Bentley Systems Inc (BSY) 2022 Q4 法說會逐字稿

Good morning, and thank you for joining Bentley Systems Q4 2022 Operating Results and 2023 outlook webcast. I'm Eric Boyer, Bentley's Investor Relations Officer. On the webcast today, we have Bentley Systems' Chief Executive Officer, Greg Bentley; Chief Operating Officer, Nicholas Cumins; Chief Investment Officer, David Hollister, Chief Financial Officer, Werner Andre; and Chief Technology Officer, Keith Bentley.

早上好，感謝您收聽 Bentley Systems 2022 年第四季度運營結果和 2023 年展望網絡廣播。我是 Bentley 的投資者關係官 Eric Boyer。在今天的網絡直播中，我們有 Bentley 軟件公司的首席執行官 Greg Bentley；首席運營官 Nicholas Cumins；首席投資官 David Hollister，首席財務官 Werner Andre；以及首席技術官 Keith Bentley。

This webcast includes forward-looking statements made as of February 28, 2023, regarding the future results of operations and financial position, business strategy and plans and objectives for future operations of Bentley Systems Inc. All such statements made in or contained during this webcast other than statements of historical fact are forward-looking statements. This webcast will be available for replay on Bentley Systems' Investor Relations website at investors.bentley.com. After our presentation, we will conclude with Q&A.

本網絡廣播包括截至 2023 年 2 月 28 日就 Bentley Systems Inc. 的未來運營結果和財務狀況、業務戰略和計劃以及未來運營目標所做的前瞻性陳述。本網絡廣播中作出或包含的所有此類陳述 其他比歷史事實的陳述是前瞻性陳述。此網絡廣播可在 Bentley 軟件公司的投資者關係網站 investors.bentley.com 上重播。演講結束後，我們將以問答環節結束。

And with that, let me introduce the CEO of Bentley Systems, Greg Bentley.

接下來，讓我介紹 Bentley Systems 的首席執行官 Greg Bentley。

Thank you, Eric. And I hope all of you have had a chance or soon will have to meet our new and very experienced Investor Relations Officer. And thanks to each of you, as always, for your interest and attention. Today, I and COO, Nicholas Cumins; and CFO, Werner Andre, will review our resilient '22 Q4 and full year operating results.

謝謝你，埃里克。我希望你們所有人都有機會或很快就會見到我們新的、經驗豐富的投資者關係官。一如既往地感謝你們每個人的興趣和關注。今天，我和首席運營官 Nicholas Cumins；和首席財務官 Werner Andre 將審查我們富有彈性的 '22 Q4 和全年經營業績。

As the infrastructure engineering software company aligned global priorities and momentum from our 3 incremental growth initiatives, E365, Virtuosity for SMB and iTwin investments reinforce our confidence for, again, a strong operational and financial outlook for 2023.

隨著這家基礎設施工程軟件公司從我們的 3 個增量增長計劃、E365、中小企業 Virtuosity 和 iTwin 投資中調整全球優先事項和勢頭，再次增強了我們對 2023 年強勁運營和財務前景的信心。

Today, we will also hear as I always enjoy from founder, Keith Bentley, who will be transitioning his Chief Technology Officer role at the end of this quarter and retiring later this year, and the investment community will hear for the last time from former CFO and current Chief Investment Officer, David Hollister, who will be retiring at the end of this quarter.

今天，我們還將一如既往地聽到創始人 Keith Bentley 的講話，他將在本季度末轉任首席技術官一職，並於今年晚些時候退休，投資界將最後一次聽到前首席財務官的講話現任首席投資官 David Hollister 將於本季度末退休。

As always, I will start with what's new in our tone of business. Our key operating results headline is year-over-year constant currency ARR growth consistent with our original and sustained financial outlook of 12.5% in business performance, which excludes ARR acquired with Power Line Systems.

與往常一樣，我將從我們的業務基調中的新內容開始。我們的主要經營業績標題是同比恆定貨幣 ARR 增長，這與我們最初和持續的業務業績 12.5% 的財務前景一致，其中不包括通過 Power Line Systems 收購的 ARR。

For the quarter and for the year, this reflects robust and sustained momentum everywhere else in the world, making up for having lost Russia and for compounded headwinds in China. There, in addition to geopolitical concerns, which are not abating as evidenced by more recent developments during the fourth quarter's major annual selling season, the pandemic first caused a shutdown of our offices and then widespread sickness after the reopening. And as well, the government's intended infrastructure spending seemed to have been delayed.

就本季度和全年而言，這反映了世界其他地方強勁和持續的勢頭，彌補了失去俄羅斯和中國的複合逆風。在那裡，除了地緣政治擔憂（第四季度主要的年度銷售旺季期間的最新事態發展所證明的那樣）並沒有減弱之外，大流行首先導致我們的辦公室關閉，然後在重新開放後導致大範圍的疾病。此外，政府的預期基礎設施支出似乎已被推遲。

For the year 2022, for instance, as reflected in our anticipation last quarter, we would have exceeded our range of ARR growth outlook, if not for the regression caused by Russia and then knock on counter globalism in China. We are cautiously bearing in mind those risks in China in our outlook for 2023.

例如，對於 2022 年，正如我們上個季度的預期所反映的那樣，如果不是因為俄羅斯造成的倒退，然後敲打中國的反全球化，我們將超出我們的 ARR 增長前景範圍。我們在 2023 年展望中謹慎考慮中國的這些風險。

With respective to the relative tone, the color of business by infrastructure sector, the only change in Q4 was that the commercial facilities sector finally flatlined. We had been anticipating this earlier in 2022, and we do expect this to continue for 2023, though only affecting a single-digit percentage of our ARR. And we have regularly reported on the Dodge ENR quarterly survey of civil engineering firms, self-reported backlogs.

相對於基調，基礎設施行業的業務顏色，第四季度唯一的變化是商業設施行業最終持平。我們早在 2022 年就預計會出現這種情況，我們確實預計這種情況會持續到 2023 年，儘管只會影響我們 ARR 的個位數百分比。我們定期報告道奇 ENR 對土木工程公司的季度調查，自我報告積壓。

I believe Q4's reported downward assessment as a percentage of their ideal backlog has more to do with the reporting firm's assessment of what's ideal for them as the same firms report net increases in backlog from Q3. Moreover, the ACEC quarterly survey representing a much larger sample across all engineering firms actually quantifies the substantial current backlog as fully 12 months.

我認為，第四季度報告的下調評估佔其理想積壓訂單的百分比更多地與報告公司對最適合他們的評估有關，因為同一家公司報告的積壓訂單從第三季度開始淨增加。此外，代表所有工程公司的更大樣本的 ACEC 季度調查實際上將大量當前積壓量化為整整 12 個月。

And especially in this survey, they continued expectation of a further increase in backlog over the coming year. The related sentiment survey also shows continued improvement over last quarter. For our accounts in the face of workforce constraints and growing backlogs, going digital is the priority for increasing their infrastructure engineering capacity. And our consumption-based E365 commercial program, embedding our enterprise success expert teams to implement each E365 accounts prioritized blueprints for new digital workflows every quarter, is the first of our own primary incremental growth initiatives. As E365 accounts achieve demonstrably faster ARR growth than our other enterprise accounts.

尤其是在本次調查中，他們繼續預計來年積壓訂單會進一步增加。相關的情緒調查也顯示比上一季度持續改善。對於我們面臨勞動力限制和不斷增加的積壓的客戶，數字化是提高其基礎設施工程能力的首要任務。我們基於消費的 E365 商業計劃，嵌入我們的企業成功專家團隊，每季度為新的數字工作流實施每個 E365 帳戶優先藍圖，這是我們自己的主要增量增長計劃中的第一個。由於 E365 賬戶實現的 ARR 增長明顯快於我們的其他企業賬戶。

In '22, Q4, as expected with our seasonal bulge in renewals, we upgraded accounts to E365 at about twice the ARR rate as in each earlier quarter of 2022. E365 increasingly becoming our mainstay commercial program has contributed to our application mix accretion that measures the annual change at constant pricing and average user spending per consumption hour. This reflects their pace of upgrading to more specialized and thus more expensive applications and has been expanding steadily from approximately 2.5 to 4.5 percentage points of ARR growth over the last 2 years. And of course, that's in addition to growth from pricing escalation, volume and cloud services adoption.

在 22 年第 4 季度，正如我們預期的那樣，隨著續訂的季節性激增，我們將帳戶升級到 E365，ARR 率大約是 2022 年每個較早季度的兩倍。E365 日益成為我們的中流砥柱商業計劃，這有助於我們的應用程序組合增加，這可以衡量不變定價和每個消費小時的平均用戶支出的年度變化。這反映了他們升級到更專業、因此更昂貴的應用程序的步伐，並且在過去兩年中穩步擴大了 ARR 增長的大約 2.5 到 4.5 個百分點。當然，這還不包括價格上漲、數量和雲服務採用帶來的增長。

Our second incremental growth initiative has been our Virtuosity go-to-market strategy for SMB accounts and prospects. From the beginning, it has generated exponential growth continuing to reach in '22 Q4 a milestone of over $33 million in Virtuosity ARR. And for yet another consecutive quarter, Virtuosity's new business included more than 600 further new logos, enabling us to surpass the further milestone of over 40,000 unique accounts globally, and new logos added almost 3 percentage points of ARR growth. And among our existing accounts, net revenue retention in Q4 remained at its high of 110%.

我們的第二個增量增長計劃是針對 SMB 客戶和潛在客戶的 Virtuosity 上市戰略。從一開始，它就產生了指數級增長，並在 2020 年第 4 季度繼續達到 Virtuosity ARR 超過 3300 萬美元的里程碑。在又一個連續的季度，Virtuosity 的新業務包括 600 多個新徽標，使我們能夠超越全球超過 40,000 個獨特帳戶的又一個里程碑，新徽標增加了近 3 個百分點的 ARR 增長。在我們現有的賬戶中，第四季度的淨收入保留率保持在 110% 的高位。

Concluding as to SMB, in Q4, SMB represented fully 47% of our overall new business. And even in China, SMB new business grew year-over-year in '22, Q4. And in fact, new business overall was healthy in Hong Kong and Taiwan. So I believe our applications are competitively well positioned throughout Greater China. But to reach our potential there, we must navigate the geopolitical issues that currently limit our prospects in the primarily state-owned Mainland enterprises.

總結 SMB，在第四季度，SMB 占我們整體新業務的 47%。甚至在中國，SMB 新業務在 22 年第四季度也同比增長。事實上，香港和台灣的新業務整體健康。所以我相信我們的應用程序在整個大中華區都具有競爭力。但要發揮我們在那裡的潛力，我們必須解決目前限制我們在主要國有大陸企業中的前景的地緣政治問題。

Thus, in December, we announced in China, our second Chinese joint venture, which doesn't yet have an English name. It's with HDEC, a large design institute that's part of Power China. We've worked closely with HDEC for decades as a major account and particularly to support their development of China's specialized applications based on our platform, both for their internal use and to market to their peers. The joint venture with HDEC whose business is primarily engineering for hydroelectric power generation will soon become our exclusive channel partner for all hydro power accounts in China, representing almost 20% of our business there.

因此，去年 12 月，我們在中國宣布了我們的第二家中國合資企業，目前還沒有英文名稱。它與 HDEC 合作，HDEC 是一家大型設計院，隸屬於 Power China。幾十年來，我們作為主要客戶與 HDEC 密切合作，特別是支持他們基於我們的平台開發中國的專業應用程序，供他們內部使用和向同行營銷。與 HDEC 的合資企業（其業務主要是水力發電工程）將很快成為我們在中國所有水電客戶的獨家渠道合作夥伴，占我們在中國業務的近 20%。

We will transfer to the JV along with some Bentley China colleagues, our existing direct relationships and a capital contribution for our 1/3 ownership. HDEC will contribute 2/3 of the capital and its existing application business and products. The JV will initially resell our existing applications as well as HDEC's but over some years, we'll work to increasingly shift the mix towards all indigenously developed Chinese products built on our platform, paying us royalties rather than net product revenues and eventually leading to hope for investment returns as well.

我們將與 Bentley 中國的一些同事、我們現有的直接關係以及我們 1/3 所有權的出資一起轉移到合資企業。 HDEC將出資2/3及現有應用業務及產品。合資公司最初將轉售我們現有的應用程序以及 HDEC 的應用程序，但在未來幾年內，我們將努力將組合越來越多地轉向在我們平台上構建的所有中國本土開發的產品，向我們支付特許權使用費而不是淨產品收入，並最終帶來希望也為了投資回報。

Moreover, the JV will cater to the preferences of this Chinese enterprise market. Those are preferences for perpetual licenses rather than subscriptions and rather than our cloud-based enterprise systems for on-premise systems like iLink the reworked derivative of project-wise now coming to market from our first JV. So during 2023, major portions of our ARR in China will tend to regress from gross to net. And then as subscriptions are cannibalized for perpetual licenses.

