PTC Inc (PTC) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to PTC's 2025 first-quarter conference call.

女士們、先生們，午安。感謝您的支持，歡迎參加 PTC 2025 年第一季電話會議。

(Operator Instructions)

（操作員指令）

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

現在我想將電話轉給 PTC 投資者關係主管 Matt Shimao。請繼續。

Good afternoon. Thank you, Sarah, and welcome to PTC's 2025 first-quarter conference call.

午安.謝謝你，莎拉，歡迎參加 PTC 2025 年第一季電話會議。

On the call today are Neil Barua, Chief Executive Officer; and Kristian Talvitie, Chief Financial Officer.

今天參加電話會議的有執行長 Neil Barua；以及財務長克里斯蒂安·塔爾維蒂（Kristian Talvitie）。

Today's conference call is being broadcast live through an audio webcast, and the replay of the call will be available later today at www.ptc.com.

今天的電話會議透過音訊網路直播進行現場直播，電話會議的重播將於今天晚些時候在 www.ptc.com 上提供。

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 US Securities and Exchange Commission, as well as in today's press release.

在本次電話會議中，PTC 將做出前瞻性陳述，包括對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大不相同的因素的更多信息，請參閱 PTC 的 10-K 表和 10-Q 表年度報告和向美國證券交易委員會提交的其他文件以及今天的新聞稿。

The forward-looking statements, including guidance provided during this call are valid only as of today's date, February 5, 2025, and PTC assumes no obligation to update these forward-looking statements.

這些前瞻性聲明，包括本次電話會議中提供的指南，僅截至今天（2025 年 2 月 5 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 presented 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.

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指標並非依照公認會計原則呈現。非公認會計準則財務指標與最直接可比較的公認會計準則指標的對帳表可在今天的新聞稿中在我們的網站上找到。

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

接下來，我想將電話轉給 PTC 的執行長 Neil Barua。

Thank you, Matt, and good afternoon, everyone.

謝謝你，馬特，大家下午好。

PTC started fiscal 2025 as anticipated, with our first quarter results coming in slightly better than the guidance we provided, which contemplated a difficult macro and our go-to market changes. The consistency of our ARR and free cash flow underscores the strength of our diversified business model and our disciplined focus on execution.

PTC 按預期開始了 2025 財年，我們的第一季業績略好於我們提供的指導，該指導考慮到了困難的宏觀環境和我們進入的市場變化。我們的 ARR 和自由現金流的一致性凸顯了我們多元化業務模式的優勢以及我們對執行的嚴格關注。

While we continue to see a sluggish selling environment in Q1, I am pleased with the intensity we have internally to ensure we exit fiscal 2025 with increased momentum. This includes the focus we have on our go-to-market transformation, as well as many important purposeful product releases augmented by the work we are doing in AI.

儘管我們在第一季繼續看到銷售環境低迷，但我對我們內部採取的措施感到滿意，以確保我們能夠以更快的勢頭結束 2025 財年。這包括我們對市場轉型的關注，以及透過我們在人工智慧領域所做的工作增強的許多重要且有目的的產品發布。

I'll share more on these key business initiatives during my comments today. For fiscal '25, we've reiterated our ARR and free cash flow guidance ranges, and we think the guidance we provided for Q2 and the full year is appropriate. Kristian will take you through the details.

我將在今天的評論中分享更多有關這些關鍵商業舉措的資訊。對於 25 財年，我們重申了我們的 ARR 和自由現金流指導範圍，我們認為我們為第二季和全年提供的指導是合適的。克里斯蒂安 (Kristian) 將帶您了解詳細資訊。

Turning to slide 4. First off, I'd like to provide an update on the changes we announced last quarter to our go-to-market organization. We've made significant progress reshaping our approach to be vertically oriented, and the changes are energizing our team and customers. These efforts are designed to align us with our long-term growth opportunities and ensure we remain well-positioned to deliver value for our customers and shareholders.

翻到幻燈片 4。首先，我想介紹一下我們上個季度宣布的行銷組織變化的最新情況。我們在重塑垂直導向的方法方面取得了重大進展，這些變化為我們的團隊和客戶注入了活力。這些努力旨在使我們與長期成長機會保持一致，並確保我們始終處於有利地位，為客戶和股東創造價值。

As part of this transformation, we welcomed Rob Dahdah as our Chief Revenue Officer in December. Rob's reputation for excellence in enterprise software is already evident. His impact on the sales team and his focus on performance standards are in early stages and showing promise. Rob is also instilling greater alignment across our sales, customer success, and marketing teams, setting the stage for sustained growth over time.

作為此次轉型的一部分，我們在 12 月歡迎 Rob Dahdah 擔任我們的首席營收長。Rob 在企業軟體領域的卓越聲譽已顯而易見。他對銷售團隊的影響以及對績效標準的關注尚處於早期階段，並顯示出良好的前景。Rob 也在我們的銷售、客戶成功和行銷團隊之間建立了更大的協調性，為長期持續成長奠定了基礎。

In addition to Rob, we've added key leadership roles in growth marketing, technical enablement, sales enablement, and customer success. These hires bring fresh perspectives and high standards, and their mandate is to raise the bar across our organization. Our vertical approach and organizational changes will take time to bear fruit, and we expect to be hitting our stride as we exit the year.

除了 Rob 之外，我們還增加了成長行銷、技術支援、銷售支援和客戶成功的關鍵領導職位。這些員工帶來了新的視角和高標準，他們的使命是提高整個組織的標準。我們的垂直方法和組織變革需要時間才能取得成果，我們期望在今年結束時能夠取得進步。

To be clear, these efforts are critical to delivering sustainable low double digit ARR growth. I'm encouraged by what I'm seeing so far. There is a step change in focus and speed, and we will not take our foot off the pedal.

需要明確的是，這些努力對於實現可持續的低兩位數 ARR 成長至關重要。我對目前看到的情況感到鼓舞。焦點和速度發生了重大變化，我們不會放鬆腳步。

Let's move down to slide 5, which highlights our product portfolio and strategy. Our customers need to introduce new products at a faster pace and with higher quality, even as product complexity increases. That's not possible without digital transformation across their workflows, which is what our products enable. We're focusing our resources and attention on the five core areas of our portfolio that we believe can create the greatest customer value.

我們來看第 5 張投影片，它重點介紹了我們的產品組合和策略。即使產品複雜性不斷增加，我們的客戶也需要以更快的速度和更高的品質推出新產品。如果沒有工作流程的數位轉型，這是不可能的，而我們的產品則可以實現數位轉型。我們將資源和注意力集中在我們認為可以創造最大客戶價值的五個核心產品組合領域。

As a reminder, these five focus areas are PLM, which is driven primarily by our Windchill product. ALM, which is driven by our Codebeamer product. SLM, which is primarily driven by our ServiceMax product. CAD, which is driven primarily by our Creo product, and lastly our continued focus on SaaS.

提醒一下，這五個重點領域是 PLM，主要由我們的 Windchill 產品驅動。ALM，由我們的 Codebeamer 產品驅動。SLM 主要由我們的 ServiceMax 產品驅動。CAD 主要由我們的 Creo 產品驅動，最後我們繼續關注 SaaS。

Today, I'd like to highlight some exciting new advancements across these focus areas. Starting with PLM. With Windchill Navigate View Work Instructions, we're extending 3D digital work instructions from PLM to shop floor employees, enabling our customers to get more value from their product data.

今天，我想強調一下這些重點領域的一些令人興奮的新進展。從 PLM 開始。透過 Windchill Navigate View 工作說明，我們將 3D 數位化工作說明從 PLM 擴展到車間員工，使我們的客戶能夠從其產品資料中獲得更多價值。

In ALM, we're excited about the upcoming release of Codebeamer 3.0, which will further extend the scalability and capabilities of our market-leading ALM solution. In SLM, just this past quarter, we achieved FedRAMP certification for ServiceMax, a critical milestone that opens new opportunities in our FA&D vertical. In CAD, Creo 12 leapfrogs the competition in composite structure design and adds thermal physics to our AI-driven generative design engine.

在 ALM 中，我們對即將發布的 Codebeamer 3.0 感到非常興奮，它將進一步擴展我們市場領先的 ALM 解決方案的可擴展性和功能。在 SLM 中，就在上個季度，我們為 ServiceMax 獲得了 FedRAMP 認證，這是一個重要的里程碑，為我們的 FA&D 垂直領域開闢了新的機會。在 CAD 方面，Creo 12 在複合結構設計方面超越競爭對手，並在我們的 AI 驅動的生成設計引擎中添加了熱物理。

Both of these are embedded modules within Creo and open up new use cases for highly innovative designs. And also in SaaS, Onshape, the industry's only cloud native SaaS platform for CAD and PDM also continues to advance, delivering significant new releases at a remarkable pace, 17 over the past year, including cloud native CAM and advanced surfacing tools.

這兩個都是 Creo 中的嵌入式模組，為高度創新的設計開闢了新的用例。在 SaaS 領域，業界唯一針對 CAD 和 PDM 的雲端原生 SaaS 平台 Onshape 也在不斷進步，以驚人的速度發布了重要的新版本，過去一年共發布了 17 個版本，包括雲端原生 CAM 和先進的曲面造型工具。

We are also further differentiating our core offerings with AI and we're encouraged by the opportunity this presents. So let's get into this area. We believe the industries we serve over time will be fundamentally transformed by AI and PTC is in a great position to be a leader on this front. The promise of AI is based on access to data and putting it to use.

