PTC Inc (PTC) 2026 Q1 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2026 first-quarter conference call. (Operator Instructions). I would now like to turn the call over to Matt Shimao, PTC, Head of Investor Relations. Please go ahead.

女士們、先生們，晚上好。感謝您的耐心等待，歡迎參加 PTC 2026 年第一季電話會議。（操作說明）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 first-quarter 2026 conference call. On the call today are Neil Barua, Chief Executive Officer; Jen DiRico, Chief Financial Officer; and Robert Dahdah, Chief Revenue Officer.

午安.謝謝接線員，歡迎參加 PTC 2026 年第一季電話會議。今天參加電話會議的有：執行長 Neil Barua；財務長 Jen DiRico；以及首席營收長 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. 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.

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。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。

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, February 4, 2026, 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 2026 年 2 月 4 日有效，PTC 不承擔更新這些前瞻性聲明的義務。

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

在電話會議期間，PTC 將討論非 GAAP 財務指標。這些非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。

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

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 today by welcoming Jen DiRico to her first PTC earnings call as our new CFO. I'm confident she'll be a great CFO for PTC and a strong partner to our investor community.

謝謝你，馬特，大家下午好。今天首先，我要歡迎 Jen DiRico 作為我們新的財務長參加她的第一次 PTC 財報電話會議。我相信她會成為PTC一位優秀的財務官，也會成為我們投資人群體的得力合作夥伴。

Turning to our results, we delivered a solid first-quarter of fiscal '26. We grew constant currency ARR 9%, excluding Kepware and ThingWorx and 8.4%, including that. And we grew free cash flow 13% year-over-year. These results reinforce our confidence in the transformation we are driving and the demand we are capturing. Our divestiture of Kepware and ThingWorx is progressing, and we are on track to close on or before April 1.

再來看我們的業績，我們在 2026 財年第一季取得了穩健的業績。我們以固定匯率計算的年度經常性收入成長了 9%（不包括 Kepware 和 ThingWorx），如果包括這兩家公司，則成長了 8.4%。我們的自由現金流年增了 13%。這些結果增強了我們對正在推動的變革和正在獲取的需求的信心。我們對 Kepware 和 ThingWorx 的剝離工作正在順利進行，預計將於 4 月 1 日或之前完成。

Before discussing execution in the quarter, I want to take a step back and talk about our transformation and my optimism for the road ahead. Every transformation has an important turning the corner phase where the end goal is still ahead, but you start to see collective forward momentum across the most important elements of the transformation. This is where PTC sits today.

在討論本季的執行情況之前，我想先回顧一下我們的轉型以及我對未來道路的樂觀態度。每一次轉型都有一個重要的轉折階段，雖然最終目標尚未實現，但轉型中最重要的幾個面向開始出現集體前進的動力。這就是PTC目前的處境。

We see it clearly in the following ways. Number one, accelerating product road map releases; two, record deferred ARR under contract; three, higher seller productivity; four, customer commitments that are strategic and increasingly span the full life cycle; and five, consistent customer feedback that our intelligent product life cycle vision resonates with what they need.

我們可以從以下幾個方面清楚地看到這一點。第一，加快產品路線圖發布；第二，創紀錄的合約延期年度經常性收入；第三，提高銷售人員生產力；第四，客戶承諾具有戰略意義，並日益涵蓋整個生命週期；第五，持續收到客戶反饋，表明我們智能的產品生命週期願景與他們的需求相符。

To that end, how our customers develop products is changing significantly. Products are becoming more complex, more software driven and more regulated. At the same time, development cycles are compressing. Competition is increasing, supply chains are fragmenting, and the workforce is evolving to favor modern digital-first systems and processes. The traditional product life cycle built on disconnected tools, silo data and data processes simply can't keep up. That is why the intelligent product life cycle is essential for staying competitive.

因此，我們的客戶開發產品的方式正在發生顯著變化。產品變得越來越複雜，越來越依賴軟體，也越來越受到監管。同時，研發週期正在縮短。競爭日益激烈，供應鏈日益分散，勞動力也在不斷變化，以適應現代化的數位化優先系統和流程。建立在各自獨立的工具、孤立的資料和資料流程之上的傳統產品生命週期根本無法滿足需求。這就是為什麼智慧產品生命週期對於保持競爭力至關重要。

It is based on three core elements: connected systems of record across the life cycle, enterprise-wide cloud access to product data and AI embedded directly into enterprise workflows. Together, these elements turn product data from something that's simply stored and audited into something that actually drives better decisions across engineering, manufacturing, service, and the rest of the enterprise.

它基於三個核心要素：貫穿生命週期的互聯記錄系統、企業級雲端產品資料存取以及直接嵌入企業工作流程的人工智慧。這些要素共同作用，將產品資料從單純的儲存和審核，轉變為能夠真正推動工程、製造、服務以及企業其他部門做出更好決策的資料。

The companies that will win are the ones that successfully leverage product data in this way and use it as a foundation of AI-driven intelligence and transformation. We believe PTC is uniquely positioned to enable this.

能夠成功利用產品數據並將其作為人工智慧驅動的智慧和轉型基礎的公司，將會贏得市場。我們相信 PTC 擁有得天獨厚的優勢來實現這一目標。

Our core products, CAD, PLM, ALM and SLM are the systems of record across the life cycle, defining our product data is created, governed, and used across the enterprise and we support an open ecosystem where this data can be exchanged with other trusted enterprise systems. Our product and AI road maps are focused on making the intelligent product life cycle real for our customers. Deeper product integrations are a high priority.

我們的核心產品 CAD、PLM、ALM 和 SLM 是貫穿整個生命週期的記錄系統，定義了我們產品資料的創建、管理和使用在整個企業範圍內，我們支援一個開放的生態系統，在這個生態系統中，這些資料可以與其他受信任的企業系統交換。我們的產品和人工智慧路線圖旨在為我們的客戶真正實現智慧產品生命週期。更深層的產品整合是當務之急。

The connection between Creo and Windchill is the gold standard, and we're making good progress with our windshield connections to Codebeamer, ServiceMax and Onshape. In December, we released Codebeamer 3.2, which deepens the connection between Codebeamer and Windchill and improves how customers manage complex cross-domain development. In October, we released a new version of Windchill that includes the new Windchill UI for a more modern user experience and new change management capabilities that make it easier for customers to share relevant product data with suppliers.

Creo 和 Windchill 之間的連接是黃金標準，我們在與 Codebeamer、ServiceMax 和 Onshape 的 Windchill 連接方面也取得了良好進展。12 月，我們發布了 Codebeamer 3.2，它加深了 Codebeamer 和 Windchill 之間的聯繫，並改進了客戶管理複雜跨域開發的方式。10 月份，我們發布了新版 Windchill，其中包括全新的 Windchill UI，帶來更現代化的用戶體驗，以及新的變更管理功能，使客戶更容易與供應商共享相關的產品資料。

Our AI road maps are progressing well, and we are encouraged by customer feedback. Entering 2026, it became clear that customers don't want AI as another stand-alone system or workflow. They want AI embedded directly into the systems of record. They already trust for their enterprise workflow. That's exactly where PTC is focused and customers are increasingly recognizing this as a point of differentiation.

我們的人工智慧路線圖進展順利，客戶的回饋也令我們倍感鼓舞。進入 2026 年，很明顯，客戶不希望人工智慧成為另一個獨立的系統或工作流程。他們希望將人工智慧直接嵌入記錄系統中。他們已經信任該平台，並將其應用於企業工作流程。這正是 PTC 的關注重點，客戶也越來越意識到這一點，並將其視為其差異化優勢。

In Q1, we continued embedding AI across our portfolio to address our customers' high-value use cases and workflows. In December, we introduced Codebeamer AI focused on improving requirements quality, accelerating test date development, and supporting compliance before products move into production.

第一季度，我們繼續在我們的產品組合中嵌入人工智慧，以滿足客戶的高價值用例和工作流程。去年 12 月，我們推出了 Codebeamer AI，旨在提高需求品質、加快測試日期制定，並在產品投入生產前支援合規性。

In January, we released Windchill AI parts rationalization, new AI functionality embedded in Windchill to help customers accelerate development and manage costs by identifying duplicate parts, making part data more consistent and reliable and accelerating part searches.

1 月，我們發布了 Windchill AI 零件合理化功能，這是 Windchill 中嵌入的全新 AI 功能，旨在透過識別重複零件、使零件資料更加一致可靠以及加快零件搜尋速度，幫助客戶加速開發和管理成本。

Next month, we will launch a video series called AI in-focus, where we will share our AI strategy in more depth, review product- specific road maps and show continued acceleration of releases. We encourage you to tune in. We are confident in our AI position because our customers tell us universally that structured in textual product data is their top priority.

下個月，我們將推出名為“聚焦人工智慧”的系列視頻，屆時我們將更深入地分享我們的人工智慧策略，回顧產品路線圖，並展示持續加速的發布計劃。我們鼓勵您收看。我們對自身的人工智慧技術地位充滿信心，因為我們的客戶一致告訴我們，結構化的文字產品資料是他們的首要任務。

In addition to embedding AI in our products, we are building a common AI infrastructure across our product portfolio. This will enable our users and AI agents to understand and use product data from CAD PLM, ALM, SLM and third-party systems in the same way, all backed by data governance and security standards. Our vision keeps our products and AI closely coupled together thereby encouraging broader adoption of PTC solutions over time.

除了將人工智慧嵌入我們的產品中，我們還在建立一個貫穿我們所有產品組合的通用人工智慧基礎設施。這將使我們的用戶和人工智慧代理能夠以相同的方式理解和使用來自 CAD PLM、ALM、SLM 和第三方系統的產品數據，所有這些都以數據治理和安全標準為支撐。我們的願景是將我們的產品和人工智慧緊密結合起來，從而隨著時間的推移鼓勵PTC解決方案得到更廣泛的採用。

Turning to go-to-market execution. Our transformation is progressing well. In Q1, we increased seller capacity, improved code attainment, and saw ramping reps more than double productivity year-over-year. This reflects territory balancing, improved enablement and greater vertical focus. Most importantly, we are expanding the scope of our customer and partner engagements from focusing on one stage of the life cycle to discussing the intelligent product life cycle holistically, centered on product data and AI.

