PTC Inc (PTC) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2025 Fourth Quarter Conference Call. (Operator Instructions)

女士們、先生們，午安。感謝您的耐心等待，歡迎參加 PTC 2025 年第四季電話會議。（操作說明）

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

現在我將把電話交給 PTC 投資者關係主管 Matt Shimao。請繼續。

Good afternoon. Thank you, operator, and welcome to PTC's Fourth Quarter and Fiscal Year 2025 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. During this call, PTC will make forward-looking statements, including guidance as to future operating results.

午安.謝謝接線員，歡迎參加 PTC 2025 財年第四季及全年電話會議。今天參加電話會議的有：執行長 Neil Barua；財務長 Kristian Talvitie；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，稍後可在www.ptc.com網站收聽會議錄音。在本次電話會議中，PTC將發表前瞻性聲明，包括對未來營運績效的預測。

Because such statements deal with future events, actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in PTC's annual report on Form 10-K, Form 10-Q and other filings with the US Securities and Exchange Commission as well as in today's press release. The forward-looking statements, including guidance provided during this call are valid only as of today's date, November 5, 2025, and PTC assumes no obligation to update these forward-looking statements. During the call, PTC will discuss non-GAAP financial measures.

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預測的結果有重大差異。有關可能導致實際結果與前瞻性聲明中的結果存在重大差異的因素的更多信息，請參閱 PTC 向美國證券交易委員會提交的 10-K 表格年度報告、10-Q 表格年度報告和其他文件，以及今天的新聞稿。本次電話會議中提供的前瞻性聲明（包括指導意見）僅截至 2025 年 11 月 5 日有效，PTC 不承擔更新這些前瞻性聲明的義務。在電話會議期間，PTC 將討論非 GAAP 財務指標。

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

這些非GAAP指標並非依照公認會計原則編製。有關非GAAP財務指標與最直接可比較的GAAP指標的調節表，請參閱我們網站上今天發布的新聞稿。接下來，我想把電話交給PTC的執行長尼爾·巴魯阿。

Thank you, Matt, and good afternoon, everyone. I'll begin by addressing the press release we issued earlier today regarding the definitive agreement we've reached for TPG to acquire our Kepware and ThingWorx businesses. This is exciting news for us. For our Kepware and ThingWorx customers, this move is designed to enhance the value of these products deliver. By partnering with TPG, Kepware and ThingWorx gained additional investment, expertise and operational focus, all for the businesses to continue growing and delivering more for customers.

謝謝你，馬特，大家下午好。首先，我想談談我們今天早些時候發布的新聞稿，該新聞稿涉及我們與 TPG 達成的最終協議，TPG 將收購我們的 Kepware 和 ThingWorx 業務。這對我們來說是個令人振奮的消息。對於我們的 Kepware 和 ThingWorx 客戶而言，此舉旨在提升這些產品的價值。透過與 TPG 合作，Kepware 和 ThingWorx 獲得了額外的投資、專業知識和營運重點，所有這些都是為了使企業能夠繼續發展並為客戶提供更多服務。

For PTC, this move increases our focus on the area central to our intelligent product life cycle vision. CAD PLM, ALM and SLM and the growing emphasis on SaaS and AI. With our resources and investment concentrated in these areas, we will continue helping our customers address some of their most pressing challenges by enabling them to fully leverage the value of their product data and to transform each stage of life cycle. When the transaction closes, we will maintain a close relationship with the Kepware and ThingWorx businesses to ensure a smooth transition. Kristian will walk you through more of the transaction details in a few minutes.

對 PTC 而言，此舉將使我們更加專注於智慧產品生命週期願景的核心領域。CAD PLM、ALM 和 SLM 以及對 SaaS 和 AI 的日益重視。我們將把資源和投資集中在這些領域，繼續幫助客戶應對他們面臨的一些最緊迫的挑戰，使他們能夠充分利用產品數據的價值，並轉變產品生命週期的每個階段。交易完成後，我們將與 Kepware 和 ThingWorx 保持密切聯繫，以確保平穩過渡。克里斯蒂安稍後會為您詳細介紹更多交易細節。

Turning to fiscal '25. Q4 was another quarter of solid execution. We delivered 8.5% constant currency ARR growth and 16% free cash flow growth year-over-year. Throughout the quarter, we were encouraged to see some of the early benefits from our go-to-market transformation show up operationally. Our execution on large strategic agreements improved through better coordination between our sales, technical and customer success teams.

展望2025財年。第四季業績依然穩健。我們實現了以固定匯率計算的年度經常性收入年增 8.5%，自由現金流年增 16%。整個季度，我們很高興地看到，市場轉型帶來的一些早期效益已經在營運中顯現出來。透過加強銷售、技術和客戶成功團隊之間的協調，我們提高了大型策略協議的執行力。

We said on our Q3 call that we had a robust pipeline of large Q4 deals, and I'm proud to say we closed most of them. The dynamics of these deals are encouraging in the context of our intelligent product life cycle vision and focus areas. We won our largest Codebeamer deal ever as a customer in the automotive vertical decided to move up legacy processes and invest in its next-gen product data foundation. A large windshield competitive displacement win in the med tech vertical was alongside of ServiceMax expansion, reinforcing this customer's commitment to building a product data foundation and extending that data to other parts of the life cycle. We also won the largest Onshape delever.

我們在第三季財報電話會議上說過，我們第四季有很多大宗交易正在籌備中，我很自豪地說，我們已經完成了其中大部分交易。從我們智慧產品生命週期願景和重點領域的角度來看，這些交易的動態令人鼓舞。我們贏得了 Codebeamer 有史以來最大的一筆交易，因為汽車行業的客戶決定升級傳統流程並投資其下一代產品數據基礎。在醫療技術垂直領域贏得大型擋風玻璃競爭性替代訂單的同時，ServiceMax 也實現了擴張，這鞏固了該客戶致力於構建產品數據基礎並將該數據擴展到生命週期的其他部分的承諾。我們還贏得了Onshape最大交付量獎。

This was a competitive displacement with the customer embracing the workflow and collaboration benefits of a cloud-native SaaS offering. You could read more about our customer wins across verticals in our appendix slides. ARR came in at the middle of our Q4 guidance range, which reflects the variability of the large deal structures we discussed in our Q3 call. Importantly, we ended the year with record deferred ARR under contract, providing strong visibility into fiscal 2016 and beyond. While not all of that converts immediately, it gives us confidence in our growth trajectory as these multiyear ramps activate.

這是一場競爭性的市場更迭，客戶欣然接受了雲端原生 SaaS 產品的工作流程和協作優勢。您可以在我們的附錄投影片中閱讀更多關於我們在各個垂直領域取得的客戶成功案例。ARR 處於我們第四季度預期範圍的中段，這反映了我們在第三季度電話會議中討論的大型交易結構的波動性。重要的是，我們以創紀錄的遞延年度經常性收入合約結束了這一年，為 2016 財年及以後的發展提供了清晰的前景。雖然並非所有這些都能立即轉化為實際收益，但隨著這些多年成長計畫的啟動，這讓我們對自身的成長軌跡充滿信心。

In addition, our go-to-market teams are operating with great alignment across verticals and geos. We continue to execute on commercial optimization levels and the overall feedback from the field is very positive. Our marketing messaging. Focus on our intelligent product life cycle vision is helping customers clearly see how our portfolio enables them to leverage their product data to transform with AI. Finally, we appointed John Stephenson, an industry veteran, as Chief Product Officer.

此外，我們的市場推廣團隊在各個垂直領域和地區之間保持著高度的協調一致。我們持續推進商業優化，來自現場的整體回饋非常正面。我們的行銷訊息。專注於我們的智慧產品生命週期願景，幫助客戶清楚了解我們的產品組合如何使他們能夠利用產品數據透過人工智慧實現轉型。最後，我們任命了業內資深人士約翰‧史蒂芬森擔任首席產品長。

John is establishing a clear product operating rhythm to support our go-to-market motion and tightening product and R&D linkage to increase the pace and predictability of road map execution. Overall, Q4 capped off a year of steady, disciplined execution during a volatile market environment. The go-to-market momentum we described last quarter didn't take, it accelerated. Our teams leaned into the transformation and strengthened customer relationships at the exact and we saw clear evidence of multiproduct adoption across verticals. When we started the go-to-market transformation, we said it would take 18 to 24 months to hit full stride.

