Key Takeaways PTC delivered Q1 FY26 non-GAAP EPS of $1.92, up 75% year over year, with revenues rising 21%.PTC's $686M revenues beat guidance on large deals and go-to-market transformation.PTC grew constant-currency ARR 9% ex-Kepware and ThingWorx, while non-GAAP margin expanded to 45%.PTC Inc (PTC) reported first-quarter fiscal 2026 non-GAAP earnings per share (EPS) of $1.92, up 75% year over year. The figure beat the Zacks Consensus Estimate of $1.59 as well as management’s guidance of $1.26-$1.82.Revenue ...

PTC (NasdaqGS:PTC) Q1 2026 Earnings call February 04, 2026 05:00 PM ET Company ParticipantsJennifer DiRico - CFOMatt Shimao - Head of Investor RelationsNeil Barua - CEORobert Dahdah - Chief Revenue OfficerConference Call ParticipantsAdam Borg - AnalystBlair Abernethy - AnalystDaniel Jester - AnalystJason Celino - AnalystJay Vleeschhouwer - AnalystJoe Vruwink - AnalystJoshua Tilton - AnalystKen Wong - AnalystMatt Hedberg - AnalystNay Soe Naing - AnalystSiti Panigrahi - AnalystTyler Radke - AnalystYun Kim - A ...

PTC (NasdaqGS:PTC) Q1 2026 Earnings call February 04, 2026 05:00 PM ET Company ParticipantsJennifer DiRico - CFOMatt Shimao - Head of Investor RelationsNeil Barua - CEORobert Dahdah - Chief Revenue OfficerConference Call ParticipantsAdam Borg - AnalystBlair Abernethy - AnalystDaniel Jester - AnalystJason Celino - AnalystJay Vleeschhouwer - AnalystJoe Vruwink - AnalystJoshua Tilton - AnalystKen Wong - AnalystMatt Hedberg - AnalystNay Soe Naing - AnalystSiti Panigrahi - AnalystTyler Radke - AnalystYun Kim - A ...

Financial Data and Key Metrics Changes - The company reported a constant currency ARR of $2.341 billion, up 9% year-over-year excluding Kepware and ThingWorx, and $2.5 billion, up 8.4% including them [15][4] - Free cash flow grew 13% year-over-year, reaching $267 million, which included $10 million of divestiture costs related to Kepware and ThingWorx [15][4] - The company repurchased $200 million of common stock in Q1 under a $2 billion share repurchase authorization, with plans to repurchase approximately $250 million in Q2 [16][15] Business Line Data and Key Metrics Changes - The company is experiencing strong demand for its Intelligent Product Lifecycle vision, with record deferred ARR under contract and increased seller productivity [10][11] - The divestiture of Kepware and ThingWorx is progressing, with a target close date on or before April 1 [15][4] - The company is embedding AI across its product portfolio, with new functionalities introduced in Codebeamer and Windchill [8][9] Market Data and Key Metrics Changes - The company noted that customers are increasingly seeking AI embedded directly into their trusted systems of record, which is a key differentiator in the market [8][9] - The demand capture has been strong, with a record-setting Q1 for large deal volume and competitive displacements [10][11] Company Strategy and Development Direction - The company is focused on transforming its product lifecycle management through connected systems, enterprise-wide cloud access, and AI integration [6][7] - The strategy emphasizes the importance of leveraging product data to drive better decisions across engineering, manufacturing, and service [6][7] - The company aims to build a more durable, multi-year growth engine through its transformation initiatives [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transformation and the demand being captured, highlighting the importance of modernizing product development environments [4][12] - The company anticipates a significant increase in deferred ARR starting in Q4 2026, which is expected to positively impact future growth [19][20] - Management acknowledged the challenges of the macroeconomic environment but noted strong demand across various verticals and regions [88][90] Other Important Information - The company raised its fiscal 2026 revenue guidance to a range of $2.675 billion to $2.940 billion and non-GAAP EPS guidance to $6.69 to $9.15 [21][20] - The company expects to return additional capital to shareholders following the divestiture, with net after-tax proceeds expected to be approximately $365 million [16][20] Q&A Session Summary Question: What level of visibility do you have on deferred ARR deals for Q4? - Management indicated that the deferred ARR is triple what was present last Q4, with strong demand capture contributing to this increase [25][62] Question: Are we starting to see more material AI capabilities that could impact demand decisions? - Management confirmed that AI capabilities are being embedded into core products, and while the immediate economic impact is immaterial, it is expected to grow as deployments scale [31][32] Question: Can you parse out the growth mix from expansion versus competitive displacement? - Management noted that the majority of growth is still from expansion, but competitive displacement is also increasing as customers consolidate their systems [39][41] Question: What is the outlook for SaaS demand and customer spending? - Management reported strong momentum for SaaS products, particularly Windchill Plus and Creo Plus, with customers increasingly opting for cloud solutions [50][52] Question: How is the company addressing churn in ServiceMax? - Management acknowledged residual churn but highlighted strong demand capture and cross-sell opportunities as positive indicators for ServiceMax's future [76][78]

工业软件行业丨研究报告 工业软件具有发展的紧迫性和必要性，且当前处于政策红利带的有利时间窗口期。 当前，我国工业和经济达到分水岭，经济体发展需要创新驱动，而工业软件作为工业知 识 的 载体，既是新型工 业化的核心生产资料和关键生产力，又是工业大脑和数字基 石，其 自主可控意义深远。不同于 国外工业软件是 先工业后软件的自然生长 ，我国的工业 软件先是用市场换 效 率，后是工业 和软件同步的压缩 式 发展，现在是追赶核 心技术可控，保障供应链安全。因此，当前工业软件既有发展的必要性，又有发展的紧迫性。 工业软件是一个慢行业，发展需要耐心和长期主义思想，同时在变化与重构中，也为企业带来机遇与挑战。 中国的工业软件市场是千亿的大盘子， 2024 年市场接近 3000 亿，市场增长稳健， 但 核心技 术空心、产业结构失衡等 问题凸显。当前，研发设计类工业软件是卡脖子最为 严重，其本质 是与数学 与基础 学科相关的根技术缺乏海量真实工业场景试错进行工程优化，表现为实体就是核心组件 / 引擎层受限。值得注意的是，根技术的突破没有捷 径可走，只能死磕 。 工业软件产业处于动态发展中，未来产业、市场、产品的发展方向值得探讨与 ...

□ 本报记者张宣 主持人：请结合日常工作实践，谈谈过去一年在"AI+科研"方面有哪些成果？ 胡长明：中国电子科技集团有限公司第十四研究所下属南京国睿信维软件公司走"从工程中来，到工程 中去"的自主可控工业软件研发之路，强化根技术创新，培育出PLM、MOM、MRO等明星产品，形成 基于统一底座的20余款自主工业软件谱系，广泛应用于航空、船舶、新能源汽车等多个领域，实现"研 用结合、以用促创"。去年成功引入战略投资者，募集近6亿元资金用于技术创新和产品升级。 殷宗军：我们研究所将AI融入古生物学研究，成效显著。全国重点实验室的显微CT设备用于重构古生 物化石三维结构，传统模式下一次扫描需6—8小时，引入AI算法的深度学习模型后，耗时压缩至半小 时内，成本降至原来的10%以下，大幅提高实验通量，为科研提供了便利。 主持人：如何推动AI团队与传统科研团队的协同合作？ 胡长明：以项目和机制驱动合作，举办人工智能周活动，设立"揭榜挂帅"机制，组建跨学科项目组，让 AI专家与科研人员全程协作。AI团队深入试验现场了解需求，确保研发贴合实际。人才培养上，开展 内部AI培训，加大交叉学科人才引进力度，呼吁高校开设真正融合的交叉 ...

Key Takeaways PTC to report Q1 FY26 on Feb. 4, with revenues guided at $600-$660M and non-GAAP EPS of $1.26-$1.82.PTC is focusing on PLM, CAD, SLM, ALM, a SaaS and AI and a go-to-market realignment to support expansion.PTC expects 8-8.5% ARR growth (including Kepware and ThingWorx) in Q1. PTC Inc. (PTC) is scheduled to report first-quarter fiscal 2026 results on Feb. 4, after market close.For the quarter, PTC anticipates revenues between $600 million and $660 million. Non-GAAP EPS is projected in the range ...

卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | 陈伟光 | | | --- | --- | | SAC 执业证书编号： S0340520060001 | | | 电话：0769-22119430 邮箱： | | | chenweiguang@dgzq.com.cn | | | 主要数据 2026 | 年 1 月 28 日 | | 收盘价（元） | 56.42 | | 总市值（亿元） | 153.21 | | 总股本（亿股） | 证 2.72 | | 流通股本（亿股） | 券 2.70 | | ROE(TTM) | 6.89% 研 | | 12 月最高价（元） | 66.06 究 | | 12 月最低价（元） | 26.17 报 | | 股价走势 | 告 | | 资料来源：iFind，东莞证券研究所 ...

航天软件回复称，目前公司的核心产品已经应用到相关民用领域，包括新能源、民用航天、民营制造企 业等，主要包括PLM、项目管理和MOM等。后续公司将围绕产品结构优化、成本管控、技术溢价、运 营效率提升等方面，结合业务特性制定措施，进一步提高公司的综合毛利率。 格隆汇1月22日｜有投资者在互动平台向航天软件提问：请问贵司的产品是否能民用？请问贵司计划如 何提高毛利率？涨价吗？ ...

有投资者在互动平台向 航天软件提问：请问贵司的产品是否能民用？请问贵司计划如何提高毛利率？ 涨价吗？ 航天软件回复称，目前公司的核心产品已经应用到相关民用领域，包括 新能源、民用航天、 民营制造企业等，主要包括PLM、项目管理和MOM等。后续公司将围绕产品结构优化、成本管控、技 术溢价、运营效率提升等方面，结合业务特性制定措施，进一步提高公司的综合毛利率。 ...