PTC delivered solid QQ4 2024 results against a challenging macro backdrop, underscoring the resilience of its software subscription model and the strategic importance of its five focus areas (PLM, ALM, SLM, CAD, and SaaS). Revenue of $626.5 million supported a robust gross margin of ~81.99% and an EBITA framework that produced $207.2 million of EBITDA and an operating income of $194.0 million. Importantly, free cash flow for the year reached $736 million, up 25% year-over-year, reflecting disciplined working capital management and a deliberate debt-paydown trajectory. Management anchored the long-term narrative on ARR growth and free cash flow generation, reinforced by a 12% YoY constant-currency ARR uplift to $2.207 billion at quarter-end and a 2Q/3Q run-rate expansion in ARR that supports a mid-to-high single-digit to low-double-digit trajectory over the medium term. The company also announced a $2.0 billion share-repurchase authorization, signaling confidence in intrinsic value and capital allocation discipline amid a transformed GTM. Nevertheless, management cautioned that near-term go-to-market realignment introduces some disruption risk, which is prudently reflected in the FY2025 ARR guidance of 9-10% constant-currency growth and a mid-teens ARR trajectory in the longer horizon depending on execution. The combination of robust FCF, deleveraging progress (1.9x end-of-Q4 leverage), and capital returns highlights PTC’s capacity to sustain investment in R&D while returning capital to shareholders, albeit within a setup that acknowledges FX and macro volatility as continued headwinds for order timing and deal cadence.