PTC Inc (PTC) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2025 third-quarter conference call. (Operator Instructions) Following the presentation, the conference will be open for questions.

女士們、先生們，午安。感謝您的支持，歡迎參加 PTC 2025 年第三季電話會議。（操作員指示）演講結束後，會議將開放提問。

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

午安.謝謝你，艾瑞克，歡迎參加 PTC 2025 年第三季電話會議。參加今天電話會議的有執行長 Neil Barua、財務長 Kristian Talvitie 和首席營收長 Robert Dahdah。

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.

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.

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。

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the PTC's annual report on Form 10-K, Form 10-Q and other filings with the US Securities and Exchange Commission as well as in today's press release. The forward-looking statements, including guidance provided during this call are valid only as of today's date, July 30, 2025, and PTC assumes no obligation to update these forward-looking statements.

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 的 10-K 表、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。這些前瞻性聲明（包括本次電話會議中提供的指導）僅截至今天（2025 年 7 月 30 日）有效，PTC 不承擔更新這些前瞻性聲明的義務。

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

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. I'm proud of what PTC is accomplishing in fiscal year '25, and I'm more confident than ever in the important position we hold in the market. Our vision for our customers' digital transformations is resonating.

謝謝你，馬特，大家下午好。我為 PTC 在 2025 財年取得的成就感到自豪，我對我們在市場上佔據的重要地位比以往任何時候都更有信心。我們對客戶數位轉型的願景引起了共鳴。

They rely on PTC software to build structured product data foundations in their engineering teams and to extend the value of that data across their enterprises. This helps us accelerate time to market, produce higher-quality products and manage complexity across their businesses.

他們依靠 PTC 軟體在其工程團隊中建立結構化產品數據基礎，並在整個企業中擴展該數據的價值。這有助於我們加快產品上市時間、生產更高品質的產品並管理整個業務的複雜性。

And these product data foundations are the fundamental backbone of AI-driven transformation for our customers and become a driver for organizing and structuring data using PTC solutions. In Q3, we executed well, 9.3% constant currency ARR growth and 14% free cash flow growth year over year. We also continued deleveraging our balance sheet and repurchasing shares.

這些產品資料基礎是我們客戶實現人工智慧驅動轉型的根本支柱，並成為使用 PTC 解決方案組織和建構資料的驅動力。第三季度，我們的表現良好，以固定匯率計算的 ARR 年增 9.3%，自由現金流年增 14%。我們也持續降低資產負債表的槓桿率並回購股票。

With our continued visibility to solid cash generation, we expect to remain active under our $2 billion share repurchase authorization. These results reflect continued resilience in a dynamic macro environment and also indicate the early progress of our go-to-market transformation and deepening strategic engagement with customers.

憑藉我們持續穩健的現金創造能力，我們預計將在 20 億美元的股票回購授權下繼續保持活躍。這些結果反映了在動態宏觀環境中的持續韌性，也顯示我們的市場轉型和與客戶深化策略合作取得了早期進展。

In Q3, policy and trade uncertainty led some customers to slow or face deals. By quarter end, we began to see signs of stabilization as customers adapted to the environment. While it is too early to call a trend, our sense is that we are past the point of maximum disruption.

第三季度，政策和貿易的不確定性導致一些客戶放慢或面臨交易。到季度末，隨著客戶適應環境，我們開始看到穩定的跡象。雖然現在說趨勢還為時過早，但我們的感覺是，我們已經過了最大混亂的階段。

Input costs and tariff discussions remain important watch items and dynamics differ across verticals and geographies, but demand has remained resilient. To us, this underscores that our solutions continue to be mission-critical for customers even in periods of macro uncertainty.

投入成本和關稅討論仍然是重要的關注事項，不同垂直行業和地區的動態有所不同，但需求仍然保持彈性。對我們來說，這表明即使在宏觀不確定時期，我們的解決方案對客戶來說仍然至關重要。

Our Q3 results also reflect steady progress with our go-to-market transformation. The team is continuing to build a more consistent operating rhythm, and we're seeing encouraging signs. Pipeline creation remained healthy.

我們的第三季業績也反映了我們市場轉型的穩定進展。團隊正在繼續建立更一致的營運節奏，我們看到了令人鼓舞的跡象。管道建設保持健康。

Win rates with tenured reps improved modestly and new reps are making progress in their ramp. We're also seeing stronger collaboration across sales, marketing and customer success and deeper, more strategic engagement with senior decision-makers.

資深銷售代表的勝率略有提高，新銷售代表的勝率也不斷進步。我們也看到銷售、行銷和客戶成功之間的合作更加緊密，與高階決策者的接觸也更加深入、更具策略性。

While we're still early in this transformation compared to a year ago, we're structurally stronger and better positioned to support our customers. This remains a long-term effort and will continue to refine and adapt, but the early progress we've seen gives us confidence in the direction we're headed.

雖然與一年前相比，我們仍處於轉型初期，但我們的結構更加強大，能夠更好地為客戶提供支援。這仍然是一項長期的努力，並將繼續完善和調整，但我們所看到的早期進展使我們對前進的方向充滿信心。

We advanced our product data foundation strategy in Q3 with portfolio enhancements and customer wins across our five focus areas of CAD, PLM, ALM, SLM and SaaS. And we continued our progress with AI. In CAD, we released the most sophisticated version of Creo yet with Creo 12.

我們在第三季度推進了產品數據基礎策略，在 CAD、PLM、ALM、SLM 和 SaaS 這五個重點領域增強了產品組合併贏得了客戶。我們在人工智慧領域持續取得進展。在 CAD 領域，我們發布了迄今為止最完善的 Creo 版本 Creo 12。

This release included enhancements in several important areas, including AI-driven generative design. In PLM, we released Arena Supply Chain Intelligence, which brings AI-driven supply chain risk monitoring directly into the PLM environment.

此版本在幾個重要領域進行了增強，包括人工智慧驅動的生成設計。在 PLM 中，我們發布了 Arena Supply Chain Intelligence，它將 AI 驅動的供應鏈風險監控直接引入 PLM 環境。

Our customer wins included a new Windchill+ deal with a well-known med tech brand in a competitive process, a new Codebeamer deal with a major automotive supplier. The adoption of Windchill+ with a long-time aerospace and defense customer and finally, a ServiceMax expansion with a med tech customer that is also standardized on Windchill as its enterprise PLM system. You can read more about our customer wins in the appendix lines.

我們贏得的客戶包括透過競爭過程與知名醫療技術品牌達成的新的 Windchill+ 交易，以及與一家大型汽車供應商達成的新的 Codebeamer 交易。一家長期的航空航太和國防客戶採用了 Windchill+，最後，一家醫療技術客戶擴展了 ServiceMax，該客戶也將 Windchill 標準化為其企業 PLM 系統。您可以在附錄中閱讀更多有關我們客戶勝利的資訊。

Our product data foundation strategy is also core to what we're doing with AI. Product data foundations are the backbone of AI-driven transformation. We have the solutions to deliver these product data foundations in PLM, CAD, ALM and SLM, and we have a deep understanding of how our customers apply this data across their enterprises. This combination is central to our vision and will keep PTC in the driver's seat to transform our customers' businesses with product data and AI.

我們的產品資料基礎策略也是我們在人工智慧領域開展工作的核心。產品數據基礎是人工智慧驅動轉型的支柱。我們擁有在 PLM、CAD、ALM 和 SLM 中提供這些產品資料基礎的解決方案，並且我們深入了解客戶如何在整個企業中應用這些資料。這一結合是我們願景的核心，並將使 PTC 保持主導地位，利用產品數據和人工智慧改變客戶的業務。

Fiscal year '25 has been a milestone year for our AI strategy with releases and meaningful progress from ServiceMax, Windchill, Codebeamer, Onshape, Arena and many of our other products. Feedback from customers has been very positive and validates the direction we're moving in. We'll release more AI capabilities in several products in Q4, followed by a strong AI road map for fiscal year '26.

25 財年是我們人工智慧策略的里程碑之年，ServiceMax、Windchill、Codebeamer、Onshape、Arena 以及我們的許多其他產品均發布了新產品並取得了有意義的進展。來自客戶的回饋非常積極，證實了我們前進的方向。我們將在第四季度在多款產品中發布更多 AI 功能，隨後為 26 財年制定強大的 AI 路線圖。

More broadly, our relation with NVIDIA highlighted in this morning's press release, reflects what's possible when product data intelligence meets cutting-edge innovation. NVIDIA has long used Creo and Windchill.

更廣泛地說，我們在今天早上的新聞稿中強調的與 NVIDIA 的關係反映了產品資料智慧與尖端創新相遇時所能產生的可能性。NVIDIA 長期以來一直使用 Creo 和 Windchill。

But what's even more exciting is the growing convergence between PTC solutions and the expanding category of physical AI. As AI begins to shape the physical world, not just the digital, product data becomes a connective tissue.

但更令人興奮的是 PTC 解決方案與不斷擴大的實體 AI 類別之間的融合日益加深。隨著人工智慧開始塑造物理世界而不僅僅是數位世界，產品數據成為一種結締組織。

That's the role we're playing, and it's the one we expect to deepen with NVIDIA and others. While still early, it will be an area to watch and if it's directly with our vision of product data foundations and AI-driven transformation.

這就是我們正在扮演的角色，也是我們希望與 NVIDIA 和其他公司一起深化的角色。雖然還處於早期階段，但它將是一個值得關注的領域，並且它是否與我們對產品數據基礎和人工智慧驅動轉型的願景直接相關。

Overall, Q3 was another solid quarter. As we execute in Q4, my confidence is driven by a few things. We have a strong Q4 pipeline with several meaningful opportunities across our verticals and core products, supported by the progress of our go-to-market transformation.