我們也透過人工智慧進一步區分我們的核心產品，這對我們帶來的機會感到鼓舞。那麼讓我們進入這個區域。我們相信，隨著時間的推移，我們所服務的產業將被人工智慧從根本上改變，而 PTC 在這方面處於領先地位。人工智慧的前景是基於數據存取及其使用。

PTC solutions are used to create, manage, and share the product data that is at the heart of our customers' businesses. This could be design data in Creo, requirements data in Codebeamer, Bills of material data in Windchill, or service history data in ServiceMax. We are advantaged in that we have decades of experience with how our customers use this data in their everyday operations and the impact that it has on workflows, speed of development, product quality, and employee productivity.

PTC 解決方案用於建立、管理和共享客戶業務核心的產品資料。這可以是 Creo 中的設計資料、Codebeamer 中的需求資料、Windchill 中的物料清單資料或 ServiceMax 中的服務歷史資料。我們的優勢在於，我們擁有數十年的經驗，了解客戶如何在日常營運中使用這些數據，以及這些數據對工作流程、開發速度、產品品質和員工生產力的影響。

Our understanding of how this data is stored, accessed, and used in our products has been our blueprint for applying AI. It's our secret sauce. Throughout 2024, I said PTC is taking a practical and value-based approach to AI for our customers. We've been hard at work on this front and have identified the most prominent applications and use cases for AI across our portfolio in concert with customer feedback.

我們對這些數據如何在我們的產品中儲存、存取和使用的理解已經成為我們應用人工智慧的藍圖。這是我們的秘密武器。我認為，在整個 2024 年，PTC 將為我們的客戶採取實用且基於價值的 AI 方法。我們一直在這方面努力工作，並根據客戶回饋確定了我們產品組合中人工智慧最突出的應用和用例。

Our offerings operate in assistant-like capacities, allowing customers to interrogate the data in their systems to confirm information, accelerate workflows, and automate tasks such as proactively notifying engineers of a design or requirement's change. These AI offerings will also have specialized AI agents embedded in them. These agents will map to specific domain workflows and data sources within engineering, manufacturing, and service, and they'll intelligently interact behind the scenes, connecting information across their specialty domains to serve up the best information or complete a task.

我們的產品具有類似助手的功能，可讓客戶查詢系統中的資料以確認資訊、加速工作流程並自動執行任務，例如主動通知工程師設計或要求的變更。這些 AI 產品還將嵌入專門的 AI 代理。這些代理將映射到工程、製造和服務領域中的特定領域工作流程和資料來源，並且它們將在後台智慧地交互，連接其專業領域的信息，以提供最佳資訊或完成任務。

I'm pleased to share that the first of these offerings will launch next week with ServiceMax. The ServiceMax AI offering includes several agents that assist with scheduling, service delivery, and workforce enablement. This offering was in beta mode for much of 2024 with top ServiceMax customers, and now it's ready for everyone.

我很高興地告訴大家，第一批產品將在下週與 ServiceMax 一起推出。ServiceMax AI 產品包括多個協助調度、服務交付和勞動力支援的代理商。該產品在 2024 年的大部分時間都處於測試模式，供 ServiceMax 頂級客戶使用，現在它已準備好供所有人使用。

These AI agents have access to all the data stored in a ServiceMax instance, and technicians can interact with them through natural language. Using the latest GenAI technology, the agents can answer questions about a specific job or asset, automate manual documentation, and scheduling tasks, and review proactive recommendations for predictive maintenance. The main goal here is greater efficiency for technicians, doing more in less time.

這些 AI 代理可以存取 ServiceMax 實例中儲存的所有數據，技術人員可以透過自然語言與它們互動。使用最新的 GenAI 技術，代理可以回答有關特定工作或資產的問題、自動執行手動文件和安排任務，並審查預測性維護的主動建議。這裡的主要目標是提高技術人員的效率，用更短的時間完成更多工作。

As part of this launch, we're introducing a new ServiceMax AI SKU, which will be the entry point for AI powered features. This will be a per user per month subscription charge, which is what ServiceMax customers are used to. Our ServiceMax roadmap for fiscal '25 includes other AI powered features and capabilities based on large language models that can be accessed by the same ServiceMax AI SKU.

作為此次發布的一部分，我們推出了新的 ServiceMax AI SKU，它將成為 AI 功能的入口點。這將是每位使用者每月的訂閱費用，這也是 ServiceMax 客戶所習慣的。我們 25 財年的 ServiceMax 路線圖包括基於大型語言模型的其他 AI 功能和能力，這些功能和能力可以透過相同的 ServiceMax AI SKU 存取。

We believe that more ways of accessing AI powered features will lead to more adoption and happier customers. This will allow us to learn faster and continue to improve the offerings and pricing models. In addition, we have been testing a beta version of generative AI features in Codebeamer with Volkswagen Group and Microsoft, which we demonstrated at Microsoft's Ignite event in November to much fanfare.

我們相信，更多獲取人工智慧功能的方式將會帶來更多的採用和更滿意的客戶。這將使我們能夠更快地學習並繼續改進產品和定價模式。此外，我們一直在與大眾汽車集團和微軟合作測試 Codebeamer 中生成式 AI 功能的測試版，並在 11 月的微軟 Ignite 活動上進行了展示，引起了廣泛關注。

Based on customer feedback, I'm excited around the real potential for AI here because of Codebeamer's importance to software defined product strategies for so many of our customers. These customers store their hardware and software requirements data in Codebeamer, critical for the overall product development process and for meeting regulatory and safety requirements.

根據客戶的回饋，我對 AI 的真正潛力感到非常興奮，因為 Codebeamer 對於我們許多客戶的軟體定義產品策略具有重要意義。這些客戶將他們的硬體和軟體需求資料儲存在 Codebeamer 中，這對於整個產品開發流程以及滿足監管和安全要求至關重要。

These new AI features will help engineering teams improve the quality of the requirements, remove duplicate requirements, and compare newer requirements against existing quality standards. We're also hard at work on incremental AI functionality within Windchill, Creo, Onshape, Arena, Servigistics, and other products, and you can expect previews at upcoming events such as HMI and the Paris Air Show.

這些新的 AI 功能將幫助工程團隊提高需求的質量，刪除重複的需求，並將新需求與現有的品質標準進行比較。我們也正在努力開發 Windchill、Creo、Onshape、Arena、Servigistics 和其他產品中的漸進式 AI 功能，您可以在 HMI 和巴黎航空展等即將舉行的活動中看到預覽。

Ultimately, with the value they'll provide, the goal of our AI offerings is to draw in new customers, encourage upgrades with existing customers, and become even more critical to day to day workflows.

最終，透過其提供的價值，我們 AI 產品的目標是吸引新客戶、鼓勵現有客戶升級，並在日常工作流程中變得更加重要。

Turning now to some customer examples from Q1 that highlight our core offerings.

現在來看看第一季的一些客戶案例，重點介紹我們的核心產品。

Moving to slide 6. We've previously talked about our opportunity to cross sell Codebeamer ALM to our base of Windchill customers as products of all types become increasingly software-driven. The two products, Windchill and Codebeamer, in a customer environment working together is highly differentiated in our space, an area we are investing in.

移至幻燈片 6。我們之前曾討論過向 Windchill 客戶群交叉銷售 Codebeamer ALM 的機會，因為各類產品越來越多地由軟體驅動。Windchill 和 Codebeamer 這兩款產品在客戶環境中的協同工作在我們的領域中具有高度差異化，這也是我們正在投資的領域。

Today's first customer story highlights this theme. This med tech customer has been leveraging Windchill to help drive their business since 2017, deploying it broadly beyond core engineering as a platform to enable enterprise wide collaboration and accelerate time to market. Software-defined products are a focus area for this customer as software has become a key driver of their product differentiation.

今天的第一個客戶故事強調了這個主題。這家醫療技術客戶自 2017 年以來一直利用 Windchill 來幫助推動其業務發展，並將其廣泛部署在核心工程之外，作為一個平台來實現企業範圍內的協作並加快產品上市時間。軟體定義產品是該客戶關注的領域，因為軟體已成為其產品差異化的關鍵驅動因素。

In fact, their main products are software upgradable, and they are able to charge their customers for software upgrades that add value to existing products. At the same time, the opportunity for software-driven product growth comes with new challenges associated with managing the rapid expansion in the number of unique software configurations that need to be developed and updated over time.

事實上，他們的主要產品是可軟體升級的，而且他們可以向客戶收取增加現有產品價值的軟體升級費用。同時，軟體驅動產品成長的機會也帶來了新的挑戰，即管理需要隨著時間推移開發和更新的獨特軟體配置數量的快速成長。

This customer needs help managing all of these software variants and releases, and that is why they are now focused on modernizing their current fragmented ALM system and expanding their use of ALM. They decided to standardize on Codebeamer, displacing two legacy ALM vendors.

這位客戶需要協助來管理所有這些軟體變體和版本，這就是為什麼他們現在專注於現代化其當前分散的 ALM 系統並擴大其對 ALM 的使用。他們決定採用 Codebeamer 進行標準化，取代兩家傳統的 ALM 供應商。

Cross-selling was a key part of this deal. This customer is a happy user of Windchill, and Codebeamer's future roadmap aligns with their future plans. Furthermore, the med tech vertical is similar to verticals including automotive and federal, aerospace and defense, in that there's an additional catalyst driving the adoption of Codebeamer, regulatory and safety compliance.

