Summary of PTC FY Conference Call - August 13, 2025 Company Overview - **Company**: PTC (PTC) - **Event**: Oppenheimer Virtual Tech Conference - **Date**: August 13, 2025 Key Points Industry and Market Environment - The macro environment remains challenging but has not materially worsened, leading to a stable outlook for PTC [10][12][13] - There was initial caution among customers at the start of the quarter due to uncertainty surrounding "Liberation Day" [5][6] - PTC's revised guidance reflects a more stable outlook, with net new Annual Recurring Revenue (ARR) coming in at the high end of expectations [8][9] Financial Performance - PTC achieved near the high end of its guidance range for net new ARR, indicating alleviation of worst-case fears [8] - The company is on track to meet its $1 billion free cash flow target for the next fiscal year, despite currency and tax fluctuations [52][58] Go-to-Market Strategy - PTC has made significant changes to its go-to-market strategy, focusing on core verticals and aligning sales, marketing, and customer success teams [17][21] - The restructuring involved account reshuffling and hiring to optimize territory coverage [20][21] - Ongoing efforts include refining messaging for verticals and enhancing pipeline management [23][24] Product Development and AI Integration - PTC views Product Lifecycle Management (PLM) as a strategic imperative for customers, emphasizing the need for faster and more sophisticated product development [34] - The company is in the early stages of integrating AI into its products, with plans for broader AI capabilities to be rolled out in the near future [47][48] - Monetization strategies for AI are still being developed, with current offerings priced on a per-seat basis [50] Customer Engagement and SaaS Transition - There is growing customer interest in SaaS as a delivery model, although migration involves significant organizational change management [40][41] - PTC aims to balance the needs of existing on-premise customers while facilitating the transition to SaaS [42] Future Outlook - PTC is evaluating its growth profile in light of the current macro environment, with a focus on driving net new ARR growth through strategic initiatives [32][33] - The company plans to provide guidance for fiscal 2026 during the Q4 results announcement [59] Capital Allocation - PTC aims to operate in a net debt position and prioritize returning excess cash to shareholders through share repurchases [61] Additional Insights - The company is addressing elevated churn related to specific product lines and customer situations, with some contracts expected to return by the end of the year [35][36] - PTC is actively managing foreign exchange impacts and tax changes to mitigate financial headwinds [54][56] This summary encapsulates the key discussions and insights from the PTC conference call, highlighting the company's strategic direction, financial performance, and market positioning.

相比欧洲市场的"寒意"，美国软件巨头已身处"严寒"。在科技巨头推动美股再创新高的背景下，软件板块成为科技股中表现最差的领域之一：道指成分股赛 富时年内累计下跌30%；被称为"AI受害股"的Adobe今年下跌25%，较两年前股价已腰斩。 这种担忧还蔓延至更多可能被AI替代的行业。研究和咨询服务巨头Gartner上周下调全年业绩展望，尽管公司将部分原因归于关税和政府预算削减，但分析 师指出，疲弱业绩加剧了市场对AI研究工具带来竞争的担忧。 对于板块前景，分析师观点分化。摩根士丹利软件行业分析师将Monday.com Ltd.上调为增持，认为其股价回调已在很大程度上反映AI扰乱风险；而杰富瑞 分析师则表示，在AI冲击尚不明朗的当下，投资者会主动回避软件板块，"投资者担心人工智能会吞噬软件行业，市盈率将土崩瓦解。这种恐惧虽被夸大， 但目前投资者对该板块确实缺乏兴趣。"（陈十一） 欧洲市值最高的上市公司、德国"七巨头"之一的SAP股价跳水6.76%，市值蒸发近195亿欧元（约合人民币1636亿元）；英国软件公司Sage Group下跌近5%； 法国达索系统公司也下跌1.62%。 市场分析认为，此轮下跌源于AI技术带来的 ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 increased to $5.1 million from $4.7 million in the prior year, representing a 10% growth [5][26] - Adjusted EBITDA improved by $145,000 year-over-year, reaching $75,000 for the quarter [5][26] - Cash at the end of the quarter was $8.6 million, an increase of $3.5 million from $5.1 million at the end of Q1 [5][29] - Gross profit margin was 89.8% for the quarter, down from 90.5% in the previous year, while adjusted gross margin improved to 92.2% from 91% [27][28] Business Line Data and Key Metrics Changes - SaaS revenue for Q2 2025 was up 10% to $5.08 million, accounting for over 99% of total revenue [27] - Retail revenue decreased by 20% year-over-year, contributing approximately 25% to total revenue, while banking and lending contributed about 38% [20][44] - Pricing power was evident with average price per scan and new business price per scan increasing by 25% and 36% respectively [10] Market