Bentley Systems Inc (BSY) 2023 Q3 法說會逐字稿

Good morning, and thank you for joining Bentley Systems' Q3 2023 Operating Results. 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; and Chief Financial Officer, Werner Andre.

早安，感謝您關注 Bentley 軟體公司 2023 年第三季營運表現。我是 Eric Boyer，Bentley 投資者關係官員。在今天的網路廣播中，我們邀請到 Bentley 軟體公司執行長 Greg Bentley；營運長尼古拉斯·康明斯；和財務長沃納·安德烈。

This webcast includes forward-looking statements made as of November 7, 2023, regarding the future results of operations and financial position, business strategy and plans and objectives for the future operations of Bentley Systems, Incorporated. 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 on November 8, 2023. After our presentation, we'll conclude with Q&A.

本網路廣播包含截至 2023 年 11 月 7 日所做的前瞻性陳述，內容涉及 Bentley 軟體公司未來的營運績效和財務狀況、業務策略以及未來營運的計畫和目標。除歷史事實陳述外，本網路廣播中所做或包含的所有此類陳述均為前瞻性陳述。此網路廣播將於 2023 年 11 月 8 日在 Bentley 軟體公司投資者關係網站 Investors.bentley.com 上重播。演示結束後，我們將以問答形式結束。

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

接下來，讓我介紹一下 Bentley 軟體公司的執行長 Greg Bentley。

Good morning, and of course, thanks to each of you for your interest and investment in BSY. In our agenda, I start by interpreting directions within our quarterly operating results. Each quarter, a natural KPI headline is our ARR growth year-over-year business performance.

早安，當然，感謝大家對 BSY 的興趣和投資。在我們的議程中，我首先解釋我們季度營運業績中的方向。每個季度，自然的關鍵績效指標 (KPI) 標題就是我們的 ARR 同比業務表現成長。

While in '23 Q3, that nominally ticked down to the 12.5% midpoint of our financial outlook for the year, this nonetheless, represents continuity in our strong growth momentum given puts and takes specific to this quarter, which I will explain, and we are likewise steadily tracking to our planned annual gains in operating margins and cash flows.

雖然在23 年第三季度，名義上該數字下降至我們今年財務前景的12.5% 中點，但這仍然代表了我們強勁增長勢頭的連續性，考慮到本季度的看跌期權和看跌期權，我將對此進行解釋，我們正在同樣，穩步追蹤我們計劃的營業利潤和現金流的年度收益。

Leading the way, even among more broadly strong market conditions this quarter is the public works/utilities infrastructure sector in the U.S. With almost half of our ARR here, this mainstay in effect serves as the governor on our underlying flywheel. U.S. public works/utilities continues to benefit from the fundamental expansion emerging finally beyond transportation both infrastructure investment and Jobs Act funding.

即使在本季度更廣泛強勁的市場條件中，美國的公共工程/公用事業基礎設施行業仍處於領先地位。我們的ARR 幾乎一半都在這裡，這一支柱實際上充當了我們底層飛輪的調速器。美國公共工程/公用事業繼續受益於最終超越交通基礎設施投資和就業法案資金的基本擴張。

This quarter's ACEC survey of U.S. engineering firms across all sectors, reports a medium current backlog of 11 months, reflecting an engineering resource capacity gap. Even more permanent for digital workflow investments, expectations for a year from now, across economic sentiment anticipate an even stronger market for engineering firms throughout next year, that will result in yet higher backlogs.

本季 ACEC 對美國各產業工程公司的調查顯示，目前積壓的中期工作量為 11 個月，反映出工程資源能力缺口。對於數位工作流程投資來說，更持久的是，從現在起一年後的預期，整個經濟情緒預計明年工程公司的市場將更加強勁，這將導致更多的積壓。

When ACEC asked this time about the lack of qualified workers, you see there was a strong agreement that an engineering resource capacity gap is already constraining engineering firms from growing to meet this backlog of work.

當 ACEC 這次詢問合格工人的缺乏問題時，您會看到大家一致認為，工程資源能力缺口已經限制了工程公司的發展以滿足積壓的工作。

Another indicator of this engineering resource capacity gap is that the average duration that our applications are used in a Workday has continually increased now by 23 minutes per day since before the pandemic. We will shortly come back to count these workdays.

工程資源能力差距的另一個指標是，自大流行之前以來，我們的應用程式在工作日中使用的平均持續時間現在每天持續增加 23 分鐘。我們很快就會回來計算這些工作日。

As Nicholas will report firsthand, the capacity gap is motivating infrastructure engineering organizations everywhere to more than ever prioritize going digital. And with the resulting demand broadly pervasive across infrastructure sectors and global regions, our net revenue retention, the trailing indicator for growth in existing accounts remains at its sustained high level.

正如尼古拉斯將第一手報導的那樣，能力差距正在促使各地的基礎設施工程組織比以往任何時候都更加優先考慮數位化。隨著由此產生的需求在基礎設施產業和全球地區廣泛普及，我們的淨收入保留、現有帳戶成長的追蹤指標仍保持在持續的高水準。

So then what's up or rather down with year-over-year ARR growth as of this most recent quarter end? While a plurality of ARR is now under our E365 program for our largest accounts. And in Q3 '23, this E365 proportion, of course, continued to grow, both through accretion within existing E365 accounts and by accounts spend over $100,000 per year in ARR, hence, we consider to be E365 prospects rather than SMB, upgrading to E365 from our select subscription program.

那麼，截至最近一個季度末，ARR 年成長是上升還是下降呢？現在，我們最大的客戶的 E365 計劃中有多個 ARR。當然，在23 年第3 季度，這個E365 比例繼續增長，既透過現有E365 帳戶的增加，又透過每年在ARR 上花費超過100,000 美元的帳戶，因此，我們認為是E365 前景而不是SMB，升級到E365來自我們精選的訂閱方案。

Under E365, we charge accounts for our project-wise and asset-wise enterprise collaboration systems based on the total number of users or assets, respectively, in the quarter. But the majority of our E365 charges are for daily consumption of our applications, which consumption occurs substantially on the weekday workdays during a quarter.

在 E365 下，我們分別根據本季的使用者總數或資產總數對專案型和資產型企業協作系統的帳戶進行收費。但我們的 E365 費用大部分用於應用程式的日常消耗，而該消耗主要發生在一個季度的工作日。

A year ago, '22 Q3 had a calendar with 66 weekdays, but '23 Q3's calendar ended with a weekend day and began with 2 weekend days that were followed by effectively 2 holidays in the U.S. rather than 1 holiday last year. Now even though half of our business is in the U.S., holidays aren't universal. So even setting aside the comparative effect of that 4-day weekend, if we just count all weekdays as workdays, '23 Q3's E365 consumption year-over-year comparison, suffers as a result of having had 1 less weekday/workday than 2022 Q3.

一年前，'22 Q3 的日曆有 66 個工作日，但 '23 Q3 的日曆以周末結束，以 2 個週末開始，隨後美國有 2 個假期，而不是去年的 1 個假期。現在，儘管我們一半的業務在美國，但假期並不普遍。因此，即使拋開4 天週末的比較影響，如果我們將所有工作日都算作工作日，23 年第三季的E365 消費量同比也會受到影響，因為工作日/工作日比2022 年第三季度少1 個。

Moreover, because we annualize E365 ARR by multiplying the trailing quarters consumption by 4, '23 Q3's year-over-year ARR growth was negatively impacted by effectively losing 4 weekday workdays of E365 consumption. But as you can also see here, this phenomenon will normalize here during '23 Q4 as both years' fourth quarters and the full years have the same weekday count.

此外，由於我們透過將過去季度的消耗乘以 4 來對 E365 ARR 進行年化，因此 23 年第三季的 ARR 同比增長受到了 E365 消耗的 4 個工作日工作日的負面影響。但正如您在這裡也可以看到的，這種現象將在「23 年第四季」正常化，因為這兩年的第四季和全年的工作日計數相同。

Now our overall ARR growth, of course, comes not only from net retention and accretion for our existing accounts, increasingly through E365 as we have been discussing, but also from new logos, which for '23 Q3, again accounted for 3% of our ARR growth. New logos, of course, tend to start as SMB. We have become confident in being able to grow our SMB business, at least as fast as we grow E365 for our enterprise accounts. And in '23 Q3, SMB growth was faster.

當然，現在我們的整體ARR 成長不僅來自我們現有帳戶的淨保留和增加（正如我們一直在討論的那樣，越來越多地通過E365），還來自新徽標，在23 年第三季度，新商標再次占我們帳戶的3% ARR 成長。當然，新標誌往往以 SMB 開頭。我們對能夠發展我們的中小企業業務充滿信心，至少與我們為企業客戶發展 E365 的速度一樣快。 23 年第三季度，中小企業成長更快。

By virtue of our own investments in going digital, our virtuosity inside sales group focused on SMB is continually getting better at digital engagement. The net quarterly ARR additions from our Virtuoso Subscriptions continue to compound. In '23 Q3, Virtuoso Subscriptions again attracted over 700 further new logos.

憑藉我們自己對數位化的投資，我們專注於中小型企業的內部銷售團隊的精湛技藝在數位參與方面不斷進步。我們的 Virtuoso 訂閱帶來的季度 ARR 淨增量持續複合成長。 23 年第三季度，Virtuoso Subscriptions 再次吸引了 700 多個新標誌。

But in addition to subscriptions, our SMB sales group also offers perpetual licenses, largely for differentiation and appealing to prospects who don't have that choice from our principal competitor. This strategy is succeeding. During '23 Q3, we added almost 300 incremental new logos through perpetual license sales. And as you see, overall, we saw in '23 Q3 an unprecedented year-over-year upsurge in purchasers who chose perpetual licenses rather than subscriptions.

但除了訂閱之外，我們的中小企業銷售團隊還提供永久許可證，主要是為了差異化並吸引那些在我們的主要競爭對手那裡沒有這種選擇的潛在客戶。這一戰略正在取得成功。在 23 年第三季度，我們透過永久授權銷售增加了近 300 個增量新標誌。正如您所看到的，總體而言，我們在 23 年第三季看到選擇永久授權而不是訂閱的購買者出現前所未有的同比激增。

We have generally expected this in China here broken out as we pivot there intentionally towards localization. As a result, while our overall new business and revenue in China did increase sequentially and year-over-year, ARR there continued its expected result in decline. In fact, the 97% of our business, excluding China, did maintain its highest level of year-over-year ARR growth.

我們普遍預計，隨著我們有意轉向本地化，這種情況會在中國爆發。因此，雖然我們在中國的整體新業務和收入確實環比和同比增長，但 ARR 繼續出現預期的下降。事實上，我們 97% 的業務（不包括中國）確實保持了最高水準的同比 ARR 成長。

To summarize the business directions of '23 Q3, in light of these puts and takes, I was pleased with our strong year-over-year ARR growth rate notwithstanding its slight decline compared to last quarter in light of the combination of the E365 consumption Workday anomaly and the observed transition to license purchases.

總結 23 年第三季的業務方向，根據這些看跌期權，我對我們強勁的同比 ARR 增長率感到滿意，儘管考慮到 E365 消費 Workday 的組合，該增長率與上季度相比略有下降異常情況以及觀察到的許可證購買轉變。

For significant corporate developments, I start with our annual Year In Infrastructure Conference, where I entitled my keynote presentation, going digital towards infrastructure intelligence. We gathered physically in Singapore last month with our Going Digital awards competition finalists chosen by juries of independent professionals and we had there over 120 members of the world's infrastructure media, and we live streamed from there.

對於重大的企業發展，我從一年一度的基礎設施年會開始，我在會上將我的主題演講命名為「走向基礎設施智慧的數位化」。上個月，我們在新加坡齊聚一堂，參加了由獨立專業人士組成的評審團選出的「走向數位化」競賽決賽入圍者，那裡有超過120 名來自世界各地的基礎設施媒體成員，我們從那裡進行了現場直播。

I think Year In Infrastructure is the best available means to understand the fundamentals of our business on the ground. But the time zone made even virtual attendance difficult. So Investor Relations Officer, Eric Boyer, attended and has compiled a video of the 2 edited keynotes and other conference highlights which is now available for you on our Investor Relations website.

我認為基礎設施年鑑是了解我們實地業務基本原理的最佳可用方法。但時區使得虛擬出席變得困難。因此，投資者關係官埃里克·博耶(Eric Boyer) 出席了會議，並製作了2 個經過編輯的主題演講和其他會議亮點的視頻，您現在可以在我們的投資者關係網站上觀看該影片.

The global nature of the Year In Infrastructure was signified by the provenance of the 36 finalists chosen from the 300-plus nominees in 51 countries. Once again, this year, the region with the most finalists was Asia ex China with a prolific concentration of digital advancements. I've referenced many examples from our host country, Singapore, leading a way to infrastructure intelligence.

從來自 51 個國家的 300 多名提名者中選出的 36 名決賽選手，體現了基礎設施年的全球性質。今年，入圍最多的地區再次是亞洲（中國除外），該地區數位化進步最為集中。我引用了我們的東道國新加坡的許多例子，引領了基礎設施智慧化的發展。

In a world with a widening infrastructure engineering resource capacity gap, to me, the most significant headline comes from our having asked each nominee this year for the first time to quantify their project engineering savings from going digital. For those finalists where this could be calculated as a percentage, the median was 18%. This underscores the importance and potential of our BSY busy work and of the Year In Infrastructure Conference to help promulgate these digital workflow advancements, which can make a difference of such magnitude.

在一個基礎設施工程資源能力差距不斷擴大的世界裡，對我來說，最重要的標題來自我們今年首次要求每位提名者量化他們透過數位化實現的專案工程節省。對於那些可以按百分比計算的決賽入圍者，中位數為 18%。這強調了我們 BSY 繁忙工作和年度基礎設施會議的重要性和潛力，以幫助推廣這些數位工作流程的進步，這可以產生如此巨大的影響。

As an indication of good traction from such efforts toward making all projects as good as the best projects, while in the past, we have reported on digital twin progress among the finalists only, I find it encouraging that this year, among all the 300-plus nominated projects, fully 28% credit reality modeling, our iTwin capture software for creating engineering grade as operated 3D models generally from drone surveying as the context for digital twins.

作為使所有項目與最佳項目一樣優秀的努力的良好表現，雖然在過去，我們只報告了決賽入圍者中的數字孿生進展，但我發現今年令人鼓舞的是，在所有 300 個項目中，加上提名項目，28% 的信用實景建模，我們的iTwin 捕獲軟體用於創建工程級的操作3D 模型，通常來自無人機測量作為數位孿生的背景。

And likewise, our SYNCHRO 4D construction modeling is now credited by fully 17% of all 300-plus nominated projects. Given that virtually all design, modeling and simulation is already performed in 3D, we believe that seamlessly incorporating 4D simulation, inevitably underlies the future of construction while also delivering the digital twin building blocks for infrastructure intelligence during the life cycle of resilient asset operations.

同樣，我們的 SYNCHRO 4D 施工建模現在得到了所有 300 多個提名項目中 17% 的認可。鑑於幾乎所有設計、建模和模擬都已在3D 中執行，我們相信無縫整合4D 模擬將不可避免地成為未來建築的基礎，同時還能在彈性資產運營的生命週期中為基礎設施智慧提供數字孿生構建塊。

And while it is encouraging that this year, 64% of finalists credit our iTwin platform for any or all of such digital twin advancements, I think it's even more significant for iTwin now to be credited by fully 35% of all 300-plus nominated projects.

令人鼓舞的是，今年64% 的入圍者將任何或所有此類數位孿生進步歸功於我們的iTwin 平台，但我認為更重要的是，iTwin 現在得到了所有300 多個提名項目中35% 的認可。

Indeed, the iTwin platform and schema commonality across our Bentley Infrastructure Cloud enables infrastructure engineering data to compound in value throughout project and asset life cycles. As to the extent of this potential value, we estimate that our project-wise users are currently accumulating over 100 million new unique digital components per month for their future benefit.

事實上，Bentley 基礎架構雲端中的 iTwin 平台和模式通用性使基礎設施工程資料在整個專案和資產生命週期中增值。至於這一潛在價值的程度，我們估計，我們的專案用戶目前每月正在累積超過 1 億個新的獨特數位組件，以供他們未來使用。

While Nicholas will next talk about how Generative AI will yet further compound the value for an account of their data in project-wise, for instance, through copilot training and reuse of their data across their new projects, at Year In Infrastructure, I highlighted several infrastructure intelligence strategies already being showcased by finalists there.

雖然尼古拉斯接下來將討論生成式人工智慧如何進一步複合其數據在專案方面的價值，例如透過副駕駛培訓和在新專案中重用其數據，但在基礎設施年會上，我強調了幾個決賽入圍者已經展示了基礎設施智慧策略。

In the forefront of compounding value from accumulating data is BP, subject of this press release last week. To our knowledge, BP's deployment of asset-wise asset life cycle information management, now underway globally after its 2019 implementation in the North Sea becomes the industrial infrastructure sectors' only initiative to leverage the same cloud-based central information store across all projects and operations.

BP 是透過不斷累積的數據實現複合價值的先鋒，它也是上週本新聞稿的主題。據我們所知，BP 於2019 年在北海實施資產明智的資產生命週期資訊管理，目前正在全球範圍內進行部署，成為工業基礎設施部門在所有項目和運營中利用相同的基於雲的中央信息存儲的唯一舉措。

Where otherwise, the unfortunate norm is for separate enterprise systems to remain disconnected, BP's infrastructure engineering data can compound in value from projects through operations with asset-wise reliability working to optimize inspections, minimize maintenance costs, increase availability and to improve safety and risk management.

否則，不幸的常態是獨立的企業系統保持斷開連接，而BP 的基礎設施工程數據可以透過資產可靠性的營運來增加專案的價值，從而優化檢查、最大限度地降低維護成本、提高可用性並改善安全和風險管理。

At $106 billion of net infrastructure value, BP is #33 among the just released 2023 Bentley Infrastructure 500 top owners rankings available at the link here. As I believe our greatest ongoing growth opportunities are in digital twin advancements for operations and maintenance, it is gratifying to report that our current revenue run rate from serving 359 of these 500 2023 top owners increased by over 20% from the comparable revenue run rate for 2022.

BP 的基礎設施淨價值為 1,060 億美元，在剛發布的 2023 年 Bentley 基礎設施 500 強業主排名中排名第 33 位（可透過此處的連結查看）。我相信我們最大的持續成長機會在於營運和維護的數位孿生進步，因此令人高興的是，我們目前為這500 名2023 頂級業主中的359 名提供服務的收入運行率比2023 年的可比收入運行率成長了 20% 以上。2022 年。

And while fully half of our revenue run rate is now from infrastructure owner operators in general, our revenue run rate from just these 500 top owners, who like BP have the most again from compounding the value of their engineering data through infrastructure digital twins now exceeds 20% of our overall total.

雖然我們的收入運行率現在有一半來自基礎設施所有者運營商，但我們的收入運行率僅來自這500 家頂級所有者，他們（例如BP）透過基礎設施數位孿生複合其工程數據的價值再次獲得了最大收益，現在超過了佔總我們的20%。

Speaking of rankings, the annual ARC big tables for engineering design tools this year acknowledged BSY's #1 leadership not only in these infrastructure subsectors which they track individually, but now also for owner-operators in total. To me, that means we are on the right track towards ROI from infrastructure intelligence.

說到排名，今年的年度 ARC 工程設計工具大表承認 BSY 不僅在單獨追蹤的基礎設施子行業中排名第一，而且現在在業主運營商總體上也具有排名第一的領先地位。對我來說，這意味著我們正走在透過基礎設施智慧實現投資回報的正確軌道上。

Finally, I am glad to report since last quarter, 2 programmatic acquisitions. While even more immaterial financially than most others, each of these is significant strategically. Our iTwin Ventures approach has adapted to view the changed venture capital valuation environment opportunistically. Rather than a typical VC multitude of small stakes, we are now open to outright acquisitions of earlier-stage companies that can become significant within our digital twin ecosystem.