整體而言，第三季又是穩健的季度。當我們在第四季度執行時，我的信心受到一些因素的驅動。我們擁有強大的第四季產品線，在垂直產業和核心產品領域擁有多個有意義的機會，這得益於我們市場轉型的進展。

Our vision of product data foundations, enabling AI-driven transformation is resonating well with customers and is aligned with durable secular trends rooted in their needs. These include the shift to software-defined products, regulatory-driven traceability and the move to SaaS.

我們對產品數據基礎的願景是實現人工智慧驅動的轉型，這與客戶產生了強烈共鳴，並與根植於他們需求的持久長期趨勢一致。其中包括向軟體定義產品的轉變、監管驅動的可追溯性和向 SaaS 的轉變。

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 6. 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。從投影片 6 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 Q3, our constant currency ARR using our fiscal '25 plan FX rates was $2.372 billion, up 9.3% year over year. In Q3, our free cash flow was $242 million, up 14% year over year, while we continued to invest in our key focus areas. Note that the free cash flow we generated in Q3 absorbed approximately $3 million of outflows related to our go-to-market realignment.

第三季末，使用 25 財年計畫外匯匯率計算的固定貨幣 ARR 為 23.72 億美元，年增 9.3%。第三季度，我們的自由現金流為 2.42 億美元，年增 14%，同時我們繼續對重點關注領域進行投資。請注意，我們在第三季產生的自由現金流吸收了與我們的市場調整相關的約 300 萬美元的流出。

Turning to slide 7. Let's look at our constant currency ARR growth in more detail. Looking at our product groups, our constant currency year-over-year ARR growth was 8% in CAD, driven primarily by Creo and 10% in PLM, driven primarily by Windchill, Codebeamer and IoT. On a year-over-year basis, constant currency ARR grew by 8% in the Americas, 11% in Europe and 11% in Asia Pacific.

翻到幻燈片 7。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，以固定匯率計算，加元的 ARR 同比增長 8%，主要受 Creo 的推動，而 PLM 的 ARR 同比增長 10%，主要受 Windchill、Codebeamer 和 IoT 的推動。與去年同期相比，美洲的固定匯率 ARR 成長了 8%，歐洲成長了 11%，亞太地區的 ARR 成長了 11%。

Moving to slide 8. We ended Q3 with cash and cash equivalents of $199 million. At the end of Q3, total debt was $1.236 billion, and we were 1.2 times levered. In Q3, we continued the disciplined and consistent execution of our $2 billion share repurchase program and used $75 million of cash to repurchase 444,000 shares of our common stock. We also continue to diligently pay down our debt in Q3 with our total debt balance decreasing by $156 million.

移至幻燈片 8。第三季結束時，我們的現金和現金等價物為 1.99 億美元。截至第三季末，總負債為 12.36 億美元，槓桿率為 1.2 倍。在第三季度，我們繼續嚴格、持續地執行 20 億美元的股票回購計劃，並使用 7,500 萬美元現金回購了 444,000 股普通股。我們還在第三季繼續努力償還債務，總債務餘額減少了 1.56 億美元。

In line with what we've said coming into the year, we intend to buy back approximately $300 million of our common stock in fiscal '25 with approximately $75 million of repurchases expected in Q4.

按照我們今年所說的，我們計劃在 25 財年回購約 3 億美元的普通股，預計第四季回購額約為 7,500 萬美元。

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.

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。

Looking forward, our capital allocation strategy is governed by a couple of key principles. First, we believe PTC should operate in a net debt position. And second, given the consistency and predictability of our free cash flow generation, we aim to maintain a low cash balance. As such, we expect to return excess cash to shareholders via share repurchases.

展望未來，我們的資本配置策略受幾個關鍵原則所支配。首先，我們認為 PTC 應該以淨債務狀態運作。其次，鑑於我們自由現金流產生的一致性和可預測性，我們的目標是維持較低的現金餘額。因此，我們預期透過股票回購將多餘的現金回饋給股東。

With that, I'll take you through our guidance on slide 9. 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, cash flow, revenue and EPS to reflect our year-to-date results and our outlook for Q4. I'll get into more detail on our constant currency ARR guidance on the next two slides.

接下來，我將帶您了解投影片 9 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、現金流、收入和 EPS 的指導範圍，以反映我們今年迄今為止的業績和對第四季度的展望。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 指導。

On free cash flow, we've raised the low end of our previous guidance range, and we're now guiding to approximately $850 million for fiscal '25. This guidance absorbs roughly $20 million of cash outflows for severance and consulting fees related to our go-to-market realignment and these are cash outflows that we don't expect to incur next year.

對於自由現金流，我們提高了先前指引範圍的下限，目前我們預測 25 財年的自由現金流約為 8.5 億美元。該指引吸收了與我們的市場調整相關的遣散費和諮詢費約 2000 萬美元的現金流出，這些是我們預計明年不會發生的現金流出。

For Q4, we're guiding to free cash flow of $90 million to $95 million. At this point, we have good visibility to the free cash flow guidance we've provided for fiscal '25. First of all, during the first three quarters of the year, we've generated almost 90% of our full-year guidance; second, focusing on cash inflows and as of the end of July, we've already built most of what we expect to collect for the remainder of 25.

對於第四季度，我們預計自由現金流將達到 9,000 萬至 9,500 萬美元。目前，我們對 25 財年提供的自由現金流指導有很好的了解。首先，在今年前三個季度，我們已經實現了全年預期目標的近 90%；其次，我們專注於現金流入，截至 7 月底，我們已經累積了預計 2025 年剩餘時間將收集到的大部分現金。

And third, on the cash outflow side of the equation, which is also important, we know what cash outflows we have planned for the last two months of the year.

第三，在現金流出的方面，這也很重要，我們知道今年最後兩個月計畫的現金流出是多少。

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 have an impact.

值得指出的是，我們的自由現金流指引並不是基於固定貨幣的。因此，關注外匯波動非常重要。我們的約 45% 的 ARR 以外幣交易，我們的約 35% 的非 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。儘管如此，重大的外匯波動可能會產生影響。

Given where rates are today, it's worth pointing out that FX is still expected to be a headwind for the full year, but should be a modest tailwind for the second half. All of this has been contemplated in our execution and guidance throughout the year. Importantly, we've maintained consistent billing practices over time.

鑑於目前的利率水平，值得指出的是，預計外匯仍將是全年的阻力，但下半年將是溫和的阻力。所有這些都已在我們全年的執行和指導中考慮到。重要的是，我們一直以來都保持一致的計費方式。

We primarily bill our customers annually upfront one year at a time, regardless of contract term lengths. Over the medium term, we continue to expect our free cash flow to grow faster than our ARR with our non-GAAP operating expenses expected to grow at roughly half the rate of ARR.

我們主要每年向客戶收取一年的費用，無論合約期限長短。從中期來看，我們仍然預計我們的自由現金流的成長速度將快於我們的 ARR，而我們的非 GAAP 營運費用的成長速度預計約為 ARR 成長速度的一半。

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 also provide 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，我們還提供收入和每股盈餘指引。然而，我想重申我最喜歡的提醒，ASC 606 使得 PTC 的收入和每股收益難以預測，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表現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 fiscal '22 earnings call that you may want to refer to if you're new to PTC. You can find the presentation on the Investors section of our website.

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。

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。

Turning to slide 10. Here's an illustrative constant currency ARR model that shows our guidance for Q4 in context. You can see our sequential net new ARR over the past 11 quarters. The column to the right illustrates the dollar range of Q4 sequential net ARR growth that corresponds to our updated Q4 constant currency ARR guidance range of 8% to 9%. As we've discussed on previous calls, fiscal '25 is back-end loaded due to the size and shape of our pipeline, which is influenced by the size and shape of our 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，它顯示了我們對第四季的指導。您可以看到我們過去 11 個季度的連續淨新 ARR。右側的欄位顯示了第四季度連續淨 ARR 成長的美元範圍，與我們更新的第四季度恆定貨幣 ARR 指導範圍 8% 至 9% 相對應。正如我們在之前的電話會議中討論過的，由於我們的管道規模和形狀，25 財年是後端加載的，而這又受到我們即將到期的基數的規模和形狀的影響。

The majority of our net new ARR comes from upsells, expansions and cross-sells, so our expiring base dynamics can be important.

我們的大部分淨新 ARR 來自於追加銷售、擴張和交叉銷售，因此我們即將到期的基礎動態可能很重要。

Raising the low end of the full year guidance to 8% from the 7% growth we talked about last quarter, essentially takes the COVID or GFC-like scenario off the table. The 8% to 9% range for Q4 allows for some ongoing variability given the macro environment, which Neil commented on earlier. For example, deals could be downsized structures as well. But we feel good about the size of the pipeline build in Q4.

將全年預期成長率的低端從我們上個季度討論的 7% 提高到 8%，基本上排除了類似 COVID 或 GFC 的情況。考慮到宏觀環境，第四季 8% 至 9% 的成長率可能會持續存在一些波動，正如 Neil 先前評論的那樣。例如，交易結構也可以縮小。但我們對第四季管道建設的規模感到滿意。

Moving to add similar illustrative model for fiscal '25 as over the past year. And then the column on the right at rate hole range of full year net ARR growth that is matched to our updated fiscal '25 constant currency ARR guidance range of 8% to 9%. Note that compared to other years shown on this slide, fiscal '24 benefited by approximately $10 million due to incremental deferred ARR in that year.