交叉銷售是這筆交易的關鍵部分。這位客戶是 Windchill 的滿意用戶，Codebeamer 的未來發展路線圖與他們的未來計畫一致。此外，醫療技術垂直產業與汽車和聯邦、航空航太和國防等垂直產業類似，都有一個額外的催化劑推動採用 Codebeamer，即監管和安全合規。

With the rapid increase of software that is embedded in hardware components, companies are looking for tools to help ensure and automate their regulatory compliance processes. Traceability is required for safety-critical, highly regulated industries, and Codebeamer is the most modern ALM product that enables this in an agile development environment.

隨著嵌入硬體組件的軟體的快速增加，公司正在尋找工具來幫助確保和自動化其法規合規流程。安全關鍵且受到嚴格監管的行業需要可追溯性，而 Codebeamer 是在敏捷開發環境中實現可追溯性的最現代的 ALM 產品。

Beyond this specific customer example, 27 of the top 30 public medical device manufacturers use PTC in some fashion, and we believe we are well-positioned to expand our footprint and grow our Codebeamer business in this vertical. ALM represents a really interesting growth opportunity across multiple verticals in alignment with our PLM focus. As such, we have been increasing our investments in Codebeamer, working alongside Creo and Windchill to accelerate our leadership.

除了這個特定的客戶範例之外，前 30 家公共醫療設備製造商中有 27 家以某種方式使用 PTC，我們相信我們有能力擴大我們的足跡並在這個垂直領域發展我們的 Codebeamer 業務。ALM 代表著一個真正有趣的跨多個垂直領域的成長機會，與我們的 PLM 重點一致。因此，我們一直在增加對 Codebeamer 的投資，與 Creo 和 Windchill 合作以增強我們的領導地位。

Turning to our next customer story on slide 7. This customer is in the federal, aerospace and defense vertical and is a good example of a well-established company that continues to invest in digital transformation to drive market leadership in a competitive, high growth environment. This customer is seeing strong growth in demand and needs to increase production.

請前往第 7 張投影片上的下一個客戶故事。該客戶屬於聯邦、航空航太和國防垂直行業，是一家知名公司的典範，透過持續投資數位轉型，在競爭激烈、高成長的環境中佔據市場領先地位。該客戶的需求成長強勁，需要增加產量。

In addition, their customers are asking for state of the art products that are at the boundary of what is physically possible. We're talking about designs where a small amount of wind resistance makes a big -- very big difference. To tackle these challenges, this customer needs best in class tool, and that's why they chose Creo for design engineering and Windchill as their enterprise backbone for their product data.

此外，他們的客戶還要求提供超越物理極限的最先進的產品。我們正在討論的設計中，少量的風阻會帶來很大的不同。為了應對這些挑戰，該客戶需要一流的工具，這就是他們選擇 Creo 進行設計工程並選擇 Windchill 作為其產品資料的企業主幹的原因。

Design excellence is in focus for this customer because this is an R&D centric enterprise and they depend on improvements in design engineering to stay competitive. To further add to their capabilities, they will continue to invest in advanced Creo modules, including Creo Simulation Live, Composites, and Generative Design. These modules will help this customer produce lighter weight products with higher quality at a faster pace using less materials.

這位客戶注重卓越的設計，因為這是一家以研發為中心的企業，他們依靠設計工程的改進來保持競爭力。為了進一步增強其能力，他們將繼續投資先進的 Creo 模組，包括 Creo Simulation Live、Composites 和 Generative Design。這些模組將幫助該客戶使用更少的材料以更快的速度生產出更輕、更高品質的產品。

This customer is also continuing to expand its Windchill system as an enterprise platform to drive collaboration around real-time trusted product data. They have provided Windchill product data access to operational functions including supply chain, quality, sales and service. Usage has gone viral, driving productivity gains.

該客戶還繼續擴展其 Windchill 系統作為企業平台，以推動圍繞即時可信任產品數據的協作。他們已向供應鏈、品質、銷售和服務等營運職能部門提供 Windchill 產品資料存取權。使用量迅速蔓延，推動了生產力的提升。

These outcomes are leading to a large follow-on order for more seats, as well as further expansion to employees on the factory floor. Currently, approximately 70% of this customer's employee base benefits from having access to product data in Windchill, and this customer's Creo and Windchill ARR has grown significantly with more room to run.

這些成果帶來了更多座椅的後續大量訂單，以及工廠車間員工的進一步擴張。目前，該客戶約 70% 的員工因能夠存取 Windchill 中的產品資料而受益，而該客戶的 Creo 和 Windchill ARR 也得到了顯著成長，擁有了更大的運作空間。

In closing, I remain immensely optimistic about where PTC is heading. Our focused strategic initiatives are gaining traction, and we are driving purposeful innovations that are resonating with customers. Combine that with transformative go-to-market changes and a focus on accountability in everything we do, and you can understand why we are energized.

最後，我對 PTC 的發展方向依然非常樂觀。我們的重點策略舉措正在獲得支持，我們正在推動引起客戶共鳴的有意義的創新。再加上變革性的行銷變革和對我們所做一切的責任的關注，你就可以理解我們為何充滿活力。

Thank you for your support and interest in PTC.

感謝您對 PTC 的支持與關注。

Kristian, over to you.

克里斯蒂安，交給你了。

Thanks, Neil, and hello, everyone.

謝謝，尼爾，大家好。

Starting off with slide 9. Our ARR and free cash flow results in Q1 were in line with our guidance. As you know, we believe ARR and free cash flow are the most important metrics to assess the performance of our business. To help investors understand our business performance, excluding the impact of FX volatility, we provide ARR guidance and disclose our ARR results on a constant currency basis.

從投影片 9 開始。我們第一季的 ARR 和自由現金流結果符合我們的預期。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。為了幫助投資者了解我們的業務表現，排除外匯波動的影響，我們提供 ARR 指引並以固定匯率揭露我們的 ARR 結果。

At the end of Q1 '25, our constant currency ARR using our fiscal '25's plan FX rates was $2.277 billion, up 11% year over year. In Q1, we saw a continuation of the challenging selling environment we've been experiencing for a couple of years now, and this continues to impact close rates. Also consistent with our expectations from a quarter ago, our constant currency ARR growth in Q1 was impacted by two factors which we called out on our previous earnings call.

截至 2025 年第一季末，使用 2025 財年計畫外匯匯率計算的固定貨幣 ARR 為 22.77 億美元，年增 11%。在第一季度，我們看到了幾年來一直面臨的嚴峻銷售環境，而這持續影響著成交率。與我們一個季度前的預期一致，我們第一季的固定貨幣 ARR 成長受到我們在先前的收益電話會議上提到的兩個因素的影響。

The first factor was the linearity of deferred ARR in fiscal '25, and the second factor was a couple of contracts that resulted in churn in Q1, which are contracted to come back into ARR later this fiscal year.

第一個因素是 25 財年遞延 ARR 的線性，第二個因素是導致第一季度客戶流失的幾份合同，根據合同，這些合同將在本財年晚些時候重新回到 ARR 中。

Moving on to cash flow. In Q1, our free cash flow was up 29% year over year as we continued to invest in our key focus areas at the same time. Note that the $236 million of free cash flow we generated in Q1 absorbed $11 million of outflows related to our go-to-market realignment, which is in line with our expectations.

繼續討論現金流。在第一季度，由於我們繼續在重點關注領域進行投資，我們的自由現金流同比增長了 29%。請注意，我們在第一季產生的 2.36 億美元自由現金流吸收了與我們的市場調整相關的 1,100 萬美元的資金流出，這符合我們的預期。

Turning to slide 10. Let's look at our constant currency ARR growth in more detail. Looking at our product groups, our constant currency ARR year over year growth was 9% in CAD driven primarily by Creo, and 11% in PLM, primarily driven by Windchill, Codebeamer, IoT, and ServiceMax. On a year over year basis, constant currency ARR grew by 9% in the Americas and 12% in both Europe and Asia Pacific.

翻到第 10 張投影片。讓我們更詳細地看看我們的恆定貨幣 ARR 成長。縱觀我們的產品組，以固定匯率計算，CAD 的 ARR 年成長 9%，主要受 Creo 的推動；PLM 的 ARR 同比增長 11%，主要受 Windchill、Codebeamer、IoT 和 ServiceMax 的推動。與去年同期相比，美洲地區的固定匯率 ARR 成長了 9%，歐洲和亞太地區的 ARR 均成長了 12%。

Our ARR growth is based on our unique product portfolio, which aligns with the digital transformation needs of our customers. Despite the overall selling environment, our top line has shown good resilience, supported by our subscription model, low churn rate, and the propensity for our customer base to prioritize their R&D investments through challenging times.

我們的 ARR 成長基於我們獨特的產品組合，這與客戶的數位轉型需求一致。儘管整體銷售環境不佳，但我們的營收表現出良好的韌性，這得益於我們的訂閱模式、低客戶流失率以及客戶群在困難時期優先考慮研發投資的傾向。

Turning to slide 11. We ended Q1 with cash and cash equivalents of $196 million. At the end of Q1, gross debt was $1.548 billion and we were 1.7 times levered. We continue to diligently pay down our debt, and we've started to buy back shares under our $2 billion share repurchase program. During Q1, we paid down our debt by $205 million and used $75 million of cash to repurchase 383,000 shares of our common stock.

翻到第 11 張投影片。我們第一季的現金和現金等價物為 1.96 億美元。截至第一季末，總負債為 15.48 億美元，槓桿率為 1.7 倍。我們繼續努力償還債務，並已開始根據 20 億美元的股票回購計畫回購股票。第一季度，我們償還了 2.05 億美元的債務，並使用 7,500 萬美元現金回購了 383,000 股普通股。

As you all know, we have a $500 million bond that's coming due in February, which we intend to retire upon expiration with cash on hand and by drawing on our revolving credit facility. Given the consistency and predictability of the business, we aim to maintain a low cash balance. As such, assuming we have excess cash, we expect to return it to shareholders. The authorization we now have in place gives us a lot of flexibility in how we do that.