此外，合資企業將迎合中國企業市場的偏好。這些是對永久許可的偏好，而不是訂閱，而不是我們基於雲的企業系統，用於內部部署系統，例如 iLink，它是項目明智的重新設計的衍生產品，現在從我們的第一個合資企業進入市場。因此，在 2023 年期間，我們在中國的 ARR 的主要部分將趨於從毛回歸到淨。然後隨著訂閱被永久許可蠶食。

But given the magnitude of the Chinese market, accounting for 30% of global infrastructure spending, we think that to manage through the geopolitical headwinds, these investments and risks are warranted for sake of the long term. Now it's too early to knowledgeably quantify this drag on 2023. However, you will notice that our annual outlook for 2023 in terms of ARR growth, looks like 2022's annual outlook and actual outcome. Although the complete loss of Russia obviously can't occur again, the possibility of China somewhat following suit could be a significant 2023 factor.

但考慮到中國市場的規模，佔全球基礎設施支出的 30%，我們認為，為了應對地緣政治逆風，從長遠來看，這些投資和風險是必要的。現在量化這種對 2023 年的拖累還為時過早。但是，您會注意到，我們對 2023 年 ARR 增長的年度展望與 2022 年的年度展望和實際結果相似。儘管俄羅斯完全喪失顯然不可能再次發生，但中國效仿的可能性可能是 2023 年的一個重要因素。

But for both years, let me emphasize that Russia and China are the asterisk exceptions to our backdrop of unprecedented sustained growth and momentum for our business and for our colleagues everywhere else in the world for 2023, as Nicholas will now elaborate.

但對於這兩年，讓我強調，俄羅斯和中國是我們業務和世界其他地方的同事在 2023 年前所未有的持續增長和勢頭背景下的星號例外，正如尼古拉斯現在將詳細說明的那樣。

Thank you, Greg. I am pleased to report that we made a strong finish to 2022 and see momentum continuing into 2023 with healthy pipelines and a very brisk pace of business. Market conditions remain positive. Q4 was a very busy quarter with more evidence of IIJA investment and EU recovery funds flowing through more so than in prior quarters. And as Greg pointed out, accounts appear to be more concerned about their capacity to execute rather than the book of business.

謝謝你，格雷格。我很高興地向大家報告，我們在 2022 年取得了良好的成績，並且看到這種勢頭將持續到 2023 年，管道健康，業務節奏非常快。市場狀況依然樂觀。第 4 季度是一個非常繁忙的季度，有更多證據表明 IIJA 投資和歐盟復甦基金的流動比前幾個季度更多。正如格雷格指出的那樣，客戶似乎更關心他們的執行能力，而不是業務簿。

Talking about momentum, I would like to acknowledge the invaluable work of our new Chief Revenue Officer, Brock Ballard, who has been instrumental in the successful global rollout of our E365 program, and I'm delighted that he now brings his wealth of industry experience to operating council. Of course, I will be remiss if I didn't also pay tribute to his predecessor, Gus Bergsma, who's with less focus on execution, elevated the company's sales performance to a new level of precision.

談到勢頭，我要感謝我們新任首席營收官 Brock Ballard 所做的寶貴工作，他在我們 E365 計劃的全球成功推出中發揮了重要作用，我很高興他現在帶來了他豐富的行業經驗到運營委員會。當然，如果我不對他的前任 Gus Bergsma 表示敬意，那就是我的疏忽，他不太注重執行，將公司的銷售業績提升到一個新的精確水平。

Looking at the regions, I will draw your attention to Europe and India. Europe was a bright spot with improving market conditions and a strong pipeline. The main growth drivers were public works and contractors in industrial sector, as well as an acceleration of E365 conversions and consumption. In India, momentum continued in both enterprise and SMB with public works and industrial driving year-on-year growth. Transportation continues to be a strong point for us with firms flowing and lots of project awards.

從地區來看，我會提請您注意歐洲和印度。歐洲是一個亮點，市場狀況不斷改善，管道也很強大。主要的增長動力是工業部門的公共工程和承包商，以及 E365 轉換和消費的加速。在印度，公共工程和工業推動同比增長，企業和 SMB 的增長勢頭持續。交通運輸仍然是我們的強項，公司流動和許多項目獲獎。

India is also a focus for urban and rural drinking water programs, and we made the single largest sale of our water product line in India in the last 10 years. Southeast Asia continues to impress with the scale of its ambition and it can point to mega projects in transportation in rail, in particular.

印度也是城市和農村飲用水計劃的重點，我們在過去 10 年中在印度完成了水產品系列的最大單筆銷售。東南亞的雄心壯志繼續給人留下深刻印象，尤其是鐵路運輸方面的大型項目。

At the year in Infrastructure and going digital awards, which were held in London in Q4, 2 rail projects from Southeast Asia were finalists. The Metro Manila Subway project and the eventual winner, the high-speed railway from Jakarta to Bandung. The project set a new benchmark for going digital. iTwin technology reduced the design review time by 10% and shortened the construction schedule by 6 months.

在第四季度於倫敦舉行的年度基礎設施和數字化大獎中，來自東南亞的 2 個鐵路項目入圍決賽。馬尼拉大都會地鐵項目和最終的贏家，從雅加達到萬隆的高速鐵路。該項目為走向數字化設定了新的基準。 iTwin 技術將設計審查時間縮短了 10%，並將工期縮短了 6 個月。

Turning now to products. MicroStation grew fast in SMB. This is a positive indicator that there's still an untapped segment of individual practitioners and smaller infrastructure organizations for whom MicroStation has a strong product market fit. Why this is significant? Is that these practitioners and organizations who may be using MicroStation on a product for the first time represent an installed base that we can in future upsell to a higher value, more powerful engineering application, what Greg calls application makes accretion.

現在轉向產品。 MicroStation 在 SMB 中發展迅速。這是一個積極的指標，表明仍然有一個未開發的個體從業者和較小的基礎設施組織，MicroStation 具有強大的產品市場契合度。為什麼這很重要？這些可能首次在產品上使用 MicroStation 的從業者和組織代表了一個安裝基礎，我們可以在未來追加銷售到更高價值、更強大的工程應用程序，Greg 稱之為應用程序增加。

And beyond that, help them get on the on ramp to infrastructure digital twins. Other brands with notable performance in Q4 included OpenRail, OpenBridge, OpenFlow, SACS and Leapfrog.

除此之外，幫助他們走上基礎設施數字孿生的道路。其他在第四季度表現突出的品牌包括 OpenRail、OpenBridge、OpenFlow、SACS 和 Leapfrog。

Finally, a few words about our colleague engagement. As you will see in the 10-K report, we had a remarkable 92 participation rates in our 2022 annual colleague engagement survey with 85% of colleagues responding that they're proud to work for Bentley and 87 glad recommend Bentley as a place to work. It is gratifying to see favorable comparisons with tech industry benchmarks against the backdrop of take layoffs and so-called quite quitting. This is due in no small part, we believe, to our intentional approach to work flexibility and colleagues wellbeing, which facilitates a high level of engagement and productivity.

最後，談談我們的同事參與度。正如您將在 10-K 報告中看到的那樣，在我們的 2022 年度同事敬業度調查中，92 人的參與率非常高，其中 85% 的同事回應說他們為在 Bentley 工作感到自豪，87 人很高興推薦 Bentley 作為工作場所.在裁員和所謂的完全退出的背景下，看到與科技行業基準的有利比較是令人欣慰的。我們認為，這在很大程度上歸功於我們有意識地提高工作靈活性和同事福祉的方法，這有助於提高敬業度和生產力。

What we call our infrastructure and employee workforce plan encourages our colleagues and their managers to make effective choices about the right balance of working from home or in the office and truly make the best of both worlds. Our policy of not requiring colleagues to come to the office at any specific frequency has been instrumental in attracting and retaining talent and allowing a colleagues across the world to contribute to Bentley Systems success in a meaningful way.

我們所謂的基礎設施和員工勞動力計劃鼓勵我們的同事和他們的經理就在家工作或在辦公室工作的正確平衡做出有效選擇，並真正做到兩全其美。我們不要求同事以任何特定頻率來辦公室的政策有助於吸引和留住人才，並讓世界各地的同事以有意義的方式為 Bentley 軟件公司的成功做出貢獻。

And with those operational perspectives, back to you, Greg, for corporate developments.

格雷格，從這些運營角度來看，公司的發展。

Thank you, Nicholas. And may I add my thanks to the whole of your operating teams for these best ever operating results that we're reporting today and expecting for 2023. Following on from the Chief Revenue Officer transition that Nicholas just reviewed, the corporate developments we will cover now are also related to executive succession. Recall that the primary motivation for our IPO after 35 years was to help provide a prosperous retirement for our colleagues who had collectively earned 1/3 of the company's ownership while making possible our success.

謝謝你，尼古拉斯。我還要感謝你們的整個運營團隊，感謝我們今天報告並預計 2023 年取得的這些有史以來最好的運營結果。繼 Nicholas 剛剛審查的首席營收官過渡之後，我們現在將介紹的企業發展也與高管繼任有關。回想一下，我們在 35 年後首次公開募股的主要動機是幫助我們的同事們過上富裕的退休生活，他們共同獲得了公司 1/3 的所有權，同時使我們的成功成為可能。

As an expected consequence, we will, this year, substantially complete the retirement succession for cumulatively nearly half of our officers. I described this wave of management promotions as generational. This year's retiree cohorts has an average tenure of 26 years. A commitment we have in brain over all that time is that our operating management is annually charged with realizing scale efficiencies sufficient to expand our operating margins by about 1 percentage point.

作為預期的結果，我們將在今年基本完成累計近一半官員的退休繼承。我將這一波管理層晉升描述為世代相傳。今年的退休人員平均任期為 26 年。一直以來，我們心中的一個承諾是，我們的運營管理層每年負責實現足以將我們的運營利潤率提高約 1 個百分點的規模效率。

In our financial outlook for the year 2023, we are now aligning our external margin metric with what we believe most appropriately measures this aspect of operating performance and improving on adjusted EBITDA for these purposes. Based on feedback to date, I think investors will also prefer our compass setting metric going forward, which is adjusted operating income, including stock-based compensation as encompassing real and substantial economic costs that are conspicuously overlooked in adjusted EBITDA, and this includes capturing operating depreciation and amortization, which becomes more significant for us in 2023 as our digital experience investments include some IT expenditures that require capitalization.

在我們 2023 年的財務展望中，我們現在正在調整我們的外部利潤率指標與我們認為最適合衡量運營績效這方面的指標，並為此目的改進調整後的 EBITDA。根據迄今為止的反饋，我認為投資者也會更喜歡我們未來的指南針設定指標，即調整後的營業收入，包括基於股票的薪酬，因為它包含在調整後的 EBITDA 中明顯被忽視的實際和實質性經濟成本，這包括捕獲運營折舊和攤銷，這對我們來說在 2023 年變得更加重要，因為我們的數字體驗投資包括一些需要資本化的 IT 支出。

But most importantly, to us all as shareholders, stock-based compensation bears real cost of dilution. In our case, corresponding to the free cash flow we use to fund offsetting repurchases. As I described in our own history, we think stock-based compensation is crucial for a software company, but it's economically fungible with cash compensation costs and merits the same informed scrutiny in trade-offs.

但最重要的是，對我們所有股東來說，基於股票的薪酬承擔了稀釋的實際成本。在我們的例子中，對應於我們用來為抵消性回購提供資金的自由現金流。正如我在我們自己的歷史中所描述的那樣，我們認為基於股票的薪酬對軟件公司至關重要，但它在經濟上可以與現金薪酬成本互換，並且值得在權衡中進行同樣的知情審查。

As a private company, we issued stock options and incurred relatively minimal Black Scholes accounting charges. Then as a public company, our comparable grants in full value restricted stock entailed accounting costs at a much higher magnitude. Following the ensuing retirement wave, which I described our equity incentives as having enabled, we have prioritized intentionally rebuilding appreciable equity holdings by our next generation of leaders.

作為一家私營公司，我們發行了股票期權並產生了相對較少的 Black Scholes 會計費用。然後作為一家上市公司，我們以全額限制性股票的可比贈款需要更高的會計成本。在隨之而來的退休浪潮之後，我將其描述為我們的股權激勵所促成的，我們已經優先考慮由我們的下一代領導人有意重建可觀的股權持有量。

But subject to cash versus stock elections by in 4 executives, including our CEO, I expect our SBC charges to level off in the 6% range of margin points. Giving full weight to these economic costs, we have progressed quite well in following our internal compass towards increased adjusted operating income with stock-based compensation. From pre-IPO years through the pandemic years, which were subject to normalizing adjustments for the temporary travel and event savings, and as reported today for 2022, leading to our confident 2023 outlook to achieve a compounded annual growth rate over the last 5 years of just under 16% in adjusted operating income with SBC.

但受包括我們首席執行官在內的 4 位高管進行現金與股票選舉的影響，我預計我們的 SBC 費用將穩定在 6% 的保證金點範圍內。充分考慮這些經濟成本，我們在遵循我們的內部指南針通過股票補償增加調整後的營業收入方面取得了相當大的進展。從首次公開募股前的年份到大流行的年份，這些年份受到臨時旅行和活動節省的正常化調整，以及今天報告的 2022 年，這導致我們對 2023 年前景充滿信心，在過去 5 年中實現複合年增長率SBC 的調整後營業收入略低於 16%。

And most significantly, over this period spanning the pandemic impact, we have substantially accomplished our objective of an annual percentage point improvement in operating margins by this most appropriate and fully encompassing measure. Two related final thoughts are about our leverage, consisting primarily of our convertible notes maturing in 2026 and 2027.

