Q3 2024 PTC Inc Earnings Call Transcript
Key Points
- PTC Inc (PTC) delivered solid constant currency ARR growth of 12% year over year in Q3.
- Free cash flow growth was strong, rising 29% year over year.
- The company has a strong product portfolio with five focus areas: PLM, ALM, SLM, CAD, and SaaS.
- PTC Inc (PTC) is seeing significant customer interest in its digital thread initiatives, which streamline workflows and improve competitiveness.
- The company is actively optimizing its go-to-market and G&A activities to drive more effectiveness and alignment with customer value.
- The demand environment remains challenging with consistent difficulties in close rates.
- The company is undergoing significant leadership and organizational changes, which could lead to short-term disruptions.
- ARR guidance for fiscal '24 was lowered at the high end by $20 million due to timing and deal composition.
- Free cash flow came in below guidance due to timing issues with collections.
- There is ongoing uncertainty in the macroeconomic environment, including geopolitical factors and customer budget constraints.
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to PTC's 2024 third-quarter conference call. (Operator Instructions)
I'd now like to turn the call over to Matt Shimao, PTC's Head of Investor Relations. Please go ahead.
Good afternoon. Thank you, Adam, and welcome to PTC's fiscal 2024 third-quarter conference call. On the call today are Neil Barua, Chief Executive Officer; and Kristian Talvitie, Chief Financial Officer. Today's conference call is being broadcast live through an audio webcast and a replay of the call will be available later today at www.ptc.com.
During this call, PTC will make forward-looking statements, including guidance as to future operating results. 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
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