PTC Inc. (PTC) 2026 Q3 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2026 third-quarter conference call. (Operator Instructions)

各位女士、先生，晚安。感謝各位撥冗等候，歡迎參加 PTC 2026 會計年度第三季財報電話會議。（接線員指示）

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

現在我想把電話交給 PTC 投資人關係主管 Mike Maguire。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to PTC's third-quarter 2026 conference call. On the call today are Neil Barua, Chief Executive Officer; and Jen DiRico, Chief Financial Officer. Today's conference call is being broadcast live through an audio webcast, and and a replay of the call will be available later today at www.ptc.com.

謝謝接線員，各位下午好。歡迎參加 PTC 2026 會計年度第三季財報電話會議。今天與會者包括執行長 Neil Barua，以及財務長 Jen DiRico。今天的電話會議正透過音訊網路直播，同時本次會議的重播將於今日稍晚在 www.ptc.com 提供。

During this call, PTC will make forward-looking statements, including guidance as to future operating results. Because such statements deal with future events, actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in PTC's annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the US Securities and Exchange Commission as well as in today's press release. The forward-looking statements, including guidance provided during this call are valid only as of today's date, July 29, 2026, and PTC assumes no obligation to update these forward-looking statements.

在本次電話會議中，PTC 將作出前瞻性陳述，包括對未來營運結果的指引。由於此類陳述涉及未來事件，實際結果可能與前瞻性陳述中所預測者存在重大差異。有關可能導致實際結果與前瞻性陳述所述結果出現重大差異之因素的更多資訊，請參閱 PTC 的 Form 10-K 年度報告、Form 10-Q 季度報告，以及向美國證券交易委員會提交的其他文件，並請參閱今日的新聞稿。本次電話會議中所作的前瞻性陳述（包括所提供的指引）僅截至今日（2026 年 7 月 29 日）有效，PTC 不承擔更新此等前瞻性陳述的任何義務。

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 comparable GAAP measures can be found in today's press release made available on our website.

在本次電話會議中，PTC 將討論非 GAAP 財務衡量指標。這些非 GAAP 指標並非依據一般公認會計原則編製。非 GAAP 財務衡量指標與最具可比性的 GAAP 指標之調節表，已載於今日於我們網站發布的新聞稿中。

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

接下來，我想把電話交給 PTC 執行長 Neil Barua。Neil？

Thank you, Mike. PTC delivered another strong quarter in Q3. In particular, I'd highlight the $60 million of net new ARR we generated. Year-over-year constant currency ARR and free cash flow growth, both exceeded the high end of our guidance range. There are a lot of positives from Q3.

謝謝你，Mike。PTC 在第三季再度交出強勁的一季表現。特別要強調的是，我們新增淨 ARR 達 6,000 萬美元。以固定匯率計算的 ARR 年增成長與自由現金流成長，兩者皆超出我們指引區間的上緣。第三季有許多正面成果。

Our intelligent product life cycle solutions continued driving customer demand and business performance across verticals, geographies, and products. Our customers face growing pressure to shorten development cycles, improve resilience and compete in an AI-driven world. They understand that their product data is a strategic enterprise asset to help drive better decisions and are turning to our CAD, PLM, ALM, and SLM systems of record to build their product data foundations.

我們的智慧產品生命週期解決方案持續推動客戶需求與業務表現，涵蓋各垂直產業、各地區與各產品線。我們的客戶面臨日益增加的壓力，需要縮短開發週期、提升韌性，並在 AI 驅動的世界中競爭。他們理解產品資料是策略性的企業資產，可協助做出更佳決策，因此正轉向採用我們的 CAD、PLM、ALM 與 SLM 記錄系統（systems of record），以建立其產品資料基礎。

From an execution standpoint, we have turned the corner with our go-to-market transformation. We are seeing the results of the transformation in our customer wins, including deeper vertical expertise executive level engagement and better cross-team collaboration. We had several notable wins this quarter, some of which are referenced in the appendix. But as an example, these results played an important role in a Q3 competitive PLM win with a major defense contractor to help modernize engineering operations for one of its critical business segments.

從執行面來看，我們的市場進入（go-to-market）轉型已經度過轉折點。我們在客戶贏單中看見轉型成果，包括更深的垂直產業專業、與高階主管層級的互動，以及更好的跨團隊協作。本季我們取得數個值得一提的贏單，其中部分在附錄中有所提及。例如，這些成果在第三季一項具競爭性的 PLM 贏單中扮演了重要角色：我們協助一家主要國防承包商，為其關鍵業務部門之一現代化工程營運。

Q3 also reinforced that our product and AI innovation is taking hold with customers. AI will be a tailwind for our business because AI requires our systems of record and the product data stored in them to be effective. Our system structure product data in the context of engineering and service workflows, whether it's product design, a specific product configuration or a service work order. We then apply AI to the structured, contextualized data, so it can complete increasingly complex tasks. We also provide the governance and access controls that are essential for safe and trustworthy AI use.

第三季也再次證明，我們的產品與 AI 創新正在被客戶採納。AI 將成為我們業務的順風，因為 AI 要有效運作，需要我們的記錄系統以及其中儲存的產品資料。我們的系統會在工程與服務工作流程的脈絡下，將產品資料結構化，無論是產品設計、特定產品配置，或是一張服務工單。接著我們把 AI 應用在這些已結構化、已情境化的資料上，使其能完成愈來愈複雜的任務。我們也提供安全且可信賴的 AI 使用所必需的治理與存取控制。

We are encouraged by our AI progress and the potential in front of us. We continue delivering on our road map with the recent releases of Creo AI, our AI-native PTC Orbit product and the launch of Onshape Labs. OnShape is strongly positioned for AI.

我們對 AI 的進展以及眼前的潛力感到振奮。我們持續依照產品藍圖交付成果，近期發布了 Creo AI、我們的 AI 原生 PTC Orbit 產品，並推出 Onshape Labs。Onshape 在 AI 方面具備強勢定位。

It's cloud native architecture, highly scalable data model and built in collaboration make it ideal for AI workflows with humans in the loop. More broadly, our customers tell us our embedded AI capabilities are the fastest path to adoption and value because AI is delivered in the context of trusted systems and governed outflows.

其雲端原生架構、高度可擴展的資料模型，以及內建協作能力，使其非常適合有人在迴圈（humans in the loop）的 AI 工作流程。更廣泛而言，我們的客戶告訴我們，內嵌式 AI 能力是最快的採用與創造價值途徑，因為 AI 是在受信任的系統脈絡中交付，並透過受治理的輸出流程來管理。

In Q3, we won our largest AI deal ever, a near seven-figure ServiceMax AI deal with one of the world's largest industrial automation companies. This is a long-term customer that builds a strong product data foundation with ServiceMax. ServiceMax AI uses that foundation to deliver technicians relevant information via natural language interface, eliminating time spent searching documentation.

在第三季，我們拿下史上最大的一筆 AI 交易：與全球最大工業自動化公司之一簽下接近百萬美元等級的 ServiceMax AI 交易。該客戶是長期客戶，並透過 ServiceMax 建立了強健的產品資料基礎。ServiceMax AI 以此基礎，透過自然語言介面向技術人員提供相關資訊，消除搜尋文件所耗費的時間。

The customer validated the approach through a pilot with service technicians showing that ServiceMax AI can reduce technician preparation time by 50% and deliver 4% net productivity improvement across the service workforce. As our customers embrace AI, one of their top priorities is protecting their intellectual property, their designs, configurations, bill of material, source code, and more. They are hesitant to hand this data to the frontier model providers for security, regulatory, and competitive reasons.

客戶透過與服務技術人員進行的試點驗證了此方法，結果顯示 ServiceMax AI 可將技術人員的準備時間降低 50%，並在整體服務人力上帶來 4% 的淨生產力提升。隨著客戶擁抱 AI，他們的首要優先事項之一是保護其智慧財產權，包括設計、配置、物料清單、原始碼等。基於安全、法規與競爭等原因，他們對於將這些資料交給前沿模型供應商（frontier model providers）持保留態度。

Instead, they need this data to remain inside governed enterprise environments with appropriate permissions, process context and controls. They increasingly want frontier models to operate as infrastructure, while trusted systems like PTCs provide the data and workflow layer where critical product work is performed.

相反地，他們需要讓這些資料留在受治理的企業環境內，並具備適當的權限、流程脈絡與控制機制。他們愈來愈希望前沿模型以基礎設施的形式運作，而像 PTC 這樣的受信任系統則提供資料與工作流程層，讓關鍵的產品工作得以在其中完成。

From a commercial standpoint, AI is already increasing the strategic importance of our systems of record and the product data foundations they manage. We expect adoption to progress from focused workflows with clear customer ROI through broader deployments as customers connect more product data and teams across the life cycle. That creates value for customers today and, over time, expands our share of customer spend through direct adoption of PTC's AI capabilities. We expect these stand-alone AI capabilities to become a more meaningful contributor to ARR over the next few years.