最重要的是，在跨越大流行影響的這段時間裡，我們已經通過這項最合適和最全面的措施，大大實現了我們的目標，即每年將營業利潤率提高一個百分點。兩個相關的最終想法是關於我們的槓桿作用，主要包括我們將於 2026 年和 2027 年到期的可轉換票據。

First, if, as is our track record and our plan, we continue to extend this compounded annual growth rate. Then at current valuation multiples of adjusted OI with SBC, I think you would see that this debt will, in fact, convert. And second, to the extent valuation multiples become lower and the debt doesn't convert, the compounding cash generation this portends after fully offsetting SBC dilution, should easily underwrite our choice of refinancing.

首先，如果按照我們的往績記錄和計劃，我們繼續擴大復合年增長率。然後按照 SBC 調整後 OI 的當前估值倍數，我想你會看到這筆債務實際上會轉換。其次，在估值倍數變低且債務未轉換的情況下，這預示著在完全抵消 SBC 稀釋後產生的複合現金，應該很容易支持我們的再融資選擇。

Now back to our executive succession corporate developments. Keith Bentley, up next, will then introduce David Hollister to review our significant recent Bentley investments. I can say with appreciation that we wouldn't be here without David Hollister. I will certainly miss his influential thinking and steering. And I am sure that as a continued substantial investor, he will expect ample returns from the long-sighted investments he has overseen. David will then introduce Werner, his successor, our CFO, to wrap up.

現在回到我們的高管繼任企業發展。接下來，基思·本特利 (Keith Bentley) 將介紹大衛·霍利斯特 (David Hollister)，回顧我們近期對賓利的重大投資。我可以很感激地說，如果沒有 David Hollister，我們就不會在這裡。我肯定會想念他有影響力的思想和指導。而且我相信，作為一個持續的重要投資者，他會期望從他監督的具有遠見的投資中獲得豐厚的回報。然後，David 將介紹他的繼任者、我們的首席財務官 Werner，以作總結。

Setting aside any admitted bias, I think the infectious spunk and constructive values and work ethic of founder, Keith Bentley, have defined our company just as much as his technical groundbreaking and future proofing. Keith will cover our third primary growth initiative, the infrastructure, digital twin generational advancement powered by iTwin that will be his enduring legacy.

拋開任何公認的偏見，我認為創始人 Keith Bentley 具有感染力的勇氣和建設性的價值觀以及職業道德已經定義了我們公司，就像他的技術開創性和未來證明一樣。 Keith 將介紹我們的第三個主要增長計劃、基礎設施、由 iTwin 提供支持的數字孿生代進步，這將成為他的持久遺產。

Keith, you're up.

基思，你起來了。

Thank you, Greg. When we began Bentley Systems journey in 1984, I'm sure I wouldn't have been able to predict where we'd be at this point as a publicly traded company with $1 billion in annual revenue. It's been an incredibly rewarding and exciting journey for me as the years have just flown by. But of course, I've been at this for so long, and I've made so many multi-decade personal relationships with our wonderful user organizations. And I feel a real personal obligation to them. Likewise, I'm deeply committed to my colleagues here at Bentley, many of whom have dedicated their entire career to our company. So part of me wants to work forever. But last, as they say, time waits for no man. And inevitably, there must be a transition. Best if it can happen while I can help make it as smooth and successful as possible.

謝謝你，格雷格。當我們在 1984 年開始 Bentley Systems 的旅程時，我敢肯定我無法預測我們作為一家年收入為 10 億美元的上市公司在此時的位置。隨著歲月的流逝，這對我來說是一次令人難以置信的收穫和激動人心的旅程。但是，當然，我已經在這方面工作了很長時間，並且我與我們出色的用戶組織建立瞭如此多的數十年個人關係。我覺得對他們有真正的個人義務。同樣，我對 Bentley 的同事們深表敬意，他們中的許多人將他們的整個職業生涯都獻給了我們公司。所以我的一部分想要永遠工作。但最後，正如他們所說，時間不等人。不可避免地，必須有一個過渡。最好是它能發生，同時我可以幫助它盡可能順利和成功。

So while I'm stepping down as CTO and I intend to start gradually ramping down my schedule throughout the course of this year, the Bentley Systems journey will continue unabated. To me, the future looks even more exciting and more full of potential than it did when we began with the advent of the personal computer nearly 40 years ago. Of course, I will also remain a director and investor in Bentley Systems left anyone think there's a danger that I may lose interest in our long-term success. I've been working with my successor as CTO, Julien Moutte, continuously over the past 2 years. And I've come to have a sincere trust in his instincts and a real admiration for his drive to get things done. Together, we'll make the transition as smooth as possible, and we're both committed to continuity, both in terms of our long-term directions and our immediate priorities. So we expect no drama.

因此，雖然我將辭去首席技術官一職，並打算在今年開始逐步縮減我的日程安排，但 Bentley 軟件公司的旅程將繼續有增無減。對我來說，未來看起來比近 40 年前個人電腦問世之初更加令人興奮和充滿潛力。當然，我也將繼續擔任 Bentley Systems 的董事和投資者，任何人都認為我可能會對我們的長期成功失去興趣。在過去的 2 年裡，我一直在與我的 CTO 繼任者 Julien Moutte 一起工作。我開始真誠地相信他的直覺，並對他完成工作的動力表示由衷的欽佩。我們將齊心協力使過渡盡可能順利，並且我們都致力於在長期方向和當前優先事項方面保持連續性。所以我們期待沒有戲劇性。

Now as you may know, in the infrastructure software market, we find ourselves at a very real inflection point around infrastructure digital twins, a concept that Bentley nearly single handedly invented. And my obviously biased, but informed humble opinion, there's currently nothing remotely competitive to our iTwin technology stack. So it's our priority to leverage our iTwin advantage as quickly and as jointly as we possibly can.

現在您可能知道，在基礎設施軟件市場，我們發現自己正處於圍繞基礎設施數字雙胞胎的一個非常真實的轉折點，這是 Bentley 幾乎單槍匹馬發明的概念。而我明顯有偏見但明智的拙見是，目前沒有什麼可以與我們的 iTwin 技術堆棧相提並論。因此，我們的首要任務是盡可能快地聯合利用我們的 iTwin 優勢。

Since we introduced iTwin in 2017, we've seen significant uptake by some of the world's leading engineering firms on the world's most significant projects. A good indicator of that is the number of finalists in the Year in Infrastructure and going digital awards that credited iTwin for their project, that fraction has increased from 20% in 2020 to more than 40% last year. But that's because infrastructure digital twins empower engineering firms, and on operators to accomplish extraordinary things to make game-changing improvements to their workflows and their business process and even transform their business models. So if you haven't already done so, I encourage you to review the recordings of the finalist presentation from last year's in Infrastructure and see for yourselves, how they describe it in their words.

自從我們在 2017 年推出 iTwin 以來，我們已經看到一些世界領先的工程公司在世界上最重要的項目中的顯著採用。一個很好的指標是基礎設施年度決賽入圍者的數量和將 iTwin 歸功於他們的項目的數字獎項，這一比例已從 2020 年的 20% 增加到去年的 40% 以上。但那是因為基礎設施數字雙胞胎使工程公司和運營商能夠完成非凡的事情，從而對其工作流程和業務流程進行改變遊戲規則的改進，甚至轉變他們的業務模式。因此，如果您還沒有這樣做，我鼓勵您回顧一下去年 Infrastructure 決賽入圍者演講的錄音，並親眼看看他們是如何用語言描述的。

We want the benefits of using this technology to be experienced by all infrastructure projects and in all by all infrastructure professionals no matter the size of their project, the size of their organization or whatever phase of the infrastructure life cycle they contribute. With all the investment going on in infrastructure throughout the world, wouldn't it be nice to think that together, we're getting the maximum value for every dollar, every euro and every other currency being spent and that the projects are safer, greener and delivered on time. I know I do.

我們希望所有基礎設施項目和所有基礎設施專業人員都能體驗使用這項技術的好處，無論他們的項目規模、組織規模或他們貢獻的基礎設施生命週期的任何階段。隨著全世界對基礎設施的所有投資，一起思考，我們正在為花費的每一美元、每一歐元和每一種其他貨幣獲得最大價值，並且這些項目更安全、更環保，這不是很好嗎並準時交貨。我知道我知道。

Infrastructure digital twins certainly make information more accessible and I think can become the building blocks for a very valuable and professional -- industrial and professional metaverse. They make possible new capabilities and process well beyond the state-of-the-art today and probably beyond our current ability to conceive of their ultimate value. We're more excited than ever about the prospects for infrastructure digital twins and of course, Bentley iTwin, but that means that iTwin should be pervasive. It already powers the Bentley Infrastructure Cloud, it already enables us to mobilize data across the infrastructure value chain across every stage of the infrastructure life cycle.

基礎設施數字雙胞胎無疑讓信息更容易獲取，我認為它可以成為非常有價值和專業的——工業和專業元宇宙的基石。它們使新的能力和流程成為可能，遠遠超出了當今最先進的水平，也可能超出了我們目前對它們最終價值的設想能力。我們對基礎設施數字孿生的前景比以往任何時候都更加興奮，當然還有 Bentley iTwin，但這意味著 iTwin 應該普及。它已經為 Bentley 基礎設施雲提供動力，它已經使我們能夠在基礎設施生命週期的每個階段跨基礎設施價值鏈移動數據。

But our priority for this year are to bring the power of cloud native iTwin to our engineering, modeling and simulation application but without requiring our users to fundamentally change their ways of working. They should be able to incrementally realize the benefits of infrastructure digital twins without having to start over. To accomplish that, will embed the iTwin engine inside our existing applications. It's an exciting project and one where Julien and I have been actively involved and engaged with nearly every team here at Bentley and I have to say it's one of my most enjoyable projects ever.

但我們今年的首要任務是將雲原生 iTwin 的強大功能引入我們的工程、建模和仿真應用程序，而不要求我們的用戶從根本上改變他們的工作方式。他們應該能夠逐步實現基礎設施數字孿生的好處，而無需重新開始。為此，我們會將 iTwin 引擎嵌入到我們現有的應用程序中。這是一個激動人心的項目，Julien 和我一直積極參與並與 Bentley 的幾乎每個團隊互動，我不得不說這是我有史以來最愉快的項目之一。

So I've had a tremendous career and I'm very thankful to all the talented people here at Bentley now and over the years, who have made it so rewarded. We began long ago in an era called computer-aided design. But I now describe our scope as software-aided infrastructure. And I think the possibility for that are near endless. Our world needs to improve the efficiency, the longevity and the resilience of our global infrastructure as a matter of urgent priority, but that can only happen with innovative new technology, new processes for all phases of its life cycle period. It's not a matter of if, but how.

因此，我擁有輝煌的職業生涯，我非常感謝現在和多年來在賓利工作的所有才華橫溢的人，是他們讓我獲得瞭如此豐厚的回報。我們很久以前就開始了一個叫做計算機輔助設計的時代。但我現在將我們的範圍描述為軟件輔助基礎設施。我認為這種可能性幾乎是無窮無盡的。作為當務之急，我們的世界需要提高全球基礎設施的效率、壽命和彈性，但這只有在其生命週期的所有階段都採用創新的新技術和新流程才能實現。這不是會不會的問題，而是如何的問題。

And on that note, I'd like to hand it over to my good friend and our long-time CFO, David Hollister, who will be speaking today on our operating results call for the last time. David, what new investments have you been working on for our futures as retirees?

在這一點上，我想把它交給我的好朋友和我們的長期首席財務官大衛霍利斯特，他今天將最後一次就我們的經營業績發表講話。大衛，作為退休人員，您為我們的未來進行了哪些新投資？

Thank you, Keith, for your vision, your leadership and your kind words. And indeed, I will talk about some new investments. Beyond our noted progress in developing formal joint ventures in China to forge an alternative means of doing business in that evolving landscape, I'd like to give updates on our iTwin Ventures activities and expand a bit more on 2 of our latest acquisitions, EasyPower and Vetasi.

基思，謝謝你的遠見、領導才能和美言。事實上，我將談論一些新的投資。除了我們在中國發展正式合資企業以打造在不斷變化的環境中開展業務的替代方式方面取得的顯著進展之外，我還想介紹一下我們 iTwin Ventures 活動的最新情況，並進一步擴展我們最近的兩項收購，EasyPower 和維塔西。

So as you know, we formed our iTwin Ventures to stimulate entrepreneurialism in developing digital twin applications, including those leveraging our iTwin platform capabilities. In addition to our traditional venture portfolio investments, and I'll highlight a new addition to that in a moment, we sponsor and support a development ecosystem. Wherein iTwin Activate is our accelerator program, where we engage with early-stage companies and fund approved development projects in exchange for equity, typically safe notes.

