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PTC, Inc. (NASDAQ: PTC) is a global leader in providing advanced technology platforms and solutions that revolutionize how companies create, operate, and service products within the Internet of Things (IoT) ecosystem. With its cutting-edge ThingWorx® technology platform, PTC empowers developers to harness and derive value from vast data generated by smart, connected devices and systems.
Founded in 1985 and headquartered in Boston, Massachusetts, PTC has grown significantly with over 7,000 employees and more than 30,000 customers worldwide. Its product suite includes high-end computer-assisted design (CAD) software like Creo and product lifecycle management (PLM) solutions such as Windchill. Moreover, PTC offers robust IoT and augmented reality (AR) solutions, enabling industries to digitally transform their operations.
PTC's innovative solutions are deployed across various industries, enhancing productivity and operational efficiency. A notable collaboration includes a strategic partnership with Volkswagen Group to adopt PTC's Codebeamer® application lifecycle management (ALM) solution for developing next-generation electric vehicles. This partnership highlights PTC's role in advancing software engineering practices within the automotive industry.
Financially, PTC has demonstrated consistent growth. In its recent fiscal year, the company reported a 26% growth in Annual Run Rate (ARR) and free cash flow increase by 41%. The company's strong market position is bolstered by its comprehensive subscription model, enabling durable and consistent revenue streams.
Strategically, PTC is focused on expanding its SaaS capabilities, emphasizing flexibility in technology deployment—whether on-premises, in the cloud, or via its pure SaaS platform.
For more information, visit PTC's official website.
Bentley Systems (Nasdaq: BSY) has appointed Michael Campbell as chief product officer, enhancing its leadership in infrastructure engineering software. Joining from PTC (Nasdaq: PTC), Campbell will direct product strategy and development. Additionally, James Lawton becomes chief digital officer, while Claire Rutkowski transitions to SVP, CIO champion. Suzanne Little is promoted to chief colleague success officer. Bentley aims to leverage these leadership changes for sustained innovation and to advance its digital engineering applications.
PTC has been recognized as the overall leader and a 'Best in Class' vendor for its Vuforia augmented reality (AR) solution suite for the fourth consecutive year in PAC's Innovation RADAR report. The report highlights PTC's high scores in both competence and market strength, showcasing positive feedback from clients and comprehensive support for various AR use cases, including training and manufacturing quality checks. With the growing enterprise AR market, PTC aims to leverage its recognition to drive further value for its customers.
PTC reported a robust Q3'22 performance, with an ARR of $1,625 million, reflecting a 16% increase year-over-year on a constant currency basis. Cash from operations rose by 33% to $117 million, while adjusted free cash flow grew by 23% to $132 million. The company raised its fiscal 2022 guidance for ARR and free cash flow due to solid execution and the contribution from acquired Codebeamer. However, it reduced revenue guidance due to foreign exchange headwinds, which impacted ARR by approximately $85 million.
PTC is set to release its fiscal 2022 third quarter results on July 27, 2022, after market close. A live webcast and conference call will follow at 5 PM ET to discuss the results. Interested parties can access the earnings press release and financial data on PTC's Investor Relations website. The call may include forward-looking statements regarding PTC's financial outcomes and product development, which are subject to risk and uncertainty.
On June 1, 2022, ITC Infotech and PTC announced the successful closing of their Strategic Partner Agreement, aimed at enhancing digital transformation initiatives using PTC's Windchill PLM SaaS. This agreement includes ITC Infotech acquiring a significant portion of PTC's PLM consulting business, adding approximately 160 experts. The newly formed DxP Services unit will lead collaborative efforts to transition PTC customers to cloud-based solutions. The overall commitment of ITC Infotech under the agreement is estimated at around $115 million.
PTC (NASDAQ: PTC) has announced the appointments of Mike DiTullio as President of the Digital Thread group and Catherine Kniker as Chief Strategy and Sustainability Officer. DiTullio, with 24 years at PTC, aims to leverage his SaaS expertise to enhance the Digital Thread operations. Kniker will spearhead PTC's environmental sustainability efforts at the executive level. The transition follows the departure of Troy Richardson, who previously led the Digital Thread group. These changes are likely to strengthen PTC's focus on cloud-native solutions and sustainability amidst growing customer demand.
PTC announced the launch of Creo 9, enhancing its market-leading CAD software with advanced technologies aimed at improving design efficiency. Key updates include improved usability and productivity, powerful simulation capabilities, and enhancements in ergonomics. The integration of Ansys for multi-physics simulation and increased support for additive manufacturing exemplify PTC's commitment to innovation. This latest version aims to help engineers bring their best designs to market faster, driven by customer feedback.
On May 3, 2022, PTC (NASDAQ: PTC) announced the completion of its acquisition of Intland Software, enhancing its Application Lifecycle Management (ALM) portfolio. This acquisition aims to strengthen PTC's presence in safety-critical industries such as automotive and life sciences by integrating Intland's Codebeamer™ ALM suite with its existing Windchill® and Arena® PLM solutions. PTC's CEO, Jim Heppelmann, stated that this addition positions Codebeamer as a new standard in regulated sectors, driving growth potential for both ALM and PLM.
PTC reported strong Q2 results for the fiscal year 2022, with ARR reaching $1.56 billion, up 13% year-over-year. Q2 revenue was $505 million, a 9% increase from Q2 2021, and cash from operations grew by 17% to $142 million. Due to this performance, PTC raised its fiscal 2022 guidance for ARR and free cash flow. The adjusted free cash flow also rose 22% to $158 million. However, GAAP earnings per share decreased to $0.76 due to non-cash charges. The company expects continued growth despite foreign exchange headwinds and exiting the Russian market.
PTC (NASDAQ: PTC) and ITC Infotech announced a partnership to enhance digital transformation initiatives through the adoption of PTC's Windchill PLM SaaS. ITC Infotech will acquire part of PTC's PLM implementation services and establish a new unit, DxP Services, merging PLM experts from both firms. This collaboration aims to streamline Windchill services for existing customers and facilitate the transition to SaaS. The deal is anticipated to close in PTC's fiscal Q3, with financial impacts discussed in the Q2 earnings call on April 27, 2022.
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