大家知道，我們有一筆 5 億美元的債券將於二月到期，我們打算在到期時利用手頭現金和循環信貸額度來償還。考慮到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，假設我們有剩餘現金，我們希望將其返還給股東。我們目前擁有的授權為我們實現這一目標提供了很大的靈活性。

In line with what we've said previously, we currently intend to buy back approximately $300 million of our common stock in fiscal '25 with another approximately $75 million of repurchases expected in Q2. 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.

按照我們之前所說的，我們目前打算在 25 財年回購約 3 億美元的普通股，並預計在第二季再回購約 7,500 萬美元。我們的長期目標，假設我們的債務與 EBITDA 比率低於 3 倍，仍然透過股票回購將約 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。

Finally, 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.

最後，我們24財年的完全稀釋股票數量為1.21億股，我們目前預計25財年的完全稀釋股票數量將大致持平。

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 rates as of September 30, 2024. For constant currency ARR, given our differentiated product portfolio, the resilience of our subscription business model, the actions we've taken over time to align our investments with market opportunities and allowing that our go-to-market changes are expected to take time to have their intended effect, we expect growth of approximately 9% to 10% for fiscal '25 and approximately 9.5% for Q2 of fiscal '25.

接下來，我將帶您了解投影片 12 上的指導。此投影片上的所有 ARR 金額均基於截至 2024 年 9 月 30 日的 25 財年計畫利率。對於固定匯率 ARR，考慮到我們差異化的產品組合、訂閱業務模式的彈性、我們為使我們的投資與市場機會保持一致而採取的長期行動，以及我們的上市變化預計需要時間才能產生預期效果，我們預計 25 財年增長率約為 9% 至 10%，25 財年第二季度增長率約為 9.5%。

I'll get into more detail on constant currency ARR on the next two slides. On cash flow, we're guiding the free cash flow of $835 million to $850 million in fiscal '25, which absorbs the approximately $20 million of cash outflows for severance and consulting fees related to our go-to-market realignment we've discussed previously.

我將在接下來的兩張投影片中更詳細地介紹恆定貨幣 ARR。在現金流方面，我們預計25財年的自由現金流將達到8.35億美元至8.5億美元，這將吸收我們之前討論過的與市場調整相關的遣散費和諮詢費等約2000萬美元的現金流出。

We're not calling out a restructuring charge, so all of this will flow through the sales and marketing and cost of revenue lines on our P&L. As we've said previously, this is not a cost cutting exercise. We're reinvesting in our go-to-market organization with a focus on the areas we believe deliver the greatest value to our customers. In fiscal '25, we expect largely similar invoicing seasonality compared to the previous four years.

我們不會要求重組費用，因此所有這些都將流經我們損益表上的銷售和行銷以及收入成本。正如我們之前所說，這不是一項削減成本的措施。我們正在對我們的行銷組織進行再投資，重點關注我們認為能為客戶帶來最大價值的領域。在 25 財年，我們預計發票的季節性與前四年大致相似。

Based on this and our expected cash outflows, we expect approximately 60% of our free cash flow to be generated in the first half of the year and for fiscal Q4 to be our lowest cash flow generation quarter. For Q2 of fiscal '25, we're guiding for free cash flow of approximately $270 million, which absorbs approximately $4 million of the $20 million of total outflows related to our go-to-market realignment.

基於此以及我們預期的現金流出，我們預計約 60% 的自由現金流將在上半年產生，而第四財季將是我們現金流產生最低的季度。對於 25 財年第二季度，我們預計自由現金流約為 2.7 億美元，這將吸收與我們進入市場重新調整相關的 2,000 萬美元總流出中的約 400 萬美元。

Note that our cash flow guidance is not on a constant currency basis. So FX fluctuations can have an impact in either direction. Approximately 45% of our ARR is transacted in foreign currencies, and approximately 35% of our non-GAAP cost of revenue and operating expenses are transacted in foreign currencies. So we have somewhat of a natural hedge.

請注意，我們的現金流指導並不是基於固定的貨幣基礎。因此，外匯波動可能會產生雙向影響。我們的約 45% ARR 以外幣交易，約 35% 非 GAAP 收入成本和營運費用以外幣交易。因此，我們擁有某種程度上的自然對沖。

That said, significant FX moves can have an impact, and we're seeing some of that pressure this year. We'll see how FX rates move as we progress through the year, but at this point, we still feel comfortable with our cash flow guidance for Q2 and for fiscal '25.

儘管如此，重大的外匯變動可能會產生影響，我們今年就看到了一些這樣的壓力。我們將觀察外匯匯率在今年內如何變動，但目前，我們仍然對第二季和25財年的現金流指引感到滿意。

While changes in FX, interest rates, and tax regulations can be difficult to predict, we have a high degree of confidence in our free cash flow forecasting process due to the predictability of our cash collections and the disciplined budgeting structure we have in place.

雖然外匯、利率和稅收法規的變化很難預測，但由於我們的現金收集具有可預測性，並且我們已建立嚴格的預算結構，因此我們對我們的自由現金流預測過程具有高度信心。

Importantly, we've maintained consistent billing practices over time. We primarily bill our customers annually upfront one year at a time, regardless of contract term lengths. So our free cash flow results over time are comparable. Furthermore, over the past five years, we've optimized our internal budgeting process. It starts with having a subscription business model that generates predictable cash inflows. Then we begin each fiscal year by funding our business for growth at the low end of our internal ARR forecast. As the year progresses, we maintain or increase that level of funding based on the growth dynamics we're seeing.

重要的是，我們長期以來一直保持一致的計費方式。無論合約期限長短，我們主要按年向客戶收取費用。因此，我們的自由現金流結果隨時間的變化是可比的。此外，在過去五年裡，我們優化了內部預算流程。首先要有一個能產生可預測現金流入的訂閱業務模式。然後，我們在每個財政年度開始時，按照內部 ARR 預測的低端為業務成長提供資金。隨著時間的推移，我們會根據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. That said, we would not do anything that impacts the long-term prospects of the business because of short-term FX movements.

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，同時提供可預測的自由現金流。儘管如此，我們不會因為短期外匯變動而做出任何影響業務長期前景的事情。

Over the medium term, we continue to expect our free cash flow to grow faster than our ARR with non-GAAP operating expenses expected to grow at roughly half the rate of ARR. A basic tenet of our subscription business model and budgeting process is that there's natural operating leverage that we benefit from as our ARR grows.

從中期來看，我們仍然預計我們的自由現金流成長速度將快於我們的 ARR，而非 GAAP 營運費用預計成長速度約為 ARR 成長速度的一半。我們的訂閱業務模式和預算流程的基本原則是，隨著 ARR 的成長，我們將從中受益自然的營運槓桿。

To help you with your models, we're 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 primarily sell on-premise subscription and the way revenue is recognized from these contracts can vary significantly based on variables that aren't necessarily relevant to the performance of the business.

為了幫助您建立模型，我們提供了收入和每股盈餘指引。不過，我想重申我最喜歡的提醒。ASC 606 使得 PTC 的收入和每股盈餘難以預測，因為我們主要銷售內部訂閱，而從這些合約中確認收入的方式可能會因與業務績效不一定相關的變數而有很大差異。

I did a teaching on this subject on our Q4 fiscal '22 call that you may want to refer to if you're new to PTC. You can find the presentation on the Investor section of our website.

我在 22 財年第四季電話會議上就這個主題進行了講解，如果您是 PTC 新手，您可能需要參考一下。您可以在我們網站的投資者部分找到該簡報。

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.

總結一下，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。

Next, on slide 13. Here's an illustrative constant currency ARR model for Q2. This slide shows our sequential net new ARR over the past couple of years, and the column on the far right illustrates that we need $44 million of sequential net new ARR growth to hit 9.5% growth for Q2.

接下來，請看第 13 張投影片。以下是第二季的固定貨幣 ARR 模型說明。這張投影片展示了我們過去幾年的連續淨新 ARR，最右邊的欄位顯示，我們需要 4,400 萬美元的連續淨新 ARR 成長才能實現第二季 9.5% 的成長率。

Obviously, it's impossible to predict any given quarter with that level of precision, and we're being mindful of the macro environment and the go-to-market changes we're making. 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 the timing of new bookings, the timing of renewals, the timing of deferred ARR starting, 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.

顯然，我們不可能以如此高的精度預測任何一個季度的情況，我們會密切關注宏觀環境和我們所做的市場變化。如您所知，根據我們過去幾年的業績，考慮到新預訂的時間、續約的時間、延期 ARR 開始的時間、特定季度中有多少新預訂在該季度開始、我們預計特定季度的客戶流失率等動態因素，我們的淨新 ARR 在特定季度可能會有所波動。

It's not unusual to see quarterly volatility in our sequential net new ARR results. Importantly, we expect churn to remain low throughout fiscal '25. Also, as we make incremental investment decisions over the course of a fiscal year, we continue to focus on our internal forecast for the full year net new ARR growth.

我們的連續淨新 ARR 結果出現季度波動並不罕見。重要的是，我們預計整個 25 財年客戶流失率將維持在低水準。此外，當我們在一個財政年度內做出增量投資決策時，我們將繼續關注全年淨新 ARR 成長的內部預測。

Moving to slide 14. Here's a similar illustrative model for fiscal '25. You can see our results over the past three years, and the column on the right illustrates that we need $214 million of net new ARR this year to hit the midpoint of our fiscal '25 constant currency ARR guidance range.