轉向添加與過去一年類似的 25 財年說明模型。然後，右側的欄位顯示的是全年淨 ARR 成長率範圍，與我們更新的 25 財年恆定貨幣 ARR 指導範圍 8% 至 9% 相符。請注意，與本投影片中顯示的其他年份相比，24 財年由於當年增量遞延 ARR 而受益約 1,000 萬美元。

Finally, and consistent with my reminder from last quarter, 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 licenses to our software to continue designing and producing their products. And 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.

最後，與我上個季度的提醒一致，我們預計 25 財年的客戶流失率將維持在低點。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我們軟體的授權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更有保障。

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

說完這些，我想將電話轉回給接線生，進行問答環節。

(Operator Instructions) Tyler Radke, Citi.

（操作員指示）花旗銀行的 Tyler Radke。

Yeah. Thank you for taking my question. I'd be curious just to get an update on the go-to-market initiatives. I know you're heading into year-end planning and thinking about next year. How are you thinking about the evolution of verticalization as well as the product in packaging at this point?

是的。感謝您回答我的問題。我很好奇，想了解一下有關上市計劃的最新情況。我知道您正在進行年終計劃並考慮明年的事情。現在您如何看待垂直化以及產品包裝的演變？

Sure. Thanks for the question, Tyler. And like I was saying, the progression of the go-to-market transformation is giving us confidence -- incremental confidence during the last time we spoke around what Rob, who is here with me that could comment as well as we're working through the dynamics to build a durable go-to-market engine, for the foreseeable future.

當然。謝謝你的提問，泰勒。正如我所說的那樣，市場轉型的進展給了我們信心——上次我們談論 Rob 時，我們逐漸有了信心，Rob 和我一起在這裡，可以發表評論，我們正在通過動態構建一個持久的市場引擎，以應對可預見的未來。

And so we progressed and we'll talk a bit about what we've seen so far. And I will say, as we're thinking about planning, those inputs around how we're thinking about and seeing the evolution win rates starting to creep up, how we're seeing rep productivity and the way in which Rob is making sure that new reps are ramped up effectively, tenured reps, how do we enable them, how do we arm with the vertical messaging, the product portfolio to get their productivity up.

因此我們取得了進展，我們將談論我們目前所看到的情況。我想說的是，當我們考慮規劃時，這些投入包括我們如何思考和看到進化的獲勝率開始上升，我們如何看到銷售代表的生產力，以及 Rob 如何確保新銷售代表和長期銷售代表能夠有效地提升生產力，我們如何支持他們，我們如何利用垂直消息傳遞和產品組合來提高他們的生產力。

Those are all progressing as we thought they would be with some good momentum that's building behind it as we enter into Q4.

正如我們想像的那樣，這些都在取得進展，隨著我們進入第四季度，一些好的勢頭正在形成。

So as we think about 2026 planning, we're actually at a good spot to consider all the progress, plus also the incremental progress that needs to be made in 2026 to really build through what we believe is the acceleration back to ARR growth rate that we would feel very good about based on the opportunity that we're seeing.

因此，當我們考慮 2026 年規劃時，我們實際上處於一個很好的位置來考慮所有的進展，以及 2026 年需要取得的漸進式進展，以真正實現我們認為的加速回到 ARR 增長率，基於我們看到的機會，我們對此感到非常高興。

But Rob, do you want to add color?

但是羅布，你想添加顏色嗎？

Yeah. I mean, obviously, everything that Neil said, just additionally, we feel like we came through last quarter with a lot of foundational work in place. Building on that. We're putting in some vertical messaging to help complement all that work was done, the foundational work and that's been getting tested internally and externally in terms of what it means for our customers that outcomes-based messaging, where we can really start to look at how we help solve problems by industry versus the features and benefits we sell. And that's very much on track.

是的。我的意思是，顯然，尼爾所說的一切，另外，我們覺得我們在上個季度已經完成了很多基礎工作。在此基礎上。我們正在添加一些垂直訊息傳遞，以幫助補充所有已完成的工作、基礎工作，並且已經在內部和外部進行了測試，以了解基於結果的訊息傳遞對我們的客戶意味著什麼，我們可以真正開始研究如何幫助解決行業問題，而不是我們銷售的功能和優勢。一切進展順利。

So that will be part of how we think about planning for next year and how we align for next year. So the work that needs to be done to affect the outcomes is in place, and we feel good about it.

因此，這將成為我們思考明年計劃以及如何為明年做出調整的一部分。因此，影響結果所需做的工作已經到位，我們對此感到滿意。

Nay Soe, Berenberg.

奈蘇，貝倫貝格。

Hi. Thank you very much for taking my quetion. Similar to the question before as well, Neil, maybe if you could -- anything else outside of the improvement of progress you've seen in the new go-to-market model.

你好。非常感謝您回答我的問題。與先前的問題類似，尼爾，如果您可以的話——除了您在新的上市模式中看到的進展改進之外，還有其他什麼嗎？

Anything else that's giving the confidence going into Q4 because your comment around the macro outlook incrementally positive probably for the first time in a very long time. So it would be great to hear what else is giving the confidence for the last quarter of the year. Thank you.

還有什麼可以讓我們更有信心進入第四季嗎？因為您對宏觀前景的評論可能在很長一段時間內第一次逐漸變得積極。因此，如果能聽到還有什麼因素能給今年最後一季帶來信心，那就太好了。謝謝。

Yeah, great question. One of the things Rob and I look at carefully is around how the pipeline evolves. And one of the things I find very refreshing about Rob's discipline with the go-to-market organization is around the alignment across all functions interfacing with the customer to ensure that we are maximizing the potential of that potential pipeline opportunity, but also make sure that we're putting all the resources to ensure that, that pipeline and what's in there, that opportunity is actually executed appropriately to the best way possible based on the customer demand as well as what we can affect from a go-to-market standpoint.

是的，很好的問題。羅布和我仔細研究的事情之一是管道如何演變。我發現 Rob 在行銷組織方面的紀律非常令人耳目一新，他圍繞與客戶打交道的所有職能進行協調，以確保我們最大限度地發揮潛在渠道機會的潛力，同時也確保我們投入所有資源來確保該渠道和其中的內容、該機會實際上能夠根據客戶需求以及我們從市場營銷角度可以產生的影響以最佳方式得到適當執行。

And so Rob and us have put together a process where we look at the pipeline in a far more detailed manner based on opportunity. And then we all, actually, coalesce around how do we move that opportunity to be bigger and how do we move it to actually close rates that it's faster than what we historically saw.

因此，Rob 和我們制定了一個流程，我們會根據機會以更詳細的方式審視管道。然後，我們大家實際上都在共同思考如何讓這個機會變得更大，以及如何讓它以比我們歷史上看到的更快的速度真正接近。

So when we think about Q4 and the work is ahead of us in terms of executing closing these deals, a couple of points that give me that level of confidence around the range that we're giving. Number one is we have the highest amount of $5 million-plus deals in the pipeline than we ever have had at PTC. All of those clearly won't close, but we are very well entrenched as an executive team in those accounts, and so we have visibility around how those can evolve to closure.

因此，當我們考慮第四季度並且在執行完成這些交易方面我們面臨的工作時，有幾點讓我對我們給予的範圍充滿信心。首先，我們目前擁有的 500 萬美元以上的交易數量是 PTC 歷史上最高的。所有這些顯然都不會結束，但作為這些帳戶的執行團隊，我們已經非常深入地紮根，因此我們可以清楚地了解這些帳戶如何發展到結束。

I will say one of the things that we work through and the difference in how maybe ARR shows up in these deals is the structuring of the deal. So we're centered in secure the customer acquisition and customers might choose to ramp the deal or decide to do more within the quarter. And that affects, obviously, in quarter ARR doesn't change the great value that, that customer provides over the long term for.

我想說的是，我們正在努力解決的問題之一以及 ARR 在這些交易中體現方式的差異在於交易的結構。因此，我們專注於確保客戶獲取，客戶可能會選擇擴大交易或決定在本季度內做更多的事情。顯然，這會影響季度 ARR，但不會改變客戶長期提供的巨大價值。

So one is just the breadth of those deals that we see going in Q4. Two is the distinct and different introspection that Rob has instituted within the go-to-market organization to give us a high level of visibility around the probability of success of those deals coming to closure and by which they might come in terms of the structure.

因此，其中一個就是我們看到的第四季交易的廣度。二是 Rob 在行銷組織內制定了獨特的、不同的內省機制，使我們能夠高度了解這些交易成功的可能性，以及它們在結構方面可能取得的成果。

And then secondly, this is still an evolution that we'll continue on to continue to refine into 2026. But one of the things that we've talked about is, let's raise the messaging, let's raise the conversation of this wonderful mission-critical application that PTC gives to our customers to the C-level of our customers. And across Q3, I can't even tell how many times we are now talking to the C-levels of our customers versus the levels that we've been talking to our customers for the last number of years.

其次，這仍然是一個演變過程，我們將繼續在 2026 年不斷改進。但我們討論過的事情之一是，讓我們提高訊息傳遞的力度，讓我們將 PTC 為客戶提供的這個出色的關鍵任務應用程式的討論提升到客戶的 C 級水平。在第三季度，我甚至無法說出我們現在與客戶高階主管交談的次數與過去幾年我們與客戶交談的次數相比有多少。

So we're elevating the conversation. In fact, I'll give you the anecdote of the announcement that we made with NVIDIA, who also is a great customer of ours of Creo and Windchill, that conversation is elevated to the Jensen level, which would have never happened at PTC for the last number of years, and that's where Rob is pushing all of us to get alignment at the top levels because it shows the great capabilities that PTC has and gives us a framework by which we could show them the great things that we could provide for them to transform their business and apply great technologies like AI to it.

