Mar-Q operating EPS of $0.19, vs. $0.11, misses our $0.22 estimate. Total revenues rose 12% to $269M, in line with our forecast. Software license revenues grew 15%, but were below our expectations. Although PMTC added three large accounts in the quarter, we believe sales momentum is slowing, hurt by softer governmental spending. We cut our FY 11 (Sep.) license revenue growth forecast to 15% from 17%, but lift our service revenue growth estimate to 10% from 8%. We trim our FY 11 operating EPS estimate $0.03 to $0.91 on weaker license revenues, but keep our target price of $24.