John 正在建立清晰的產品營運節奏，以支援我們的市場推廣活動，並加強產品和研發聯繫，以提高路線圖執行的速度和可預測性。總體而言，第四季為在動蕩的市場環境下穩步、自律的執行力畫上了圓滿的句號。我們上個季度所描述的市場進入勢頭不僅沒有減弱，反而加速了。我們的團隊積極擁抱轉型，並加強了與客戶的關係，我們看到了跨垂直領域多產品採用的明顯證據。當我們開始市場轉型時，我們說過需要 18 到 24 個月才能全面步入正軌。

Less than a year in, the factors we control are clearly moving in the right direction, and we are focused on making them more repeatable and sustainable in fiscal '20. Regarding the outlook for fiscal '26. For ARR growth, we are guiding to a range of 7% to 9% with Kepware, ThingWorx; at 7.5% to 9.5% without Kepware and ThingWorx. We are also well on track to deliver $1 billion of free cash flow in fiscal '26, including Kepware and ThingWorx. Regarding net new ARR, Q1 will be similar to last year.

不到一年時間，我們所控制的因素顯然正朝著正確的方向發展，我們正致力於在 2020 財年使這些因素更具可重複性和可持續性。關於 2026 財年的展望。對於 ARR 成長，我們預期使用 Kepware 和 ThingWorx 後成長幅度為 7% 至 9%；不使用 Kepware 和 ThingWorx 後成長幅度為 7.5% 至 9.5%。我們也預計在 2026 財年實現 10 億美元的自由現金流，其中包括 Kepware 和 ThingWorx。關於新增淨ARR，第一季將與去年同期持平。

and we expect momentum to build through the year, supported by the shape of our pipeline and deferred ARR. The high end of our annual ARR range accounts for continued improvements in our go-to-market progression, minimal customer disruption from the Kepware and ThingWorx divestiture and a relatively steady macro environment. The low end of our annual ARR range accounts for some worsening in the macro environment and unexpected disruption from the divestiture. Variability in deal structures can also move us higher or lower in the range. Our confidence in fiscal '26 is underpinned by our focus on our intelligent product life cycle vision.

我們預計，在現有產品線和遞延年度經常性收入的支持下，這一勢頭將在今年內持續增強。我們年度 ARR 範圍的高端得益於我們在市場推廣方面的持續改進、Kepware 和 ThingWorx 剝離對客戶造成的干擾最小以及相對穩定的宏觀環境。我們年度 ARR 範圍的下限反映了宏觀環境的一些惡化以及資產剝離帶來的意外幹擾。交易結構的差異也可能導致我們的排名上下波動。我們對 2026 財年的信心源自於我們對智慧產品生命週期願景的重視。

AI is cementing the importance of structured product data foundations and PTC is uniquely positioned to make these possible. Customers understand that applying AI to siloed or stale data doesn't work and are turning to PTC's portfolio to build their data foundation. This begins in engineering and other departments and functions across the life cycle. AI is then applied to this contextual data and even more substantial transformations become possible for our customers. We're enhancing our CAD, PLM, ALM and SLM offerings to make it even easier to build a product data foundation, and we're embedding more AI.

人工智慧正在鞏固結構化產品資料基礎的重要性，而 PTC 擁有獨特的優勢來實現這一點。客戶們明白，將人工智慧應用於孤立的或過時的數據是行不通的，因此他們轉向 PTC 的產品組合來建立他們的數據基礎。這始於工程部門以及其他貫穿整個產品生命週期的部門和職能部門。然後，我們將人工智慧應用於這些情境數據，從而為我們的客戶帶來更實質的變革。我們正在增強我們的 CAD、PLM、ALM 和 SLM 產品，以便更輕鬆地建立產品資料基礎，並且我們正在嵌入更多的人工智慧。

We've recently released new AI capabilities in ServiceMax, Servigistics, Onshape and Arena, and we have a strong Creo AI road map underway. We are also on track to release new versions of Windchill, Windchill+ and Codebeamer in the weeks ahead. I would like to now turn to our capital allocation strategy. In fiscal '26 with our leverage below 1 times, we expect to return excess cash to shareholders. We expect to buy back between $150 million and $250 million worth of shares per quarter during fiscal 2016, starting with $200 million in Q1.

我們最近在 ServiceMax、Servigistics、Onshape 和 Arena 中發布了新的 AI 功能，我們正在製定強大的 Creo AI 路線圖。我們也計劃在未來幾週內發布 Windchill、Windchill+ 和 Codebeamer 的新版本。現在我想談談我們的資本配置策略。在 2026 財年，由於我們的槓桿率低於 1 倍，我們預計將把多餘的現金回饋給股東。我們預計在 2016 財年每季回購價值 1.5 億美元至 2.5 億美元的股票，第一季回購 2 億美元。

Our capital allocation strategy remains disciplined and flexible as we will continue to make investments in R&D around our intelligent product life cycle vision and leave the door open for tuck-in acquisitions. In summary, we feel momentum building. We're pleased to share today's news about Kepware and ThingWorx, and we're happy they're set up for success with TPG. And for PTC, we move with clarity and a purposeful direction with the entire company focused on delivering our intelligent product life cycle vision for customers. With that, I'll turn the call over to Kristian.

我們的資本配置策略依然嚴謹靈活，我們將持續圍繞智慧產品生命週期願景進行研發投資，並為小規模收購敞開大門。總之，我們感到勢頭正在增強。我們很高興與大家分享今天關於 Kepware 和 ThingWorx 的消息，也為它們在 TPG 的支持下取得成功而感到高興。對於 PTC 而言，我們以清晰的目標和明確的方向前進，全公司致力於為客戶實現我們的智慧產品生命週期願景。接下來，我會把電話交給克里斯蒂安。

Thanks, Neil, and hello, everyone. Starting off with Slide 6, I'd like to provide some more details on the Kepware and ThingWorx divestiture. The transaction is expected to close in the first half of calendar 2026, and our expected use of net after-tax proceeds will follow our overall capital allocation strategy of returning excess cash to shareholders while leaving room for any potential tuck-in acquisitions. We could receive up to $725 million in total cash consideration if certain thresholds are achieved. We expect either $565 million or $600 million upfront, depending on performance during the period up to close.

謝謝你，尼爾，大家好。從第 6 張幻燈片開始，我想提供更多關於 Kepware 和 ThingWorx 剝離的細節。該交易預計將於 2026 年上半年完成，我們預計稅後淨收益的用途將遵循我們整體的資本配置策略，即把多餘的現金返還給股東，同時為任何潛在的補充收購留出空間。如果達到某些門檻，我們最多可獲得 7.25 億美元的現金對價。我們預計預付款為 5.65 億美元或 6 億美元，具體金額取決於交割前這段時間的業績表現。

The $125 million future potential earn-out is based on certain criteria related to a potential future transaction by the buyer. Assuming an April 1 close and a $565 million upfront payment, we would expect net upfront proceeds of approximately $365 million after working capital and indebtedness adjustments, divestiture-related fees and taxes related to the transaction. Turning to Slide 7. In fiscal '25, ARR attributable to Kepware and ThingWorx was approximately $160 million, and constant currency ARR growth was negative 1%. Including perpetual license and professional services revenue, the revenue contribution of Kepware and ThingWorx was approximately $200 million.

這1.25億美元的未來潛在收益是基於與買方未來潛在交易相關的某些標準而定的。假設交易於 4 月 1 日完成，並支付 5.65 億美元的首付款，我們預計在扣除營運資本和債務調整、與剝離相關的費用和與交易相關的稅款後，淨首付款約為 3.65 億美元。翻到第7張投影片。2025 財年，Kepware 和 ThingWorx 的年度經常性收入約為 1.6 億美元，以固定匯率計算的年度經常性收入成長率為 -1%。包括永久授權和專業服務收入在內，Kepware 和 ThingWorx 的收入貢獻約為 2 億美元。

We estimate that approximately $70 million of free cash flows was attributable to Kepware and ThingWorx in fiscal '25. For fiscal '26, we're providing constant currency ARR guidance for PTC, including and excluding Kepware and ThingWorx. ARR growth, excluding Kepware and ThingWorx, is expected to be 50 basis points higher. Also, for fiscal '26, we expect the Kepware and ThingWorx transaction will impact our as-reported free cash flow primarily due to onetime transaction-related items. To illustrate, I'll take you through a model on Slide 8.