如您所知，我們成立了 iTwin Ventures 以激發開發數字孿生應用程序的創業精神，包括那些利用我們的 iTwin 平台功能的應用程序。除了我們傳統的風險投資組合，我稍後會強調一個新的投資，我們贊助和支持開發生態系統。其中 iTwin Activate 是我們的加速器計劃，我們與早期公司合作並資助批准的開發項目以換取股權，通常是安全票據。

We completed our first cohort of iTwin Activate focused on the grid, and the success of this cohort has already led to certain products ripe for introduction. And joint marketing and co-selling motions between Bentley and the cohort participants are already underway. It's our expectation that many of these iTwin Activate program participants graduate into venture-investable businesses for iTwin Ventures and others to invest in.

我們完成了第一個專注於網格的 iTwin Activate 隊列，這個隊列的成功已經導致某些產品的推出時機成熟。 Bentley 和隊列參與者之間的聯合營銷和聯合銷售動議已經在進行中。我們期望這些 iTwin Activate 計劃參與者中的許多人畢業後進入風險投資企業，供 iTwin Ventures 和其他人投資。

Since we last spoke, we continue to be enthusiastic and supportive of our investment portfolio and are pleased to announce our recent investment in Oakland, California-based Flow Labs. The Flow Labs platform leverages aggregated real-time traffic sensor and connected car data to generate a synthetic data set approximating all road usage. This data supports a range of optimization and analytics use cases, starting with traffic signal optimization and extending to traffic flow monitoring and optimization at city-scale. We also see the potential for Flow Labs' real-time data sets to contribute to Bentley's advanced traffic simulation solutions.

自我們上次發言以來，我們繼續對我們的投資組合充滿熱情和支持，並很高興地宣布我們最近對總部位於加利福尼亞州奧克蘭的 Flow Labs 的投資。 Flow Labs 平台利用聚合的實時交通傳感器和連接的汽車數據來生成近似所有道路使用情況的綜合數據集。該數據支持一系列優化和分析用例，從交通信號優化開始，擴展到城市規模的交通流量監控和優化。我們還看到了 Flow Labs 的實時數據集為 Bentley 的高級交通模擬解決方案做出貢獻的潛力。

Our EasyPower acquisition adds electrical design and analysis capabilities to our portfolio. We've historically found really good success in offering analysis and simulation applications, specifically for infrastructure context, which are fit for purpose and easy to apply, iterate and incorporate for optimized design and operation of infrastructure assets. Financially, these solutions tend to be mature, sticky and high-margin contributors for us, and we expect the same from EasyPower.

我們對 EasyPower 的收購為我們的產品組合增加了電氣設計和分析能力。從歷史上看，我們在提供分析和模擬應用程序方面取得了真正的成功，特別是針對基礎設施環境，這些應用程序適合目的並且易於應用、迭代和合併，以優化基礎設施資產的設計和運營。在財務上，這些解決方案往往對我們來說是成熟的、有粘性的和高利潤的貢獻者，我們對 EasyPower 也有同樣的期望。

We estimate EasyPower can offer everything that 90% of infrastructure, electrical power engineers will ever need in a solution that's easy for them to learn and apply, but can also complement other advanced electrical analysis solutions outside of our portfolio and not presently our focus. Within our comprehensive portfolio, EasyPower will initially complement our OpenBuildings, OpenFlows, OpenPlant, and Raceway and Cable Management design and modeling applications, in particular, in the context of industrial, mining and commercial building sectors.

我們估計 EasyPower 可以提供 90% 的基礎設施，電力工程師在一個易於學習和應用的解決方案中永遠需要的一切，但也可以補充我們產品組合之外的其他高級電氣分析解決方案，而不是我們目前的重點。在我們全面的產品組合中，EasyPower 最初將補充我們的 OpenBuildings、OpenFlows、OpenPlant 以及 Raceway 和 Cable Management 設計和建模應用程序，特別是在工業、採礦和商業建築領域。

EasyPower will also serve as a platform to introduce electrical analysis to other of our sectors in due course. We're excited to welcome EasyPower's CEO, Kevin Bates and his Portland, Oregon-based team to Bentley Systems.

EasyPower 還將作為一個平台，在適當的時候向我們的其他部門介紹電氣分析。我們很高興地歡迎 EasyPower 的首席執行官 Kevin Bates 和他在俄勒岡州波特蘭的團隊加入 Bentley 軟件公司。

Since our last operating results call, our Cohesive business has also completed its acquisition of Vetasi. You'll recall our Cohesive digital integrator business was formed to provide digital strategy consulting, integration, deployment and system services support to help our clients achieve business outcomes and benefits from digital twins.

自我們上次召開經營業績電話會議以來，我們的 Cohesive 業務也完成了對 Vetasi 的收購。您會記得我們 Cohesive 數字集成商業務的成立是為了提供數字戰略諮詢、集成、部署和系統服務支持，以幫助我們的客戶實現業務成果並從數字孿生中受益。

Cohesive seeks to adopt and improve commercial models that we believe engineering firms in particular, will find to be an appealing business model and will also adopt accordingly. Vetasi is a European-based Maximo-focused digital integrator which very nicely fills geographic voids for us and complements our existing sector focus with presence in utilities, mining, oil and gas and transportation. Vetasi also brings a highly skilled team of nearly 200 digital integrator consultants, including in cost-efficient basis in Poland and Indonesia. We expect to realize G&A synergies, sales motion synergies, project delivery utilization synergies and cross-sell opportunities as Vetasi integrates with Cohesive.

Cohesive 尋求採用和改進商業模式，我們相信工程公司尤其會發現這種商業模式具有吸引力，並且也會相應地採用這些模式。 Vetasi 是一家總部位於歐洲、專注於 Maximo 的數字集成商，它很好地填補了我們的地域空白，並通過在公用事業、採礦、石油和天然氣以及運輸領域的存在補充了我們現有的行業重點。 Vetasi 還帶來了一支由近 200 名數字集成商顧問組成的高技能團隊，包括在波蘭和印度尼西亞的成本效益基礎。隨著 Vetasi 與 Cohesive 的整合，我們希望實現 G&A 協同效應、銷售運動協同效應、項目交付利用協同效應和交叉銷售機會。

While both the EasyPower and Vetasi acquisitions are of our programmatic scale and not material to warrant disclosure of their specific financial information, I do consider we acquired each at what this former CFO considers to be very efficient valuations. They perfectly aligned to the historically successful programmatic acquisition strategy we've previously articulated.

雖然 EasyPower 和 Vetasi 的收購都屬於我們的計劃規模，並不重要，不足以保證披露他們的具體財務信息，但我確實認為我們以這位前首席財務官認為非常有效的估值收購了每一項。它們完全符合我們之前闡明的歷史上成功的程序化獲取策略。

And now as I sign off, I'll have to say most of my reflections, sentiments, encouragements and untold secrets for a proper retirement party and speech. But I would like to share that I am both humbled by the quality, character and talent of my colleagues over the years, and I'm so very proud of what we've accomplished together. I'll leave the body of work to speak for itself. And while I personally may be moving away from driving value each day, I'm lifted by the even greater potential that I see for Bentley Systems, and I'm comforted that the depth of talent and quality of culture will continue to harvest that potential.

現在，當我結束時，我將不得不說出我對適當的退休派對和演講的大部分思考、情感、鼓勵和不為人知的秘密。但我想分享的是，多年來我對同事們的品質、品格和才能感到謙卑，我為我們共同取得的成就感到非常自豪。我會讓作品本身來說話。雖然我個人可能每天都在遠離推動價值，但我看到 Bentley Systems 的更大潛力讓我感到振奮，我感到欣慰的是，人才的深度和文化質量將繼續挖掘這種潛力.

And like Keith but maybe with a zero removed, I too will be a Bentley Systems shareholder for a very long time. And you can bet that I'll be frequently chirping in the year of one person or another when I see things that need to be fixed or opportunities to be exploited. And speaking of character and talent, I'd now like to hand over to our CFO, Werner Andre.

和 Keith 一樣，但可能去掉零，我也將在很長一段時間內成為 Bentley Systems 的股東。你可以打賭，當我看到需要解決的問題或需要利用的機會時，我會經常在某個人或另一個人的這一年裡喋喋不休。說到品格和才能，我現在想交給我們的首席財務官 Werner Andre。

Thank you, David, and thank you for your leadership, the profound impact you have had on Bentley and the mentoring and guidance you have given me over the years. We are pleased that we finished the year strong, and we feel good about our outlook for 2023.

謝謝你，David，感謝你的領導，感謝你對 Bentley 產生的深遠影響，感謝你多年來給予我的指導和指引。我們很高興我們以強勁的勢頭結束了這一年，我們對 2023 年的前景感到滿意。

I'll start with our Q4 revenue performance. Total revenues were $287 million, up 7% year-over-year or 13% on a constant currency basis. On a constant currency basis, Americas grew 9%, EMEA, 16% and APAC 17%. For the quarter, subscription revenues grew 13% year-over-year or 18% in constant currency and represented 88% of our total revenues.

我將從我們第四季度的收入表現開始。總收入為 2.87 億美元，同比增長 7%，按固定匯率計算增長 13%。按固定匯率計算，美洲增長 9%，歐洲、中東和非洲增長 16%，亞太地區增長 17%。本季度，訂閱收入同比增長 13%，按固定匯率計算增長 18%，占我們總收入的 88%。

The growth is supported by our balanced business performance across sectors and regions other than China, our E365 and SMB growth initiatives and our platform acquisition of Power Line Systems in January 2022. Regarding our perpetual licenses and services revenues, recent trends continue, which are reflective of our focus on recurring subscription revenues.

這一增長得益於我們在中國以外的行業和地區的均衡業務表現、我們的 E365 和 SMB 增長計劃以及我們在 2022 年 1 月對 Power Line Systems 的平台收購。關於我們的永久許可和服務收入，近期趨勢仍在繼續，這反映了我們專注於經常性訂閱收入。

Now moving on to full year revenue, which were $1.1 billion, and up 14% year-over-year or 20% in constant currency, which is at the high end of our constant currency outlook range. On a constant currency basis, Americas grew 22%, EMEA 15%, and APAC 21%. China was a 9 percentage points headwind to APAC's constant currency revenue growth.

現在轉向全年收入，為 11 億美元，同比增長 14% 或按固定匯率計算增長 20%，處於我們固定匯率展望範圍的高端。按固定匯率計算，美洲增長 22%，歐洲、中東和非洲增長 15%，亞太地區增長 21%。中國對亞太地區貨幣收入的持續增長造成了 9 個百分點的不利影響。

Subscription revenues grew 18% or 24% in constant currency, which included 12 percentage points from our Seequent and Power Line Systems acquisition and 12 percentage points from our business performance.

按固定匯率計算，訂閱收入增長了 18% 或 24%，其中 12 個百分點來自我們對 Seequent 和 Power Line Systems 的收購，以及 12 個百分點來自我們的業務表現。

I'm covering next our recurring revenue performance. Our constant currency account retention rate was at 98%, and our constant currency recurring revenue net retention rate remained at 110%, led by continued accretion within our E365 consumption-based commercial model. We ended 2022 with ARR of $1.037 billion at year-end spot rates, now for the first time above $1 billion, and our constant currency ARR growth rate was 15%. Power Line Systems onboarded 2.5% of this growth and our business performance accounts for the remaining 12.5%, which is the midpoint of our financial outlook range.

接下來我將介紹我們的經常性收入表現。我們的固定貨幣賬戶保留率為 98%，我們的固定貨幣經常性收入淨保留率保持在 110%，這主要得益於我們基於 E365 消費的商業模式的持續增長。截至 2022 年，我們以年末即期匯率計算的 ARR 為 10.37 億美元，現在首次超過 10 億美元，我們的固定貨幣 ARR 增長率為 15%。 Power Line Systems 佔這一增長的 2.5%，我們的業務績效佔剩餘的 12.5%，這是我們財務展望範圍的中點。

The strong and sustained momentum of our business performance is driven by our E365 and SMB growth initiatives and the continued growth velocity of our platform acquisitions of Seequent and Power Line Systems, making up for lost ARR in Russia and headwinds in China.

我們的業務表現強勁而持續的勢頭是由我們的 E365 和 SMB 增長計劃以及我們對 Seequent 和 Power Line Systems 的平台收購的持續增長速度推動的，彌補了俄羅斯損失的 ARR 和中國的逆風。

Our last 12 months recurring revenues at actual currencies increased by 17% year-over-year. The acquisition of Seequent and Power Line Systems contributed about 11 percentage points of this improvement. Our GAAP operating income was $41 million for Q4, down $3 million and $209 million for the full year, up $114 million year-over-year. We have previously explained the impact on our GAAP operating results from acquisition costs, incremental amortization from purchased intangibles, increases in stock-based compensation and the onetime accounting charge for deferred compensation of approximately $91 million in 2021.