最後，我很高興地報告自上季以來的 2 項程序化收購。雖然在財務上比其他大多數因素更為無關緊要，但每一項都具有重要的策略意義。我們的 iTwin Ventures 方法已經適應了機會主義地看待變化的風險資本估值環境。我們現在不再是典型的創投持有大量小額股權，而是對早期階段的公司進行直接收購，這些公司可能在我們的數位孿生生態系統中發揮重要作用。

Blyncsy, our first acquisition in what I call asset analytics applies AI to crowd source data to detect for roadway operators, immediate maintenance conditions such as obstructions, quality of lane divider paint and/or actual versus planned construction zones. We will have more to say next year about consolidating asset analytics opportunities to go beyond our primary current business model, which charges primarily per user, to incrementally monetize digital twin subscriptions per asset and for instance, per mile as does Blyncsy.

Blyncsy 是我們在資產分析領域的首次收購，將人工智慧應用於眾源數據，以檢測道路營運商、障礙物等即時維護狀況、車道分隔線塗料的品質和/或實際與計劃的施工區域。明年我們將有更多關於整合資產分析機會的話題，以超越目前主要按用戶收費的主要業務模式，逐步將每項資產（例如每英里）的數位孿生訂閱貨幣化，就像 Blyncsy 一樣。

Last quarter, I discussed this year's capital market induced slowdown in exploration for new mines and its impact on Seequent. While this pause in new mines continued during '23 Q3, Seequent, which depends more on continuous operating and expansion of existing mines is still growing faster than BSY as a whole, though less fast now than our other platform acquisition, Power Line Systems.

上個季度，我討論了今年資本市場導致新礦勘探放緩及其對 Seequent 的影響。雖然新礦場的停頓在23 年第三季持續，但更依賴現有礦場的持續營運和擴張的Seequent 整體成長速度仍高於BSY，儘管現在速度低於我們收購的其他平台Power Line Systems 。

A source of greater balance and resilience for Seequent is our comprehensive agenda to expand the role of subsurface modeling for civil and environmental infrastructure, which for Seequent is now growing as fast as their mining mainstay.

Seequent 實現更大平衡和彈性的一個來源是我們擴大地下建模在民用和環境基礎設施中的作用的全面議程，對於 Seequent 來說，地下建模現在正與他們的採礦支柱一樣快速增長。

To further this, we announced that Year In Infrastructure the pending acquisition of Flow State Solutions extending Seequent's market-leading geothermal comprehensiveness to the simulation of geothermal reservoirs, wellbores and surface networks. Like Seequent itself, Flow State Solutions is based in New Zealand, where geothermal already accounts for almost 20% of power production.

為了進一步實現這一目標，我們宣布 Year In Infrastructure 即將收購 Flow State Solutions，將 Seequent 市場領先的地熱綜合性擴展到地熱儲層、井筒和地面網路的模擬。與 Seequent 本身一樣，Flow State Solutions 的總部位於紐西蘭，地熱發電已佔紐西蘭發電量的近 20%。

And now from these quarterly directions and developments, over to Nicholas, for a more complete operational perspective on '23 Q3.

現在，尼可拉斯從這些季度方向和發展中獲得有關 23 年第三季更完整的營運觀點。

Thank you, Greg. The engineering resource capacity gap is indeed top of mind. Two weeks ago, I attended a CEO Summit for top engineering firms organized by AEC advisers. There were 2 takeaways relevant for this conversation. First, firms recognize their role in solving the world's biggest problems. Infrastructure is key to support economic growth, ensure energy security and address climate change.

謝謝你，格雷格。工程資源能力缺口確實是首要考慮的問題。兩週前，我參加了由 AEC 顧問組織的頂級工程公司執行長高峰會。有 2 個要點與本次對話相關。首先，企業認識到自己在解決世界上最大問題中所扮演的角色。基礎設施是支持經濟成長、確保能源安全和應對氣候變遷的關鍵。

Second, firms cannot find enough engineers to do this important work, and they are looking for solutions. Software is how they will drive efficiency as one engineering firm CEO said during a panel conversation. This is a great summary of our current market conditions.

其次，公司找不到足夠的工程師來完成這項重要的工作，他們正在尋找解決方案。正如一位工程公司執行長在一次小組對話中所說，軟體是他們提高效率的方式。這是對我們當前市場狀況的一個很好的總結。

Let's start with Infrastructure sectors. The trends remained broadly in line with Q2. AR growth was once again led by public works and utilities. The sector continues to benefit from large infrastructure investments around the world, and we expect this to be the case for years to come.

讓我們從基礎設施部門開始。趨勢與第二季基本一致。 AR 的成長再次由公共工程和公用事業引領。該行業繼續受益於世界各地的大型基礎設施投資，我們預計未來幾年都會如此。

AR growth in resources remain above company average. Seequent with its core business in mining performed as expected. As discussed last quarter, we see less funding available to finance new exploration projects. However, Seequent is used through the mining value chain and is well positioned to help mining companies be more efficient when under margin pressure.

AR 資源的成長仍然高於公司平均。後續礦業核心業務表現符合預期。如上季所討論的，我們發現可用於資助新勘探項目的資金減少。然而，Seequent 在整個採礦價值鏈中得到應用，並且能夠很好地幫助採礦公司在利潤壓力下提高效率。

AR growth in industrial softened somewhat, in particular with EPCs in India and Southeast Asia, focus on energy projects after many quarters of rapid expansion. The commercial and facilities sector remained flat.

工業領域的 AR 成長放緩，特別是印度和東南亞的 EPC 在經歷了多個季度的快速擴張後，重點是能源項目。商業和設施行業保持穩定。

Moving on to regions. Americas performed well once again led by North America with more federal money from IIJA being spent on a greater variety of infrastructure in the U.S. and given our strong momentum with the state departments of transportation. Our growth rate with DOTs has increased by 50% year-over-year. All the more impressive given that these departments increasingly outsource work to their ecosystem of engineering services firms.

轉向地區。美洲地區再次表現良好，北美地區表現出色，IIJA 的聯邦資金更多地用於美國境內更多種類的基礎設施建設，並且我們與州交通部門的合作勢頭強勁。我們的 DOT 成長率年增了 50%。考慮到這些部門越來越多地將工作外包給其工程服務公司生態系統，更令人印象深刻。

EMEA's growth continued to benefit from public funding for projects across transportation, water and energy. Some of these projects were finalized at the Year In Infrastructure. We are also growing with engineering firms who are expanding their reach outside their home country due to the strong demand environment in the broader region.

歐洲、中東和非洲地區的成長持續受益於交通、水務和能源項目的公共資助。其中一些項目已在基礎設施年中完成。我們也與工程公司一起成長，由於更廣泛地區的強勁需求環境，這些公司正在將業務範圍擴大到本國以外的地區。

In Asia Pacific, the main growth drivers were Australia and India. In the region, transportation, water continued to be strong performance. China continued to weigh down broader AR growth given the preference there for perpetual licenses. Returning to the Departments of Transportation in the U.S., we are partnering with the DOTs in new ways, both to help them secure funding and help them in going digital across their respective ecosystems.

在亞太地區，主要成長動力是澳洲和印度。該地區交通、水利持續表現強勁。鑑於中國對永久許可的偏好，繼續拖累更廣泛的 AR 成長。回到美國交通部，我們正在以新的方式與交通部合作，既幫助他們獲得資金，也幫助他們在各自的生態系統中數位化。

We are squarely in year 2 of the IIJA's implementation and new and increased funding streams are available for DOTs to take advantage of. For example, we helped 13 departments apply for federal advanced digital construction management systems grants, which can fund software purchases. We believe these efforts will help strengthen our momentum next year as these grants get awarded.

我們正處於 IIJA 實施的第二年，DOT 可以利用新的和增加的資金流。例如，我們幫助 13 個部門申請了聯邦先進數位施工管理系統撥款，用於資助軟體採購。我們相信，隨著這些贈款的發放，這些努力將有助於增強我們明年的勢頭。

Despite the new funding, the DOTs are also impacted by engineering resource capacity constraints, which create an exciting opportunity for us to help them drive efficiency. For example, we partnered with AASHTO, a nonprofit organization of all U.S. state DOTs to support digital delivery across their value chain, including streamlined design to construction processes. Overall, we are excited about the expanding opportunities with the DOTs and our increasing role as a trusted partner.

儘管有新的資金，DOT 也受到工程資源能力限制的影響，這為我們幫助他們提高效率創造了令人興奮的機會。例如，我們與 AASHTO（美國所有州 DOT 的非營利組織）合作，以支持其整個價值鏈的數位交付，包括簡化設計到施工流程。總體而言，我們對 DOT 帶來的不斷擴大的機會以及我們作為值得信賴的合作夥伴的作用日益增強感到興奮。

Regarding products, the main growth drivers are also in line with the previous quarter. We had noticeable growth with our civil engineering applications, OpenRoads and OpenBridge; our structural engineering application STAAD and SACS as well as PLS for electrical transmission structures. We've also seen continued success with our open flows water modeling application, which is becoming a go-to product for water infrastructure around the world.

產品方面，主要成長動力也與上季持平。我們的土木工程應用程式 OpenRoads 和 OpenBridge 取得了顯著成長；我們的結構工程應用 STAAD 和 SACS 以及用於電力傳輸結構的 PLS。我們也看到開放式水流建模應用程式不斷取得成功，該應用程式正在成為世界各地水利基礎設施的首選產品。

As Greg mentioned, 2023 was a groundbreaking year for Infrastructure Intelligence. We have been impressed by the progress made by infrastructure organizations in leveraging data to improve product delivery and asset performance as exemplified by the Going Digital awards finalists.

正如 Greg 所提到的，2023 年對於基礎設施智慧來說是開創性的一年。基礎設施組織在利用數據改善產品交付和資產績效方面取得的進展給我們留下了深刻的印象，「邁向數位化」獎決賽入圍者就是例證。

If data is the obvious foundation of infrastructure intelligence, digital twins of the building blocks. Digital twins are used to unlock engineering data from Fast so that it can be analyzed, reused across projects, enriched with operational and enterprise data and mobilized across infrastructure life cycle. Because of the power of digital twins, we are evolving our entire product portfolio to leverage iTwin, our digital twin platform to accelerate infrastructure intelligence.

