值；第三，從始至終對我們的決定更負責。

As part of this transformation, we have also reduced spans and layers within the go-to-market organization while also eliminating certain overlay functions. To be clear, this is not an exercise in cost cutting. Rather, we believe reorganizing our customer-facing resources will make us more effective in capturing the vast opportunity that is ahead of us.

作為這項轉型的一部分，我們也減少了上市組織的跨度和層次，同時消除了某些重疊功能。需要明確的是，這並不是削減成本的做法。相反，我們相信，重組面向客戶的資源將使我們更有效地抓住擺在我們面前的巨大機會。

We expect to redeploy the run rate costs associated with these people back into the rearchitected go-to-market organization. We will be hiring quota-carrying salespeople and also specialized technical resources in our customer success organization that align with our five key verticals. There will be approximately $20 million of cash outflows associated with these changes. Kristian will cover more details in his discussion.

我們希望將與這些人員相關的運作成本重新部署到重新建置的上市組織中。我們將在我們的客戶成功組織中僱用與我們的五個關鍵垂直領域一致的配額銷售人員和專業技術資源。這些變化將導致約 2000 萬美元的現金流出。克里斯蒂安將在他的討論中涵蓋更多細節。

Let me wrap up my comments about this go-to-market realignment by saying that I believe the opportunities to improve our effectiveness are significant here at PTC. We have started to make the required changes to our organization.

最後，我要說的是，我相信 PTC 提高我們效率的機會非常重要。我們已經開始對我們的組織進行必要的改變。

We are confident that these changes will lead to repeatable and scalable go-to-market motions that will serve us well. And the guidance that Kristian will walk you through takes into consideration the possibility for some near-term disruptions associated with this realignment.

我們相信，這些變化將帶來可重複且可擴展的上市動議，這將對我們有利。克里斯蒂安將引導您完成的指導考慮到了與這種調整相關的一些近期中斷的可能性。

Although we are taking significant measures to avoid meaningful stumbling blocks we must acknowledge that we are evolving our go-to-market organization and the potential near-term risk associated with doing that. We believe we have taken a responsible approach here and look forward to updating you on future earnings calls.

儘管我們正在採取重大措施來避免有意義的絆腳石，但我們必須承認，我們正在發展我們的上市組織以及與這樣做相關的潛在近期風險。我們相信我們在這裡採取了負責任的態度，並期待在未來的財報電話會議上向您通報最新情況。

Finally, I thought it was worth spending most of my time today as I just did, sharing my thoughts and expectations related to our go-to-market alignment. This took precedence over sharing some excellent customer stories. And so this quarter, we put the customer stories into the appendix slides of our earnings presentations. I'll continue to highlight customer stories on a consistent basis in future quarters.

最後，我認為今天花大部分時間來分享我對我們的上市調整相關的想法和期望是值得的。這優先於分享一些優秀的客戶故事。因此，本季度，我們將客戶故事放入收益簡報的附錄投影片中。在未來的幾個季度中，我將繼續持續強調客戶故事。

With that, I'll hand the call over to Kristian to take you through our Q4 and full year financial results and future guidance.

接下來，我將把電話轉交給克里斯蒂安，向您介紹我們第四季和全年的財務表現以及未來的指導。

Thanks, Neil, and hello, everyone. Starting off with slide 7. PTC again delivered solid financial results in terms of both ARR and free cash flow in a continued challenging selling environment. As you know, we believe ARR and free cash flow were the most important metrics to assess the performance of our business.

謝謝尼爾，大家好。從投影片 7 開始。在持續充滿挑戰的銷售環境中，PTC 再次在 ARR 和自由現金流方面取得了穩健的財務表現。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重要指標。

To help investors understand our performance, excluding the impact of foreign exchange volatility, we provide ARR guidance and disclose our ARR results on a constant currency basis. At the end of Q4, our constant currency ARR using our fiscal '24 plan FX rates was $2.207 billion, up 12% year over year. Deferred ARR came in as expected.

為了幫助投資者了解我們的業績（排除外匯波動的影響），我們提供 ARR 指導並以固定貨幣為基礎揭露我們的 ARR 結果。截至第四季末，使用 24 財年計畫匯率計算的固定貨幣 ARR 為 22.07 億美元，年增 12%。遞延 ARR 按預期實現。

Moving on to cash flow. In Q4, our free cash flow results were also solid as we resolved the collection timing issues we saw last quarter. For the full year, our free cash flow was $736 million, up 25%. Over the medium term, we continue to expect our free cash flow to grow faster than our ARR, with our non-GAAP operating expenses expected to grow at roughly half the rate of ARR.

轉向現金流。在第四季度，我們的自由現金流結果也很穩健，因為我們解決了上季遇到的收款時間問題。全年自由現金流為 7.36 億美元，成長 25%。從中期來看，我們繼續預期我們的自由現金流成長速度將快於我們的 ARR，而我們的非 GAAP 營運費用預計將以 ARR 速度的一半左右成長。

A basic tenet of our subscription business model and budgeting process is that there's natural operating leverage we benefit from as our ARR grows. In fiscal '24, our operating efficiency expanded by 370 basis points to 42% compared to 38% in fiscal '23.

我們的訂閱業務模式和預算流程的基本原則是，隨著我們的 ARR 成長，我們將受益於自然的營運槓桿。在 24 財年，我們的營運效率提高了 370 個基點，達到 42%，而 23 財年為 38%。

Moving to slide 8. There are a few key takeaways here. First, as I just mentioned, we expect that our OpEx will grow at approximately half the rate of ARR over time. You can see that on this slide. On the right-hand side, you can see our constant currency ARR CAGR from fiscal '21 through fiscal '25 is approximately 15%, and our expected OpEx CAGR is approximately 6%.

轉到投影片 8。這裡有一些關鍵要點。首先，正如我剛才提到的，我們預計隨著時間的推移，我們的營運支出將以 ARR 成長率的大約一半成長。您可以在這張投影片上看到這一點。在右側，您可以看到我們從 21 財年到 25 財年的固定貨幣 ARR 複合年增長率約為 15%，我們預期的營運支出複合年增長率約為 6%。

This is the leverage I was mentioning on the previous slide. While this is a little less than 50%, this is also because we had a couple of acquisitions over this time and there's additional leverage as those get integrated.

這就是我在上一張投影片中提到的槓桿作用。雖然這個比例略低於 50%，但這也是因為我們在這段時間進行了幾次收購，隨著這些收購的整合，還有額外的槓桿作用。

Point being that while OpEx growing at 50% of ARR growth may not work out exactly that way in any given year. We've been delivering on this and think that it remains a good rule of thumb as you think about modeling our business over the medium term.

重點是，儘管營運支出以 ARR 成長率的 50% 成長，但在任何一年中可能並非完全如此。我們一直在實現這一點，並認為當您考慮在中期對我們的業務進行建模時，這仍然是一個很好的經驗法則。

Secondly, we also talk about our disciplined approach to budgeting and investment decisions, and I think that shows up pretty clearly on this slide as well. While our overall OpEx CAGR is expected to be approximately 6%, it's really more like 4% in SG&A and 11% in R&D.

其次，我們也討論了我們在預算和投資決策方面的嚴格方法，我認為這張投影片上也清楚地體現了這一點。雖然我們的整體營運支出複合年增長率預計約為 6%，但實際上更像是 SG&A 的 4% 和研發的 11%。

I think this punctuates the point that we've made previously that given the challenging selling environment we've been in for some time, it hasn't really made sense to be investing a lot incrementally into sales and marketing or G&A for that matter.

我認為這強調了我們之前提出的觀點，即考慮到我們一段時間以來所處的充滿挑戰的銷售環境，在銷售和行銷或一般管理費用上進行大量增量投資並沒有真正意義。

Additionally, we believe there is incremental room for effectiveness within the spend envelope we have today as evidenced by the go-to-market realignment Neil elaborated on earlier. And this brings me to the final point of the slide that I'm trying to emphasize, which is that we're investing in our future growth while delivering solid free cash flow.