移至投影片 14。這是針對25財年的類似說明模型。您可以看到我們過去三年的業績，右邊的欄顯示，我們今年需要 2.14 億美元的淨新 ARR 才能達到我們財年 25 年固定匯率 ARR 指導區間的中點。

This range along with our Q1 results and Q2 guidance, obviously indicates a back half loaded year, which is supported by our pipeline and our internal forecast. Our pipeline continues to grow, and we have a significant stable of large opportunities in our Q3 and Q4.

這個範圍加上我們第一季的業績和第二季的指引，顯然預示著下半年將會出現負荷，這得到了我們的產品線和內部預測的支持。我們的通路持續成長，我們在第三季和第四季擁有大量穩定的重大機會。

At the midpoint of our range, we would be adding approximately $20 million less net new ARR in fiscal '25 compared to 2024 and approximately $5 million less than in fiscal '23 and '22. Note that fiscal '24 benefited approximately $10 million due to incremental deferred ARR in that year. Adjusting for that, our fiscal '25 guidance midpoint indicates approximately flattish net new ARR growth compared to fiscal '24, '23, and '22.

在我們範圍的中間點，與 2024 年相比，我們在 25 財年的淨新 ARR 將減少約 2000 萬美元，與 2023 財年和 2022 財年相比，淨新 ARR 將減少約 500 萬美元。請注意，由於該年的增量遞延 ARR，24 財年收益約為 1,000 萬美元。經過上述調整後，我們的 25 財年指導中點表明，與 24、23 和 22 財年相比，淨新 ARR 成長大致持平。

I think this point highlights exactly why we're evolving our go-to-market organization this year. We're hard at work with this evolution, augmented with new product releases such as the ones that Neil outlined earlier, to ensure that we exit this year with momentum to drive net new ARR growth into fiscal '26 and beyond.

我認為這一點恰恰凸顯了我們今年要改善行銷組織的原因。我們正在努力實現這一變革，並透過發布 Neil 先前概述的新產品來增強這一變革，以確保我們在今年結束時能夠保持強勁勢頭，推動 26 財年及以後的淨新 ARR 成長。

In the meantime, our business model is resilient, and we continue to believe the right guidance range for fiscal '25 constant currency ARR growth is 9% to 10%. In conclusion, PTC has a strong product portfolio and strategy, a track record of operational discipline, and clear value creation opportunities.

同時，我們的商業模式具有彈性，我們仍然相信 25 財年固定匯率 ARR 成長的正確指導範圍是 9% 至 10%。總之，PTC 擁有強大的產品組合和策略、良好的營運紀律以及明確的價值創造機會。

We're focused on what matters most for our customers and we are aligning our operations so that we can scale our business in a consistent manner.

我們專注於對客戶最重要的事情，並調整我們的運營，以便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.

說到這裡，我想將電話轉給接線生，進行今天的問答環節。

(Operator Instructions)

（操作員指令）

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Neil, your various comments on new products or product expansions, are quite interesting to me, and one thing I'd like to ask about is your comments about the AI products specifically. Maybe you could talk about how you're organizing and investing in those or is this a segment or products specific development effort? Is there a central AI group that is managing all of these developments So there's some commonality within the company for your AI proliferation?

尼爾，你對新產品或產品擴充的各種評論對我來說相當有趣，我想問的一件事是您對人工智慧產品的具體評論。也許您可以談談您是如何組織和投資這些的，或者這是一個特定的領域或產品的開發工作？是否有一個中央 AI 小組負責管理所有這些開發工作？

And then just to finish up on the product side, you alluded to some expansion into manufacturing process. This is something that two of your larger competitors, Dassault and Siemens have clearly been investing in and seeing new business in. Is this an incrementally important use case or application area for you?

然後，為了完成產品方面的事情，您提到了製造過程的一些擴展。您的兩個較大的競爭對手達梭和西門子顯然已在此領域進行投資，並從中看到了新的業務。對您來說，這是一個越來越重要的用例或應用程式領域嗎？

Yes. So thanks for the question, Jay.

是的。謝謝你的提問，傑伊。

On the -- I'll take the second piece. In fact, we had a contingent of a number of people, partners as well as employees today here at the Seaport this week, working through the manufacturing process piece and process category and value that we've got. The way we're approaching it is we believe extending PLM Windchill data to the manufacturing floor is where our value resides, and we see that working in conjunction with the MES systems of the world that are deeper into that workflow. We will provide the PLM data to those systems and to ERPs, is our approach on the manufacturing side. On the other piece, on the AI, as you know and as we've talked about, with ServiceMax, we were letting 2024 be able for our teams to self-introduce and innovate and experiment with AI technologies over the course of 2024. You saw the ServiceMax team really doing a nice job. Onshape, by the way, has also done a really nice job with that, thinking through all different technologies and approaches for working with customers on betas by which now as I talked about ServiceMax's GA’ing on February 10thhere, their ServiceMax AI piece and that was done within the ServiceMax team.

關於——我要討論第二部分。事實上，本週，我們派出了一個由多名人員、合作夥伴和員工組成的團隊，在海港研究我們掌握的製造工藝件、工藝類別和價值。我們的方法是基於我們相信將 PLM Windchill 資料擴展到製造車間是我們的價值所在，我們看到與全球 MES 系統協同工作可以更深入地融入該工作流程。我們將向這些系統和 ERP 提供 PLM 數據，這是我們在製造方面採取的方法。另一方面，關於人工智慧，如您所知，正如我們所討論過的，透過 ServiceMax，我們將讓 2024 年能夠讓我們的團隊在 2024 年期間自我引入、創新和試驗人工智慧技術。您看到 ServiceMax 團隊確實做得非常出色。順便說一句，Onshape 在這方面也做得非常出色，他們考慮了所有不同的技術和方法，以便與客戶一起開發測試版本，正如我在 2 月 10 日談到 ServiceMax 的 GA 時所說，這是他們的 ServiceMax AI 部分，是在 ServiceMax 團隊內部完成的。

But what we've seen with Codebeamer now and the interest that we got out of the Ignite conference and the work we're doing with Volkswagen and Microsoft for the Codebeamer launch and subsequently what we're doing with Windchill and Creo, we're now in the process and have already started an alignment of a group that is actually centered in on making sure there's alignment across all our AI innovations that are happening in our product segments.

但我們現在看到的 Codebeamer、我們從 Ignite 大會上獲得的關注、我們與大眾和微軟為 Codebeamer 的發布而進行的合作，以及隨後我們與 Windchill 和 Creo 的合作，我們現在正處於這一過程中，並且已經開始了一個團隊的協調，該團隊實際上集中在確保我們產品領域中發生的所有 AI 創新領域中發生一致。

So we're evolving it. As I said, it was always going to be an approach that's valuable and practical and to make sure there's value for customers and over time can accrete to PTC. And I think we're at the stage where we were crawling last year. We started walking and it's time to move into the jog to run pace based on the customer feedback we're getting around this.

因此我們正在對其進行改進。正如我所說，這始終是一種有價值且實用的方法，並確保為客戶帶來價值，並且隨著時間的推移可以為 PTC 帶來增值。我認為我們正處於去年爬行的階段。我們開始步行，並且根據收到的客戶回饋，是時候轉為慢跑速度了。

And this space is evolving very quickly and we'll be very nimble towards things that are changing around that manner, but we're energized, as you could tell around the addition of AI capabilities into what is already great products for the company.

這個領域正在快速發展，我們會非常靈活地應對這種變化，但我們充滿活力，正如你看到的那樣，我們將人工智慧功能添加到公司原本就很棒的產品中。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

Actually kind of building off of Jay's -- one of Jay's parters. Two of your competitors, your European ones, seem to be really battling it out on the PLM side. Ironically, one seems to be taking share from the other. Where does PTC fall in all this? I mean have you seen any changes to the -- in competitive environment, any changes to your win rates? Are you involved in some of these? Are you happy just be watching on the sidelines?

實際上是以傑伊的一位合夥人為基礎的。你們的兩個競爭對手（歐洲的）似乎在 PLM 方面展開了激烈的競爭。諷刺的是，其中一方似乎正在搶佔另一方的份額。在這一切中，PTC 處於什麼位置？我的意思是，您是否看到過競爭環境的任何變化，您的勝率有任何變化嗎？您是否參與了其中的一些？您是否很高興只是在場邊觀看？

So we're fully in the arena. No being on the sidelines here, Jason, as you know. And I think what I would say is, given we're three players in this really remarkable industry where all boats are lifting because of these digital transformation needs, I'm glad to see all of us kind of rising to the occasion here. And as I said, very optimistic around how this will translate over the next number of years in front of us for all three of us competitors.

所以我們完全進入了競技場。傑森，你知道，這裡不能袖手旁觀。我想說的是，鑑於我們三人都身處這個真正了不起的行業，由於這些數位轉型的需求，所有的船都在升空，我很高興看到我們所有人都能應對這一挑戰。正如我所說的，我們對未來幾年我們三個競爭對手的成果都非常樂觀。

That being said, strategically, our focus from a PTC perspective is that the nerve center is our Windchill and Codebeamer product capabilities, and we have amazing CAD tools like Creo obviously and Onshape, and we have really great aftermarket capabilities in our SLM suite.