如果說資料是基礎設施智慧的明顯基礎，那麼數位孿生就是建構模組。數位孿生用於解鎖 Fast 的工程數據，以便可以對其進行分析、跨項目重複使用、豐富營運和企業數據並在整個基礎設施生命週期中進行移動。由於數位孿生的力量，我們正在發展整個產品組合，以利用我們的數位孿生平台 iTwin 來加速基礎設施智慧化。

At Year In Infrastructure last year, we launched pending infrastructure cloud, including product-wise, powered by iTwin. This year, we announced that we're bringing iTwin to Bentley open applications, starting with the next release of MicroStation, for systematic use of digital twins in the design phase of the infrastructure life cycle. This will enable users to collaborate in real time, evaluate the impact of changes more seamlessly and significantly reduce rework in errors, resulting in better designs faster.

在去年的基礎設施年會上，我們推出了即將推出的基礎設施雲，包括由 iTwin 提供支援的產品。今年，我們宣布從下一版本的 MicroStation 開始，將 iTwin 引入 Bentley 開放應用程序，以便在基礎設施生命週期的設計階段系統地使用數位孿生。這將使用戶能夠即時協作，更無縫地評估變更的影響，並顯著減少錯誤返工，從而更快地實現更好的設計。

When we talk about infrastructure intelligence, we, of course, think about the significant role that artificial intelligence can play in improving product delivery and asset performance. AI was an important topic at the Year In Infrastructure and it was top of mind for the (inaudible) CEOs I met 2 weeks ago. They seek opportunities to use AI to increase exponentially, the efficiency and effectiveness of their engineers.

當我們談論基礎設施智慧時，我們當然會想到人工智慧在改善產品交付和資產績效方面可以發揮的重要作用。人工智慧是基礎建設年的重要主題，也是我兩週前遇到的（聽不清楚）執行長們最關心的話題。他們尋求機會利用人工智慧來倍增工程師的效率和效力。

As I mentioned last quarter, Bentley is not new to AI. We already use AI in our software for asset monitoring, and we see huge potential for Generative AI during the design phase of the infrastructure life cycle. We believe Generative AI will empower, not replace infrastructure engineers. Consider our own software engineers use GitHub Copilot, a generative AI tool to assist with development by generating routine or basic code, documentation, automated test cases and more.

正如我上個季度提到的，Bentley 對人工智慧並不陌生。我們已經在我們的軟體中使用人工智慧進行資產監控，並且我們在基礎設施生命週期的設計階段看到了生成式人工智慧的巨大潛力。我們相信生成式人工智慧將賦予基礎設施工程師權力，而不是取代他們。考慮一下我們自己的軟體工程師使用 GitHub Copilot，這是一種生成式 AI 工具，透過產生例程或基本程式碼、文件、自動化測試案例等來協助開發。

We envision a comparable copilot for infrastructure engineers, which can take on mundane and time-consuming tasks during the design process, so that engineers can focus on higher-value activities. At Year In Infrastructure, we presented our approach to generative AI for infrastructure engineering beginning with an AI agent that assists engineers in further optimizing site layouts by leveraging designs and data from their previous projects.

我們為基礎設施工程師設想了一個類似的副駕駛，它可以在設計過程中承擔平凡而耗時的任務，以便工程師可以專注於更高價值的活動。在 Year In Infrastructure 上，我們展示了用於基礎設施工程的生成式 AI 方法，首先是 AI 代理，可協助工程師利用先前專案的設計和資料進一步優化網站佈局。

We also showed how Generative AI can be applied to minimize time spent on chronic documentation by automating drawing production with fit-for-purpose and notations. Capabilities like this can improve engineers' productivity and their overall work experience, both being essential in light of the engineering resource capacity gap.

我們還展示瞭如何應用生成式人工智慧，透過使用適合目的和符號的自動化繪圖生產來最大限度地減少花在長期文件上的時間。此類功能可以提高工程師的生產力和整體工作經驗，鑑於工程資源能力差距，這兩者都是至關重要的。

Of course, to train Generative AI models, you need data. And we have a responsibility to our users to be very explicit about our approach to their data. We presented our commitment to data stewardship at Year In Infrastructure. While we are committed to help our users derive even more value from the engineering data they secure in bed infrastructure cloud, including maximizing its potential for Generative AI we are also clear that they retain all access and control over it.

當然，要訓練生成式人工智慧模型，您需要資料。我們有責任對使用者明確我們處理他們資料的方法。我們在基礎設施年會上提出了對資料管理的承諾。雖然我們致力於幫助我們的用戶從他們在床基礎設施雲中保護的工程數據中獲得更多價值，包括最大限度地發揮其生成人工智能的潛力，但我們也清楚他們保留對其的所有訪問和控制。

Our users data is their data, always. They get to decide how to use it to train AI for their benefit. One last stop. For infrastructure engineering, as proven by our software engineering experience, the results will be better, not weaker from accounts for use of their own product data rather than the least common denominator of unknown engineering data that will be somehow aggregated.

我們的用戶資料始終是他們的資料。他們可以決定如何使用它來訓練人工智慧以使其受益。最後一站。對於基礎設施工程，正如我們的軟體工程經驗所證明的那樣，使用自己的產品資料而不是以某種方式聚合的未知工程資料的最小公分母，結果會更好，而不是更弱。

With that said, I will now hand over to Werner for details of our financial results.

話雖如此，我現在將把我們財務表現的詳細資訊交給維爾納。

Thank you, Nicholas. We are pleased with another strong quarter. Total revenues for the third quarter were $307 million, up 14% year-over-year or 11% in constant currency. Year-to-date, total revenues grew 13% on a reported and constant currency basis. Subscription revenues for the quarter grew 15% year-over-year or 12% in constant currency and represented 88% of our total revenues. Year-to-date subscription revenues grew 14% on a reported and constant currency basis.

謝謝你，尼古拉斯。我們對又一個強勁的季度感到高興。第三季總營收為 3.07 億美元，年增 14%，以固定匯率計算成長 11%。今年迄今為止，按報告和固定匯率計算，總收入增加了 13%。本季的訂閱營收年增 15%，以固定匯率計算成長 12%，占我們總營收的 88%。以報告和固定匯率計算，年初至今的訂閱收入成長了 14%。

The onboarding of Power Line Systems at the end of January 2022 accounts for approximately 0.5 percentage point of this year-to-date improvement. Our E365 and SMB initiatives continue to be solid contributors to our subscription revenues growth. Perpetual license revenues for the third quarter grew 26% or 23% in constant currency. Year-to-date, perpetual license revenues grew 6% on a reported and constant currency basis.

電力線系統於 2022 年 1 月底上線，佔今年迄今改進的約 0.5 個百分點。我們的 E365 和 SMB 計劃繼續為我們的訂閱收入成長做出堅實的貢獻。第三季永久授權收入成長 26%，以固定匯率計算成長 23%。今年迄今為止，按報告和固定匯率計算，永久授權收入增加了 6%。

Even though perpetual license sales make up only 4% of total revenues, and will certainly remain small relative to our recurring revenues, they are likely to become more significant to us as they did in '23 Q3. This is particularly true for SMB that did serve as a competitive differentiator, helping us to attract new logos and in China due to local preferences. Our professional services revenues remained essentially flat for the quarter. Year-to-date, services revenues grew 6% or 8% in constant currency and benefited from the acquisition of Vetasi, which we acquired within our cohesive digital integrated group in '22 Q4.

儘管永久授權銷售僅佔總收入的 4%，並且相對於我們的經常性收入肯定仍然很小，但它們可能會像 23 年第三季那樣對我們變得更加重要。對於中小型企業來說尤其如此，中小型企業確實發揮了競爭優勢，幫助我們吸引新的徽標，並且由於當地的喜好而在中國。本季我們的專業服務收入基本持平。今年迄今為止，以固定匯率計算，服務收入增長了 6% 或 8%，這得益於對 Vetasi 的收購，我們於 22 年第四季度在我們具有凝聚力的數位整合集團內收購了 Vetasi。

Moving on to our recurring revenue performance. Our last 12 months recurring revenues increased by 13% year-over-year or by 14% in constant currency. The acquisition of Power Line Systems contributed about 1 percentage point. Our last 12 months constant currency account retention rate rounded down to 97% from 98% as a result of exiting Russia mid-2022. Our constant currency recurring revenues, net retention rate remained at 110%, led by continued accretion within our E365 consumption-based commercial model.

延續我們的經常性收入表現。我們過去 12 個月的經常性收入年增 13%，以固定匯率計算成長 14%。收購Power Line Systems貢獻了約1個百分點。由於 2022 年中期退出俄羅斯，我們過去 12 個月的固定貨幣帳戶保留率從 98% 下降至 97%。我們的恆定貨幣經常性收入、淨保留率維持在 110%，這得益於我們基於 E365 消費的商業模式的持續成長。

We ended Q3 with ARR of $1.125 million at quarter end spot rates. As discussed by Nicholas, our ARR growth trends by infrastructure sectors remained broadly in line with the previous quarter, led by public rugs and utilities, resources performed just above the company overall. Industrial growth softened somewhat and commercial and facilities remained flat. Our E365 and SMB growth initiatives remained the key growth contributors. On a constant currency basis, our trailing 12-month ARPU rate was 12.5% year-over-year and 2.6% on a sequential quarterly basis.

以季末即期匯率計算，我們第三季末的 ARR 為 112.5 萬美元。正如 Nicholas 所討論的，我們的基礎設施產業 ARR 成長趨勢與上一季基本一致，其中公共地毯和公用事業、資源表現略高於公司整體表現領先。工業成長放緩，商業和設施保持穩定。我們的 E365 和 SMB 成長計劃仍然是成長的主要貢獻者。以固定匯率計算，我們過去 12 個月的 ARPU 年增 12.5%，季增 2.6%。

When compared to the third quarter last year and when compared to historic seasonality, '23 Q3 was impacted by 1 less week day. This negatively impacted the annualization of our consumption-based E365 revenues, which is based on the current quarter's consumption times 4. As the fourth quarter and the full year 2022 and 2023 have the same number of week days, there will be no impact from this on our full year ARR growth.