我們估計，2025 財年 Kepware 和 ThingWorx 貢獻了約 7,000 萬美元的自由現金流。對於 2026 財年，我們將提供 PTC 的固定匯率 ARR 指引，包括和不包括 Kepware 和 ThingWorx。不計入 Kepware 和 ThingWorx，預計 ARR 成長將提高 50 個基點。此外，我們預計 2026 財年 Kepware 和 ThingWorx 的交易將對我們報告的自由現金流量產生影響，這主要是由於一次性交易相關項目。為了說明這一點，我將帶您了解投影片 8 中的一個模型。

Starting at the top with our $1 billion of free cash flow guidance for fiscal '26, which assumes Kepware and ThingWorx are a part of PTC for the full fiscal year. Assuming the transaction closes on April 1, 2026, we would expect lower net cash inflows related to Kepware and ThingWorx in the second half of fiscal '26. However, we would expect this to be largely offset by a transaction services agreement, which begins upon close. If the transaction closes sooner than expected, there could be a modest impact to free cash flow. Related to the transaction, we expect to incur approximately $160 million of onetime cash outflows.

首先，我們預計 2026 財年的自由現金流將達到 10 億美元，前提是 Kepware 和 ThingWorx 在整個財年內都是 PTC 的一部分。假設交易於 2026 年 4 月 1 日完成，我們預期 2026 財年下半年與 Kepware 和 ThingWorx 相關的淨現金流入將會減少。不過，我們預計這將在很大程度上被交易服務協議所抵消，該協議將在交易完成時生效。如果交易比預期更早完成，可能會對自由現金流產生輕微影響。與該交易相關的，我們預計將產生約 1.6 億美元的一次性現金流出。

Approximately $35 million of this relates to onetime divestiture-related fees and approximately $125 million relates to onetime cash taxes. We'll have more clarity on those items when the transaction closes, and we'll provide an update at that point. Remember, from an accounting perspective, the proceeds will show up in cash flow from investing, while taxes and divestiture-related costs will show up in operating cash flows. Assuming an April 1, 2026, close, this model shows that our as-reported free cash flow would be approximately $840 million in fiscal '26. You will have clear visibility to the onetime cash outflows in our reporting, and we will officially update our guidance post close.

其中約 3,500 萬美元為一次性資產剝離相關費用，約 1.25 億美元為一次性現金稅。交易完成後，我們將對這些項目有更清晰的了解，屆時我們將提供最新消息。請記住，從會計角度來看，收益將體現在投資現金流中，而稅收和與資產剝離相關的成本將體現在營運現金流中。假設在 2026 年 4 月 1 日完成交易，模型顯示，我們在 2026 財年的自由現金流約為 8.4 億美元。您將在我們的報告中清楚地看到一次性現金流出情況，我們將在交易完成後正式更新我們的業績指引。

But as we think about fiscal '27, we expect to be building off the approximately $1 billion we are guiding to this year and we'll need to factor in up to $50 million of headwinds from the divestiture, which is the run rate of Kepware and ThingWorx cash flows, partially offset by TSA income, which we expect to continue. Moving to Slide 9 and a review of the results we just reported. 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. At the end of Q4, our constant currency ARR using our fiscal '25 plan FX rates was $2.446 billion, up 8.5% year-over-year.

但展望 2027 財年，我們預計今年將實現約 10 億美元的收入，同時需要將剝離業務帶來的高達 5000 萬美元的不利因素考慮在內，這相當於 Kepware 和 ThingWorx 現金流的運行速度，部分會被 TSA 收入抵消，我們預計 TSA 收入將繼續增長。接下來請看第 9 張投影片，回顧我們剛才報告的結果。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（不包括外匯波動的影響），我們提供年度經常性收入 (ARR) 指引，並以固定匯率揭露我們的 ARR 結果。截至第四季末，我們以 2025 財年計畫匯率計算的固定匯率 ARR 為 24.46 億美元，年增 8.5%。

And while I know that we consistently tell investors to focus on ARR and free cash flow rather than revenue and operating income. Given some of the dynamics in the quarter, I do think that it's prudent to talk a little bit about the revenue beat versus the midpoint of our guidance range for the quarter and put this in context with our ARR results. We came in at the midpoint of our guidance range for net new ARR in Q4. And as we discussed on our last call, the biggest variable between the high and low ends of the range was going to be deal structures. It certainly played out that way.

雖然我知道我們一直告訴投資者要關注 ARR 和自由現金流，而不是收入和營業收入。鑑於本季度的一些動態，我認為有必要談談本季營收超出預期範圍與我們預期範圍中位數之間的關係，並將其與我們的年度經常性收入 (ARR) 結果聯繫起來。第四季淨新增 ARR 值達到預期範圍的中點。正如我們在上次電話會議中討論的那樣，價格區間高低兩端之間最大的變數將是交易結構。事情的確是這樣發展的。

In Q4, our teams did a great job, and we contracted a record amount of customer commitments. Many of these were in the form of ramp deals, many included commercial optimization levers, and several new and renewing contracts came in with longer-than-anticipated term lines. In fact, our average term line in Q4 increased from approximately two years in Q4 of '24 to approximately three years in Q4 of '25. The way revenue accounting works for on-prem subscriptions under ASC 606, we record approximately 50% of the total contract value when the deal starts, and we recognize the rest ratably over the term. As was evident from our revenue guidance for Q4, we were expecting a healthy uptick in revenue, reflecting the mix of large multiyear renewals and large contracts in the pipeline.

第四季度，我們的團隊表現出色，我們獲得了創紀錄的客戶訂單量。其中許多是加速交易，許多包含商業優化措施，並且一些新的和續約的合約期限比預期的要長。事實上，我們第四季的平均貸款期限從 2024 年第四季的大約兩年增加到 2025 年第四季的大約三年。根據 ASC 606 準則，本地訂閱的收入會計處理方式是：在交易開始時記錄合約總價值的約 50%，其餘部分在合約期間內按比例確認。從我們對第四季度營收的預測來看，我們預計營收將出現健康成長，這反映了多年期大合約續約和正在洽談中的大合約的組合。

But what actually happened was that we beat the midpoint of our guidance range by $140 million and the high end by $110 million. So going back to ARR. You'll recall that ARR is the best approximation of annual billings related to recurring contracts because it's aligned with the amount that we invoice the customer on an annual basis. And as far as future contractual commitments, well, in the ARR way of thinking, that is recorded as deferred ARR. In the traditional P&L way of thinking, that shows up in RPO.

但實際情況是，我們比預期範圍的中點高出 1.4 億美元，比預期範圍的上限高出 1.1 億美元。所以，讓我們回到ARR。您應該記得，ARR 是與經常性合約相關的年度帳單的最佳近似值，因為它與我們每年向客戶開立的發票金額一致。至於未來的合約承諾，按照 ARR 的思路，這會被記錄為遞延 ARR。依照傳統的損益表思維方式，這體現在 RPO 中。

And when we report our RPO in our 10-K, you'll see that it's up more than $550 million, both sequentially and on a year-over-year basis. But remember, not all of that turns into ARR or revenue in fiscal '26. There's additional deferred ARR in fiscal '27 and beyond as well. This should help explain why our revenue growth in the quarter significantly outpaced our ARR growth. All in all, it was a solid quarter.

