Jun-Q operating EPS of $0.18, vs. $0.13, misses our $0.25 estimate due to higher than anticipated expenses. Total revenues rose 20%, above our forecast. Software license revenues grew 21%, below our expectations, and service revenue rose 20%, above our view. Factoring in the MKS acquisition and higher organic service revenues, we raise our FY 11 (Sep.) EPS estimate $0.01 to $0.92. But with our view that PMTC will have a more difficult time adding large accounts in an uncertain macroeconomic environment, we maintain our FY 12 estimate of $1.02 and 12-month target price of $24.