話雖如此，從戰略上講，從 PTC 的角度來看，我們的重點是神經中樞是我們的 Windchill 和 Codebeamer 產品功能，並且我們擁有出色的 CAD 工具，例如 Creo 和 Onshape，並且我們的 SLM 套件中擁有非常出色的售後市場功能。

Our approach, which is differentiated versus the two that you mentioned, is how do you really think about as a customer the utilization of Windchill in coordination with your CAD systems whether it be Creo or others and how does software kind of get embedded into what's happening within product development cycles.

我們的方法與您提到的兩種方法有所不同，即您作為客戶如何真正考慮將 Windchill 與您的 CAD 系統（無論是 Creo 還是其他系統）相協調，以及如何將軟體嵌入到產品開發週期中正在發生的事情中。

And that's our approach. And the competitors, as you heard this past week, they're battling it out in the manufacturing side, which Jay talked about. We're not there. We're not going there. We're actually just showing our PLM data to the manufacturing floor. So let our two competitors play out the manufacturing side. We're really focused on where does the product data actually need real-time understanding and democratization of that moving through the enterprise.

這就是我們的方法。正如大家上週聽到的，競爭對手正在製造方面展開激烈競爭，正如傑伊所說的。我們還沒到那裡。我們不會去那裡。實際上，我們只是向製造車間展示我們的 PLM 數據。所以讓我們的兩個競爭對手在製造上展開較量。我們真正關注的是產品資料在企業中移動時實際上需要即時理解和民主化的地方。

And our Windchill, Codebeamer in conjunction strategic intent is very differentiated versus our other two competitors, and we feel good about how we're positioned there.

我們的 Windchill 和 Codebeamer 的聯合策略意圖與我們的其他兩個競爭對手相比有很大差異，我們對我們的定位感到滿意。

Ken Wong, Oppenheimer & Company.

奧本海默公司 (Oppenheimer & Company) 的 Ken Wong。

Kristian, I just wanted to ask about the trajectory of NRR. When I look at kind of Q2 being a little subseasonal, and then I maybe meld that with Neil's comments that you guys won't hit your go-to-market stride until Q4. Is it fair to assume that we should be looking at kind of slightly subseasonal net new ARR until you hit that fourth quarter?

克里斯蒂安，我只是想問 NRR 的軌跡。當我看到第二季度有點不合時宜時，我可能會把它與 Neil 的評論結合起來，即你們要到第四季度才能進入市場。是否可以合理地假設，在進入第四季度之前，我們應該關注略微低於季節性的淨新 ARR？

Yeah. I think we're not providing specific Q3, Q4 guidance at this point, but as I -- as we said in the prepared comments, we do have a maybe even slightly more than usual back half loaded year. Of course, back half loaded year is pretty typical for PTC and we're kind of around the edges there.

是的。我認為我們目前還沒有提供具體的第三季、第四季指引，但正如我在準備好的評論中所說的那樣，我們下半年的業績可能比往常略有增加。當然，對於 PTC 來說，下半年的滿載運行是相當典型的，而我們目前處於邊緣狀態。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Neil, on your comments about exiting fiscal '25 with momentum and maybe growing '26, help us understand the progress you have made on the go-to-market alignment side given that Rob joined recently as CRO. And also on the macro side also, we recently saw manufacturing PMI bouncing back above [50] after two years. Wondering what are the metrics that you look at to feel comfortable on the macro side.

Neil，關於你關於在 25 財年結束時保持強勁勢頭以及 26 年可能實現增長的評論，鑑於 Rob 最近加入並擔任 CRO，請幫助我們了解你在市場進入協調方面所取得的進展。從宏觀角度來看，我們最近看到製造業PMI在兩年後反彈至[50]以上。想知道在宏觀方面您需要關注哪些指標才能感到滿意。

Thanks for the question, Siti. I'll take the first one and thanks for it.

謝謝你的提問，Siti。我選第一個，謝謝。

I want to just level set again on reinforcing the two main reasons for why we're making in the process of all these go-to-market changes. First is to make us more effective at serving our customers. And the second is to make sure as we scale, we sustain our low double digit ARR growth target over the medium term, right? So that's what we're like centered in on from all the changes that are being made.

我想再次強調我們在所有這些市場進入變革過程中所做的兩個主要原因。首先是讓我們更有效地為客戶服務。第二，確保我們在擴大規模的同時，在中期內維持低兩位數的 ARR 成長目標，對嗎？這就是我們關注的所有正在進行的改變的中心內容。

And in terms of the changes, in Q1, we're showing early promise and I'm seeing the teams being motivated, customers reacting to this as well. But like three dynamics of the things we've already undertaken and are now well under way in executing. First is, in Q1, as we talked about, we verticalized our go-to-market approach. Top verticals are industrial products, FA&D, automotive, med tech, and electronics and high tech.

就變化而言，在第一季度，我們表現出了早期的希望，我看到團隊受到了激勵，客戶也對此做出了反應。但就像我們已經採取的三項動態措施一樣，現在它們正在順利執行中。首先，正如我們在第一季談到的，我們垂直化了我們的市場進入方式。主要垂直產業包括工業產品、FA&D、汽車、醫療技術、電子和高科技。

So we did that and all the heavy lifting to make sure the messaging, the account transition, the plans to go execute as we're starting to do here in Q2, has been put in place. If you watch LinkedIn, you'll see the marketing message is very tailored around industry verticals.

因此，我們這樣做了，並做了所有繁重的工作，以確保訊息傳遞、帳戶轉換和執行計劃（正如我們在第二季度開始做的那樣）已經到位。如果你有追蹤 LinkedIn，你會發現其行銷訊息非常針對垂直產業。

So point number one. Two is we brought Rob in, our new CRO, in early December. Rob's acclimated real well so far. He's infusing a ton of discipline and depth into, as an example, our weekly pipeline management processes. He's working through the overall go-to-market operating rhythm, which should -- he's targeted to make sure we're getting a more consistent and predictable way to grow the business. He's also -- this is really great, is Rob's working with CK, our Chief Marketing Officer, to make sure they're combined in their efforts to execute across this vertical strategy.

這是第一點。二是我們在 12 月初引入了新的 CRO Rob。到目前為止，羅布已經適應得很好了。例如，他為我們的每週管道管理流程注入了大量紀律和深度。他正在努力製定整體的市場營運節奏，他的目標是確保我們能夠以更一致、更可預測的方式實現業務成長。他也——這真的很棒，Rob 正在與我們的首席行銷長 CK 合作，以確保他們齊心協力執行這項垂直策略。

And lastly, just to give you the scope of the change that we're making, we've also leveled up our overall go-to-market team by adding key leadership roles in growth marketing, enablement that I mentioned on sales and technical, customer success. We've exited a number of people that we talked about in Q1. We've removed layers. We're starting to add quota carrying salespeople over the course of this year, and we've elevated really great veteran PTCers to prominent roles as well.

最後，為了讓你了解我們正在進行的變革的範圍，我們還透過增加成長行銷、我在銷售和技術、客戶成功方面提到的支援方面的關鍵領導角色，提升了我們的整體行銷團隊的水平。我們已經解雇了第一季談到的幾名員工。我們已經刪除了圖層。我們在今年開始增加承擔配額的銷售人員，並且也將真正優秀的資深 PTC 員工提拔到重要職位。

All -- the reason why I give you that backdrop, Siti, and the team here is because that work will and the execution now of all the foundation laying that we did in Q1 will now allow for the next few quarters for us to start working in that flywheel to get us running at the pace that I believe is the potential of this company. And so far, we feel good about it, but work is ahead of us and we're feeling compelled around the opportunity around it.

我之所以向 Siti 和團隊介紹這些背景情況，是因為我們現在在第一季奠定的所有基礎將使我們能夠在接下來的幾個季度開始運轉，以我認為公司潛力無限的速度運行。到目前為止，我們對此感覺良好，但是工作還在我們面前，我們感覺到周圍的機會迫使我們去做。

On your second question around macro, yes, of course, we look at the PMI. Of course, we wake up like it's Christmas morning when we see a PMI tick over 50, but that being said, what we look at is the pipeline, which Kristian talked about, we feel really good about the back half pipeline, the size of the deals, the quality of the deals. And I'm even more energized by the fact that now that we're putting a greater discipline around the go-to-market changes, how we can add even greater pipeline opportunities.

關於你關於宏觀的第二個問題，是的，當然，我們會關注 PMI。當然，當我們看到 PMI 超過 50 時，我們會感到像聖誕節早晨一樣高興，但話雖如此，我們所關注的是克里斯蒂安談到的渠道，我們對後半部分渠道、交易規模、交易質量感到非常滿意。而令我更振奮的是，現在我們對市場進入方式的改變實施了更嚴格的約束，我們可以增加更多的通路機會。

And the summary of when the macro gets better, when I'll stop saying it's a sluggish sales environment, is when we could predictably have higher close rates on an already really good pipeline. That's what we're looking at. We'll obviously watch every metric out there from a macro perspective, but internally, that's the laser focus we continue to look at when we see the macro changing to our favor.

當宏觀經濟狀況好轉時，當我不再說銷售環境低迷時，我們可以預見地在已經非常好的通路上獲得更高的成交率。這就是我們正在關注的。我們顯然會從宏觀角度關注每一個指標，但在內部，當我們看到宏觀變化對我們有利時，我們會繼續關注雷射焦點。

Well, I appreciate the great color and all the LinkedIn posts.

嗯，我很欣賞精彩的色彩和所有的 LinkedIn 貼文。

[Peter Griffith] (corrected by company after the call), Citi.

[Peter Griffith]（通話後公司更正），花旗。

This is Peter on the line for Tyler. In your presentation, there's an example of a med tech Windchill customer expanding their seats from 10% to 15% to over 50%. Just curious how much of the opportunity is there still left like within the existing PLM customer base to see Seat Count expansion like outside of that core engineering team and like dive deeper into other departments whether that's like quality, supply chain and manufacturing.