當我們在 10-K 檔案中報告 RPO 時，您會看到，無論環比還是同比，RPO 都增長了超過 5.5 億美元。但請記住，並非所有這些都會在 2026 財年轉化為 ARR 或收入。2027 財政年度及以後還有額外的遞延年度經常性收入 (ARR)。這有助於解釋為什麼我們本季的營收成長顯著超過了年度經常性收入 (ARR) 的成長。總的來說，這是一個穩健的季度。

with a lot of long-term positive impact that you don't see in our current ARR results or near-term outlook. The significant revenue beat is also what drove the significant EPS beat. On the cash flow side of things, we generated $100 million of free cash flow in Q4. For the full fiscal year, our free cash flow was $857 million, up 16%. Note that the free cash flow we generated in fiscal '25 absorbed approximately $20 million of outflows related to our go-to-market realignment.

這會帶來許多長期的正面影響，而這些影響在我們目前的年度經常性收入 (ARR) 結果或近期展望中是看不到的。營收大幅超出預期，也是每股盈餘大幅超出預期的主要原因。在現金流方面，我們在第四季產生了 1 億美元的自由現金流。本財年，我們的自由現金流為 8.57 億美元，成長 16%。請注意，我們在 2025 財年產生的自由現金流吸收了與市場調整相關的約 2,000 萬美元的資金流出。

Our 16% free cash flow growth in fiscal '25 illustrates the operating leverage we benefit from as our ARR grows. Another way to illustrate our operating leverage is through our operating efficiency percentage, which expanded by 310 basis points to 45% in fiscal '25 compared to 42% in fiscal '24. You can see this in our illustrative cash flow model on Slide 23. Next, turning to Slide 10. Before I take you through our guidance, let me walk you through how we guide and report ARR.

我們在 2025 財年實現了 16% 的自由現金流成長，這表明隨著 ARR 的成長，我們從營運槓桿中受益。另一種說明我們經營槓桿的方法是我們的經營效率百分比，該百分比在 2025 財年增長了 310 個基點，達到 45%，而 2024 財年為 42%。您可以在我們的範例現金流模型（第 23 頁）中看到這一點。接下來，請看第 10 張投影片。在我向您介紹我們的指導方針之前，讓我先向您介紹我們如何指導和報告 ARR。

For fiscal '25, we provided constant currency ARR guidance and reported constant currency ARR results for all periods using our fiscal '25 planned FX rates, which were as of September 30, 2024. And for comparative purposes, at the same time last year, we also recast historical constant currency ARR amounts at our fiscal '25 planned FX rates. For fiscal '26, we're taking the exact same approach with historical results, recast using our fiscal '26 planned FX rates, which are as of September 30, 2025. For new investors who may not be familiar with our approach, please reach out to me or Matt and we'd be happy to do a deep dive. With that, I'll take you through our guidance on Slide 11.

對於 2025 財年，我們提供了以固定匯率計算的 ARR 指導，並使用 2025 財年計畫的匯率（截至 2024 年 9 月 30 日）報告了所有期間的以固定匯率計算的 ARR 結果。為了進行比較，去年同期，我們也以 2025 財年計畫的外匯匯率，重新計算了歷史固定匯率 ARR 金額。對於 2026 財年，我們將採用完全相同的方法，使用我們 2026 財年計劃的外匯匯率（截至 2025 年 9 月 30 日）對歷史業績進行重新計算。對於可能不熟悉我們投資方式的新投資者，請聯絡我或Matt，我們很樂意進行深入解說。接下來，我將帶您了解第 11 張投影片上的指導說明。

Because we don't know exactly when the Kepware and ThingWorx transaction will close, our guidance for fiscal '26 and Q1 '26 includes Kepware and ThingWorx for the full year. The exception is ARR, where we are additionally providing guidance that excludes Kepware and ThingWorx. All the ARR amounts on this slide are based on our fiscal '26 planned FX rates. For constant currency ARR, excluding Kepware and ThingWorx, we expect growth of approximately 7.5% to approximately 9.5% in fiscal '26. For constant currency ARR, including Kepware and ThingWorx, we expect growth of approximately 7% to 9%.

由於我們無法確切知道 Kepware 和 ThingWorx 的交易何時完成，因此我們對 2026 財年和 2026 年第一季的業績指引包含了 Kepware 和 ThingWorx 的全年業績。但 ARR 是個例外，我們在此提供的指導下不包括 Kepware 和 ThingWorx。本頁所有 ARR 金額均基於我們 2026 財政年度計畫的外匯匯率。以固定匯率計算，不包括 Kepware 和 ThingWorx，我們預計 2026 財年 ARR 將成長約 7.5% 至約 9.5%。以固定匯率計算的 ARR（包括 Kepware 和 ThingWorx），我們預期成長約為 7% 至 9%。

Our ARR guidance is mindful of the efforts required to separate Kepware and ThingWorx as we push toward a closing expected in the first half of calendar 2026. From a linearity perspective, we're expecting similar quarterly seasonality as in fiscal '25 for net new ARR. This primarily has to do with the shape of the pipeline, linearity of churn and the linearity of deferred ARR, which is heavily skewed to Q4 in fiscal '26. Note that our cash flow guidance is not on a constant currency basis. And to be clear, our business is currently constituted is on track to deliver approximately $1 billion of free cash flow in fiscal '26.

我們的 ARR 預期考慮到了將 Kepware 和 ThingWorx 分拆所需的努力，我們正努力爭取在 2026 年上半年完成分拆。從線性角度來看，我們預期淨新增 ARR 的季度季節性與 2025 財年類似。這主要與管道的形狀、客戶流失的線性以及遞延 ARR 的線性有關，而遞延 ARR 在 2026 財年嚴重偏向第四季度。請注意，我們的現金流量預測並非以固定匯率為基礎。需要明確的是，我們目前的業務結構預計在 2026 財年實現約 10 億美元的自由現金流。

We have a high degree of confidence in our guidance for free cash flow due to the predictability of our cash collections and the disciplined budgeting structure we have in place. Importantly, we've maintained consistent billing practices over time. We build primarily upfront annually one year at a time, regardless of contract term lengths. So our free cash flow results over time are comparable. In fiscal '26, we expect similar invoicing seasonality compared to the previous five years based on this and our expected cash outflows we expect approximately 55% to 60% of our free cash flow to be generated in the first half of the year and for fiscal Q4 to be our lowest cash flow generation quarter.

由於現金回收的可預測性以及我們已建立的嚴格的預算結構，我們對自由現金流的預測非常有信心。重要的是，我們一直以來都保持一致的計費方式。我們主要按年預先建設，一年一年地進行建設，不受合約期限長短的影響。因此，我們歷年的自由現金流結果具有可比較性。2026 財年，我們預期發票季節性與過去五年類似。基於此以及我們預期的現金流出，我們預計大約 55% 至 60% 的自由現金流將在今年上半年產生，而第四財季將是我們現金流產生量最低的季度。

Some of you may have noticed that our guidance assumption for CapEx is stepping up by approximately $20 million in fiscal '26, which is also absorbed in our guidance for free cash flow. We view this as onetime in nature because it's related to moving a major R&D center to a new office. Although our focus is on ARR and free cash flow, we're providing revenue and EPS guidance to help you with your models. It's worth noting that our revenue guidance for fiscal '26 looks different from fiscal '25. We expect revenue to be up north of 10% in the first half, up in the mid-single digits in Q3 and to decline in Q4.

你們中的一些人可能已經注意到，我們對 2026 財年資本支出的預期增加了約 2000 萬美元，這也計入了我們對自由現金流的預期中。我們認為這是一次性事件，因為它與將一個主要的研發中心搬遷到新辦公地點有關。雖然我們的重點是 ARR 和自由現金流，但我們也提供收入和 EPS 指導，以幫助您完善模型。值得注意的是，我們對 2026 財年的營收預期與 2025 財年有所不同。我們預計上半年營收將成長10%以上，第三季將成長個位數中段，第四季將下降。

This obviously reflects the dynamics I discussed earlier, with Q4 being down given the significant overperformance in Q4 of '25. Moving on to Slide 12. Here's an illustrative constant currency ARR model for fiscal '26. Focusing on PTC, including Kepware and ThingWorx, the column on the right illustrates the midpoint of net new ARR growth that corresponds to our fiscal 2016 constant currency ARR guidance range of 7% to 9%. Consistent with my reminder from last quarter, we expect churn to remain low in fiscal '26 because our customers need to maintain subscriptions to our software to continue designing, producing and servicing the products.