此外，我們認為，我們今天的支出範圍內還有增加有效性的空間，尼爾先前闡述的市場調整就證明了這一點。這讓我想到了幻燈片中我想強調的最後一點，那就是我們正在投資未來的成長，同時提供穩定的自由現金流。

On the slide, the blue line represents our non-GAAP R&D expense trend. You can see that the slope of the blue line inflected four years ago, following our transition to a subscription model. As our free cash flows expanded, this has enabled us to reinvest greater amounts into R&D to support our customers and drive future growth despite the challenging macro.

在投影片上，藍線代表我們的非 GAAP 研發費用趨勢。您可以看到，在我們過渡到訂閱模式之後，藍線的斜率在四年前發生了變化。隨著我們的自由現金流的擴大，這使我們能夠在研發上再投資更多資金，以支持我們的客戶並推動未來的成長，儘管宏觀經濟充滿挑戰。

For over a decade, from fiscal 2008 to fiscal '20, our average non-GAAP R&D expense was approximately $210 million, and our 12-year CAGR was about 2%. In contrast to that, we expect to invest approximately $400 million in non-GAAP R&D this year and our four-year CAGR from fiscal '21 through '25 is expected to be approximately 11%.

十多年來，從 2008 財年到 20 財年，我們的平均非 GAAP 研發費用約為 2.1 億美元，12 年複合年增長率約為 2%。與此相反，我們預計今年將投資約 4 億美元用於非 GAAP 研發，並且從 21 財年到 25 財年的四年複合年增長率預計約為 11%。

This evolution of our business is important to understand, and it's great for our customers because it allows us to continue to invest incrementally in our products even during a turbulent macro. Turning to slide 9. Let's look at our ARR growth in more detail, starting with our product groups.

了解我們業務的這種演變非常重要，這對我們的客戶來說非常重要，因為它使我們即使在動盪的宏觀環境下也能繼續對產品進行增量投資。轉到投影片 9。讓我們從我們的產品組開始更詳細地了解我們的 ARR 成長。

In Q4, we delivered 10% constant currency ARR growth in CAD and 13% in PLM. Our top line growth has shown good resilience despite the environment we've seen over the past couple of years and is supported by our unique portfolio with a solid footprint in higher-growth segments of the market as well as the digital transformation journey of our customers. These underlying strengths are further supported by our subscription model, our low churn rate and the propensity for our customer base to prioritize their own R&D investments through challenging times.

第四季度，我們的 CAD 固定貨幣 ARR 成長 10%，PLM 成長 13%。儘管過去幾年的環境如此，我們的營收成長仍表現出良好的彈性，並得到我們獨特的產品組合的支持，在市場的高成長細分市場以及客戶的數位轉型之旅中擁有堅實的足跡。我們的訂閱模式、低客戶流失率以及我們的客戶群在充滿挑戰的時期優先考慮自己的研發投資的傾向進一步支持了這些潛在優勢。

Moving to our ARR by region. Our constant currency organic ARR growth was solid across Americas, Europe, and APAC, with growth in the low to mid-double digits. Across all regions, our year-over-year organic constant currency growth rates in Q4 were similar to the growth rates we saw in Q3.

前往我們按地區劃分的 ARR。我們在美洲、歐洲和亞太地區的固定貨幣有機 ARR 成長穩健，成長率為低至中兩位數。在所有地區，我們第四季的年比有機恆定貨幣成長率與第三季的成長率相似。

Turning to slide 10. We took on a lot of debt over the past three years, and we've been diligently paying that down. During Q4, we paid down $63 million and ended Q4 with cash and cash equivalents of $266 million and gross debt of $1.753 billion. During fiscal '24, our gross debt balance decreased by $569 million.

轉到投影片 10。在過去的三年裡，我們承擔了許多債務，我們一直在努力償還債務。第四季度，我們償還了 6,300 萬美元，第四季末現金和現金等價物為 2.66 億美元，總債務為 17.53 億美元。在 24 財年，我們的總債務餘額減少了 5.69 億美元。

We used $694 million, substantially all the free cash flow we generated this year to pay down our debt, as we said we would. This was partially offset by an increase in gross debt of $125 million in Q1 related to pure variants and the imputed interest for ServiceMax, which we discussed in detail on our Q1 call. We were 1.9 times levered at the end of Q4.

正如我們所說，我們使用了 6.94 億美元，幾乎是我們今年產生的全部自由現金流來償還債務。這被第一季與純變體相關的總債務增加 1.25 億美元以及 ServiceMax 的推算利息部分抵消，我們在第一季的電話會議上詳細討論了這一點。第四季末我們的槓桿率為 1.9 倍。

As you know, our long-term goal, assuming our debt-to-EBITDA ratio is below 3 times, 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. I'm pretty sure I don't need to do the math for you, but the $2 billion authorization that we now have in place through fiscal '27 is clearly more than 50% of the free cash flow we expect to generate over that period.

如您所知，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將約 50% 的自由現金流返還給股東，同時考慮利率環境和策略機會。我很確定我不需要為您計算，但我們現在在 27 財年獲得的 20 億美元授權顯然超過了我們預計在此期間產生的自由現金流的 50% 以上。

This year, as you also all know, we have a $500 million bond that's coming due in February, which we intend to retire at that time with cash on hand and by drawing on our revolving credit facility. And in line with what we've said previously, we intend to buy back approximately $300 million of our common stock in fiscal '25 commencing this quarter.

今年，正如大家所知，我們有一筆 5 億美元的債券將於 2 月到期，我們打算在那時用手頭現金並利用我們的循環信貸額度來償還該債券。正如我們之前所說，我們打算在本季開始的 25 財年回購約 3 億美元的普通股。

Also, as you know, we aim to maintain a low cash balance given the consistency and predictability of the business. As such, assuming we have excess cash, we expect to return it to shareholders. And the authorization, we now have in place gives us a lot of flexibility in how we do that. Our fully diluted share count in fiscal '24 was 121 million, and we currently expect fully diluted shares to be approximately flat in fiscal '25.

此外，如您所知，鑑於業務的一致性和可預測性，我們的目標是保持較低的現金餘額。因此，假設我們有多餘的現金，我們希望將其返還給股東。我們現在獲得的授權為我們的做法提供了很大的靈活性。我們在 24 財年的完全稀釋股票數量為 1.21 億股，目前我們預計 25 財年的完全稀釋股票數量將大致持平。

Moving to slide 11. Before I take you through our guidance, let me walk you through how we guide and report ARR. As I said earlier, we believe constant currency ARR is the best way to evaluate the top line performance of our business because it removes FX fluctuations from the analysis positive or negative. If you take a look at slide 24 in our appendix, you'll see the extent to which FX volatility impacted as reported ARR over the past eight quarters.

轉到投影片 11。在向您介紹我們的指導之前，讓我先向您介紹我們如何指導和報告 ARR。正如我之前所說，我們認為恆定貨幣 ARR 是評估我們業務營收的最佳方式，因為它從正面或負面的分析中消除了外匯波動。如果您查看附錄中的投影片 24，您將看到過去八個季度外匯波動對報告的 ARR 的影響程度。

For fiscal '24, we provided constant currency ARR guidance and reported constant currency ARR results for all periods using our fiscal '24 plan FX rates, which were as of September 30, 2023. We also recast historical constant currency ARR amounts back to fiscal '19 at those fiscal '24 plan FX rates for comparative purposes. For fiscal '25, we're taking the exact same approach.

對於 24 財年，我們提供了固定貨幣 ARR 指導，並使用截至 2023 年 9 月 30 日的 24 財年計劃匯率報告了所有期間的固定貨幣 ARR 結果。出於比較目的，我們也以 24 財年計畫匯率將歷史固定貨幣 ARR 金額重新調整回 19 財年。對於 25 財年，我們採取完全相同的方法。

We set our constant currency ARR guidance, and we'll report constant currency ARR results for all periods using our fiscal '25 plan FX rates, which are as of September 30, 2024. We also recast historical constant currency ARR amounts back to fiscal '19 at our fiscal '25 planned FX rates for comparative purposes. You can find the recast historicals in the financial data tables for Q4 '24 that are posted on our IR website. And on this slide, you can see the recast constant currency ARR amounts for the past eight quarters.

