PTC Inc (PTC) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2025 second quarter conference call. (Operator Instructions)

女士們、先生們，午安。感謝您的支持，歡迎參加 PTC 2025 年第二季電話會議。（操作員指示）

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, Kate, and welcome to PTC's 2025 second quarter conference call. On the call today are Neil Barua, Chief Executive Officer; Kristian Talvitie, Chief Financial Officer; and Robert Dahdah, Chief Revenue 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.

午安.謝謝你，凱特，歡迎參加 PTC 2025 年第二季電話會議。今天參加電話會議的有執行長 Neil Barua；克里斯蒂安·塔爾維蒂，財務長；以及首席營收長 Robert Dahdah。今天的電話會議將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。由於此類聲明涉及未來事件，實際結果可能與前瞻性聲明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大不相同的因素的更多信息，請參閱 PTC 提交給美國證券交易委員會的 10-K 表、10-Q 表年度報告和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, April 30, 2025, and PTC assumes no obligation to update these forward-looking statements. During the call, PTC will discuss non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's press release made available on our website.

本次電話會議中提供的前瞻性聲明（包括指導）僅截至今天（2025 年 4 月 30 日）有效，PTC 不承擔更新這些前瞻性聲明的義務。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編製。在我們網站上發布的今天的新聞稿中可以找到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。

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 執行長 Neil Barua。

Thank you, Matt, and good afternoon, everyone. Q2 was a solid quarter of execution for PTC. We delivered 10% ARR growth and 13% free cash flow growth year-over-year. We also made progress delevering our capital structure as we said we would. In February, we paid down $500 million of senior notes that were due. With our leverage ratio now of 1.5 times and continued visibility to solid cash generation, we continued share buybacks in Q2 and expect to remain active under our $2 billion share repurchase authorization.

謝謝你，馬特，大家下午好。PTC 第二季度的執行表現十分穩健。我們的 ARR 年成長 10%，自由現金流年增 13%。我們也按照承諾，在降低資本結構槓桿方面取得了進展。二月份，我們償還了到期的5億美元優先票據。由於我們的槓桿率目前為 1.5 倍，並且持續能夠產生穩健的現金，我們在第二季度繼續回購股票，並預計在 20 億美元的股票回購授權下仍將保持活躍。

Our Q2 results reflected solid execution across our five focus areas: PLM, ALM, SLM, CAD and SaaS. Across our geographic regions of verticals, our customers reinforced the importance of PTC's software to accelerate time to market, produce higher-quality products and manage complexity across their businesses.

我們第二季的業績反映了我們在五個重點領域的穩健執行：PLM、ALM、SLM、CAD 和 SaaS。在我們各個垂直地理區域，我們的客戶都強調了 PTC 軟體對於加快產品上市時間、生產更高品質產品和管理整個業務的複雜性的重要性。

Q2 customer wins included significant Windchill PLM expansions at a MedTech company and also at the aerospace division of a large European industrial conglomerate. A new Codebeamer ALM multiple wins with global automotive OEMs in Japan, India and Europe; a ServiceMax SLM cross-sell win at a global industrial company. And lastly, a game-changing Creo CAD and Windchill PLM expansion with a well-known aerospace and defense company. You could read more about these wins in our appendix slides.

Q2 客戶的成功包括一家醫療技術公司以及一家大型歐洲工業集團的航空航天部門的 Windchill PLM 重大擴展。新的 Codebeamer ALM 多次贏得日本、印度和歐洲的全球汽車原始設備製造商的青睞； ServiceMax SLM 在全球工業公司中成功交叉銷售。最後，與一家知名航空航太和國防公司合作，實現改變遊戲規則的 Creo CAD 和 Windchill PLM 擴充。您可以在我們的附錄幻燈片中閱讀有關這些勝利的更多資訊。

Our Q2 execution gives us confidence in the progress of our go-to-market transformation. We said on our last earnings call that the foundation was laid in Q1, and Q2 was the start of the team finding its new rhythm. This is playing out as expected as we're seeing higher-quality pipeline velocity, solid hiring and enablement of quota-bearing reps and more consistent execution. I credit our go-to-market leadership team for their relentless focus on driving this transformation. I am more confident today than I was at the beginning of the year, given our progress.

我們第二季的執行情況讓我們對市場轉型的進展充滿信心。我們在上次財報電話會議上表示，基礎是在第一季奠定的，而第二季則是團隊尋找新節奏的開始。正如我們所見，這種情況正在得到預期發展，因為我們看到了更高品質的管道速度、穩定的招募和對配額代表的支持以及更一致的執行。我對我們的市場領導團隊表示讚賞，他們堅持不懈地致力於推動這項轉變。考慮到我們所取得的進展，今天我比年初更有信心。

And be assured we are continuing to press harder. We also advanced our product portfolio and generative AI initiatives across all five focus areas, including in PLM, we publicly previewed Windchill AI at the Hannover Messe trade show in Germany. In ALS, Codebeamer 3.0 is now GA. In SLM, we introduced ServiceMax AI. And in CAD, we launched Onshape AI Advisor and Onshape Government. In April, we bought a great company called IncQuery Labs that brings development and deep technical talent to accelerate our product roadmap in ALM, PLM and critical integrations between the two.

請放心，我們將繼續加大力度。我們還在所有五個重點領域推進了我們的產品組合和生成式人工智慧計劃，其中包括在 PLM 領域，我們在德國漢諾威工業博覽會上公開預覽了 Windchill AI。在 ALS 中，Codebeamer 3.0 現已推出 GA。在 SLM 中，我們引進了 ServiceMax AI。在 CAD 領域，我們推出了 Onshape AI Advisor 和 Onshape Government。今年 4 月，我們收購了一家名為 IncQuery Labs 的優秀公司，該公司擁有開發和深厚的技術人才，可以加速我們在 ALM、PLM 以及兩者之間的關鍵整合方面的產品路線圖。

Overall, Q2 was a solid quarter of supporting our customers, making progress in initiatives like our go-to-market transformation and advancing our market-leading product portfolio and generative AI strategy. We're still in the early phases of digital transformation across our customer base, and there's no question about the critical role PTC will play in these transformations over the medium and long-term.

總體而言，第二季度我們為客戶提供了堅實的支持，在市場轉型等舉措方面取得了進展，並推進了我們市場領先的產品組合和生成式人工智慧策略。我們仍處於客戶群數位轉型的早期階段，毫無疑問，PTC 將在中長期轉型中發揮關鍵作用。

Now, turning to the near term. As we discussed last quarter, we entered the second half with a strong pipeline. That pipeline remains intact and we have not yet seen material changes in customer behavior. However, we recognize growing uncertainty related to global trade dynamics and macro pressures which affect our customers. While no broad trends have emerged yet since the beginning of April, customer conversations as a result of these dynamics are progressing in a way that suggests our prior high end of 10% is now a stretch.

現在，我們來談談近期的情況。正如我們上個季度所討論的那樣，我們憑藉強大的產品線進入了下半年。該管道仍然完好，我們尚未看到客戶行為發生重大變化。然而，我們認識到與影響我們客戶的全球貿易動態和宏觀壓力相關的不確定性日益增加。雖然自 4 月初以來尚未出現廣泛的趨勢，但由於這些動態而進行的客戶對話正在以某種方式進展，表明我們之前 10% 的高端現在已有所延伸。

These conversations indicate an increasing potential for deals in our second half to be smaller, done in phases or potentially delayed. Accordingly, we have moderated the high end of our ARR guidance to 9% growth. Also, to allow for the potential that macro conditions significantly worsen and its impact customer buying behaviors, we are introducing a new low end of 7% to our guidance range. To be clear, this adjustment is about the potential timing and sizing of projects, not about fundamental demand. The long-term need for digital transformation remains extremely important to our customers.