這顯然反映了我之前討論過的動態，鑑於 2025 年第四季的顯著超額業績，第四季出現下滑。接下來是第12張投影片。以下是 2026 財年以固定匯率計算的 ARR 模型範例。以 PTC（包括 Kepware 和 ThingWorx）為例，右側一欄顯示了淨新增 ARR 成長的中點，這與我們 2016 財年以固定匯率計算的 ARR 指引範圍 7% 至 9% 相對應。正如我在上個季度提醒的那樣，我們預計 2026 財年的客戶流失率將保持較低水平，因為我們的客戶需要繼續訂閱我們的軟體才能繼續設計、生產和維護產品。

Turning to Slide 13. Here's a similar illustrative model for Q1 of '26 focusing on PTC, including Kepware and ThingWorx, the column on the right illustrates the dollar range of Q1 26% sequential net new ARR growth that corresponds to our Q1 '26 constant currency ARR guidance range of 8% to 8.5%. As a reminder, Q1 is typically our lightest net new ARR quarter given normal renewal seasonality and the timing of larger enterprise transactions. As I mentioned earlier, we expect similar linearity for net new ARR in fiscal '26 compared to fiscal '25. What's important, however, is what Neil mentioned earlier, that our demand capture remains healthy in a challenging macro environment, and we're entering the year with a stronger pipeline than when we started fiscal '25 and a solid deferred ARR balance which is heavily skewed to Q4.

翻到第13張幻燈片。以下是 2026 年第一季以 PTC（包括 Kepware 和 ThingWorx）為重點的類似範例模型，右側一列顯示了 2026 年第一季淨新增 ARR 成長的美元範圍，該成長環比為 26%，這與我們 2026 年第一季按固定匯率計算的 ARR 指引範圍 8% 至 8.5% 相對應。需要提醒的是，由於正常的續約季節性因素和大型企業交易的時間安排，第一季通常是我們新增年度經常性收入淨額最低的季度。正如我之前提到的，我們預期 2026 財年的新增 ARR 與 2025 財年相比，將呈現類似的線性成長。然而，重要的是尼爾之前提到的，在充滿挑戰的宏觀環境下，我們的需求獲取仍然保持健康，而且我們進入新財年時的業務儲備比 2025 財年開始時更強勁，並且擁有穩健的遞延 ARR 餘額，該餘額主要集中在第四季度。

As you know, our net new ARR can be somewhat volatile in any given quarter, given dynamics such as new or renewal bookings seasonality, timing of deferred ARR, starting how much of our new bookings in any given quarter starts in the quarter, how much churn we expect in any quarter, et cetera? All of that said, we feel good about the state of the business, the focus on the intelligent product life cycle and its relevance to our customers as evidenced by our pipeline. We have many initiatives underway to capture the opportunity to drive net new ARR growth in the future. With that, I'd like to turn the call back over to the operator for the Q&A session.

如您所知，由於新訂單或續訂訂單的季節性、遞延 ARR 的時間、任何給定季度中有多少新訂單是在該季度開始的、我們預計任何季度中的客戶流失率等等因素的影響，我們的淨新增 ARR 在任何給定季度都可能出現一定程度的波動。綜上所述，我們對公司目前的業務狀況感到滿意，專注於智慧產品生命週期及其與客戶的相關性，這可以從我們的產品線中得到證明。我們正在進行多項舉措，以抓住未來推動淨新增年度經常性收入成長的機會。接下來，我想把電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Ken Wong, Oppenheimer & Co.

Ken Wong，奧本海默公司

Fantastic. Neil, congratulations on the divestiture of the IoT business. Perhaps you can give us some context behind the decision to move on from ThingWorx and Kepware. And then what should we, as investors, deemed to still be strategic in the portfolio? Are there any other products or components of the IoT business that still needs to be shut off?

極好的。尼爾，祝賀你成功剝離物聯網業務。或許您可以跟我們解釋一下當初決定放棄 ThingWorx 和 Kepware 的原因。那麼，身為投資者，我們應該認為投資組合中哪些資產仍具有策略意義呢？物聯網業務中還有哪些產品或元件需要關閉？

Yes. Good to hear from you, Ken. So first off, on the decision process, as I've been saying for a couple of years now, we've been really focusing on putting the wood behind the arrows around the things that create the greatest customer opportunity and for PTC where we have the highest right to win. And we talked through all the core priorities, which has now formulate itself into this vision around the intelligent product life cycle. And because of that and because of the needs and the requirements for our customers around execute across that vision, we decided to make sure that every single person in the company all our resources or attention are dedicated to executing across achieving that vision of the intelligent product cycle.

是的。很高興收到你的來信，肯。首先，關於決策過程，正如我過去幾年一直在說的，我們一直專注於為那些能創造最大客戶機會的事情投入實實在在的資源，而對於 PTC 來說，我們最有理由贏得這些機會。我們討論了所有核心優先事項，現在這些事項已經形成了圍繞智慧產品生命週期的願景。正因如此，也因為我們的客戶需要並要求我們實現這個願景，我們決定確保公司裡的每一個人、我們所有的資源和精力都致力於實現智慧產品週期的願景。

And so that's the way we lend towards the strategic decision on saying, look, at the end of the day, tap where thing works, good businesses, great products, but quite frankly, TPG has a thesis of getting deeper onto the factory floor in operations. And those products will do very well under that framework, leaving PTC, the ability to really continue to deliver what hopefully you saw in Q4, Ken, around executing around our core priorities and just ramping up that focus and attention on it. In terms of your second question around the strategic component of what we have left. I feel good as we sit here around the portfolio and how it relates to the intelligent product life cycle, how it relates to building a product data foundation for our customers how it relates to our ability to apply generative and agentic AI to that product data foundation and how to send that product data to other constituents of our customers like in the service department, et cetera. And so collectively, I feel good now that with the transaction closing, we have an ability now to fully focus all our portfolio and energy across -- executed across the intelligent product lifecycle vision that we laid out.

因此，這就是我們傾向於做出策略決策的方式，即：歸根結底，要抓住那些行之有效的地方，好的業務，優秀的產品，但坦白地說，TPG 的理念是更深入地參與工廠的運作。在這種框架下，這些產品將會表現得非常好，這使得 PTC 能夠繼續實現你在第四季度看到的成果，Ken，圍繞著我們的核心優先事項執行，並加大對它們的關注和投入。關於你提出的第二個問題，也就是我們所剩資源的策略組成部分。我很高興我們能坐在這裡討論產品組合，以及它與智慧產品生命週期的關係，它與為我們的客戶建立產品資料基礎的關係，它與我們將生成式和代理式人工智慧應用於該產品資料基礎的能力的關係，以及如何將該產品資料發送給我們客戶的其他組成部分，例如服務部門等等。因此，總的來說，我感覺很好，隨著交易的完成，我們現在能夠將我們所有的投資組合和精力完全集中到我們制定的智慧產品生命週期願景中去執行。

Fantastic. Thank you.

極好的。謝謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Hey, great. Thanks for taking my question. I know a lot of moving parts, and it's somewhat a muted point because of the Kepware cash tax implications, but Kristian, the $1 billion free cash flow guidance, is there any way to know how much of a OBB benefit you're expected to see next fiscal year?

嘿，太好了。謝謝您回答我的問題。我知道這其中有很多變數，而且由於 Kepware 現金稅的影響，這一點的重要性也相對較低。但是，Kristian，關於 10 億美元的自由現金流預期，有沒有辦法知道你預計在下一個財政年度會看到多少 OBB 收益？

Thank you.

謝謝。

So there is some tailwind from the new Section 174 decision that was in OBDA that is included in that number. To be honest, we don't actually have to make the final decision on which of the three main doors, i.e., the all one year, two year or just let the amortization run out. Doors, we go through until later this fiscal year. Remember, though, that that's also offset, also included in that kind of $1 billion number is the incremental CapEx that we're seeing related to the transition of one of our largest R&D facility into a new office. So there's a bunch of puts and takes that go into that number.