Data and Key Metrics Changes - Banking sector showed a 12% increase quarter-over-quarter and an 85% increase year-over-year, offsetting the decline in retail [42] - Retail scan volumes were down 2% quarter-over-quarter and down 20% year-over-year [42][44] - Interest from banking and finance users increased by 79% on Google Analytics over Q1, indicating growing market interest [18] Company Strategy and Development Direction - The company is focusing on expanding relationships with major clients and entering new verticals such as title insurance and automotive [8][10] - A new channel manager has been appointed to enhance coverage in strategic verticals and drive revenue through existing partners [14][15] - The company is committed to modernizing its technology stack, having migrated approximately 95% of clients to the AWS platform, expecting annual savings of over $300,000 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the banking sector's growth and the potential for retail to recover with anticipated interest rate cuts [42][59] - The company is addressing integration issues with a major social media client, emphasizing the importance of resolving these to unlock significant revenue potential [36][67] - Management highlighted the successful signing of multiyear renewal agreements with the four largest clients, indicating strong validation of the company's technology [71] Other Important Information - The company plans to participate in several upcoming conferences to raise visibility among investors and prospects [23][24] - A shelf registration filing is anticipated, allowing the company to sell shares efficiently if needed [30][31] Q&A Session Summary Question: Update on the Southeastern Regional Bank deal - The company started invoicing for the bank branches in July, and revenue from this deal is expected to be present for all of Q3 [35] Question: Timeline for resolution of social media client integration issues - The company is actively working with the client's engineering team to resolve issues, but no specific timeline for resolution was provided [36][40] Question: Retail scan volumes in the quarter - Retail was down 2% quarter-over-quarter and down 20% year-over-year, but banking growth has more than offset this decline [42] Question: Correlation of SaaS and total revenue with retail revenue - Retail revenue was down 20% year-over-year, contributing approximately 25% to total revenue [44] Question: Update on the sales pipeline and performance under new leadership - The sales pipeline is robust, with significant improvements in lead generation and marketing effectiveness noted [51]

Group 1 - The golden age of SaaS is coming to an end, as the way enterprises purchase and use software has fundamentally changed over the past two decades [2][3][4] - SaaS has inherent limitations, including rigidity, fragmentation, and reliance on human-driven operations [3][4][5][6] Group 2 - AI Agents represent the next generation of software paradigm, characterized by their ability to perceive, plan, and act autonomously [8][9] - Unlike traditional SaaS, AI Agents offer personalized experiences as a default, dominate workflows, and transform the concept of software from "service" to "intelligent labor" [9][10][11] Group 3 - The current moment is a critical point for the emergence of AI Agents, driven by advancements in large language models, open ecosystems for development, and standardized APIs [13][14] - Tools like Copilot are changing user perceptions, leading to a belief that AI can be a true colleague rather than just an assistant [14] Group 4 - Narada AI aims to reconstruct the enterprise operating system, envisioning a future where employees interact with Agents rather than traditional software [16][17] - This approach challenges the existing "SaaS-ification" trend by fundamentally redesigning the logic of enterprise software [18] Group 5 - The statement "SaaS is going away" signifies a transcendence of outdated paradigms, with AI Agents poised to disrupt traditional SaaS companies that focus on feature accumulation and interface optimization [20][21] - The future of enterprises will center around the number of intelligent agents employed rather than the software used [21][23]