這些對話表明，我們下半年的交易規模越來越小、分階段完成或可能被推遲的可能性越來越大。因此，我們將 ARR 預期的高端成長調整至 9%。此外，為了應對宏觀環境可能大幅惡化及其對客戶購買行為的影響，我們在指導範圍內引入了 7% 的新低端。需要明確的是，這種調整是關於專案的潛在時間和規模，而不是關於基本需求。數位轉型的長期需求對我們的客戶來說仍然極為重要。

Despite this ARR guidance adjustment, our financial discipline allows us to raise the low end of our free cash flow guidance for 2025, a reflection of strong execution and profitability focus. Kristian will take you through our Q2 and updated guidance in more detail, but I'd like to make a few final points that I feel are important.

儘管進行了 ARR 指導調整，但我們的財務紀律允許我們提高 2025 年自由現金流指導的低端，這反映了強大的執行力和盈利能力。Kristian 將向您更詳細地介紹我們的第二季和更新指南，但我想最後提出幾點我認為重要的觀點。

This near-term uncertainty poses questions and makes things difficult to predict, but it ultimately reinforces the need for digital transformation and could serve as a tailwind over the medium term. The need to build a product data foundation, apply generative AI to that foundation and transform only gets heightened because of this uncertainty. Customers, for their survival, need to develop products faster, build a more resilient supply chain and optimize aftermarket service revenue streams. And that's why PTC is exceptionally well positioned to be the leader in bringing these critical needs into reality.

這種短期的不確定性帶來了一些問題，使事情難以預測，但它最終強化了數位轉型的必要性，並可能在中期內成為一種順風。由於這種不確定性，建立產品資料基礎、將生成性人工智慧應用於該基礎並進行轉換的需求只會變得更加強烈。客戶為了生存，需要更快開發產品，建立更具彈性的供應鏈並優化售後服務收入流。這就是為什麼 PTC 能夠成為將這些關鍵需求變為現實的領導者。

We will navigate this near-term uncertainty and stay focused on the right things, helping our customers transform, progressing our go-to-market transformation and delivering enhanced products and generative AI capabilities across our five key focus areas.

我們將克服短期不確定性，專注於正確的事情，幫助我們的客戶轉型，推動我們的市場化轉型，並在我們的五個重點領域提供增強的產品和生成人工智慧能力。

With that, I'll turn things over to Kristian.

說完這些，我就把事情交給克里斯蒂安。

Thanks, Neil, and hello, everyone. Starting off with slide six. 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.

謝謝，尼爾，大家好。從第六張投影片開始。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 Q2, our constant currency ARR using our fiscal '25 planned FX rates was $2.326 billion, up 10% year-over-year. In Q2, our free cash flow was up 13% year-over-year as we continue to invest in our key focus areas. Note that the $279 million of free cash flow we generated also absorbed $3 million of outflows related to our go-to-market realignment.

在第二季末，使用我們 25 財年計畫外匯匯率計算的固定貨幣 ARR 為 23.26 億美元，年增 10%。在第二季度，由於我們繼續投資於重點關注領域，我們的自由現金流年增了 13%。請注意，我們產生的 2.79 億美元自由現金流也吸收了與我們的市場調整相關的 300 萬美元流出。

Turning to slide seven, let's look at our constant currency ARR growth in more detail. Looking at our product groups, our ARR growth was 8% in CAD, driven primarily by Creo and 11% in PLM driven by Windchill, Codebeamer and IoT. On a year-over-year basis, constant currency ARR grew by 9% in the Americas, 11% in Europe and 10% in Asia Pacific.

翻到第七張投影片，讓我們更詳細地了解我們的恆定貨幣 ARR 成長。縱觀我們的產品組，我們的 ARR 在 CAD 方面增長了 8%，主要由 Creo 推動，在 PLM 方面增長了 11%，主要由 Windchill、Codebeamer 和 IoT 推動。與去年同期相比，美洲的固定匯率 ARR 成長了 9%，歐洲成長了 11%，亞太地區成長了 10%。

Moving to slide eight. We ended Q2 with cash and cash equivalents of $235 million. At the end of Q2, gross debt was $1.393 billion and we were 1.5 times levered. We continued to diligently pay down our debt in Q2 with our gross debt balance decreasing by $155 million. And as expected, we retired $500 million of senior notes that were due in February with the draw on our revolver and cash on hand. In addition, we continued the disciplined and consistent execution of our $2 billion share repurchase program. And in Q2, we used $75 million of cash to repurchase 463,000 shares of our common stock.

移至第八張投影片。我們第二季末的現金和現金等價物為 2.35 億美元。截至第二季末，總負債為 13.93 億美元，槓桿率為 1.5 倍。我們在第二季繼續努力償還債務，總債務餘額減少了 1.55 億美元。正如預期的那樣，我們利用循環信貸和手頭現金償還了 2 月到期的 5 億美元優先票據。此外，我們繼續嚴格、持續地執行20億美元的股票回購計畫。在第二季度，我們使用了 7,500 萬美元現金回購了 463,000 股普通股。

Given the consistency and predictability of our free cash flow generation, we aim to maintain a low cash balance. As such, assuming we have excess cash, we expect to return it to shareholders. The share repurchase authorization we now have in place gives us a lot of flexibility in how we do that. In line with what we 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 Q3. 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.

鑑於我們自由現金流產生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，假設我們擁有剩餘現金，我們希望將其返還給股東。我們目前實施的股票回購授權為我們提供了極大的靈活性。根據我們先前的說法，我們目前打算在 25 財年回購約 3 億美元的普通股，預計第三季還將回購約 7,500 萬美元。最後，我們在 24 財年的完全稀釋股份數量為 1.21 億股，我們目前預計 25 財年的完全稀釋股份數量將基本持平。

With that, I'll take you through our guidance on slide nine. All of the ARR amounts on this slide are based on our fiscal '25 planned FX rates as of September 30, 2024. We've updated our guidance ranges for ARR, free cash flow, revenue, and EPS to reflect our first half results and the potential for elevated macro uncertainty in the second half of our fiscal year.

接下來，我將帶您了解第九張投影片上的指導。此投影片上的所有 ARR 金額均基於截至 2024 年 9 月 30 日的 25 財年計畫外匯匯率。我們更新了 ARR、自由現金流、收入和 EPS 的指導範圍，以反映我們上半年的業績以及財政年度下半年宏觀不確定性加劇的可能性。

As Neil said, uncertainty in the macro environment could result in lengthened sales cycles and downsized deals. And we've decided to take a more conservative stance on how ARR may evolve in the second half of fiscal '25. I'll get into more detail on our constant currency ARR guide on the next two slides.

正如尼爾所說，宏觀環境的不確定性可能會導致銷售週期延長和交易規模縮小。我們決定對 25 財年下半年 ARR 的發展採取更保守的立場。我將在接下來的兩張投影片中更詳細地介紹我們的恆定貨幣 ARR 指南。

On free cash flow, we've raised the low end of our guidance for the year by $5 million to $840 million. As a reminder, our fiscal '25 free cash flow guidance of $840 million to $850 million absorbs approximately $19 million of cash outflows for severance and consulting fees related to our go-to-market realignment. For Q3, we're guiding for free cash flow of $230 million to $235 million, which absorbs approximately $4 million of cash outflows related to our go-to-market realignment.

在自由現金流方面，我們將今年的指導下限提高了 500 萬美元，達到 8.4 億美元。提醒一下，我們 25 財年的自由現金流預期為 8.4 億美元至 8.5 億美元，吸收了與我們的市場調整相關的遣散費和諮詢費約 1900 萬美元的現金流出。對於第三季度，我們預計自由現金流為 2.3 億美元至 2.35 億美元，這將吸收與我們進入市場調整相關的約 400 萬美元的現金流出。

At this point, we have good visibility to the potential range of free cash flow for fiscal '25 for a few reasons. First and foremost, we've already generated approximately 60% of our full year free cash flow in the first half. Also, remember that Q4 is seasonally our lowest cash generation quarter. In fiscal '25, we expect largely similar invoicing seasonality compared to previous years. And by the end of Q3, we'll have already built most of what we expect to collect for the remainder of this year.