因此，OBDA 中新的第 174 條決定帶來了一些利好，其中也包括了這個數字。說實話，我們其實不必最終決定選擇這三個主要方案中的哪一個，即一年期、兩年期還是讓攤銷期結束。我們將一直通過這些門，直到本財年晚些時候。不過，請記住，這其中也包含了抵銷部分，10 億美元的數字中還包括我們最大的研發設施之一搬遷到新辦公大樓所產生的額外資本支出。所以，這個數字是由很多買進和賣出作業組合而成的。

But certainly, the tailwind from Section 174 is included in that number.

但可以肯定的是，第 174 條所帶來的利多因素也包含在這個數字中。

Oh, okay, great to see you nonetheless. Thank you.

哦，好的，無論如何，很高興見到你。謝謝。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello, thank you for taking the question. I wanted to ask how you would characterize the push versus the pull with the deal structures this quarter. Did you feel like some of these customers were wanting to push out certainty and and maybe they wanted to make the commitment, but they didn't know what the next 12 months might hold for them, so they wanted to commit to a ramping deal or a longer duration agreement? Any color there would be helpful.

您好，感謝您回答這個問題。我想請教您如何描述本季交易結構中的推動因素與拉動因素。您是否覺得有些客戶想要尋求確定性，也許他們想要做出承諾，但他們不知道未來 12 個月會發生什麼，所以他們想要簽訂逐步增加的協議或更長期的協議？任何顏色都會有所幫助。

Thank you.

謝謝。

Sure, Clarke, good hear from you too. The -- so let me be clear, in Q4, as we mentioned on our Q3 call, we had a number of large transactions in the pipeline. As I mentioned in the upfront, we closed the majority of those and excellent execution by the team. We also mentioned that the variance in the ARR for Q4 would happen based on the variability of how the deals will get structured. And in the larger deals, in some transactions, as we've noted, there was ramp deals.

當然，克拉克，很高興收到你的消息。所以——讓我說清楚一點，正如我們在第三季度電話會議上提到的，在第四季度，我們有很多大額交易正在籌備中。正如我前面提到的，我們已經完成了大部分交易，團隊執行得非常出色。我們也提到，第四季 ARR 的波動將取決於交易結構的變化。在一些較大的交易中，正如我們所指出的，存在著階梯式交易。

And those are committed, contracted elements of the deal, not -- maybe we'll spend the money. Those are contracted with PTC, and we chose to do the right thing for the customer and ourselves, which is execute and capture that demand and have a large set of deferred ARR as Kristian talked about in 2016 and even a larger set of net deferred ARR post-2026 with some of these deals that we captured within Q4. So we feel good about it. And it's -- ultimately, as we think about as stewards of the business, capturing the customer demand, having them commit to it, which is exactly what deferred ARR is, is what we're playing towards. The anomalies back and forth of what is in quarter star within a quarter or two is something that is important, but not as important as the capturing of the customer demand.

這些都是交易中已承諾、已簽訂合約的要素，而不是——也許我們會花這筆錢。這些合約是與 PTC 簽訂的，我們選擇為客戶和我們自己做正確的事情，那就是執行並抓住這些需求，並擁有大量遞延 ARR，正如 Kristian 在 2016 年談到的那樣，而且透過我們在第四季度達成的一些交易，在 2026 年之後甚至擁有更大的淨遞延 ARR。所以我們對此感到很滿意。歸根究底，身為企業的管理者，我們思考的是抓住客戶需求，讓他們做出承諾，這正是遞延年度經常性收入的意義所在，也是我們努力的方向。季度星級評定在一、兩季內出現波動固然重要，但遠不及掌握顧客需求重要。

Thank you very much.

非常感謝。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Thank you. Congrats on the Kepware sale. I guess two things for me, Neil. First off, as you kind of move away from the factory floor a little bit here, how are you thinking about your TAM business, computer manufacturing side of things. Is that -- does this alter your view on that at all?

謝謝。恭喜Kepware成功售出。我想對我來說有兩件事，尼爾。首先，既然您已經稍微遠離了工廠車間，那麼您是如何看待您的 TAM 業務，也就是電腦製造方面的呢？這會改變你對此事的看法嗎？

No, I actually feel better than I did about the addressable market that we're playing into with intended product life cycle than I did two years when I took the job. And the reason for it is that throughout the portfolio of building what we're calling the product data foundation with our CAD capabilities, with our ALM capabilities, with our PLM capabilities and then our SLM capabilities anchored by ServiceMax and Servigistics. When we think about that opportunity and where the customers are driving for their digital transformations to make sure product data is clarified across their enterprise and sent to the right constituents. And then Blair adding on top AI to that product data foundation has so much breadth and capability for us to execute across. And you saw that again in the customer testimonies that we showed in Q4 around customers really acclimating to the strategy, wanting it and really energized about our AI strategy that is a part of the intelligent product life cycle.

不，實際上，我對我們所處的目標市場以及預期的產品生命週期的信心比兩年前我剛接手這份工作時要好得多。原因在於，我們透過建立所謂的「產品資料基礎」來實現這一目標，這包括我們的 CAD 功能、ALM 功能、PLM 功能以及以 ServiceMax 和 Servigistics 為核心的 SLM 功能。當我們思考這項機會以及客戶推動數位轉型的方向時，我們會確保產品資料在整個企業內得到清晰明確，並發送給正確的利害關係人。然後，Blair 將人工智慧添加到產品資料基礎之上，為我們提供了廣泛的執行範圍和強大的能力。您在我們第四季度展示的客戶證詞中再次看到了這一點，客戶們真正適應了這一策略，想要它，並且對我們的人工智慧策略充滿熱情，這是智慧產品生命週期的一部分。

So Blair, I'm more thrilled than ever before starting today that we have executed across the ThingWorx, Kepware, put it in the right home because we got a lot of business to take care of here on our existing strategy across the intelligent product life cycle.

所以布萊爾，從今天開始，我比以往任何時候都更加興奮，因為我們已經在 ThingWorx 和 Kepware 上執行了相關計劃，並將其放在了合適的位置，因為我們有很多業務需要根據我們現有的智慧產品生命週期策略來處理。

That's great. Thank you. And if I could just slide in one for Kristian. Kristian, just kind of looking at your net new ARR growth of 194 last year, and you're saying midpoint, 195 this year. How are you feeling about the overall environment that you're going to book at the same kind of level, just kind of how do you sort of come that -- come to the number for '26?

那太棒了。謝謝。如果可以的話，我想替克里斯蒂安加一票。Kristian，我看了看你去年新增的 ARR 淨額是 194，你說今年的中點是 195。你對即將預訂的同等水平的整體環境有何感受？你是如何得出 2026 年的預訂數量的？

Blair, I raise my hand. So let me take the front end of this, and then Kristian could add to it. The way we're looking at it is this approach of our guidance for '26, I would characterize as a disciplined approach to making sure you understand the dynamics of how we're thinking about this year. First off, we're benefited by a very strong committed deferred ARR entering this year versus what we had last year. So that is a strong set of ballast that we've got within a committed set of ARR coming into the business, predominantly in the second half of the year and predominantly in Q4, as we mentioned.

布萊爾，我舉手。那就讓我先寫開頭部分，然後克里斯蒂安可以補充完善。我們認為，對於 2026 年的指導方針，我們採取的方法，我將其描述為一種嚴謹的方法，以確保你們了解我們對今年的思考方式。首先，與去年相比，我們今年受益於非常強勁的已承諾遞延年度經常性收入 (ARR)。因此，正如我們所提到的，我們擁有強大的支撐，這體現在即將進入業務的年度經常性收入（ARR）承諾中，主要集中在下半年和第四季度。

We also have been undertaking, as we mentioned, a go-to-market transmission that is about nine to 10 months in the making, and we feel very strongly that we've moved the ball forward but still the work needs to now become a repetition and durable. And when we think about that, in light of the divestiture and, call it, the six-month time period from today's announcement to close or nine months in calendar year, but in that framework, we modeled out April 1.