我們過去 12 個月的實際貨幣經常性收入同比增長 17%。收購 Seequent 和 Power Line Systems 為這一改進貢獻了大約 11 個百分點。我們第四季度的 GAAP 營業收入為 4100 萬美元，全年下降 300 萬美元和 2.09 億美元，同比增長 1.14 億美元。我們之前已經解釋了收購成本、購買的無形資產的增量攤銷、基於股票的薪酬增加以及 2021 年約 9100 萬美元的遞延薪酬的一次性會計費用對我們 GAAP 經營業績的影響。

Moving on to adjusted EBITDA. Our fourth quarter grew by approximately 5% over '21 Q4 and our full year adjusted EBITDA of $366 million is an improvement of approximately 13%. With an adjusted EBITDA margin of 33.3%, we delivered on our 2022 adjusted EBITDA margin commitment of about 100 basis points margin improvement over our normalized adjusted EBITDA margin of 32.3% in 2021.

繼續調整後的 EBITDA。我們的第四季度比 21 年第四季度增長了約 5%，全年調整後的 EBITDA 為 3.66 億美元，增長了約 13%。調整後的 EBITDA 利潤率為 33.3%，我們兌現了 2022 年調整後的 EBITDA 利潤率承諾，比 2021 年正常調整後的 EBITDA 利潤率 32.3% 提高了約 100 個基點。

As you will remember, in 2020 and 2021, we normalized our margin performance for temporary margin windfalls from reduced travel and events. In 2022, travel and events are now in line with what we believe to be a normalized post-pandemic run rate.

您會記得，在 2020 年和 2021 年，我們將利潤率表現正常化，以應對旅行和活動減少帶來的臨時利潤意外收穫。到 2022 年，旅行和活動現在符合我們認為的正常化大流行後運行率。

Greg already described that starting in 2023, we will measure our operating margin performance and improvements the same way for our annual outlook as we will do for purposes of executive incentives which will be based on adjusted operating income, inclusive of stock-based compensation. We believe that this measure appropriately captures the true economic cost of shareholder dilution from stock-based compensation. It also includes operating depreciation and amortization, which will increase, as our CapEx will include digital experience IT investments of approximately $10 million in 2023 and the comparable amount in 2024.

格雷格已經描述過，從 2023 年開始，我們將以與年度展望相同的方式來衡量我們的營業利潤率表現和改進，就像我們將基於調整後的營業收入（包括基於股票的薪酬）進行高管激勵一樣。我們認為，這一衡量標準恰當地反映了基於股票的薪酬對股東稀釋的真實經濟成本。它還包括運營折舊和攤銷，這將增加，因為我們的資本支出將包括 2023 年約 1000 萬美元的數字體驗 IT 投資和 2024 年的可比金額。

With respect to liquidity, our Q4 operating cash flow of $36 million decreased 55% and our full year operating cash flow of $274 million decreased by 5% year-over-year. We have previously discussed that our business model produces reliable and efficient cash flows over a trailing 12 months period, but with some variability between quarters. We have no significant upfront multiyear collection, which limits variability on a trailing 12 months basis. And our continued expansion of our E365 program, where we collect the deposit for the estimated annual consumption at the onset of the annual contract period generates strong cash flows.

在流動性方面，我們第四季度的運營現金流為 3600 萬美元，同比下降 55%，全年運營現金流為 2.74 億美元，同比下降 5%。我們之前已經討論過，我們的業務模型在過去 12 個月內產生了可靠且高效的現金流，但季度之間存在一些差異。我們沒有大量的前期多年收款，這限制了過去 12 個月的可變性。我們繼續擴大我們的 E365 計劃，我們在年度合同期開始時收取估計年度消費的押金，產生強勁的現金流。

However, our '22 Q4 and full year cash flows were impacted by a shift in billing and, therefore collections of certain E365 renewals and newly converted E365 contracts, all representing healthy new business. We had a particular strong quarter, converting enterprise accounts from the straightforward annual renewals of nonconsumption based models to E365 right up to the end of the year.

然而，我們的 '22 Q4 和全年現金流量受到計費變化的影響，因此收集了某些 E365 續約和新轉換的 E365 合同，所有這些都代表了健康的新業務。我們有一個特別強勁的季度，將企業賬戶從基於非消費的模型的直接年度更新轉換為 E365，直到年底。

With consumption generally rising year-over-year for existing E365 contracts, we focus on renewal negotiations for higher annual deposits, floors, and caps which in many cases were not concluded until nearly year-end. The resulting later billing led to later collections, but the '22 Q4 shortfalls was fully offset by extraordinary collections in early 2023.

由於現有 E365 合同的消費量普遍同比增長，我們專注於更高年度存款、底線和上限的續約談判，在許多情況下，這些談判直到接近年底才結束。由此產生的較晚開票導致了較晚的收款，但 2023 年初的特別收款完全抵消了 22 Q4 的不足。

Our 2022 cash flows were also impacted by higher cash interest and Q4 was also unfavorable due to some significant vendor payments, which we accelerated to obtain better terms. For 2023 and prospectively, given higher interest rates and the higher cash tax burden from the requirements of the 2017 Tax Cuts and Jobs Act to now capitalize and amortize R&D expenses rather than straight expensing them we estimate that our conversion rate of adjusted EBITDA to cash flow from operations will be approximately 80%.

我們 2022 年的現金流量也受到更高現金利息的影響，而且由於一些重要的供應商付款，第四季度也是不利的，我們加快了付款以獲得更好的條款。對於 2023 年和未來，鑑於 2017 年減稅和就業法案要求的更高利率和更高的現金稅負，現在將研發費用資本化和攤銷而不是直接支出，我們估計我們調整後的 EBITDA 到現金流量的轉換率來自運營的將約為 80%。

Along with providing sufficiently for our growth initiatives, and our 2023 increase to our modest dividend, our capital allocation prioritizes equity and debt repurchases to offset dilution from stock-based compensation. Accordingly, against stock-based compensation of $75 million in 2022, we spent $44 million on de-facto share repurchases associated mainly with deferred compensation plan distributions and under our stock repurchase program, which we announced in the second quarter, we repurchased shares for $28 million on convertible senior notes for $2 million.

除了為我們的增長計劃提供足夠的資金以及我們 2023 年適度增加股息外，我們的資本配置還優先考慮股權和債務回購，以抵消基於股票的薪酬帶來的稀釋。因此，相對於 2022 年 7500 萬美元的股票薪酬，我們花費了 4400 萬美元用於主要與遞延薪酬計劃分配相關的實際股票回購，並且根據我們在第二季度宣布的股票回購計劃，我們以 28 美元的價格回購了股票萬美元的可轉換優先票據，價值 200 萬美元。

As of the end of December, our net debt senior leverage was 1.3x. And when including our 2026 and 2027 convertible notes as debt, our net debt leverage was 4.7x. Approximately 80% of the debt is protected from rising interest rates through either very low fixed coupon interest of our convertible notes or our $200 million interest rate swap expiring in 2030. And if I assume an approximately $100 million per year investment into programmatic acquisitions, which does exceed recent averages, we can expect to delever at a rate of about 0.7x adjusted EBITDA annually.

截至 12 月底，我們的淨債務高級槓桿率為 1.3 倍。當將我們的 2026 年和 2027 年可轉換票據計入債務時，我們的淨債務槓桿率為 4.7 倍。通過我們可轉換票據的非常低的固定票面利率或 2030 年到期的 2 億美元利率掉期，大約 80% 的債務可以免受利率上升的影響。如果我假設每年有大約 1 億美元的投資用於程序化收購，這確實超過了最近的平均水平，我們可以預期每年以約 0.7 倍的調整後 EBITDA 的速度去槓桿化。

Moving to our 2023 outlook. Our outlook reflects our continued margin improvement commitment of approximately 100 basis points and our continued focus to maximize our long-term ARR growth. While we continue to see unprecedented market demand for infrastructure engineering going digital, our outlook does factor in a cautious approach towards China due to continued uncertainties. Accordingly, we expect total revenue on an as-reported basis in the range of $1.205 billion to $1.235 billion, representing growth of 9.5% to 12.5%, or between 10.5% and 13.5% on a constant currency basis.

轉向我們的 2023 年展望。我們的展望反映了我們持續提高利潤率約 100 個基點的承諾，以及我們持續關注最大化長期 ARR 增長的承諾。雖然我們繼續看到基礎設施工程數字化的前所未有的市場需求，但我們的前景確實考慮到由於持續的不確定性而對中國採取謹慎態度。因此，我們預計按報告基礎計算的總收入在 12.05 億美元至 12.35 億美元之間，增長 9.5% 至 12.5%，或按固定匯率計算增長 10.5% 至 13.5%。

We are projecting constant currency ARR growth between 11.5% and 13.5%. We expect an adjusted operating income with stock-based compensation margin of approximately 26%, which is reflective of our 100 basis points annual margin improvement commitment. Any FX impact on our margins is significantly mitigated by our fairly effective natural hedge. We expect our effective tax rate to be approximately 20%. As I mentioned before, we expect cash flows from operations to convert from our adjusted EBITDA at the rate of approximately 80%, and we expect capital expenditures of approximately $30 million, which includes approximately $10 million of incremental IT investments into our ERP system.

我們預計貨幣 ARR 的恆定增長率在 11.5% 至 13.5% 之間。我們預計調整後的營業收入和基於股票的薪酬利潤率約為 26%，這反映了我們 100 個基點的年度利潤率改善承諾。我們相當有效的自然對沖大大減輕了外匯對我們利潤的影響。我們預計我們的有效稅率約為 20%。正如我之前提到的，我們預計來自運營的現金流量將從我們調整後的 EBITDA 中以大約 80% 的速度轉換，我們預計資本支出約為 3000 萬美元，其中包括大約 1000 萬美元的增量 IT 投資到我們的 ERP 系統。

To help you with your models, I also include here on the slide additional expectations on interest expense and cash interest, cash taxes, stock-based compensation, operating depreciation and amortization, outstanding shares and dividends.

為了幫助您建立模型，我還在幻燈片中包括了對利息支出和現金利息、現金稅、基於股票的薪酬、營業折舊和攤銷、流通股和股息的額外預期。

And with that, I think we are ready for Q&A. Over to Eric to moderate. Thank you.

有了這個，我想我們已經準備好進行問答了。請埃里克主持會議。謝謝。

Great. We'll now move to the Q&A portion of our presentation. We ask that each analyst limit themselves to 1 question, 1 follow-up. First, we'll go to Joe Vruwink from Baird.

偉大的。我們現在將轉到演示文稿的問答部分。我們要求每位分析師將自己限制在 1 個問題，1 個跟進。首先，我們將請來 Baird 的 Joe Vruwink。

Great. Can you hear me?

偉大的。你能聽到我嗎？

Yes. Go ahead, Joe.

是的。去吧，喬。

First off, congrats to Keith and David on what have really been great careers and nothing but the best for both of you. India maybe seems like a good analogy or anecdote. This is a market that is spending a lot on infrastructure post stimulus. And you seem to be specifically seeing strength in your associated products in India around transportation. I guess my question would be, can we extend this into the U.S. So have you started to see an acceleration in new business aligned with the sectors farthest along in the IIJA deployment? And if this is so, is your kind of expectation for the upcoming year that new business growth likely broadens out across the portfolio as the scope of IIJA broadens out across different subsectors?

首先，祝賀 Keith 和 David 取得了真正偉大的職業生涯，對你們倆來說都是最好的。印度似乎是一個很好的類比或軼事。這是一個在刺激後基礎設施上投入大量資金的市場。你似乎特別看到了你在印度的相關產品在交通方面的實力。我想我的問題是，我們可以將其擴展到美國嗎？那麼您是否開始看到與 IIJA 部署最遠的行業相一致的新業務的加速發展？如果是這樣，您是否期望來年隨著 IIJA 的範圍擴大到不同的子行業，新的業務增長可能會擴大到整個投資組合？

Joe, I think that described it pretty well. I don't think it could be of the scope of increase of India. Remember, India was pretty much affected by the pandemic, but it's come back way above pre-pandemic levels in India. We did see we are seeing the increase from the IIJA. We began to see that, of course, during the third quarter, the fourth quarter in North America was not so much yet a further increase, but we are expecting that during 2023, just as you said, because the IIJA spending broadens out to include the other beyond roads and bridges, expanded budgets in infrastructure at large. But I'll ask Nicholas if you'd like to add more.

喬，我認為這描述得很好。我不認為這可能是印度的增長范圍。請記住，印度幾乎受到大流行的影響，但它已經恢復到印度大流行前的水平之上。我們確實看到我們看到了 IIJA 的增長。我們開始看到，當然，在第三季度，北美第四季度並沒有進一步增長，但我們預計在 2023 年，正如你所說，因為 IIJA 支出擴大到包括另一個超越道路和橋樑，擴大了基礎設施的預算。但我會問尼古拉斯你是否想補充更多。

Well, maybe a few words about India first. It is the country where we see the most direct link between additional investment in infrastructure engineering software and the infrastructure plan. So it is the most advanced, and we can point to a number of projects where our software is being used and is directly funded by the national infrastructure pipeline, as it is called over there.