目前，由於一些原因，我們對 25 財年自由現金流的潛在範圍有充分的了解。首先，我們在上半年已經產生了全年約 60% 的自由現金流。另外，請記住，第四季是我們季節性現金產生率最低的季度。在 25 財年，我們預計發票季節性與前幾年大致相同。到第三季末，我們將完成今年剩餘時間預計收集的大部分內容。

If we see a significant impact to customer demand later this year, you can expect us to respond with disciplined cost controls. In addition, costs associated with customer demand, for example, commissions and royalties would naturally come in lower, thereby mitigating the impact to our fiscal '25 free cash flow.

如果我們發現今年稍後客戶需求受到重大影響，我們將採取嚴格的成本控制措施來應對。此外，與客戶需求相關的成本（例如佣金和特許權使用費）自然會降低，從而減輕對我們 25 財年自由現金流的影響。

It's worth pointing out that our free cash flow guidance is not on a constant currency basis so it's important to be mindful of FX volatility. 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. That said, significant FX moves can still have an impact.

值得指出的是，我們的自由現金流指導不是基於固定貨幣的，因此註意外匯波動非常重要。我們的約 45% 的 ARR 以外幣交易，約 35% 的非 GAAP 收入成本和營運費用以外幣交易，因此我們具有某種自然對沖。儘管如此，重大的外匯波動仍會產生影響。

We'll see how FX rates move as we progress through the year. But at this point, we're comfortable with our free cash flow guidance for Q3 and fiscal '25 because of the levers that we have and continue to be fully within our control. 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. Over the medium term, we 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. A basic tenet of our subscription business model and budgeting process is that there is natural operating leverage that we benefit from as our ARR grows.

我們將觀察外匯匯率在今年內如何變動。但目前，我們對第三季和 25 財年的自由現金流指引感到滿意，因為我們擁有並將繼續完全控制這些槓桿。重要的是，我們一直以來都保持一致的計費方式。無論合約期限長短，我們主要每年向客戶收取一年的費用。從中期來看，我們預期自由現金流的成長速度將快於 ARR，而非 GAAP 營運費用的成長速度預計約為 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 subscriptions, 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，而這些合約的收入確認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 teach-in on this subject on our Q4 of fiscal '22 earnings call that you may want to refer to if you're new to PTC. You can find that presentation on the Investors section of our website. The summary is we believe ARR and free cash flow rather than revenue and operating income to be the best metrics to assess the performance of our business.

我在 2022 財年第四季財報電話會議上就此主題進行了講解，如果您是 PTC 新手，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。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。

Turning to slide 10. Here's an illustrative constant currency ARR model that shows our guidance for Q3 and Q4 in context. You can see our sequential net new ARR over the past 10 quarters. The two columns on the right illustrate that our guidance range for Q3 is for $30 million to $50 million of sequential net ARR growth, and our guidance range for Q4 is for $55 million to $85 million of sequential net ARR growth. The year remains back-end loaded, which is supported by the size and shape of our pipeline, which is also influenced by the shape of the expiring base.

翻到第 10 張投影片。這是一個說明性的恆定貨幣 ARR 模型，顯示了我們對第三季和第四季的指導。您可以看到我們過去 10 個季度的連續淨新 ARR。右邊的兩列顯示，我們對第三季的預期範圍是連續淨 ARR 成長 3,000 萬美元至 5,000 萬美元，對第四季的預期範圍是連續淨 ARR 成長 5,500 萬美元至 8,500 萬美元。今年仍處於後端負載狀態，這受到我們管道的規模和形狀的支持，同時也受到即將到期的基數形狀的影響。

In contrast to prior years, our expiring base was essentially flat in the first half of the year and is up almost 20% in the second half of the year. And even the second half is skewed more heavily to Q4. Again, the shape of the pipeline is not determined by the expiring base but it is influenced by it.

與前幾年相比，今年上半年我們的到期基數基本上持平，而下半年則上漲了近 20%。甚至下半年也更傾向第四季。再一次，管道的形狀不是由到期的基座決定的，但會受其影響。

As Neil said, we've not seen a significant change in customer demand. However, we are seeing a few early signs of customer caution, given the macro uncertainty that our customers have experienced in recent weeks. With just two quarters remaining in our fiscal year, we've decided to take a more conservative stance on our full year guidance.

正如尼爾所說，我們並沒有看到客戶需求有重大變化。然而，考慮到我們的客戶最近幾週經歷的宏觀不確定性，我們看到了一些客戶謹慎的早期跡象。由於本財政年度僅剩兩個季度，我們決定對全年業績指引採取較保守的立場。

I'll point out that for Q3 and Q4, the high ends of our sequential net new ARR guidance ranges are around or below the sequential net new ARR growth we've delivered in prior years. The low end of our guidance ranges allow for the potential that the macro conditions worsen significantly.

我要指出的是，對於第三季度和第四季度，我們連續淨新 ARR 指導範圍的高端與我們前幾年實現的連續淨新 ARR 增長相當或低於這一水平。我們的指導範圍的低端考慮到了宏觀條件可能大幅惡化的可能性。

Moving to slide 11, 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 $157 million to $207 million of net ARR growth this year to hit our fiscal '25 constant currency ARR guidance range. Note that fiscal '24 benefited by approximately $10 million due to deferred ARR.

移至第 11 張投影片，這是 25 財年的類似說明模型。您可以看到我們過去三年的業績，右側的欄位顯示，我們今年需要 1.57 億美元至 2.07 億美元的淨 ARR 成長才能達到我們 25 財年的恆定貨幣 ARR 指導範圍。請注意，由於遞延 ARR，24 財年收益約為 1,000 萬美元。

We expect churn to remain low in fiscal '25. Since transitioning to a subscription business model, our business has proved to be resilient because our customers need to maintain the software in order to continue designing and producing their products. While we sell to engineering, manufacturing and services departments, most of our business is focused on engineering where spending by our customers tends to be more protected.

我們預計 25 財年的客戶流失率仍將維持在較低水準。自從轉向訂閱業務模式以來，我們的業務已被證明具有彈性，因為我們的客戶需要維護軟體才能繼續設計和生產他們的產品。雖然我們的產品銷售給工程、製造和服務部門，但我們的大部分業務都集中在工程領域，因為我們的客戶的支出往往受到更多保護。

With that, I'd like to turn the call back over to Neil.

說完這些，我想把電話轉回尼爾。

Thanks, Kristian. Before we move into Q&A, let me step back for a moment to frame where we are. Our strategy remains absolutely consistent since I started, deepened customer value through PLM, ALM, SLM, CAD and SaaS, verticalize our go-to-market execution and lead innovation through applied generative AI and making our products work well together. We executed solidly in Q2, strengthening our pipeline, advancing our go-to-market transformation and enhancing our product portfolio. At the same time, we're being clear-eyed about the external environment.

謝謝，克里斯蒂安。在我們進入問答環節之前，請容許我先回顧我們現在所處的位置。自開始以來，我們的策略始終保持一致，透過 PLM、ALM、SLM、CAD 和 SaaS 深化客戶價值，垂直化我們的市場執行，並透過應用程式產生 AI 引領創新，使我們的產品協同工作。我們在第二季度表現穩健，加強了我們的產品線，推進了我們的市場轉型並增強了我們的產品組合。同時，我們對外在環境也保持清醒的認知。

Global trade and macro volatility have intensified recently. And while customer urgency for digital transformation remains strong, decision-making can become more cautious during these periods. That's why we proactively adjusted our ARR range to account for potential timing shifts in deal closure and sizing. Fundamental structural customer demand for our products remains strong. Our free cash flow strength, margin discipline and financial resilience remain firmly intact. We feel great about our long-term opportunity and confident in the near-term discipline we're applying.

近期全球貿易和宏觀波動加劇。儘管客戶對數位轉型的迫切性依然強烈，但在這些時期，決策可能會變得更加謹慎。這就是為什麼我們主動調整 ARR 範圍以考慮交易結束和規模的潛在時間變化。客戶對我們產品的基本結構性需求依然強勁。我們的自由現金流實力、利潤率紀律和財務彈性依然穩固。我們對我們的長期機會感到非常高興，並對我們正在實施的短期紀律充滿信心。

With that, let's take your questions.