接下來是市場推廣執行階段。我們的轉型進展順利。第一季度，我們提高了銷售人員的產能，提高了代碼獲取率，並且銷售代表的生產力比去年同期提高了一倍以上。這體現了區域平衡、能力提升和更注重垂直領域的策略。最重要的是，我們正在擴大與客戶和合作夥伴的互動範圍，從關註生命週期的某個階段，到以產品數據和人工智慧為中心，全面討論智慧產品生命週期。

As a result, we are achieving stronger and more strategic demand capture. As previously discussed, we exited 2025 with record deferred ARR under contract. We continued this momentum with a record-setting Q1 of large deal volumes and strong competitive displacements and deferred ARR. Some of these deals will begin converting to ARR in Q4 of fiscal '26 and most will ramp in fiscal '27 and fiscal '28. Jen will talk more about the positive impact of deferred on our outlook for the remainder of fiscal '26. We are confident our transformation is helping us build a more durable, multiyear growth engine.

因此，我們能夠更有效地掌握市場需求，並制定更具策略性的解決方案。如前所述，到 2025 年底，我們已創紀錄地實現了合約項下的遞延年度經常性收入 (ARR)。我們延續了這一勢頭，第一季交易量創下歷史新高，競爭對手的流失和年度經常性收入的遞延也大幅增加。其中一些交易將在 2026 財年第四季開始轉化為 ARR，大多數交易將在 2027 財年和 2028 財年逐步實現。Jen 將進一步討論延期付款對我們 2026 財年剩餘時間前景的正面影響。我們相信，此次轉型將幫助我們打造更持久、更永續的多年成長引擎。

An example of our momentum is the expansion deal we struck with Garrett Motion, a leading automotive supplier. We won this on the strength of our intelligent product life cycle vision and how it resonated with their leadership and across the company.

我們取得如此發展勢頭的一個例證就是我們與領先的汽車供應商 Garrett Motion 達成的擴張協議。我們憑藉著智慧產品生命週期願景贏得了這場勝利，而這個願景引起了他們領導層和整個公司的共鳴。

Garrett is modernizing its product development environment on a cloud-first AI-ready architecture. They were already using Onshape and selected Windchill+ for PLM displacing a PLM competitor and Codebeamer+ ALM, displacing an ALM competitor. Garrett's goal is to unify product development with our connected systems, broaden access to product data beyond engineering and establish a foundation for AI. This is increasingly representative of how large product companies are engaging with PTC.

Garrett正在基於雲端優先的AI就緒架構，對其產品開發環境進行現代化改造。他們之前已經在使用 Onshape，並選擇了 Windchill+ 作為 PLM 解決方案，取代了 PLM 的競爭對手；又選擇了 Codebeamer+ 作為 ALM 解決方案，取代了 ALM 的競爭對手。Garrett 的目標是將產品開發與我們的互聯繫統統一起來，擴大工程以外的產品資料存取權限，並為人工智慧奠定基礎。這越來越能代表大型產品公司與 PTC 的合作方式。

Overall, Q1 demonstrated PTC's momentum with the intelligent product life cycle. I credit PTC for driving forward with focused execution and purposeful innovation. I'm energized by our progress and optimistic about where we are headed.

總體而言，第一季展現了 PTC 在智慧產品生命週期方面的強勁勢頭。我讚賞 PTC 以專注的執行和有目的的創新推動公司向前發展。我對我們的進展感到振奮，並對我們的未來發展方向充滿信心。

With that, I'll turn the call over to Jen.

這樣，我就把電話交給珍了。

Thanks, Neil, and hello, everyone. I'm excited and honored to join the PTC team at the significant time in the company's transformation. Before turning to our Q1 results, I thought I'd share my initial observations and key priorities. I'm impressed by the PTC team and how our intelligent product life cycle vision is taking hold with customers.

謝謝你，尼爾，大家好。我很興奮也很榮幸能在PTC公司轉型的重要時刻加入PTC團隊。在介紹我們第一季業績之前，我想先分享一下我的初步觀察和重點工作。我對 PTC 團隊印象深刻，也對我們所倡導的智慧產品生命週期概念在客戶中得到認可感到欣慰。

As Neil highlighted, product companies want to leverage AI for their high-value use cases and workflows. The companies that succeed will be the ones that connect product data across the entire life cycle and then leverage that foundation to push AI-driven intelligence. It's an exciting time because PTC is well positioned to help our customers address this challenge.

正如尼爾所強調的，產品公司希望利用人工智慧來實現其高價值用例和工作流程。能夠成功的公司將是那些將產品資料貫穿整個生命週期並以此為基礎推動人工智慧發展的公司。這是一個令人興奮的時刻，因為 PTC 已做好充分準備，幫助我們的客戶應對這項挑戰。

In terms of my key priorities, I look forward to partnering with Neil and the leadership team to help PTC capture its growth opportunity, maintain strong financial discipline, and create meaningful value for our stakeholders. I'm committed to helping the investor community understand and value our business, and I'm looking forward to engaging with you. Now let's turn to our fiscal Q1 '26 financial results.

就我的主要工作重點而言，我期待與尼爾和領導團隊合作，幫助 PTC 抓住成長機遇，保持穩健的財務紀律，並為我們的利害關係人創造有意義的價值。我致力於幫助投資者群體了解並重視我們的業務，並期待與您交流。現在讓我們來看看2026財年第一季的財務表現。

At the end of Q1, our constant currency ARR excluding Kepware and ThingWorx was $2.341 billion, up 9% year-over-year. Including Kepware and ThingWorx, our constant currency ARR was $2.5 billion, up 8.4% year-over-year. Our Q1 operating cash flow and free cash flow both grew 13% year-over-year. Q1 free cash flow of $267 million included $10 million of Kepware and ThingWorx divestiture costs. Finally, on the divestiture, we are still targeting a close on or before April 1, and there are no material changes to the figures we provided last quarter.

第一季末，不計 Kepware 和 ThingWorx 的以固定匯率計算的年度經常性收入為 23.41 億美元，年增 9%。包括 Kepware 和 ThingWorx 在內，我們的固定匯率年度經常性收入為 25 億美元，較去年同期成長 8.4%。我們第一季的經營現金流和自由現金流均較去年同期成長 13%。第一季自由現金流為 2.67 億美元，其中包括 Kepware 和 ThingWorx 的剝離成本 1,000 萬美元。最後，關於資產剝離，我們仍計劃在 4 月 1 日或之前完成，與我們上個季度提供的數字相比，沒有實質變化。

Turning to share repurchases. As previously guided, we repurchased $200 million of common stock in Q1 under our $2 billion share repurchase authorization. In Q2 '26, we intend to repurchase approximately $250 million of common stock. Based on this, we expect to decrease in our fully diluted share count to approximately 119 million shares, compared to 121 million shares one year ago.

轉向股票回購。如同先前所指示的，我們在第一季根據 20 億美元的股票回購授權回購了 2 億美元的普通股。2026 年第二季度，我們計劃回購約 2.5 億美元的普通股。基於此，我們預計完全稀釋後的股份數量將減少至約 1.19 億股，而一年前為 1.21 億股。

In Q3 and Q4 this year, we intend to repurchase $150 million to $250 million of common stock per quarter. On top of this, given current valuations, we now intend to return additional capital to shareholders following the close of the Kepware and ThingWorx divestiture. We continue to expect net after-tax proceeds from the transaction of approximately $365 million. Adding this to our original fiscal '26 plan means that we will buy back approximately $1.1 billion to $1.3 billion of our common stock this year. With that, I'll take you through our guidance.

今年第三季和第四季，我們計劃每季回購 1.5 億至 2.5 億美元的普通股。此外，鑑於目前的估值，我們計劃在完成 Kepware 和 ThingWorx 的剝離後，向股東返還更多資金。我們仍預計該交易的稅後淨收益約為 3.65 億美元。將此添加到我們原有的 2026 財年計劃中意味著，我們今年將回購約 11 億至 13 億美元的普通股。接下來，我將帶您了解我們的指導原則。

In fiscal '26 for constant currency ARR excluding Kepware and ThingWorx, we continue to expect growth of approximately 7.5% to 9.5%. Including Kepware and ThingWorx, we still expect growth of approximately 7% to 9% in fiscal '26. In the appendix to our earnings deck, we provide an illustrative ARR model for fiscal '26. And you can see that our fiscal '26 ARR guidance midpoint is for $195 million of annual net new ARR in both scenarios.

2026 財年，以固定匯率計算的年度經常性收入（不包括 Kepware 和 ThingWorx）我們繼續預期成長約 7.5% 至 9.5%。包括 Kepware 和 ThingWorx 在內，我們仍預計 2026 財年將達到約 7% 至 9% 的成長。在我們的獲利報告附錄中，我們提供了一個 2026 財年的 ARR 模型範例。可以看到，在兩種情況下，我們對 2026 財年 ARR 預期中位數為每年新增 ARR 1.95 億美元。

In Q2, for constant currency ARR excluding Kepware and ThingWorx, we expect growth of approximately 8% to 8.5%, including Kepware and ThingWorx we expect growth of approximately 7.5% to 8%. In the appendix to our earnings deck, we also provide an illustrative ARR model for Q2 '26. And you can see that our Q2 '26 ARR guidance is for $35 million to $50 million of sequential net new ARR and boat scenarios.