我們設定了固定貨幣 ARR 指導，並將使用截至 2024 年 9 月 30 日的 25 財年計畫匯率報告所有期間的固定貨幣 ARR 結果。出於比較目的，我們也按照 25 財年的計畫匯率將歷史固定貨幣 ARR 金額重新調整為 19 財年。您可以在我們的 IR 網站上發布的 24 年第 4 季的財務資料表中找到重鑄歷史記錄。在此投影片上，您可以看到過去八個季度重新調整的固定貨幣 ARR 金額。

With that, I'll take you through our guidance on slide 12. All of the ARR amounts on this slide are based on our fiscal '25 plan FX rates. For constant currency ARR we expect growth of 9% to 10% for fiscal '25 and approximately 10.5% for Q1. I'll get into more detail on constant currency ARR on the next two slides.

接下來，我將帶您瀏覽投影片 12 上的指南。本投影片上的所有 ARR 金額均基於我們的 25 財年計畫外匯匯率。對於固定貨幣 ARR，我們預計 25 財年將成長 9% 至 10%，第一季將成長約 10.5%。我將在接下來的兩張投影片中詳細介紹固定貨幣 ARR。

On cash flows, we're guiding for free cash flow of $835 million to $850 million in fiscal '25, which absorbed the approximately $20 million of outflows for severance and consulting fees related to our go-to-market realignment. Given that the amount is relatively small, we're not calling out any restructuring charge. So all of this will flow through the sales and marketing and COGS lines on our P&L. And reiterating what Neil said earlier, we expect to be reinvesting the run rate expense back into the go-to-market organization throughout the year.

在現金流方面，我們預計 25 財年的自由現金流為 8.35 億至 8.5 億美元，其中吸收了與我們的市場調整相關的遣散費和諮詢費的約 2000 萬美元的流出。鑑於金額相對較小，我們不會收取任何重組費用。因此，所有這些都將流經我們損益表上的銷售和行銷以及銷貨成本行。重申尼爾之前所說的，我們預計全年將運行費用重新投資到上市組織中。

In fiscal '25, we expect similar invoicing seasonality compared to the previous four years. Based on this and our expected cash outflows, we expect approximately 55% or more of our free cash flow to be generated in the first half of the year and for fiscal Q4 to be our lowest cash generation quarter.

在 25 財年，我們預計發票季節性與前四年類似。根據這一點和我們預期的現金流出，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，第四財季將是我們現金產生量最低的季度。

Note that our cash flow guidance is not on a constant currency basis, so FX fluctuations and interest rate changes can have an impact in either direction. For Q1, we're guiding for free cash flow of approximately $230 million, which absorbs approximately $12 million of the $20 million of total outflows related to the go-to-market realignment. The remainder of the payments will be spread out throughout the rest of the year.

請注意，我們的現金流量指引並非以固定貨幣為基礎，因此外匯波動和利率變動可能會對任一方向產生影響。對於第一季度，我們預計自由現金流約為 2.3 億美元，吸收了與上市調整相關的 2000 萬美元總流出中的約 1200 萬美元。其餘付款將分攤到今年剩餘時間。

We have a high degree of confidence in our guidance for free cash flow due to the predictability of our cash collections and the disciplined budgeting structure we have in place. Importantly, we've maintained consistent billing practices over time. We primarily bill our customers annually upfront one year at a time, regardless of the contract term length. So our free cash flow results over time are comparable. Furthermore, over the past five years, we've optimized our internal budgeting process.

由於我們的現金收集的可預測性和我們現有的嚴格的預算結構，我們對自由現金流的指導充滿信心。重要的是，隨著時間的推移，我們一直保持一致的計費做法。無論合約期限長短，我們主要每年向客戶預付一年的費用。因此，隨著時間的推移，我們的自由現金流結果具有可比性。此外，在過去五年中，我們優化了內部預算流程。

It starts with having a subscription business model that generates predictable cash inflows and then we start each fiscal year by funding our business for growth at the low end of our internal ARR expectations. And as we progress through the year, we maintain or increase the level of funding based on the growth dynamics we're seeing.

首先，我們採用訂閱業務模式，產生可預測的現金流入，然後我們在每個財年開始時，為我們的業務提供資金，以實現內部 ARR 預期低端的成長。隨著這一年的進展，我們會根據我們所看到的成長動態維持或增加資金水準。

By proceeding in this manner, we're able to match our investments to the market environment in an agile way while also delivering predictable free cash flow. To help you with your models, we're also providing revenue and EPS guidance. However, I'd like to reiterate my favorite reminder, ASC 606 makes revenue and EPS difficult to predict for PTC since we sell primarily on-premises subscriptions and the way that revenue is recognized from these contracts can vary significantly based on variables that aren't necessarily relevant to the performance of the business.

透過這種方式，我們能夠以靈活的方式將我們的投資與市場環境相匹配，同時也提供可預測的自由現金流。為了幫助您建立模型，我們還提供收入和每股盈餘指引。不過，我想重申我最喜歡的提醒，ASC 606 使PTC 的收入和每股收益難以預測，因為我們主要銷售本地訂閱，並且從這些合約中確認收入的方式可能會根據變數的不同而有很大差異。

I've been teaching on this subject on our Q4 fiscal '22 call that you may want to refer to if you're new to PTC. The summary is we believe ARR and free cash flow rather than revenue and operating income are the best metrics to assess the performance of our business.

我在 22 年第 4 季財年電話會議上就這個主題進行了教學，如果您是 PTC 的新手，您可能需要參考一下。總而言之，我們認為ARR和自由現金流而不是收入和營業收入是評估我們業務績效的最佳指標。

Moving on to slide 13. I Here's an illustrative constant currency ARR model for fiscal '25. You can see our results over the past three years, and the column on the right illustrates what's needed to get to our constant currency ARR guidance for fiscal '25.

繼續看投影片 13。I 這是 25 財年的說明恆定貨幣 ARR 模型。您可以看到我們過去三年的結果，右側的列說明了獲得 25 財年固定貨幣 ARR 指導所需的條件。

Note that all amounts on this slide are using our FY25 planned FX rates. The illustrative model indicates that to hit 9.5% ARR growth, we need to add $214 million of net new ARR this year. Our fiscal '25 guidance range assumes that will add approximately $20 million less net new ARR in fiscal '25 compared to '24 and approximately $5 million less than in fiscal '23 and '22.

請注意，此投影片上的所有金額均使用我們 2025 財政年度計畫的外匯匯率。該說明性模型表明，要實現 9.5% 的 ARR 成長，我們今年需要增加 2.14 億美元的淨新 ARR。我們的 25 財年指導範圍假設，與 24 財年相比，25 財年淨新 ARR 將減少約 2,000 萬美元，比 23 財年和 22 財年減少約 500 萬美元。

It's worth noting that on an annual basis, our opening deferred ARR for the year is expected to be in line with to slightly better than what we've seen over the last three years when normalizing for the $10 million incremental we had in fiscal '24. Additionally, our churn remains low and we expect our churn rate in fiscal '25 to be in line with to slightly better than the improving churn rates we've had in the past three years.

值得注意的是，在年度基礎上，我們今年的期初遞延ARR 預計將與我們在過去三年中看到的情況一致或略好，當時我們在24 財年實現了1000 萬美元的增量正常化。此外，我們的客戶流失率仍然很低，我們預計 25 財年的客戶流失率將與過去三年改善的客戶流失率相當或略好。

Our business model is resilient, and while the selling environment remains challenging, we believe that because of these dynamics and allowing for potential near-term disruption due to our go-to-market realignment that 9% to 10% ARR growth is the right target for fiscal '25.