下面，我們來回答你們的問題。

(Operator Instructions) Daniel Jester, BMO Capital Markets.

（操作員指示）Daniel Jester，BMO 資本市場。

I guess this is for Kristian. Maybe could you dive in a little bit deeper about how you constructed the downside scenario for the 7% ARR? Any additional color about what that assumes from a macro perspective or deal size delay, etc, would be very helpful.

我猜這是給克里斯蒂安的。也許您可以更深入地講講您是如何建立 7% ARR 的下行情境的？從宏觀角度或交易規模延遲等角度對此做出的任何假設的補充說明都將非常有幫助。

Yeah, thanks for the question. This is Neil. Let me start and then Kristian can add on how we did this. So as you saw, let me start with the framework of the 10% to 9%. Again, to reiterate, we feel and see a strong pipeline as we've been entering into the second half. We continue to see that.

是的，謝謝你的提問。這是尼爾。讓我先開始，然後克里斯蒂安可以補充我們是如何做到這一點的。正如你所看到的，讓我從 10% 到 9% 的框架開始。再次重申，進入下半年，我們感覺到並看到了強勁的成長勢頭。我們繼續看到這種情況。

As of the early April timeframe, when we all got hit with a lot of news and impact that's really centered around our customer base around trade policy and macro conditions, we've been in conversations with customers that are indicating things like I was on with the exec team of a large medical device company that says, we're moving down the path with all of you on the PLM expansion that we need to do. But when we get to sign the contract in Q4, we might, if this continued environment persists, need to make it a smaller chunk first and do a bigger chunk later when there's more clarity.

截至 4 月初，我們都受到大量新聞和影響，這些新聞和影響主要集中在我們的客戶群、貿易政策和宏觀條件方面，我們一直在與客戶交談，他們表示，就像我與一家大型醫療器械公司的執行團隊交談時說的那樣，我們正與大家一起推進我們需要進行的 PLM 擴展。但是，當我們在第四季度簽署合約時，如果這種持續的環境持續下去，我們可能需要先將其分成較小的部分，然後在情況更加明朗時再分成較大的部分。

So we're in these conversations. Again, they're not broad-based but it's enough for us to say we look at the pipeline, we've assessed the end markets, the geographies and said, you know what, the 10% is a stretch, let's bring that top end down to 9% based on what we're seeing.

所以我們正在進行這些對話。再說一次，它們不是廣泛的，但足以讓我們說，我們研究了管道，評估了終端市場和地域，然後說，你知道嗎，10% 是一個延伸，根據我們所看到的情況，讓我們將最高限額降至 9%。

Now, on the low-end side, we took it to 7%. We did two things with the assessment of the 7% in our understanding of how to portray that to all of you. Number one is we did a bottoms-up view. And you'll hear hopefully from Rob in Q&A as well, where the pipeline quality and the velocity of it is incrementally getting better. We've been doing that for multiple years. But this quarter, we really went into what does that pipeline look like? When will the conversions actually hit net new ARR in Q3, Q4? What are the end markets? What's related to a renewal? What's not?

現在，在低端方面，我們將其提高到了 7%。在評估這 7% 時，我們做了兩件事，以便向大家清楚地了解這一情況。首先，我們進行了由下而上的審視。希望您也能在問答環節聽到 Rob 的回答，管道品質和速度正在逐步提高。我們已經這樣做了很多年。但本季度，我們真正深入研究了該管道是什麼樣的？轉換何時才能在第三季、第四季真正達到淨新 ARR？終端市場有哪些？與續訂有什麼關係？什麼不是？

And when we did that assessment and looked at, in particular, the industrial manufacturing segment in the United States as one example or the automotive or auto parts segments, and we thought through a really worsening condition of macro where nothing gets resolved. There's no trade deals that get announced in the next 30 to 60 days. Other factors, increased greater uncertainty, we factored that into thinking what could be a downside case if people moved out projects or made projects even smaller than what is our current understanding of the environment. So we did a bottoms up.

當我們進行評估並特別關注美國工業製造業或汽車或汽車零件產業時，我們認為宏觀經濟狀況確實在惡化，沒有任何問題可以解決。未來 30 到 60 天內不會宣布任何貿易協定。其他因素增加了更大的不確定性，我們考慮到如果人們撤出專案或使專案規模比我們目前對環境的理解還要小，可能會出現什麼不利情況。所以我們乾杯了。

Then, we did a tops-down view of what was the worst environment and what happened at PTC when other crises came about, in 2009, during the pandemic, and we looked at that. And we said, you know what, if all of those things hit in the same similar manner, that 7% is an extremely good floor for what we see currently to put as the low end.

然後，我們自上而下地審視了最糟糕的環境以及 2009 年疫情期間其他危機發生時 PTC 發生的情況，並進行了研究。我們說，你知道嗎，如果所有這些事情都以同樣的方式發生，那麼 7% 就是我們目前認為的最低水準。

And to be crystal clear to answer your question, when we think about the 7%, it would need to have significant deterioration of things that we're seeing to actually be put into practice from our customer perspective on how they buy from us. We're not seeing it yet but we want to proactively tell you things that we're working on and make it visible on the things that we can't control, i.e., the macro conditions that might get worse or better, quite frankly, over the next five months as we close out the year.

為了清楚地回答您的問題，當我們考慮 7% 時，我們需要看到情況出現顯著惡化，才能從客戶的角度真正付諸實踐，了解他們如何向我們購買。我們還沒有看到它，但我們希望主動告訴您我們正在努力的事情，並讓您看到我們無法控制的事情，即在我們結束今年的未來五個月中可能變得更糟或更好的宏觀條件。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome, thanks so much for taking the question. I appreciate it. Maybe for Rob on the go-to-market. I'd love to talk a little bit more about just on the steps that have been taken, the confidence that you have, the internal indicators you're looking at to see that the go-to-market changes are indeed working. And, of course, Neil, chime in as well. Thanks so much.

太棒了，非常感謝您提出這個問題。我很感激。也許對 Rob 來說，這是進入市場的機會。我很樂意再多談一點已經採取的措施、你們的信心以及你們正在關注的內部指標，以確認上市變革確實有效。當然，尼爾也加入進來。非常感謝。

Thanks for the question. Top line is I'm really pleased with all the work that's been done and that we put into play here just over the last 90 days, for sure. When you think about what we started, we pivoted the full-standing field organization to a vertical approach. And that required a lot of movement and I'm proud to say the team really came through well. We did it with low churn, customer churn. We retained all of our top talent and a highly tenured sales organization, very low drama and we delivered on the quarter.

謝謝你的提問。最重要的是，我對過去 90 天我們所做的一切工作感到非常滿意。當你思考我們所開始的事情時，我們將整個現場組織轉向了垂直方式。這需要大量的運動，我很自豪地說團隊確實表現得很好。我們以較低的客戶流失率做到了這一點。我們保留了所有頂尖人才和資深銷售團隊，幾乎沒有任何波折，並且按時完成了季度交付。

So I think overall, we feel really good about the foundation that's been -- that was planned for, frankly, and then delivered and executed on in the last quarter. It really sets us up well for a future growth trajectory that allows for just more conversations with our customers, more outcomes-focused discussions and hopefully, a greater trajectory, which we're seeing a little bit here early on the pipe. So overall, very pleased.

所以我認為總的來說，我們對已經制定的基礎感到非常滿意——坦率地說，這是計劃好的，然後在上個季度交付和執行了。它確實為我們未來的成長軌跡做好了準備，讓我們能夠與客戶進行更多的對話，進行更多以結果為重點的討論，並希望獲得更大的軌跡，我們在早期就看到了這一點。整體來說，非常滿意。

Saket Kalia, Barclays Capital.