正如我們之前提到的，我們一直在進行一項推向市場的變革，這項變革已經進行了大約九到十個月，我們強烈地感覺到我們已經取得了進展，但現在這項工作仍然需要反覆進行，並且要持久有效。當我們考慮到資產剝離，以及從今天宣佈到完成交易的六個月時間（或日曆年的九個月），但在這個框架下，我們模擬了 4 月 1 日的情況。

When we take the context of all the work needed to talk to customers that are jointly looking at pipeline opportunities with ThingWorx, Kepware and other products, we took that into consideration and said, look, if there is disruption at all from this divestiture for the next six to nine months and the macro gets worse than what it is right now, then there's a possibility of the low end being something that we all should consider. But if we're looking at the way the business is going right now and we think about the deferred ARR, the momentum that Rob and team have been building on the go to market and think about the customer pull that we're getting, the midpoint is actually with the macro not getting worse or better is a good way to look at it. Now we have -- the reason why we're disciplined, we actually have line of sight to get to the high end of the guidance in terms of go-to-market progression continues to repeat, the greatness that we saw in Q4, builds on that and continues that process. The macro doesn't get weaker and tightened -- Kepware and ThingWorx actually doesn't become a distraction. We've got that range from a disciplined manner.

當我們考慮到與客戶溝通所需的所有工作，以及與 ThingWorx、Kepware 和其他產品共同尋求發展機會的客戶，我們考慮到了這一點，並表示，如果此次資產剝離在未來六到九個月內造成任何干擾，並且宏觀經濟形勢比現在，那麼低端市場就有可能成為我們所有人都應該考慮的選項。但是，如果我們看看公司目前的經營狀況，考慮到遞延的年度經常性收入，Rob 和他的團隊在市場推廣方面取得的進展，以及我們獲得的客戶需求，那麼從宏觀經濟形勢來看，情況既沒有惡化也沒有好轉，這其實是一個不錯的視角。現在我們有了——我們保持自律的原因，我們實際上看到了實現市場推廣進展預期高端目標的希望，我們在第四季度取得的輝煌成就將繼續保持下去，並在此基礎上繼續推進這一進程。巨集並沒有變得更弱更緊——Kepware 和 ThingWorx 實際上並沒有成為幹擾因素。我們透過嚴謹的方法實現了這一目標。

So the good news is we're looking at it, we're being disciplined around our approach. We got a lot of hard work going to make sure this go-to-market transformation continues on the path it is. And we're working hard to make sure that results speak for themselves as we get into the course of this year.

好消息是，我們正在關注這個問題，我們採取的方法嚴謹有序。我們正在努力確保這一市場轉型繼續沿著既定路線發展。我們正在努力確保在今年的工作中，成績能夠說明一切。

Okay, great. Thanks very much for the color.

好的，太好了。非常感謝您提供的顏色。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Great, thanks for taking my question. Neil, it's been about a year since you put in the verticalized sales force. I'm curious, are there any other significant go-to-market changes that you're planning for this Q1? And how might that sort of vertical focus pay additional dividends as you get another year under your belt?

太好了，謝謝你回答我的問題。尼爾，你建立垂直化銷售團隊已經大約一年了。我很好奇，您今年第一季還有其他重要的市場推廣策略調整計畫嗎？這種垂直領域的專注，在累積了一年的經驗後，又會帶來哪些額外的收益呢？

Yes. So I'll start and Rob sitting right here next to me ready to get called into this match here because he's excited to share with you what the plan is. But I will say that this year is about, as Rob mentioned, the foundation of the go-to-market transformation was set last year. The fundamentals of what he and team wants accomplished foundational set. He had an incredible kickoff the first time in eight years at PTC, we had one a couple of weeks ago.

是的。那我就先開始了，羅布就坐在我旁邊，隨時準備加入這場討論，因為他很興奮地想跟大家分享一下計畫。但我想說的是，正如羅布提到的那樣，今年的重點是市場轉型的基礎是在去年奠定的。他和團隊想要實現的目標的基本要素已經奠定。他在 PTC 八年來第一次取得了驚人的開局，我們幾週前也取得了一次。

And you could feel the energy and excitement around now let's execute across the Q4 momentum. Let's repeat it. Let's make sure it's consistent. Let's get the messaging consistent, let's get the C-level messaging and acknowledgment consistent. And I see Rob and the go-to-market team as let's keep repeating and scaling and making this durable.

現在你可以感受到周圍的活力和興奮，讓我們利用第四季度的勢頭繼續前進。我們再重複一遍。讓我們確保它保持一致。讓我們統一訊息，讓高階領導的訊息傳遞和表態保持一致。我認為 Rob 和市場推廣團隊的目標是不斷重複、擴大規模，使其成為一種可持續的成功模式。

But I'll let Rob talk about exactly what he's thinking about as he enters this year?

但我會讓羅布自己談談他進入新的一年時究竟在想些什麼？

Yes. So thanks for the question. As you know, we did do that alignment by vertical and industry, which was a really important move to set us up for growth. And that alone, just coming through that as the team did and being able to deliver in the three quarters that had happened was an incredible accomplishment on its own. As Neil just mentioned, we had our first global kickoff at which, by the way, we had our partners in the room for the first time.

是的。謝謝你的提問。如您所知，我們確實按垂直行業和產業進行了調整，這對於我們實現成長來說是一個非常重要的舉措。單憑這一點，這支球隊能夠挺過難關，並在那三節比賽中取得好成績，本身就是一項了不起的成就。正如尼爾剛才所提到的，我們舉行了第一次全球啟動大會，順便說一句，我們的合作夥伴也是第一次出席了這次大會。

So side by side, getting the message unfiltered directly at the same time, which was a stated goal of ours to bring the partner community closer and to expand our reach through our SIs. So that was a great start to the year. And what we have this year that we didn't have last year was that all of that potential disruption is out of the way. So this year, we can make all of our efforts fixed on elevating the message, which we talked about, we have this -- a way to get now to the C level that we didn't before to tell a story there that I think will definitely resonate and has already tested that in Q4. We're starting to fuse that through our customers and also through our go-to-market organization.

因此，我們並肩而行，同時直接獲取未經過濾的信息，這是我們既定的目標，即拉近合作夥伴社區的距離，並透過我們的系統整合商擴大我們的影響力。所以，今年開局很棒。今年我們擁有的，是去年所沒有的，那就是所有潛在的干擾因素都已消除。所以今年，我們可以集中精力提升我們之前討論過的信息傳遞，我們現在有辦法達到 C 級高管的層面，講述一個我認為肯定會引起共鳴的故事，而且已經在第四季度驗證了這一點。我們正開始透過我們的客戶以及我們的市場推廣組織來實現這一點。

We're reaching out to our SIs in ways we hadn't before and not only through, of course, inviting them to our kickoff, but doing it in a more methodical way where there's a great opportunity for them, for our mutual customers and for us to benefit. And now we're going to start to think about how we feather AI into our talk tracks along the vertical, so we can have much more specific messaging that resonates better by industry, and we think will create better traction and better win rates.

我們正在以前所未有的方式與系統整合商聯繫，當然，不僅僅是透過邀請他們參加我們的啟動會，而是以一種更有條理的方式進行，這為他們、我們的共同客戶和我們自己都帶來了巨大的好處。現在我們將開始思考如何將人工智慧融入我們垂直領域的談話內容中，以便我們能夠針對不同行業進行更具針對性的信息傳遞，我們認為這將帶來更好的效果和更高的成功率。

Thanks guys.

謝謝各位。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Neil, you used two of my favorite words, road map execution. And it's interesting as you said that, because for the last number of years, PTC has, I think, done well in that regard, particularly with regard to Creo and Windchill, hence the share gain for each. So what is it from here that you mean precisely with regard to additional improvements in that execution? And how does it tie into the multi-solution three-letter acronym type sales that you're trying to do?

謝謝。晚安.尼爾，你用了我最喜歡的兩個字：路線圖執行。正如你所說，這很有意思，因為我認為，在過去的幾年裡，PTC 在這方面做得相當不錯，尤其是在 Creo 和 Windchill 方面，因此它們的市場份額都得到了增長。那麼，您具體指的是執行上還有哪些改進呢？它與你正在嘗試進行的那種多解決方案三字母縮寫類型的銷售有何關聯？

And then a quick one for Kristian. Since you noted the record increase in RPO. Could you comment as well on current RPO? How that looks sequentially or year-over-year?