好吧，也許先說說印度吧。在這個國家，我們看到基礎設施工程軟件的額外投資與基礎設施計劃之間存在最直接的聯繫。所以它是最先進的，我們可以指出一些正在使用我們的軟件的項目，這些項目直接由國家基礎設施管道資助，因為它在那裡被稱為。

India benefits from something else, which is there is a number of global accounts who are moving work to India, right, in order to solve for the capacity issue that they have in the rest of the world, they move work to India as a, let's say, workbench extension, if you want. But the way they move work over there is not just -- its be cost effective. It is really to tap into additional capacity that they don't have. And in that case, they actually gave them full responsibility, including product management.

印度從其他方面受益，即有許多全球客戶正在將工作轉移到印度，對，為了解決他們在世界其他地區的產能問題，他們將工作轉移到印度，作為，比方說，工作台擴展，如果你願意的話。但是他們將工作轉移到那裡的方式不僅僅是 - 它具有成本效益。這真的是利用他們沒有的額外能力。在那種情況下，他們實際上賦予了他們全部責任，包括產品管理。

So with respect to the U.S. We have, let's say, so consensual evidence that the usage pickup that we see in transportation, for example, is indeed related to IIJA, but we also know that it's going to take time for the funding to flow from the federal to the states level infrastructure owners, contractors. So this is going to be a tailwind for multiple years.

因此，就美國而言，比方說，我們有非常一致的證據表明，例如，我們在交通運輸中看到的使用率回升確實與 IIJA 相關，但我們也知道，資金從那裡流出需要時間聯邦到州一級的基礎設施所有者、承包商。因此，這將成為多年的順風。

Okay. That's great. And then just to spend a bit of time on the resources side of the portfolio, which I think you called out Leapfrog was one of the areas of strength. And also, at one point in time, kind of the E365 customers that were energy exposed, your EPC customers, that was a pretty big dilutive factor on net retention and ARR growth. Just wondering, in 2023, do you kind of expect that pent-up CapEx comes back online. And so you're able to gain back a lot of that loss, if I can call it that ARR. And then what would kind of be your more specific outlook on resources and the Seequent side of the business?

好的。那太棒了。然後只是花一點時間在投資組合的資源方面，我認為你稱之為 Leapfrog 是優勢領域之一。而且，在某個時間點，E365 客戶的能源暴露，你的 EPC 客戶，這是對淨保留和 ARR 增長的一個相當大的稀釋因素。只是想知道，在 2023 年，您是否希望被壓抑的資本支出重新上線。因此，如果我可以稱其為 ARR，您就可以挽回很多損失。那麼您對資源和業務的 Seequent 方面的更具體的看法是什麼？

Let me start with the EPCs, the big global firms who primarily do engineer procure construct for industrial CapEx. Of course, their business went way down in the pandemic, and they have worked at diversifying now into renewables and energy transition, which was a great choice for them to focus on. And I don't think their growth rate is distinguishable from the green color of tone of business in industrial and resources generally now. But it's a good question, and I'm not sure whether they're back. I would guess they're not quite back to where they were pre-pandemic, but that's not an informed quantitative view at the moment.

讓我從 EPC 開始，這些大型全球公司主要為工業資本支出進行工程採購。當然，他們的業務在大流行病中大幅下滑，他們現在致力於多元化發展，進入可再生能源和能源轉型，這是他們關注的一個很好的選擇。而且我認為他們的增長率與現在工業和資源行業的綠色基調沒有什麼區別。但這是個好問題，我不確定他們是否回來了。我猜他們還沒有完全回到大流行前的狀態，但目前這不是一個有根據的定量觀點。

We had stopped separating them because they look like everyone else is being fully occupied at the moment, although their companies did shrink. And then on mining and resources, Nicholas, maybe with Seequent, if you could comment on the pace of growth in mining and resources.

我們已經停止將他們分開，因為他們看起來其他人目前都在忙，儘管他們的公司確實縮水了。然後是採礦和資源，Nicholas，如果你能評論一下採礦和資源的增長速度，也許可以和 Seequent 一起。

Yes. So mining is still in a super cycle. The early stage drilling, which we look as an early indicator is up, and it's at its highest level since 2014. So there's a lot of activity going on. I think there's a clear realization that a lot of mining is needed in order to support the world electrification. We see also a lot of activities with the large mining companies who are full of cash because they benefited from sustained price increase, they also benefited from the strength of the U.S. dollar, which is the currency that they use for their business.

是的。所以挖礦還是處於超級循環中。我們將其視為早期指標的早期鑽探已經開始，並且處於 2014 年以來的最高水平。因此正在進行大量活動。我認為人們清楚地認識到需要大量採礦才能支持世界電氣化。我們還看到很多現金充裕的大型礦業公司的活動，因為它們受益於持續的價格上漲，它們也受益於美元的強勢，美元是它們用於業務的貨幣。

And we see -- seeing them acquiring a lot of smaller mining companies. So in fact, in 2022, the first half of 2022, we saw 50% more M&A activity than in the previous year. So there's a lot of investments going on into mining. And of course, Seequent is extremely well positioned to benefit from that. Yes.

我們看到 - 看到他們收購了許多較小的礦業公司。所以實際上，在 2022 年，即 2022 年上半年，我們看到的併購活動比上一年多了 50%。因此，有大量投資進入採礦業。當然，Seequent 非常有能力從中受益。是的。

Sorry, back to you, Nicholas.

對不起，回到你身邊，尼古拉斯。

I just want to say that when it comes to EPCs contractors and industrial, those were actually the 2 -- among the 2 growth drivers that we've seen in both Europe and India, in Q4. So we've definitely seen a regain of strength there. Now Seequent, when it comes to energy, it's going to be used more for geothermal or even for wind -- offshore wind platforms rather than oil and gas traditionally, right? So it's focused more on renewable source of energy.

我只想說，當談到 EPC 承包商和工業時，它們實際上是我們在第四季度在歐洲和印度看到的兩個增長動力之一。所以我們肯定在那裡看到了力量的恢復。現在 Seequent，在能源方面，它將更多地用於地熱甚至風能——海上風力平台，而不是傳統上的石油和天然氣，對吧？所以它更關注可再生能源。

Next, we'll move to Matt Hedberg from RBC.

接下來，我們將請來 RBC 的 Matt Hedberg。

Nicholas, the European strength really stood out to me. Can you double click on maybe where you saw that strength? And just -- how sustainable you think that is into 2023?

尼古拉斯，歐洲的力量對我來說真的很突出。你能雙擊你看到那個力量的地方嗎？只是 - 你認為到 2023 年的可持續性如何？

Yes. We -- I mean, I mentioned already in the prepared remarks, we saw as growth drivers public works and contractors in industrial sectors, so EPCs, as growth drivers, we also see a net acceleration of conversions to the E365 program, and consumption with E365. But there's something else that I didn't say in the prepared remarks that is going on in Europe, which is a very large infrastructure investment plans. The first one, which is really impacting us, it's called the next-generation EU plan. It started to be active in 2021.

是的。我們 - 我的意思是，我已經在準備好的發言中提到，我們認為工業部門的公共工程和承包商是增長動力，所以 EPC 作為增長動力，我們也看到了向 E365 計劃轉換的淨加速，以及消費E365。但還有一件事我在準備好的發言中沒有說，那就是歐洲正在進行的一項非常大的基礎設施投資計劃。第一個真正影響我們的是下一代歐盟計劃。它在 2021 年開始活躍。

About almost 20% of the funding for that plan is already being distributed across the different countries. And we can point to a number of projects that are being funded by that plan where our software is being used, like multiple high-speed [Rail] products in Italy we just had in Q4, a very large electric utilities that we've won as a -- and we made a big deal because of a project that is funded by the next-generation EU plan.

該計劃的大約 20% 的資金已經分配到不同的國家。我們可以指出一些由該計劃資助的項目，這些項目正在使用我們的軟件，例如我們在第四季度剛剛在意大利擁有的多個高速 [Rail] 產品，我們已經贏得了一個非常大的電力公司作為一個——我們做了一件大事，因為一個由下一代歐盟計劃資助的項目。

So there is more coming. Only 20% has been distributed. There's more coming. There's another plan which is not yet in effect, but it's quite urgent because it is about reducing still our energy dependency with Russia. This is called the repower EU plan. It is still in legislative proposal state. It's not yet in force. When it would be enforced, it is well aligned with what we see as our strength from a software standpoint. So we should benefit from that as well. So that is all additional tailwind that is coming to sustain our growth in Europe.

所以會有更多的人來。僅分配了 20%。還有更多。還有另一個計劃尚未生效，但它非常緊迫，因為它是關於減少我們對俄羅斯的能源依賴。這被稱為重塑歐盟計劃。它仍處於立法提案狀態。它尚未生效。當它被強制執行時，從軟件的角度來看，它與我們所認為的我們的實力非常一致。所以我們也應該從中受益。因此，這是維持我們在歐洲增長的所有額外順風。

Got it. And then Werner, for you on the guidance. Is there any way to think about quantifying the inorganic contribution to ARR growth as well as maybe what you've included for China? I know you said things could deteriorate further, but just trying to get a sense for how derisked your guide is for China?

知道了。然後是 Werner，為您提供指導。有什麼方法可以考慮量化無機對 ARR 增長的貢獻以及您為中國所包含的內容嗎？我知道你說過事情可能會進一步惡化，但只是想了解一下你的指南對中國的風險有多大？

I jump in on China in particular. So we began 2022 with China at about 5% of our ARR. This year, we start the year, it's under 4%. And of course, we had some net attrition, but also everything else grew, if you see. And finally, the currency didn't do well during 2022. But -- so that actually turned out to be a bigger headwind for us than was the loss of Russia and is the reason to be apprehensive.

我特別關注中國。因此，我們從 2022 年開始與中國的 ARR 約為 5%。今年，我們從年初開始，低於 4%。當然，我們有一些淨減員，但如果你看到的話，其他一切都在增長。最後，該貨幣在 2022 年表現不佳。但是 - 所以這實際上對我們來說是一個比失去俄羅斯更大的逆風，這也是我們感到擔憂的原因。

If China would be growing at the relatively favorable growth rate compared to the company as a whole that we experienced prior to the pandemic. Our outlook for 2023 would be at least 1% higher in ARR growth than it is. And Werner I send to you the question on the programmatic acquisitions, which we include in our business performance because it's not worth breaking them out. Go ahead.

如果與我們在大流行之前經歷的整個公司相比，中國將以相對有利的增長率增長。我們對 2023 年 ARR 增長的展望將至少比現在高 1%。 Werner 我向你發送了關於程序化收購的問題，我們將其包含在我們的業務績效中，因為不值得將它們分開。前進。

Agree on everything on China and programmatic acquisitions, we in -- over the cost, they contribute an average of 1% to 1.5% to annual recurring revenue and to our top line revenue as well. Although more recently, on ARR, it was a little bit higher, but approximately between 1% and 1.5%.

同意中國和程序化收購的一切，我們在 - 超過成本，它們平均為年度經常性收入和我們的收入貢獻 1% 至 1.5%。雖然最近，在 ARR 上，它有點高，但大約在 1% 到 1.5% 之間。

Well, it was lower in 2022 because there were a few such acquisitions, but we are resolved to get back to our pace of programmatic acquisitions over time. There's no particular reason it was lower in 2022. It was just a matter of certain things.

嗯，它在 2022 年較低，因為有一些這樣的收購，但我們決心隨著時間的推移回到程序化收購的步伐。它在 2022 年較低沒有特別的原因。這只是某些事情的問題。

Congrats on the results.

祝賀結果。

Next, we'll move to Kristen Owen from Oppenheimer.

接下來，我們將從奧本海默轉向克里斯汀歐文。

Great. So I wanted to follow up on some of the commentary around the EasyPower acquisition. We talked quite a bit about the overlay of your portfolio with electrification and energy transition, but I was hoping you could speak specifically to the grid digital twin ecosystem who becomes the steward of those digital assets? And are there areas of the portfolio that you feel are maybe missing similar to this EasyPower acquisition, maybe in load management or something like that? And then I have a follow-up.

偉大的。所以我想跟進一些關於 EasyPower 收購的評論。我們談了很多關於您的投資組合與電氣化和能源轉型的疊加，但我希望您能具體談談成為這些數字資產管家的電網數字孿生生態系統？您覺得投資組合中是否有與這次 EasyPower 收購類似的缺失領域，例如負載管理或類似領域？然後我有一個後續行動。

Thank you, Kristen. We do think there's a great opportunity in what we call integrated grid, which is putting together from a physical grid standpoint, the communications infrastructure, that's increasingly 5G and as well as towers and it's shared use with electrical transmission and distribution, and that's where a lot of our integrated grid efforts have focused on the physical side.

謝謝你，克里斯汀。我們確實認為我們所謂的集成電網存在巨大的機會，從物理電網的角度來看，通信基礎設施，越來越多的 5G 和塔以及它與輸電和配電共享使用，這就是一個我們的許多集成網格工作都集中在物理方面。

EasyPower comes in on the modeling and analysis side. But as to a grid there's a portion, if you like, that belongs to the utility. And then we say behind the meter is the portion that belongs to the major power user and EasyPower has focused to date, mainly, not entirely, but mainly behind the meter.