第二季度，以固定匯率計算的年度經常性收入（不包括 Kepware 和 ThingWorx）預計將成長約 8% 至 8.5%；如果包括 Kepware 和 ThingWorx，則預計將成長約 7.5% 至 8%。在我們的獲利報告附錄中，我們也提供了 2026 年第二季的 ARR 模型範例。您可以看到，我們對 2026 年第二季 ARR 的預期是連續新增 ARR 為 3,500 萬美元至 5,000 萬美元，以及船舶銷售情況。

Looking at the second half of the year, our intent is to grow net new ARR in Q3 '26 on a year-over-year basis and then deliver a step-up in Q4. We are comfortable with that because starting in Q4 '26, the demand capture we've been highlighting will have a positive impact on our ARR growth.

展望下半年，我們的目標是在 2026 年第三季實現淨新增 ARR 年成長，然後在第四季實現進一步成長。我們對此感到滿意，因為從 2026 年第四季開始，我們一直強調的需求獲取將對我們的 ARR 成長產生積極影響。

We have visibility to a large increase in the amount of deferred ARR that will start in Q4 '26 and compared to previous Q4. And for clarity, the higher level of deferred ARR that is contracted to start in Q4 this year is attributable to the solid progress we've made with our go-to-market initiatives, as well as our commercial initiatives. Both drivers are contributing.

我們預計從 2026 年第四季開始，遞延 ARR 金額將大幅增加，與上一季相比。為了更清楚地說明，今年第四季開始生效的較高水準的遞延年度經常性收入 (ARR) 是由於我們在市場推廣計劃和商業計劃方面取得的穩步進展。兩位司機都對結果有所貢獻。

Moving to cash flow, revenue, and EPS. Our guidance for these do not take into account the Kepware and ThingWorx divestiture. Except for the divestiture costs already recognized in Q1 '26 and expected in Q2 '26. For Q2 '26, we are guiding free cash flow of $310 million to $315 million, including Kepware and ThingWorx for the full quarter, which absorbed approximately $5 million of divestiture costs. Our business as currently constituted remains on track to deliver approximately $1 billion of free cash flow in fiscal '26.

接下來討論現金流、收入和每股盈餘。我們針對這些情況提供的指導意見並未考慮 Kepware 和 ThingWorx 的剝離。除了 2026 年第一季已確認和預計在 2026 年第二季確認的資產剝離成本之外。2026 年第二季度，我們預計自由現金流為 3.1 億美元至 3.15 億美元，其中包括 Kepware 和 ThingWorx 的整個季度業績，這兩家公司承擔了約 500 萬美元的剝離成本。我們目前的業務結構仍有望在 2026 財年實現約 10 億美元的自由現金流。

Related to the Kepware and ThingWorx transaction, we still expect approximately $150 million of total cash outflows this year, which are not expected to recur in future years and we'll continue to provide visibility to these outflows in our reporting and guidance. When the transaction closes, we will update our guidance, and I'll host the call to take you through the changes.

關於 Kepware 和 ThingWorx 的交易，我們仍然預計今年將有約 1.5 億美元的現金流出，預計未來幾年不會再次發生，我們將繼續在我們的報告和指導中提供這些現金流出的可見性。交易完成後，我們將更新我們的指導意見，屆時我將主持電話會議，向大家詳細介紹這些變更。

In recent years, we've developed a high degree of confidence in our guidance for free cash flow based on the predictability of our cash collections and the disciplined budgeting structure we've established, continuing to deliver the strong financial discipline you've come to expect from PTC remains a priority.

近年來，基於現金回收的可預測性和我們建立的嚴格的預算結構，我們對自由現金流的預測建立了高度的信心，繼續保持您一直以來對 PTC 所期望的強勁財務紀律仍然是我們的首要任務。

While our focus is on ARR and free cash flow, we're also providing revenue and EPS guidance to help you with your models. We are raising our fiscal '26 guidance range for revenue to $2.675 billion to $2.940 billion and raising our non-GAAP EPS guidance range to $6.69 to $9.15 in alignment with our Q1 '26 results coming in above the high end of our guidance range.

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。我們將 2026 財年營收預期範圍上調至 6.69 美元至 9.15 美元，這與我們 2026 年第一季業績高於預期範圍上限相一致。

The key driver of our strong Q1 '26 revenue and EPS was similar to last quarter. We did a great job contracting customer commitments. As a result, our revenue growth significantly outpaced our ARR growth for a second consecutive quarter. In Q1 '26, demand capture continued to outpace ARR growth. resulting in additional deferred ARR that will support durable growth in future periods.

2026 年第一季強勁的營收和每股盈餘的關鍵驅動因素與上一季類似。我們在與客戶簽訂合約方面做得非常出色。因此，我們的營收成長連續第二季顯著超過了年度經常性收入（ARR）的成長。2026年第一季度，需求成長速度持續超過年度經常性收入（ARR）的成長速度，從而產生了額外的遞延ARR，這將支持未來時期的持續成長。

Importantly, this dynamic reflects the quality, duration and the structure of customer commitments were contracted, not a change in revenue recognition practices. All in all, our results and guidance show that our focus on the intelligent product life cycle is resonating with customers. We are on the right strategic path with a compelling set of product initiatives, go-to-market initiatives, and commercial initiatives.

重要的是，這種動態反映的是客戶承諾的品質、持續時間和結構，而不是收入確認做法的變化。總而言之，我們的結果和指導表明，我們對智慧產品生命週期的關注引起了客戶的共鳴。我們走在正確的策略道路上，擁有一系列引人注目的產品計劃、市場推廣計劃和商業計劃。

I want to thank the extended PTC team for their continued efforts and energy. Our people are our driving force and what I've seen thus far gives me confidence that we will deliver on our opportunity. With that, I'd like to turn the call back to the operator for the Q&A session.

我要感謝PTC團隊全體成員的持續努力與熱情。我們的員工是我們的驅動力，到目前為止我看到的情況讓我相信，我們一定能夠抓住機會。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）

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

Congrats on a solid quarter, Neil, and welcome onboard, Jen. Since it is your first time, I'll ask a question to Jen first. So Q4 is the first-quarter when we can see ARR contribution from those deferred ARR deals. What level of visibility do you have on that, if you can quantify that if you can? What are, for instance, what are some of the variables behind those ramp or defer ARR deals getting recognized in Q4? And is the timing of that ramp related to billings and would it affect cash flow?

恭喜尼爾本季業績出色，也歡迎珍加入我們。因為這是你第一次來，所以我先問Jen一個問題。因此，第四季是我們首次可以看到這些遞延 ARR 交易帶來的 ARR 貢獻的季度。您對此了解多少？如果可以的話，請量化一下。例如，在第四季度確認的那些遞增或遞延 ARR 交易背後有哪些變數？這種成長速度的提升是否與帳單金額有關？這是否會影響現金流？

Yun, thanks for the question, and Jen will add to my upfront. But since she's four weeks in, let me take the upfront on the dynamics of the demand capture and then she could talk about some of the technicality, I don't cover it. So again, I think you heard and thank you for the acknowledgment. We feel really good about the progress of our go-to-market transformation, and it's showing up now in two quarters of demand capture that is now relating to the amount of deferred revenue -- deferred ARR that you spoke about that's about triple what we had last Q4 entering and double the deferred ARR that we're building starting in '27 that we had coming into this year. So Rob and the go-to-market team is really doing a lot of great work on the demand capture.

Yun，謝謝你的提問，Jen會補充到我的預付款。但既然她已經上任四周了，那就讓我先來談談需求獲取的動態，然後她可以談談一些技術細節，這些我不負責。所以，我想你都聽到了，謝謝你的認可。我們對市場轉型取得的進展感到非常滿意，這體現在兩個季度的需求獲取上，而需求獲取現在與遞延收入的數額有關——您提到的遞延 ARR，大約是我們上個第四季度初的三倍，也是我們從 2027 年開始建立的遞延 ARR 的兩倍。所以羅布和市場推廣團隊在需求獲取方面真的做了很多很棒的工作。

And the crux of the deferred ARR is due to the fact that we're winning strategic cross-product and in some cases and in many cases, on some product lines, competitive displacements. And so we're taking the commitment, which is committed dollars from the customer. I'm cognizant that it's not showing up right now in the in-quarter ARR in Q1 and as we guide around Q2, but we're very positive about how it's starting to build into how it will impact Q4 in a more meaningful way than it did last year and also into the following year. And it's all to do with the implementation cycles of our customers, and we feel good about it because the commitments there, it's contracted and it's set to come.

而 ARR 延遲的關鍵在於，我們在戰略跨產品領域取得了勝利，並且在某些情況下，甚至在許多情況下，在某些產品線上，我們贏得了競爭對手的取代。因此，我們獲得了客戶的承諾，也就是客戶承諾的資金。我知道它目前還沒有體現在第一季度的季度 ARR 中，而且在我們預測的第二季度也是如此，但我們非常樂觀地認為，它將以比去年更有意義的方式影響第四季度，並延續到明年。這一切都與我們客戶的實施週期有關，我們對此感到滿意，因為相關的承諾已經簽訂合同，並且即將兌現。

Jen, anything to add?

Jen，還有什麼要補充的嗎？

I think you had it, Neil.

我覺得你已經成功了，尼爾。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Great. Thanks for taking my question. Jen, welcome. At the big event hosted by PTC's user community about this time last year, there was some, I think, foreshadowing by PTC about AI capabilities that would get added to Windchill and the parts management areas. And at the time, customers were really excited about this.

偉大的。謝謝您回答我的問題。Jen，歡迎你。我認為，在去年這個時候 PTC 用戶社群舉辦的大型活動中，PTC 曾預示著將在 Windchill 和零件管理領域添加 AI 功能。當時，顧客們對此感到非常興奮。

I think that idea as a product is what PTC is now starting to come out with, I think it was released last week. I guess my question related to this, there's obviously been a lot of AI releases from PTC across all the core products over the past year and not diminishing any of those, but are we may be starting to see some that could prove more material in nature, and this is going to start to register in a more noticeable way on demand decisions over the next year.