我們的業務模式具有彈性，儘管銷售環境仍然充滿挑戰，但我們相信，由於這些動態，並考慮到我們的市場調整可能帶來的近期潛在幹擾，9% 至 10% 的 ARR 增長是正確的目標' 25 財年。

Next, on slide 14, here's a similar illustrative model for Q1. As you know, based on our results over the past few years, our net new ARR can be somewhat volatile in any given quarter, given dynamics such as new or renewal bookings, seasonality, timing of deferred ARR siting how much of our new bookings in any given quarter starts in the quarter, how much churn we expect in any given quarter, et cetera. We've clearly seen quarterly volatility in our results over the past few years. and we expect to see some of these dynamics in Q1.

接下來，在投影片 14 上，這是 Q1 的類似說明模型。如您所知，根據我們過去幾年的結果，考慮到新預訂或續訂預訂、季節性、延遲ARR 的時間安排（即我們的新預訂中有多少）等動態，我們的淨新ARR 在任何特定季度都可能會出現一定程度的波動。我們清楚地看到過去幾年業績的季度波動。我們預計在第一季會看到其中一些動態。

This slide shows our sequential net new ARR over the past couple of years, and the column on the right illustrates that we need $20 million of sequential net new ARR growth to hit 10.5% growth in Q1. Obviously, it's impossible to predict any given quarter with that level of precision. However, I'm sure you'll note that this is below the sequential net new ARR for Q1 that we've had over the past couple of years.

這張投影片顯示了過去幾年我們的連續淨新 ARR，右側的欄位說明我們需要 2000 萬美元的連續淨新 ARR 成長才能在第一季實現 10.5% 的成長。顯然，不可能以這種精確度來預測任何給定的季度。不過，我相信您會注意到，這低於我們過去幾年的第一季連續淨新 ARR。

And as such, I think there are two factors worth noting, both timing related. First is the linearity of deferred ARR; and secondly, the mechanics of a couple of contracts that will show up as churn in Q1, but are contracted to come back into ARR later this fiscal year.

因此，我認為有兩個因素值得注意，都與時間有關。首先是遞延ARR的線性度；其次，一些合約的機制將在第一季顯示為流失，但預計將在本財年稍後重新納入 ARR。

Together, these two factors are expected to adversely impact our Q1 sequential net new ARR by approximately $10 million but will not have an impact on fiscal '25. Also, we need to be mindful of any potential disruption from the go-to-market changes we're making.

這兩個因素預計將對我們第一季連續淨新 ARR 產生約 1000 萬美元的不利影響，但不會對 25 財年產生影響。此外，我們需要注意我們正在進行的上市變革可能帶來的任何潛在幹擾。

Importantly, we continue to keep our focus on the full year as this is how we make incremental investment decisions over the course of the year. With all that said, we think it's worth emphasizing that after normalizing for the approximate $10 million timing impact I just called out, our Q1 sequential ARR will be in the same ballpark as the past couple of years.

重要的是，我們繼續專注於全年，因為這是我們在一年中做出增量投資決策的方式。話雖如此，我們認為值得強調的是，在對我剛剛指出的大約 1000 萬美元的時間影響進行正常化之後，我們的第一季連續 ARR 將與過去幾年處於同一水平。

Turning to slide 15. 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. However, given the complexities related to ASC 606, there are inherent challenges in using the indirect method to forecast free cash flow for PTC. 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 be of help.

轉到投影片 15。我知道你們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。然而，考慮到與 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。這張投影片上的模型是基於我們內部使用的模型。我知道你們中的一些人可能會感到陌生，所以如果我們能提供幫助，請隨時與我們聯繫。

Starting at the top, for fiscal '25 using 9.5% ARR growth, the midpoint of our constant currency guidance range. Next, our perpetual revenue is primarily related to our Kepware business, which is moving to subscription over time.

從頂部開始，25 財年的 ARR 成長率為 9.5%，這是我們恆定貨幣指導範圍的中點。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。

And the primary reason that our professional services revenue is modeled to decline in fiscal '25 is because a portion of it is transitioning to DxP over time. These three line items get us to our expected cash generation for the year, assuming no significant fluctuations in FX rates. Moving down to the cost sections.

我們的專業服務收入在 25 財年預計會下降的主要原因是，隨著時間的推移，其中一部分正在轉向 DxP。假設外匯匯率沒有重大波動，這三個項目讓我們得出了今年的預期現金產生量。向下移動到成本部分。

I'd like to highlight that the approximately $20 million of cash outflows related to our go-to-market realignment are embedded in the cost of revenue and operating expenses line. Even as we reinvest in the business and realign the go-to-market organization in '25, we continue to see expansion of our operating efficiency metric due to our recurring subscription model combined with our budgeting process. Continuing to move down the model, we provide guidance assumptions for stock comp, amortization, CapEx, cash interest payments, and cash tax payments.

我想強調的是，與我們的市場調整相關的約 2000 萬美元的現金流出已包含在收入成本和營運費用中。即使我們在 25 年對業務進行了再投資並重新調整了上市組織，由於我們的定期訂閱模式與預算流程相結合，我們的營運效率指標仍在不斷擴大。繼續向下移動模型，我們提供了股票補償、攤銷、資本支出、現金利息支付和現金稅款支付的指導假設。

You can find these on slide 19 of the earnings deck and also on pages 3 and 4 of the press release. Note that the cash interest payments are expected to be approximately $90 million in fiscal '25, significantly lower than in fiscal '24, driven by -- primarily by a decrease in debt.

您可以在收益報告的投影片 19 以及新聞稿的第 3 頁和第 4 頁上找到這些內容。請注意，預計 25 財年的現金利息支付約為 9,000 萬美元，明顯低於 24 財年，主要是由於債務減少。

Also cash tax payments are expected to be $110 million in fiscal '25, significantly higher than in fiscal '24, reflecting higher taxable income, the utilization of our deferred tax assets and the impact of Internal Revenue Code Section 174.

此外，預計25 財年的現金稅款將達到1.1 億美元，顯著高於24 財年，反映出更高的應稅收入、遞延稅資產的利用以及《國內稅收法》第174 條的影響。

And finally, let's take a look at the other category. In fiscal '24, the $82 million was primarily related to FX movements and working capital. For fiscal '25, the main drivers of the $99 million being modeled here are FX rates, which have already moved significantly at September 30, 2024, as well as working capital to support continued growth. In this simplified illustrative model, the impact of FX fluctuations are captured on a net basis in the other line.

最後，讓我們看看其他類別。在 24 財年，8,200 萬美元主要與外匯變動和營運資金有關。對於 25 財年，此處建模的 9,900 萬美元的主要驅動力是匯率（截至 2024 年 9 月 30 日已發生顯著變化）以及支持持續增長的營運資本。在這個簡化的說明模型中，外匯波動的影響是在另一條線中以淨值形式捕捉的。

In reality, FX fluctuations that are net positive for free cash flow result in higher cash generation and cash disbursements and FX fluctuations that are negative for free cash flow result in lower cash generation and cash disbursements. All of this sums up to our expected free cash flow of approximately $843 million, which is the midpoint of our fiscal '25 free cash flow guidance range.

事實上，自由現金流為正值的匯率波動會導致現金產生和現金支出增加，而自由現金流為負值的匯率波動會導致現金產生和現金支出減少。所有這些合計起來，我們預計的自由現金流約為 8.43 億美元，這是我們 25 財年自由現金流指導範圍的中點。

So in conclusion, PTC has a strong portfolio and strategy, a track record of operational discipline and clear value creation opportunities. We're focused on what matters most for our customers, and we're aligning our operations accordingly so that we can scale our business in a consistent manner.

總之，PTC 擁有強大的產品組合和策略、良好的營運紀律記錄以及明確的價值創造機會。我們專注於對客戶最重要的事情，並相應地調整我們的運營，以便我們能夠以一致的方式擴展我們的業務。

With that, I'd like to turn the call over to the operator for today's Q&A session.

這樣，我想將今天的問答環節的電話轉給接線生。

(Operator Instructions) Ken Wong, Oppenheimer & Company.

（操作員說明）Ken Wong，Oppenheimer & Company。

Fantastic. I wanted to just ask a question in terms of the go-to-market disruption. Neil, you mentioned that Kristian has baked that into the guidance I guess, one, when would you assume that you hit peak disruption. And then I couldn't help but notice that in Q1, you're growing 10.5% at 11% on an adjusted basis. Is that the right way to think about the growth rate, assuming you guys can manage through the disruption with minimal impact?