EasyPower 在建模和分析方面發揮作用。但是對於網格，如果您願意，它有一部分屬於實用程序。然後我們說電錶後面是屬於主要電力用戶的部分，EasyPower 迄今為止主要關注的是電錶後面，主要不是全部，但主要是電錶後面。

But what goes on behind the meter is increasingly a mix of what we call distributed energy resources. So it's facilities that are starting to have some solar starting even to have some wind and some battery storage. And therefore, for every industrial or commercial or mining facility, how our engineering is never done. It constantly needs to be modeled and updated through a digital twin. And that's where EasyPower comes in because it's much more approachable and accessible to make part of a digital twin. So it's an excellent acquisition for us. We will need ultimately to extend this to all aspects of the integrated grid, but we're going to focus on this distributed energy resource opportunity behind the meter, most immediately with EasyPower.

但是，電錶背後發生的事情越來越多地混合了我們所說的分佈式能源資源。所以它的設施開始有一些太陽能甚至開始有一些風能和一些電池存儲。因此，對於每個工業或商業或採礦設施，我們的工程從未完成。它需要不斷地通過數字雙胞胎進行建模和更新。這就是 EasyPower 的用武之地，因為它更容易成為數字孿生的一部分。所以這對我們來說是一次極好的收購。我們最終需要將其擴展到集成電網的所有方面，但我們將專注於電錶背後的分佈式能源機會，最直接的是 EasyPower。

There we go. Apologies for that. So my follow-up question is really a follow-up to the prior, which is you have EasyPower now that you've tucked in this year. Should we think about you returning to that historical 1.0 to 1.5 points of programmatic acquisitions contributing to ARR growth this year? And if you could speak to the valuation backdrop in your M&A pipeline, that would be helpful.

我們開始了。對此表示歉意。所以我的後續問題實際上是之前的後續問題，即你今年已經擁有 EasyPower。我們是否應該考慮讓今年程序化收購對 ARR 增長做出貢獻的歷史 1.0 到 1.5 個百分點？如果你能談談你的併購管道中的估值背景，那將會很有幫助。

Well, it went significantly below 1% during 2022. And so I think it'd be ambitious to get above 1%, I'm sure why deals of our -- we're disciplined about valuation, of course, but we'd be glad to get back to 1%, if you ask me.

好吧，它在 2022 年大大低於 1%。所以我認為超過 1% 是雄心勃勃的，我確定為什麼我們的交易——當然，我們對估值有紀律，但我們會如果你問我，很高興回到 1%。

Next question comes from Andrew DeGasperi from Berenberg.

下一個問題來自 Berenberg 的 Andrew DeGasperi。

First, congratulations to Keith and David as well as Julien on the promotion. Maybe, Greg, could you elaborate a little bit on the digital twin impact getting embedded in terms of the software more broadly? Is there like a time line that you have in mind on whether that could happen? And then I have a follow-up.

首先，祝賀 Keith 和 David 以及 Julien 獲得晉升。也許，格雷格，你能詳細說明一下更廣泛地嵌入到軟件中的數字孿生影響嗎？關於這是否會發生，您是否有一個時間表？然後我有一個後續行動。

Well, we announced in November at Year in Infrastructure 2022, Bentley Infrastructure Cloud, which brings the iTwin platform and the iTwin schema to ProjecWise, [SYNCHRO] and AssetWise. That leaves the 2/3 of our portfolio, the modeling and simulation applications for the focus that Keith talked about. And maybe I'll just say this that it's easier to stop -- for Keith to stop getting paid than it is to stop working, and he made a commitment to our users. But I think it's very significant. You said before the year is out in 2023, we'll have the modeling and simulation users also benefiting in their applications from becoming data centric from -- in creating their deliverables that they do now. They'll also be creating an eye model that can be referenced and queried for analytics, machine learning and so forth, right out there needing and change what they do.

好吧，我們在 11 月的基礎設施年 2022 年宣布了 Bentley 基礎設施雲，它將 iTwin 平台和 iTwin 模式引入 ProjecWise、[SYNCHRO] 和 AssetWise。剩下我們產品組合的 2/3，建模和仿真應用程序是 Keith 談到的重點。也許我會說，停止更容易——對於 Keith 來說，停止獲得報酬比停止工作更容易，而且他對我們的用戶做出了承諾。但我認為這是非常有意義的。你說過，在 2023 年結束之前，我們將讓建模和仿真用戶也受益於他們的應用程序，從以數據為中心——創建他們現在所做的可交付成果。他們還將創建一個眼睛模型，可以參考和查詢分析、機器學習等，就在那裡需要並改變他們所做的事情。

And I think is -- change in focus here has been sort of because he wants -- he knows that our Chief Technology Officer role includes lots of other responsibilities, wants Julien to take all that up so he can focus on delivering on this promise to integrate the iTwin platform so that our users are creating high models at the same time as their traditional deliverables. And his pipeline for that was the coming year. And I think it's a wonderful ingenious plan he has for that. And by the time the year is out, our modeling and simulation side where will also include iModels generation for all of our users as they adopt their 2023 edition of our applications.

我認為 - 這裡的重點改變有點因為他想要 - 他知道我們的首席技術官角色包括許多其他職責，希望 Julien 承擔所有這些責任，這樣他就可以專注於兌現這一承諾集成 iTwin 平台，以便我們的用戶在創建傳統可交付成果的同時創建高級模型。他為此準備的是來年。我認為這是他為此制定的絕妙巧妙計劃。到今年年底，我們的建模和仿真方面還將包括為所有用戶生成 iModel，因為他們採用了我們的 2023 版應用程序。

That's helpful. And then maybe, Werner, on the margin expansion, I just wanted to maybe touch base on that. If you could break out a little bit more in terms of what are the components that are going to get you to the 100 basis points? I mean how much of it is core relative to the stock-based comp leverage? Because if also I look at Q4, Q4, based on the release, it looks like the core margin has slightly gone down a little bit. But just wondering is that reversed essentially in 2023? And yes, if you could elaborate a little more.

這很有幫助。然後，Werner，關於利潤率的擴張，我可能只是想在此基礎上談一談。如果你能更深入地了解哪些因素會讓你達到 100 個基點？我的意思是相對於基於股票的補償槓桿，其中有多少是核心的？因為如果我也看 Q4，Q4，基於發布，看起來核心利潤率略有下降。但只是想知道這種情況會在 2023 年發生根本性逆轉嗎？是的，如果你能詳細說明一下。

Maybe keen to Q4. Q3 year-to-date was like a high level on margin base, and the goal was always to come in at the end of the year, approximately 33% adjusted EBITDA margin. So we knew that as we went into Q4 that we would more invest into the business and try to spend in areas that benefit the following year. And going into Q4, so we manage the margin on the bit -- our alignment model, where we consistently recalibrate the revenues with our -- went ahead across to our revenue run rate.

也許熱衷於第四季度。今年第三季度的利潤率基礎很高，目標始終是在年底實現，調整後的 EBITDA 利潤率約為 33%。所以我們知道，當我們進入第四季度時，我們將更多地投資於業務，並嘗試在下一年受益的領域進行投資。進入第四季度，我們管理了比特幣的利潤率——我們的對齊模型，我們不斷地重新校准我們的收入——繼續推進我們的收入運行率。

And coming into Q4, we were pretty much like balanced with that measure and the incremental investments into next year. Going into 2023, we scale as we oversee -- we grow our revenue, as indicated, and we reduce our costs a little bit relative to the revenue growth and manage it through the alignment model.

進入第四季度，我們幾乎與該措施和明年的增量投資保持平衡。進入 2023 年，我們會在監督的同時擴大規模——如前所述，我們會增加收入，並且相對於收入增長，我們會稍微降低成本，並通過調整模型對其進行管理。

So of course, we don't reduce our cost. We reduced our rate of increase of our cost in relation to revenue. Maybe I'll just comment quickly that I'm always confident that we'll meet our operating margin goal because our operating incentives -- operating management has that as a condition for their incentives, their incentives depend on our ARR growth rate, but our condition on improving operating margins modestly every year. The percentage point is not difficult. Well, it's difficult. There's a lot of work that goes into it, but we've become confident and being able to do that.

所以當然，我們不會降低成本。我們降低了與收入相關的成本增長率。也許我會很快評論說我總是有信心我們會實現我們的營業利潤率目標，因為我們的運營激勵 - 運營管理將其作為他們激勵的條件，他們的激勵取決於我們的 ARR 增長率，但我們的條件是每年適度提高營業利潤率。個百分點並不難。好吧，這很難。有很多工作要做，但我們已經變得有信心並且能夠做到這一點。

But as you see, we don't wish that to be based on adjusted EBITDA given its arbitrariness and excluding, for instance, operating depreciation and amortization, which is significant for us now and especially excluding stock-based compensation, which can jump around for arbitrary reasons like elections by executives and so forth. So Nicholas is delivering these improvements, and I'll give you the last word, Nicholas on the matter.

但正如您所見，我們不希望它基於調整後的 EBITDA，因為它具有任意性，並且不包括例如對我們現在很重要的營業折舊和攤銷，尤其是不包括基於股票的薪酬，它可以跳來跳去行政人員選舉等任意原因。所以 Nicholas 正在提供這些改進，Nicholas 在這件事上我會給你最後的發言權。

I will just confirm that we are committed to keep improving our margin.

我只是確認我們致力於不斷提高我們的利潤率。

Measured in the right way.

以正確的方式測量。

Exactly.

確切地。

The next question is going to come from Matthew Broome from Mizuho.

下一個問題將來自 Mizuho 的 Matthew Broome。

I'll just add my congratulations to Keith and David and best wishes to both for the future. So I guess, firstly, just how did demand trend during the quarter in terms of linearity? And I suppose, given that we're now sort of 2 months into the first quarter, is there anything you can say about how usage has been tracking year-to-date.

我只想向 Keith 和 David 表示祝賀，並對他們的未來表示最良好的祝愿。所以我想，首先，就線性而言，本季度的需求趨勢如何？而且我想，鑑於我們現在距離第一季度還有 2 個月的時間，關於今年迄今為止的使用情況，您有什麼可以說的嗎？

Well, I may start on linearity. We had this phenomenon of reduced collections during the quarter, which we sort of didn't plan on or anticipate, but we found our negotiations were taking us nearly to the end of the quarter because we and the accounts were negotiating considerable increases in consumption and new deposit levels. And in many cases, we have floors and caps to be negotiated and we had many conversions upgrades, I'd say, to E365 that occupied much of the quarter.

好吧，我可以從線性開始。我們在本季度出現了這種收款減少的現象，這是我們沒有計劃或預料到的，但我們發現我們的談判幾乎將我們帶到了本季度末，因為我們和客戶正在談判大幅增加消費和新的存款水平。在許多情況下，我們有下限和上限需要協商，我們有很多轉換升級，我想說，E365 佔據了本季度的大部分時間。

But it's a great thing to be working on when you're working on going digital plans that require more software and software increases. So there was that aspect of linearity. I'll say one more thing and then turn it over to Nicholas, which is the fourth quarter is not a quarter where we have learned to expect volume -- consumption volume in E365 to grow much compared to sequential quarters. And that's because of holiday. Can we literally charge for application per day, and there are fewer workdays in a fourth quarter each year.

但是，當您正在製定需要更多軟件和軟件增加的數字計劃時，繼續努力是一件很棒的事情。所以有線性的那個方面。我再說一件事，然後把它交給尼古拉斯，這是第四季度不是我們已經學會預期數量的季度 - E365 的消費量與連續季度相比增長很多。那是因為假期。我們真的可以每天按申請收費嗎，而且每年第四季度的工作日會減少。

So more of the new business this year was of the nature that I described of renegotiated resets and new E365 upgrades when I described the application mix accretion, which never stopped rather than outright consumption going to the degree, although Nicholas mentioned consumption increased in Europe, in particular. Anything further Nicholas on that?

因此，今年更多的新業務具有我在描述應用程序組合增長時所描述的重新協商重置和新 E365 升級的性質，儘管尼古拉斯提到歐洲的消費量有所增加，但這種增長從未停止過，而不是直接消費到一定程度，尤其。尼古拉斯還有什麼要說的嗎？

I will say that the general trend is that we are improving linearity. It is true that in Q4, we had many of these E365 conversions that happened a little bit late in the quarter. But as we're converting accounts to E365 and as consumption growth then becomes an important portion of our ARR growth that actually contributes to better linearity. Same with Virtuosity as we sell 2/3 of quarter with Virtuosity, the more we sell with Virtuosity, the higher is the percentage of our ARR coming from Virtuosity, then the better it's going to be our linearity. So the overall trend is improving.

我會說總的趨勢是我們正在改進線性度。的確，在第 4 季度，我們有許多 E365 轉換發生在本季度稍晚的時候。但隨著我們將賬戶轉換為 E365，隨著消費增長成為我們 ARR 增長的重要組成部分，這實際上有助於提高線性度。與 Virtuosity 相同，因為我們用 Virtuosity 銷售了 2/3 的季度，我們用 Virtuosity 銷售的越多，來自 Virtuosity 的 ARR 的百分比就越高，那麼我們的線性度就越好。所以總體趨勢是向好。

It's the enterprise negotiations that drag out to the end, the SMB and Virtuosity practitioner sales and so forth are more reliant on steady.