從商業角度來看，AI 已在提升我們的記錄系統及其所管理的產品資料基礎的策略重要性。我們預期採用將從具明確客戶 ROI 的聚焦工作流程開始，隨著客戶在生命週期中連結更多產品資料與團隊，進而擴展到更廣泛的部署。這在當下為客戶創造價值，並隨時間推進，透過直接採用 PTC 的 AI 能力，擴大我們在客戶支出中的占比。我們預期這些獨立的 AI 能力在未來幾年將成為 ARR 更具意義的貢獻來源。

Overall, Q3 was a great start to the second half of the year, and our performance reinforced the major themes and proof points of fiscal '26. We are entering Q4 with stronger execution, growing strategic relevance with customers with our intelligent product life cycle strategy, and increasing confidence that AI will expand the value of our portfolio over time. With that, I'll turn the call over to Jen.

整體而言，第三季為下半年帶來良好開局，我們的表現也強化了 2026 會計年度的主要主題與關鍵佐證。我們以更強的執行力進入第四季，透過智慧產品生命週期策略在客戶端的策略相關性持續提升，並對 AI 將隨時間擴大我們產品組合價值的信心日益增加。接下來我把電話交給 Jen。

Thanks, Neil, and good afternoon, everyone. Q3 was a quarter of strong and consistent execution, highlighted by $60 million of net new ARR and broad-based strength across our key financial metrics. We continue to see solid demand capture in our go-to-market motions and encouraging early traction across our AI offerings. Given the momentum we have built and the opportunities in front of us, we are entering Q4 from a place of strength and are well positioned for a strong finish to the year. This is why we have chosen to increase the midpoint of our annual ARR growth guidance to 9.25%.

謝謝你，Neil，各位下午好。第三季是執行強勁且一致的一季，亮點包括新增淨 ARR 達 6,000 萬美元，以及我們關鍵財務指標全面展現的強勢表現。我們持續在市場進入動作中看到穩健的需求掌握，同時在各項 AI 產品上也看到令人鼓舞的早期進展。鑑於我們已建立的動能以及眼前的機會，我們以強勢姿態進入第四季，並已做好準備在年底交出強勁收官。因此，我們決定將全年 ARR 成長指引的中位數上調至 9.25%。

At the end of Q3, our constant currency ARR was $2.448 billion, up 9.1% year over year, excluding Kepware and ThingWorx, above the high end of our guidance range. In Q3, we generated operating cash flow of $261 million and free cash flow of $249 million, exceeding our guidance range for both metrics.

在第三季末，我們以固定匯率計算的 ARR 為 24.48 億美元，年增 9.1%，排除 Kepware 與 ThingWorx 後，且高於我們指引區間的上緣。第三季我們產生的營運現金流為 2.61 億美元，自由現金流為 2.49 億美元，兩項指標皆超出我們的指引區間。

Turning to capital return. In Q3, we repurchased $525 million of common stock, more than double our previously provided target reflecting opportunistic open market share repurchase and what we viewed as a compressed stock price. This outsized repurchasing decreased fully diluted share count to 115 million shares in Q3.

接著談資本回饋。第三季我們回購了 5.25 億美元的普通股，較先前提供的目標高出一倍以上，反映我們把握機會在公開市場進行股票回購，且我們認為股價處於被壓縮的水準。這次超額回購使第三季完全稀釋後股數降至 1.15 億股。

For the full year, we expect common stock repurchases to be approximately $1.625 billion, an increase to our previous guidance of $1.225 billion to $1.325 billion. We expect our fully diluted share count to decrease to approximately 116 million shares for the full year compared to 121 million shares in FY25.

就全年而言，我們預期普通股回購約為 16.25 億美元，較先前 12.25 億至 13.25 億美元的指引上調。我們預期全年完全稀釋後股數將降至約 1.16 億股，相較 FY25 的 1.21 億股。

With that, I'll take you through our guidance. In fiscal '26, our constant currency ARR excluding Kepware and ThingWorx, we have raised the low end of our guidance and now expect growth of approximately 9% to 9.5%. At the midpoint, we are guiding for a net new ARR of $214 million.

接下來我將帶各位看我們的指引。在 2026 財年，以固定匯率計算且排除 Kepware 與 ThingWorx 的 ARR，我們已上調指引區間下緣，現預期成長約 9% 至 9.5%。以中位數來看，我們指引淨新增 ARR 為 2.14 億美元。

This increase to the midpoint of our guide and the tightening of our guidance range reflects both our go-to-market execution as well as the pipeline visibility the team has prioritized over the past two quarters. Consistent with our commentary in prior quarters, we expect a considerable step-up in net new ARR in Q4 compared to Q3. Our confidence in Q4 stems from the combination of strong demand generation and a meaningful increase in deferred ARR that we expect to convert into ARR during the quarter. In Q4, for constant currency ARR excluding Kepware and ThingWorx, our expectations correspond to a net new ARR range of $79 million to $92 million.

我們將指引中位數上調並收斂指引區間，反映我們的市場推進（go-to-market）執行力，以及團隊在過去兩季優先強化的管線能見度。如同我們在前幾季的評論，我們預期第四季的淨新增 ARR 將較第三季顯著跳升。我們對第四季的信心來自於強勁的需求創造，以及我們預期在本季轉換為 ARR 的遞延 ARR 將大幅增加。第四季，以固定匯率計算且排除 Kepware 與 ThingWorx 的 ARR，我們的預期對應的淨新增 ARR 區間為 7,900 萬至 9,200 萬美元。

Moving to cash flow, revenue. and EPS. As a reminder, the Kepware and ThingWorx divestiture did not meet the criteria for discontinued operations, and therefore, historical financial statement amounts have not been recast. This impacts the year-over-year growth calculations for revenue, EPS, and cash flow, as fiscal '26 includes Kepware and ThingWorx up until the divestiture on March 13, 2026; whereas, fiscal '25 includes Kepware and ThingWorx for the full year.

接著談現金流、營收與 EPS。提醒一下，Kepware 與 ThingWorx 的剝離未符合停業單位（discontinued operations）的認列標準，因此歷史財務報表金額未予以重編。這會影響營收、EPS 與現金流的年對年成長計算，因為 2026 財年包含 Kepware 與 ThingWorx 直到 2026 年 3 月 13 日剝離為止；而 2025 財年則包含 Kepware 與 ThingWorx 的全年。

With that, we continue to expect to generate approximately $850 million in free cash flow in fiscal '26. For Q4 '26, we are guiding for free cash flow of approximately $15 million, lower year over year due to the capital gains outflows from the divestiture of Kepware and ThingWorx that are expected to occur in Q4.

基於此，我們仍預期在 2026 財年產生約 8.5 億美元的自由現金流。對於 2026 財年第四季，我們指引自由現金流約為 1,500 萬美元，年對年較低，主要因 Kepware 與 ThingWorx 剝離所產生、預期於第四季發生的資本利得相關現金流出。

While the business remains focused on ARR and free cash flow, we're also providing revenue and EPS guidance to help you with your models. In Q3, revenue of $600 million was below the midpoint of our guide, reflecting only the shortened duration of a single large contract expansion. Deal durations across the broader business continue to hold.

雖然公司仍以 ARR 與自由現金流為重點，我們也提供營收與 EPS 指引以協助各位建立模型。第三季營收 6 億美元低於我們指引的中位數，僅反映單一大型合約擴張案的期間縮短。整體業務的交易期間仍持續維持穩定。

When coupling our Q3 performance with our current expectations for Q4, we feel comfortable raising the midpoint of our fiscal '26 revenue and non-GAAP EPS guidance. For fiscal '26, we are updating our revenue guidance to $2.69 billion to $2.75 billion, and we are updating our non-GAAP EPS guidance range to $7.87 to $8.42.

結合第三季表現與我們目前對第四季的預期，我們有信心上調 2026 財年營收與非 GAAP EPS 指引的中位數。針對 2026 財年，我們將營收指引更新為 26.9 億至 27.5 億美元，並將非 GAAP EPS 指引區間更新為 7.87 至 8.42 美元。

In closing, I'm proud of Team PTC's execution and the progress we've made across the business. The intelligent product life cycle remains highly relevant to our customers, and we are increasingly optimistic about the role AI can play in accelerating value creation across our portfolio. I'd like to thank our employees for their continued dedication and focus.

最後，我為 PTC 團隊的執行力以及我們在各項業務上取得的進展感到自豪。智慧產品生命週期對客戶仍高度相關，而我們也愈來愈樂觀地看待 AI 在加速我們產品組合價值創造方面所能扮演的角色。我要感謝員工持續的投入與專注。

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

接下來我把電話交回給主持人，進行問答環節。

(Operator Instructions) Joe Vruwink, Baird.

(主持人指示) Baird 的 Joe Vruwink。

Oh, great. Thanks for taking my question. I want to ask, there's been a lot of coverage even since just the last earnings report on how open source models and commercial models are starting to engage more with CAD and PLM systems. I think there's also been a renewed focus on the importance of industrial data. And there's been new ventures trying to take a stab at the engineering ecosystem with various data strategies, synthetic data strategies.