因此，我們正在提升對話水平。事實上，我可以告訴你一個我們與 NVIDIA 共同宣布的消息，NVIDIA 也是我們的 Creo 和 Windchill 的重要客戶，這次談話被提升到了 Jensen 的層面，這在過去幾年裡在 PTC 是從未發生過的，而 Rob 正是在這裡敦促我們所有人在最高層面上達成一致，因為它展示了 PTC的強大能力，並為我們提供了一個框架，透過這個框架我們可以向他們展示我們可以為他們提供的偉大東西，以轉變他們的業務並將人工智慧等偉大的技術應用於其中。

Thanks you very much for all the details. It's really helpful. Great to hear that with you're already seeing a lot of benefits coming through from the new model. Congrats on that.

非常感謝您提供的所有詳細資訊。這真的很有幫助。很高興聽到您已經看到新模型帶來的許多好處。恭喜你。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Yes. Good afternoon. Kristian, just a question. You mentioned something that the tariff uncertainty is dissipating. And it's a very interesting dialogue that we have with the CEOs in the industrial space. Are you seeing an actual change in behavior and maybe some budgets being led out as a result of the deals that have been signed.

是的。午安.克里斯蒂安，只是一個問題。您提到關稅不確定性正在消散。我們與工業領域的執行長們進行了非常有趣的對話。您是否看到了行為上的實際變化，或許是因為簽署了協議而導致的一些預算被支出。

I know it's only been a couple of weeks, but I've been, I guess, pleasantly surprised by your comments, you think it is starting to make a difference. Any color would be greatly appreciated. Thank you so much.

我知道這才過了幾個星期，但我想，我對您的評論感到驚喜，您認為它開始有所作為了。任何顏色都將受到極大的讚賞。太感謝了。

Sure. I'm not on this call telling anyone that there's an all-clear out there in the marketplace where everyone's back to really doing all the transformation that's highly critical for them all to do. What I could say is that the level of uncertainty from the last call to this call has clearly been mitigated by several things that happened, quite frankly, throughout the course of July, as you noted, Andrew.

當然。我在這次電話會議上並不是告訴任何人，市場上已經一切正常，每個人都重新開始真正進行對他們至關重要的轉型。我可以說的是，正如安德魯所說，坦白說，從上次電話會議到這次電話會議的不確定性程度顯然已經被整個 7 月發生的幾件事所緩解。

And so what I'll say is there's more clarity in the conversations, our customers have more clarity around the guardrails they might be able to operate in. I'm pleased by that, by the way, around some of the agreements that have been made in principle, the tax policy, by the way, that got approved in the United States as an example, gives now a defined way in which manufacturers here in the US can actually see the benefit of that tax policy and how that relates to their investment cycle.

所以我想說的是，對話更加清晰，我們的客戶對他們可能能夠操作的護欄更加清楚。順便說一句，我很高興，圍繞著一些原則上已經達成的協議，例如在美國獲得批准的稅收政策，現在為美國製造商提供了一種明確的方式，讓他們能夠真正看到該稅收政策的好處，以及這與他們的投資週期的關係。

So there's been some positive elements of what has been done to give clarity to the situation. But our customers are still dealing, as you noted, Andrew, with how do they deal with higher input costs, even if a tariff policy is set. Now the input costs are, in some cases, higher. How do they deal with that? How do they deal with other, by the way, geographies that have not kicked on the clarity yet?

因此，我們採取了一些積極的措施來澄清情況。但正如安德魯所說，我們的客戶仍然在考慮如何應對更高的投入成本，即使製定了關稅政策。現在，在某些情況下，投入成本更高了。他們如何處理這個問題？順便問一下，他們如何處理尚未明確規定的其他地區？

So we're still facing that. We factored that into how we think about Q4. We're keeping a close tab on it. But I would summarize one really interesting thing that has come across through the course of Q3, which is despite the uncertainty that we felt early in the quarter, despite some of the movements that occurred that we predicted in Q3, what I think has been highlighted is that mission-critical digital transformation to remain relevant as a company in a highly complex world with everything that's happening has actually elevated now for our customers to really think through how do they stay relevant in this dynamic world.

所以我們仍然面臨這個問題。我們在考慮第四季度時已經考慮到了這一點。我們正在密切關注此事。但我想總結一下在第三季度中遇到的一個非常有趣的事情，那就是儘管我們在本季度初感到了不確定性，儘管我們預測了第三季度發生的一些變動，但我認為已經強調的是，關鍵任務數字化轉型對於一家公司在高度複雜的世界中保持相關性至關重要，現在，我們的客戶必須真正思考如何在這個充滿活力的世界中保持相關性。

And they look at PTC now as a strategic partner to do that. How that formulates over the next few years, we're working hard to execute across that. But I'm pleased by how we're thinking about our customers are thinking about changing their businesses as well using PTC.

現在他們將 PTC 視為實現這一目標的策略合作夥伴。至於未來幾年的具體實施情況，我們正在努力實現。但我很高興看到，我們的客戶也在考慮使用 PTC 來改變他們的業務。

This is great color. Thank you so much.

顏色真棒。太感謝了。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Hey. Great. Thank you for taking my question. This one is actually for Kristian. We love your accounting tutorials. I was a little surprised you didn't mention any old BBA benefit. It may just be timing related and might be more of a next year tailwind.

嘿。偉大的。感謝您回答我的問題。這實際上是給克里斯蒂安的。我們喜歡您的會計教學。我有點驚訝你沒有提到任何舊的 BBA 福利。這可能只是與時間有關，也可能與明年的順風有關。

But curious I'd ask if how we should think about it. And is it probably going to be more of a next year benefit? Thank you.

但我很好奇想問我們應該如何看待它。這是否可能成為明年的更多福利？謝謝。

Yeah. Hey, Jason. Thanks. Great question. Yeah, for PTC, that benefit will be a fiscal benefit, and we're still working through some of the details on exactly how much that's going to benefit us. But suffice it to say, it will be a tailwind.

是的。嘿，傑森。謝謝。好問題。是的，對 PTC 來說，這種好處將是一種財務好處，我們仍在研究具體細節，以確定這將為我們帶來多少好處。但可以說，這將是一股順風。

So our cash taxes will not be going up as much as we had contemplated previously. But again, details to be forthcoming when we issue our fiscal 2016 guidance.

因此，我們的現金稅不會像我們之前預想的那樣大幅上漲。但具體細節我們將在發布 2016 財年指引時公佈。

Okay. Great. Makes sense.

好的。偉大的。有道理。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

That's fantastic. Neil, I was hoping maybe you could address the elephant in the room. I know it's not typical for you guys to comment on M&A headlines. But obviously, there was something about competitor acquiring you guys above how you guys are thinking about it and how you would suggest investors think about PTC going forward?

太棒了。尼爾，我希望你能解決這個顯而易見的問題。我知道你們通常不會對併購新聞發表評論。但顯然，關於競爭對手收購你們，你們是如何考慮的，以及你們建議投資者如何看待 PTC 的未來發展？

Sure, Ken. Thanks for the question. And by the way, thank you mostly for coming to our event the other day in California. And we invite anyone to come to those events to just see the progress of what product data foundation looks like for PTC and what we could do with customers. But like in terms of your question, as I'm sure you could truly appreciate, we do not comment on market speculation.

當然，肯。謝謝你的提問。順便說一句，非常感謝你們前幾天來參加我們在加州舉辦的活動。我們邀請任何人參加這些活動，只是為了了解 PTC 產品數據基礎的進展以及我們可以為客戶做些什麼。但就您的問題而言，我相信您能夠真正理解，我們不會對市場猜測發表評論。

But I'll say this, PTC is a strategic leader in our space, like you know. So it is not surprising that we'd be of interest in industry conversations about consolidation whatsoever. That said, our focus is on execution and creating strategic value for our customers and shareholders.

但我要說的是，正如你所知，PTC 是我們領域的策略領導者。因此，我們對產業有關整合的討論感興趣也就不足為奇了。也就是說，我們的重點是執行並為我們的客戶和股東創造策略價值。

All right. Fantastic. Thanks a lot and enjoyed the event quite a lot.

好的。極好的。非常感謝，非常享受這次活動。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Great. Thank you Aand congrats on a good quarter. And Neil, it's good to hear some of the positive commentary about AI. Could you walk us through some of the early adopters using, and I know it's pretty early to expect any benefit. But what ARR uplift we should expect as customers start upticking AI.

偉大的。謝謝，並祝賀本季業績良好。尼爾，很高興聽到一些關於人工智慧的正面評論。您能否向我們介紹一下早期採用者的一些使用情況，我知道現在期待任何好處還為時過早。但是，隨著客戶開始使用 AI，我們應該期待 ARR 會有怎樣的提升。

So Siti, good to hear your voice again. Thanks for the question. As you've noted, and I think as we've been mentioning now for a bit of time, but it continues to accelerate, AI is at the forefront of almost every customer conversation. Some, as you're asking, are piloting, some are thinking about scaling. One of the biggest things that is critical here around our approach is we're really differentiating our AI solution that we talked about.