我認為PTC現在開始推出的就是這種理念的產品，我記得是上週發布的。我的問題與此相關，過去一年 PTC 在所有核心產品中顯然發布了許多 AI 功能，而且這些功能都非常重要，但我們可能開始看到一些更實質的功能，並且這些功能將在未來一年以更明顯的方式影響用戶的需求決策。

So thanks for the question, John. Thanks for acknowledging the really good progress that we're making around our AI strategy in concert with what customers really need. And as you noted here, our products are mission-critical, enterprise systems of records across the life cycle. And as you heard last year at the PTC User Group, the preponderance of our customers are now really wanting us to embed these AI releases.

謝謝你的提問，約翰。感謝您認可我們在人工智慧策略方面取得的良好進展，這些進展與客戶的實際需求相符。正如您在這裡指出的，我們的產品是貫穿整個生命週期的關鍵任務型企業記錄系統。正如您去年在 PTC 使用者小組會議上聽到的那樣，我們絕大多數的客戶現在都非常希望我們嵌入這些 AI 版本。

As you noted, the Windchill AI parts rationalization, we also did a Codebeamer AI release as well and many others that are accelerating over the course of this year, which is really embedding AI capabilities to advise and assist and over time, automate workflows within these systems of records that we are very well attuned to understand and train the models around it. So we're thrilled about the progress.

正如您所指出的，除了 Windchill AI 部件的合理化之外，我們還發布了 Codebeamer AI，以及今年正在加速推進的許多其他產品，這些產品真正地將 AI 功能嵌入到這些記錄系統中，以便提供建議和幫助，並隨著時間的推移，實現工作流程的自動化。我們非常了解這些系統，並且能夠訓練相關的模型。我們對所取得的進展感到非常興奮。

Our customers are even more thrilled that we have built these, and now there's a rapid iteration of releases to even make these more consumable over time. So we feel good about where we are around our strategy. We feel very excited about the criticality of PTC to deliver AI to our customers given the strength and the complexity of our system of records within our customer environment.

我們的客戶對我們開發這些產品感到更加興奮，現在我們正在快速迭代發布，以使這些產品隨著時間的推移更加易於使用。所以我們對目前的戰略情勢感到滿意。鑑於我們客戶環境中記錄系統的強大性和複雜性，我們對 PTC 在向客戶提供 AI 方面的重要性感到非常興奮。

In terms of the impact of when Jen could start talking about the P&L impact in terms of when we'll see a lift I'd say right now, it's immaterial in terms of how we think about the economic TIL coming into the company. But as these releases start taking hold and they move from POCs to scale deployments over the course of the next few years, this should be something we'll be talking to you about and others around a real economic driver of the business.

至於 Jen 何時才能開始談論損益表的影響，以及我們何時才能看到業績提升，我認為目前來看，這對我們如何看待公司即將面臨的經濟 TIL 而言並不重要。但隨著這些版本開始站穩腳跟，並在未來幾年內從概念驗證階段過渡到大規模部署，這應該會成為我們與您和其他人討論的話題，成為推動業務發展的真正經濟動力。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. Maybe just on Creo and Windchill. And as we think about those growth rates, any way to parse out the mix of growth coming from expansion versus competitive displacement and given the new go-to-market promotions that seem to be having some success, what's the opportunity to drive more on the competitive displacement front?

驚人的。或許只在Creo和Windchill。當我們思考這些成長率時，有沒有辦法區分成長是由擴張還是競爭取代所帶來的？考慮到新的市場推廣活動似乎取得了一些成功，那麼在競爭取代方面還有哪些機會可以進一步推動成長？

Yes. Let me start this, and Rob can add given he's really driving the team in a really disciplined manner the way he said he was going to when he started about 12 months ago, and we're very proud of the progress that team has made. What I'll say is around Windchill, which we don't break out the exact growth rate at Windchill. It's an aggregated PLM number, as you might know, Adam. We're very enthused about the Windchill capabilities and the acceptance and the growth rates around Windchill as a stand-alone product in addition to, by the way, Windchill+, where we're seeing really strong traction.

是的。讓我先說一句，羅布可以補充一點，因為他確實按照大約 12 個月前他剛開始工作時所說的那樣，以非常嚴謹的方式領導著團隊，我們為團隊取得的進步感到非常自豪。我只能說，Windchill 的情況比較特殊，我們不會公佈 Windchill 的具體成長率。正如你可能知道的那樣，亞當，這是一個匯總的PLM數值。我們對 Windchill 的功能、其作為獨立產品的接受度和成長率感到非常興奮，此外，Windchill+ 也獲得了非常強勁的成長勢頭。

Creo, as you noted, continues to be a strong grower. It's a steady grower, and we feel good about its competitive dynamic in the CAD market in addition to the fact that we have an amazing Onshape capability that is also starting to be a very strong competitive takeaway off of some of the competitors on their estate. So we feel good about CAD.

正如您所指出的，Creo 繼續保持強勁的成長勢頭。它穩定成長，我們對它在 CAD 市場的競爭態勢感到樂觀，此外，我們擁有強大的 Onshape 功能，這也開始成為一些競爭對手在其領域內非常強大的競爭優勢。所以我們對CAD很有信心。

In terms of PLM, in terms of the mix around expansion versus competitive displacement, I'd still say, Adam, that the significance is still around expansion. And even in expansion, there's competitive displacements that's happening where customers are giving us their entire estate now of take all the distri -- PLM systems and put it on Windchill. So you saw some of the appendix slides you're starting to see and we're starting to see that being more of the types of deals we're seeing.

就產品生命週期管理 (PLM) 而言，就擴張與競爭性替代的組合而言，亞當，我仍然認為，重點仍然是擴張。即使在擴張過程中，也出現了競爭性的替代現象，客戶現在將他們所有的資產（包括所有分銷 PLM 系統）都交給我們，然後放到 Windchill 上。所以你已經看到了一些附錄投影片，我們開始看到，這越來越成為我們所看到的交易類型。

Part of it is because the customers are understanding to get the benefit of you need contextual product data that's put in one place in a system of record like Windchill. And so this advantages customers to expand with Windchill and then build in parallel with some of the AI capabilities.

部分原因是客戶明白，要獲得好處，你需要將上下文產品資料放在像 Windchill 這樣的記錄系統中。因此，這使得客戶能夠利用 Windchill 進行擴展，然後並行建立一些 AI 功能，從而獲得優勢。

But we are also lastly seeing competitive displacements that I mentioned, and we're continuing to see more of that happen over the course of this year as we look at the pipeline. Rob?

但最後我們也看到了我提到的競爭性替代現象，而且隨著我們觀察管道建設，我們預計今年內這種情況還會繼續發生。搶？

Yes. The split is correct that we get the majority from expansion, but there is actual growth and accelerate growth in competitive displacements. And so we feel really good about that as a kind of a next step grower for us.

是的。這種分割是正確的，我們從擴張中獲得大部分收益，但實際成長和加速成長也來自競爭性替代。因此，我們對此感到非常滿意，認為這對我們來說是一種下一步的種植方式。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Operator, let's go to the next. Let's come back to Ken.

操作員，我們進入下一輪。我們再來談談肯。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Great. Congrats on the software environment seems a bit dicey these days, but it's great to see the consistent results out of PTC. I guess, Neil, I wanted to ask, you just talked about Windchill a second ago. I guess I was curious if you could talk a little bit more specifically on Windchill+, Creo+, just kind of the broad SaaS portfolio. Are you starting to see increased customer demand for SaaS. And in those instances, are you seeing customers spend go even higher in those situations?

偉大的。恭喜！雖然現今的軟體環境似乎有點不穩定，但很高興看到 PTC 持續取得優異的成績。我想問的是，尼爾，你剛才提到了風寒效應。我想問的是，您能否更具體地談談 Windchill+、Creo+，或者說整個 SaaS 產品組合？您是否開始看到客戶對SaaS的需求不斷成長？在這種情況下，您是否發現客戶的消費額反而更高了？

Yes. So thanks for the question. And we've been very -- we've been very practical and also transparent with all of you around our journey around building our SaaS momentum. And I'll take first the Board and the cloud solutions that we've got and in particular, Onshape Arena, ServiceMax, and we feel good about to, in some cases, great about the momentum and the adoption of those capabilities. And several competitive placements that are happening across the three of those strong portfolios in addition to the AI capabilities we're building on top of it.

是的。謝謝你的提問。而且，在建構 SaaS 發展勢頭的過程中，我們一直都非常務實，對大家也非常透明。首先，我要談談我們現有的董事會和雲端解決方案，特別是 Onshape Arena 和 ServiceMax，我們對這些功能的動力和採用感到滿意，在某些情況下甚至非常滿意。此外，我們還在上述三個強大的產品組合中開展了多項競爭性人才招聘，並在此基礎上建立了人工智慧能力。

In terms of your question on Windchill+ and Creo+, we're having a bang up and we did have a bang up last year in terms of the momentum building for Windchill+. We had another strong demand capture quarter for Windchill+, if not record breaking. We have plenty more to go. And I want to make sure I think Rob and I are measured about that we've been saying for a while that the dam has not broken where the entire market is flipping to our plus platform overnight. But we have been building momentum.

關於您提出的 Windchill+ 和 Creo+ 的問題，我們目前發展勢頭強勁，去年 Windchill+ 的發展勢頭也十分強勁。Windchill+ 又迎來了一個強勁的需求季度，甚至可能打破了紀錄。我們還有很多路要走。我想確保我和羅布的說法是客觀的，我們一直強調，市場還沒有崩潰，一夜之間整個市場都不會轉向我們的Plus平台。但我們一直在累積勢頭。

We are working towards making sure we meet the customers where they are. The good news story is the following. And I've been saying this for two years consistently. SaaS starts working for Windchill+ and Creo+ when there's scaled implementations with a great experience with a back-end experience that's good and the customers are happy. We're starting to see that. And we're going to leverage that.