喔，太好了。謝謝讓我提問。我想問的是，自從上次財報以來，市場上有很多討論，談到開源模型與商業模型開始更深入地與 CAD 與 PLM 系統互動。我認為也重新聚焦在工業數據重要性上。另外也有一些新創嘗試以各種資料策略、合成資料策略切入工程生態系。

I guess, all of that leads me to ask, what does PTC make up all of this over recent months? And are you noticing any changes out of customers on thinking that maybe warrants changing your own approach?

我想，這些都引導我想問：過去幾個月 PTC 對這些現象的看法是什麼？以及你們是否注意到客戶端在思考上有任何變化，可能值得你們調整自身做法？

Joe, thanks for the question. Let me say a few things on this one. So as you know, PTC has been in this space for over 40 years. We've seen new entrants come into this market multiple times over that time. What's really kept us, and you're seeing it in the results this quarter and what we've been talking about the last number of quarters is that close relationship we have with our customers is resulting in what we're seeing as the value of PTC and which I'll talk about, the strength of our products, the critical products to our customer operations. And quite frankly, you're seeing a level of innovation to make sure we stay at the forefront with our customers. That obviously now includes AI.

Joe，謝謝你的問題。我先就這點說幾件事。如你所知，PTC 在這個領域已經超過 40 年。在這段期間，我們多次看到新進者進入這個市場。真正讓我們能持續保持優勢的——你也能從本季的結果以及我們過去幾季談到的內容看到——是我們與客戶之間緊密的關係，這讓我們看到 PTC 的價值；我也會談到我們產品的強勁，以及這些對客戶營運至關重要的產品。坦白說，你也看到我們持續創新，以確保我們能與客戶一起站在最前沿。而這當然也包含 AI。

So if I comment specifically on your question around AI-focused startups, we see a lot of talk about new interfaces, but I want to be crystal clear the structural advantage here at PTC is that the data and process level. If you think about making airplanes, cars, medical devices, you need strict governed workflows. And with all your product data in context in a manner that can be audited, it trades for regulatory reasons, and it's super complex and sophisticated work. And that's why PTC systems of records are so valuable.

若針對你關於以 AI 為主的新創來評論，我們確實看到很多人在談新的介面，但我想非常清楚地說，PTC 在這裡的結構性優勢在於資料與流程層。如果你想想製造飛機、汽車、醫療器材，你需要嚴格治理的工作流程。而且必須讓所有產品資料在具備脈絡的情況下可被稽核，出於法規原因可追溯，這是非常複雜且高度精密的工作。這也是為什麼 PTC 的記錄系統（systems of record）如此有價值。

So we've been doing that for 40 years, Joe, and have close relations with our customers. And we don't see this suddenly changing in any of our customer conversations. You could see the momentum that we've built here at PTC. That's the result of the innovation, the trust that our customers have in modernizing with us the product data foundation, building AI with that context.

Joe，我們已經做這件事 40 年了，並且與客戶保持緊密關係。在任何與客戶的對話中，我們都沒有看到這會突然改變。你可以看到我們在 PTC 建立起來的動能。這是創新以及客戶對我們的信任所帶來的結果：他們信任我們一起推動產品資料基礎的現代化，並在這樣的脈絡下建構 AI。

We're obviously -- in summary, I'll say, we're obviously watching all that's happening in the ecosystem but we're really focused on what we are seeing the energy around and the actual results, which is driving more customer demand, enhancing our products, building new products and making more progress with AI. So we're really energized by the position we're here within the questions that you're asking, Joe.

總結來說，我會說，我們當然在關注生態系中正在發生的一切，但我們更專注於我們所看到的熱度與實際成果：這正帶動更多客戶需求、強化我們的產品、打造新產品，並在 AI 方面取得更多進展。因此，面對你提出的這些問題，Joe，我們對於目前所處的位置感到非常振奮。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，RBC 資本市場。

Great. Thanks for taking my question, guys. I guess, for either of you. Given what seems like a stable selling environment, it was really good to see you take the low end of the conscript ARR guide up this year. You spent a lot of time talking about new product innovation. I think we have to be patient with AI, but it seems like it's coming. Jen, you talked about deferred ARR balance growing.

很好。謝謝你們回答我的問題，各位。我想這題你們兩位都可以回答。在看起來相對穩定的銷售環境下，很高興看到你們今年把 conscript ARR 指引的低端上調。你們花了很多時間談新產品創新。我認為 AI 需要耐心，但看起來正在到來。Jen，你提到遞延 ARR 餘額在成長。

I guess I'm wondering, I know it's still early for '27 -- fiscal '27, but can you outline a path to low double-digit ARR growth. I mean, I guess, what has to happen from your perspective? Because it feels like there's increasing tailwinds at your back.

我想問的是，我知道現在談 '27——也就是 2027 財年——還很早，但你能否勾勒一條通往 ARR 低雙位數成長的路徑。我的意思是，從你們的角度看，需要發生什麼？因為感覺你們背後的順風正在增強。

Yeah. Thanks for the question. I laid out context on last quarter's call around this. And even with the increase in our guidance from 9% to 9.5%, that context still remains. And what I shared last quarter, was that for us to accelerate growth. What you need to believe at a minimum is that we can, on a net new ARR business perform on a like-for-like basis next year as we did this year.

是的。謝謝你的問題。我在上一季的電話會議上已就此提供了背景脈絡。即使我們把指引從 9% 上調到 9.5%，那個背景仍然成立。我上一季分享的是，若要讓我們加速成長，你至少需要相信的是：在淨新增 ARR 業務上，我們明年可以在同口徑基礎上，做到和今年一樣的表現。

And then you add in the deferred that we already have on our books, you would see an acceleration. And I would say we're still -- we're doubling down on that statement even with the fact that the now midpoint of our guidance for this year is 9.25% versus 8.5% a quarter ago.

然後再把我們帳上既有的遞延部分加進來，你就會看到加速。我會說，即便今年指引的中點現在是 9.25%，相較一季前的 8.5%，我們仍然——仍然加倍強化這個說法。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

Great. Good evening. Thanks for taking my question. Maybe we can just spend a moment hearing the feedback that your customers had on some of the new products that were announced. I know you spent a lot of time with them in Chicago in June. So I'd love to hear what there we're sharing with you about them. Thank you.

很好。晚安。謝謝你們回答我的問題。也許我們可以花點時間聽聽客戶對一些新發布產品的回饋。我知道你們 6 月在芝加哥和他們相處了很多時間。所以我很想聽聽他們就這些產品跟你們分享了什麼。謝謝。

Yeah. Thanks for the question. So what the majority of the feedback we're getting is an energy and excitement from our customers around the innovation that's super relevant to what the customers need, whether it be the release that we're making with the releases that we're going to do for PTC Jetstream or orbit or all the AI releases that we're doing it is accelerating our customers' appetite and requirement to use PTC to get the benefits of AI.

好的。謝謝你的問題。我們收到的大多數回饋，是客戶對於這些創新感到充滿能量與興奮，而且這些創新與客戶需求高度相關；不論是我們即將推出的 PTC Jetstream 或 Orbit 的版本發布，或是我們正在做的所有 AI 發布，都在加速客戶使用 PTC 以獲得 AI 效益的意願與需求。

And so that's shown up now in a number of these examples that we gave, but more broadly than the examples across what we've been seeing the last number of quarters, which is an energy and an urgency to go modernize their product data foundation because they want to take advantage of this new innovation, and they got to get their digital house in order using PTC, in many cases, to displace other tools to standardize across our great products.

因此，這點已在我們舉的多個例子中呈現出來；但更廣泛地說，這也延續了我們過去幾季所看到的趨勢：客戶帶著能量與急迫感，要去現代化他們的產品資料基礎，因為他們想利用這些新創新；而他們必須用 PTC 把數位家底整理好——在許多情況下，會以 PTC 取代其他工具，來在我們優秀的產品之間進行標準化。

Because to get the value of our AI capabilities to get the value of the new innovation, they need to modernize with PTC. And that's showing up. And so I was very enthused by the feedback we got from Chicago extremely enthused by the way, over the course of this year, and starting in Q4 of last year, as we're saying, we've now turned the corner of customers really understanding the value proposition of PTC how we're approaching them, the messaging and the innovation around it. So we're energized about the feedback that we've gotten since then and during the course of the last number of quarters.

因為要取得我們 AI 能力的價值、要取得新創新的價值，他們需要用 PTC 來進行現代化。而這正在發生。所以我對我們從芝加哥得到的回饋非常振奮——非常振奮；而且在今年的進程中，從去年第四季開始，正如我們所說，我們已經跨過轉折點：客戶真正理解 PTC 的價值主張、我們如何接觸他們、相關訊息傳遞以及圍繞其上的創新。因此，我們對自那之後以及過去幾季期間所獲得的回饋感到充滿動能。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Hey, great. Thanks for taking my question. This one is for Neil. We've seen some really cool things with AI and designing stuff with LLMs. And it kind of leads to better engineering efficiency. So my question is what -- how this might play in like the engineering market? Some industries are growing, some aren't, you know. So how do you see AI affecting like underlying engineering headcount growth?