巴克萊資本的 Saket Kalia。

Okay, great. Hey, guys, thanks for taking my question here. Kristian, maybe for you -- first off, good to see this year's free cash flow midpoint go up. Maybe as we think about the $1 billion in free cash flow next year, just appreciating that it's a very different macro, what are some of the puts and takes that you want us to think about with that target as we just think about kind of the more prudent ARR outlook for this year? Does that make sense?

好的，太好了。嘿，夥計們，謝謝你們在這裡回答我的問題。克里斯蒂安，也許對你來說——首先，很高興看到今年的自由現金流中點上升。也許當我們考慮明年 10 億美元的自由現金流時，我們會意識到這是一個非常不同的宏觀因素，當我們考慮今年更審慎的 ARR 前景時，您希望我們在實現這一目標時考慮哪些利弊？這樣有道理嗎？

Yes, I think it's a fair question. I think it's definitely premature to really be answering it. We need to, first of all, finish out this year and see where we actually end up. We need to get through the annual planning process as well, which has not happened yet. We need to look at some other factors like what's going to happen with interest rates, what's going to happen with tax policy, what's going to happen with foreign exchange rates. So I think those are some of the variables that we're looking at and contemplating.

是的，我認為這是一個公平的問題。我認為現在回答這個問題還為時過早。首先，我們需要結束今年，看看我們最終會取得什麼成果。我們還需要完成年度規劃流程，但這尚未完成。我們需要考慮一些其他因素，例如利率會發生什麼變化、稅收政策會發生什麼變化、外匯匯率會發生什麼變化。所以我認為這些是我們正在研究和考慮的一些變數。

Yeah. Saket, thanks for the question, too. I'd like to add the go-to-market transformation, again, one quarter in, as you heard Rob, he's feeling the momentum. That needs to continue as we build and see that actually relate to how the pipeline is and the conversion rates and as we build that up organically here at the business. We also have to take a look at what happens in the macro environment, right, and changes that are happening relatively rapidly.

是的。Saket，也謝謝你的提問。我想補充市場轉型，同樣，一個季度過去了，正如你所聽到的，羅布，他感受到了這種勢頭。隨著我們構建並看到它實際上與管道和轉換率的關係，以及我們在業務中有機地構建它，這種情況需要繼續下去。我們還必須看看宏觀環境中發生了什麼，以及正在發生相對快速的變化。

Some good, maybe some bad. So we're putting that all into the mixer and making sure as we come out, the framework, I think, still holds that we've been talking about. But all those details need to be squared away to make sure we put our best foot forward as we talk to you guys the next year. I will say, from a confidence perspective, hopefully, you've seen it, Saket, that delivering this type of free cash flow in an environment where our current guidance range is now 7% to 9% is a really strong indication of the strong execution culture we've built in this company.

有些好，也許有些壞。因此，我們將所有這些放入混合器中，並確保當我們出來時，我認為框架仍然保留我們一直在談論的內容。但所有這些細節都需要妥善處理，以確保我們在明年與你們交談時能夠盡最大努力。我想說，從信心的角度來看，希望你已經看到了，Saket，在我們目前的指導範圍為 7% 至 9% 的環境下實現這種類型的自由現金流，這確實有力地表明了我們在這家公司建立了強大的執行文化。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

Thank you. And Neil, thanks for that clear explanation about what you're seeing with customer. I wanted to ask you, in this kind of environment, how is your discussion going on with your customer in terms of AI adopts, and you guys introduced some of those AI products, both in Windchill and even ServiceMax and other areas as well. So how is the discussion going in terms of them adopting AI in this kind of environment?

謝謝。尼爾，謝謝你對客戶所見所聞的清晰解釋。我想問您，在這種環境下，您與客戶在人工智慧採用方面的討論進展如何，您介紹了一些人工智慧產品，包括 Windchill、ServiceMax 和其他領域。那麼，在這種環境下採用人工智慧的討論進度如何？

Yeah, it's a great question, and if you were watching us in Hannover Messe when we announced Windchill AI, showed the world Codebeamer AI and obviously, as we talked to, ServiceMax AI alongside the Onshape AI Advisor, we've got a full stable of launches and proof points that we're putting on to the marketplace. So a lot of great innovation the team's doing. A lot of great customer reception. It was standing room-only in terms of the things that our customers were seeing, prospects were seeing around our AI capabilities.

是的，這是一個很好的問題，如果您在漢諾威工業博覽會上關注我們，當我們宣布推出 Windchill AI 時，向世界展示了 Codebeamer AI，顯然，正如我們所討論的，ServiceMax AI 和 Onshape AI Advisor，我們已經有一系列完整的發布和證明點可以推向市場。該團隊正在進行許多偉大的創新。很多很棒的客戶接待。就我們的客戶和潛在客戶所看到的有關我們的人工智慧功能而言，這裡擠滿了人。

I think the major thing that we're learning through this process is that as we mentioned a few quarters ago, this product data foundation that our core systems allow our customers to achieve with PLM, CAD, ALM, SLM, having that is absolutely critical for getting the best use of generative AI.

我認為我們透過這個過程學到的主要內容是，正如我們幾個季度前提到的那樣，我們的核心系統允許我們的客戶透過 PLM、CAD、ALM、SLM 實現的產品資料基礎，這對於充分利用生成式人工智慧至關重要。

So those two factors, a great generative AI product innovation that we're now showing to our customers, getting feedback from our customers, relating back to how do you really supercharge that? Well, put together a great PLM system across your enterprise or ALM system across your enterprise, the two is the differentiator for PTC. And it's highly valuable, and we believe it's going to be an ultimate growth driver that results in ARR growth over the mid-term and long-term.

所以這兩個因素，我們現在向客戶展示的偉大的生成式人工智慧產品創新，從客戶那裡得到回饋，與您如何真正增強它有關？好吧，在您的企業中整合一個優秀的 PLM 系統或在整個企業中整合一個 ALM 系統，這兩者是 PTC 的區別所在。它非常有價值，我們相信它將成為中期和長期內實現 ARR 成長的最終成長動力。

I think in the near term, to summarize, customers are still interested. They're far more engaged this quarter than they were last quarter, given our launches. But our view is it will take some time for the biggest bite sizes of generative AI to take hold. It will happen but it will happen more methodically over the course of the next 12 to 24 months.

我認為，從短期來看，客戶仍然感興趣。考慮到我們的產品發布，本季他們的參與度比上一季高得多。但我們認為，生成式人工智慧的最大規模要發揮作用還需要一些時間。這會發生，但會在接下來的 12 到 24 個月內更有條理地發生。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Great. Thanks for taking my question. This one's for you, Kristian, somewhat building on Dan's question earlier. As you think about that 7% range and that requiring significant erosion in macro, any way to frame some of the moving pieces financially in terms of churn? And I think in the past, during COVID, you guys had talked about net new ARR down a certain amount. Like how should we think about what are some of the components that would go into getting to that 7%?

偉大的。感謝您回答我的問題。這是給你的，克里斯蒂安，在某種程度上是對丹之前提出的問題的補充。當您考慮 7% 的範圍以及需要在宏觀上進行大幅侵蝕時，有沒有辦法從客戶流失的角度從財務角度來建立一些變動部分？我認為在過去，在 COVID 期間，你們曾討論過淨新 ARR 下降一定數額。例如，我們該如何思考要達到 7% 的目標需要哪些因素？

Yeah. Thanks, it's a good question. I would say that first of all, the churn has been low now for a couple of years. We expect it to continue to remain low. Even in some of the prior macro situations that the company has been in, we haven't actually seen significant increases in churn rates. So it really is more down to new business and how that is coming in. Again, is it smaller bite-size chunks, etc, etc.

