PTC Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sterling Auty - Barclays PLC - Analyst : Really appreciate it. Maybe for the company's been around for a long time, but it's gone through changes. So for those that are a little bit newer to the story, maybe Neil, can you kick off and just give us an overview of who PTC is and kind of what you're focused on ?

Question: Sterling Auty - Barclays PLC - Analyst : Love it. I'm big on addressing elephants in the room right away. You just announced the CFO transition. Can maybe give a little bit of context around it.

Question: Sterling Auty - Barclays PLC - Analyst : Do you feel that's kind of the last piece of the puzzle that you've kind of made the changes that are necessary and can move from here?

Question: Sterling Auty - Barclays PLC - Analyst : Switching gears, we've seen a lot of change and evolution in your core and markets over the years. How would you kind of characterize where we are in that journey across, CAD, PLM, etc.

Question: Sterling Auty - Barclays PLC - Analyst : I think you've talked, or at least in the market there's a talk of kind of PLM renaissance if you will, it seems to me especially in the age of AI, we take you mentioned kind of the data set that resides there for CAD and what you can do with it, but PLM brings a whole another layer of data capabilities into it to be able to leverage, I would imagine. So how do you kind of characterize. I guess where we are in the PLM evolution and is this going to be something that kind of reinvigorates the growth opportunity as you look at your customer.

Question: Sterling Auty - Barclays PLC - Analyst : Are you seeing particular industries moving first? So in other words, who are the early movers to really kind of capitalize on that trend?

Question: Sterling Auty - Barclays PLC - Analyst : Makes sense. Rob mentioned ALM as well. I mean, PTC was an early mover in ALM years ago. It made for those that are not as familiar, kind of what is the ALM opportunity, where and where are you in the journey?

Question: Sterling Auty - Barclays PLC - Analyst : So you mentioned that you're the only one in the market at that scale, but companies obviously are producing this capability. So if they're not using you, kind of how are they doing it?

Question: Sterling Auty - Barclays PLC - Analyst : So let's maybe round out the -- we've hit all the major pillars except for SLM, let's talk about something near and dear to your heart, kind of what's the strategic fit and where are we in kind of bring, kind of manifesting that opportunity that was seen through the original acquisition.

Question: Sterling Auty - Barclays PLC - Analyst : Maybe, along those lines. Where are those kind of lighthouse accounts that have kind of deployed across the whole intelligent product life cycle ? Is there -- are you at that point or is it still a little bit early to be able to point to them to go to your other customers and say, hey, here's the real world benefits that this customers seeing because of you know adopting the whole intelligent product life cycle. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, PTC.OQ - PTC Inc at Barclays Global Technology Conference

Question: Sterling Auty - Barclays PLC - Analyst : I want to hit one more topic and then I want to give the audience an opportunity to ask questions as well. AI, just you've mentioned, you sprinkled it in some of your answers already, but maybe put a fine point on articulating where are you deploying AI for not only the internal use case to improve just the way you're running PTC, but also where -- what's the strategy in terms of the deployment and delivery of AI throughout the product set to drive benefits for your customers.

Question: Sterling Auty - Barclays PLC - Analyst : Just a quick follow on to that and then we'll go to the audience. Investors are trying to really get a good understanding. As you deploy that AI capability, how much of that is just competitive differentiation to extend the durability of your current growth profile? How much of that maybe changes some of the business model and creates an incremental monetization opportunity with your customers? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, PTC.OQ - PTC Inc at Barclays Global Technology Conference

Question: Sterling Auty - Barclays PLC - Analyst : Let me see any questions from the audience. Let's talk a little bit about it's always been my thought. If we look at the early days, deploying a design tool in the cloud was tough because of latency. My friends that are design engineers, they just that fractional delay would drive them nuts, but we've seen performance get better. But more importantly, with the layering out of AI, it would feel like the shift to the cloud might finally see an acceleration of shift as it's the perfect place given where compute is to be able to sit there and say, hey if I can use an AI design tool setting the parameters etc. where I can just set it, focus on something, come back, see the results and iterate that way, seems like it's the perfect setup for it. So it feels like the technology is finally starting to come together to drive that evolution more to the cloud. Are you seeing that in reality yet and kind of where are we in that journey?

Question: Sterling Auty - Barclays PLC - Analyst : I also want, Rob, I want to shift in and spend a quick minute. About a year ago, I think you went through a little bit more of a kind of go to market transformation. Give us an update. Where are you in that journey? Do you feel comfortable with that the changes that have been made have settled in? Are there further tweaks that are necessary?

Question: Sterling Auty - Barclays PLC - Analyst : Oh, that's great. So with that kind of in the rearview mirror, Neil, as CEO, how are you kind of prioritizing your strategic efforts? What are your strategic priorities from here moving forward ? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, PTC.OQ - PTC Inc at Barclays Global Technology Conference

Question: Sterling Auty - Barclays PLC - Analyst : I'd love to hear that. How does the macro backdrop play into that?

Question: Sterling Auty - Barclays PLC - Analyst : And then how did that kind of build into the guidance that you gave, so wrapping the strategic and the macro, you gave some ranges out there. What was kind of the bottoms up build ?

Question: Sterling Auty - Barclays PLC - Analyst : All right. With that Neil, Rob, thank you so much. Really appreciate it.