PTC reported a solid Q3 2024 despite a challenging selling environment, with constant currency ARR up 12% year-over-year to $2.125 billion and free cash flow up 29% YoY to $213.8 million. Revenue came in at $518.6 million, with gross margin around 76.36% and operating margin of 18.5%, underscoring the durability of the company’s subscription-led model and focus on high-value PLM/ALM/SLM offerings. Management reaffirmed commitment to five focus areas (PLM via Windchill, ALM via Codebeamer, SLM via ServiceMax, CAD via Creo, and SaaS evolution), while aggressively pursuing operational improvements to scale the digital thread across customers. Guidance was updated to reflect timing-related effects, with FY2024 constant currency ARR guidance now 11-12% growth and free cash flow of about $725 million; Q4 ARR expected at $2.20-$2.22 billion and FCF around $83 million, implying continued cash-generation discipline notwithstanding a ramp in pipeline activity.