極好的。我只想問一個有關上市中斷的問題。尼爾，你提到克里斯蒂安已經將這一點納入了指導，我想，第一，你認為你什麼時候會達到顛覆高峰。然後我不禁注意到，在第一季度，調整後的成長率為 10.5%，成長率為 11%。假設你們能夠以最小的影響度過這次幹擾，那麼這是考慮成長率的正確方法嗎？

Let me take the -- Ken, thanks for the question. Let me take the front end and Kristian could talk about the way in which we're thinking about the year. So we're not expecting disruption. In fact, we've been really thoughtful and have gone to already great lengths to prevent disruption. We've got a number of mechanisms.

讓我來——肯，謝謝你的提問。讓我談談前端，克里斯蒂安可以談談我們對這一年的看法。所以我們預計不會出現中斷。事實上，我們已經考慮得很周到，並且已經竭盡全力防止中斷。我們有很多機制。

We've done it before to make sure that we prevent that disruption across team as we're going through this transformation. At the same time, though, we are also recognizing that as in many go-to-market transitions that happen across every company, there can be some friction within the sales team. Just like all our best efforts, at the end of the day, these are people, not spreadsheets. Emotion is there and a lot of management that goes into them. But again, we're hyper-focused on making sure that we minimize it.

我們之前已經這樣做過，以確保在我們經歷這項轉型時防止整個團隊出現混亂。但同時，我們也意識到，正如每家公司發生的許多進入市場轉型一樣，銷售團隊內部可能會存在一些摩擦。就像我們所有的最大努力一樣，歸根結底，這些都是人，而不是電子表格。情感是存在的，其中有許多管理因素。但我們再次強調，要確保將其最小化。

But in contrast to your question to setting guidance conservatively to artificially engineer a beat and race cadence, we set our guidance in a way that gives us some room, Ken, in case we end up seeing any short-term disruptions over the course of the next number of quarters. Kristian, do you want to take the second piece?

但是，與您提出的保守地設置指導以人為地設計節拍和比賽節奏的問題相反，我們設置指導的方式為我們提供了一些空間，肯，以防我們最終在比賽過程中看到任何短期幹擾。接下來的幾季。克里斯蒂安，你想拿第二塊嗎？

I think you just did.

我想你剛剛做到了。

Okay. Good.

好的。好的。

Perfect. Thank you.

完美的。謝謝。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

Great. Thanks for taking my question. Maybe just on the market. I know there's five pillars on the product side of what you're really focused on. Maybe, Neil, we can have an update as to what you expect to see from variation in terms of performance of the business and maybe double-click on ServiceMax and Codebeamer. Thank you.

偉大的。感謝您提出我的問題。也許只是在市場上。我知道您真正關注的產品方面有五個支柱。Neil，也許我們可以了解您期望從業務效能變化中看到的情況，或雙擊 ServiceMax 和 Codebeamer。謝謝。

Yeah. Good question. So as you can see from the results from our PLM and CAD breakout, we continue to have strong performance across those categories across last year. And what's driving that is this -- the Windchill proliferation, which will -- the strategy of this go-to-market transformation is within the verticals that are using Windchill, how to continue to penetrate that more in a precise and consistent manner across the enterprise. So Windchill is something we continue to see momentum in.

是的。好問題。正如您從我們的 PLM 和 CAD 突破結果中看到的那樣，去年我們在這些類別中繼續保持著強勁的表現。推動這一趨勢的因素是 Windchill 的擴散，這種進入市場轉型的策略是在使用 Windchill 的垂直行業內，如何繼續以精確和一致的方式在整個行業中進行更深入的滲透企業。因此，我們繼續看到 Windchill 的發展勢頭。

We're building more momentum. And with this vertical strategy, we'll have even more precision by the key verticals we already serve with nomenclature and examples of other customers in those verticals that are using Windchill at scale like we're seeing in many cases already.

我們正在積蓄更多動力。透過這種垂直策略，我們將能夠更精確地了解我們已經提供的關鍵垂直行業的命名法以及這些垂直行業中正在大規模使用Windchill 的其他客戶的示例，就像我們在許多情況下看到的那樣。

But we have plenty of wood to chop to take down all those dollars in ARR that we could have as we expand Windchill. So that's a category that we're really leading into. Codebeamer, as you asked, last year, and particularly in Q4, 2 out of the 10 largest automotive OEM companies with revenue, two out of them are expanding Codebeamer even in Q4 at pace, and so that's good.

但是，我們還有很多工作要做，以便在擴展 Windchill 時減少 ARR 中的所有資金。所以這是我們真正引領的一個類別。Codebeamer，正如您所問的，去年，特別是在第四季度，收入最大的 10 家汽車 OEM 公司中有 2 家，其中兩家甚至在第四季度都在快速擴張 Codebeamer，所以這很好。

Additional three-plus customers that have been using Codebeamer already in deployment have decided to expand that usage. So we're starting to see this element of Codebeamer as it gets deployed in the environment as software engineers are using it as they're seeing how software interacts with the hardware engineers, mechanical engineers, customers are saying, we want more Codebeamer.

另外三個以上已在部署中使用 Codebeamer 的客戶決定擴大其使用範圍。因此，我們開始看到 Codebeamer 的這個元素，因為它部署在環境中，軟體工程師正在使用它，因為他們看到軟體如何與硬體工程師、機械工程師交互，客戶說，我們需要更多 Codebeamer。

So we're going to press on that. You're going to see continued emphasis on how Codebeamer, Windchill work even more comprehensively together, which will continue to accelerate the PLM for us that we're starting to see in the market.

所以我們將繼續努力。您將看到繼續強調 Codebeamer 與 Windchill 如何更全面地協同工作，這將繼續加速我們在市場上看到的 PLM。

And then lastly, I know I didn't talk about customers, as I mentioned on the call, but there's a great case study that we're seeing continued indications and customer deployments on with ServiceMax, to your question, around one of the largest manufacturers of cranes in the world has been a large Creo Windchill customer for almost a few decades.

最後，我知道我沒有談論客戶，正如我在電話中提到的那樣，但有一個很好的案例研究，我們看到 ServiceMax 的持續跡象和客戶部署，對於您的問題，圍繞最大的一個近幾十年來，世界各地的起重機製造商一直是Creo Windchill 的大客戶。

And we've been working on this with the ServiceMax team for the last call it, 12 to 18 months with this customer, with our new release that I mentioned in the summertime around Windchill and ServiceMax connected on trouble tickets being able to flow back into Windchill from ServiceMax, that's where we did a very comprehensive proposal and an RFP that looked at all the competitive offerings and they chose us because of ServiceMax's integration with Windchill and the flow of data from engineering to service and back, which was the key differentiator for us.

我們一直在與 ServiceMax 團隊合作解決這個問題，與該客戶合作了 12 到 18 個月，我們的新版本是我在夏季提到的，圍繞 Windchill 和 ServiceMax 連接的故障單能夠流回ServiceMax 的Windchill，我們在那裡做了一個非常全面的提案和RFP，考慮了所有競爭產品，他們選擇了我們，因為ServiceMax 與Windchill 的整合以及從工程到服務再返回的資料流，這是關鍵的差異化因素我們。

So we see continued emphasis there. Momentum continues to build, and we look forward to a good year on both fronts.

所以我們看到那裡的持續強調。勢頭繼續增強，我們期待在這兩個方面都取得美好的一年。

Thank you very much.

非常感謝。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys. Thanks for taking my question here. Maybe for you. I know you spend a lot of time with customers. And you called out Western Europe in your prepared remarks.

好的，太好了。嘿，夥計們。感謝您在這裡提出我的問題。也許適合你。我知道您花了很多時間與客戶打交道。您在準備好的演講中提到了西歐。

So I'd love to just zoom into that geography a little bit. What are you hearing from customers there about willingness to spend right now? And how do you envision 2025 in Europe from just a demand perspective?