嗨，很好。謝謝你們回答我的問題。這題是問 Neil。我們看到一些很酷的 AI 應用，用 LLM 來做設計。而這似乎能提升工程效率。所以我的問題是——這可能會如何影響工程市場？有些產業在成長，有些沒有，你知道的。那你怎麼看 AI 對於底層工程人力（headcount）成長的影響？

So let me start with, we see AI as accelerating the utilization of what PTCs to deliver, first and foremost. How that happens is actually -- I'll give you an example, Onshape, which is an incredible board in the cloud scalable cloud native architecture, building collaboration, ideal for AI workflows. We're seeing that actually being utilized by AI foundational models, AI start-ups to actually complete the design process to accelerate and enhance design processes that are done either by agents or human beings, but using Onshape as the central point to execute that.

我先從這點開始：我們認為 AI 首要會加速 PTC 所交付能力的使用率。這如何發生——我給你一個例子：Onshape，它是一個令人驚豔、可在雲端擴展的雲原生架構，支援協作，非常適合 AI 工作流程。我們看到它實際上正被 AI 基礎模型與 AI 新創用來完成設計流程，以加速並強化由代理（agents）或人類所進行的設計流程，但以 Onshape 作為執行的核心樞紐。

We see that as a massive lift. In fact, the API calls to Onshape by AI-related start-ups is tripling just in a few months, and it's just started to do that, which is indicative of that gaining momentum around using PTC's system of records, the product data foundation to use and get value of outcome of AI. And so we're seeing that happen.

我們認為這會帶來巨大的提升。事實上，AI 相關新創對 Onshape 的 API 呼叫在短短幾個月內就成長到三倍，而且這才剛開始出現，這顯示出：圍繞使用 PTC 的系統紀錄（system of record）、也就是產品資料基礎，來運用並取得 AI 成果價值的動能正在增強。所以我們正看到這件事發生。

We gave you the example of service back in the service world, how AI is now giving real outcomes and efficiencies in real hard dollars to our customers on deploying it. So our point of view right now is that AI is going to be an accelerant over time, in some cases, the examples like already is happening. But we believe this will be a mid- to long-term accelerated on AI individual monetization opportunities, while at the same time, doing what's happening with Onshape, which is I want best-in-class AI interface to a CAD tool.

我們也給了你服務領域的例子：在服務世界裡，AI 現在正為客戶帶來真實的成果與效率，並在部署後以實實在在的硬美元（hard dollars）呈現。因此，我們目前的觀點是，AI 會隨時間成為加速器；在某些情況下，就像這些例子一樣，已經在發生。但我們相信，這將是中長期的加速：一方面帶來 AI 的個別變現機會；同時也會像 Onshape 正在發生的那樣——也就是，我想要一個同級最佳（best-in-class）的 AI 介面來連接 CAD 工具。

So let me actually give all the competitive tools that we're using for CAD and actually have on shape, be the actual product data foundation for our CAD tool to leverage AI. We saw that in massive win. In fact, Onshape's largest win this -- it ever was this quarter with a company called Winnebago, where that's actually what has inspired them to move to Onshape.

所以，讓我把我們用於 CAD 的所有競爭工具都納入考量，並讓 Onshape 成為 CAD 工具可用來槓桿 AI 的實際產品資料基礎。我們看到那是一個重大勝利。事實上，Onshape 本季拿下了它史上最大的一筆訂單，客戶是 Winnebago；而這正是促使他們轉向 Onshape 的原因。

So we're seeing that within Arena, ServiceMax, Onshape, and now lastly, in some of the things that we're doing with Windchill, Codebeamer, and Creo. So we feel good about that over time, having scaled outcomes to our customers using AI.

所以我們在 Arena、ServiceMax、Onshape 都看到了這點；最後，在我們對 Windchill、Codebeamer 與 Creo 所做的一些事情上也同樣如此。因此，我們對於隨時間推進、透過 AI 為客戶帶來可規模化成果這件事感到樂觀。

Andrew DeGasperi, BNP Paribas.

Andrew DeGasperi，法國巴黎銀行（BNP Paribas）。

Thanks for taking my question. I wanted to maybe follow up on your prepared remarks, you discussed this large windshield deal that was a competitive win. Just wanted to maybe understand, like has something changed in the market that has led you to win that deal? Maybe you could just elaborate a little more like what went behind that? Thank you.

謝謝你們回答我的問題。我想跟進一下你們的事先準備發言，你提到這筆大型 Windchill 交易是一個競爭性勝利。我只是想了解一下，例如市場上是否有什麼改變，讓你們贏下這筆交易？也許你可以再多說一點背後的原因？謝謝。

Sure. Happy to talk about it. So just as a matter of fact, the number of displacements or an aggregate value of displacements year over year has doubled at PTC, which is indicative and shown in some of the customer slides that we said. But across the board, we're starting to win more customer displacement, and what's driving that.

當然。很樂意談談。就事實而言，PTC 的替換（displacements）數量或替換的總價值，年對年已經翻倍，這也反映在我們提到的一些客戶投影片中。但整體來看，我們開始贏得更多客戶替換案，而驅動因素是什麼。

And in this example, is customers are realizing with the vertical expertise with all the go-to-market transformation, the messaging, the product alignment are realizing to take advantage of great technology like AI, but also to remain relevant in a geopolitical world supply chain risk, et cetera. They need to modernize their product data foundation, and they're choosing PTC.

而在這個例子中，客戶正透過垂直產業專業能力，以及所有的上市（go-to-market）轉型、訊息傳遞與產品對齊，來把握像 AI 這樣的卓越技術，同時也要在地緣政治的世界中、供應鏈風險等因素下維持相關性。他們需要現代化其產品資料基礎，而他們選擇了 PTC。

We have the most advanced products. We have the most advanced AI road map, and we've proven it across the verticals that we operate in with real depth and our sales and marketing team are doing a much better job than 18 months ago, showing that consistently. And that's why our customers are choosing to come with us expand the portfolio with us, in some cases, win new displacements across other products that are actually in their ecosystem that they want to consolidate on to PTC. And that's what we saw in a specific example, but it's happening at scale now across the board.

我們擁有最先進的產品。我們擁有最先進的 AI 路線圖，而且我們已在所服務的各個垂直產業中，以真正的深度證明了這一點；我們的銷售與行銷團隊也比 18 個月前做得更好，能夠持續一致地展現這些成果。這也是為什麼客戶選擇與我們同行、與我們一起擴展產品組合；在某些情況下，我們也在他們既有生態系中的其他產品上贏得新的替換機會，因為他們希望整併並統一到 PTC 平台上。這就是我們在某個具體案例中看到的情況，但現在這種情況已在各方面以規模化的方式發生。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Okay, great. Hey, guys. Thanks for taking my question. Nice quarter.

好的，很棒。嗨，各位。謝謝讓我提問。這一季表現不錯。

Neil, maybe for you, I want to pick up on the thread a little bit because it's super interesting as a trend to talk about PLM as a sort of a system of record for AI for your customers. And maybe the question is, can you just talk about how urgent that conversation has become with customers? And as you think about sort of that multiyear opportunity, there's clearly opportunity to displace competitors, right, that's happening at an accelerated pace. But do you think you can also expand the TAM for PLM as well? Sorry, there's a lot there, but does that make sense?

Neil，可能先請教你。我想延續一下這個脈絡，因為把 PLM 視為客戶 AI 的一種「記錄系統」（system of record）來討論，作為趨勢非常有意思。我的問題是，你能否談談這個對話在客戶端變得有多迫切？以及當你思考這個多年期機會時，顯然存在替換競爭對手的機會，對吧，而且這正在加速發生。但你是否也認為，你們同時可以擴大 PLM 的 TAM（可服務市場總量）？抱歉，問題有點多，但這樣問有道理嗎？

Yes, Saket. Thanks for the question. That's actually what we're starting to see, which is, again, go back to the strategy of the intelligent product life cycle. Make sure our customers have the strongest product data foundation by which they can then layer on intelligence in some cases, and in aggregate, AI, which is what we're doing in parallel.

是的，Saket。謝謝你的問題。這其實正是我們開始看到的情況；同樣地，回到「智慧產品生命週期」的策略。確保客戶擁有最強的產品資料基礎，之後他們才能在其上疊加智慧能力，在某些情況下，以及整體而言，就是 AI——而這也是我們同步在做的事情。

Part of our intelligent product life cycle strategy is to make sure we democratize product data across the enterprise, which in effect, increases TAM. So as a case in example, PTC Jetstream, the product that we announced at PTC Next, which is live in beta right now and is getting released in the beginning of Q1 in GA of '27, that actually takes the incredible things that are derived from design and configurations from Creo and Windchill and propagates that to the supply chain, by which they could actually utilize that capability to have faster times by which companies that are deploying Jetstream could actually design, produce, and manufacturing service products.

