PTC reported results today after the market closed — yes, that’s two in one day — and will hold its analyst conference call tomorrow. A quick read of the press release and supplemental material shows that reported revenue of $269 million (up 12%) and non-GAAP EPS of $0.26 were at the very top end of guidance — buoyed by license revenue of $74 million (up 15%) and a 40% increase in Desktop license revenue. Unfortunately, the Enterprise business didn’t do as well, with license revenue down 15%, due to lower than expected Federal, Aerospace & Defense revenue in North America, as well as “the dilutive effect of the strong Desktop revenue on PLM sales capacity”.

What that dilution means, and a lot more after the earnings call Thursday morning.