是的。謝謝，這是個好問題。我想說的是，首先，客戶流失率近幾年來一直很低。我們預計它將繼續保持低位。即使在公司之前所處的某些宏觀形勢下，我們實際上也沒有看到客戶流失率的顯著上升。因此，這實際上更多地取決於新業務及其如何開展。再說一次，它是不是更小的一口大小的塊，等等，等等。

Yeah. And just to add to this, we chose to give this guidance range different than some others out there that are still looking at the environment. We want to be proactive about it. And the way you look at -- if you think about the Q4 number to your question, the low end is $55 million of that new ARR. The high end is $85 million, right, at 9%. Last Q4, we did $84 million. In 2023, we did $76 million. And so when we look at that $20 million or so downside protection, we did that bottoms-up view. We know every customer and made assessments around what could push, what could get smaller bite-sized.

是的。除此之外，我們選擇給予的指導範圍與其他仍在關注環境的指導範圍不同。我們希望對此採取積極主動的態度。如果你考慮一下你問題的第四季數字，你會發現新 ARR 的最低值為 5500 萬美元。最高端是 8500 萬美元，對，佔 9%。去年第四季度，我們的營收為 8,400 萬美元。2023年，我們的收入達到 7,600 萬美元。因此，當我們審視那 2000 萬美元左右的下行保護時，我們採取了自下而上的觀點。我們了解每一位客戶，並對哪些可以推廣、哪些可以縮小規模做出評估。

And then to your question on other crises, we looked at what happened in those other really dramatic crises, which quite frankly, I don't believe personally that, that will happen in this go-around. But if it does, what we saw was a 20% to 30% reduction in conversion rates when things really fell apart in the industry. So top-down, bottoms-up, we came to -- that $20 million risk is a good risk profile if things get materially worse in Q3, Q4.

然後回答您關於其他危機的問題，我們研究了其他真正嚴重的危機中發生的情況，坦白說，我個人不相信這次會發生這樣的危機。但如果確實如此，當產業真正崩潰時，我們看到的是轉換率下降了 20% 到 30%。因此，自上而下、自下而上，我們得出的結論是——如果第三季和第四季的情況變得更糟，那麼 2000 萬美元的風險是一個良好的風險狀況。

Yeah. And you'd see it more broadly across the business and throughout the channel and elsewhere in the direct space. It's not just the biggest deals in that case.

是的。您將在整個業務、整個管道以及其他直接領域更廣泛地看到它。在這種情況下，這不僅僅是最大的交易。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Perfect. Yeah, thank you for taking my questions. I've just one question, that is -- so one of your competitors talked about seeing some positives in deal activity at the end of March, but then things kind of normalized in April. It doesn't sound like a dynamic that you're kind of talking about today. But is this something that you saw? Just curious on how some of that demand activity might have changed. Neil, I know you talked about some of the convos you've been in but curious on this specifically. Thank you.

完美的。是的，感謝您回答我的問題。我只有一個問題，那就是——你的一個競爭對手談到在 3 月底看到交易活動的一些積極跡象，但 4 月份情況就恢復正常了。這聽起來不像是你今天談論的動態。但這是你親眼看見的嗎？只是好奇一些需求活動可能發生了什麼樣的變化。尼爾，我知道你談到了你參加過的一些談話，但我特別好奇這一點。謝謝。

Yeah, I couldn't make sense of what our competitors said on that front. But in terms of our business, most importantly, we had a solid quarter in Q2. Like look at the customer slides, some, by the way, disruptive moves that we did, competitive displacements that were made with real sizable accounts, right? So strong demand environment.

是的，我無法理解我們的競爭對手在這方面所說的話。但就我們的業務而言，最重要的是，我們在第二季表現穩健。就像查看客戶幻燈片一樣，順便說一下，我們採取了一些顛覆性舉措，透過真正可觀的帳戶實現了競爭性取代，對嗎？需求環境如此強勁。

I want to reiterate, we've entered Q3. We continue to see an extremely strong -- a good, strong, high-quality pipeline that we're continuing to build upon with Rob's hard work here. So we feel like the demand environment is solid. What we're portraying in this new guidance range is making sure these initial conversations of uncertainty in end markets that are most impacted by the trade policy, we're just being prudent and making sure we're ahead of it as they actually formulate themselves, if they do, this is the range that we see.

我想重申，我們已經進入第三季。我們繼續看到一條極其強大、良好、強大的高品質管道，在 Rob 的辛勤工作下，我們將繼續在此基礎上進行建設。因此，我們感覺需求環境是穩固的。我們在這個新的指導範圍內所描述的是，確保在受貿易政策影響最大的終端市場中，這些關於不確定性的初步對話，我們只是謹慎行事，並確保我們在他們實際制定政策時處於領先地位，如果他們這樣做，這就是我們所看到的範圍。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Neil, Kristian, Rob, perhaps almost irrespective of the tariffs morass, maybe we can talk about the underlying growth dynamics of the business organically. For instance, when we think about your two largest pillars, CAD and PLM, it would seem that the active base growth there for each is in the mid-single digits, and that seems likely to continue if churn remains low.

謝謝。晚安.尼爾、克里斯蒂安、羅布，也許幾乎不考慮關稅困境，我們可以有機地談論業務的潛在成長動力。例如，當我們考慮您的兩個最大支柱 CAD 和 PLM 時，似乎每個支柱的活躍基礎成長率都在中等個位數，而且如果客戶流失率保持在較低水平，這種情況很可能會持續下去。

So over and above that mid-single digit for your two largest businesses, how are you thinking about perhaps pricing or pricing power? Dassault is going to be raising prices 2% to 5% in July. Does that give you some cover for pricing for yourselves? How are you thinking about ongoing cross-sell opportunities with ALM, SLM and so forth? Or on the other hand, does the new environment mean that customers will begin to disaggregate the deals and do maybe one three-letter acronym at a time? Thank you.

那麼，除了您最大的兩家公司的中位數個位數收入之外，您如何考慮定價或定價權？達梭將於 7 月將價格上調 2% 至 5%。這能為你們自己的定價提供一些保障嗎？您如何看待與 ALM、SLM 等持續的交叉銷售機會？或者另一方面，新環境是否意味著客戶將開始分解交易並一次只使用一個三個字母的縮寫？謝謝。

Let me start with the demand and the seat size side of the equation, and then Kristian or Rob can talk about the commercial optimization piece. The vertical approach that we undertook at the beginning of the year, the go-to-market transmission is all intended to ensure we're capturing more wallet share in the verticals that we're strong in and have a concise determined effort led by Rob to make sure that we execute better across that demand opportunity that is getting better on a monthly basis because deal transformation is getting more urgent.

讓我先從需求和座位大小開始，然後克里斯蒂安或羅布可以談談商業優化部分。我們在年初採取的垂直方法、進入市場的傳輸都是為了確保我們在我們擅長的垂直領域獲得更多的錢包份額，並在 Rob 的領導下做出簡潔而堅定的努力，以確保我們在需求機會方面執行得更好，而且由於交易轉型變得越來越緊迫，這種需求機會每月都在變得更好。

That is the premise of the work that we're putting, hard work that we're putting in. That's going to take a few quarters to really see the fruits of that labor but is to expand the utilization of Windchill, to expand the utilization of Creo, to cross-sell ALM, to think about SLM being integrated in a vertical approach, by the way, supplemented by a solid generative AI technology layer that really leverages all that great system work that we've got.

這就是我們所做工作的前提，也是我們所付出的艱苦努力。要真正看到這些勞動的成果還需要幾個季度的時間，但要擴大 Windchill 的利用率，擴大 Creo 的利用率，交叉銷售 ALM，考慮以垂直方式集成 SLM，順便說一下，輔以堅實的生成 AI 技術層，真正利用我們所有的優秀系統工作。

That's like still in the work and in the future. That being said, in Q2, you saw again examples of, I think if you looked at the bullets, CAD consolidation, right? So in many of these cases, we're going into a vertical approach and saying, can you consolidate your CAD? We saw that happen in Q2. The methodical way that Rob making sure that this happens is the biggest impetus of why we did this go-to-market transformation, and that's our north star.