有人做云、有人做电商平台、有人做供货方、有消费者，这样就把互联网的技术完整和商业体系融合了起来，链条上的每个人都可以有收益。 现在AI上在海外这个正反馈链条差不多跑起来了，至少在我感知比较清楚的B端，事情已经相对比较清楚： 海外和国内AI上差异最大的点可能还不是模型的水平，而是真的没应用。这导致一个很可怕的后果：国内AI整个生态是断链的。 什么叫断链？ 形象讲就是算力干算力的、模型干模型，然后在最终用户这里不闭环。 比如过去的电商是有生态的： 英伟达提供GPU、模型公司提供基础设施、应用公司提供融合了AI的SaaS、B端的公司获得效率。 一旦生态形成正反馈，就会让各个部分联动，趋于良性发展，打破过去10多年AI发展的貔貅魔咒。 如果不闭环，那就得靠投资，现在哪有那么多投资... 要说什么最可能导致我们国内的AI全面落后，我大概率会选这个。 为什么国内的AI应用更难 核心原因是我们必须跳过一个相对容易的阶段，对业务更直接的进行端到端的整合（《无人公司》其实在写这个新模式）。 AI现在做更好的工具在很多场景智能水平大致是够的，但整合完整服务这背后的挑战就大了。 而要回答为什么必须跳过一个阶段就必须说到SaaS。 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company recorded a strong top line growth of 39%, reaching almost 300 million reais, primarily driven by CPaaS [3] - Consolidated adjusted gross profit declined 21% to 74 million reais from 94 million reais a year ago, with gross margin decreasing 25% [4] - Normalized EBITDA totaled 20 million reais in the quarter, in line with expectations, and is expected to increase progressively over the year [5] - The company ended the quarter with a cash balance of 86 million reais [11] Business Line Data and Key Metrics Changes - CPaaS revenue increased by 58%, making up 73% of total revenues, while SaaS revenue grew by 5% year over year, representing 25% of total revenues [6][7] - Adjusted gross profit from SaaS remained stable at 43 million reais, but adjusted gross margin decreased by 2.7 percentage points to 54% [8] - The CPaaS business was impacted by newly acquired clients with lower margins and increased SMS costs from carriers [10] Market Data and Key Metrics Changes - The company observed strong SMS volume growth year over year, although there was a slight deceleration expected in Q2 compared to Q1 [19][26] - The company anticipates around 50 million reais in revenues from LATAM in 2025, representing over 50% growth compared to 2024 [40] Company Strategy and Development Direction - The company is focused on expanding Xenvia Customer Cloud in Brazil and Latin America, aiming for organic growth while maintaining a commitment to deleveraging [12] - The rollout of the new strategic cycle is expected to impact short-term profitability but aims to boost medium and long-term performance [13] - The company is evaluating opportunities to divest non-core assets to optimize capital structure [13] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q1 was strong, there is a softening expected in Q2, but SMS volumes continue to grow year over year [19][26] - The company is confident in the growth of Xenvia Customer Cloud and SaaS, expecting continued trends from Q1 with some acceleration in Xenvia Customer Cloud [27] - Management emphasized the importance of deleveraging the balance sheet to accelerate growth, especially in a high-interest-rate environment [23] Other Important Information - The company incurred approximately 8 million reais in one-time severance costs during Q1 related to workforce reduction [5] - G&A expenses decreased by 24% year over year, reaching 24 million reais, which is 8% of revenues [10] Q&A Session Summary Question: Reasons behind CPaaS growth in SMS volume - Management indicated that the growth is primarily due to marketing campaigns relying on SMS, rather than AI-related factors [16] Question: More details on Zenvia Customer Cloud growth - The 15% year-over-year growth includes both new clients and those migrating to the platform, with expectations for acceleration as awareness increases [19] Question: Current headwinds for Zenvia Customer Cloud adaptation - Management stated that they are being cautious in migrating customers to ensure a positive experience, rather than customers being hesitant [20] Question: Progress on asset sales and leverage - Management noted that they cannot comment specifically on asset sales but are focused on deleveraging the balance sheet and improving capital structure [22][23] Question: Guidance for the year and trends - Management refrained from providing formal guidance but discussed trends indicating strong growth in SMS and Xenvia Customer Cloud, with expectations for a stronger second half of the year [26] Question: Customer churn and retention strategies - Management acknowledged some churn in legacy solutions but reported healthy retention rates in core software, emphasizing efforts to improve customer experience [42]