與去年第三季相比以及與歷史季節性相比，23 年第三季受到的影響減少了 1 個工作天。這對我們基於消費的 E365 收入的年化產生了負面影響，該收入基於當前季度的消費乘以 4。由於第四季度以及 2022 年和 2023 年全年的工作日數相同，因此不會產生影響關於我們的全年ARR 成長。

But this calendar anomaly has caused '23 Q3 ARR growth to be slightly lower in proportion to the full year when compared to our historic seasonality. The quarter was also impacted by continued headwinds in China and a greater preference there, but also in SMB elsewhere for perpetual licenses.

但與我們的歷史季節性相比，這種日曆異常導致 23 年第三季 ARR 成長佔全年的比例略低。該季度也受到中國持續不利因素以及中國以及其他地方的中小型企業對永久許可證的更大偏好的影響。

As a reminder, Q4 remains for us the biggest contract renewal quarter of the year and thereby represents the quarter with our biggest ARR growth opportunity. Our GAAP operating income was $74 million for the third quarter and $193 million year-to-date. We have previously explained the impact on our GAAP operating results from amortization of purchased intangibles, deferred compensation plan liability revaluations and acquisition expenses.

提醒一下，第四季度對我們來說仍然是一年中最大的合約續約季度，因此代表了我們 ARR 成長機會最大的季度。我們第三季的 GAAP 營業收入為 7,400 萬美元，年初至今為 1.93 億美元。我們先前已經解釋了購買無形資產攤銷、遞延薪酬計畫負債重估和收購費用對我們公認會計準則經營績效的影響。

Moving on to adjusted operating income with stock-based compensation expense, our primary profitability and margin performance measures starting this year. Adjusted operating income with stock-based compensation expense was $86 million for Q3, up $19 million or 29% year-over-year, with a margin of 28.2%, up 330 basis points.

接下來是調整後的營業收入和以股票為基礎的補償費用，這是我們從今年開始的主要獲利能力和利潤率績效指標。第三季調整後營業收入（含股票補償費用）為 8,600 萬美元，較去年同期成長 1,900 萬美元，即 29%，利潤率為 28.2%，成長 330 個基點。

Year-to-date, our adjusted operating income with stock-based compensation expense was $250 million, up $41 million or 19%, with a margin of 27.2%, up 140 basis points. Q3 was a strong margin quarter for us. In Q4, we expect to see relatively higher OpEx compared to Q3, mainly caused by incremental promotional activities and IT system implementation costs associated with our ERP system. We remain on track to deliver on our full year margin outlook of approximately 26%.

年初至今，我們調整後的營業收入（含股票補償費用）為 2.5 億美元，成長 4,100 萬美元，成長 19%，利潤率為 27.2%，成長 140 個基點。第三季對我們來說是利潤率強勁的季度。與第三季相比，我們預計第四季度的營運支出將相對較高，這主要是由於促銷活動的增量以及與我們的 ERP 系統相關的 IT 系統實施成本所造成的。我們仍有望實現約 26% 的全年利潤率預期。

With respect to liquidity, our operating cash flow was $73 million for the quarter, and $330 million year-to-date, up $92 million or 38%. The year-to-date operating cash flows benefited from an increased focus on working capital management, as well as timing. Due to these factors, we expect this year's cash flow from operations to convert from adjusted EBITDA at the rate of 85% to 90%, up from our previous estimate of approximately 80%.

在流動性方面，本季我們的營運現金流為 7,300 萬美元，年初至今為 3.3 億美元，增加了 9,200 萬美元，即 38%。年初至今的營運現金流得益於對營運資本管理和時機的更加關注。由於這些因素，我們預計今年的營運現金流量將從調整後 EBITDA 轉換為 85% 至 90%，高於我們先前估計的約 80%。

As previously discussed, our business model produces reliable and efficient cash flows over a trailing 12-month period. but with some variability between quarters due to timing. Prospectively, we estimated our conversion rate of adjusted EBITDA to cash flow from operations will be approximately 80% over future trailing 12-month period.

如前所述，我們的業務模式在過去 12 個月內產生可靠且高效的現金流。但由於時間安排，季度之間存在一些差異。展望未來，我們估計在未來 12 個月期間，調整後 EBITDA 到營運現金流量的轉換率約為 80%。

Year-to-date through Q3, along with providing sufficiently for our growth initiatives, we paid $44 million in dividends. We spent about $58 million on defect or share repurchases to offset dilution from stock-based compensation, and we repaid $196 million of bank debt. As of the end of Q3, our net senior debt leverage was 0.7x, and including our 2026 and 2027 convertible notes full year step, our net debt leverage was 3.7x.

今年迄今到第三季度，除了為我們的成長計畫提供充足的資金外，我們還支付了 4,400 萬美元的股息。我們花了約 5,800 萬美元用於缺陷或股票回購，以抵消股票薪酬的稀釋作用，並償還了 1.96 億美元的銀行債務。截至第三季末，我們的淨優先債務槓桿率為 0.7 倍，包括 2026 年和 2027 年全年可轉換票據，我們的淨負債槓桿率為 3.7 倍。

We are very comfortable with our capital structure as it stands today. We continued our strong deleveraging trajectory this quarter, delevering 1.0x adjusted EBITDA since the beginning of the year. With no debt maturing over the next 2 years and our strong free cash flow generation profile, we expect to organically delever and to increase our balance sheet strength over this period. all while maintaining our programmatic M&A cadence, our dividend and share repurchases to offset dilution from stock-based compensation. And from a rates exposure perspective, approximately 90% of our debt is protected from rising interest rates for either very low fixed coupon interest on our convertible notes or our $200 million interest rate swap expiring in 2030.

我們對目前的資本結構感到非常滿意。本季我們持續強勁的去槓桿化軌跡，自年初以來調整後的 EBITDA 已去槓桿化 1.0 倍。由於未來兩年內沒有債務到期，而且我們擁有強勁的自由現金流產生能力，我們預計在此期間將有機地去槓桿化並增強我們的資產負債表實力。同時保持我們的計劃性併購節奏、股息和股票回購，以抵消股票薪資的稀釋。從利率風險的角度來看，我們大約 90% 的債務受到利率上升的保護，因為我們的可轉換票據的固定票面利率非常低，或者我們的 2 億美元利率掉期將於 2030 年到期。

So the key message is, we are very comfortable with our current leverage, maturity profile and interest rate exposure. But of course, we continually evaluate ways to optimize as conditions change. Given our strong year-to-date and considerations for Q4, we are not changing our financial outlook, except we are increasing the range for this year's cash flow from operations, as mentioned before.

因此，關鍵訊息是，我們對目前的槓桿率、期限結構和利率風險感到非常滿意。當然，我們會隨著條件的變化不斷評估最佳化方法。鑑於我們今年迄今的強勁表現以及對第四季度的考慮，我們不會改變我們的財務前景，只是如前所述，我們正在擴大今年營運現金流的範圍。

With regards to foreign exchange rates, on a year-to-date basis, the U.S. dollar has weakened relative to the exchange rates assumed in our 2023 annual financial outlook, resulting in approximately $6 million of incremental revenues from currency. Based on the most recent USD strength, if end of October exchange rates would prevail throughout the remainder of the year, our Q4 GAAP revenues will be negatively impacted by approximately $1 million relative to the exchange rates assumed in our 2023 financial outlook.

就外匯匯率而言，今年迄今，美元相對於我們 2023 年年度財務展望中假設的匯率有所走弱，導致貨幣收入增量約為 600 萬美元。根據最近的美元走強，如果 10 月底的匯率在今年剩餘時間內占主導地位，相對於我們 2023 年財務展望中假設的匯率，我們第四季度的 GAAP 收入將受到約 100 萬美元的負面影響。

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

至此，我想我們已經準備好要進行問答了。交給埃里克。謝謝。

Thanks, Werner. In order to get to everyone's questions today, we ask that you limit yourself to just one. Our first question comes from Matthew Hedberg from RBC.

謝謝，維爾納。為了回答今天每個人的問題，我們要求您只回答一個問題。我們的第一個問題來自加拿大皇家銀行的馬修‧赫德伯格。

Thanks for all the commentary on the call. I was just kind of curious, it sounds like a consistent outlook this year -- I know there's a lot of investors that are kind of wondering about some of the major trends, including IIJA. It's probably too early to kind of think about next year, but if you were kind of helping us with some of the major building blocks for growth next year, is it consistent with kind of '23? Are there things that you're kind of particularly excited about maybe China joint venture is ramping. Just sort of any help you can kind of think about next year would be certainly helpful.

感謝您對通話的所有評論。我只是有點好奇，聽起來今年的前景是一致的——我知道有很多投資者對一些主要趨勢感到好奇，包括 IIJA。現在考慮明年可能還為時過早，但如果您在明年幫助我們建立一些主要的成長基石，這是否與「23」一致？有沒有什麼事情讓你特別興奮，也許中國合資企業正在蓬勃發展？只要你明年能想到的任何幫助肯定會有幫助。

Well, the fourth quarter is going to inform our view of next year. And of course, we'll have our annual outlook guidance after the first quarter -- after the fourth quarter. What happens for us in the fourth quarter it's been almost 3/8 of our ARR renews. And even on E365, there are negotiations about floors and caps, especially that consume the quarter we're in just now.

好吧，第四季將告訴我們對明年的看法。當然，我們將在第一季之後、第四季之後發布年度展望指引。第四季我們發生的情況幾乎占我們 ARR 更新的 3/8。即使在 E365 上，也存在有關下限和上限的談判，尤其是我們剛剛所處的季度。

But generally, thinking of next year, our business at large is not that volatile, and there is considerable visibility in what we do. Now I suppose the exception that proves that rule is new mining exploration, which this year has had a downturn, but it is a minority of what we do even in mining. Things to be excited about for next year include the continued expansion of IIJA. It's now in water and also there has been grid funding. Now for grid improvements, there also needs to be permitting. That is yet to happen.

但總的來說，考慮到明年，我們的整個業務並沒有那麼不穩定，而且我們所做的事情也有相當大的可見性。現在我認為證明這項規則的例外是新的採礦勘探，今年出現了低迷，但即使在採礦業，這也只是我們所做的一小部分。明年令人興奮的事情包括 IIJA 的持續擴展。現在它已經投入水中，也得到了電網資助。現在對於電網的改進，還需要獲得許可。這還沒有發生。

But it will happen, we think, during the coming year. Those are things to be excited about. Things that are complicated are China. So much of that new business happens in the fourth quarter. And the joint ventures are slowly coming on. But more significantly, we continue to have E365 -- excuse me, to continue to have ARR accretion in China, but sometimes it's now in favor of perpetual licenses.