我們正努力確保在客戶需要的地方滿足他們的需求。好消息如下。我兩年來一直都在這麼說。對於 Windchill+ 和 Creo+ 來說，SaaS 只有在實現規模化部署、提供良好的後端體驗並讓客戶滿意時才能發揮作用。我們開始看到這種情況了。我們將利用這一點。

We're going to continue to build on the momentum. And so we feel really strongly about our position on SaaS. We feel like that will continue to be a growth driver. And to your last question around lift on pricing, yes, we are seeing the similar sort of lift that we've been saying around the 1.5 to 2.5 times kind of lift in terms of on-prem to SaaS lift on ARR.

我們將繼續保持這股勢頭。因此，我們對自身在SaaS領域的立場非常堅定。我們認為這將繼續成為成長的驅動力。至於你最後一個關於價格提升的問題，是的，我們看到了類似的提升，正如我們之前所說，從本地部署到 SaaS，ARR 提升了 1.5 到 2.5 倍。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

I appreciate all the commentary on the improvement in sales productivity. But when we kind of like dig a little bit deeper in the numbers, it looks like the channel drove over 80% of net new ARR in the quarter. So I'm just trying to understand, like, are there any one-offs in the direct business that we need to understand? Is this tied to the deferred ARR dynamic? And maybe when can we start to see the direct business maybe contributed at a similar level to the channel going forward?

感謝大家對銷售效率提升的評價。但當我們更深入研究這些數據時，會發現該管道在本季度貢獻了超過 80% 的新增淨 ARR。所以我想了解的是，直銷業務中是否有我們需要了解的特殊情況？這是否與遞延年度經常性收入（ARR）動態有關？那麼，我們什麼時候才能看到直接業務的貢獻達到與通路業務類似的水平呢？

Jen, do you want to start and then Rob could add?

Jen，你想先開始，然後Rob再加入嗎？

Yes, I can take it. So I think what we're seeing right now is good momentum in both the channel and the direct what you're seeing actually in the numbers, in particular, in this past quarter, one large deal does have an ability to influence this. And oftentimes with a large deal, you have both the channel and the direct. And ultimately, it's about customer preference and how they want that fulfilled. And ultimately, that's all that's happening in those numbers as right now, you can add, Rob.

是的，我可以接受。所以我認為我們現在看到的是通路和直銷都呈現良好的發展勢頭，尤其是在上個季度，一筆大交易確實能夠對此產生影響。而且通常情況下，在大宗交易中，你會同時擁有通路和直接銷售權。歸根結底，這關乎顧客的偏好以及他們希望如何滿足這種偏好。最終，這些數字所反映的就是這些，正如你現在所看到的，羅布。

Yes. I mean as we've mentioned in prior conversations, we're working very hard to more deeply engage with partners on this. So to create an environment where we can allow that flexibility at the customer and not have a battle that it's direct against the channel, what's working together at the customer's request. So we think you might see that from time to time. We did have a larger deal this quarter that picture. But you might see it again in the future, but it's not in any way some kind of visibility into weakness in direct. We work very closely together with that.

是的。我的意思是，正如我們在先前的談話中所提到的，我們正在努力與合作夥伴就此進行更深入的溝通。因此，我們要創造一個環境，​​讓客戶能夠靈活選擇，而不是與通路直接對抗，而是根據客戶的要求共同努力。所以我們認為你可能會不時看到這種情況。本季我們確實有一筆更大的交易，那張照片就是其中之一。但你將來可能會再看到它，但這絕不意味著直接接觸到弱點。我們與該機構密切合作。

And lastly, I want to make sure we're very clear about this. The energy and enthusiasm that turning the corner is around the actual indication and the contracted commitments that are building predominantly deferred ARR. So we feel really strongly about the go-to-market transformation, actually doing the thing that we need to do, which is capture customer demand. how it's showing up in Q1 and our guidance for Q2 has only got to do with timing and the good news is this is committed capture.

最後，我想確保我們對這一點非常清楚。扭轉局面的能量和熱情主要體現在實際指標和已簽訂的合約承諾上，這些承諾正在建構以遞延 ARR 為主的收益。因此，我們對市場轉型充滿信心，並決心實際做好我們需要做的事情，那就是抓住客戶需求。第一季的情況以及我們對第二季的預測都取決於時間安排，好消息是，我們已經實現了既定目標。

By the way, this is going to show up also in another metric that you can look at -- it's not completely indicative of it is RPO and CRPO that you'll see in the Q, but all of these metrics are leading us to make sure we all articulate that demand capture is strong. We got to continue that. And as that happens, ARR over time becomes durable and multiyear in terms of the sustainability.

順便說一下，這也會出現在另一個你可以查看的指標中——它並不能完全反映你在季度報告中看到的 RPO 和 CRPO，但所有這些指標都在引導我們確保我們都能清楚地表明需求獲取情況良好。我們必須繼續這樣做。隨著這種情況的發生，ARR 隨著時間的推移變得持久且可持續多年。

Makes sense. Maybe just to clarify one thing around that. Was there more deferred ARR added to the balance in 1Q than when you exited Q4?

有道理。也許我想就此澄清一點。第一季新增的遞延年度經常性收入（ARR）餘額是否比第四季末的餘額更多？

Yes, there was. And just to reiterate what Neil said before, as we think about where we are, where we sit today versus one year ago for Q4 '26, there's triple the amount of deferred ARR on the books for Q4 '26. And then in the same view for '27, there is double for '27 versus where there was last year for '26.

是的，確實有。正如尼爾之前所說，當我們思考我們目前所處的位置，以及我們今天與一年前（2026 年第四季）的情況時，帳面上 2026 年第四季的遞延 ARR 金額是當時的三倍。然後，在同樣的視角下，2027 年的數量是去年 2026 年數量的兩倍。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Thanks very much, guys, and welcome, Jen. Just on the go-to-market side again, I just wonder maybe Rob can shed some color on this. But in terms of new customer adds, what are you seeing out there in terms of interest in your portfolio? Is it skewed at all more towards the SaaS side, the SaaS product? And also, maybe you could provide a little more color on the start-up aerospace and defense program. It looks like you've been winning some business there.

非常感謝各位，也歡迎Jen。再說說市場推廣方面，我想知道羅布能否對此發表一些看法。但就新增客戶而言，您認為市場對您的產品組合表現出了什麼樣的興趣？它是否更偏向 SaaS 端，也就是 SaaS 產品？另外，您或許可以更詳細地介紹新創的航空航太和國防計畫。看來你在那邊生意做得很好。

Yes. So two questions. As it relates to the new business and new logos, we definitely as mentioned earlier, have had a nice run and an increased competitive displacement. So we're picking up what we would consider to be new logos in -- the upmarket. As we bring on new customers, we default to cloud.

是的。所以，我有兩個問題。至於新業務和新標識，正如前面提到的，我們確實取得了不錯的成績，並且競爭對手的地位也日益提升。所以我們正在關註一些我們認為是高端市場的新標誌。隨著新客戶的加入，我們預設採用雲端服務。

So they're coming in a cloud environment. And typically, that's been working very well for us and for the customer who want to enter that way, they reduce their customizations and the complexity in their own environment and obviously try to capture some of the benefits of being in cloud, some of which are pretty obvious, others which will start to manifest in how AI is deployed.

所以它們是在雲端環境中運作的。通常情況下，這種方式對我們和希望以這種方式進入的客戶來說都非常有效，他們可以減少自身環境的客製化和複雜性，並顯然嘗試獲得一些雲端優勢，其中一些優勢顯而易見，而另一些優勢則會在人工智慧的部署方式中開始顯現。

So yes, we're seeing good traction with customers coming in new, and that is our default setting as we bring on new logos into the cloud. In defense, we do -- it's great that you noticed that. You picked up on that. We have an opportunity there. We believe, as we serve some of the largest customers in the world at the top of that stack, we have an opportunity now to incubate at the lower and we've seen great reception there.

是的，我們看到新客戶的加入取得了良好的進展，這是我們將新客戶引入雲端時的預設設定。在國防方面，我們確實做到了——很高興你注意到了這一點。你注意到了這一點。我們在那裡有機會。我們相信，既然我們服務於全球一些最大的客戶，處於行業頂端，那麼我們現在就有機會在行業底層進行孵化，而且我們已經看到了良好的反響。

Certainly, we always learn and get better every month, every quarter, but the initial response has been really positive there. And we have a number of ways to service that market as well. So we feel like we're well positioned at both the top and the bottom. And hopefully, we'll be able to report some great success stories that grew through there.

當然，我們每個月、每季都在不斷學習和進步，但最初的反應確實非常正面。我們也有多種方式服務於該市場。因此，我們感覺我們在頂端和底端都佔據了有利位置。希望我們能夠報道一些在那裡發展的偉大成功案例。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Okay. Perfect. I appreciate the context around deferred ARR and when some of that timing could pop up when thinking through the unchanged fiscal year ARR guide and coupled with that commentary, that it sounds like more is coming in Q4. Help us think through the seasonality if you could. I mean is it basically going to be even more back-end loaded than you guys were thinking perhaps three months ago?

好的。完美的。我理解關於遞延 ARR 的背景，以及在考慮不變的財政年度 ARR 指導時，這些時間點可能會出現的情況，再加上那條評論，聽起來第四季度會有更多 ARR 出現。如果可以的話，請幫我們分析季節性因素。我的意思是，它是否會比你們三個月前預想的更加側重後端開發？

So I think right now, the way we think about it, as you heard me say in my prepared remarks, that we'll have a step-up in Q3 and a larger step up in Q4. I would say it's similar to how we've been thinking about the business, Neil, you can correct me if I'm wrong, prior. But overall, the shape of the curve is very similar to what we thought about when we guided for the full year.