Financial Data and Key Metrics Changes - In Q1 2025, the company recorded a strong top line growth of 39%, reaching almost 300 million reais, primarily driven by CPaaS [3][4] - Consolidated adjusted gross profit declined 21% to 74 million reais from 94 million reais a year ago, with gross margin decreasing 25% [4][9] - Normalized EBITDA totaled 20 million reais in the quarter, in line with expectations, and is expected to increase progressively over the year [5][10] Business Line Data and Key Metrics Changes - CPaaS revenue increased by 58%, making up 73% of total revenues, while SaaS revenue grew by 5% year over year, representing 25% of total revenues [6][7] - Adjusted gross profit for SaaS remained stable at 43 million reais, but adjusted gross margin decreased by 2.7 percentage points to 54% due to the transition to Zenvia customer cloud [8][9] - G&A expenses decreased by 24% year over year, reaching 24 million reais, which is 8% of revenues, down from 14.7% a year ago [9][10] Market Data and Key Metrics Changes - The company expects SMS volumes to continue growing year over year, although at a slightly decelerated pace compared to Q1 [18][24] - The company estimates around 50 million reais in revenues from LATAM in 2025, representing over 50% growth compared to 2024 [38] Company Strategy and Development Direction - The company is focused on expanding Xenvia Customer Cloud in Brazil and Latin America, aiming for organic growth while maintaining a commitment to deleveraging [11][12] - The rollout of the new strategic cycle is impacting short-term profitability but is expected to boost medium and long-term performance [12] - The company is evaluating opportunities to divest non-core assets to optimize capital structure [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q1 was strong, there is a slight softening expected in Q2, but SMS volumes are still expected to grow in high double digits [18][24] - The company is optimistic about the growth of Xenvia Customer Cloud and SaaS, with expectations of 25-30% growth for the full year [19][24] - Management expressed satisfaction with the current churn levels, indicating that early churn is primarily from legacy solutions [41] Other Important Information - The company incurred approximately 8 million reais in one-time severance costs during Q1 related to workforce reduction [5][10] - The company ended the quarter with a cash balance of 86 million reais and expects EBITDA to continue growing faster than CapEx [10] Q&A Session Summary Question: Reasons behind CPaaS growth in SMS volume - Management indicated that the growth is primarily due to marketing campaigns rather than AI-related factors [15][18] Question: Clarification on Zenvia Customer Cloud growth calculation - Management explained that the 15% growth includes both new clients and those migrating to the platform, and they remain confident in achieving 25-30% growth for the year [19] Question: Current headwinds for Zenvia Customer Cloud adoption - Management stated that they are being cautious in migrating customers to ensure a positive experience, rather than customers being hesitant [20] Question: Progress on asset sales and leverage - Management noted that they cannot comment specifically on asset sales but are focused on deleveraging the balance sheet and improving capital structure [21][22] Question: Guidance for the year and trends - Management refrained from providing formal guidance but discussed trends indicating strong growth in CPaaS and Xenvia Customer Cloud [24] Question: Customer churn and retention strategies - Management reported that churn is higher in legacy solutions but healthy in core software, and they are working on improving customer retention [41]

Core Insights - Zenvia Inc. reported a strong revenue growth of 39.2% year-over-year, reaching BRL 295.9 million in Q1 2025, driven primarily by a 58.5% increase in CPaaS revenues [11][24][13] - The transition to Zenvia Customer Cloud is progressing as planned, with expectations for completion by year-end 2025, which is anticipated to enhance long-term performance [2][6] - General and administrative expenses (G&A) decreased by 24% year-over-year, resulting in G&A as a percentage of revenues improving to 8.0% [17][18] Financial Performance - Normalized EBITDA for Q1 2025 was BRL 20 million, down 15.1% from Q1 2024, attributed to lower gross profit from the CPaaS segment due to increased SMS costs [11][18] - Gross profit decreased by 23.7% year-over-year to BRL 61.7 million, with a gross margin of 20.8%, down 17.2 percentage points from the previous year [11][24] - Non-GAAP Adjusted Gross Profit reached BRL 74.2 million, a decline of 20.8% year-over-year, with a Non-GAAP Adjusted Gross Margin of 