但我們認為，這將在來年發生。這些都是值得興奮的事。事情複雜的是中國。大部分新業務發生在第四季。合資企業也慢慢出現。但更重要的是，我們繼續擁有 E365——對不起，繼續在中國增加 ARR，但有時它現在支持永久許可。

So we're going to have to balance that out and maybe that looking at next year, we have to factor in that not all new business is going to be new ARR subscriptions. But generally, that which we depend most upon doesn't change very fast and is -- it's rather favorable momentum more so now than ever.

因此，我們必須平衡這一點，也許展望明年，我們必須考慮到並非所有新業務都將是新的 ARR 訂閱。但總的來說，我們最依賴的東西不會改變得很快，而且現在比以往任何時候都更有利。

Next question comes from Joe Vruwink from Robert Baird.

下一個問題來自 Robert Baird 的 Joe Vruwink。

Great. Can you hear me?

偉大的。你聽得到我嗎？

Yes.

是的。

Two related questions on ARR performance in the quarter. Do you have a sense of where ARR growth and network retention would be if you just applied this quarter's application usage rates across a normal amount of working days? And then part B of the question, I want to make sure I heard this right. So ARR growth outside of China remained at year-to-date highs. It sounds like industrial markets maybe softened relative to the trend. So is the correct interpretation that public works and the Americas actually improved a bit sequentially?

有關本季 ARR 績效的兩個相關問題。如果您只是在正常工作日內應用本季的應用程式使用率，您是否知道 ARR 成長和網路保留率會如何？然後是問題的 B 部分，我想確保我沒聽錯。因此，中國以外地區的 ARR 成長仍維持在年初至今的高點。聽起來工業市場相對於趨勢可能會走軟。那麼，公共工程和美洲實際上依次有所改善，這是正確的解釋嗎？

I think that is the correct interpretation. And as to industrial. Those are very large EPCs on very large projects that are very production-oriented and maybe especially sensitive to this calendar phenomenon. And to go back to that, there isn't quite a simple calculation to answer your questions and to explain. On the one hand, under E365 ProjectWise, which is our single largest dollar program. It is not counted on usage days. It's any usage in the quarter creates a charge for ProjectWise has already been -- always been that way.

我認為這是正確的解釋。至於工業。這些是非常大的項目中的非常大的EPC，這些項目非常注重生產，並且可能對這種日曆現象特別敏感。回到這一點，沒有一個非常簡單的計算可以回答你的問題並進行解釋。一方面，在 E365 ProjectWise 下，這是我們最大的單一美元計劃。不計算在使用天數內。本季的任何使用都會對 ProjectWise 產生費用，一直如此。

AssetWise, it's based on asset count. And then even for the applications, there are a lot of floors and caps that are binding at any point in time. And the calendar volatility can cause the caps and floors to come into play in a dynamic way. And then we have some contracts where the usage-based pricing is in ban. So we do that for government contracting and so forth.

AssetWise，它是基於資產計數。即使對於應用程序，也有很多在任何時間點都具有約束力的下限和上限。日曆的波動可能會導致上限和下限以動態方式發揮作用。然後我們有一些合約禁止基於使用的定價。因此，我們在政府合約等方面這樣做。

So for all these reasons, it isn't quite as simple a calculation, as you might think it could be. But we can say that without the change in -- without having 1 fewer day than last year, without having the bulge in perpetual licenses that instead they've been the usual mix and without the attrition in China. If we didn't have any of those 3 things, then there wouldn't have been a reduction in our indicated ARR growth for the quarter.

因此，由於所有這些原因，計算並不像您想像的那麼簡單。但我們可以說，沒有變化——沒有比去年減少一天，沒有永久許可證的激增，相反，它們在中國是常見的組合，也沒有損耗。如果我們沒有這三件事中的任何一個，那麼本季的預期 ARR 成長就不會減少。

Thanks, Joe. Next question comes from Kristen Owen from Oppenheimer.

謝謝，喬。下一個問題來自奧本海默的克里斯汀歐文。

I wanted to ask specifically about this BP announcement, the AssetWise project. how we should think about that as a blueprint for this migration or increased penetration with asset owners and those owner operators versus sort of the CapEx cycle. Just help us unpack the remote asset moderate opportunity, recurring revenue sources and the development of that type of agreement.

我想具體詢問 BP 宣布的 AssetWise 專案。我們應該如何將其視為這種遷移的藍圖，或增加資產所有者和所有者營運商的滲透率，而不是資本支出週期。只需幫助我們解開遠端資產適度的機會、經常性收入來源以及此類協議的開發即可。

I think you had that exactly right. Imagine how important it is for BP in its history to get right the access, the engineering information over the operations life cycle of assets. So very smart people and very smart data scientists made very good long-term decisions about their approach to this over time. And it really is unique that they have agreed on a system and a data model and a schema that they can use both during their CapEx, and they have a huge CapEx program and their operations. It really is unique to share that data model for engineering information and has enabled AssetWise to be extended to AssetWise reliability for, I would say, in inspection and corrosion management and so forth.

我認為你說得完全正確。想像一下，在 BP 的歷史上，在資產的營運生命週期中正確存取工程資訊有多麼重要。因此，隨著時間的推移，非常聰明的人和非常聰明的資料科學家就他們的方法做出了非常好的長期決策。他們就可以在資本支出期間使用的系統、數據模型和模式達成一致，並且他們擁有龐大的資本支出計劃和運營，這確實是獨一無二的。共享工程資訊資料模型確實是獨一無二的，並且使 AssetWise 能夠擴展到 AssetWise 可靠性，用於檢查和腐蝕管理等領域。

I think it's more important than anyone to BP. And they have, as you know, in industrial, we do not have the footprint we have elsewhere. So I think it's really important that BP is leading the way in what we call infrastructure intelligence using the engineering information for not only safety, but reliability, uptime and so forth. It's a down to earth application of that, that is now propounded throughout BP and really is a model. Generally, industrials that are ahead of public works and utilities, and I think this is a respective that you're seeing with this BP enhancement.

我認為這對BP來說比任何人都重要。如你所知，他們在工業領域擁有足跡，而我們在其他地方沒有足跡。因此，我認為 BP 在我們所謂的基礎設施智慧領域中處於領先地位非常重要，不僅使用工程資訊來確保安全性，而且還保證了可靠性、正常運行時間等。這是該技術的實際應用，現已在整個 BP 中推廣，並且確實是一個模型。一般來說，工業領先於公共工程和公用事業，我認為這是您在 BP 增強中看到的。

Thanks Kristen. The next question comes from Jason Celino from KeyBanc.

謝謝克里斯汀。下一個問題來自 KeyBanc 的 Jason Celino。

Guys, can you hear me or see me?

夥計們，你們能聽到我或看到我嗎？

Yes.

是的。

Perfect. One of your competitors has been pretty vocal about the studies and partnerships they've been doing with different DOTs. Greg or Nicholas, can you tell us about this partnership with AASHTO? I think they say -- is there any revenue opportunity? Or is it more about influence?

完美的。您的競爭對手之一對他們與不同 DOT 進行的研究和合作關係直言不諱。 Greg 或 Nicholas，您能向我們介紹與 AASHTO 的合作關係嗎？我想他們會說——有任何收入機會嗎？還是更注重影響力？

AASHTO is a nonprofit organization working with all the DOTs in the U.S. The partnership we're doing with them goes beyond a study. It is about integration of our software with a software that they own actually call AASHTOWare, which is managed by Infotech. And in order to enable true digital delivery, meaning data flowing freely from 1 system to another, from AASHTOWare, from OpenRoads, from ProjectWise, from SYNCHRO and from 1 phase of the infrastructure life cycle to the next.

AASHTO 是一個與美國所有 DOT 合作的非營利組織。我們與他們的合作關係超出了研究範圍。這是關於我們的軟體與他們擁有的實際上稱為 AASHTOWare 的軟體的集成，該軟體由 Infotech 管理。為了實現真正的數位交付，這意味著資料可以自由地從一個系統流向另一個系統，從 AASHTOWare、OpenRoads、ProjectWise、SYNCHRO 以及從基礎設施生命週期的一個階段流向下一個階段。

From design to construction, which is usually exciting because we see that as a big growth opportunity for Bentley going forward. We are very strong when it comes to design. We're going into construction with the DOTs in particular, as the embracing digital delivery across design and construction.

從設計到施工，這通常令人興奮，因為我們認為這是賓利未來的巨大成長機會。我們在設計方面非常強大。我們將特別採用 DOT 進行施工，因為在設計和施工過程中採用數位化交付。

This will have a bearing on most projects.

這將對大多數項目產生影響。

Next question comes from Michael Funk from Bank of America.

下一個問題來自美國銀行的麥可‧芬克。

Yes, I haven't troubled the mute button there. I apologize. So Greg, you mentioned a bit about IIJA, some of the funding starting to flow through. I think specifically, you mentioned now in water grid funding, still not permitting in that area. But can you help us quantify this based on the amount of funds for different projects, where you feel you have relative strength, obviously, in those 2 areas you do. And the modeling you've done a potential uplift to ARR from those projects coming online during 2024 and 2025.

是的，我沒有打擾那裡的靜音按鈕。我道歉。格雷格，您提到了一些有關 IIJA 的內容，一些資金開始流入。我想具體來說，你現在提到了水網資金，但在該領域仍然不允許。但是您能否幫助我們根據不同項目的資金數量來量化這一點，您認為您顯然在這兩個領域具有相對優勢。您所做的建模可能會提高 2024 年和 2025 年上線專案的 ARR。

And then related question, you also spoke a lot about iTwins on the call. I appreciate the commentary there. How much potential lift to ARR do you believe at iTwins could provide in the next 12 months?

然後是相關問題，您在電話會議上也談到了很多有關 iTwins 的問題。我很欣賞那裡的評論。您認為 iTwins 在未來 12 個月內可以為 ARR 帶來多少潛在提升？

Well, first on IIJA, of course, the transportation funding had been slowing. It doesn't increase. It just continues to flow for the next 3 and 4 years. The other programs had to be put in place, and that's still not complete, but it is finally for water, for grid, it's kind of hit miss, but some of it has begun subject, however, to permitting for -- you don't need just money but also permits to do a new transmission capacity. So that is yet to happen.