所以我認為，就我們目前的想法而言，正如你們在我準備好的演講稿中聽到的那樣，我們將在第三季度取得進步，並在第四季度取得更大的進步。尼爾，我覺得這和我們之前對這項業務的思考方式很相似，如果我說錯了，你可以糾正我。但總體而言，曲線的形狀與我們全年預測時的想法非常相似。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Maybe in the slide deck, there was a good story about ServiceMax and expansion there. Last year, maybe a little bit of a tougher year for ServiceMax. And so maybe just an update about what we're seeing there and in terms of the cross-sell opportunity for fiscal '26.

或許在幻燈片中，有一個關於 ServiceMax 及其擴張計劃的好故事。去年對 ServiceMax 來說可能稍微難一些。所以，或許可以更新一下我們目前看到的情況，以及 2026 財年的交叉銷售機會。

Yes. Let me start, and Rob could add if I missed anything. Look, as we mentioned a few times starting last year, we've been working through very specific churn events in ServiceMax for a number of quarters now. As I mentioned, I think, last call that where we've got some still residual churn that kind of hit us in Q1 and most of it, we're trying to work through the system by the end of this quarter. That being said, a ray of sunshine in terms of some green shoots.

是的。我先開始，如果我漏掉了什麼，羅布可以補充。正如我們從去年開始多次提到的那樣，我們已經連續幾個季度致力於解決 ServiceMax 中非常具體的客戶流失事件。正如我上次提到的，我認為，我們還有一些殘留的客戶流失問題，這些問題在第一季對我們造成了一定的影響，我們正在努力在本季結束前解決大部分問題。儘管如此，還是有一些令人欣慰的跡象，出現了一些新的希望。

We've been talking about like the cross-sell opportunity you saw. You noted the one in the appendix. We've had some good strong demand capture as we're calling it, i.e., contractual commitments of ServiceMax that was very encouraging as we saw the end of Q4 and throughout the entire Q1. We need that replicated over the next number of quarters. We obviously want to ensure that churn is mitigated versus what we've seen in prior quarters.

我們一直在討論你看到的那種交叉銷售機會。你注意到附錄裡的那一個了。正如我們所說的，我們已經取得了一些強勁的需求成長，即 ServiceMax 的合約承諾，這在第四季末和整個第一季都非常令人鼓舞。我們需要在接下來的幾個季度保持這種勢頭。我們當然希望確保客戶流失率能夠比前幾季降低。

And lastly, the integration of ServiceMax into the intelligent product life cycle, and in particular, how our AI strategy allows for agents to work across our systems of record, where we have a very differentiated offer in ServiceMax, we believe is a competitive differentiation, in particular with some of these competitive displacements when customers are giving us PLM part of it is to do with the fact that we actually do have such a strong system of record at ServiceMax and ultimately in that AI world where it advantage.

最後，ServiceMax 與智慧產品生命週期的整合，特別是我們的 AI 策略如何讓代理商能夠在我們的記錄系統中運作，我們在 ServiceMax 中提供了非常差異化的服務，我們相信這是一種競爭優勢，尤其是當客戶將 PLM 部分交給我們時，這種競爭優勢就體現在這裡。這部分原因在於，我們在 ServiceMax 中確實擁有非常強大的記錄系統，最終在 AI 領域，它具有優勢。

So not out of the woods, but making progress and we're staying in real focus to make sure we continue on some of the buildup of some of those green shoots that we're seeing.

所以，我們還沒有完全擺脫困境，但正在取得進展，我們會繼續保持高度專注，確保我們能夠繼續鞏固目前看到的一些積極跡象。

Yes. And as part of the alignment to go vertical and start to look at how we rebalance just the go-to-market teams, we've made this a very important part of our elevated messaging. And so it's being brought to market more widely. In addition, we attach level of really instituted as part of the comp plans in a way to make sure that everybody's got some incentive to bring this in front of the customers. So in addition to the benefit of the customer, there's internal benefits also. So we're trying to make sure the whole company is aligned to get the message out.

是的。作為向上發展並開始重新調整市場推廣團隊策略的一部分，我們已將此作為我們提升訊息傳遞的重要部分。因此，它正被更廣泛地推向市場。此外，我們還以某種方式將實際實施的水平作為薪酬計劃的一部分，以確保每個人都有動力將此帶給客戶。所以除了為客戶帶來好處之外，對公司內部也有好處。所以我們正在努力確保全公司上下步調一致，把這個訊息傳遞出去。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Sorry to belabor another ARR question, but this actually relates to the Q2 ARR guide. I know there's an implied decline in net new dollars added for Q2. Did you see any deals from the Q2 piece earlier in Q1 or are you expecting more of the deals in Q2 to also have this bigger deferred component?

很抱歉再次提出 ARR 問題，但這實際上與第二季 ARR 指南有關。我知道第二季新增淨收入美元數隱含下降。你在第一季早期是否看到了第二季的一些交易？還是你預計第二季會有更多交易也包含這種較大的延期付款部分？

It's a great question, Jason. This is all to do with our assumption as we sit here today around how these deals will come into the in-quarter start affecting ARR for that -- this has nothing to do with demand being lesser than the momentum that we're talking about. It has simply to do with the structuring and our assumption of that being the case. Quite frankly, it is another quarter where we believe we will continue to build on the deferred ARR to make this a durable, multiyear sustainable growth engine going forward.

傑森，你問得好。這一切都與我們今天在這裡所作的假設有關，即這些交易將如何影響季度初的年度經常性收入 (ARR)——這與需求低於我們所談論的成長勢頭無關。這僅僅與結構以及我們對這種情況的假設有關。坦白說，我們相信本季我們將繼續鞏固遞延的年度經常性收入，使其成為未來多年可持續成長的持久動力。

Sitikantha Panigrahi, Mizuho.

Sitikantha Panigrahi，瑞穗。

Congrats, Jen, and look forward to working with you. So it's good to see some of the initiatives on the AI side you are doing and also buyback. But Neil, I want to ask about the macro that you talked about earlier a little bit you're conservative there. What kind of trend are you seeing in Q1 and what's assumed in your guidance? And specifically, if you could give some color in terms of vertical if you're seeing anywhere strength or weakness there?

恭喜你，Jen，期待與你合作。很高興看到你們在人工智慧方面採取的一些舉措，以及回購計畫。但尼爾，我想問你之前稍微談到的宏觀經濟問題，你在那方面比較保守。您認為第一季的發展趨勢如何？您的業績指引是基於哪些假設？具體來說，如果您能就垂直方向的優劣勢進行一些描述，那就太好了？

Yes. Rob could add about the vertical piece, but just broadly, we've been in a very difficult macro CD. We've talked about this for many years now. for a long time. And we are still delivering and capturing the types of results that we're talking about, particularly on the demand capture commentary that we gave.

是的。Rob 可以補充一些關於垂直部分的內容，但總的來說，我們一直處於非常困難的宏觀 CD 階段。我們已經討論這個問題很多年了，很久了。我們仍在交付和取得我們所說的這類成果，特別是我們之前提到的需求獲取方面。

That is across regions, across verticals, we're seeing that strength. And the reason for it, despite the macro having so much uncertainty and volatility, despite policies being uncertain is because, as an example, today, we had one of the larger industrial manufacturers in all of Europe, join us at the CXC.

無論在哪個地區，無論在哪個行業，我們都看到了這種強勁勢頭。儘管宏觀經濟存在諸多不確定性和波動性，政策也存在不確定性，但原因在於，例如，今天，歐洲最大的工業製造商之一加入了我們參加 CXC。

And while they are dealing with so much change they need to modernize, and they need to make sure prioritization of modernizing and creating a strong product data foundation in this case, Windchill and the expansion Windchill, what they're looking at with the addition of Codebeamer to make sure they take advantage of AI as they think about their multiyear journey and competitiveness.

雖然他們面臨著許多變化，需要進行現代化改造，並且需要確保優先進行現代化改造，並在此案例中建立強大的產品數據基礎，例如 Windchill 及其擴展版本，以及他們正在考慮的 Codebeamer 的加入，以確保他們在思考其多年發展歷程和競爭力時能夠充分利用人工智能。

So we feel good that even in this environment, our end customers, as you know, Citi has not modernized as fast as almost every other end market of companies they are getting the urgency to move. And now with this intelligent product life cycle, it's a comprehensive holistic story for them to actually be competitive with technology provided by PTC.

因此，我們感到欣慰的是，即使在這種環境下，我們的終端客戶，正如您所知，花旗銀行的現代化速度並沒有像幾乎所有其他終端市場公司那樣快，他們已經感受到變革的緊迫性。現在有了這種智慧產品生命週期，他們就能擁有一個全面的整體方案，從而真正與 PTC 提供的技術競爭。

Yes. Just in terms of the actual strength within the verticals and geographies, while there may be in a particular vertical, a geography that hasn't performed, some other geography has stepped up to outperform. And so if you look across the verticals, they're all our big five are all performing fairly well. And then if you look at any geography, there's no geography that has just been depressed. If they're down in an industry, they pick up in another.

是的。就各個垂直領域和地域的實際實力而言，雖然某個特定垂直領域可能存在表現不佳的地域，但其他一些地域卻已經迎頭趕上，表現出色。因此，縱觀各個垂直領域，我們五大巨頭的表現都相當不錯。然後，如果你觀察任何地理區域，你會發現沒有哪個地理區域只是處於蕭條狀態。如果他們在某個行業發展受阻，他們就會在另一個行業重新振作起來。

And so across our three or four biggest geographies and across the verticals we have some pretty good numbers. And we feel like every one of those is a place that has some upside.

因此，在我們三大或四大市場以及各個垂直領域，我們都取得了一些相當不錯的成績。我們覺得這些地方都有一些優點。

Nate So Nong, Berenberg.

Nate So Nong，貝倫貝格。

Jen, looking forward to work it with you. My question is on the deferred ARR. I think you attributed to the fact that the booking to ER conversion will begin from Q4 as a result of implementation of customers. I was wondering if you could share with us how much visibility or control you have over that implementation timeline of the customer, is there any potential risk that the implementation process might take longer or on the other -- on the flip side, it could be shorter than Q4 has come up?