我們智慧產品生命週期策略的一部分，是確保我們能在整個企業內部讓產品資料「民主化」（democratize），而這實際上會提升 TAM。以一個例子來說：PTC Jetstream，是我們在 PTC Next 發表的產品，目前正在進行 beta 測試，並將在 2027 年第 1 季初以 GA（正式版）發布；它把從 Creo 與 Windchill 的設計與配置所衍生出的驚人成果，向供應鏈端傳播，讓他們能運用這項能力，加速企業在導入 Jetstream 後的設計、產出，以及製造與服務產品的速度。

So we're seeing that as one leverage point. The main thrust here in summary is that as we're getting the expansion of PLM, the modernization of PLM. The consolidation of PLM into the best-in-class PLM system in the world, which is Windchill, we're now being able to leverage things like Jetstream leverage AI modules within Windchill to do more.

所以我們把這視為一個槓桿點。總結來說，主要重點是：隨著我們推動 PLM 的擴張與現代化，並將 PLM 整併到全球最佳的同級最佳（best-in-class）PLM 系統——Windchill——之中，我們現在就能運用像 Jetstream 這樣的能力，以及 Windchill 內的 AI 模組，去做更多事情。

Last point I'll make is Arena, which is our born in the cloud PLM solution is also doing the same thing. We have advanced our AI capabilities and read much faster, and what we're seeing there is that there's a, we call it, supply chain intelligence within Arena. What it's doing is it's embedded into PLM. It's increasing the number of eyeballs and seats by which are needing PLM, consolidating other systems onto our system, but allowing an expansion of our capabilities in other parts of the organization that PTC never played in.

我最後要補充的一點是 Arena——我們原生雲端（born in the cloud）的 PLM 解決方案——也在做同樣的事情。我們已推進 AI 能力，並且更快地讀取（read）資料；我們在那裡看到的是一個我們稱之為 Arena 內的「供應鏈智慧」。它被嵌入在 PLM 之中。它增加了需要使用 PLM 的關注者與席位數（seats），把其他系統整併到我們的系統上，同時也讓我們的能力得以擴展到組織內 PTC 過去從未涉足的其他領域。

So to your point, our energy, when we set forward with the strategy and summary of the intelligent product life cycle to make PLM the pinnacle, the nerve center of what we're doing is now allowed us to expand and create innovation, AI as well as core capabilities to expand to other personas. And we're starting to do that. We're starting to see it, and we're very enthused about what that looks like.

所以呼應你的觀點，當我們以「智慧產品生命週期」的策略向前推進，並把 PLM 打造成我們所做一切的巔峰與神經中樞時，這也讓我們得以擴張並創新——包含 AI 以及核心能力——進而延伸到其他使用者角色（personas）。而我們正開始這麼做。我們開始看到了，也對其樣貌感到非常振奮。

Ken Wong, Oppenheimer.

Ken Wong，Oppenheimer。

Great. Thanks for taking my question. With the fiscal 3Q net new ARR at $60 million above prior 3Q levels and the upper half of fiscal Q4 also above historical levels. Neil, when looking at the sales operations now, are we where you envision when you initially started the go-to-market changes, or are there still kind of more benefits to come?

很好。謝謝讓我提問。本財年第三季（3Q）淨新增 ARR 為 6,000 萬美元，高於過去第三季水準；而本財年第四季（Q4）上半段也高於歷史水準。Neil，從目前的銷售營運來看，我們是否已達到你在一開始推動 go-to-market 變革時所設想的狀態？還是說仍有更多效益會在未來逐步顯現？

So Ken, thanks for the question. Just to rewind the tape, the baseline where we are right now, where we're taking things. We started this transition as many of you followed us 18 months ago. We've talked about the progress and improvements over that time. It's this sustained level of execution we've seen, quite frankly, over the last for a quarter since Q4 of last year that gave Jen and I the confidence that assertively tell all of you, we've turned the corner. Like -- and we're very proud of our Q3 performance because it really, from what we are seeing, solidified our go-to-market team, having reached a new operating standard.

Ken，謝謝你的問題。先倒帶回顧一下：我們現在所處的基準點，以及我們正把事情帶往哪裡。我們在 18 個月前開始這項轉型，很多人一路都有關注我們。我們也談過這段時間的進展與改善。坦白說，正是我們在過去一段時間——自去年第四季（Q4）以來的每一季——所看到的這種持續執行水準，讓 Jen 和我有信心能更有力地告訴各位：我們已經轉過彎了。我們對第三季（Q3）的表現非常自豪，因為就我們所見，它確實鞏固了我們的 go-to-market 團隊，達到了一個新的營運標準。

Ken, we talked about the data points we've been watching over those 18 months. Rep productivity, renewal rates, pipeline quality and diversity, velocity, displacements, they've all steadily improved. And then you take the qualitative elements, which are, in my opinion, just as important, the deeper vertical expertise, executive-level engagement. We are now in most of the deals talking to C levels and CEO. That didn't happen 18 months ago, that's happening now at scale.

Ken，我們談過在這 18 個月裡我們一直在觀察的數據點。業務代表生產力、續約率、管線品質與多元性、速度、替換案（displacements）——它們都穩步改善。再加上質化要素，我認為同樣重要：更深的垂直產業專業、與高階主管層級的互動。我們現在在大多數交易中都在與 C-level 以及 CEO 對話。這在 18 個月前並沒有發生，但現在已在規模化地發生。

Pristine collaboration, how we structure deals for doing the right deals for PTC and the customer and our enablement efforts are all making us and have made us stronger than they were at the start of the transformation. And these factors are influencing our deals as you're seeing now in the results.

無縫的協作、我們如何設計交易結構以做出對 PTC 與客戶都正確的交易，以及我們的賦能（enablement）工作，都讓我們比轉型開始時更強。而你現在在結果中看到的，正是這些因素正在影響我們的交易。

And so the summary of this is, we're not stopping there. We have turned the corner, and we now have a new operating standard. We are showing it with real results and we will continue to improve upon all those metrics that we talked about with the momentum now and the wind at our back.

因此總結來說，我們不會就此停下。我們已經轉過彎，並且現在有了一個新的營運標準。我們用實際成果展現了這一點；在目前的動能與順風之下，我們也會持續改善我們談到的所有那些指標。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Thanks very much. Neil, I just want to take the question back to AI. You've been adding a lot of product features in the last year or so and obviously more coming. I just kind of wonder how are your thoughts right now around monetizing some of these new features. I mean, a lot of it's going to be table stakes with competitors doing similar kinds of moves. But where do you see the biggest monetization opportunities for PTC?

非常感謝。Neil，我想把問題拉回到 AI。過去一年左右你們新增了很多產品功能，顯然後續還會有更多。我想了解你們目前對於將這些新功能變現（monetize）的想法。我的意思是，其中很多可能會變成基本門檻（table stakes），因為競爭對手也在做類似的動作。但你認為對 PTC 而言，最大的變現機會會在哪裡？

Sure, Blair. Just -- a two-part answer here. The first part, just a reiteration. The incredible thing about AI for PTC, the first element of success for us, is the acceleration of urgencies for our customers to actually get their house in order, meaning, modernize their product data foundation with our core systems record. So use more Windchill, use more code, use more Onshape, service back, et cetera. So that is the tailwind that we're seeing already. You're seeing in the results. We see it in every single customer conversation, first and foremost around.

當然，Blair。我這裡分兩部分回答。第一部分，先重申一下。對 PTC 而言，AI 最令人驚豔之處、也是我們成功的第一個要素，是它加速了客戶的迫切性，讓他們真正把內部基礎打理好；也就是說，以我們的核心系統記錄來現代化他們的產品資料基礎。因此會更多使用 Windchill、更多使用 Code、更多使用 Onshape、回到服務端等等。所以這就是我們已經看到的順風。你也在結果中看到了。我們在每一次與客戶的對話中都看得到，首先就是圍繞著這一點。

Second is the embedded AI capability. So we've done that across, and we talked about this in the last call, we're doubling the number of AI embedded releases this year versus last year, many of which are already on the field. Some examples that we gave already in the script around last quarter, we saw a global HVAC company accelerate and expand to near seven-figure digits and ServiceMax AI deal. We have templatized that in the next quarter. We won for a different company, a near seven-figure ServiceMax AI deal, and that pipeline is growing substantially.

第二點是內嵌式 AI 能力。我們已在各產品線推進；上次電話會議也提過，今年 AI 內嵌版本的發布數量會是去年的兩倍，其中許多已經在客戶現場上線。舉幾個我們在上一季講稿中提過的例子：我們看到一家全球 HVAC 公司加速並擴大到接近七位數金額的 ServiceMax AI 交易。我們已在下一季把這套做法模板化。我們也為另一家公司拿下了一筆接近七位數的 ServiceMax AI 交易，而相關管線正在大幅成長。

On Arena, we talked about the supply chain intelligence on every single one of the expansion opportunities. By the way, Arenas kick in, gaining some real momentum. That has also included the AI capabilities. And then lastly, as I mentioned on Onshape, that is actually inspiring API usage, monetization of API, et cetera.