這就像仍在工作中並在未來一樣。話雖如此，在第二季度，您再次看到了一些例子，我想如果您看一下要點，那就是 CAD 合併，對嗎？因此，在許多情況下，我們採用垂直方法並問自己，您能整合您的 CAD 嗎？我們在第二季度看到了這種情況。Rob 確保這一切發生的有條不紊的方式是我們進行這一市場轉型的最大動力，這也是我們的北極星。

Commercial optimization, do you guys want to -- Rob, do you want to start?

商業優化，你們想要──羅布，你想開始嗎？

Yeah. I mean, where we can come in behind that and just extra structure is to make sure that the comp plans are aligned to support those moves and we have the folks bought in at the field level. And it's doing the right thing by the customer and company rewards them as well. And so that's a very important part of it. So we have alignment there, and we'll continue to work to make sure that, that's set up well, especially as we develop really strong outcomes-oriented top tracks that we can engage with our customers on.

是的。我的意思是，我們可以採取額外的措施來確保補償計劃能夠支持這些舉措，並且我們讓人們參與現場層面。這是為顧客做正確的事情，公司也會獎勵他們。這是其中非常重要的一部分。因此，我們在這方面進行了協調，並將繼續努力確保這一點得到良好建立，特別是當我們開發出真正強大的以結果為導向的頂級軌道，以便與我們的客戶互動時。

Historically, at a horizontal level, some of the positioning was really from our perspective out to the customer. When you start talking in the vertical format, you start talking back from the customer's problem that you're trying to solve to the way we can help them solve it. And so that really adds extra credibility to the discussion and elevates the conversation. And I think we're in a good position there as well.

從歷史上看，在水平層面上，一些定位實際上是從我們向客戶的角度出發的。當您開始以垂直格式交談時，您就開始從您試圖解決的客戶問題轉向我們可以幫助他們解決問題的方式。這確實增加了討論的可信度並提升了對話水平。我認為我們在那裡也處於有利地位。

Nay Soe Naing, Berenberg.

奈蘇奈恩，貝倫貝格。

Hi. Thank you for taking my question. If I could start with some of the customer conversations that you mentioned that suggests that you might have some of the deals postponed or the deal sizes come in smaller than what you'd expected. You called out an example on the MedTech end market. I was wondering, are these conversations happening across the board or are these conversations happening more so in some of the verticals than others? If you could also comment from a geo perspective between CAD and PLM, that would be super helpful.

你好。感謝您回答我的問題。如果我可以從您提到的一些客戶對話開始，這表示您可能會推遲一些交易，或者交易規模比您預期的要小。您舉了一個醫療科技終端市場的例子。我想知道，這些對話是否在各個領域都有發生，或者這些對話是否在某些垂直領域比其他領域更頻繁地發生？如果您也能從 CAD 和 PLM 之間的地理角度進行評論，那將非常有幫助。

And then my second part of the question is the top end of the guide now, 9%, can I ask what is assumed in that, please? Is it that the current macro uncertainty continues for H2? Or what would happen if we have meaningful global trade agreements in this quarter and next quarter, please?

然後我的問題的第二部分是現在指南的最高端，9%，我可以問一下這其中的假設是什麼嗎？目前的宏觀不確定性是否會持續到下半年？或者如果我們在本季和下個季度達成有意義的全球貿易協定，會發生什麼事？

Yeah. So great question. Really glad you asked it. I'd start with the first part of your question around the conversations we're having. They are idiosyncratic based on where the customer is and the level of the transformation and the competitive positioning that they're under, right?

是的。這個問題問得真好。真的很高興你問了這個問題。我想從你的問題的第一部分開始，圍繞著我們正在進行的對話。它們根據客戶所在位置、轉型水平和所處的競爭定位而具有獨特的個性，對嗎？

So as an example, I can't make a broad statement that says, we're having conversations with automotive OEMs that are all pulling guidance, and they are all now telling us they're going to stop buying from any of the software vendors because they're in paralysis mode.

舉個例子，我無法泛泛地說，我們正在與汽車原始設備製造商進行對話，他們都在撤回指導，現在他們都告訴我們，他們將停止從任何軟體供應商那裡購買產品，因為他們處於癱瘓模式。

In some cases, we actually announced something this morning, Schaeffler, one of the largest industrial parts manufacturers that actually is very centered around the automotive market, they just did a massive strategic partnership deal, multiyear deal that's going to transform them to our SaaS framework. And you might question, well, why would they sign something like that in this type of environment? Well, because they have now understood that they've got to be even more nimble in this environment. And so they've moved forward with that.

在某些情況下，我們今天早上實際上宣布了一些事情，舍弗勒是最大的工業零件製造商之一，實際上非常關注汽車市場，他們剛剛達成了一項大規模的戰略合作夥伴協議，這是一項多年期協議，將把他們轉變為我們的 SaaS 框架。你可能會問，為什麼他們會在這種環境下簽署這樣的文件？因為他們現在已經明白，在這種環境下他們必須更有彈性。因此他們繼續推進這項工作。

In other cases, there could be automotive OEMs or parts manufacturers, which, again, this is the pipeline work we've done where they're earlier on in their diligence of how much they want to transform and they're doing a lot of work about why Windchill could help them. And they're coming to us and saying, this sounds great. We're down the path of selecting someone. It's going to take another four weeks to select it. But at the end of the four weeks, if this tariff issue does not get resolved or is still unclear the way it currently is to them, we might have to pull back, and this might push into Q1 of next year or I might take a smaller chunk.

在其他情況下，可能會有汽車原始設備製造商或零件製造商，同樣，這是我們所做的管道工作，他們很早就開始盡職調查他們想要進行多大的轉變，並且他們正在做大量工作來了解 Windchill 為什麼可以幫助他們。他們來找我們說，這聽起來很棒。我們正在挑選某人。還需要四周的時間來選擇它。但在四周結束時，如果這個關稅問題沒有解決，或者對他們來說仍然不清楚，我們可能不得不撤退，這可能會推遲到明年第一季度，或者我可能會拿走一小部分。

And so there is no broad brush of within Japan or EMEA or North America. There is patterns across everyone that it could standardize on, but we're staying very close to them on a pipeline opportunity perspective by pipeline opportunities. So that's number one.

因此，日本、歐洲、中東和非洲地區或北美之間不存在廣泛的界限。每個人都有可以標準化的模式，但從管道機會的角度來看，我們與它們保持著非常密切的聯繫。這是第一點。

On your second part of how we got from 10% to 9% and if things get better, could they get better than 9%? Our view is we have already lost 30 days. Since April 3 or April 4, the current conversations and when we -- I was on with the executive of a large food processing equipment manufacturer, one of the largest ones in the world out of Europe this morning. They are clearly going to move forward with digital transformation, but they're, right now, trying to figure out where to send excess supply to before the reciprocal tariffs might get taken off the table.

關於你的第二部分，我們如何從 10% 提高到 9%，如果情況好轉，是否會比 9% 更好？我們認為我們已經損失了 30 天。自 4 月 3 日或 4 月 4 日以來，當前的對話以及我們——今天早上我與一家大型食品加工設備製造商的高管進行了交談，該製造商是歐洲以外最大的食品加工設備製造商之一。他們顯然會推動數位轉型，但現在，他們正試圖弄清楚在互惠關稅取消之前，將過剩的供應運往何處。

And so they're like, the next six weeks, we just can't do anything other than figure out how we move supply around the world. We'll come back to digital transformation after. Hopefully, the trade policies get squared away. Assume they all get squared away, we still believe at this current time, we've lost some time in the five months left we have in the quarter. Again, very different than other companies that have 12/31. We only have five months left. Hence, the range of 7% to 9%.

所以他們說，接下來的六週內，我們除了想辦法在世界各地運送物資外，什麼也做不了。之後我們再來討論數位轉型。希望貿易政策能得到妥善解決。假設所有問題都得到解決，我們仍然相信，目前，我們在本季剩下的五個月中已經浪費了一些時間。再次，這與其他擁有 12/31 的公司非常不同。我們只剩下五個月的時間了。因此，範圍是 7% 到 9%。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hey, guys. Can you hear me?

嘿，大家好。你聽得到我嗎？

Hey, Josh. We can hear you.