所以我想稍微放大一下這個地理區域。您從那裡的客戶那裡了解到目前的消費意願如何？僅從需求角度來看，您如何展望 2025 年的歐洲？

Yeah, great question. I have been spending a lot of time in Europe and rest of world and also here in North America meeting customers, as you mentioned. I think what we're seeing in the dynamic, we saw some of that in Q4. We delivered solid results, as we said, for ARR and really great results on cash flow for Q4.

是的，很好的問題。正如您所提到的，我花了很多時間在歐洲和世界其他地方，也在北美會見客戶。我認為我們在動態中看到的，我們在第四季度看到了其中的一些。正如我們所說，我們在 ARR 方面取得了堅實的成果，並且在第四季度的現金流方面取得了非常好的成績。

But in terms of having a blowout quarter for Q4 in ARR, we had a few deals in Western Europe, in particular, like we noted, that either pushed out or got smaller in the deal valley that we're really pushing on getting done over the course of Q4, which I believe we'll still get in due time over the course of this year.

但就 ARR 的第四季度井噴季度而言，我們在西歐有幾筆交易，特別是，正如我們所指出的，這些交易要么被推遲，要么在我們真正推動完成的交易谷中變小。的過程，我相信我們仍然會在今年的適當時候完成。

And the dynamic that's happening and at the same time, by the way, we won a number of deals that were at the same value that we bought in Western Europe and close those in Q4. And I think what we're working through is particularly within the automotive vertical, in Germany.

順便說一句，與此同時，我們贏得了一些與我們在西歐購買的價值相同的交易，並在第四季度完成了這些交易。我認為我們正在努力解決的問題尤其是在德國的汽車垂直領域。

There is obviously a lot of pressure around just the cost structure, the speed in which they're developing cars, the Tier 1 suppliers that supply those folks. So all those components of how do you really create competitiveness versus Chinese OEMs. We're seeing a lot of that pressure occur as we've all been reading in the press.

顯然，成本結構、開發汽車的速度以及為這些產品提供服務的一級供應商都面臨著很大的壓力。因此，所有這些組成部分都決定瞭如何真正創造與中國原始設備製造商相比的競爭力。正如我們都在媒體上看到的那樣，我們看到了很大的壓力。

I've been sitting in boardrooms with all of these customers. That's the bad news, the highlights of the media reports. I believe that this is forcing our customers that we're serving in the specific vertical in Western Europe, to rethink how they're actually operating as a business to remain competitive.

我一直和所有這些客戶坐在會議室裡。這就是壞消息，也是媒體報導的亮點。我相信，這迫使我們在西歐特定垂直領域服務的客戶重新思考他們如何實際經營業務以保持競爭力。

And that comes down to first code beamer, was continue to blow momentum within Western Europe because software now needs to work at the same speed as mechanical hardware, mechatronic systems within these OEMs that need to have Codebeamer implemented to do that to keep pace with the Chinese development cycle. So I think that's a net positive for us despite the macro and the issues that the German automakers are dealing with.

這歸結為第一個Code Beamer，在西歐繼續保持強勁勢頭，因為軟體現在需要與機械硬體、機電一體化系統以與這些OEM 內的機械硬體、機電系統相同的速度工作，這些OEM 需要實施Codebeamer 來做到這一點，以跟上中國發展週期。因此，我認為，儘管宏觀經濟和德國汽車製造商正在處理的問題，這對我們來說是一個淨積極因素。

So that's a positive. On the second piece is on Windchill, they're looking at thinking about PLM, how to move product data faster than their enterprise because they need to stay alive. And so I don't want to get too aggressive on saying it's going to be a wide open field for us to go execute and win a lot of deals in Western Europe because there is a backdrop of uncertainty. But within the business, there's a lot of urgency and need to change the way they're actually doing business. And our technology underpins that change.

所以這是積極的。第二部分是關於 Windchill，他們正在考慮 PLM，如何比企業更快地移動產品數據，因為他們需要保持活力。因此，我不想過於激進地表示，對於我們來說，在西歐執行並贏得大量交易將是一個廣泛的領域，因為存在不確定性的背景。但在企業內部，存在著很大的迫切性，需要改變他們實際開展業務的方式。我們的技術支撐著這種變化。

So I'm bullish around requirement socket. I'm bullish around the urgency for them to do it. I'm cautious around how they're actually going to spend those dollars over the course of the next couple of years. And we'll see how that goes over the course of this year. We factor that into how we put this range of guidance as well.

所以我看好插座需求。我看好他們這樣做的迫切性。我對他們在未來幾年內如何實際使用這些美元持謹慎態度。我們將看看今年情況如何。我們也將這一點納入我們如何制定這一系列指導的因素中。

Makes sense. Thanks, guys.

有道理。謝謝，夥計們。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks. On the go-to-market change, would you say that initiating the timing now means the structure is mature ahead of needing to be positioned for maybe any benefit from renewed spending that customers might do around macro improvement and I guess I ask because there's the potential always after US election that industrial orders pick up. If you did see an improvement in industrial sentiment vis-a-vis PMI, do you think there's a lag for your business? So you expect your pipelines to replenish maybe later in 2025.

偉大的。謝謝。關於進入市場的變化，您是否會說，現在啟動時機意味著結構已經成熟，需要定位以從客戶可能圍繞宏觀改善進行的更新支出中獲得任何好處，我想我問是因為有美國大選後工業訂單總是有可能回升。如果您確實看到工業信心相對於 PMI 有所改善，您是否認為您的業務存在滯後？因此，您預計管道可能會在 2025 年稍後補充。

And that really simply lines up with when this new structure is going to be mature anyways. And so all of that is ultimately compatible with the changes you're now making?

無論如何，這實際上與這個新結構何時成熟是一致的。那麼所有這些最終都與您現在所做的改變相容嗎？

Yeah, great question. I would say that our teams are already underway and getting ready and executing across the plan. And there are several things we're working through around account plans, assignments, all the great stuff that every team needs to do to organize for being able to face the vertical opportunities that exist and we're working with that.

是的，很好的問題。我想說的是，我們的團隊已經開始準備並執行整個計劃。我們正在圍繞客戶計劃、任務以及每個團隊需要做的所有重要事情進行組織，以便能夠面對現有的垂直機會，我們正在努力解決這些問題。

And that's the area that we believe we're not expecting disruption, but we're taking account that things in other situations to adjust for that if something does happen. But what we won't have is not being ready for the opportunities that we see in the current pipeline.

我們認為這個領域不會受到干擾，但我們正在考慮其他情況下的情況，以便在發生某些情況時進行調整。但我們不會有的是沒有為我們在當前管道中看到的機會做好準備。

And if somehow or another business actually changes versus the last two years of the sluggish sales environment, our vertical approach are ready with experience in these verticals at scale with big customers, we're primed to take advantage of incremental demand and being able to continue to be well versed to take advantage of that. and not have as much of a lag.

如果與過去兩年低迷的銷售環境相比，如果某種業務確實發生了變化，我們的垂直方法已經準備好，在這些垂直領域與大客戶有大規模的經驗，我們準備好利用增量需求並能夠繼續精通利用這一點。並且沒有那麼多的滯後。

So I'm looking forward to if we could get manufacturing and PMIs to tick up, PTC is ready for that. We've been ready for a while, and we're going to be even more ready as we verticalize the business, which we're doing, and it's underway, and we're looking forward to how that translates over the course of this year into next.

因此，我期待我們的製造業和 PMI 能否有所回升，PTC 已為此做好準備。我們已經做好了一段時間的準備，隨著我們正在做的業務垂直化，我們將做好更多準備，並且正在進行中，我們期待在過程中如何轉化明年。

Thank you.

謝謝。

Adam Borg, Stifel.

亞當·博格，斯蒂菲爾。

Thanks so much for taking the question. Awesome. Maybe for Neil, you talked a little bit about the go-to-market focus around five key verticals. And I believe to Saket's question talked a little bit about what you're seeing in the automotive. I was hoping you could talk a little bit, is there anything else interesting happening in the other four verticals worth commenting, both positive or negative?