然後給克里斯蒂安快速提問。既然您注意到了RPO的創紀錄增長。您能否也對目前的RPO（招募流程外包）發表一下看法？與上年同期相比情況如何？

Let me take the front end. So Jay, thanks for the question. I would say that, yes, the execution for 40 years of this company around building great products has gotten us this far. And what I think John Stevenson, who you'll soon meet, is aligned towards doing in collaboration with his colleagues across the other functions is as an example, with Windchill, and you'll see this, Jay. The execution around a new UI/UX that actually end users will adopt more and be able to think about how to use product data more available across the enterprise, is something that we're executing towards, and John is putting just want to make sure it happens on time, it happens before customers and our sales team to even ask for it in urgency, right?

讓我來負責前端。傑伊，謝謝你的提問。是的，這家公司40年來致力於打造優秀的產品，而正是這種執行力讓我們達到了今天的成就。我認為約翰史蒂文森（你很快就會見到他）與他在其他部門的同事合作的目標，例如，與 Windchill 合作，你很快就會看到這一點，傑伊。我們正在努力打造一個全新的使用者介面/使用者體驗，讓最終用戶更容易接受，並且能夠思考如何更有效地利用企業內可用的產品資料。 John 只是想確保它按時完成，甚至在客戶和銷售團隊提出緊急要求之前就完成，對吧？

Because we know that, that is a need. So just the rigor around making sure road map items result in customer value and Rob's team can actually think about the value that they could get from a sales team perspective. That is actually an element of what we've done in alignment that is newer to the company than the last 10 years, I would say. And it's got really good value already. That's point number one.

因為我們知道，這是一種需要。因此，關鍵在於確保路線圖專案能夠為客戶帶來價值，而 Rob 的團隊可以從銷售團隊的角度認真思考他們所能獲得的價值。實際上，這是我們在協調工作上所做的創新舉措，可以說是公司近十年來比較新的舉措。而且它本身就很有性價比。這是第一點。

Number two is on the AI initiatives. So you're seeing a lot of announcements coming out, and part of it is because we've been working with our customers a lot on POCs and beta to make sure we embed AI into our core products. And you're going to see Codebeamer, Windchill, you saw Arena, ServiceMax, Onshape. You're going to see this continuous flow of execution of road map that is aligned to how does AI, with this incredible contextual data that we've got in our core systems, give benefit and outcomes to our customers that no one else can provide to that customer other than PTC. And that's the area where John is like pushing on very aggressively when he was in Israel last week.

第二點是關於人工智慧計畫。所以你會看到很多公告發布，部分原因是我們在概念驗證和測試版方面與客戶進行了大量合作，以確保我們將人工智慧嵌入到我們的核心產品中。你還會看到 Codebeamer、Windchill，你之前已經看到了 Arena、ServiceMax 和 Onshape。您將會看到路線圖的持續執行，該路線圖與人工智慧如何利用我們核心系統中擁有的這些令人難以置信的上下文數據，為我們的客戶帶來除 PTC 之外任何人都無法為客戶提供的好處和成果相一致。而約翰上週在以色列時，正是在這個領域非常積極地推進他的工作。

And really to summarize this, Jay, making sure that teams are aligned to execute that AI road map in conjunction with the intelligent product life cycle for core products that give real value to our end customers across the core capabilities we got. Kristian?

傑伊，總而言之，要確保各個團隊齊心協力，執行人工智慧路線圖，並結合智慧產品生命週期，為核心產品創造真正的價值，從而充分利用我們擁有的核心能力，為最終客戶帶來真正的價值。克里斯蒂安？

Jay, thanks. In terms of the current portion of the RPO, I think you'll see in the K when it comes out that approximately 55% of the total RPO we'd expect to recognize over the next 12 months.

傑伊，謝謝。就目前的 RPO 部分而言，我認為你會在即將發布的 K 文件中看到，我們預計在未來 12 個月內確認的 RPO 總額的約 55%。

Very good. Thank you both.

非常好。謝謝你們兩位。

(Operator Instructions)

（操作說明）

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yes. Thank you for taking the question. Congrats on all the announcements here. Neil, maybe a big picture for you. I mean, clearly, the divestiture of the IoT business, the buyback in terms of allocating a lot of capital back towards PTC, really seems to indicate you're doubling down on the core CAD and PLM aspects of the business. Like how do you think about where the growth of this business could go over time? What are sort of the key levers you need to see for this business to get back into the double digits? Thank you.

是的。感謝您回答這個問題。恭喜大家在這裡宣布的所有消息。尼爾，或許你需要一張大圖。我的意思是，很明顯，剝離物聯網業務，以及將大量資金重新分配給 PTC 的回購，似乎確實表明你們正在加倍投入業務的核心 CAD 和 PLM 方面。您認為這家企業未來的發展方向會是什麼？要讓這家企業重回兩位數成長，需要關注哪些關鍵因素？謝謝。

Yes. So look, the good news here, Tyler, is that we're building momentum towards putting all the foundational layers to come and create a repeatable way to say we're going to consistently and sustainably continue to grow net new ARR, right? And the first part of that decision process and the foundation laying was centering the student body and now the customer messaging around this disciplined and innovative intelligent product life cycle vision. And that's resonating with customers. They're resonating in Q4.

是的。所以，泰勒，好消息是，我們正在積蓄力量，為未來的發展奠定所有基礎，並創造一種可重複的方式，從而持續、可持續地增加淨新增 ARR，對吧？決策過程的第一步，也是奠定基礎的第一步，就是圍繞著這個嚴謹創新的智慧產品生命週期願景，以學生群體和現在的客戶資訊為中心。這一點引起了顧客的共鳴。它們在第四季度引起了共鳴。

And as you heard Rob say, he's going to make it resonate even more over the course of this year. So setting the strategy and vision was critical setting the student body directing towards that has been critical, setting the foundation of all the practices and businesses has been critical. And now the cleaning up of all the focus of the business being put right into this vision that we've got versus the IoT businesses is setting us up for building on our already momentum that we saw last year. But in this course of this year, Tyler, to make sure we execute across all those things that we are super jazzed about executing towards. And so what I think the good news here is that the ingredients of being able to answer a question and the process and progress that we're making on those ingredients have moved materially forward from 12 months last year, right?

正如你聽到的羅布所說，他將在今年內讓這件事產生更大的影響。因此，制定策略和願景至關重要，引導學生朝著這個方向努力至關重要，奠定所有實踐和業務的基礎也至關重要。現在，公司所有業務的重心都集中在了我們所擁有的願景上，而不是物聯網業務，這讓我們能夠鞏固去年取得的良好勢頭。但在今年的課程中，泰勒，我們要確保我們能夠執行所有我們非常熱衷於執行的事情。所以我認為好消息是，回答問題的要素以及我們圍繞這些要素所取得的過程和進展，與去年12個月相比，已經取得了實質的進步，對吧？

This year is important to repeat that and make it durable. And at that point, we'll be able to come back and say, "Look, here's the durable growth rate for the business." But we're focused on making sure the underpinnings are taken care of. And then we know that the results will speak for themselves over time.

今年很重要的一點是要延續這一勢頭，並使其持久有效。到那時，我們可以回來告訴大家：“看，這就是企業的可持續增長率。”但我們目前專注於確保基礎工作得到妥善處理。我們知道，時間會證明一切。

Thank you very much.

非常感謝。

There are no further questions at this time. I'll now turn the call back over to Neil for any closing remarks.

目前沒有其他問題了。現在我將把電話轉回給尼爾，讓他做最後的總結演講。

Thank you all for joining. We appreciate it. A number of us will be on the road, investor conferences, and we look forward to seeing some of you there. And again, thank you for your support and participation in today's call. Thank you.

感謝各位的參與。我們很感激。我們當中許多人將出差參加投資者會議，期待在那裡見到你們中的一些人。再次感謝您對今天電話會議的支持與參與。謝謝。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。