嘿，喬希。我們能聽到你的聲音。

Also two parts and sorry to keep pounding on the guidance. But I guess hypothetically, if you guys have 10 customers and three customers or you're having these conversations with where it suggests things can get rightsized or delayed, does the midpoint of that 7% to 9% range, does that assume that just those three customers push out? Or is there a cushion within the midpoint of the guidance for those conversations that you're having today to kind of be more broader based?

同樣是兩個部分，很抱歉繼續強調指導。但我想，假設你們有 10 個客戶，而有 3 個客戶或你正在進行這些對話，表明事情可能會調整規模或延遲，那麼 7% 到 9% 範圍的中點是否假設只有這三個客戶推出？或者，在指導的中點範圍內是否存在緩衝，以便您今天進行的對話能夠更加廣泛地展開？

And then the second part of my question is I go back to kind of a follow-up to the last one. These conversations that you're having to customers, are they really so scary that what was previously the low end of the guidance last quarter has now become the high end of the guidance?

然後我的問題的第二部分是回到上一個問題的後續問題。您與客戶進行的這些對話是否真的如此可怕，以至於上個季度的指導低端現在已成為指導的高端？

So let me start with the last question first. The situation that has started for all of us particularly, and most importantly, the end markets that PTC serves has been dramatic since April 4. You guys are watching it. Guidance is being pulled from a lot of our end market customers. That means they don't know what they're going to do or what they see in even the subsequent quarter.

那麼讓我先從最後一個問題開始。對於我們所有人來說，尤其是對於 PTC 所服務的終端市場來說，情況自 4 月 4 日起就變得非常嚴峻。你們正在看。我們正在從許多終端市場客戶那裡獲取指導。這意味著他們不知道自己要做什麼，甚至不知道下一季會發生什麼事。

That then relates to conversation that says, what are the things we absolutely need to do and what are the things that are nice to do? And in some cases, working with PTC, signing on the dotted line to expand their technology with PTC is a must-have to be competitive even in this tough environment, hence, where we sit in our 7% to 9% range. But in other scenarios, it really could mean a delay or extending out the time period they decide or making a smaller decision.

這就牽涉到這樣的對話：哪些事情是我們絕對需要做的，哪些事情是值得做的？在某些情況下，與 PTC 合作，簽署協議以與 PTC 一起擴展他們的技術是即使在這種艱難的環境中保持競爭力的必要條件，因此，我們的市場份額處於 7% 到 9% 的範圍內。但在其他情況下，這確實可能意味著延遲或延長他們做出決定的時間段或做出較小的決定。

So I wouldn't say they're scary. We've been in other crises. I've done this multiple times, and this team is experienced enough to do it as well. This has been very impactful to our end market customers from their ability to decide clearly, how to think about their business and where to invest for the future. Hopefully, that gets taken care of, and there's more certainty as the weeks progress and trade deals are announced and people know how to navigate with discipline around the guide rails that they run their business.

所以我不會說它們很可怕。我們也曾經歷過其他危機。我已經做過多次了，這個團隊也有足夠的經驗來做這件事。這對我們的終端市場客戶產生了很大的影響，使他們能夠清楚地做出決定，如何思考他們的業務以及在哪裡進行未來的投資。希望這個問題能夠得到解決，隨著時間的推移和貿易協議的宣布，以及人們知道如何在經營業務的指導方針周圍有紀律地導航，情況會更加確定。

On how you should think about it, look, we want to be really transparent with all of you. It's a 7% to 9% range. I think we did a lot of justice, hopefully on this call, around the ways in which 7% on the lowest end can look like, the ways we're looking at that. We also mentioned that 9% coming into this quarter, we had pipeline that felt really strong on our original guide. We also have mentioned this go-to-market transformation is starting to hit stride.

關於你應該如何考慮這個問題，看，我們希望對你們所有人保持透明。範圍是 7% 到 9%。我認為我們在這次電話會議上已經充分錶達了我們的立場，希望能夠就最低 7% 的情況以及我們對此的看法做出公正的解釋。我們也提到，本季的銷售額達到 9%，這與我們最初的預期相比確實非常強勁。我們也提到，這種市場轉型已開始步入正軌。

It's going to take multiple quarters to show it but that's on track. We also said the strategic priorities of the company have been working well. You saw that in Q2 in terms of how customers are buying. And so we're working really hard to make sure we capture as much demand as possible off of that pipeline, hence, our range, and how we see it.

這需要多個季度才能顯現出來，但一切正在按計劃進行。我們也表示，公司的策略重點一直運作良好。從第二季的客戶購買情況來看，您已經看到了這一點。因此，我們正在非常努力地確保從該管道中捕獲盡可能多的需求，因此，我們的範圍以及我們如何看待它。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hey, this is Peter on the line for Tyler Radke. Just a quick one for me. On the macro uncertainty, I was just wondering if you're seeing a risk uncertainty for a specific product or if it's a specific vertical, if there's any more color you got to provide on that at all. Thanks.

嘿，我是 Peter，找 Tyler Radke。對我來說只是一個快速的步驟。關於宏觀不確定性，我只是想知道您是否看到特定產品或特定垂直領域的風險不確定性，您是否可以提供更多資訊。謝謝。

Yeah, this is not product-related. We have -- all of our products, fortunately, are mission-critical products that the world uses and we all rely upon these companies to produce things out there. And so our products are the underpinning of the great products that are out there in the world. So that's -- it's not a product-specific issue. This is just how do customers think about investment decisions in light of uncertainty around the guardrails that they need to understand to run their businesses, right? What the supply chain looks like, what their input costs look like, etc, etc, where manufacturing resides, which is all things that they are now needing to contemplate in light of what happened at the beginning of April. So that's like from that standpoint.

是的，這與產品無關。幸運的是，我們所有的產品都是全世界使用的關鍵產品，我們都依賴這些公司來生產。因此，我們的產品是世界上優秀產品的基礎。所以這不是特定於產品的問題。這只是客戶在考慮到經營業務所需了解的護欄的不確定性的情況下如何考慮投資決策的問題，對嗎？供應鏈是什麼樣的，他們的投入成本是什麼樣的，等等，製造業在哪裡，這些都是他們現在需要根據 4 月初發生的事情來考慮的事情。這就是從這個角度來看的。

And then two, I think that covers probably both questions there.

其次，我認為這可能涵蓋了這兩個問題。

I will turn the call back over to Neil Barua for closing remarks. Please stay on the line.

我將把電話轉回給尼爾巴魯阿 (Neil Barua) 做最後發言。請不要掛斷電話。

Sure. Thank you, everyone, for joining us and for your questions today. We'll be on the road in the weeks ahead, participating in investor conferences. In May, Kristian will attend the JPMorgan Conference in Boston, and Matt will attend the Bank of America Conference in New York. In June, Kristian will attend the Baird Conference in New York, the Wolfe Virtual Conference and the BMO Virtual Conference.

當然。感謝大家今天的參與與提問。未來幾週我們將會外出參加投資者會議。5 月份，Kristian 將參加在波士頓舉行的摩根大通會議，Matt 將參加在紐約舉行的美國銀行會議。6 月，克里斯蒂安將參加紐約貝爾德會議、沃爾夫虛擬會議和 BMO 虛擬會議。

Amit Jain will participate in the Rosenblatt Virtual Conference, and Matt will attend Mizuho Conference in New York. Kristian and I will host two investor visits. Rob might join us, too, to our headquarters in Boston. For the May visit, you could reach out to RBC and for the June visit, you can reach out to Stifel. Thank you again for the engagement today. Look forward to speaking to you all soon.

Amit Jain 將參加 Rosenblatt 虛擬會議，而 Matt 將參加紐約的瑞穗會議。克里斯蒂安和我將接待兩位投資者來訪。羅布也可能會加入我們，來到波士頓的總部。對於 5 月的訪問，您可以聯繫 RBC；對於 6 月的訪問，您可以聯繫 Stifel。再次感謝您今天的參與。期待很快與大家交談。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。