嗯，首先是 IIJA，當然，交通資金一直在放緩。它不增加。在接下來的 3 年和 4 年裡，它將繼續流動。其他計劃必須落實到位，這還沒有完成，但最終是為了水、為了電網，這有點失敗，但其中一些計劃已經開始受到許可——你不’不僅需要資金，還需要允許建立新的傳輸容量。所以這還沒有發生。

As far as quantifying the grid opportunity, the International Energy Association has done a good paper during the past quarter that estimates that what's spent on transmission and distribution needs to double over a period of time globally to accomplish everything that's required for electrification. I don't know that -- I don't mean to say that I predict it will necessarily double, but it will grow a lot. And that is the reason to say that our opportunity in grid, especially can multiply. But generally, there is the capacity constraints at the same time. So I believe it will be a continued ramp in the right direction, and we saw that this quarter and year so far in North America. For iTwin, let me ask Nicholas.

就量化電網機會而言，國際能源協會在上個季度發表了一篇很好的論文，該論文估計，在一段時間內，全球輸電和配電方面的支出需要增加一倍，才能實現電氣化所需的一切。我不知道——我並不是說我預測它一定會翻倍，但它會成長很多。這就是我們在網格領域的機會尤其可以倍增的原因。但一般來說，同時也存在容量限制。因此，我相信這將是朝著正確方向持續成長，我們在本季和今年迄今在北美看到了這一點。對於 iTwin，讓我問問尼古拉斯。

Yes, iTwin is our platform for digital twins -- infrastructure digital twins. And as a platform, it is leveraged more and more across our product portfolio. This relates to a more fundamental evolution going on, where we as an industry overall, if you want, we're going from file-based to data-centric workflows. The technology we're using to do this is digital twin.

是的，iTwin 是我們的數位孿生平台——基礎設施數位孿生。作為一個平台，它在我們的產品組合中得到越來越多的利用。這與正在進行的更根本性的演變有關，如果您願意的話，我們作為整個行業，我們將從基於文件的工作流程轉變為以數據為中心的工作流程。我們用來實現這一目標的技術是數位孿生。

What it means is all of our products over time will adopt iTwin as a platform. Last year, we announced Bentley Infrastructure Cloud, which is a combination of ProjectWise, SYNCHRO, AssetWise to be powered by iTwin. And this year, we announced that our open applications, the first one being MicroStation, we're going to also leverage iTwin going forward.

這意味著隨著時間的推移，我們所有的產品都將採用 iTwin 作為平台。去年，我們宣布推出 Bentley 基礎設施雲，它是 ProjectWise、SYNCHRO 和 AssetWise 的組合，由 iTwin 提供支援。今年，我們宣布我們的開放應用程式（第一個是 MicroStation）今後也將利用 iTwin。

What I mean by this is iTwin is not a discrete part category, if you're trying to put an AR number to it. It's actually our overall growth as a company, which will be based on iTwin as our entire product portfolio is more and more powered by iTwin.

我的意思是，如果您試圖為其添加 AR 編號，則 iTwin 不是一個離散零件類別。這實際上是我們作為一家公司的整體成長，它將基於 iTwin，因為我們的整個產品組合越來越多地由 iTwin 提供支援。

Our next question comes from Matthew Broome from Mizuho.

我們的下一個問題來自瑞穗的馬修布魯姆。

All right. So Greg, you mentioned positive survey results. Could you maybe talk about how you found customer sentiment in recent months based on your conversations, what are their concerns and their main pain points?

好的。格雷格，你提到了正面的調查結果。您能否談談您是如何根據您的談話發現近幾個月的客戶情緒的？他們的擔憂是什麼以及主要的痛點是什麼？

Well, Nicholas has just been with the CEOs at the conference you described, I might ask him. He's had those first hand meetings. In general, they are very excited and enticed by the possibilities of Generative AI in helping to enable their work to get more efficient, but they're very aware that they have valuable data at stake there and they never failed to bring that up and it's appropriately so, I think. What we're saying is their data should benefit only then, but that will be sufficient and is what they really want. But Nicholas, over to you, perhaps to help.

好吧，尼古拉斯剛剛與執行長們一起參加了你所描述的會議，我可能會問他。他參加過這些第一手會議。總的來說，他們對生成式人工智慧幫助他們提高工作效率的可能性感到非常興奮和吸引，但他們非常清楚，他們在那裡擁有寶貴的數據，而且他們從來沒有忘記提出這一點，這是我認為確實如此。我們的意思是，只有到那時他們的數據才會受益，但這就足夠了，也是他們真正想要的。但是尼古拉斯，交給你了，也許可以幫忙。

Right Greg. Indeed, very top of mind is on their side, how much demand there is for infrastructure? And how important is the role, by the way, in designing, building, delivering that infrastructure and to address so many of the world's problems. But at the same time, how much constrained they are in terms of engineering resource capacity. By the way, we heard it from the CEO of the top engineering front we met a couple of weeks ago in Arizona.

對了格雷格。事實上，他們最關心的是，對基礎設施的需求有多大？順便說一句，在設計、建造、交付基礎設施以及解決世界上許多問題方面，這個角色是多麼重要。但同時，他們在工程資源能力上受到了多大的限制。順便說一句，我們是從幾週前在亞利桑那州會見的頂級工程前沿的首席執行官那裡聽到的。

But we hear it across the regions the engineering resource capacity gap is just getting deeper. I heard that, for example, in Indiana, which starting to be constrained in terms of engineering capacity when it comes to very advanced engineering for offshore platform, for example, or high speed rail. So this is a global problem. And they all understand that the way for them to be able to bridge the capacity gap is by going digital.

但我們聽說，各地區的工程資源能力差距正在變得越來越大。我聽說，例如在印第安納州，當涉及到非常先進的海上平台工程（例如高速鐵路）時，該地區的工程能力開始受到限制。所以這是一個全球性問題。他們都明白，彌合能力差距的方法是走向數位化。

So of course, software plays a big role. And in that context, indeed, they are very interested in AI. I was surprised that in every conversation we had with infrastructure engineering firms, CEOs 2 weeks ago, AI came up as a topic in every conversation. So it is very much top of mind. They're looking at it as an opportunity to increase the productivity, the efficiency, the effectiveness of their engineers as a step function.

當然，軟體發揮著重要作用。在這種背景下，他們確實對人工智慧非常感興趣。令我驚訝的是，兩週前我們與基礎設施工程公司、執行長的每次對話中，人工智慧都成為每次對話的主題。所以這是非常重要的。他們將其視為一個提高工程師生產力、效率和有效性的機會。

The next question comes from Joshua Tilton from Wolfe Research.

下一個問題來自沃爾夫研究中心的約書亞·蒂爾頓。

Guys, can you hear me?

夥計們，你聽得到我說話嗎？

Yes.

是的。

All right. Great. I actually want to just kind of sneak in a 2-parter on the infrastructure build bundling. The first is kind of a follow-up to an earlier question. And it's -- you talked about funding for a wider array of projects that's coming online, like we had transportation, now we're going to have water and other things coming. So the question is, is it fair to assume that the tailwind to growth from the infrastructure build will just be greater next year than it was this year because you have more projects.

好的。偉大的。實際上，我只是想偷偷地加入兩方的基礎設施來建立捆綁。第一個是先前問題的後續。你談到了為即將上線的更廣泛的項目提供資金，就像我們有了交通，現在我們將提供水和其他東西。所以問題是，是否可以公平地假設明年基礎建設對成長的推動作用將比今年更大，因為你有更多的項目。

And the second part is on the other side of that, are you guys maybe seeing a dynamic where the current interest rate environment is maybe eating away at some of the excitement around the infrastructure build relative to when it was passed initially?

第二部分是在另一方面，你們是否可能看到一種動態，即當前的利率環境可能會削弱基礎設施建設相對於最初通過時的一些興奮感？

Well, I think it is the case that there not only is the expansion of the IIJA to the other areas beyond transportation grid and broadband and water. There also are now a variety of these grant programs, Nicholas mentioned one of them, which is another vehicle to get some funding. But the base load in transportation is going to continue, and these others will come on. I want to go to the interest rate question because fundamentally, while not much of our work in the scheme of things is a privately financed. That is the case with new mine exploration and new mine exploration does turn out to be sensitive to capital market constraints to do with interest rates and other aspects. And that has turned down during this year in a way that couldn't have been anticipated.

嗯，我認為情況確實如此，IIJA 不僅擴展到交通網絡、寬頻和水之外的其他領域。尼古拉斯提到其中一個，現在還有各種各樣的資助計劃，這是獲得資金的另一種方式。但交通運輸的基本負荷將持續下去，其他的負荷也會隨之增加。我想談談利率問題，因為從根本上說，雖然我們在計劃中的大部分工作都是由私人資助的。新礦勘探就是這種情況，而新礦勘探確實對資本市場的利率和其他方面的限制敏感。今年，這種情況以一種無法預料的方式出現了下降。

The thing is that, on the other hand, existing mines need to run at full capacity. There's no lack of demand for that and where the costs are sunk for the new infrastructure and so forth, it makes economic sense to go full tilt there and we have a lot to help with in respect of that. I'll mention also in terms of private funding is industrial sector. And we do talk about that having gotten a little softer. But again, I don't -- I think we can't say that, that's a trend because it might have to do with the number of days of the quarter and the consumption aspect of that, which, by the way, is even more pronounced in India, where they had more holidays during Q3. So we're not calling that a trend yet necessarily.

另一方面，問題是現有礦山需要滿載運作。對此並不缺乏需求，而且在新基礎設施等方面投入成本的情況下，全力投入在那裡是具有經濟意義的，我們在這方面可以提供很多幫助。我還要提到工業部門的私人資金。我們確實談到了這種情況已經變得更加溫和了。但同樣，我不會 - 我認為我們不能這麼說，這是一種趨勢，因為它可能與季度的天數及其消費方面有關，順便說一句，甚至與印度的情況更為明顯，他們在第三季度有更多的假期。所以我們還不一定會稱之為趨勢。

Something very interesting, it isn't quite to do with interest rates, but is purchasing behavior where monitoring is preference for perpetual licenses and would say, how does that make sense to lay out money upfront when interest rates are higher, Well, there could be concern about future economic conditions and some SMB businesses apparently anecdotally say, while things are going well and we can fund it, let's buy the perpetual license.

