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Parametric Technology Corporation (PMTC)

February 12, 2013 2:00 pm ET

Executives

Jeffrey D. Glidden - Chief Financial Officer and Executive Vice President

Tim Fox

Analysts

Perry Huang - Goldman Sachs Group Inc., Research Division

Perry Huang - Goldman Sachs Group Inc., Research Division

Okay. Thank you, all for coming today. We're very pleased to have Jeff Glidden and Tim Fox from PTC with us today. Jeff is Executive Vice President and CFO, he joined the company several years ago and brought a long history of experience as a CFO, and also technology industry experience. Tim, he is the Vice President of Investor Relations, and he also recently joined the company mid-2011 after spending about 1 decade on the sell-side. So thank you, again, both for coming.

Jeffrey D. Glidden

Terrific.

Perry Huang - Goldman Sachs Group Inc., Research Division

Great so the format today, I believe, Jeff has some introductory remarks that he would like to make, we'll jump into Q&A, and then head over to the breakout session afterwards. But to kick things off, I think Tim has a few things he would like to say.

Tim Fox

I do, and as I said earlier, if Tim Cook [ph] can read the prepared remarks -- I mean Safe Harbor Statement, so can I -- today's presentation and Q&A session will include forward-looking statements regarding PTC's products and anticipated future operations, or financial performance. Any such statements will be based on our current assumptions of PTC's management, are subject to risks and uncertainties that could cause actual events and results to differ materially, information concerning these risks and uncertainties are contained in PTC's most recent Form 8-K, Form 10-K and 10-Q on file with the SEC. We also are going to be discussing non-GAAP financial measures today and a reconciliation between non-GAAP and the GAAP measures is located in the Q3 '13 press release document on our website and also in the presentation handout that we have here, if anyone is interested. So thank you for...

Jeffrey D. Glidden

[indiscernible]

Unknown Executive

Do you want me to get up and give it to you?

Jeffrey D. Glidden

Thank you, Rob [ph]. So PTC, we've been in the business for over 20 years, we're about just over $1.2 billion company, we finished our fiscal year end in September. Revenues for the year were up 8%, $1,258,000,000. Earnings per share were $1.51, or up 20%. We live in the world of very complex engineered products. We sell to who's who in the world of product development, very large, complex, sophisticated products and systems and these customers will range from people like Rolex watch, Toyota automobiles, Caterpillar tractors, Bose radios, anyone that makes a complex highly-engineered products are typically PTC customers. And what we really do is help them both design these products, build these products and services these products. And one of the frameworks that we use with our customers is the bill of materials, which is the recipe for the product and we'll talk with customers about, as designed, as built and as serviced. And one of the things that's under -- is interesting about what we do is, when you're in the design phase, it's all about rapid change. In a life of developing a product that may take 1, 2, or 3 years, we'll deal with engineering change orders in the thousands, because you're constantly changing and reengineering their product. When you get to production, you want that product to be as solid and as stable as it can be. So the better job we do in engineering that product, the easier it is to build, the higher quality it will be because engineering change orders are something you don't want when you're in production, that creates obsolescence, quality problems, et cetera.

On the other side of the coin, when you get into the aftermarket someone like Caterpillar tractors, they will have the average life of a Caterpillar tractor, after production, will be 19 years. So how that's serviced and maintained over that life cycle postproduction is absolutely critical, a tractor that's been out of production for 8 years, will have a whole set of new parts and components that may have been added to that. So we really think about us in terms of our businesses helping design from the initial concept, right through the end of life of that product. So very much, our products are centered around engineering and aftermarket services. We really service 3 major areas, which would be the engineering design side, with our CAD tools, our product, Creo. We just began shipping Creo 2.0 and our customers are in a upgrade cycle of that. That approximates 40% of our business. I think last year, we're a little more than 40%, but right now, about 40% of our business would be CAD. The next biggest piece would be PLM and the related pieces, product lifecycle management tools. That represents, today, about 42% of our business, and the aftermarket service side would represent the balance of that, which is a mid- to upper-teens.

So a broad set of product portfolios. When we look at it from a customer standpoint, our goal is to solve their biggest engineering design and service problems and through that creates huge value for them, shorter cycle times for development, better quality, higher productivity from engineers. On the aftermarket size, a big piece of this is managing a very complex inventory and demand cycles. When you complete end of life of a production of a product, you've got to plan how you're going to support that product for the next decade. So what we do is solve very large, complex problems.

Within the financial constraints -- goals of the business, our goal is to both grow revenues but most importantly, to grow our profit margins from what was mid-teens to now -- to targeting mid-20s. That's adding approximately 200 basis points a year, and that is driving what's been a 20% compound EPS growth over the last 3 years, with that goal to continue. So I think we've got a terrific set of customers, who's who in terms of engineering, design complex systems, a great product portfolio with a very clear financial strategy to monetize those assets, and create tremendous value for shareholders.

Question-and-Answer Session

Perry Huang - Goldman Sachs Group Inc., Research Division

Great, thanks for that Jeff. I guess, to start, a question on the macro and sort of customer buying behavior, just given how PTC, you really have your pulse on sort of the manufacturing industry globally. On your earnings call, you provided great color in terms of the trends that you're seeing in the marketplace. I guess, first, could you remind us on how your business segments like the CAD, extended PLM and SLM are impacted differently by the macro?

Jeffrey D. Glidden

Sure. Great question, Perry. So in terms of sensitivity, our CAD business is heavily driven really by employment, so that's an element of GDP. But employment, if we're hiring engineers, they need more CAD tools. If they're not hiring more engineers, they need fewer, so that's probably the most sensitive. And it would be tied, particularly to employment, not exclusively, but that would probably the -- as employment go so does CAD, and that's true for us and others as well, our competitors. In terms of PLM, that's probably more driven by GDP, that is program-related. We have many customers that are in the midst of deployments. They may moderate the rate of those in terms of either accelerating or decelerating, depending on what's happening in their end markets and we're seeing -- we've seen some of that. Really in the last year, we've seen some moderation of programs. But we've also seen is when GDP turns and comes back, those programs get put -- and actually will accelerate. So that's probably tied to GDP and fairly, tightly tied to that with, I think, you cited as a high beta [ph] to GDP. So when things slow, we'll slow a little faster; when things come back, we should come back faster.

In terms of the aftermarket SLM business, it's much more of a secular trend. It's a fragmented industry, there's a -- it's a big and increasingly important issue for our customers. A major driver of their profitability, and we have projects and programs that -- based on ROIs, often have a 12-month payback. So those are driven with very discrete analytics and very discrete paybacks. So I'd say, we'd expect that to be -- we're still relatively early market for us, but that's much more of a secular trend, would be less affected by GDP, and there's some premise that potentially, if a customer is not producing as many new products, they have greater demand. New tractors, for example, they have greater demand for aftermarket pipes and service for the installed base. So that could actually create a positive trend on that side.

Perry Huang - Goldman Sachs Group Inc., Research Division

Got you. And I guess, just a follow-up on your comments around the PLM business, are you seeing customers sort of make smaller upfront commitments, but later on, returning to larger deal sizes? Clearly, that's driven by the macro. But just want to get your sense of post the financial crisis, just broadly for enterprise software, are you seeing your enterprise customers kind of following this template just to be a bit more prudent on their budget? Or is it solely due to the macro?

Jeffrey D. Glidden

Yes, so let me go to the last cycle we went through, we saw tremendous increases, in both CAD, but in PLM, our PLM business, the year after the last cycle, was up over 70% in the following year, so programs and projects that came back, came roaring back, quite frankly and that was positive. What we have been seeing and we disclose every quarter, large customer transactions, and we define any customer that does more than $1 million, in either license or service in a particular quarter; this past quarter we had 27 customers that did more than $1 million in transactions with us. That compared to 24 a year earlier. So the good news is, we have more customers doing more activity, but the average level of that activity, the average transaction size was about $2.2 million to $2.3 million, down about 20% from 1 year ago. So activity levels continue to be good. The size of those deals is moderating somewhat, just as we would have expected.

Perry Huang - Goldman Sachs Group Inc., Research Division

Okay. And then final question on the macro. You sell into several different verticals, you called out broadly, how manufacturing been soft at this point, but are you seeing any sort of relative strength or softness within those verticals you sell into?

Jeffrey D. Glidden

Well, good question. We have -- probably our largest single vertical, it would be industrial, industrial products and that's anyone that makes, again, complex equipment, Ingersoll Rand and other people like that would be in that vertical; elevators, manufacturers and so forth. We've seen some moderation there, but that continues to be -- that's above 28% of our business, and that has continued actually to hold up pretty well. The area that was soft as of late has been high-tech and electronics. Part of that is, we have a significant exposure to PC manufacturers that have been cutting back, so there's been a little bit less there. I think more growth, we expect long-term growth to be very solid in automotive, and I think as we continue to gain share in automotive, in addition to the mechanical side, has been the software side. I think we all understand the amount of software in your car today is huge and continuing to increase. When you hit the button that says, economy or sport, it's changing the software settings in your braking system, transmission, engine and so forth. So there's an awful lot of software in there. We think that's a very good market and good vector for us. Also medical devices is another area of longer-term growth, and so I'd say those areas we continue to see good growth in. In terms of slower growth, I'd also looking at our federal business, which is approximately 4% to 5% of our business, we'd expect that to be flat or down, and again, the uncertainty on federal budget is probably compounding that. Within that market area, aerospace and defense, particularly aerospace right now with the addition of Embraer in the last quarter, which is the third largest airframe manufacturer in the world located in Brazil; that was a major win last quarter, and we're at the early stages of deploying there. So we think aerospace will have a good market track for us but defense would be slower.

Perry Huang - Goldman Sachs Group Inc., Research Division

Got you. Okay. And then if we could just shift gears a little bit to your overall growth strategy, you touched on it a bit in your introductory remark, you're talking about the different business segments within PTC. I guess, over the near term and I guess, over the mid- to longer-term, how should we think about the key drivers for your top line growth? Is it sort of, if the extended PLM sort of near-term, and then extended PLM and SLM together, mid- to longer-term?

Jeffrey D. Glidden

All right. So let me start with kind of the overall strategy, and then we'll go into the segments. And really, in any given year, 80% to 85% of our revenue in recurring revenue from our installed base, so the first thing is, win the winners win a customer, and they're very often, our customer for life. If you do a good job, it will be very sticky, it's unlikely that we get displaced; very complex system. So it's really win the winners and HKMC, Hyundai Kia Motors, is a case and point or Embraer. If you win the account upfront with a particular product line, and I'll pick on Hyundai Kia Motors as an example, that was a PLM win about 2 years ago. They begin with 1 design center which was 200 seats, they have 12 design centers, so we're in the Phase 2 of rolling that out to the design centers. So it's win the customer, penetrate with a very strong product offering and then really penetrate further with that offering. At the same time, they have a software capability that they need help with so we wanted them expand the portfolio of offerings to that customer in the software area or in the services area. So it's penetrate with the first product and then upsell and cross-sell others. So broadly speaking, it's a win the account, penetrate and upsell and cross-sell. When we look at it in terms of growth vectors, I think the software side, as we said, has probably, a very attractive long-term growth of vector, if we talk to customers while they may not be hiring mechanical engineers today, they are hiring, increasingly, software engineers. And in many cases, the number of software engineers is equal to or greater than the hardware engineers. At the same time, we've talked about service lifecycle, the aftermarket service is beginning -- is becoming a more and more important piece of the whole relationship with their customers, but a very, very important driver of profitability for them. So I would say upside, probably long-term is both an ALM on the software side. And in services, should be the fastest-growing vectors in the business.

Perry Huang - Goldman Sachs Group Inc., Research Division

Got you. And along those lines, like the last couple quarters, you've been posting some impressive improvements in sales force productivity, if you just look at sort of headcount growth versus average license revenue per headcount. Last 2 quarters, impressive improvements there. And I heard on the call, you've mentioned that, probably would not start to ramp up sales force, headcount for at least the next several quarters, are there any sort of leading indicators or metrics we should kind of be thinking about, that will might indicate when you might start to increase your sales headcount?

Jeffrey D. Glidden

So just from both organic and from the acquisition side, we've increased our quota carrying sales teams from about 250 2 years ago to 350. So we think we have sufficient capacity to build out and deliver certainly this year -- this year's result. As you said, we're driving productivity so it's really been getting that, those teams up to speed and driving productivity. At the same time, we will consider -- there's not [ph] decisions now as we see macro factors improve or manufacturing upticks, we would look at adding capacity potentially later this year to provide the upside and opportunity to deliver '14 and '15. So our sales cycles are typically anywhere from 6 to 18 months, the ramp-up capacity and productivity for sales individuals is probably a minimum of 6 months, upwards of 18 to 24 months, so we need to be building that out in advance. So those aren't the decisions today, let's make what we have productive, but as we see the signs of turning in the -- things turning in the economy, we would be anticipating, I would anticipate, that we'd start adding sales capacity later this year.

Perry Huang - Goldman Sachs Group Inc., Research Division

Got you, okay. If we can move on to the margin improvement, well, you've set up a goal to hit 25%, 27% as a target in your fiscal year '15. Several levers here in the top line, you've talked about, of course, revenue growth, plus the mix of revenue between the different businesses, gross margin improvement and also, discipline on the OpEx line. One area that's seen a very good progress is gross margins. Could you talk about your strategy improving the services piece of that?

Jeffrey D. Glidden

Sure. If you look at the overall improvement going from mid-teens to mid-20s on operating margins, about half of that is gross margin and about half of that is leverage in operating margin. And we've made, as you've cited, really in the last 2 years, very, very good progress on the gross margin side, and let me -- there’s 2 levers there. One is, really our services mix and our services margin. So the first thing we've attacked is the improving and building out the services margin. We've moved our service -- professional services margins from small single-digits, 4% to 5%, to now 12% to 13%, with a longer-term 2-year goal to get to 15 points. So we've done that piece of it, I think we're well on track and have consistently delivered. At the same that, we're building out our partner ecosystem, such that if you will go back 1 year or so ago, we were doing 80% of all of the services to implement our products, were delivered by PTC employees, and 20% by partners. It's our goal to build the partner ecosystem, such that 50% of it is done by partners, and 50% by PTC. That will give our customers greater choices, it will give us more leverage in our model, and as we drive to grow license and maintenance revenue at a faster rate, then services as we move the services mix today from 24% to 21% or 22%, the combination of better profitability on the work we do, with a better mix should get us into the mid-70s. The last piece of that is the leverage in operating model, we're at our target for G&A at about 7%. We're at our target, long-term target for R&D, at about 16%, by the way, that's down from 19%, and that's really been a function of bringing new products to market, and maintaining the absolute spend of $200 million a year in R&D, but we're really getting leverage in R&D from those new products coming to market. The areas of work still underway, which is driving productivity in the sales team. We've taken the sales and marketing as a percent of revenue from 31% to 29%, we're targeting 28% this year, and mid-20s 2 years out. So I think the combination of those give us, I think, nice leverage and the real opportunity to continue to expand the margins in the near-term, next couple of years to 25%, as we approach those targets, we'll take another look at longer-term projects beyond that.

Perry Huang - Goldman Sachs Group Inc., Research Division

Got you. And you've laid out a very clear margin improvement strategy for the PLM side of the business, as you've talked about the services, the delivery piece. How should we think about, I guess, the CAD side of the business? Is that how you look at it, in terms of -- any way to improve the go-to market model for the CAD side of the business? Or given the maturity of that piece of the business, are you thinking more incremental operational efficiencies?

Jeffrey D. Glidden

I'll make a few comments and might [ph] turn to Tim to add some things on the CAD side. The CAD business is a terrific business. It's a very efficient business, it's more transactionally driven, we have a good channel that helps us there. That said, it's a mature business with market share shifts really not occurring between we and our competitors. It's really about servicing that installed base very effectively. I think the Creo strategy plays into that. I think we've got good productivity and a good channel. And so I think we're very comfortable with that, about really making sure that we maintain that pace, and we extend that with additional capabilities within the Creo family. Do you want to pick up on...

Tim Fox

So you're talking specifically from a margin perspective on the CAD business there. So I mean, generally speaking, that is, yes, the most profitable segment within the business for sure. That's predominantly driven by the fact that there's very little professional services required as a desktop tool. In fact, we receive some upside from an overall margin perspective in that business is in training, which is actually a very high-margin part of the professional services business. So as Jeff mentioned earlier, the base at this point is under 20% penetrated on Creo. We're expecting that to ramp over the next several years. That will drive some incremental training revenues, and could in fact drive a little bit of incremental improvement in the gross margin for that CAD business. But by and large, that's a very nicely profitable business today, and I think, to your point earlier, it's the extended PLM and the SLM areas where we are driving more and more profitability through 2 strategies: one being, a partnership program, which is critical; but secondly, over the long-term, driving more solutions, more hardened solutions into those markets that require less customization, less handholding and frankly, a lower mix of services, and that's really the critical factor across the other foresight.

Jeffrey D. Glidden

Yes, I want to pick up on that for 1 minute, and just add that our customers don't make any money buying software, they only make money when it's implemented. So we think about time to value. Just as Tim said, if the solution is more compete, and let's call it 80% complete, with some configuration at the end, and we can implement as we did with Hyundai Kia Motors, we can implement in 9 months instead of 12 or 15, that's much greater time to value for the customer, requires less services and gives them a better outcome, and it also is faster time to additional sales for us. So by completing that program, fundamentally in a year, they are back buying more software sooner by having that, so it's a very virtuous cycle, value to the customer, less services and more software for us.

Perry Huang - Goldman Sachs Group Inc., Research Division

We have time for a final couple of questions. I don't know if anybody in the audience has a question?

Unknown Analyst

You've done a good job working with on the future [ph] . Done a really good job of raising margins and pursuing that strategy. But could you spend 1 minute on what your strategies might be in terms of driving license growth?

Jeffrey D. Glidden

Great. So clearly, I think we're pleased with the margin expansion, and we've been hitting a depressed area here with the macro factors. What we've been doing to drive, really fundamentally drive that license growth is building out the sales capacity. As I've mentioned, we went from 250 teams to 350. And we've been, historically, had very large customers, what we call megadeals. As a percent of our revenue if you went back a number of years, those very large purchases might have represented 20% of our license revenue. Today, they are closer to 10% or even less than 10%. At the same time, our revenues have been, the transactional revenue were the $100,000 deals, $250,000, $500,000 from the new capacity is kicking in. So under the covers, we're seeing an improvement in that capacity and that capability which is the long-term key to the success, not betting on $1 million, $3 million, $5 billion deals but getting a broader set of customers. And again, when you win a customer, you get a customer for life if we do a good job, so building out sales capacity, I think will be a key. We had some discussions probably 2.5 years ago, about the product portfolio and how robust it was becoming with the new capabilities that we both engineered, and that we'd acquired, with a realization that we really needed more sales capacity. Sit down with a CEO and say, we're not going to sell more, if we don't hire more people, and it's been interesting that the finance team has been very, very much a big advocate for adding sales capacity. So I think that's a key to it, as well as expanding into new markets. We were early in China, we are now looking at Brazil, we've been early in the Brazil, but it's been a small market for us, and now we're winning Embraer, that becomes the anchor tenant for us in Brazil, so it's building out into some of the emerging geographies as well.

Tim Fox

Just to draft [ph] on it, to that, implied in that incremental capacity that's being added for sales Jeff mentioned new products. I mean if you think the mix of the business, we were 100% CAD 10 years ago, then PLM became a bigger and bigger part of the business. Now we have ALM and supply chain, as well as this SLM segment, so we've added much higher growth pieces of the business and solutions to sell into the market. CAD, great business, as I mentioned, very profitable, over time just becomes a smaller part of the overall licensed picture so that mix will ultimately drive better license growth.

Unknown Analyst

Are you seeing any of your customers push for a SaaS offer, across any of the products?

Jeffrey D. Glidden

We offer term licenses and essentially hosted solutions today, particularly in PLM. CAD is virtually, all desktop. And on the PLM side, we felt -- through a set of partners, we have about 50 or 60 deployments that some of which are term, some of which are perpetual but are hosted. So we have a capability there today. I would say in PLM, most of the deployments are private cloud, managed by our customers. That said, on the services side, particularly, within Servigistics, they have a small and emerging SaaS business, if you will. It's a term licenses with hosted solutions. So I think on some of those point level solutions, as well as we look ahead, I would expect, probably more likely that we have SaaS offerings and SaaS-licensed models on the services side, and I think that's how it will evolve. But today, it's still a very small piece of the business, Rob [ph] . It's 95% of our business today is perpetual with maintenance, again a beautiful recurring revenue stream with almost 50% of our revenue being maintenance. And then I think we'll see an emerging SaaS piece on the service lifecycle management side, it would be the most likely place to start.

Perry Huang - Goldman Sachs Group Inc., Research Division

Any other questions? okay. I guess, to close out the session, just a final question on I guess, competition. You mentioned a nice competitive win with Embraer last quarter. But I guess, broadly with the soft manufacturing industry, are you noticing any change in that competitive landscape, for example, vendors using different tactics, trying to exploit sort of like the changing customer purchasing behavior?

Jeffrey D. Glidden

There's 2 questions there, Perry. Just let me -- The first one was competitive and other one is buying patterns. I don't think we see anything significantly different on the competitive front. I think Windchill, which is really our flagship product, when we go into benchmarking, et cetera, Embraer, HKMC, we do extremely well, very complete, very robust solution, and we typically win on that side. Then that becomes partnership and relationship and in some cases, a competitor may have an incumbent position that we don't have, so sometimes that can shift it. And there are cases where I call it jump ball, we do extremely well. And then there's [ph] commercial terms, and we all are quite competitive on commercial terms. I wouldn't say that there's any new tricks that I'm seeing. I think the buying patterns are really increasing, and we're doing the same thing, saying I'm only going to buy what I need today. The days of saying, I'm going to commit to a program for 1 year, I think are less today, that they'll say, we're going to commit to the program but only going to buy the next quarter at a time. And that's okay, too. We can live within that. And as a CFO, I'd just as soon have a customer buy $1 million a quarter than buy $4 million upfront, I'd probably have a better pricing mechanism, and it's a much more predictable model. So I think it's actually a positive trend to see smaller bites at a time and we're able to manage that very nicely as well, but no fundamental change on the competitive front. Tim, I don't know if you have any?

Tim Fox

No, I think that's fair. I mean in CAD space is pretty well marked out from a competitive perspective. We don't really compete in the low, low end of the market. I think with Creo, we're actually anticipating some consolidation within customers that typically have a multi-CAD environment. We think there's opportunities out there to do some consolidation over the long term. By and large, in the PLM space, when it does come down to big commercial opportunities, like in Embraer, we win our -- the majority of those. Yes, in some of the emerging categories, there's -- the competitive environment there is still largely point solutions that do one piece, say, of the SLM pie. So when we compete there, the story now is much broader in SLM. So I think we can come to the table with integrated strategy. At least the story right now, the products aren't necessarily integrated after just a quarter of owning Servigistics. But clearly, the vision there around having 9 products within a full suite, as opposed to just 1 piece of say, field service management is, creating a competitive differentiation for us in that market.

Jeffrey D. Glidden

One trend that's occurring, within our customer base and we'll be talking more about this, PlanetPTC in June, it's a user group meeting. By the way, it will be in Anaheim, so if people are really want to understand our products and our customer, it's a great place. We have typically, have 2,000 customers there, but the smart products and connected home is a real theme for our customers. And as you know if you take your car in for service, the first thing they do is they plug it into the computer to diagnose what's wrong or not wrong. And often, a solution is not a mechanical fix but a software update. That is increasingly true in many, many products. We see it in the computer industry clearly, but automotive, airframes, et cetera. We see that with Whirlpool, as an example, large appliance manufacturer, where, based on software in the product, they are able to diagnose failures before it occurs. They can actually do software patches that will correct the operation of the equipment remotely or actually help a technician diagnose it. So there's whole software piece both on the design side, on the shipment side and actually adding capabilities on the service side, become very important. So I think it will be a major theme at PlanetPTC, and it's a really interesting driving factor for our customers, as well as for our business.

Perry Huang - Goldman Sachs Group Inc., Research Division

Okay, great. With that, we'll wrap up the session and head over to the breakout room. Thanks...

Jeffrey D. Glidden

Great. Thank you, Perry...

Tim Fox

Thanks, everybody.

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