拖到最後的是企業談判，SMB和Virtuosity從業者銷售等更靠穩。

Okay. All right. And then just curious, how are you pushing hiring in the year ahead. To what extent are you still having sort of success finding sort of qualified civil engineers to build out your E365 program?

好的。好的。然後只是好奇，你將如何推動來年的招聘。您在多大程度上仍然成功地找到了合格的土木工程師來構建您的 E365 計劃？

Nicholas?

尼古拉斯？

Yes. So in hiring, we see clearly more applicants now to our job openings than we've seen before. But we haven't seen an acceleration of the hiring process still. So we still have a lot of candidates to come in with pretty high expectations when it comes to compensation that we need to then align with what we are able to afford.

是的。因此，在招聘方面，我們現在顯然比以往看到更多的職位空缺申請人。但我們還沒有看到招聘過程的加速。因此，我們仍然有很多候選人在薪酬方面抱有很高的期望，然後我們需要與我們能夠負擔得起的薪酬保持一致。

So we do hope and foresee actually that it will ease out during the year that it will get easier to hire. But right now, I cannot say that it is much easier. They're definitely more efficacious. You could argue that even with more efficacious it is actually slowing down a little bit our recruiting process, but the key message is the following, which is we are hiring, we are definitely hiring. And in order for us to continue to go in order for us to sustain our growth.

因此，我們確實希望並實際上預見到它會在年內緩和，從而使招聘變得更容易。但是現在，我不能說它容易得多。它們肯定更有效。你可能會爭辯說，即使更有效，它實際上也會稍微減慢我們的招聘過程，但關鍵信息如下，我們正在招聘，我們肯定在招聘。為了讓我們繼續前進，為了讓我們維持我們的增長。

And most of the engineers we're hiring, of course, Matthew are software engineers, and that's where the phenomenon Nicholas talked about. You did ask about civil engineers. So those are important for our success teams, but it isn't numerically the bulk of our hiring, if you see.

我們招聘的大多數工程師，當然，Matthew 都是軟件工程師，這就是 Nicholas 談到的現象。你確實問過土木工程師。所以這些對我們的成功團隊很重要，但如果你看到的話，這在數量上並不是我們招聘的主要部分。

No, that makes sense. And then sorry, maybe I'll just squeeze in one last one. One of your competitors have been talking a lot about seeing a lot of demand in sort of smart water infrastructure. Just curious what you're seeing in that market, both in terms of fundamentals but also competition.

不，這是有道理的。然後抱歉，也許我會擠進最後一個。您的一位競爭對手一直在談論看到對智能水利基礎設施的大量需求。只是好奇你在那個市場上看到了什麼，無論是在基本面方面還是在競爭方面。

Yes. Well, open flows was actually a -- which is our brand for our applications for the water infrastructure was a highlight in Q4. We did see notable growth in -- around the world. We did sign our largest deal in India in the last 10 years, which was actually directly related to the major infrastructure plan in India, which had some provisions in order to upgrade the water infrastructure and make sure that tap water is available to everyone in the rural parts of India.

是的。好吧，開放流量實際上是 - 這是我們在水利基礎設施應用程序的品牌是第四季度的亮點。我們確實看到了世界各地的顯著增長。我們確實簽署了過去 10 年來在印度最大的一筆交易，這實際上與印度的主要基礎設施計劃直接相關，其中有一些條款是為了升級水利基礎設施並確保印度的每個人都能獲得自來水。印度的農村地區。

So we are benefiting from more investments in water infrastructure that we're seeing in India, but we also see as more and more infrastructure owners, water infrastructure owners, who are looking into creating digital twins of their water infrastructure as the way to get more efficiency, more effectiveness in their processes.

因此，我們正受益於我們在印度看到的對水利基礎設施的更多投資，但我們也看到越來越多的基礎設施所有者、水利基礎設施所有者正在考慮創建其水利基礎設施的數字孿生模型，以此來獲得更多效率，在他們的過程中更有效。

I'll just mention finally that using power, for instance, is very important in greening water infrastructure and energy resilience and transition.

我最後要提到的是，例如，使用電力對於綠化水利基礎設施以及能源彈性和轉型非常重要。

Next question from Kash Rangan from Goldman Sachs.

高盛的 Kash Rangan 的下一個問題。

This is Matt on for Kash. Greg, Bentley's performance down market has been very solid with Virtuosity, another quarter of 600 new logos. I think you made a comment last quarter that you're really surprised that there are so many logos to go after in any given quarter. Perhaps if you could characterize how you view the opportunity for SMB heading into 2023? And really just any change to the competitive landscape?

這是卡什的馬特。 Greg，Bentley 的業績下滑市場一直非常穩固，Virtuosity 是另外四分之一的 600 個新標誌。我想你在上個季度發表評論說，你真的很驚訝在任何給定的季度都有如此多的徽標可供選擇。也許您可以描述一下您如何看待 SMB 進入 2023 年的機會？競爭格局真的有什麼變化嗎？

I'm going to ask Nicholas because we just had the whole sales group together and the Virtuosity leadership and team are -- when I say exponential growth, that's their plan for 2023 as well. They don't -- they're not at diminishing returns in terms of competitive opportunity. A lot of our digital experience investment is self-service, e-commerce and automated renewals and so forth so that the same team can get even more done. But Nicholas, how would you summarize that?

我要問尼古拉斯，因為我們剛剛將整個銷售團隊聚集在一起，Virtuosity 的領導層和團隊——當我說指數增長時，這也是他們 2023 年的計劃。他們沒有——他們在競爭機會方面的回報並沒有遞減。我們的許多數字體驗投資都是自助服務、電子商務和自動續訂等，以便同一個團隊可以完成更多工作。但是尼古拉斯，你如何總結呢？

Yes, Virtuosity is going to be a big growth priority for 2023 and beyond, we see still an important market for us to go after to convert accounts to Bentley software. It can be the most, let's say, fundamental software we have like MicroStation, or more sophisticated solutions like the one I just talked about, which is OpenFlows.

是的，Virtuosity 將成為 2023 年及以後的重要增長重點，我們認為仍然是我們將客戶轉換為 Bentley 軟件的重要市場。它可以是我們擁有的最基本的軟件，例如 MicroStation，也可以是更複雜的解決方案，例如我剛才談到的 OpenFlows。

Now we also see an important growth opportunities with new logos in the enterprise space, especially when it comes to construction and in heavy civil. And we've had some interesting wins in Q4 to confirm this. And of course, with infrastructure owners, operators, right? So there is also a sizable growth opportunity for us to win new logos in the enterprise space, not just SMB.

現在我們也看到了企業領域新標誌的重要增長機會，尤其是在建築和重型民用領域。我們在第四季度取得了一些有趣的勝利來證實這一點。當然，還有基礎設施所有者、運營商，對吧？因此，我們也有相當大的增長機會在企業領域贏得新標誌，而不僅僅是 SMB。

All right. I think the last question we'll take today is from Jason Celino from KeyBanc.

好的。我認為我們今天要回答的最後一個問題來自 KeyBanc 的 Jason Celino。

Great. Sorry, there we go. Great. Maybe on the ARR guidance, a lot of moving parts, but just for the benefit of everyone, I just want to clarify that PLS is not included in the 11.5% to 13% guide. Is that correct?

偉大的。對不起，我們走了。偉大的。也許在 ARR 指南上，有很多移動部分，但為了大家的利益，我只想澄清 PLS 不包含在 11.5% 到 13% 的指南中。那是對的嗎？

No, PLS is included. What was never included for PLS was the -- was what we onboarded. But then after we onboard an acquisition, we move everything onto our paper and it's impossible to parse it out after that. I know, Werner, you were going to comment regarding ARR growth to help those who may be thinking about modeling that for 2023 because we provide only annual guidance. We're prepared to go back to 2022 and answer questions that you, Jason and others asked about the constant currency sequential ARR growth. Maybe you could cover that, Werner.

不，包括 PLS。 PLS 從未包含的是——我們加入的內容。但是在我們進行收購之後，我們將所有內容都移到了我們的紙上，之後就不可能將其解析出來。我知道，沃納，你打算就 ARR 增長發表評論，以幫助那些可能正在考慮為 2023 年建模的人，因為我們只提供年度指導。我們準備回到 2022 年並回答您、Jason 和其他人提出的關於恆定貨幣連續 ARR 增長的問題。沃納，也許你可以解決這個問題。

Yes. So from Q1 to Q4 in 2022, sequentially on constant currency basis, like ARR grew 2% in Q1, 3.1% in Q2, 3.3% in Q3 and 3.3% in Q4. And that business performance that does not include the onboarding of Power Line Systems, as Greg just mentioned.

是的。因此，從 2022 年第一季度到第四季度，按固定匯率計算，ARR 第一季度增長 2%，第二季度增長 3.1%，第三季度增長 3.3%，第四季度增長 3.3%。正如格雷格剛才提到的那樣，這種業務績效不包括電力線系統的入職。

And as you think about how to seasonalize that if you would like to do it for 2023, recall that the numbers -- business performance basis in Q1 of 2022 Q2 of 2022 included Russia, and China impacts that we've already quantified that you might want to further adjust because those numbers are net of those impacts. But we have wanted to come back and answer the questions we got during the year last year to be organized about being able to do sequential constant currency ARR growth.

如果您想在 2023 年考慮如何季節性調整，請回想一下這些數字——2022 年第一季度的業務績效基礎，2022 年第二季度包括俄羅斯和中國的影響，我們已經量化了您可能想要進一步調整，因為這些數字已扣除這些影響。但我們想回來回答我們在去年一年中收到的關於能夠連續不斷地保持貨幣 ARR 增長的問題。

Okay. Perfect. We can take that off-line. And then really quickly, I know we're moving to the OI guidance with SBC, but if you'll -- let me ask about EBITDA 1 last time, would this have also translated into 100 basis points of EBITDA margin expansion or would have been more than 100 basis points given the decrease in SBC?

好的。完美的。我們可以把它離線。然後真的很快，我知道我們正在轉向 SBC 的 OI 指導，但如果你 - 讓我上次問 EBITDA 1，這是否也轉化為 EBITDA 利潤率擴張的 100 個基點或者會有考慮到 SBC 的減少，已經超過 100 個基點？

Well, so for 2023, we -- what we can say about SBC, it seems to me is it's going to gravitate in the range of 6%, plus or minus. The reason that SBC can jump around is, as I mentioned, elections on our executives part of whether to take cash or stock in their compensation, that depends in turn on whether they're going to get their equity distributions gross or net and who has to pay the taxes. And that, in turn, depend on our repurchase program and consideration of the stock price and so forth. So it's just -- it's not nearly as visible how EBITDA -- excuse me, SBC might go up or might go down.

好吧，所以對於 2023 年，我們可以說關於 SBC，在我看來，它會在 6% 的範圍內發生變化，正負。正如我所提到的，SBC 可以跳轉的原因是，我們高管的選舉部分是採用現金還是股票作為薪酬，這又取決於他們是要獲得總股本分配還是淨額分配，以及誰擁有繳納稅款。而這又取決於我們的回購計劃和對股價的考慮等等。所以它只是 - EBITDA 幾乎不那麼明顯 - 對不起，SBC 可能會上升或可能會下降。

So which is why we're saying it's going to gravitate out, we think, to be 6% or so for the long term, but hard to say for 2023. And I wouldn't want our executives to be focused on or measured by something which has that bit of arbitrariness in the SBC -- arbitrariness meaning elections that executives could make based on things that are not within the company's control.

所以這就是為什麼我們說它會被吸引，我們認為，從長遠來看，它會被吸引到 6% 左右，但到 2023 年很難說。而且我不希望我們的高管關注或衡量在 SBC 中有點武斷的東西——武斷意味著高管可以根據不在公司控制範圍內的事情進行選舉。

So I know that gets a little bit complicated, but we think normally, it will be the case that there will be an approximate correlation between adjusted EBITDA and adjusted operating income with SBC. But adjusted operating income with SBC is the one we can control, we think is economically and conceptually better and for everyone to converge around as many investors have asked us to focus on that in fact.

所以我知道這有點複雜，但我們認為通常情況下，調整後的 EBITDA 和調整後的營業收入與 SBC 之間會有近似的相關性。但是我們可以控制 SBC 調整後的營業收入，我們認為在經濟上和概念上都更好，而且每個人都會聚集在一起，因為許多投資者實際上要求我們關注這一點。

Perfect. I think that's it. Thanks, guys.

完美的。我想就是這樣。多謝你們。

Great. Before concluding, we just wanted to announce that Bentley Systems will be ringing the opening bell at the NASDAQ on March 28. With that, we have now concluded today's presentation. Thank you for your interest in time and Bentley Systems.

偉大的。在結束之前，我們只想宣布 Bentley Systems 將於 3 月 28 日在納斯達克敲響開盤鐘。至此，我們今天的演講結束了。感謝您對時間和 Bentley 軟件公司的關注。