PTC Inc. (PTC) Q3 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 26, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon ladies and gentlemen. Thank you for standing by and welcome to PTC's 2023 Third Quarter Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions.

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

Matt Shimao

Good afternoon. Thank you, Josh and welcome to PTC's 2023 third quarter conference call. On the call today are Jim Heppelmann, Chief Executive Officer; Kristian Talvitie, Chief Financial Officer; and Neil Barua, CEO Elect.

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 in the forward-looking statements can be found in PTC's annual report on Form 10-K, Form 10-Q, and other filings with the US Securities and Exchange Commission as well as in today's press release.

The forward-looking statements, including guidance provided during this call are valid only as of today's date, July 26, 2023 and PTC assumes no obligation to update these forward-looking statements.

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

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

Jim Heppelmann

Thanks Matt. Good afternoon everyone and thank you for joining us. You probably noticed that we have some additional news regarding CEO succession to cover today. So, I'll kick off with an overview of Q3, but skip the normal customer commentary to allow time for the succession discussion. I trust that many of you had a good chance to interact directly with customers at a recent LiveWorx event and I hope that will carry you for a while.

Starting with Q3 results then, I'm pleased to report that in Q3, PTC again delivered solid results. As you know, we feel that ARR and free cash flow are the best metrics to assess the performance of our business.