25.1% [11][31] Segment Analysis CPaaS Business - CPaaS revenues totaled BRL 215.2 million, reflecting a 58.5% increase year-over-year, although Non-GAAP Adjusted Gross Profit fell by 38.7% to BRL 30.8 million, resulting in a Non-GAAP Adjusted Gross Margin of 14.3% [10][13] - The growth in CPaaS was primarily driven by higher SMS volumes from large clients, which have lower margins [11][15] SaaS Business - SaaS revenues increased by 5.1% year-over-year to BRL 80.7 million, with a slight increase in gross profit to BRL 30.9 million, but the gross margin decreased to 38.2% [7][9] - The transition to Zenvia Customer Cloud is impacting SaaS margins, which are expected to improve as the business scales [9][16] Customer Metrics - Total active customers decreased to 10,462, down 21.1% year-over-year, with a notable decline in both SaaS and CPaaS customer bases [11][24] - Active customers in the SaaS segment were 5,668, down 20.6% year-over-year, while CPaaS active customers were 4,794, down 25.8% [10][11]

Group 1: Global Technology Trends - The global AI market is projected to reach approximately $279.2 billion in 2024 and is expected to surge to $1.81 trillion by 2030, with a compound annual growth rate (CAGR) of 35.9% [1] - The global blockchain technology market is experiencing an impressive CAGR of 87.7%, with a market value anticipated to exceed $1.43 trillion by 2030 [1] - The combination of computing power benefits, data factors being incorporated, and clearer regulatory frameworks for Web3 is positioning "algorithms + consensus" as the next frontier in capital markets [1] Group 2: Hong Kong Main Board Developments - As of June 19, 2025, there are 2,319 companies listed on the main board, maintaining a leading position globally [2] - In the first five months of 2025, 29 new listings raised HKD 77.7 billion, indicating a significant increase in both quality and quantity [2] - The expected number of IPOs for the entire year of 2025 is approximately 40, raising around HKD 108.7 billion, showing a clear recovery in funding [2] - The current IPO application pipeline exceeds 160 companies, doubling compared to the end of 2024, focusing on technology and green themes [2] - The Hang Seng Index has seen an approximate 19% increase this year, indicating a valuation recovery window [2] - The launch of the "TECH Channel" by the Hong Kong Stock Exchange in May aims to expedite the listing process for specialized technology and biotech companies, particularly in AI and blockchain [2] Group 3: Mergers and Acquisitions Pathways - Reverse mergers are being utilized where existing main board shell companies issue new shares to inject AI or blockchain assets, complying with major acquisition rules [3] - Spin-off listings involve parent companies stabilizing cash cows in A-shares or US stocks before packaging high-growth AI/blockchain businesses for listing in Hong Kong [4] - SPAC mergers are being leveraged under the framework opened by the Hong Kong Stock Exchange in 2022, allowing for a "merge first, then transfer to the main board" strategy, with a time cost of approximately 12-18 months [5] Group 4: Investment Insights and Future Outlook - The macro perspective indicates a dual high-beta opportunity driven by the certain growth of AI and blockchain alongside Hong Kong's international capital pool [10] - Policy developments such as FINI and the TECH channel are expected to reduce listing cycles by about 30%, with more refined regulatory standards for reverse mergers [11] - Companies are encouraged to adopt rapid integration of SaaS, digital asset custody, and on-chain trust certification modules, following the model of AiGao Group [12] - Startups are advised to utilize merger/acquisition strategies to connect with the main board platform, enhancing internal control and ESG compliance for better outcomes [12] - Investors should focus on the triad of "technological content, merger flexibility, and policy alignment" to capture the dual drivers of shell value and thematic momentum [12] - The convergence of computing power, algorithms, and assets is propelling the capital fast track, with Hong Kong emerging as a value amplifier for global tech firms [12]

EARNINGS: 财报: Good morning. QQQs +55bps after a cooler CPI. Yields are flattish. BTC is flat. 早上好。QQQ 指数在 CPI 数据降温后上涨 55 个基点。国债 收益率基本持平。比特币走势平稳。 Donald J. Trump 2 @realDonaldTrump OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETT ...