MacMillan writes that he now thinks his prior software license numbers for the fiscal fourth quarter were “too ambitious,” and that “compares will stay tough.”
“The company is up against double-digit license growth compares for the next three quarters, and we think organic growth will be in the 5%-plus range,” he writes.
We also think that the U.S. spending environment is just OK. Finally, while we don’t think the competitive situation is changing much, we believe that we are entering a period of greater uncertainty.
PMTC 1-yr chart: