# PTC at $205: What Schneider Electric Is Really Buying in the $23.7B Deal

> Schneider Electric’s proposed $23.7 billion acquisition of PTC offers a closer look at the value of industrial software, recurring revenue, and subscription-driven growth. This thesis examines PTC’s filings to assess ARR, margins, cash flow, management, risks, future growth, and the business Schneider Electric is acquiring at $205 per share.

**Companies**: PTC Inc. - Common Stock
**Sectors**: Technology
**Published**: 2026-10-10
**Last Updated**: 2026-10-10
**Source**: https://thesisloop.ai/thesis/ptc-at-205-what-schneider-electric-is-really-buying-in-the-23-7b-deal-4bae0be7-7695-4761-8760-c6a7115ab0e2

## Score Overview

| Company | Management | Business Model | Future Growth | Risk |
|---------|-----------|---------------|--------------|------|
| PTC Inc. - Common Stock | 76/100 | 68/100 | 59/100 | 78/100 |

## PTC Inc. - Common Stock (NASDAQ:PTC)

**Sector**: Technology | **Industry**: Software & Cloud Platforms

### Management Credibility

- The company states that the relevant U.S. tax-law provisions are applicable beginning in FY2026 and that its financial statements reflect their impact. However, the filing does not quantify a positive cash impact or provide evidence sufficient to determine whether the impact is material. The commitment therefore remains active but unquantified. (3 in progress, 2 met across 5 tracked commitments) (NEUTRAL, IN_PROGRESS)
  > In connection with this divestiture, we entered into a transition services agreement ("TSA") with Purchaser, whereby we agreed to provide certain transition services for up to 12 months from the date of sale. Income related to the TSA offsets the operating costs to provide these services and is reco
  - Source: Quarterly Report · Mar 2026 · p.11
- **[CATALYST] M&A or Activist Pressure** (POSITIVE, MET): The commitment was achieved during fiscal 2025. This Q1 FY2026 filing reports that the company repurchased $200 million in the quarter ended December 31, 2025, while separately stating that $300 million had been repurchased during fiscal 2025. The filing does not provide the exact fiscal-2025 quarterly breakdown, but explicitly confirms the approximately $300 million target was delivered. (2 met, 1 exceeded across 3 tracked commitments)
  > The transaction is expected to close on or before April 1, 2026.
  - Source: Quarterly Report · Dec 2025 · p.9
- **[CATALYST] Major Platform Release** (NEUTRAL): Management expects a greater proportion of revenue to be recognized ratably as SaaS offerings expand, additional cloud functionality is released, and customers migrate from on-premises subscriptions to SaaS. (+2 more commitments)
  > We expect that over time a higher portion of our revenue will be recognized ratably as we expand our SaaS offerings, release additional cloud functionality into our products, and migrate customers from on-premises subscriptions to SaaS.
  - Source: Quarterly Report · Dec 2025 · p.21
- **[CATALYST] Operating Margin Reset** (NEUTRAL): Execute the go-to-market realignment and related initiatives with the objective of generating ARR, financial results, and cash flow.
  > our go-to-market realignment and related initiatives may not generate the ARR and/or financial results or cash flow when or as we expect;
  - Source: Quarterly Report · Mar 2026 · p.21
- **[METRIC] Sales Efficiency and CAC Payback** (NEUTRAL): Pursue the go-to-market realignment and related initiatives to generate ARR, financial results, and cash flow.
  > our go-to-market realignment and related initiatives may not generate the ARR and/or financial results or cash flow when or as we expect;
  - Source: Quarterly Report · Jun 2026 · p.21
- **[METRIC] RPO, Billings, and Backlog** (NEUTRAL, IN_PROGRESS): The strategic shift toward recurring and cloud revenue is progressing, but the filing does not quantify the proportion of revenue recognized ratably or establish a completed target. (2 in progress across 2 tracked commitments)
  > As of March 31, 2026, RPO totaled $2,514.5 million, of which $771.1 million is recorded in Deferred revenue and $1,743.4 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 53% over the next 12 months, 27% over the next 13 to 24 months, 
  - Source: Quarterly Report · Mar 2026 · p.9
- **[METRIC] SBC, Dilution, and Free Cash Flow** (POSITIVE, MET): The FY2025 repurchase target was exceeded based on the six-month FY2026 disclosure of prior-year repurchases. (1 exceeded, 2 met, 1 revised, 1 in progress across 5 tracked commitments)
  > Our Board of Directors has authorized us to repurchase up to $2 billion of our common stock in the period October 1, 2024 through September 30, 2026, and $2 billion of our common stock in the period October 1, 2026 through September 30, 2028.
  - Source: Quarterly Report · Mar 2026 · p.28
- **[PRINCIPLE] AI Monetization Must Show in Usage or ARPU** (NEUTRAL): Continue investing in software solutions, including AI capabilities, and pursue customer adoption of product-data foundations supporting AI-driven transformation. (+3 more commitments)
  > Our investments in our software solutions, including the integration of artificial intelligence (AI) capabilities into our software solutions, may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if those capabilities are not made available when or as we expe
  - Source: Quarterly Report · Jun 2026 · p.21
- **[PRINCIPLE] GAAP to Cash Quality Matters** (POSITIVE, MET): Management reaffirmed that liquidity is sufficient. As of December 31, 2025, the company had $210.3 million of cash, cash equivalents, and restricted cash, $995.4 million available to borrow under its revolving credit facility, and $269.7 million of operating cash flow during Q1 FY2026. Management stated that these resources are sufficient for requirements through at least the next twelve months and for known long-term capital requirements. (3 met across 3 tracked commitments)
  > We believe that existing cash and cash equivalents, together with cash inflows from operations and amounts available under the credit facility, will be sufficient to meet our working capital and capital expenditure requirements through at least the next twelve months and to meet our known long-term 
  - Source: Quarterly Report · Dec 2025 · p.26
- **[PRINCIPLE] Net Revenue Retention Is the First Moat Check** (NEUTRAL): Maintain a recurring, subscription-oriented business model intended to provide predictable revenue and support sustained investment in customer support and longer-term growth opportunities.
  > Our business is based on a subscription model and approximately 95% of our 2025 and 2026 year-to-date revenue was recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher customer engagement and retention and provides better business predictability. 
  - Source: Quarterly Report · Mar 2026 · p.20
- **[TREND] Agentic Workflow Adoption** (NEUTRAL): Management plans to continue investments aimed at helping customers establish product-data foundations for AI-driven transformation.
  > Our customers may not build the product data foundations essential for the AI-driven transformation of their business when or as we expect, which could adversely affect our ARR and/or financial results and cash flow and growth.
  - Source: Quarterly Report · Dec 2025 · p.19

### Business Model

- PLM was the larger product group in FY25, generating $1,741.3 million, or 63.6% of total revenue. It grew faster than the company overall on a reported basis. The baseline later shows PLM at approximately 59% of quarterly revenue in Q3 FY26, indicating a subsequent share reduction, but that later decline was attributed partly to the Kepware and ThingWorx divestiture and lower European license revenue. (5 expanding across 2 engines) (POSITIVE, Change: EXPANDING)
  > Product lifecycle management (PLM) $356,970 $403,722 ... Total revenue $600,049 $643,937
  - Source: Quarterly Report · Jun 2026 · p.9
- **[CATALYST] M&A or Activist Pressure** (NEGATIVE, Change: CONTRACTING): PLM remained the larger product group, but Q3 FY2026 revenue contracted year over year, mainly because PTC divested Kepware and ThingWorx and recorded lower European license revenue. The continuing PLM business was healthier than the reported figure: PLM ARR excluding the divested businesses grew 8% year over year, or 10% in constant currency. (1 contracting)
  > Product lifecycle management (PLM) $356,970 $403,722 ... Total revenue $600,049 $643,937. PLM software revenue decreased in Q3'26 compared to Q3'25, primarily driven by the impact of the divestiture of the Kepware and ThingWorx businesses, as well as lower license revenue in Europe. PLM ARR excludin
  - Source: Quarterly Report · Jun 2026 · p.12
- **[METRIC] RPO, Billings, and Backlog** (POSITIVE, Change: EXPANDING): PLM software revenue expanded 23% year over year to $1,639.0 million, led primarily by Windchill, with ARR growth of 10%. This indicates healthy expansion before the later divestiture-related reduction in the baseline quarter. (5 expanding)
  > As of June 30, 2026, RPO totaled $2,417.7 million, of which $712.5 million is recorded in Deferred revenue and $1,705.2 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 54% over the next 12 months, 28% over the next 13 to 24 months, a
  - Source: Quarterly Report · Jun 2026 · p.8
- **[PRINCIPLE] Net Revenue Retention Is the First Moat Check** (POSITIVE, Change: EXPANDING): CAD revenue was broadly stable to slightly higher year over year, while its recurring base strengthened. CAD revenue increased 1%, and CAD ARR grew 6% reported, or 8% in constant currency, led by Creo. (1 expanding)
  > Computer-aided design (CAD) $243,079 $240,215 ... CAD ARR grew 6% (8% constant currency) from Q3’25 to Q3’26, primarily driven by Creo.
  - Source: Quarterly Report · Jun 2026 · p.12
- **[PRINCIPLE] Platform Consolidation Beats Point-Tool Growth** (POSITIVE, Change: EXPANDING): The switching-cost moat strengthened economically as PTC's subscription base and customer data foundation expanded. Recurring revenue rose 22% to $2,600.5 million, representing 94.9% of FY25 revenue versus 92.8% in FY24. PTC also served more than 30,000 customers and described its software as a product-data foundation connecting engineering and enterprise workflows. (4 expanding)
  > A product data foundation is the backbone of AI-driven transformation. ... Our business is based on a subscription model and approximately 95% of our 2025 and 2026 year-to-date revenue was recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher cust
  - Source: Quarterly Report · Jun 2026 · p.21
- **[TREND] Agentic Workflow Adoption** (POSITIVE, Change: EXPANDING): The technology-and-data moat strengthened as PTC continued positioning its PLM and CAD products as a shared, traceable product-data foundation across departments and as a backbone for customers' AI transformation. The quarter also showed strong PLM and CAD ARR growth, providing concrete evidence of continued adoption rather than only product positioning. (2 expanding)
  > ARR $2,494.2 $2,205.3 ... Our customers can then go on to use this data to break down silos, streamline workflows, and achieve interoperability across departments, functions, and systems. This includes the growing emphasis on AI-driven transformation across our customers’ teams, operations, and proc
  - Source: Quarterly Report · Dec 2025 · p.6
- **[TREND] Vertical AI Applications** (POSITIVE, Change: EXPANDING): PTC's technology-and-data moat continued to deepen through growth in the continuing PLM portfolio, particularly Windchill and Codebeamer, and through the company's positioning of product data as the foundation for enterprise AI transformation. The filing provides evidence of adoption through ARR growth, but not separate paid AI usage, attach rates, or AI-related pricing. (1 expanding)
  > We enable the Intelligent Product Lifecycle: establishing a strong product data foundation in the engineering department and democratizing the access and use of that data across the enterprise to drive cross-functional collaboration, accelerate new product introduction timelines, and deliver higher 
  - Source: Quarterly Report · Jun 2026 · p.21

### Future Growth

- The latest filing reports CAD ARR growth of 9% year over year, or 11% in constant currency, driven primarily by Creo. This is materially stronger than the previously extracted 6% reported growth and 8% constant-currency growth, indicating an improving trajectory. (5 accelerating across 5 signals, 2 leading indicators) (POSITIVE, Trend: ACCELERATING)
  > CAD ARR grew 6% (8% constant currency) from Q3’25 to Q3’26, primarily driven by Creo. CAD ARR grew 8% (8% constant currency) in the Americas, 5% (11% constant currency) in Asia Pacific, and 4% (7% constant currency) in Europe from Q3’25 to Q3’26, primarily driven by Creo in all regions.
  - Source: Quarterly Report · Jun 2026 · p.25
- **[CATALYST] Operating Margin Reset** (NEUTRAL): Partner delivery is replacing more of PTC's own professional-services work. This reduces direct services revenue, but can make the software model more scalable by shifting implementation work to partners. — Professional services revenue: 3% YoY in Q3; down 15% year to date
  > Professional services revenue decreased in the first nine months of FY'26 as we continue to execute our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves.
  - Source: Quarterly Report · Jun 2026 · p.24
- **[METRIC] Gross Margin and Compute Cost** (NEUTRAL, Trend: STEADY): Support and cloud services gross margin declined from the previously extracted 80% quarterly level to 80% in the latest filing, while remaining at 80% for the six-month period versus 81% in the prior-year period. Revenue grew strongly, but costs rose at a similar rate, indicating stable but slightly pressured economics rather than margin expansion. (5 steady across 5 signals)
  > Support and cloud services gross margin percentage 80% 80%. Support and cloud services gross margin growth in Q3'26 and the first nine months of FY'26 compared to the corresponding FY'25 periods was in line with support and cloud services revenue growth. Cost of support and cloud services revenue in
  - Source: Quarterly Report · Jun 2026 · p.25
- **[METRIC] RPO, Billings, and Backlog** (NEGATIVE, Trend: REVERSING): RPO increased from $2.4177 billion in the previously tracked period to $2.280 billion in Q2 FY25, a decline of approximately $137.7 million or 5.7% on the available sequential data. The latest filing also shows that 59% of RPO, or about $1.345 billion, is expected to be recognized within 12 months. Because the balance declined rather than reaccelerated, this is a negative trend, although the backlog remains material. (1 reversing, 4 new trend across 5 signals)
  > As of June 30, 2026, RPO totaled $2,417.7 million, of which $712.5 million is recorded in Deferred revenue and $1,705.2 million is not yet recorded in the Consolidated Balance Sheets. Of the total, we expect to recognize approximately 54% over the next 12 months, 28% over the next 13 to 24 months, a
  - Source: Quarterly Report · Jun 2026 · p.12
- **[PRINCIPLE] AI Monetization Must Show in Usage or ARPU** (POSITIVE, Trend: NEW_TREND): R&D investment increased 5% year to date to $359.8 million while total headcount declined 5% year over year following the divestiture. This indicates continued product-development spending despite portfolio separation, but there is no multi-quarter product-level evidence showing that AI investment is producing paid usage, higher pricing, or incremental ARR. (1 new trend across 1 signal, 1 leading indicator)
  > This includes the growing emphasis on AI-driven transformation across our customers’ teams, operations, and processes. A product data foundation is the backbone of AI-driven transformation.
  - Source: Quarterly Report · Jun 2026 · p.21
- **[PRINCIPLE] GAAP to Cash Quality Matters** (NEGATIVE, Trend: REVERSING): Professional services revenue is weakening over the broader period: it grew 3% year over year in Q3 FY26 to $23.3 million, but declined 15% year to date to $70.2 million. The latest quarter's recovery is a small positive inflection, but the nine-month trend remains negative because PTC is shifting implementation work to partners. (1 reversing across 1 signal)
  > Professional services 23.3 22.6 3% 3% ... Professional services 70.2 83.0 (15)% (17)% ... Professional services revenue decreased in the first nine months of FY'26 as we continue to execute our strategy of leveraging partners to deliver services rather than contracting to deliver services ourselves.
  - Source: Quarterly Report · Jun 2026 · p.24
- **[PRINCIPLE] Platform Consolidation Beats Point-Tool Growth** (POSITIVE, Trend: NEW_TREND): CAD ARR growth remained healthy and broadened geographically, rising 6% year over year, or 8% on a constant-currency basis, with growth in every reported region. The filing provides only the current-quarter data point, so acceleration versus earlier quarters cannot be established from this document. (2 new trend across 2 signals)
  > ARR was $2.41 billion as of the end of Q3'26, flat with Q3'25, and grew 2% on a constant currency basis, with growth impacted by the Q2'26 divestiture of the Kepware and ThingWorx businesses. ARR growth excluding the divested businesses in Q3'26 compared to Q3'25 was 7% (9% constant currency).
  - Source: Quarterly Report · Jun 2026 · p.23
- **[TREND] Enterprise Procurement Scrutiny** (NEGATIVE, Trend: DECELERATING): International growth is mixed rather than uniformly accelerating. Nine-month revenue rose 13% in the Americas, 13% in Europe, and 5% in Asia Pacific, but the latest quarter showed declines in the Americas and Europe while Asia Pacific grew 4%. The latest-quarter reversal in Europe and the Americas indicates a decelerating geographic trend, partly reflecting divestiture and contract timing. (1 decelerating across 1 signal)
  > Revenue decreased 7% (8% constant currency) in Q3'26 compared to Q3'25, reflecting the divestiture of the Kepware and ThingWorx businesses in Q2'26 as well as lower license revenue due primarily to the shortened duration of a single large contract renewal and expansion. There was $46 million of reve
  - Source: Quarterly Report · Jun 2026 · p.22

### Risk Assessment

- The exposure remained significant, but FY25 results benefited modestly from currency movements rather than being hurt by them. Approximately 50% of revenue and 35% of expenses were transacted in currencies other than the U.S. dollar; management estimates that a $0.10 euro move would change operating income by approximately $44 million and a 10-yen move by approximately $10 million. The company recorded $5.2 million of losses on non-designated hedges, but reported currency was a slight tailwind in FY25. Relative to the later baseline, where non-U.S.-dollar revenue exposure is higher and foreign-currency losses continued, the risk increased from MEDIUM to HIGH. (5 intensifying, 2 high-severity) (NEGATIVE, Risk: HIGH)
  > The stated maturity date under the credit facility on which both the revolver line and the term loan will mature and all amounts then outstanding will become due and payable is January 3, 2028.
  - Source: Quarterly Report · Jun 2026 · p.18
- **[CATALYST] M&A or Activist Pressure** (NEGATIVE, Risk: HIGH): This risk emerged after year-end. PTC agreed in November 2025 to sell Kepware and ThingWorx for up to $725 million, including up to $600 million at closing and up to $125 million of contingent consideration. The proceeds are intended largely for share repurchases, while the continuing business must replace the divested products' growth and profit contribution. The sale was not present in the September 2025 operating period, so it is an emerging risk in the later period rather than a risk that can be measured as worsening within FY25. (1 emerging, 2 intensifying, 1 high-severity)
  > Software revenue attributable to Kepware and ThingWorx was $45 million and $131 million in Q3'25 and the first nine months of FY25, respectively.
  - Source: Quarterly Report · Jun 2026 · p.24
- **[METRIC] Gross Margin and Compute Cost** (NEUTRAL, Risk: MODERATE): Cloud and software delivery costs are increasing faster than support and cloud revenue. If hosting, subscription-related costs, or employee costs continue rising, the 80% support-and-cloud gross margin could contract. [MARGIN_COST]
  > Cost of support and cloud services revenue increased 7% in the first nine months of FY'26, primarily due to higher cloud and software subscription-related costs and compensation-related costs.
  - Source: Quarterly Report · Jun 2026 · p.25
- **[METRIC] RPO, Billings, and Backlog** (NEGATIVE, Risk: HIGH): In FY25, reported revenue growth was unusually dependent on larger and longer-duration contracts: license revenue increased 44%, while support and cloud services increased only 8%; long-term receivables rose $179 million, or 89%, and remaining performance obligations rose $601 million, or 27%. Management explicitly warns that the mix and timing of on-premises subscription contracts can materially change reported revenue, margin, and earnings per share. Compared with the later baseline, which reports a large divestiture gain and weaker underlying earnings quality, execution and comparability risk increased from MEDIUM to HIGH. (1 intensifying, 1 high-severity)
  > Europe $202,535 $239,286
  - Source: Quarterly Report · Jun 2026 · p.11
- **[METRIC] SBC, Dilution, and Free Cash Flow** (NEGATIVE, Risk: HIGH): Stock-based compensation remained a large recurring cost: FY25 expense was $216.2 million, equal to approximately 25% of operating cash flow of $867.7 million. PTC also had 1.896 million outstanding RSUs and $201.5 million of unrecognized compensation cost expected to vest. Although share repurchases reduced shares outstanding by about 1.65 million, employees received 1.30 million shares upon vesting before tax withholding. The later baseline shows continued high SBC and a much larger repurchase program, so the risk increased from MEDIUM to HIGH. (4 intensifying, 1 high-severity)
  > Total stock-based compensation expense $185,848
  - Source: Quarterly Report · Jun 2026 · p.9
- **[PRINCIPLE] AI Monetization Must Show in Usage or ARPU** (NEUTRAL, Risk: MODERATE): PTC stated that it was increasingly incorporating AI into products and using AI internally, but FY25 disclosures provided no paid AI seats, attach rates, usage, pricing, or revenue contribution. Management warned that customers may not realize expected benefits and that AI could create inaccurate outputs, liability, and added operating risk. The later baseline still reports no monetization evidence, so this remained an unresolved high-priority risk rather than improving. (2 stable)
  > our investments in our software solutions, including the integration of artificial intelligence (AI) capabilities into our software solutions, may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect if those capabilities are not made available when or as we expe
  - Source: Quarterly Report · Jun 2026 · p.22
- **[PRINCIPLE] GAAP to Cash Quality Matters** (NEGATIVE, Risk: HIGH): In Q1 FY26, the divestiture had not yet closed, so there was no large divestiture gain in reported earnings. Net income was $166.5 million versus $82.2 million in the prior-year quarter, while acquisition and transaction-related costs rose to $10.7 million from $0.2 million. The later baseline included a $462.6 million divestiture gain and showed that reported year-to-date earnings materially benefited from the transaction. Therefore, the earnings-quality risk emerged and intensified after this filing. (1 emerging, 1 stable, 1 intensifying, 2 high-severity)
  > In Q2'26, we recognized gains of $462.6 million on the sale of the Kepware and ThingWorx businesses
  - Source: Quarterly Report · Jun 2026 · p.32
- **[PRINCIPLE] Platform Consolidation Beats Point-Tool Growth** (NEGATIVE, Risk: HIGH): The competitive risk was already material in FY25 and remained material in the later baseline. PTC faces established competitors including Autodesk, Dassault Systèmes, Siemens, IBM, Oracle, SAP, Microsoft, Salesforce, and IFS, while customer demand is shifting toward SaaS. PTC had only introduced Windchill+ and Creo+ SaaS offerings and stated that customers may not adopt them as expected. AI creates additional risk because competitors may deploy it faster or more effectively and PTC's AI outputs may be inaccurate or create legal liability. There is no evidence that the risk eased. (3 stable, 1 intensifying, 1 high-severity)
  > our investments in our software solutions, including the integration of artificial intelligence (AI) capabilities into our software solutions, may not drive expansion of those solutions and/or generate the ARR and/or cash flow we expect ... or if customers adopt competing solutions
  - Source: Quarterly Report · Jun 2026 · p.22
- **[TREND] Enterprise Procurement Scrutiny** (NEGATIVE, Risk: HIGH): FY25 provides an earlier, comparatively strong demand picture rather than evidence of deterioration: ARR increased 10% to $2.48 billion, recurring revenue increased 22%, software revenue increased 21%, and PLM software revenue increased 23%. However, management identifies discrete manufacturing exposure and warns that tariffs, supply-chain disruption, high interest rates, inflation, foreign-exchange volatility, and a strong U.S. dollar could cause customers to delay or reduce purchases. Relative to the later baseline, where revenue and license revenue declined, this risk intensified over time from LOW in FY25 to HIGH by Q3 FY26. (4 intensifying, 1 high-severity)
  > Revenue decreased 7% (8% constant currency) in Q3'26 compared to Q3'25, reflecting the divestiture of the Kepware and ThingWorx businesses in Q2'26 as well as lower license revenue due primarily to the shortened duration of a single large contract renewal and expansion.
  - Source: Quarterly Report · Jun 2026 · p.24

### Scenario Analysis

- 11 positive impacts identified; 6 negative impacts identified (POSITIVE)
  > Cost of support and cloud services revenue increased 7% in the first nine months of FY'26, primarily due to higher cloud and software subscription-related costs and compensation-related costs.
- 12 positive impacts identified; 7 negative impacts identified (POSITIVE)
  > These risks include: the macroeconomic and/or global manufacturing climates may not improve or may deteriorate due to, among other factors, the effects of import tariffs, threats of additional and reciprocal import tariffs, global trade and geopolitical tensions and uncertainty ... any of which coul

---
*Generated by [ThesisLoop](https://thesisloop.ai) — AI investment research for US equities.*

> AI-generated research for informational and educational purposes only — not personalized investment advice, a stock recommendation, or a guarantee of returns. ThesisLoop is not a registered investment adviser. Do your own diligence and consult a licensed professional before making any investment decision.