Good, thank you. Thanks, Sterling. Good to have the opportunity to participate in the fireside chat here today. There's lot to talk about. I just want to provide a kind of quick backdrop to what leads us to the topic or issues of the day today.
PTC had a pretty good year last year, we came off year of 16% growth and 26% earnings growth and we're headed into a pretty strong year this year as well. In February of this year, we actually had an analyst day and upgraded or lifted our long-term outlook.
We had had a plan out there for 2014 or let's say a goal for 2014 and we raised the goal and basically set our new goal because we're actually ahead of plan on the 2014 goal and planning to meet some of those metrics already in 2012.
We set a new goal for 2015, which was to have between now and then 11% to 13% revenue growth CAGR to increase our operating margins from the 20% or so that they are this year, or that they will be this year to 25% to 27% and that would drive our earnings per share up, considerably from where they are today.
So that would say – let me say in 2012 our current guidance is about $1.280 billion to $1.282 billion, our margin guidance is about 20% and our EPS guidance is a little under $1.50 but that says in 2015 we would be more like at the middle of that range $1.8 billion 26% operating margins and $3 a share.
So it's an interesting plan and that certainly got a lot of shareholder interest. Then we proceeded unfortunately to post rather a weak quarter in the March ending quarter. We missed particularly on the license revenue.