Jen，期待與你合作。我的問題是關於遞延年度經常性收入（ARR）。我認為你把預訂到 ER 的轉換從第四季度開始，歸因於客戶的實施。我想請您分享一下，您對客戶的實施時間表有多少可見性或控制權？實施過程是否有可能延長，或反過來，實施時間可能比第四季提早？

Yes. So sorry, it was a little unclear, but I want to make sure your question was clear that audio was a little low. But just in terms of the deferred ARR -- this is Rob. These are -- this is a contractual commitment. So when we engage and sign these contracts, these are contractually committed amounts of ARR. That's what we heard Neil talk about the durability and the predictability of the business. So they have a great incentive to be on time in their implementation. But if they're not, that ARR comes.

是的。非常抱歉，我剛剛表達得有點不清楚，但我希望確認一下，你的問題是否清楚，音訊音量有點小。但就遞延年度經常性收入而言——這是羅布。這是——這是一項合約承諾。因此，當我們簽訂這些合約時，這些就是合約中承諾的年度經常性收入金額。我們聽到尼爾談到這個行業的持久性和可預測性時，也是這麼說的。因此，他們有很大的動機按時完成實施工作。但如果情況並非如此，那麼年度經常性收入（ARR）就會到來。

So we believe that in addition to, obviously, the predictability, the benefit to the customer and the way we've contracted is that it's allowing them time to ensure that they're aligned to the cycle of the contract. And so why we're also excited about how we've had these quarters and what we call demand capture is because in addition to timing them appropriately, we've done them on the proper commercial conditions, not in any way, try to strain the deal by pulling it forward just to hit a current quarter and it doesn't match the implementation cycle or market conditions in those out years.

因此，我們認為，除了顯而易見的可預測性之外，我們簽訂合約的方式對客戶的好處在於，它讓他們有時間確保他們與合約週期保持一致。因此，我們對這些季度以及我們所謂的「需求獲取」感到興奮的原因在於，除了把握時機之外，我們還在適當的商業條件下完成了這些工作，絕不會為了趕上當前季度而強行提前完成交易，導致交易與未來幾年的實施週期或市場條件不符。

And so these are contractually obligated. They'll hit in these quarters. we are hoping and we're planning to be fully aligned with their implementations. And in addition to that, hopefully, as we get to those out cycles, there's actually upside even in those.

因此，這些都是合約義務。他們會在這些季度採取行動。我們希望並計劃與他們的實施方案完全保持一致。除此之外，希望到了那些週期結束時，即使在那些週期中，實際上也存在著上漲空間。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

So I know you've been asked almost every question on deferred ARR. But I guess I was just wondering if you could help us understand I guess, the magnitude in which that surprised you in the quarter and then how that changes for the year?

我知道關於遞延年度經常性收入（ARR）的問題幾乎都被問過了。但我只是想問一下，您能否幫我們了解一下，本季讓您感到意外的程度有多大，以及這種情況在今年會有怎樣的變化？

Because clearly, you're seeing some good things on the rep productivity side, but you came in a little bit below the high end of the guidance. And then is that something you're just contemplating or risk adjusting more in the outlook? It looked like there was on the net new ARR for Q2?

很明顯，你們在銷售代表的生產力方面取得了一些好成績，但你們的成績略低於預期上限。那麼，這只是你正在考慮的事情，還是你打算在展望未來時承擔更大的風險？網路上好像有第二季新的年度經常性收入（ARR）資料？

And then sorry, just to clarify, if you think about the stacking of these ramped ARR deals, I think it implies that your overall ARR growth should re-accelerate in Q4? And if that's the case, would you expect that to be durable, just given the visibility you have?

還有，不好意思，我再澄清一下，如果你考慮一下這些逐步提高的 ARR 交易，我認為這意味著你的整體 ARR 成長在第四季應該會再次加速？如果是這樣，僅憑你所看到的景象，你認為它會很耐用嗎？

Yes, Tyler, thanks for the question. I just want to take one step back. The work that we've done and undertaken around go-to-market transformation, the hard work that we did up front and the precision and process that we've undertaken over the last 12 months, and we're continuing on going forward this year and into next. In addition to the product innovation that we're talking about AI is around bringing PTC back to a consistent demand capture environment by which we're winning and engaging in strategic cross-product deals across the core priorities that actually build towards this intelligent product life cycle and so fundamental to our customers.

是的，泰勒，謝謝你的提問。我只想後退一步。我們在市場轉型方面所做的工作，我們在前期所做的努力，以及我們在過去 12 個月中採取的精準流程，我們將繼續在今年和明年繼續推進。除了產品創新之外，我們正在談論的人工智慧還旨在使 PTC 重新回到持續的需求獲取環境中，透過這種環境，我們正在贏得市場，並參與到圍繞核心優先事項的策略性跨產品交易中，這些交易實際上構建了這種智慧產品生命週期，這對我們的客戶至關重要。

And so that process that Rob and CK and the go-to-market team started off 12 months ago, is showing the fruits of all that process in demand capture that happened in Q4 and in Q1. And as we alluded to, we intend to continue that momentum into Q2. That is not showing up yet in net new ARR. And the way we showed you the guidance for Q1 was clearly not a surprise in which we gave you the range because we know that the whole game is build a durable, accelerating growth company.

因此，Rob、CK 和市場推廣團隊在 12 個月前啟動的這個過程，在第四季度和第一季的需求獲取方面，正在展現整個過程的成果。正如我們之前提到的，我們打算將這種勢頭延續到第二季​​。這尚未反映在新增年度經常性收入。我們向你們展示第一季業績指引的方式顯然並不令人意外，我們給出了業績範圍，因為我們知道，關鍵在於打造一家持久、加速成長的公司。

And the way you do that is by capturing great demand in a quality deal that fills deferred ARR and allows churn to continue to stay low and keep building new ACV into the partner that we're playing in. And we believe in summary that, that inflection that turning the corner and the turn the corner starts becoming more apparent in Q4 of this year and substantially into 2027 and 2028. And that's what we're playing for, Tyler, and that's the results and the work that we're doing at this current time, just so we're being transparent with all of you.

實現這一目標的方法是，透過高品質的交易抓住巨大的需求，填補遞延的年度經常性收入，使客戶流失率繼續保持在較低水平，並不斷為我們參與的合作夥伴創造新的年度合約價值。總而言之，我們認為，這種轉折點將在今年第四季開始變得更加明顯，並將持續到 2027 年和 2028 年。這就是我們努力的目標，泰勒，這就是我們目前正在努力取得的成果和正在做的工作，我們想對大家坦誠相告。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Neil, your references this evening to large transactions coming on top of similar comments back in Q4 where you clearly had a large number of large transactions, leaves get asked the following. And there's quite a bit of data boo here for me, which is, if you think about ANSYS, six, seven, eight years ago, they too had gone through a significant go-to-market change, a day to have evolved and broadened their portfolio.

尼爾，你今晚提到大額交易，這與你在第 4 季發表的類似評論相呼應，當時你也明確表示有大量大額交易，這讓人不禁要問以下問題。這裡有很多數據讓我感到震驚，如果你想想 ANSYS，六、七年前，他們也經歷了一次重大的市場進入變革，花了一天時間發展和擴大了他們的產品組合。

So there's some similarities here that lead me to ask, if you are anticipating a fundamental change in your deal profile or propensity that you will start seeing more frequently, the number of eight-figure transactions as you did in Q4 and as they did over a number of years.

所以這裡有一些相似之處，這讓我不禁要問，您是否預期您的交易情況或傾向會發生根本性的變化，您會開始更頻繁地看到像您在第四季度以及過去幾年那樣的八位數交易數量？

And then secondly, I can't help asking about your presence at CES last month, which was quite significant. I think almost the entire C-level team seems to be there. There was a significant automotive flavor to your presence there, particularly around ALM and Windchill.

其次，我忍不住想問您上個月在 CES 的亮相，那次亮相意義非凡。我覺得幾乎所有高階主管團隊都到場了。你在那裡的出現帶有濃厚的汽車產業色彩，尤其是在ALM和Windchill附近。

The question is, do you think that you can broaden your momentum in auto beyond the tip of the sphere that ALM has been giving you, plus and windchill so that you can, in fact, start seeing a broader, more impactful growth or share contribution in auto, as you've done, for example, Toyota, for BMW, et cetera, et cetera.

問題是，你是否認為你能將你在汽車領域的成長勢頭擴大到 ALM 已經帶給你的那一點點，再加上一些不利因素，從而真正開始看到更廣泛、更有影響力的增長或市場份額貢獻，就像你對豐田、寶馬等公司所做的那樣。

Yes, Jay, thanks for the question. And let me start with CES. So we were more than proud more than proud. We were very enthused by the reception we got at the first ever CES that PTC has been involved in. And not only from automotive, but Jay, if you were there, you saw all around our booth was industrial manufacturers around the world that actually came to our booth as executives asking us, how can we deploy more of Windchill.

是的，傑伊，謝謝你的提問。讓我先從CES說起。所以，我們感到無比驕傲。PTC首次參加CES展會就獲得了熱烈反響，我們對此感到非常振奮。不僅是汽車行業的，Jay，如果你當時在場，你會看到我們展位周圍都是來自世界各地的工業製造商，他們都是高管，來到我們的展位詢問我們如何才能部署更多的Windchill。

Most of them being our customers already, Jay, which you're probably familiar with, but really trying to understand, wait a second, now you have something called Codebeamer, now what are you doing with AI? How can we supercharge our Windchill base or our Creo base, ServiceMax in some cases, what can we do? And that was just a really great popular chest moment for PTC around. We're in the big stage now we deserve it, and we're at the fundamental level of transforming these really amazing companies around the world, including automotive, but a lot of industrial manufacturers as well.