所以 Siti，很高興再次聽到你的聲音。謝謝你的提問。正如您所注意到的，我想正如我們現在已經提到過的那樣，但它仍在繼續加速，人工智慧幾乎處於每個客戶對話的最前沿。正如您所問的，有些正在進行試點，有些正在考慮擴大規模。我們的方法中最重要的一點是，我們要真正區分我們所談論的人工智慧解決方案。

We talked about [ServiceMax] AI previously, Anji adviser. There's a number of releases that are coming out in Codebeamer, Windchill, Creo 12 is a great indication of what we did with Generative Design and increment on using AI. But our differentiation in combining AI is with combining AI to contextualize product data in PLM, ALM and SLM.

我們之前談到了[ServiceMax] AI，安吉顧問。Codebeamer、Windchill、Creo 12 中即將發布的多個版本很好地表明了我們在生成設計方面所做的工作以及在使用 AI 方面的進步。但我們在結合人工智慧方面的差異化在於結合人工智慧將 PLM、ALM 和 SLM 中的產品資料情境化。

This is the whole vision around product data foundation applying AI for actual insights. And there's no one else in the world given the ways in which we know the product data actually works within our customers' enterprise to apply relevant AI.

這是圍繞產品數據基礎應用人工智慧獲得實際洞察的整體願景。我們知道，世界上沒有其他人能夠利用產品數據在客戶企業內實際發揮作用並應用相關的人工智慧。

So Siti, we're seeing really great feedback from POCs that we're undertaking within Codebeamer, Windchill as well as ServiceMax in addition to Onshape, and that is moving now into actually people securing an AI module on top of what they're paying in this example by ServiceMax. I will caution, though, it is still early, and we're not giving out any ways in which this will formulate itself to ARR.

因此，Siti，我們在 Codebeamer、Windchill 以及 ServiceMax 和 Onshape 中進行的 POC 獲得了非常好的反饋，現在實際上人們在向 ServiceMax 支付的費用之外還獲得了一個 AI 模組。不過，我要提醒一下，現在還為時過早，我們不會透露任何如何向 ARR 提出這項建議的方法。

We're working through that, but we're learning a lot from our customers. And it ultimately is highlighting that, that product data foundation having us be your CAD capability, your PLM provider, your ALM provider and your SLM provider is absolutely critical for AI to actually work. So we're working through that, and we see a lot of value in it, and we'll continue to post you around how we evolve our AI releases as the year comes to fruition.

我們正在努力解決這個問題，但我們從客戶那裡學到了很多。最終強調的是，產品資料基礎讓我們成為您的 CAD 能力、您的 PLM 提供者、您的 ALM 提供者和您的 SLM 供應商，對於 AI 的實際工作至關重要。因此，我們正在努力解決這個問題，我們看到了它的巨大價值，隨著今年的到來，我們將繼續向您介紹我們如何改進我們的 AI 版本。

Rob, anything to add?

羅布，還有什麼要補充的嗎？

No, listen, it's an amazing opportunity for us for sure. any place that we can help because of our unique data set create predictive insights. As Neil said, you automate repeat task, one of them out there that we can help with, with the data we have and the tools and the just enhance the user experience. So we have tons of opportunity there, and we'll explore those go forward.

不，聽著，這對我們來說肯定是一個絕佳的機會。我們可以憑藉我們獨特的數據集為任何地方提供預測見解。正如尼爾所說，您可以自動執行重複任務，其中之一就是我們可以提供幫助，利用我們擁有的數據和工具來增強用戶體驗。因此，我們擁有大量的機會，我們將繼續探索這些機會。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Great. Thanks for taking my questions. Congrats from me on the results. It's really good to see. Kristian, given the success you had in this quarter and the free cash flow commentary and even some of the commentary on taxes and FX movements. I wanted to ask about the prior $1 billion free cash flow target next year. Last quarter, you didn't really want to reiterate that number. But just curious if you have any increased confidence in that with what you've seen this past quarter.

偉大的。感謝您回答我的問題。我對所取得的成果表示祝賀。看到這個真是太好了。克里斯蒂安，鑑於您在本季度取得的成功以及自由現金流評論，甚至一些關於稅收和外匯變動的評論。我想問明年 10 億美元的自由現金流目標。上個季度，你確實不想重申這個數字。但我只是好奇，根據上個季度看到的情況，您是否對此更有信心了。

Yeah. Hey, Matt, thanks. So first of all, I think that question is probably on everybody's mind. And just to remind everybody that as we talked about last quarter and even before that, there is, we'll call it, five key inputs to think about as we think about fiscal '26. One is, obviously, how we finish out this year.

是的。嘿，馬特，謝謝。首先，我想這個問題可能是每個人都想知道的。只是為了提醒大家，正如我們上個季度甚至在此之前所討論的那樣，在考慮 26 財年時，我們需要考慮五個關鍵投入。顯然，首先是我們如何結束今年。

really from an ARR perspective. Number two is, of course, the planning and budgeting both the top line and spending plans for fiscal '26. Obviously, FX rates can have an impact, tax -- cash taxes are something to keep an eye on and then, of course, interest rates.

確實從 ARR 角度來看。第二點當然是規劃和預算26財年的營收和支出計畫。顯然，外匯匯率會產生影響，稅收——現金稅是需要關注的，當然還有利率。

And without really -- we've provided guidance, the guidance range for how we think about how we're going to end this year. We haven't yet talked about the top line or spending plans for next year. So we'll leave those two aside.

實際上，我們已經提供了指導，關於我們如何結束今年的指導範圍。我們還沒有討論明年的營業額或支出計劃。因此我們將這兩個放在一邊。

But obviously, FX rates where they stand today are better than they were better than they were certainly throughout most of this year. So that gives incremental comfort and the tax policy also should be a tailwind, which also gives us incremental comfort.

但顯然，今天的外匯匯率比今年大部分時間的匯率都要好。因此，這給我們帶來了逐步的安慰，稅收政策也應該起到順風作用，這也為我們帶來了逐步的安慰。

So I mean, I guess, net-net, where we are here today, I think we feel incrementally better. Still a lot of work to do to get to a precise number, but we expect we'll have that for you next quarter.

所以我的意思是，我想，總的來說，就我們今天所處的情況而言，我認為我們感覺會逐漸好起來。要獲得精確的數字還有很多工作要做，但我們預計下個季度就能為您提供這個數字。

Thanks a lot, guys.

非常感謝大家。

Blair Abernethy, Rosenblatt Securities.

羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Thanks very much. Great quarter in a tough macro, guys. I apologize if you already spoke to this, I had to drop off for a couple of minutes. But Neil, I wanted to ask you about the ServiceMax business, which is now 2.5 years in.

非常感謝。夥計們，在艱難的宏觀環境下取得了偉大的季度成績。如果您已經談到這一點，我很抱歉，我不得不暫停幾分鐘。但 Neil，我想問你關於 ServiceMax 業務的問題，現在已經過去 2.5 年了。

Can you just talk a little bit about how it has progressed in terms of cross-selling into the PTC base and the importance ServiceMax is in terms of your go-to-market motion? I just want to understand how much closer this business is going to market with your core CAD business.

您能否簡單談談 PTC 基礎上的交叉銷售方面取得了哪些進展，以及 ServiceMax 在您的市場推廣行動中的重要性？我只是想了解這項業務與您的核心 CAD 業務在多大程度上接近市場。

Sure. Thanks for the question, Blair. So it's important maybe to start the question off with relating that --relating to that --

當然。謝謝你的提問，布萊爾。因此，也許從與此相關開始這個問題很重要--

(technical difficulty)

（技術難度）

Sorry about that. There's just an emergency signal on the building. I apologize for that for everyone on the call.

很抱歉。大樓上只有一個緊急訊號。我向通話中的每個人表示歉意。

(technical difficulty)

（技術難度）

Sorry to everyone on the call. There's just an emergency reading going on at the building right now. Bear with us for a couple of minutes. We'd appreciate it. So we continue to -- I think we just got the all clear.

向通話中的每個人致歉。目前大樓內正在進行緊急讀數。請耐心等待幾分鐘。我們將非常感激。所以我們繼續——我想我們剛剛得到了一切明確的答案。

So sorry, Blair, I apologize I gave the whole answer. You didn't hear about it because the emergency. So in all fairness, I think one thing to note on service back, you'll see it in the customer appendix that there were -- and these are 7-figure deals are on ServiceMax to give context that connection to Windchill in some of these accounts is actually starting to formulate itself customers to think about ServiceMax more broadly.

非常抱歉，布萊爾，我很抱歉給了完整的答案。由於緊急情況，您沒有聽說此事。因此平心而論，我認為在服務回報方面要注意的一件事是，您會在客戶附錄中看到 - 這些是 ServiceMax 上的 7 位數交易，以提供背景信息，表明其中一些帳戶與 Windchill 的聯繫實際上正在開始形成客戶對 ServiceMax 的更廣泛思考。

And by the way, vice versa, there was a PLM win that was configured at a Medtech customer because of the ServiceMax connection back to PLM. So it is, number one, differentiating windchill from the other PLM competitors that we have because ServiceMax is unique versus what Siemens has and Dassault, as you all know. That's point number one.

順便說一句，反之亦然，由於 ServiceMax 連接回 PLM，Medtech 客戶配置的 PLM 獲得了成功。因此，首先，Windchill 與我們面臨的其他 PLM 競爭對手的區別在於，眾所周知，ServiceMax 與西門子和達梭相比是獨一無二的。這是第一點。

From this year perspective, we have been hit by churn events that have not been pretty in terms of weighing down the overall growth rate of what we were expecting out of ServiceMax. And while we still have a quarter left the several deals that the team is still working on we've had to overcome some churn events that were mainly onetime idiosyncratic in nature.