我是彼得，替泰勒打電話。在您的演示中，有一個醫療技術 Windchill 客戶將其席位從 10% 擴大到 15% 再擴大到 50% 以上的例子。只是好奇在現有的 PLM 客戶群中還有多少機會可以看到座位數的擴展，例如在核心工程團隊之外，以及深入到其他部門，無論是品質、供應鏈還是製造。

Yeah. There's a reason why I start every call since I started last February around PLM and the opportunity there. The expansion of PLM, in every call, we've been talking about examples of customers that are now seeing the value of PLM being enterprise driven, not just a CAD depository or repository tool, a PDM-like tool. It is now becoming enterprise PLM. And we have a significant opportunity across our already existing base of customers that are still at early or mid stages of expanding PLM to all the seats like this example the customer did.

是的。自從去年二月開始關注 PLM 及其帶來的機會以來，我每次打電話都是有原因的。關於 PLM 的擴展，在每次通話中，我們都在談論客戶的例子，這些客戶現在看到了 PLM 的價值，即企業驅動，而不僅僅是 CAD 儲存庫或儲存庫工具，而是類似 PDM 的工具。它現在正在成為企業 PLM。我們在現有的客戶群中擁有巨大的機會，這些客戶仍處於將 PLM 擴展到所有席位的早期或中期階段，就像這個客戶所做的那樣。

So that is the reason why we're pushing on all cylinders to get enterprise PLM known and integrated with what they could also do with Codebeamer is a very critical value prop to our customers. So this is the area that we feel very energized and it gets even better when we create the vertical approach to how automotive companies are using Windchill to expand their utilization of product data moving faster to the their enterprise. How does a federal, aerospace company think about that?

所以這就是為什麼我們全力以赴讓企業 PLM 為人所知並將其與 Codebeamer 的功能相結合，這對我們的客戶來說是一個非常關鍵的價值主張。因此，這是我們感到非常有活力的領域，當我們創建垂直方法來解決汽車公司如何使用 Windchill 來擴大產品數據的利用率，從而更快地將數據轉移到企業中時，情況會變得更好。聯邦航空航太公司對此有何看法？

And we're really advancing that and we're just needing to prove it out to more customers to expand. That is a clear priority of the business.

我們確實在推進這項進程，只是需要向更多客戶證明這一點，以便進一步拓展。這顯然是企業的優先事項。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

I wish I got as excited as you guys do about the macro data like Christmas morning with the ISM or the PMI. On the macro front, how are you seeing the focus on AI impact decisions and budgets more specifically than just what normally happens at this time of year on budgets?

我希望我能像你們一樣對宏觀數據感到興奮，就像聖誕節早上的 ISM 或 PMI 一樣。從宏觀角度來看，您如何看待人工智慧對決策和預算的影響，而不僅僅是每年這個時候對預算的影響？

Within our space and that I talked to this last -- I think last quarter or the quarter before, Steve, most of our customers still need to make sure that they have a structured data set by which you can apply AI to. So like as for the prior question, when you don't have enterprise PLM and a number of your engineers and supply chain folks or human folks still use antiquated systems or spreadsheets for data flows around product data, it's very hard to apply generative AI.

在我們的領域內，我上次談到過——我想是在上個季度或上個季度，史蒂夫，我們的大多數客戶仍然需要確保他們擁有一個可以應用人工智慧的結構化資料集。因此，就像前面的問題一樣，當您沒有企業 PLM，並且您的一些工程師和供應鏈人員或人類人員仍然使用過時的系統或電子表格來處理圍繞產品資料的資料流時，很難應用生成式 AI。

So we call it get your digital house in order. We really feel, Steve, this is why Kristian and I talked about the robust pipeline we see in the second half of the year. That is inspired by the fact that people need to get going on getting PLM systems across their enterprise, get Codebeamer deployed, make sure they have 2D models moved to 3D and model-based definition across their CAD drawings.

因此我們稱之為讓您的數位房屋井然有序。史蒂夫，我們真的覺得，這就是為什麼克里斯蒂安和我談論我們在今年下半年看到的強勁管道。這是因為人們需要在整個企業中開始採用 PLM 系統，部署 Codebeamer，確保將 2D 模型轉換為 3D，並在 CAD 圖紙中進行基於模型的定義。

And what's really interesting is when we add the AI concept of Codebeamer as an example that we're really going to be stoking the flames with to make sure people understand the real value here at HMI, it then creates a necessity for the customer to deploy Codebeamer on their underlying requirements management capabilities so that they actually can get the benefit of a generative AI tool like Codebeamer AI that we're launching.

真正有趣的是，當我們添加 Codebeamer 的 AI 概念作為示例時，我們確實會煽風點火，以確保人們了解 HMI 的真正價值，然後它為客戶創造了在其底層需求管理功能上部署 Codebeamer 的必要性，這樣他們才能真正從我們推出的 Codebe AI 工具中等生成式工具中受益。

So Steve, I actually think it's a good benefit from us because it's creating our customer base to get their digital house in order. And now with their additional AI offerings, which we have a secret sauce to give to them, in concert with them, I think we're in a good spot.

所以史蒂夫，我實際上認為這對我們來說是一個很好的好處，因為它正在創建我們的客戶群，並使他們的數位家園井然有序。現在，有了他們額外的 AI 產品，我們有秘訣可以傳授給他們，與他們合作，我認為我們處於一個很好的位置。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

This is Arsenije on for Josh Tilton.

這是 Arsenije 為 Josh Tilton 上場。

I just had a question really on the net new ARR performance. Look, it was within the range of guidance, but even after adjusting for the timing impact and for net ARR, it looked like it was below year over year irrespective of the environment not really changing, still mixed. I guess what occurred? Is there some underperformance in the channel versus expectations, or is it just kind of exactly within what you were expecting even on the channel front and expected still better visibility with growth recovery in the back half?

我只是對新 ARR 的網路效能有一個疑問。看起來，這是在指導範圍內，但即使在調整了時間影響和淨 ARR 之後，無論環境是否真正發生變化，它看起來仍然低於去年同期，仍然好壞參半。我猜發生什麼事了？與預期相比，通路的表現是否有些不盡人意，或者是否完全符合您的預期，即使在通路方面，並且預計下半年的成長復甦仍會更加明顯？

Let me start and then, Kristian. This quarter, we guided towards the number and we came in thereabouts. Even from an internal expectation, we saw this. We took into account the pipeline, the sluggish sales environment, obviously all the changes we're making in go-to-market and we structure our guidance as such.

然後讓我開始，克里斯蒂安。本季度，我們朝著這個數字邁進，並且已經達到了這個數字左右。即使從內部預期來看，我們也看到了這一點。我們考慮到了通路、低迷的銷售環境，顯然還有我們在進入市場時所做的所有改變，並據此制定了指導方針。

So we're past Q1. It was as expected from our perspective. What we're really focused in on is let's get the machinery working, as I mentioned, on the go-to-market side. Let's get these product releases out, messaged and customers really buying into it, by which when Rob and CK get the go-to-market transformation really humming that I mentioned in the tail end of this year, second half of this year, we have a real rhythm to close out already a robust pipeline and keep adding to it by which we can now really see a sustainable path for low double digit ARR growth as we go into next year, which has been our medium and long-term targets.

因此我們已經過了第一季。從我們的角度來看，這是意料之中的事。正如我所提到的，我們真正關注的是讓機器在行銷方面正常運作。讓我們將這些產品發佈出去，傳達出去，讓客戶真正購買它，這樣，當 Rob 和 CK 真正實現我在今年底、今年下半年提到的市場轉型時，我們就有了一個真正的節奏來關閉一個強大的渠道，並不斷補充它，這樣，當我們進入明年時，我們就可以真正看到一條可持續的低兩位數 ARR 增長之路，這一直是我們的之路中長期目標。

Kristian, anything to add?

克里斯蒂安，還有什麼要補充嗎？

Yeah. Just reiterating what you said. We came in pretty close to the -- our internal targets. Channel actually had a strong quarter this quarter. So all in all, I think it was largely as expected.

是的。只是重申你所說的話。我們已經非常接近我們的內在目標了。本季度，通路實際上表現強勁。總的來說，我認為這基本上符合預期。

Nay Soe Naing, Berenberg.

不，索納英，貝倫貝格。

I've got two questions if I may. The first one on the go-to-market changes. It sounded like you made quite a lot of good progress in Q1. I just want to get a sense of whether that was ahead of what you scheduled or is it -- everything's pretty much on track? And then a secondary question to that is that Neil, I think if I remember correctly, you said that last quarter that you weren't expecting any major disruptions of sales from these go-to-market changes. Now that it's been a quarter, can we get an update on that one, please?

如果可以的話我有兩個問題。第一個是關於市場進入的變化。聽起來你在第一季取得了很大的進展。我只是想知道這是否比你們計劃的提前了，或者一切是否都按計劃進行？然後第二個問題是，尼爾，如果我沒記錯的話，你上個季度說過，你預計這些上市變化不會對銷售造成任何重大影響。現在已經過去一個季度了，我們能得到有關該季度的最新消息嗎？

Sure. In terms of where we are in the transformation versus where we thought, I'm pleased with where we're at. Obviously, I would have liked Rob to join a month earlier. When I did, some of the folks that moved out of the company come in. We had a month gap before he joined back in December, but he's hit the ground running in December and the team didn't wait for him to get here, and he was really well acquainted with the plan.