傑伊，他們中的大多數已經是我們的客戶了，你可能已經很熟悉他們了，但我真的想了解一下，等等，現在你們有了 Codebeamer，那麼你們在人工智慧方面做了些什麼呢？我們如何增強 Windchill 基礎架構或 Creo 基礎架構（在某些情況下甚至是 ServiceMax）的功能？我們能做些什麼？那真是PTC時期一個非常受歡迎的寶箱時刻。我們現在已經站在了重要的舞台上，這是我們應得的。我們正在從根本上改變世界各地這些非常了不起的公司，包括汽車公司，以及許多工業製造商。

On automotive, I will say, right now, code Beamer is the tip of the spear and that tip of the spear is very substantial for us. And there's plenty more to go in terms of Codebeamer, displacements, not only manual processes, but also competitive solutions. As you see that product is really gaining scale, we're adding Codebeamer AI function, which the market is really energized by. So we're happy to get all of automotive onto Codebeamer and that's we're marching towards that and for what it's worth.

就汽車領域而言，我想說，目前寶馬項目是我們的先鋒之作，而這先鋒之作對我們來說意義重大。Codebeamer、位移、不僅是手動流程，還有競爭性解決方案，還有很多工作要做。正如你所看到的，該產品正在迅速擴大規模，我們正在添加 Codebeamer AI 功能，這在市場上引起了極大的關注。所以我們很高興能將所有汽車相關內容整合到 Codebeamer 中，這也是我們努力的方向，無論如何，這都很有意義。

Same on Windchill with automotive. We are continuing to see an ability for Windchill, while in some accounts in automotive, it is there, as you know, Jay, we're seeing this theme of like, let's consolidate on Windchill. Let's take all the disparate PLM system and put it all into Windchill, we're going to continue to go down that path.

Windchill 也適用於汽車產業。我們繼續看到 Windchill 的潛力，雖然在一些汽車行業，正如你所知，Jay，我們看到了一種趨勢，那就是整合 Windchill。讓我們把所有分散的PLM系統都整合到Windchill中，我們將繼續沿著這條路走下去。

Lastly, ServiceMax. So Lamborghini was a marquee customer at our booth they're deploying service stacks now that's tied back into their Windchill so that they could deploy the right parts and services to their end customers faster. We're going to go down that path as well. Ultimately, one day, we're going to talk about CAD. But right now, we feel really good about in automotive, ALM, PLM and over time as we're seeing Servigistics, our ServiceMax product and SOMC products there.

最後，ServiceMax。所以蘭博基尼是我們展位上的重要客戶，他們現在正在部署與 Windchill 系統相連的服務堆疊，以便更快地向最終客戶提供合適的零件和服務。我們也要走這條路。最終，總有一天我們會談到CAD。但就目前而言，我們對汽車、ALM、PLM 領域以及隨著時間的推移，看到 Servigistics、我們的 ServiceMax 產品和 SOMC 產品在這些領域取得的進展感到非常樂觀。

Rob, anything to add?

羅伯，還有什麼要補充的嗎？

The only thing I'd say is, in addition, of course, we'd be happy to continue -- down the rest of the automotive industry when it comes to our ALM, but we are seeing it start to go into other industries. It's not -- we have not made -- has delivered decision to knock off. We actually have customers now exploring it and actually in places that you wouldn't even imagine. So we're pretty excited about the possibilities there, and there's obviously a huge white space outside.

我唯一想補充的是，當然，我們也樂於繼續——在我們的ALM（先進生命週期管理）方面，為整個汽車行業服務，但我們看到它開始進入其他行業。這不是——我們還沒有做出——已經決定停止。現在確實有客戶在探索這項技術，而且是在你根本想像不到的地方。所以我們對那裡的各種可能性感到非常興奮，而且外面顯然還有一大片空白空間。

And your first question, Jay, around, are you seeing this dynamic of cross-product larger-scale deals. And these large-scale deals, they take a lot of effort, timing is always an art, and we have one of the best artists in the world and Rob kind of with his team landing though.

傑伊，你的第一個問題是，你是否看到了這種跨產品大規模交易的趨勢？這些大規模的交易需要付出很多努力，時機把握始終是一門藝術，我們有世界上最好的藝術家之一，羅布和他的團隊也正在努力促成此事。

But a big part of what has been the up-level messaging that we've been talking about that going to partners, getting to the GSIs, revealing what you know, Jay, I think, is like the greatness of PTC, the importance of PTC, to be at the same system of record as the big players worldwide in software, that's beginning to happen. And the more we get there, the more we're starting to construct these larger deals.

但是，我們一直在談論的升級訊息傳遞的一個重要部分，就是與合作夥伴、全球系統整合商 (GSI) 溝通，揭示你所了解的信息，傑伊，我認為，就像 PTC 的偉大之處，PTC 的重要性，與全球軟體巨頭擁有相同的系統記錄，這種情況正在開始發生。我們越深入了解情況，就越能開始建立這些更大的交易。

When they come in, is going to be on Rob. But we're enthused about the fact that they're starting to actually build into the pipeline, and we're looking at very optimistic ways in which how we could close that over the next number of years.

他們進來後，一切將由羅布負責。但令我們感到振奮的是，他們已經開始真正地將專案納入流程，我們正在以非常樂觀的方式展望未來幾年內完成專案。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

And I need to ask one more on deferred ARR. But if I kind of sum up all the takes of the questions that we're getting that on the call, I think -- some of us have remembering or PTSD or whatever you want to call it, from prior communication around deferred ARR that kind of didn't pan out as we were all hoping for in the year.

我還需要問一個關於遞延年度經常性收入的問題。但如果我總結一下我們在電話會議上收到的所有問題，我認為——我們中的一些人對之前關於推遲年度收入增長的溝通記憶猶新，或者說創傷後應激障礙，或者你想怎麼稱呼都行，但那一年並沒有像我們所有人希望的那樣實現。

And I'm just -- I guess what I'm asking, is there anything that you can tell us or give us to instil confidence that this deferred ARR balance will come through in the fourth-quarter? And then on top of that, is there a way to think about how much of that balance is currently baked into the guidance?

我只是想問——您能否告訴我們或提供一些信息，讓我們相信這筆遞延的年度經常性收入餘額將在第四季度實現？此外，有沒有辦法考慮目前指引中已經包含了多少這種平衡？

Yes. So let me -- just on the confidence level. And again, I can only speak about what we've been doing since we've been transforming the business across all fronts. And I want to make 1 reference back to 12 months ago when we talked about all the levels of what we're doing in go-to-market transition. One of it was far tighter linkage between sales and customer success. And Rob made plenty of organizational decisions, process decisions to align the two.

是的。所以讓我——就自信程度而言。再次強調，我只能談談自從我們在各個方面對業務進行轉型以來我們所做的事情。我想回顧一下 12 個月前，當時我們討論了我們在市場轉型過程中所做的各個層面的工作。其中之一是銷售與客戶成功之間建立了更緊密的聯繫。羅布做出了許多組織決策和流程決策，以保持兩者一致。

And the reason why that's important answering your question is customer success, i.e., in that team has the implementation expertise when a deal is underway, they're the ones that actually advise the customer around here's what we see as the way in which the technology can actually be implemented in addition to a third party. That linkage is tighter and because it's tighter, we believe that in the contracting process, it's eyes wide open around when the implementations would occur, when the customers should pay for it and what's the right thing to do for the process of the actual project itself. And so we feel confident that we put the right diligence number one, and there's far tighter linkages now than there was 12 months ago.

回答你的問題之所以重要，是因為客戶成功，也就是說，當交易進行時，該團隊擁有實施方面的專業知識，他們會為客戶提供實際的建議，告訴我們除了第三方之外，這項技術還可以如何實際實施。這種聯繫更加緊密，正因為這種聯繫更加緊密，我們相信在合約簽訂過程中，各方都能更清楚地了解何時實施、客戶何時付款以及對於實際專案本身而言什麼是正確的做法。因此，我們有信心，我們把正確的盡職調查放在了第一位，現在的聯繫比 12 個月前要緊密得多。

Number two is, I think Rob alluded to this, I want to just punctuate it is we're doing deals to build a durable, multiyear growth, sustainable business, not telling the customer. If you let us maximize AR for this quarter, you'll get these certain attributes. We're doing the deals the way they should be to do the deals. And so the risk profile of a customer coming back and saying, the implementation schedule is different than what you said is low, lower than I've seen. And at the end of the day, Rob's got a discipline that says, since we were transparent with you, it's in contract you're going to pay for.

第二點，我認為羅布已經暗示過這一點，我想強調一下，我們正在進行交易，以建立一個持久的、多年的成長型、可持續的業務，而不是告訴客戶。如果您允許我們在本季最大限度地提高應收帳款，您將獲得以下這些特定屬性。我們正在按照正確的方式進行交易。因此，客戶反悔並說實施計畫與你們所說的不同，這種風險很低，比我所見過的都要低。歸根究底，羅布秉持著這樣的原則：既然我們已經對你坦誠相待，那麼合約裡就寫明了你要為此付費。

So summary of all that long die drive is that we feel little risk in that deferred ARR for you to have that PTSD of saying that disappeared or moved out.

綜上所述，我們認為，對於您而言，延遲支付 ARR 的風險很小，不會讓您因為說某人失踪或搬走而患上 PTSD。

Thanks for the clarity. Really appreciate it.

謝謝您的解釋。非常感謝。

That concludes our question-and-answer session. I will now turn the call back over to Neil Barua for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給尼爾·巴魯阿，請他作總結發言。

Thank you all for joining. We really appreciate the questions and the attention. We're going to be on the road the next number of weeks, meeting in conferences and investors. And so we look forward to seeing you. And again, thank you for joining the call.

感謝各位的參與。我們非常感謝大家的提問和關注。接下來的幾週我們將奔波在外，參加各種會議並會見投資者。我們期待與您見面。再次感謝您參加此通話。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。