從今年的角度來看，我們受到了客戶流失事件的打擊，這對 ServiceMax 預期的整體成長率造成了不利影響。雖然我們還有一個季度的時間，但團隊仍在處理幾筆交易，我們必須克服一些主要具有一次性特殊性質的客戶流失事件。

So we don't really see this continuing on in that velocity as we think about 2026. As an example, ServiceMax customer for the last 10 years got bought by a much bigger company that already had an executable field service management solution. And it turned out from us because they were using a different platform.

因此，當我們考慮 2026 年時，我們實際上並不認為這種情況會繼續以這種速度發展。例如，ServiceMax 過去 10 年的客戶被一家規模大得多且已經擁有可執行現場服務管理解決方案的公司收購。而結果卻是我們不想看到這樣的結果，因為他們使用了不同的平台。

Usually, ServiceMax customers are the ones that actually buy companies versus the other way around. So this was an anomalous event in that example.

通常，ServiceMax 的客戶才是真正購買公司的人，而不是相反。所以在這個例子中這是一個異常事件。

But to summarize, we still feel strongly at ServiceMax, its connection back to the core, meaning Windchill and Creo is really critical, particularly in the world of product data foundation as it enters the field and as you apply AI to it, our great ServiceMax is building is actually the most advanced in some of our AI capabilities.

但總而言之，我們仍然強烈感受到 ServiceMax 與核心的聯繫，這意味著 Windchill 和 Creo 真的至關重要，特別是在產品資料基礎領域，當它進入該領域並將 AI 應用於其中時，我們偉大的 ServiceMax 正在構建的實際上是我們某些 AI 功能中最先進的。

So that's something to stay tuned as you think about next year. to really bridge the time between Windshield and ServiceMax and the rest of our digital threat here. So a bit of a negative on the churn, a lot of work ahead of us. And I will say that we've got our work on ServiceMax, but we still feel strongly about the strategic intent of that business and how it fits in within our product data foundation vision.

因此，當您考慮明年時，請繼續關注這一點。真正彌合 Windshield 和 ServiceMax 以及我們這裡的其他數位威脅之間的差距。因此，對於客戶流失來說，存在一些負面影響，我們還有很多工作要做。我想說的是，我們已經在 ServiceMax 上開展了工作，但我們仍然強烈地感受到該業務的戰略意圖以及它如何融入我們的產品數據基礎願景。

That's great, Neil. Thanks for the color.

太棒了，尼爾。謝謝你的顏色。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Good evening, Neil. In terms of your current pipeline, are you seeing some improvement in the percentage or magnitude of multi-solution -- multi-letter acronym sales, a quarter ago, you suggested there might be some disaggregation of deals here and there in that respect? Are you perhaps seeing some reaggregation in terms of those kinds of multi-brand deals that are fundamental to your closed-loop life cycle management strategy?

晚上好，尼爾。就您目前的管道而言，您是否看到多解決方案（多字母縮寫）銷售的百分比或數量有所改善？一個季度前，您是否曾建議在這方面可能存在一些交易分解？您是否看到了對您的閉環生命週期管理策略至關重要的多品牌交易的某種重新聚合？

And sorry about asking the second question, but since you highlighted a corporate relationship with NVIDIA, I'd like to ask you about another one that has a direct revenue impact, namely the OEM relationship you've had with [Ansys]. I assume that survives the Synopsys acquisition.

很抱歉問了第二個問題，但既然你強調了與 NVIDIA 的公司關係，我想問你另一個對收入有直接影響的問題，即你與[Ansys]。我認為 Synopsys 收購後該技術還能持續存在。

And given that Synopsys is now much more exposed to your world than just do you see perhaps that there might be some further opportunity to expand on what has already been an expanded relationship with Ansys over the last number of years.

鑑於 Synopsys 現在對您的世界的曝光度比您想像的要高得多，也許還有進一步的機會來擴大與 Ansys 在過去幾年中已經擴大的合作關係。

Jay, thanks for the question. Good to hear your voice again. I'll take the second question first on Ansys Synopsis. I'm thrilled with the scene being able to execute what was a difficult transaction I give kudos to his boldness as a CEO of seeing that acquisition through. And I think it's going to be great for both companies.

傑伊，謝謝你的提問。很高興再次聽到你的聲音。我首先回答有關 Ansys Synopsis 的第二個問題。我很高興能夠完成這筆艱難的交易，我對他作為執行長完成這項收購的勇氣表示讚賞。我認為這對兩家公司來說都是好事。

As you know, I know Ajei well, and he's done a great job handing that off to Sassine. Rob and I actually have been spending time here, and we'll be spending more time with the product teams, too. I think it's a real good opportunity.

如你所知，我很了解 Ajei，他出色地將這項任務交給了 Sassine。事實上，羅布和我一直在這裡度過一段時間，我們也會花更多時間與產品團隊在一起。我認為這確實是一個好機會。

We've already been discussing with Sassine to do much more with the new Synopsis Ansys organization, and we'll make sure we lean into that because there is a lot of opportunity there. Nothing for us to disclose at this current time.

我們已經與 Sassine 討論瞭如何與新的 Synopsis Ansys 組織進行更多合作，我們將確保我們能夠順應這一趨勢，因為那裡有很多機會。目前我們還沒有任何可以透露的資訊。

But to answer your question, we're predisposed to making this a stronger partnership versus going the other way. So good news there on Senapati together for our customers and for. On the first question around are we seeing more joint product offerings in our pipeline.

但回答你的問題，我們傾向於建立更牢固的夥伴關係，而不是相反。Senapati 上對我們的客戶和我們來說都是好消息。第一個問題是，我們是否會在我們的產品線中看到更多聯合產品。

That also has been an interesting thing that we saw formulate itself in conversations in Q3. We've had a [tax] CXC, by the way, here in Q3, where despite the uncertainty, we actually had the most number of executives and companies come to our CXC to discuss digital transformation.

這也是一件有趣的事情，我們在第三季的對話中看到了這一點。順便說一下，我們在第三季度舉行了一次 [稅收] CXC，儘管存在不確定性，但實際上有最多的高管和公司來到我們的 CXC 討論數位轉型。

And the reason why I bring that up, Jay, is when they do come up, it's exactly what you said, they think about multi-products to transform. So while they came to the CXC thinking about a coder deployment, which is still critical, might be the first phase of what they do. It brings up the why does Windchill also benefit the product data foundation by doing it together.

傑伊，我之所以提起這一點，是因為當他們出現時，正如你所說的，他們會考慮多種產品進行轉型。因此，當他們來到 CXC 考慮編碼器部署時，這仍然至關重要，這可能是他們工作的第一階段。這引出了為什麼 Windchill 透過協同工作也能使產品資料基礎受益。

That doesn't mean the deal is won all collectively, but it does mean and it shows particularly as we tough thought through the AI strategy, why an engineering-focused workflow company like us to aggregate CAD, PLM, ALM and ultimately what's happening in the service organization has huge value for outcomes that are generated when you put AI on top of it.

這並不意味著這筆交易是集體勝利，但它確實意味著，特別是當我們認真思考人工智慧策略時，為什麼像我們這樣一家以工程為中心的工作流程公司能夠聚合 CAD、PLM、ALM 以及最終在服務組織中發生的事情，當你將人工智慧置於其上時，對於產生的結果具有巨大的價值。

So we're looking forward to it. Jay. We're seeing more of it. I'm not here to pop the champagne yet. Hard work is still ahead. And -- but I'm starting to see some good trends on that front to your point.

所以我們對此充滿期待。傑伊。我們看到了更多這樣的情況。我還來不及開香檳慶祝。艱苦的工作還在後面。而且——但我開始看到一些與你的觀點一致的良好趨勢。

Thank you, Neil. Thank you, Kristian.

謝謝你，尼爾。謝謝你，克里斯蒂安。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hey, guys. Thanks for sneaking me in and I echo my congrats on a good quarter. This one, I think, is for Neil or Rob, maybe, but I think earlier on the call, it was Rob who actually used the words that I believe it was -- the work has put -- has been put into effect the outcomes when he was describing the go-to-market transition. So I guess if the work has put in, like when will we see those outcomes in full effect? Is it a next year event? Is it beyond? Is it sooner? Like when do we start to see the work that you put in bear fruit for the top-line growth?

嘿，大家好。感謝您讓我加入，我對本季取得的良好成績表示祝賀。我認為這可能是給 Neil 或 Rob 的，但我認為在早些時候的電話會議上，Rob 在描述市場轉型時實際上使用了我認為是「已經投入的工作」——已經將成果付諸實施的詞語。所以我想，如果工作已經投入，我們什麼時候才能看到這些成果的全部效果？這是明年的活動嗎？超越了嗎？是不是更早了？例如，我們什麼時候才能看到您為實現收入成長而付出的努力結出碩果？

Thanks for the question. It's Rob. And I'm glad someone was listening, so that's good. The work never stops. So the initial work was really just setting the foundation, and not just, I should say, it was actually an incredible amount of work to be able to do that in a quarter and still deliver the quarter, typically, you could find a number of outcomes, and that was the first step.

謝謝你的提問。是羅布。我很高興有人在聽，這很好。工作永無止境。因此，最初的工作實際上只是奠定基礎，而不僅僅是，我應該說，這實際上是一項令人難以置信的工作，能夠在一個季度內完成這項工作，並且仍然可以交付該季度，通常情況下，你可以找到許多結果，這是第一步。

The next step is looking at how we talk about how we go approach the customers now, which is looking at the messaging and approaching the customer from an outside in perspective and the problems we solve and how we help them solve the problems, where specifically we play.