當然。就我們在轉型中所處的階段以及我們原先的設想而言，我對目前的階段感到滿意。顯然，我希望 Rob 能早一個月加入。當我這樣做的時候，一些離開公司的人進來了。早在 12 月他加入之前，我們就有過一個月的間隔，但他在 12 月就開始全力以赴，團隊並沒有等他來，而且他非常熟悉這個計劃。

So in all, in general, I would say in a very specific project plan that we've had for this transformation, I feel good that we accomplished a lot of the foundation laying in Q1. Now we've had our kickoffs in January to get -- now that the account transitions are done, comp plans are out, we've really -- if you're watching LinkedIn again, we've really had a good time kind of launching all this in the January time frame.

總而言之，總的來說，我想說，在我們為這次轉型製定的非常具體的專案計劃中，我很高興我們在第一季完成了很多基礎工作。現在我們已經在 1 月啟動了 — — 現在帳戶轉換已經完成，補償計劃也已經出台，如果您再次關注 LinkedIn，您會發現我們在 1 月份推出了所有這些產品，感覺非常棒。

And as I mentioned, the reason for why we're talking about the next few quarters is now the framework, the operational discipline Rob's bringing to bear, the vertical approach, we believe that that just will take some time to catch rhythm. It could happen faster, but my experience would say it takes a few quarters to really get the machinery moving here.

正如我所提到的，我們討論接下來幾季的原因現在是框架，Rob 帶來的營運紀律，垂直方法，我們相信這些只是需要一些時間來掌握節奏。它可能會更快發生，但我的經驗表明，需要幾個季度才能真正讓機器運轉。

In terms of disruption, what I'd say is we made a lot of changes in Q1 and the different approach that Rob is taking and CK is taking around this vertical piece is change. And when we thought about this is why we proactively came out to you last quarter and said, look, like in our guidance, we are going to have a framework by which there should be a level of impact from the go-to-market changes in addition to our estimation that the macro remains sluggish, and that's why we came to that 9% to 10% ARR range that we reiterated again on the call today for the year.

在顛覆方面，我想說的是，我們在第一季做出了很多改變，Rob 和 CK 在這垂直部分採取的不同方法就是改變。當我們考慮到這一點時，我們上個季度主動向您匯報並說，看，就像在我們的指導中一樣，我們將有一個框架，除了我們估計宏觀經濟仍然低迷之外，上市變化還會產生一定程度的影響，這就是為什麼我們得出 9% 到 10% 的 ARR 範圍，我們在今天的電話會議上再次重申了這一範圍。

One quick question if I could squeeze in if that's all right. The AI product launches that are upcoming, all sounds very exciting, but are they going to be limited to just Codebeamer and ServiceMax, or will that be across your entire product portfolio?

一個簡單的問題，如果可以的話我可以擠進去嗎？即將推出的 AI 產品聽起來都非常令人興奮，但它們是否僅限於 Codebeamer 和 ServiceMax，還是涵蓋整個產品組合？

Nay, a great question. Stay tuned. The ServiceMax is first one out of the gate. Codebeamer is a big element that we've been working on that that at Hannover Messe, we'll be spending a lot more time on. Obviously, as you know, we've been spending time working on this with Volkswagen, Microsoft. We're working through a Windchill applied AI element around parts reuse.

不，這是一個很好的問題。敬請關注。ServiceMax 是第一個出擊的公司。Codebeamer 是我們一直致力於研究的重要元素，在漢諾威工業博覽會上，我們將投入更多的時間。顯然，如你所知，我們一直在與大眾汽車、微軟合作這項工作。我們正在透過 Windchill 應用 AI 元素來研究零件重用。

Onshape has been doing a lot of work on this, o stay tuned on that. And we got a few more up in the hopper, but we're really focusing on the core areas right now and learning from a very innovative technology that's moving. So we're learning around that in conjunction with our customers. That's really important here to show real value versus just a marketing message.

Onshape 在這方面已經做了很多工作，請繼續關注。我們還有一些其他的工作正在進行中，但我們現在真正關注的是核心領域，並從正在發展的創新技術中學習。因此，我們正在與客戶一起學習這一點。展示真正的價值而不是僅僅傳達行銷訊息，這一點非常重要。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Kristian, maybe for you and Neil, please feel free to chime in here, right? So I want to go back to kind of the five pillars that Neil, you talked about in your prepared comments, right? So clearly, there are a few higher growth parts of the business like an ALM or an SLM or a SaaS part of the business just because of their scale, right? I think there are the strong competitive position drives solid growth in PLM and CAD. But it feels like those three segments have the potential to grow faster.

克里斯蒂安，也許你和尼爾可以自由地加入討論，對嗎？所以我想回到尼爾在你準備好的評論中談到的五大支柱，對嗎？因此很明顯，僅僅由於規模的原因，業務中存在一些成長較高的部分，例如 ALM、SLM 或 SaaS 部分，對嗎？我認為強大的競爭地位推動了 PLM 和 CAD 的穩定成長。但感覺這三個部分都有更快成長的潛力。

Maybe the question is where are those businesses in their evolution in terms of being more additive to growth? And then maybe the other side of that coin, how much of a drag are some of the businesses that maybe aren't those pillars anymore, like an IoT for example? There are a lot of moving parts in that question, but does that make sense?

問題或許在於，這些企業在發展過程中處於什麼位置，才能更好地促進成長？那麼也許從另一個角度來看，一些不再是支柱的業務，例如物聯網，會帶來多大的拖累？這個問題涉及很多方面，但它有意義嗎？

Yeah. Well, let me take the front end and then Kristian could add any color here. I just want to be clear. The PLM and the ability for us to expand seats like we mentioned in this customer, for example. There's a lot of room for us to grow with the best in class PLM offering in the marketplace, bar none, in my opinion, and I think in our customer's opinion.

是的。好吧，讓我採取前端，然後克里斯蒂安可以在這裡添加任何顏色。我只是想說清楚。例如，PLM 以及我們在該客戶中提到的擴展席位的能力。在我看來，憑藉市場上一流的 PLM 產品，我們有很大的發展空間，而且我認為我們的客戶也這麼認為。

When integrated with Codebeamer or ALM suite, we believe that there is a real strong growth potential for those two both to rise in a significant manner that really creates a differentiated value to the end customer. So I just want to be clear, PLM is part of a very strong growth driver of the business, and we just see many more potentials for that to increase in growth rate as we get this vertical approach, right, as we get the messaging around EPLM really structured in the marketplace.

當與 Codebeamer 或 ALM 套件整合時，我們相信這兩者都具有真正強勁的成長潛力，能夠以顯著的方式上升，真正為最終客戶創造差異化價值。因此，我只想明確一點，PLM 是業務非常強勁的成長動力之一，而且隨著我們採用這種垂直方法，隨著我們在市場上真正建立有關 EPLM 的信息，我們看到了更多的成長潛力。

So I'm just not, and we're not just relying on ALM, SLM and SaaS to be the inflectors of accretive growth. PLM actually will pull its weight and then some in our view, in terms of the approach that we're taking. In terms of the drag, you mentioned some of them.

所以我不是，我們也不是只依賴 ALM、SLM 和 SaaS 來成為增值成長的影響因素。就我們採取的方法而言，我們認為 PLM 實際上會發揮其應有的作用。關於阻力，您提到了其中一些。

As I indicated on Windchill Navigate, view work instructions where we're extending 3D digital work instructions of PLM on the shop floor. Guess what? We're using ThingWorx technology to do that. And if you recall nine months ago, we took a number of resources from the standalone businesses and moved them to make sure that the great technology of ThingWorx actually allowed customers to expand PLM and provide more value to different personas.

正如我在 Windchill Navigate 上指出的那樣，請查看工作說明，我們正在車間擴展 PLM 的 3D 數位工作說明。猜猜怎麼著？我們正在使用 ThingWorx 技術來實現這一點。如果你還記得，九個月前，我們從獨立業務中抽調了大量資源，以確保 ThingWorx 的優秀技術能夠真正讓客戶擴展 PLM，並為不同的角色提供更多價值。

We're doing the same on some of those other products sets that don't really do as well versus our core growth rates to make sure we augment our core growth rates with better capabilities using some of those technologies. That's how we're thinking about it from a perspective of how we're interfacing with our customers and organizing ourselves internally.

我們對一些其他產品組也採取了同樣的措施，這些產品組相對於我們的核心成長率並沒有那麼好，以確保我們能夠利用其中一些技術以更好的能力來提高我們的核心成長率。這就是我們從與客戶互動和內部組織方式的角度來思考這個問題。

Kristian? No? Good.

克里斯蒂安？不？好的。

This concludes the question-and-answer session. Please remain connected as I turn it to Neil for closing remarks.

問答環節到此結束。請保持聯繫，我將把話題轉到尼爾的結束語上。

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

感謝大家今天的參與與提問。

In February, Kristian will attend the Baird Conference in Park City, Utah, and Matt will attend the Wolfe Conference in New York. In March, I'll be in San Francisco attending the Morgan Stanley Conference together with Kristian and Matt.

二月份，克里斯蒂安將參加猶他州帕克城舉行的貝爾德會議，馬特將參加紐約舉行的沃爾夫會議。三月份，我將與 Kristian 和 Matt 一起去舊金山參加摩根士丹利會議。

Also in March, Kristian and Matt will participate in two additional conferences, the Loop Conference, which will be virtual and the Stifel Conference in New York.

此外，在三月，Kristian 和 Matt 將參加另外兩場會議，即虛擬的 Loop 會議和紐約的 Stifel 會議。

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

再次感謝，我們期待與您的合作。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。