至於 Arena，我們談到供應鏈智慧在每一個擴張機會中都會出現。順帶一提，Arena 的動能正在真正起來。這也包含了 AI 能力。最後，如我在 Onshape 提到的，這其實正在帶動 API 使用、API 的變現等等。

I will say though, in temperament of all that, while we're super excited about what AI is doing in the conversation leading to monetization of the product data foundation and some of these highlights that we're making.

不過我也想說，綜合以上這些，在我們對 AI 在對話中所帶來的影響感到非常興奮——它推動了產品資料基礎的變現，以及我們正在呈現的一些亮點——同時也要保持適度的節奏。

Our customers are very methodical. They start with a pilot. They then move to, did the pilot actually create return on investment, did it get adopted and then they choose a scale. We've seen that happen in ServiceMax. We've seen that happen in Arena. Our view is that will happen across our environment.

我們的客戶非常謹慎且有條不紊。他們會先從試點開始。接著評估：試點是否真的帶來投資報酬、是否被採用，然後才決定擴大規模。我們在 ServiceMax 已經看到這樣的情況。在 Arena 也看到了。我們的看法是，這會在我們整個環境中發生。

And so when we talk about the stand-alone AI monetization in summary to answer your question, Blair, we see that as medium- to longer-term standalone economic opportunity and in parallel, allowing us to accelerate displacements and expansion with our product data foundation because they want to get to the AI and story with us in that medium to long-term time period.

因此，回到你問的獨立 AI 變現：總結來說，Blair，我們把它視為中期到長期的、可獨立成立的經濟機會；同時並行的是，它也讓我們能加速以產品資料基礎為核心的替換與擴張，因為客戶希望在中長期與我們一起走向 AI 的願景與故事。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Thank you. Good evening. Neil, it's been very interesting to hear the repeated references receiving to displacement and modernization, especially displacement since that was something in to ask about. But it does tie back to something else we've been hearing from your principal competitors. Siemens at their conference the week before yours, spoke about displacement and their modernization last week or so in their calls spoke about their architecture, and what they think is going to prospectively be more displacement in churn over the next number of years.

謝謝。晚安。Neil，聽到你多次提到替換與現代化非常有意思，尤其是替換，因為那正是我想問的。但這也呼應了我們從你們主要競爭對手那裡聽到的內容。Siemens 在你們會議前一週的會議上談到替換與現代化；而他們在最近一週左右的電話會議中也談到他們的架構，以及他們認為未來幾年可能會出現更多替換與流失。

So at a time when all the principal vendors, including yourselves are thinking in terms of engineering software and musical chairs, how do you think about pipeline handicapping, pipeline management, not becoming perhaps overly dependent on displacement or decommissioning opportunities, and perhaps further distinguishing yourself with your multi-solution sales and the various -- two other acronyms that you have on offer?

所以在主要供應商（包括你們）都以工程軟體的「音樂椅」式競爭來思考的時候，你們如何看待管線的折算（handicapping）、管線管理，避免可能過度依賴替換或汰換（decommissioning）機會；並且進一步透過你們的多解決方案銷售，以及你們提供的另外兩個縮寫方案來做出差異化？

Yeah, Jay, thanks for the question. Let me be really clear. Expansion and greater monetization of these amazing customer relations we built for the last 40 years is the predominance of how we're scaling the current business. What I'm telling you is that the acceleration of displacement is happening faster this year than it did last year, and we are enthused by it, and we are pushing on it.

是的，Jay，謝謝你的問題。我想講得非常清楚。我們擴大既有客戶關係並提升變現——這些是我們過去 40 年建立起來的卓越客戶關係——這仍然是我們擴張當前業務的主要方式。我想告訴你的是，今年替換加速的速度比去年更快；我們對此感到振奮，也正在加大推進力道。

As an example, Onshape is really accelerating the curve against some of the names you mentioned, and they're taking share. And they're going to keep taking share, and we're going to fuel that engine. It is differentiated, and we're going to keep going.

例如，Onshape 正在針對你提到的一些品牌大幅加速成長曲線，並且正在取得市占。而且它會持續取得市占，我們也會為這個引擎提供燃料。它具備差異化，我們會繼續往前走。

That doesn't take our eye off the ball, as you know, Jay, from building PTC Jetstream, which is an incremental TAM expansion for existing customers, not just getting new customers, but actually delivering more value to our existing customers. So Jay, we have learned this, and that was a core part of my strategy when I came in. We're not taking our eye off the ball of the customers that have plenty of money to spend with a trusted adviser like us that need us to actually modernize their capabilities with PTC.

但這不代表我們會分心；你也知道，Jay，我們在打造 PTC Jetstream，這是針對既有客戶的增量 TAM 擴張，不只是獲取新客戶，而是實際為既有客戶交付更多價值。所以 Jay，我們已經學到這一點，而這也是我上任時策略的核心部分。我們不會忽略那些有充足預算、把我們視為可信賴顧問、且需要我們協助以 PTC 現代化其能力的客戶。

And while we're doing that, Jay, in those environments, we're taking share from other organizations. As an example, in the example that we gave in the script, this was a multi-cat environment. It was a multi-PLM environment. We were -- they did an RFP, and they found out that we had the stronger capabilities to put it all together, and we had a stronger AI road map that they believe that we could execute on versus marketing message.

同時，Jay，在這些環境中，我們也正在從其他組織手中取得市占。例如，我們在講稿中提到的案例，那是一個多 CAD 的環境。也是一個多 PLM 的環境。他們發出了 RFP，最後發現我們具備更強的能力把一切整合起來，而且我們的 AI 路線圖更強，他們相信我們能夠落地執行，而不只是行銷訊息。

So they've now consolidated their CAD estate on PTC. They've consolidated their catastate on Windchill. We call that also a displacement, because we're taking share from others in the existing account. We're not taking our eye off that ball. There's no way.

因此，他們現在已把 CAD 資產版圖整合到 PTC。也把他們的「catastate」整合到 Windchill。我們也把這稱為替換，因為我們是在既有客戶帳戶中從其他廠商手上取得市占。我們不會忽略這件事。絕對不會。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. And thanks so much for taking the question. Maybe for Neil or Jen here. So just on capital allocation framework. Clearly, the organic focus and turning over all the stones and rocks from over a year ago is paying great dividends here. So organic investment continues. And we also see a lot of share buybacks, right, accelerating that as well. And of course, the three legs, the third leg of the capital allocation tool is M&A, which you've been pretty quiet on.

太棒了。也非常感謝讓我提問。這題可能給 Neil 或 Jen。關於資本配置框架。很明顯，一年多前你們聚焦於內生成長、把所有可能性都翻遍，現在正在帶來很好的成果。所以內生投資仍在持續。我們也看到大量庫藏股回購，且回購速度也在加快。當然，資本配置工具的三條腿中，第三條是併購（M&A），而你們在這方面一直相對安靜。

So as your organic flywheel continues as the go-to-market machine matures, how are we thinking about M&A anything changed there? And just why not get back into some M&A here as everything seems to be firing. Thanks so much.

因此，隨著你們的內生飛輪持續運轉、go-to-market 機器日益成熟，我們該如何看待 M&A——這方面有任何改變嗎？以及既然一切看起來都在順利運作，為什麼不重新回到一些 M&A？非常感謝。

Sure. Let me start, Jen, you could add to this. I would say on the M&A framework, we continue to look at M&A that can accelerate the current road map. And we've done several. They're extremely small in nature, so they probably don't even register on your news headline but they're enough for us to accelerate our capabilities in response to what we need to deliver as road map.

好的。我先回答，Jen 也可以補充。我會說，在 M&A 框架上，我們仍持續尋找能加速現有路線圖的併購機會。而且我們已經做了幾筆。它們的規模非常小，所以可能甚至不會出現在你們的新聞標題上，但對我們而言足以加速能力建置，以回應我們在路線圖上需要交付的內容。

In fact, like a smaller one that we just did recently allows a Windchill extension framework capability and technology that accelerates the ability for our customers to move from an on-premise situation with Windchill to Windchill plus arrangement. We continue to do those. We will continue to do those things in terms of what's important for our organic road map to accelerate that.

事實上，就像我們最近剛做的一筆較小的交易一樣，它帶來了 Windchill 延伸框架的能力與技術，能加速我們的客戶從使用內部部署（on-premise）的 Windchill，轉移到 Windchill+ 架構的能力。我們會持續做這些。就我們有機路線圖（organic road map）中重要的事項而言，我們也會持續推進這些工作以加速進展。

I would say the big M&A that our capacity would allow us to do, we're very focused in on -- there's enough things to do here organically with some of the smaller tuck-ins to really gain a lot of customer value. And that's how we see it currently. And if things change, we'll let you know. But that's our current position, and how we think about the business.