下一步是研究我們現在如何談論如何接近客戶，即從外部視角查看資訊並接近客戶，以及我們解決的問題以及我們如何幫助他們解決問題，以及我們具體在哪裡發揮作用。

That obviously is important along with how we staff the team, how we manage the performances of the team we have, upskill and deploy this stuff. And so to get to a specific point, you'd expect when you consider our deal life cycles, something out into next year where you could start to see like more of a lift. But that doesn't mean we can't get a benefit from a message that we deliver well. And in fact, we are.

這顯然與我們如何為團隊配備人員、如何管理現有團隊的表現、如何提陞技能和部署這些人員一樣重要。因此，要達到一個特定的點，當您考慮我們的交易生命週期時，您會期望明年您可能會開始看到更多的提升。但這並不意味著我們不能從良好傳遞的訊息中獲益。事實上，我們確實如此。

In fact, Neil and I happen to be it an account early on where we delivered the messaging unpolished and really pull the deal back out of the fire that we might not have won. And now we're in the late stages of that deal. And typically, that deal might have gone by. We wouldn't even have seen it. And some of the bigger deals, something like that might take six to nine months to close.

事實上，尼爾和我碰巧在早期就擁有這個帳戶，我們傳遞了未經打磨的信息，並真的把這筆交易從我們可能無法贏得的困境中拉了回來。現在我們正處於該交易的後期階段。通常情況下，這筆交易可能已經失敗了。我們甚至可能沒有看到它。一些較大的交易可能需要六到九個月才能完成。

So what I mean by, we're starting to see the results is we just try to -- the results are the checkpoints along the way. First organizing the team, then developing the messaging, starting to deliver the messaging, having that resonate with the customers and then have that be part of their budgeting cycle. So you could expect to see that. And that's what we're pointing at. I mean we're aiming at that for mid next year, mid to late next year.

所以我的意思是，我們開始看到結果是我們只是嘗試——結果就是沿途的檢查站。首先組織團隊，然後開發訊息，開始傳遞訊息，讓其引起客戶的共鳴，然後使其成為預算週期的一部分。所以你可以期待看到這一點。這就是我們所指出的。我的意思是，我們的目標是在明年年中、明年年中到年底實現這一目標。

Super helpful. Thanks for the clarity.

超有幫助。謝謝你的澄清。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Hey, guys. Thanks for taking my questions here. Hey, Neil, listen, there's been some super helpful commentary on the near-term numbers, even more medium term. I'd love to ask a little bit of a longer-term question maybe for all of you, right, for Neil, Kristian and Rob, I was wondering if you folks can just talk about how you think about commercial optimization. There's a lot of value that you folks provide through your PLM and CAD systems.

好的。偉大的。嘿，大家好。感謝您在這裡回答我的問題。嘿，尼爾，聽著，有一些關於近期數據，甚至更多中期數據的非常有用的評論。我想問大家一個比較長期的問題，對吧，對於 Neil、Kristian 和 Rob，我想知道你們是否可以談談你們對商業優化的看法。你們透過 PLM 和 CAD 系統提供了許多價值。

And historically, I don't think pricing has been as much of a lever of growth in the past. Maybe philosophically speaking, how do you think about that as a lever going forward?

從歷史上看，我認為定價在過去並不是一個重要的成長槓桿。也許從哲學角度來說，您如何看待它作為前進的槓桿？

So let me start. Rob could add and Kristian could play cleanup if needed. But philosophically, Rob, myself, Kristian and the leadership team have been working through commercial levers, far more rigor than I think I've ever seen in the two years of at least been at PTC.

那麼就讓我開始吧。如果需要的話，羅布 (Rob) 可以加入，克里斯蒂安 (Kristian) 可以打清理工作。但從哲學上講，Rob、我本人、Kristian 和領導團隊一直在透過商業槓桿開展工作，其嚴謹程度遠遠超出我在 PTC 至少兩年來所見過的程度。

So from a perspective of planning, thinking about options how it impacts customers, how might it flow through ARR, what are the impacts good and bad around certain ways in which we could think about commercial levers has been extreme detailed discussions over the last, call it, 90 days, as Rob has been getting the sea legs underneath them.

因此，從規劃的角度來看，思考選項如何影響客戶，如何透過 ARR 流動，以及我們可以考慮商業槓桿的某些方式的利弊，在過去的 90 天裡，我們已經進行了極其詳細的討論，因為 Rob 一直在為他們做好準備。

So philosophically, Saket, we believe there is opportunity, and we believe there are distinct ways in which we could capture that opportunity. That being said, I think Kristian said this in prior calls, and I think I'd like to give Rob a chance also to articulate that to show the alignment here, we also have to be very mindful that the customer needs to see value also.

所以從哲學角度來說，Saket，我們相信機會是存在的，而且我們相信我們可以透過不同的方式來抓住這個機會。話雖如此，我認為克里斯蒂安在之前的電話中說過這一點，我想我也想給羅布一個機會來表達這一點，為了在這裡展示一致性，我們還必須非常注意客戶也需要看到價值。

And so all of this commercial discussion needs to be interlocked the innovation that I'm pressing really hard on the product team to deliver, whether it be the AI releases, whether it be the continuation of what we're seeing some really good momentum on our SaaS product.

因此，所有這些商業討論都需要與我極力敦促產品團隊實現的創新緊密相連，無論是 AI 的發布，還是我們在 SaaS 產品上看到的良好勢頭的延續。

So that when we actually execute some of these commercial levers, there is something that we give to our customers and say, okay, we're going to take it and there's something new that we actually can appreciate, why you're asking for this. And some cases, well, for the most part, we'll start doing that. In other cases, there are opportunities to continue to optimize the commercial arrangement that we have with customers.

因此，當我們真正執行這些商業手段時，我們會向客戶提供一些東西，並說，好的，我們會接受它，而且我們確實可以欣賞一些新的東西，為什麼你要這樣要求。在某些情況下，在大多數情況下，我們都會開始這樣做。在其他情況下，我們有機會繼續優化與客戶之間的商業安排。

So let me pause there and see, Rob, if you want to add.

所以讓我在這裡暫停一下，看看羅布，你是否想補充。

Before I actually --

在我真正--

(technical difficulty)

（技術難度）

Okay. It's all cleared. We got to be all cleared to answer your question, Saket.

好的。一切都已清除。我們必須得到充分批准才能回答你的問題，Saket。

(technical difficulty)

（技術難度）

All right, three times. So Kristian, actually, did some really good analysis to help us at least size the opportunity. And even when I came in, it was one of the first things we had a chance to look at together. And then, as Neil very well said, delivering this in the form of the value to the customer is super important. And also making sure that the teams, the commercial teams know how to have that conversation, which historically, we just weren't really that good at.

好的，三次。因此，克里斯蒂安實際上做了一些非常好的分析，至少幫助我們確定了機會的規模。當我進來的時候，這是我們有機會一起看的第一件事之一。然後，正如尼爾所說的那樣，以價值的形式向客戶傳遞這一點非常重要。也要確保團隊、商業團隊知道如何進行這種對話，從歷史上看，我們在這方面並不擅長。

So there are a number of things that we're going to bring together. But personally, I think it's a great win, obviously, even for our customers. If you think about how they structure their contracts and how they plan with other major tech providers. This is not like a new motion for that. So it's really more of a new motion for us.

因此，我們要把很多事情整合在一起。但就我個人而言，我認為這顯然是一個巨大的勝利，甚至對我們的客戶來說也是如此。如果你考慮他們如何建立合約以及他們如何與其他主要技術提供者進行規劃。這並不是一項新的動議。所以這對我們來說確實是一個新動議。

We have an opportunity to bring it to them in a new way now in terms of the value we deliver. And it's something that is an important part as we go forward to the strategy for the go-to-market teams.

就我們所提供的價值而言，我們現在有機會以新的方式將其帶給他們。這是我們推動行銷團隊策略的一個重要部分。

Super helpful. Thanks, guys.

超有幫助。謝謝大家。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks for squeezing me in. I was hoping to discuss the new packaging for Windchill that was introduced earlier in the month that strikes me as a pretty big simplification. But maybe what's more intriguing if we can focus on the enterprise user designation and then also the world-based packages. Windchill has always had this great opportunity to expand in the ecosystem around your customers and achieve deeper adoption with some of the personas at the customer. Is this maybe a better way of getting at each of those things? And maybe are you are better equipped to execute? So why is this coming through now?

偉大的。謝謝你把我擠進來。我希望討論本月早些時候推出的 Windchill 新包裝，它給我的印像是相當大的簡化。但如果我們可以關注企業用戶指定以及基於世界的套餐，也許會更有趣。Windchill 一直擁有這個絕佳的機會，可以在客戶周圍的生態系統中擴展，並實現客戶某些角色的更深入採用。這也許是實現上述每個目標的更好方法嗎？也許您已經做好了更好的執行準備？那為什麼現在會出現這種情況呢？

Yeah. Joe, let me start and Kristian's knee-deep in this as is Rob. You nailed it. This is -- the pricing packaging that you're referencing is all about making PLM expansion adoption just easier from a customer perspective.

是的。喬，讓我先開始吧，克里斯蒂安和羅布都深陷其中。你成功了。這是—您所引用的定價方案是為了從客戶的角度讓 PLM 擴展的採用變得更容易。

It also allows for migration of SaaS to be much more simplified number two. And number three is from how we're like how we're releasing embedded AI into Windchill. This will also make it an easier way in which the customers can consume that type of capability. So that's number one.