非常感謝您提出問題。驚人的。也許對於尼爾來說，您談到了圍繞五個關鍵垂直領域的進入市場重點。我相信 Saket 的問題談到了您在汽車領域看到的一些情況。我希望你能談談，在其他四個垂直領域還有什麼有趣的事情值得評論，無論是積極的還是消極的？

And maybe, Kristian, if you could just remind us what the current ARR mix is for each of those top five verticals, that would be really helpful. Thanks so much.

Kristian，如果您能提醒我們前五個垂直行業目前的 ARR 組合是什麼，那可能會很有幫助。非常感謝。

I'll start with the one that's top of everyone's mind across the world. It was in India a couple of weeks ago. It's the same dynamic, federal, aerospace and defense, is just continuing to be an area that is facing significant backlog and demand, and they're trying to move that faster through their business to deliver the products that are being asked from their customers. And so in India, in UK here in North America spending a lot of time that segment, I think, is -- continues to be an area we're leaning into.

我將從全世界每個人最關心的問題開始。幾週前那是在印度。同樣的動態，聯邦、航空航太和國防仍然是一個面臨大量積壓和需求的領域，他們正試圖透過其業務更快地推進這一進程，以交付客戶要求的產品。因此，我認為，在印度、英國、北美，我們在這一領域花費了大量時間，這仍然是我們正在關注的領域。

We have a lot of experience. We have a lot of credibility there. We're going to continue to do that. I'm going out to Washington, D.C. to make sure we continue to promote this, again, in a vertical marketing perspective already going into that model.

我們有很多經驗。我們在那裡有很高的信譽。我們將繼續這樣做。我要去華盛頓特區，以確保我們繼續以已經進入該模式的垂直行銷視角來推廣這一點。

We believe there's a lot of really interesting dynamics happening in the federal aerospace and defense across the world, we're very well positioned there. On med tech and life sciences, we're also seeing an interesting other dynamic where a lot of these companies have gotten very big through a lot of acquisitions, and they're now being forced to really develop products in a faster pace that requires PLM at the heart of an epicenter of moving product data as fast as possible to manufacturing.

我們相信，世界各地的聯邦航空航太和國防領域正在發生許多非常有趣的動態，我們在這方面處於有利地位。在醫療技術和生命科學方面，我們也看到了另一個有趣的動態，其中許多公司透過大量收購變得非常龐大，現在他們被迫以更快的速度真正開發需要 PLM 的產品位於將產品數據盡快轉移到製造中心的核心位置。

And so we're seeing some really interesting trends occurring in med tech and life sciences. We had a couple of really interesting wins that happened in the last couple of quarters of 2024, and we expect that to continue because, again, it's a survival and existence of their business to actually put these frameworks and systems together like Windchill, like Codebeamer, like Creo and ServiceMax to be able to deal with the competitive nature of their business.

因此，我們看到醫療技術和生命科學領域出現了一些非常有趣的趨勢。我們在 2024 年的最後幾季取得了一些非常有趣的勝利，我們希望這種情況能夠繼續下去，因為，像 Windchill 和 Codebeamer 這樣真正將這些框架和系統組合在一起是他們業務的生存和存在，就像Creo 和ServiceMax 一樣能夠應對其業務的競爭性質。

And then, Adam, I get back to your other question. If we talk about the vertical exposure across the major industries, the industrial space is high 20s for us, FA&D is in the -- around 15, electronics and high tech, also in that same mid-teens, automotive in the low teens, med tech in the low teens and then the other, what we would, I guess, call noncore verticals make up the difference, which is also around 15%-ish of the business.

然後，亞當，我回到你的另一個問題。如果我們談論主要行業的垂直曝光度，工業領域對我們來說是 20 多歲，FA&D 大約是 15 歲，電子和高科技也在同樣的十幾歲左右，汽車行業在十幾歲左右，醫學技術在十幾歲左右，然後是其他行業，我想，我們稱之為非核心垂直行業彌補了差異，這也佔業務的15% 左右。

Thanks, again. Great.

再次感謝。偉大的。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. With regard to the digital thread comments, maybe we could tie that into the vertical comments you had this evening. That is which verticals would you say are furthest along in terms of adoption -- adopting three or more solutions or three or more of your various three-letter acronyms as indicative of implementing closed loop life cycle management.

謝謝。晚安.關於數位線程評論，也許我們可以將其與您今晚的垂直評論聯繫起來。這就是您所說的在採用方面走得最遠的垂直行業——採用三個或更多解決方案或三個或更多不同的三字母縮寫詞作為實施閉環生命週期管理的指示。

And then with regard to auto, when you last reported your segments as a percentage of revenue, which was six years ago, it was mid-teens percent, but your exposure to auto was very different. Back then, it was largely powertrains, some supply chain, never really body -- but would you say now that with the evolution of automotive systems requirements that your whole exposure and delivery of software to automotive is going to be fundamentally different than your more limited exposure in the past.

然後就汽車而言，當您上次報告您的細分市場佔收入的百分比時（六年前），它是百分之十左右，但您對汽車的敞口卻非常不同。當時，主要是動力系統、一些供應鏈，從來沒有真正的車身——但你現在會說，隨著汽車系統要求的發展，你對汽車的軟體的整體暴露和交付將與你更有限的軟體有根本上的不同。

Yeah, great question, Jay. I'll start with the second one. On automotive, I think there's been a massive shift in our determination in our foothold in that market, I think, is very different than whatever that prior stat was given. And the reason for it is it's predominantly the influx of Windchill and Codebeamer in that group. And this, as you know, well, this includes the OEMs and Tier 1, Tier 2, Tier 3 suppliers.

是的，很好的問題，傑伊。我將從第二個開始。在汽車方面，我認為我們在該市場立足的決心發生了巨大轉變，我認為這與之前給出的統計數據有很大不同。原因是 Windchill 和 Codebeamer 大量湧入該組。如您所知，這包括原始設備製造商和一級、二級、三級供應商。

Codebeamer is taking hold on that, and we're just pushing all accelerators. Windchill is also right along for the ride, and you'll see more and more of that come into it versus the design guys, the factory guys, those are there. They're competitive as ours, we're more focused on helping our customers deal with this entire problem statement of how to build software-defined vehicles at speed to compete against the Chinese.

Codebeamer 正在抓住這一點，我們只是推動所有加速器。Windchill 也能參與其中，您會看到越來越多的內容與設計師、工廠人員相比，都在其中。他們和我們一樣具有競爭力，我們更專注於幫助我們的客戶解決如何快速建立軟體定義的車輛以與中國競爭的整個問題。

And our tools and our software, as you know well, is very well placed there. In some cases, by the way, they're looking at Creo, they're looking at other things that we have across the portfolio, but the majority of the strength in that group, and you'll see that continue.

如您所知，我們的工具和軟體都處於非常好的位置。順便說一句，在某些情況下，他們會關注 Creo，他們會關注我們整個產品組合中的其他產品，但會關注該組中的大部分優勢，您會看到這種情況會持續下去。

Again, it might happen in a linear fashion, but the ultimate over the medium and long term will be, you will see Windchill and Codebeamer really wrap their arms around that space in an aggressive fashion. That's the strategy and kind of direction that we've got. On your first part of your question on digital thread, across verticals. There's not really one that's taken -- I could say, wow, they've really taken on hold.

同樣，它可能以線性方式發生，但從中長期來看，最終的結果將是，您將看到 Windchill 和 Codebeamer 真正以積極的方式擁抱該空間。這就是我們的戰略和方向。關於跨垂直領域的數位主線問題的第一部分。並沒有真正被採取——我可以說，哇，他們真的被擱置了。

And that's the amazing part of this business, Jay, which is we look at those verticals, and this is my point of we've got a lot of money on the table to go tell them around how Creo, Windchill, Codebeamer work together and on the aftermarket service side, how the ServiceMax fit into it, as all the other things that we've got.