我會說，就我們的能力所能支持的大型併購（M&A）而言，我們目前非常聚焦於——這裡有足夠多的事情可以透過有機方式來做，再搭配一些較小的補強式收購（tuck-ins），就能真正為客戶創造很大的價值。這就是我們目前的看法。如果情況有變，我們會告訴各位。但這是我們目前的立場，以及我們如何思考這門業務。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗（Mizuho）。

Thanks. Most of my questions are asked, but one clarification, Jen. On your cash flow statement, there was a $50 million of outflow towards solar energy equity investment. Just could you explain what this is and whether it represents kind of a recurring commitment probably into '27?

謝謝。我的大多數問題都已經被問過了，但有一點想請 Jen 釐清。在你們的現金流量表上，有一筆 5,000 萬美元的流出，標示為太陽能股權投資。可以請你說明這是什麼，以及這是否代表一項可能會延續到 2027 年的經常性承諾嗎？

Yeah. Thanks for the question. We did make an investment to solar as we think about extending our green footprint. And there will be, over time, impact of savings from a tax perspective over the medium term.

好的。謝謝你的問題。我們確實做了一項太陽能投資，因為我們在思考如何擴大我們的綠色足跡。而且隨著時間推進，從中期來看，會在稅務角度帶來節稅效益的影響。

Nay Soe Naing, Berenberg.

Nay Soe Naing，貝倫貝格（Berenberg）。

Hello, hi. Thanks for taking the question. I suppose by all accounts, everything points to the fact that the setup going into FY27 will be much better setup coming into FY26, if we look at the deal pipeline, the large deals that you've signed, the fact that the deferred revenue levels Q4 next year will be higher than this year and of course, your AI product road map and teachers as well. I was wondering is there anything that maybe we should be mindful of that could prevent this from happening, prevent FY27 to be as good as '26, if not better? Thank you.

你好，嗨。謝謝讓我提問。我想從各方面來看，一切都指向 FY27 的起步條件會比 FY26 更好：如果我們看交易管線、你們簽下的大型交易、明年第四季的遞延收入水位會高於今年，當然還有你們的 AI 產品路線圖以及相關的推動等。我想問的是，有沒有什麼我們需要留意、可能會阻止這件事發生的因素——也就是讓 FY27 無法像 FY26 一樣好、甚至更好的因素？謝謝。

Let me start. Look, we still have a few months left here to close out Q4. And we've been, as a reminder, very focused on making sure, as I mentioned, in the go-to-market transition structuring deals appropriately that's good for PTC, good for customers. That's been building this deferred ARR. We talked about in the last call around how we see that on four straight quarters of real demand cater, how that's affecting deferred AR that give us a lot of energy as we think about subsequent years.

我先回答。你看，我們距離結束第四季還有幾個月。提醒一下，我們一直非常專注於確保——如我提到的——在 go-to-market 轉型過程中，把交易結構設計得恰當，對 PTC 有利、對客戶也有利。這也一直在累積這些遞延 ARR。我們在上次電話會議也談到，我們如何看待連續四個季度的實質需求捕捉（demand capture），以及它如何影響遞延 ARR，這讓我們在思考後續年度時充滿動能。

But I'll tell you, in terms of what could be the risk there, we still have to execute. We have to close out this quarter. We have to continue to build on the momentum of the demand capture that we see for four straight quarters, making a fifth quarter deliver the ARR in which we are expecting and inspired by. And then make sure that as an organization, we're aligned to how do we continue to push on the new innovation, how do we monetize that? How do we expand wallet share, what does that look like.

但我也要說，就可能的風險而言，我們仍然必須把執行做好。我們必須把這一季收尾好。我們必須持續在連續四季所看到的需求捕捉動能上再接再厲，讓第五季也能交付我們所期待、也深受鼓舞的 ARR。然後要確保從組織面來看，我們對於如何持續推進新創新是對齊的，我們要如何把它變現（monetize）？我們要如何擴大錢包份額（wallet share），那會是什麼樣子。

All the enablement around it, and the inspiration that we need to do the team, we're underway of doing that, but all those things need to happen to make sure that next year, we are building on the accelerated momentum that we already know that we're heading into 2027 with.

以及圍繞這些的所有賦能（enablement），還有我們需要帶給團隊的激勵，我們正在推進這些工作；但所有這些都必須到位，才能確保明年我們是在既有的加速動能上繼續往前，而我們也知道我們正朝著 2027 年邁進。

Josh Tilton, Wolfe Research.

Josh Tilton，Wolfe Research。

Can you hear me?

你們聽得到我嗎？

Yes.

聽得到。

Awesome. I've been bouncing around with a ton of prints tonight, so I apologize if you guys already addressed this. I'm just going to knock both my questions out kind of in one long stream consciousness. But for me, I think what I'm trying to understand is what changed from last quarter to this quarter that we saw such an amazing level of outperformance, congrats on, by the way, on the ARR figure, not just necessarily switching from no net new ARR growth to ARR growth. But like, what in the environment change to let you guys outperform so much relative to the expectations that you set for us 90 days ago?

太好了。我今晚一直在看很多份紀要來回切換，所以如果你們已經回答過我先道歉。我就把兩個問題用一段比較長的意識流一次問完。對我來說，我想理解的是：從上個季度到這個季度，到底改變了什麼，讓你們出現如此驚人的超預期表現——順帶一提，ARR 的數字真的恭喜，不只是從沒有淨新增 ARR 成長切換到有 ARR 成長。但像是，外部環境到底改變了什麼，讓你們相對於 90 天前給我們的預期，能超出這麼多？

And then my follow-up is just also a big congrats on the raise but you guys are now calling for net new ARR growth in Q4. Can you just talk to like the confidence level you have on that implied Q4 net new ARR number versus kind of the confidence level you had going into this quarter, that would be great.

然後我的追問是，也要恭喜你們上調指引，但你們現在預期第四季會有淨新增 ARR 成長。你們能否談談，對於這個隱含的第四季淨新增 ARR 數字，你們的信心程度，和你們在進入本季時的信心程度相比如何？那就太好了。

Yeah, absolutely. So I'll start on the Q3 side of things. We're really pleased with two elements of the business performance. First, really strong demand capture. And then second, overall our retention rates performed better than anticipated. And so both of those things really landed where we were able to outperform the high end of the guidance for Q3.

好的，當然可以。我先從第三季談起。我們對業務表現中的兩個要素感到非常滿意。第一，是非常強勁的需求捕捉。第二，是整體留存率（retention rates）表現優於預期。因此，這兩件事讓我們能夠超越第三季指引區間的高端。

On the Q4 side of things, in terms of our confidence, right, what has changed is as we think about -- I shared last quarter, right, first of all, our guidance is 9% to 9.5%, so 9.25% in itself should signal we have strong confidence in being able to get there. But the context I shared last quarter, was around our performance on net new ARR and deferred.

至於第四季，就我們的信心而言，對吧，改變的是我們如何思考——我上季分享過，首先，我們的指引是 9% 到 9.5%，也就是 9.25% 本身就應該傳達出我們對達成目標有很強的信心。但我上季分享的背景，是關於我們在淨新增 ARR 與遞延方面的表現。

And what I said was if we perform on a similar basis for net new ARR for the second half of this year versus last year, plus the deferred ARR, you feel comfortable getting to the midpoint. And now, of course, we've narrowed the guide, the low end of the guide is higher than the midpoint. And that points to our pipeline visibility continued strength and execution and overall our ability to deliver on the guidance.

我當時說的是：如果我們在今年下半年淨新增 ARR 的表現能與去年下半年相近，再加上遞延 ARR，你就會對達到中點感到放心。而現在，當然我們已經收窄指引區間，指引下緣也高於中點。這反映出我們對管線能見度的持續強勁、執行力，以及整體交付指引的能力。

Neil, I don't know if you want to add anything else?

Neil，我不知道你是否想補充些什麼？

I'd point three things on what we've seen, and we talked about this last quarter around. We see demand capture. You all just see it net new ARR. We said it's coming it's common now.

我想就我們看到的情況指出三點，我們上季也談到過。我們看到需求捕捉。各位看到的是淨新增 ARR。我們說過它正在到來——而且現在已經成為常態。

And we also mentioned today about turn the corner. We've created now this go-to-market motion that's got this new operating standard. It's four quarters in a row of watching the progress of all the hard work we put in that transmission actually show up. And that's been happening across quarters before this quarter, it's now showing up.

而且我們今天也提到「轉折點」。我們現在建立了這套 go-to-market 的運作方式，形成新的營運標準。這是連續四個季度觀察我們投入的大量努力，讓那個「傳動系統」真正開始反映在成果上。這在本季之前的幾個季度就已經在發生，現在更明顯地呈現出來。

And as we've talked about, we believe it's sustainable, and we'll continue to improve upon that as we think about subsequent years. So that's on the internal side.