它還可以使 SaaS 的遷移變得更加簡單。第三點是我們如何將嵌入式 AI 發佈到 Windchill 中。這也將使客戶能夠更輕鬆地使用此類功能。這是第一點。

Secondly, your question was like, why is this happening now? Well, I'll remind you, last year, when I became CEO, a big thrust of this was PLM is the epicenter of the vision of this company. And as we are continuing to make some success in that regard, we're making sure everything is set up for our customers to really get the value of enterprise PLM broadly and as it moves to SaaS. So that's part of the strategy of executing across the vision that is so critical to the product data foundation.

其次，你的問題是，為什麼現在會發生這種事？好吧，我提醒你，去年，當我成為執行長時，其中一個重點是 PLM 是這家公司願景的中心。隨著我們在這方面不斷取得一些成功，我們正在確保為客戶做好一切準備，以便他們真正廣泛地獲得企業 PLM 的價值，並實現其向 SaaS 的轉變。這是執行願景策略的一部分，對於產品數據基礎至關重要。

Rob, anything to add?

羅布，還有什麼要補充的嗎？

No, you nailed it.

不，你成功了。

That's great. Thank you very much.

那太棒了。非常感謝。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Thanks for filling me in. Maybe for Neil, just going back to the macro for a minute. I'd love maybe to go a step deeper just on the federal aerospace and defense vertical, what you're seeing overall? And maybe just comment on the US public sector as we head into the September quarter. Thanks so much.

驚人的。謝謝你告訴我詳情。或許對 Neil 來說，只需回到宏觀層面一分鐘。我可能想更深入地了解聯邦航空航天和國防垂直領域，您總體上看到了什麼？在我們進入九月季度之際，也許我只是對美國公共部門發表評論。非常感謝。

What was the second part of your question, Adam, you cut out a bit?

亞當，你問題的第二部分是什麼？你刪減了一點嗎？

Sorry about that. Just about the US public sector as you head into the September quarter.

很抱歉。進入九月季度，美國公共部門的情況大致如此。

So we're very bullish currently about the F&D sector broadly globally. Some of you might have been with us in the Paris Air Show and you could have seen our chalet was packed to the gills with the who of federal aerospace and defense companies.

因此，我們目前對全球金融與發展產業非常看好。你們中的一些人可能和我們一起參加了巴黎航展，你們可能已經看到我們的小屋擠滿了聯邦航空航天和國防公司的人員。

And as we all know, in this world that we live in, this has become a critical factor of an acceleration in many geographies the most notable being in Europe, the step-up that's happened with NATO in terms of what their commitments would be to spending there, not only defense, but also space as well. And we obviously had the tax bill passed here in the United States around what defense looks like for United States.

眾所周知，在我們生活的這個世界中，這已經成為許多地區加速發展的關鍵因素，其中最引人注目的是歐洲，北約加大了對歐洲的投入承諾，不僅在國防方面，而且在太空方面。顯然，美國已經通過了有關美國國防的稅收法案。

So we are in a lot of different discussions there. Obviously, many of you know, we're very strong in this vertical, and we're leaning into making sure we capture a number of ways in which we got to help our customers deal with backlog and grow their businesses.

因此我們在那裡進行了很多不同的討論。顯然，你們很多人都知道，我們在這個垂直領域非常強大，我們傾向於確保我們掌握多種方法來幫助我們的客戶處理積壓並發展他們的業務。

You also saw that we're going full steam ahead on making sure the start-up community in space in aerospace is taking advantage of great capabilities and the broad set of capabilities we got with Arena, Codebeamer+ and Onshape and what we could do across the entire portfolio. So we're all chips in. We believe we can help our customers dramatically in that area, number one.

您還看到，我們正在全力以赴，確保航空航太領域的新創企業社群能夠利用 Arena、Codebeamer+ 和 Onshape 所獲得的強大功能和廣泛功能，以及我們可以在整個產品組合中發揮的作用。所以我們都參與其中。首先，我們相信我們可以在這個領域極大地幫助我們的客戶。

Number two is on your question on the US public Look, I think some of the early on conversations, particularly in Q3 around impacts to introspection by different agencies, new agencies is still there. But I think because of the tax bill being passed and because of the criticality of things like NASA and the space program, et cetera, what the DOE is doing, we feel very well situated with how we serve those customers as well, but we're watching it carefully.

第二個是關於你對美國公眾的問題，我認為一些早期的對話，特別是在第三季度，圍繞不同機構、新機構的反省的影響仍然存在。但我認為，由於稅收法案的通過，以及美國國家航空暨太空總署和太空計畫等的重要性，以及美國能源部正在做的事情，我們在為這些客戶提供服務方面也感到非常有利，但我們正在密切關注。

I'll summarize that of all the geographies in the world, the US is actually what we're looking at over the course of Q4 and Q1 to get more clarity than the rest of the world, which is actually, quite frankly, getting more clarity on several geopolitical fronts, policy fronts in the United States.

我總結一下，在世界上所有的地區中，美國實際上是我們在第四季度和第一季度關注的地區，以便比世界其他地區獲得更清晰的了解，坦率地說，這實際上使我們在美國的幾個地緣政治方面、政策方面獲得了更清晰的了解。

So we're looking forward to the administration to continue to provide clarity to US manufacturers across our customer base as well as the public side.

因此，我們期待政府繼續向我們的客戶群和公眾提供明確的訊息。

Awesome. Thanks so much.

驚人的。非常感謝。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯、派珀·桑德勒。

Thanks for taking the question. So Neil, what stood out to me were some of your comments around maybe some green shoots around inching up of win rates, not tell a clear signal, but maybe some reprieve in what has been a difficult selling environment.

感謝您回答這個問題。所以尼爾，對我來說最突出的是你的一些評論，也許是關於勝率緩慢上升的一些綠芽，雖然不是一個明確的信號，但也許是在困難的銷售環境中的一些緩解。

I just wanted to ask, what are your expectations for rep growth now that we're getting to the past the period of maximum disruption looking ahead to the year, not guidance, but philosophically, do you think the wallet share benefits from the verticalization will be more impactful? Or is there an opportunity here to increase the hiring on the rep side? Thank you.

我只是想問一下，既然我們已經度過了今年最混亂的時期，您對代表增長有何期望，這不是指導，而是從哲學上講，您是否認為垂直化帶來的錢包份額收益會更有影響力？還是這裡有機會增加銷售代表的招募？謝謝。

Rob, do you want to start?

羅布，你想開始嗎？

Yeah. Hi, it's Rob. Thanks for the question. It's a formula we consider all the time because you always want to balance the incremental cost with productivity and ensure that we have optimized productivity before we start to go and incur the cost of incremental heads. But there's definitely an opportunity relative to what we've done here with the verticalization and the industry approach.

是的。你好，我是羅布。謝謝你的提問。這是我們一直在考慮的公式，因為您總是希望平衡增量成本和生產力，並確保在開始承擔增量成本之前我們已經優化了生產力。但相對於我們在垂直化和行業方法方面所做的工作，這肯定是一個機會。

Now, we also had some opportunity internally to reposition existing investments. So while it wouldn't show in the aggregate total, you might find internally that we had the opportunity to put more direct sellers versus overlay sellers into particular roles.

現在，我們在內部也有一些機會重新定位現有投資。因此，雖然它不會顯示在總數中，但您可能會在內部發現，我們有機會將更多的直接銷售人員而不是覆蓋銷售人員安排到特定的角色。

So we're continuing to look at that, but there's no doubt that there's opportunity for us as we go into the next year. And if we see it, I've gotten great air cover from Neil and Kristian to add we're responsible and appropriate.

因此，我們會繼續關注這個問題，但毫無疑問，進入明年，我們還有機會。如果我們看到它，我會得到尼爾和克里斯蒂安的出色空中掩護，以確保我們能夠負責任並且適當。

And one last thing to summarize this. The -- one of the things we said as part of the go-to-market transformation is we would make sure from a layering perspective, we thought through that so that we could fund on the ground in front of customer sellers and those that are technical specialists to actually really think about increasing care and get the messaging out that we're all, as you could tell, super jazzed about taking it in front of our customers.

最後再總結一下。作為市場轉型的一部分，我們所說的一件事是，我們會從分層的角度進行考慮，這樣我們就可以在客戶賣家和技術專家面前進行實地資助，真正考慮增加關懷，並傳達出這樣的信息：正如你所看到的，我們都非常熱衷於把它帶到我們的客戶面前。

Really appreciate the color.

真的很欣賞這個顏色。

All right. Thank you for everyone for joining us and dealing with the fire alarms. We apologize for that, and thanks for your patience and for your questions also today.

好的。感謝大家加入我們並處理火警。我們對此深表歉意，並感謝您的耐心以及今天的提問。

We'll be on the road the weeks ahead. participating in investor conferences in August. Kristian will attend the Virtual Oppenheimer Conference. In September, Kristian and I will be in the Big Apple at the Citi conference. Looking forward to seeing you all, and Matt will attend the Piper Sandler conference in Nashville.

未來幾週我們都會出行，參加八月的投資人會議。克里斯蒂安將參加虛擬奧本海默會議。九月份，克里斯蒂安和我將前往紐約參加花旗銀行會議。期待與大家見面，馬特將參加納許維爾的 Piper Sandler 會議。

We really appreciate the engagement today. Thanks a lot.

我們非常感謝今天的參與。多謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and 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，現在可以斷開連線了。