Jay，這就是這項業務令人驚奇的部分，我們專注於這些垂直領域，這就是我的觀點，我們有很多資金可以告訴他們 Creo、Windchill、Codebeamer 如何協同工作，在售後服務方面，ServiceMax 如何融入其中，以及我們擁有的所有其他東西。

But in those four core areas, we've got a real opportunity with in certain segments, our customer is using it, which is promoted across the entire vertical. And that's the area that we're going to keep pressing on. We're going to build product integrations around. We're going to get our messaging consistent around. We're going to do customer referenceability on -- and that's where we think we've got the ability to have a sustainable, low double-digit growth rate in the medium and long term.

但在這四個核心領域，我們在某些​​細分市場中獲得了真正的機會，我們的客戶正在使用它，並在整個垂直領域中推廣。這就是我們要繼續努力的領域。我們將圍繞這一點建立產品整合。我們將讓我們的訊息保持一致。我們將在以下方面進行客戶參考——我們認為我們有能力在中長期內實現可持續的、低兩位數的成長率。

That's the goal that we're pushing for and from our perspective.

從我們的角度來看，這就是我們正在推動的目標。

Thank you.

謝謝。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi. So we're sitting here right after the election and we ended up going to a bunch of industry shows. And it just seems a lot of uncertainty that we were picking up from election, this multiyear destock really impacting people's budgets that have disrupted operations post the election, do you feel there is more uncertainty than usual about '25 calendar year budgets or because the comps have gotten so much easier, and we are past the election that created this uncertainty that visibility has gotten better? Thank you.

你好。所以我們在選舉結束後就坐在這裡，最後我們參加了一系列行業展覽。我們從選舉中發現了很多不確定性，這種多年的去庫存確實影響了人們的預算，從而擾亂了選舉後的運營，您是否認為25 日曆年預算比平常有更多的不確定性，或者因為比較已經變得容易多了，而且我們已經過去了造成這種不確定性的選舉，可見度已經變得更好了？謝謝。

Yeah. To be fair, we're 24 hours post the election results. So I was with two customers today already. And what I will say is their commentary and their desires are similar to what it was 48 hours ago, which is around how to make sure we are set up to deal with all the complexities of the world, which includes geopolitical uncertainty, but that's only one facet of it. There is supply chain uncertainty.

是的。公平地說，我們將在 24 小時內公佈選舉結果。所以今天我已經和兩位顧客在一起了。我要說的是，他們的評論和願望與 48 小時前相似，都是關於如何確保我們能夠應對世界上所有的複雜性，其中包括地緣政治的不確定性，但這只是它的一方面。供應鏈存在不確定性。

There is workforce disruption uncertainty of retirement, aging, there's complexity of -- crux that consumers are demanding now as we, again, I'll note the Chinese OEMs. They've opened up the world to saying, let's give the users all this complex in configuration of products in very different ways.

退休、老化等勞動力的不確定性，以及消費者現在要求的複雜性，我將再次指出中國原始設備製造商。他們打開了世界的大門，讓我們以非常不同的方式為使用者提供所有這些複雜的產品配置。

And when you add all that together, what we're hearing from customers, again, 24 hours, but previous to that is we need technology that PTC provides to be relevant to have product data move faster through organization through highly configured models and variances of their products that include software that includes hard work that includes electronics and mechanical so that we could survive.

當你把所有這些加在一起時，我們再次從客戶那裡聽到的，是24 小時，但在此之前，我們需要PTC 提供的相關技術，透過高度配置的模型和差異，讓產品數據在組織中更快地移動。 他們的產品包括軟體，包括電子和機械的艱苦工作，以便我們能夠生存。

And I think that's going to be in any scenario, Andy, that will continue to accelerate regardless of administration and regardless of pushing certain geographies versus the other. So that's why we're -- what I said was we're working through a tectonic shift. I'm really convinced around the long-term view of it.

安迪，我認為在任何情況下，這種情況都會繼續加速，無論政府如何，也無論推動某些地區與其他地區之間的競爭。這就是為什麼我們——我所說的是我們正在經歷一場結構性轉變。我對它的長遠觀點深信不疑。

The linear nature of this on a quarterly basis, you can pick and choose that number, but this business is moving in these verticals because of the urgency of our customers to survive and to remain competitive. And I think those dynamics are perfectly suited for what PTC has to offer.

這是按季度的線性性質，您可以選擇該數字，但由於我們的客戶迫切需要生存和保持競爭力，因此該業務正在這些垂直領域發展。我認為這些動態非常適合 PTC 提供的服務。

So realignment is a bigger source of uncertainty into '25 versus macro. Is that fair to say?

因此，與宏觀相比，調整是 25 世紀更大的不確定性來源。這麼說公平嗎？

I think it's Andrew, if I could say. I think it's everything. I don't think there's going to be at least in the last 24 hours, less uncertainty. I think it's -- we're going to see how the next couple of quarters play out, and we'll be ready for it. But right now, we're focused, Andrew, on delivering what our customers are needing from us.

如果可以的話，我認為是安德魯。我認為這就是一切。我認為至少在過去 24 小時內，不確定性不會減少。我認為，我們將看看接下來幾季的情況如何，我們將為此做好準備。但現在，安德魯，我們的重點是滿足客戶對我們的需求。

And depending on the change in the environment, we'll be ready for it. We have been ready mark through multiple different administrations for 35 years-plus that we were successful as a company, and we're going to deal the same way going forward for the next 35 years.

根據環境的變化，我們會做好準備。35 年來，我們已經準備好經歷多個不同的政府，而且我們作為一家公司是成功的，我們將在未來 35 年以同樣的方式前進。

That's great answer. Thanks so much.

這是很好的答案。非常感謝。

(Operator Instructions) Jason Celino, KeyBanc.

（操作員說明）Jason Celino，KeyBanc。

Hey. I appreciate you filling me in. Maybe for Kristian, if we play back the tape from 90 days ago, I think when you gave us an initial framework for FY25, you technically said double digits for ARR growth. Now if I look at the guide, technically, it's single digits at the midpoint. So curious like what had changed in these 90 days? I don't know if it was macro or if it's just incremental conservatism around the go-to-market kind of changes, but just curious on the hair that aren't splitting here?

嘿。我很感激你幫我填充。也許對克里斯蒂安來說，如果我們回放 90 天前的錄像，我想當您為我們提供 25 財年的初始框架時，從技術上講您說 ARR 增長為兩位數。現在，如果我看一下指南，從技術上講，它是中點的個位數。很好奇這90天裡發生了什麼變化？我不知道這是宏觀的還是只是圍繞著進入市場的變化而漸進的保守主義，但只是對這裡沒有分裂的頭髮感到好奇？

Yeah. I think it's the latter, Jason. I think it's just conservatism around potential impact of the go-to-market realignment.

是的。我認為是後者，傑森。我認為這只是對市場調整的潛在影響的保守態度。

Okay. Great. Thank you.

好的。偉大的。謝謝。

And ladies and gentlemen, as promised, that we'll wrap up our Q&A session for today. And I'd like to turn the line back over to Neil to close this out. Thank you.

女士們先生們，正如我們所承諾的，我們將結束今天的問答環節。我想把電話轉回尼爾來結束這件事。謝謝。

Thank you, everyone, for joining us and for your questions today. Kristian and Matt will be both on the road in the weeks ahead, participating in investor conferences. Kristian will be in New York, mid-November, hosting a Mizuho dinner and attending the RBC conference. Kristian will also be going to London, while I'm in Asia in early December, and we'll be at the Nasdaq conference. Matt will be at the Wells Fargo, UBS, and Barclays conferences on the West Coast in early December.

謝謝大家今天加入我們並提出問題。克里斯蒂安和馬特將在未來幾週內出差，參加投資者會議。克里斯蒂安將於 11 月中旬在紐約舉辦瑞穗晚宴並出席加拿大皇家銀行 (RBC) 會議。克里斯蒂安也將前往倫敦，而我 12 月初將前往亞洲，我們將參加納斯達克會議。馬特將於 12 月初出席在西海岸舉行的富國銀行、瑞銀和巴克萊會議。

And thank you, again, and we really look forward to engaging with you. Thanks.

再次感謝您，我們非常期待與您合作。謝謝。