如同我們所談的，我們相信這是可持續的，並且在思考後續年度時，我們會持續在此基礎上改善。以上是內部面的部分。

Second is, we made a tough decision on divesting an asset. And having that behind us versus in front of us or dealing with it has now opened up our focus to make sure the intelligent product life cycle is 100% focused on the company, that makes a difference.

第二點是，我們做了一個艱難的決定：剝離一項資產。把這件事放在身後，而不是擺在眼前、或還在處理它，現在讓我們能更專注，確保智慧產品生命週期（intelligent product life cycle）能 100% 聚焦在公司上，這確實帶來差異。

And the last piece is the customer environment. I believe we're seeing now an understanding from an end market that is highly sophisticated, that doesn't just look and listen to marketing talk and deploy new solutions, it has to work because it's engineers. And the products have got to be manufactured, and there has to be quality and regulatory and safety concerns with that. They have now understood to really get the value of AI.

最後一個部分是客戶環境。我相信我們現在看到終端市場的理解已高度成熟，不會只是看一看、聽一聽行銷話術就部署新解決方案；它必須能運作，因為使用者是工程師。而且產品必須被製造出來，並且會涉及品質、法規與安全方面的考量。他們現在已經理解，唯有如此才能真正取得 AI 的價值。

You need to actually do things before just deploying an AI solution. You need to put together the strong product data foundation, consistently and homogenously across your industries and your group. You have to then in parallel, do all the you lift of providing context and working with your AI partner to actually show value and adoption.

你必須在僅僅部署 AI 解決方案之前，先實際把事情做好。你需要建立強健的產品資料基礎，並在你的各個產業與集團內一致且同質化地落實。接著你還必須同步完成提供情境脈絡的繁重工作，並與你的 AI 夥伴合作，真正展現價值並推動採用。

And those things are all different even in the last 90 days on a reversion back to PTC saying, you're a trusted adviser, you understand the context of our data. It's flowing through your system of records, help us build this so that we have real ROI versus a random buy of an AI product that doesn't work a quarter later. So that's a theme that we're seeing in inflecting coming back to us in terms of the conversations.

而這些事情，即使在過去 90 天內也都出現了不同的變化，市場又回頭對 PTC 說：你們是值得信賴的顧問，你們理解我們資料的情境。資料正流經你們的記錄系統（system of records）；請協助我們把這個建起來，讓我們獲得真正的投資報酬率（ROI），而不是隨便買一個 AI 產品，結果一季之後就不能用。所以這是我們在對話中看到的一個主題，正在轉折並回流到我們這邊。

Tyler Radke, Citi.

Tyler Radke，花旗。

Yeah, thank you for taking the question. Nice job on the results and guidance here. Jen, I appreciate the comments you made on sort of the early look at FY27 and the deferred ARR dynamics. Can you just remind us, as we look at your net new ARR for Q4, obviously, a nice step up versus a year ago. How much are you assuming for the deferred ARR contribution there?

是的，謝謝讓我提問。這次的業績與指引表現得很不錯。Jen，我很感謝你對 FY27 初步展望以及遞延 ARR 動態所做的評論。能否請你提醒我們：看你們 Q4 的淨新增 ARR，顯然相較一年前有不錯的提升。其中你們假設遞延 ARR 的貢獻是多少？

And then as we look at FY27, what is the expected deferred contribution versus the expected deferred contribution in FY26. I know you've given some stats in the past, but obviously, I'm sure things may have moved around a little bit this quarter.

另外，當我們看 FY27 時，預期的遞延貢獻相較 FY26 的預期遞延貢獻會是多少？我知道你們過去提供過一些數據，但很顯然這一季可能有些變動。

Sure. So first off is we continue to be really pleased with hardly to build deferred ARR both in Q4 and for FY27 and the future. I'm not going to give too much detail around the impact on Q4. But what I tell you is, like I said, it's a meaningful step up, and we feel really confident about our visibility there. And then as we think about '27, we have approximately 2 times the amount of deferred ARR that we had at this point last year for 2026. So it's meaningful.

當然。首先，我們仍然對在 Q4 以及 FY27 和未來持續建立遞延 ARR 感到非常滿意。我不會就 Q4 的影響提供太多細節。但我可以告訴你的是，正如我所說，這是一次有意義的躍升，而且我們對可視性非常有信心。再來談到 '27，我們目前的遞延 ARR 約為去年此時針對 2026 的 2 倍。所以這是很有意義的。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Hi, guys, thanks for taking my call. Just a question on ARR by channel, it's 12.6% year over year, I think, versus direct 7.8%. And it's been like this every quarter this fiscal year. And just trying to understand, I think, the commentary you sort of really talked about reinvestment in the direct channel in the direct, but the channel is still growing faster.

嗨，各位，謝謝接聽我的電話。我想問一下按通路劃分的 ARR：通路年增 12.6%，我記得直銷大約是 7.8%。而且本財年每一季都是這樣。我想了解的是，我認為你們的評論主要談到在直銷通路的再投資，但通路仍然成長更快。

So when do we see a pickup? Does it flip next year? How should I think about this dynamic? Thank you very much.

那麼我們何時會看到直銷回升？明年會反轉嗎？我應該如何理解這個動態？非常感謝。

Yeah. I completely appreciate the question. As I said kind of in the last couple of quarters around the mix between channel and direct Oftentimes, the space is based on customer preference, and how they want to consume, and what channel they'll go through. And in our largest deals, we often see both a direct and a channel partner. And so that's all you're seeing there.

是的。我完全理解這個問題。正如我在過去幾季談到通路與直銷的組合時所說，很多時候這取決於客戶偏好：他們想如何採用、以及會透過哪個通路。而在我們最大的交易中，我們常常同時看到直銷與通路夥伴共同參與。所以你看到的就是這些因素。

We continue to see really strong growth in our direct team. Actually, Neil talked about the -- all the productivity and the continued strong metrics that we're seeing from our go-to-market transformation. I would add that overall, the productivity of our sales team has increased just based on the amount of reps continuing to hit quota at this point in the year versus last year. So we're seeing that transformation take effect, and we're really pleased with the performance.

我們仍然看到直銷團隊非常強勁的成長。其實 Neil 也談到了——我們在市場進入（go-to-market）轉型中看到的生產力提升，以及持續強勁的各項指標。我還要補充的是，整體而言，我們銷售團隊的生產力已經提升，原因在於截至今年此時，持續達成配額（quota）的業務代表人數相較去年增加。因此我們看到轉型正在發揮效果，並且對表現感到非常滿意。

Alexei Gogolev, JPMorgan Chase.

Alexei Gogolev，摩根大通。

Good evening. This is Ella for Alexi. So we're curious, as organic part development becomes a greater focus for PTC, are you expecting to enter into completely new greenfield pro areas? Or do you expect your new products to be closely connected to your existing product lines like with PLM, ALM, SLM, and CAD?

晚安。我是 Ella，代 Alexi 發問。我們想了解，隨著有機產品開發成為 PTC 更重要的重點，你們是否預期會進入全新的綠地（greenfield）產品領域？或者你們預期新產品會與既有產品線（例如 PLM、ALM、SLM 與 CAD）緊密相連？

Yeahs. Thanks for the question. We have so much to do within executing our intelligent product life cycle strategy that includes all those core systems that you're talking about, the expansion, the displacement, the layering of the AI capabilities, the Langer intelligence layer on it. And then ultimately also moving all that product data to other personas as we talked about the supply chain to manufacturing over time. Like those are all core, and we're experts at it.

是的。謝謝你的問題。在執行我們的智慧產品生命週期策略方面，我們還有非常多事情要做；這包含你提到的所有核心系統：擴張、替換（displacement）、以及疊加 AI 能力，在其上加入 Langer 智慧層。最終也會如我們所談到的，隨時間推進把所有產品資料帶給其他角色（persona），從供應鏈延伸到製造端。這些都是核心領域，而我們在這方面是專家。

We have vertical expertise around it. We're now getting executive-level engagement on it. And there's plenty to do there, and we feel very good about the monetization across those vectors focusing on that strategy to result in really good results, and we're proud of to show you here in Q3, but we're just getting started.

我們在這方面具備垂直產業專業能力。我們現在也獲得高階主管層級的參與。那裡有很多事情可以做，我們對沿著這些向量的變現非常有信心；聚焦這個策略將帶來非常好的成果，我們也很自豪能在 Q3 向各位展示，但我們才剛開始。

And that concludes our question-and-answer session. I will now turn the conference back over to Mr. Neil Barua for closing remarks.

以上為問答環節。接下來我將把電話會議交回給 Neil Barua 先生作結語。

Thank you, everyone, for joining us and for your questions today. In the weeks ahead, we'll be participating in the Oppenheimer Technology Internet Conference as well as the Citi Global TMT Conference. We look forward to seeing you then. Thank you.

謝謝各位今天參與並提出問題。接下來幾週，我們將參加 Oppenheimer 科技與網際網路研討會，以及花旗全球 TMT 研討會。期待到時與各位見面。謝謝。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。