一些非常有趣的事情，它與利率不太相關，但在購買行為中，監控優先於永久許可證，並且會說，當利率較高時預先投入資金有什麼意義，嗯，可能有擔心未來的經濟狀況，一些中小型企業顯然會說，雖然事情進展順利並且我們可以為其提供資金，但讓我們購買永久許可證。

In China, I'm afraid it's a different phenomenon. It probably is geopolitical anxiety that's leading to some bigger deals than we've seen ever before become perpetual license deals because they don't want to take a chance with continued subscriptions perhaps under threats of possible sanctions. So it's a complicated world in that respect. So we see on the margin, these impacts of interest rates, but it doesn't affect very much public works and utilities and our other domains.

在中國，恐怕是另一種現象。可能是地緣政治焦慮導致一些比我們以前見過的更大的交易變成了永久許可交易，因為他們不想在可能受到製裁的威脅下冒險繼續訂閱。因此，從這方面來說，這是一個複雜的世界。因此，我們在邊際上看到了利率的這些影響，但它並沒有對公共工程和公用事業以及我們的其他領域產生太大影響。

Next question comes from Warren Meyers from Griffin Securities.

下一個問題來自格里芬證券公司的沃倫·邁耶斯。

Can you hear me now? Thank you, guys, for having me. I'm obviously in for Jay. Just a quick one with respect to the multiple industry solutions you announced at your recent infrastructure conference. How would you rank those in terms of potential materiality to product and/or services, revenues or margins in 2024 and beyond, kind of a multi-part question there.

你聽得到我嗎？謝謝你們邀請我。我顯然支持傑伊。簡單介紹一下您在最近的基礎設施會議上宣布的多個行業解決方案。您如何根據 2024 年及以後產品和/或服務、收入或利潤的潛在重要性對這些因素進行排名，這是一個由多部分組成的問題。

I'm going to ask -- I'm sorry, go ahead, you had another part to it. Go ahead.

我要問──對不起，繼續吧，你還有另一部分。前進。

No, no. That's basically it.

不，不。基本上就是這樣。

Well, I'm willing to ask Nicholas to help quantify, but this notion that the bulk of our opportunity is doing is for operations and maintenance. So infrastructure intelligence compounding the value. That is where the economic value occurs and the opportunity for analytics for AI generally. And one of the earlier questions referred to that in what BP is doing. So we're.... So go ahead, Nicholas.

好吧，我願意請尼古拉斯幫忙量化，但我們大部分的機會都是用於營運和維護的。因此，基礎設施智慧會增加價值。這就是經濟價值產生的地方，也是人工智慧分析的機會。早期的問題之一提到了英國石油公司正在做的事情。所以我們...所以繼續吧，尼古拉斯。

Yes. The -- as you know, our business is roughly half-half between engineering firms, owner operators. But when we look at what owner operators are using for the most part, it is also software related to the design phase of the infrastructure life cycle. So we think one of the big growth opportunities for the company, is the software for the operations phase of the infrastructure life cycle. And this is really what these industry solutions are all about. Now there are a bit of a dimension that cuts across because what we're doing with these industry solutions is combining different products that we already have and then adding some additional capabilities when it be.

是的。如您所知，我們的業務大約是工程公司和業主運營商的一半。但當我們觀察業主業者大部分​​使用的軟體時，發現它也是與基礎設施生命週期的設計階段相關的軟體。因此，我們認為該公司最大的成長機會之一是基礎設施生命週期營運階段的軟體。這正是這些產業解決方案的真正意義。現在有一個維度是交叉的，因為我們正在對這些行業解決方案所做的就是組合我們已經擁有的不同產品，然後添加一些額外的功能。

For the most part, these industry solutions are focused on giving more intelligence around infrastructure assets themselves. So being able to inspect remotely, being able to sense through IoT devices. If anything is wrong with that infrastructure asset and triggering some preemptive actions if necessary. Obviously, this is also a good use case for AI. This is why we're already using quite a bit of AI capabilities for asset analytics. So this is not a discrete product opportunity, if you want, it's more of a long-term growth opportunity for Bentley.

在大多數情況下，這些產業解決方案專注於為基礎設施資產本身提供更多智慧。因此能夠遠端檢查，能夠透過物聯網設備進行感知。如果該基礎設施資產出現任何問題，並在必要時觸發一些先發制人的行動。顯然，這也是人工智慧的一個很好的用例。這就是為什麼我們已經使用大量人工智慧功能進行資產分析。所以這不是一個離散的產品機會，如果你願意的話，這對賓利來說更像是一個長期成長的機會。

Our next question comes from Blair Abernethy from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的布萊爾·阿伯內西。

Just wanted to follow up on some of Nicholas' comments and maybe partially for a word or 2 the concept of copilots as a way to help increase the productivity of design -- infrastructure design engineers. Where do you see yourselves sort of first implementing that? What kind of monetization schemes are you considering? And so what's the timing of this? Is this -- are you in preproduction at this stage or private previews -- or is this a year or 2 out? Just give us a sense of when you can sort of see this in the market.

只是想跟進尼古拉斯的一些評論，也許部分地講一兩句話，副駕駛的概念是幫助提高設計生產力的一種方式——基礎設施設計工程師。您認為自己首先在哪裡實現這一​​點？您正在考慮什麼樣的貨幣化計劃？那麼這個時間是什麼時候呢？這是──你們現階段正在進行預製作還是私人預覽──還是一兩年後就可以了？請讓我們了解一下您何時可以在市場上看到這種產品。

We are already with AI when it comes to asset operations, as I just explained, we've had capabilities there for a couple of years now, which also made the acquisition of Blyncsy, which is also leveraging AI in order to detect what's going on around the transportation network. We are absolutely excited about the potential of AI when it comes to helping engineers in the design phase. This is very early stage as an industry overall.

在資產運營方面，我們已經採用了人工智慧，正如我剛才所解釋的，我們在這方面的能力已經有幾年了，這也促成了對Blyncsy 的收購，該公司也在利用人工智慧來檢測正在發生的事情週邊交通網。我們對人工智慧在設計階段幫助工程師的潛力感到非常興奮。作為整個產業，這還處於非常早期的階段。

We are in exploration phase and we previewed what we're working on, which is when relevant for some of the engineering firms, leveraging AI as a copilot when it comes to evaluating different site layout options, leveraging AI in order to automate some production of drawings that is really just a sync of time for them right now.

我們正處於探索階段，我們預覽了我們正在做的工作，這與一些工程公司相關，在評估不同的站點佈局選項時利用人工智能作為副駕駛，利用人工智能來自動化一些生產對於他們來說，現在的圖畫其實只是時間的同步。

The overall vision we have is AI to empower the engineers, not replace them. And we use our own experience actually as an analogy. Our own engineers are leveraging GitHub Copilot to be much more productive. GitHub Copilot, as I explained in the prepared remarks, is taking over all the mundane tasks, so they can really focus on high-value tasks. So we see exactly the same for infrastructure engineers. And we -- the potential is huge, as I mentioned, 2 weeks ago, in every conversation with infrastructure engineering firm CEOs, AI came up.

我們的整體願景是人工智慧賦予工程師權力，而不是取代他們。我們實際上用我們自己的經驗來進行類比。我們自己的工程師正在利用 GitHub Copilot 來提高工作效率。正如我在準備好的演講中所解釋的那樣，GitHub Copilot 正在接管所有平凡的任務，因此他們可以真正專注於高價值的任務。因此，我們對基礎設施工程師的看法完全相同。正如我兩週前提到的，我們的潛力是巨大的，在與基礎設施工程公司執行長的每次對話中，人工智慧都被提到了。

So the potential is huge for sure. We all see the same. Our approach is going to be leveraging our own engineering applications to train the AI agents not the data of our users, which is different from an approach that other companies may take, right? So we will train the AI agents with our own engineering applications so that they can learn from engineering applications, whether the engineer roles. And based on this, we'll be able then to suggest site layouts or components of designs of infrastructure, et cetera, going forward.

所以潛力肯定是巨大的。我們都看到同樣的情況。我們的方法將利用我們自己的工程應用程式來訓練人工智慧代理，而不是我們用戶的數據，這與其他公司可能採取的方法不同，對嗎？因此，我們將使用我們自己的工程應用程式來訓練人工智慧代理，以便他們可以從工程應用程式中學習，無論是工程師角色。在此基礎上，我們將能夠提出站點佈局或基礎設施設計元件等建議。

And what we envision is our users will then leverage their data to fine-tune those models, those AI agents, this copilot will give to them. So it's a quite distinct approach from what you may see in other industries, which is very adapted to our industry infrastructure and very much resonating.

我們設想的是，我們的用戶將利用他們的數據來微調這些模型，這些人工智慧代理，這些副駕駛將提供給他們。因此，這是一種與您在其他行業中看到的非常不同的方法，它非常適合我們的行業基礎設施並且非常能引起共鳴。

The idea of AI is a copilot. The idea that we training with our own engine applications that we let the users decide when and if they want to use their own data to fine tune. This is what's really resonating. We are in exploration right now with a number of engineering firms giving us feedback. The time line for us to deliver those capabilities will depend on that feedback.

AI的理念是副駕駛。我們使用自己的引擎應用程式進行訓練，讓使用者決定何時以及是否要使用自己的資料進行微調。這才是真正能引起共鳴的。我們目前正在探索，許多工程公司都向我們提供了回饋。我們提供這些功能的時間表將取決於回饋。

Blair, on monetization, I will point out indirectly when engineering firms and owners recognize the value of the data for ways in which they didn't even anticipate, it could compound in value in the future, for instance, with Generative AI training their own tools. ProjectWise has become our single largest product just now. And the advantage of ProjectWise is a common schema where this data can be understood and comprehensively more valuable. So there are ways for us to implicitly monetize on the value of engineering data without yet working out how the -- whether there would be new products or enhanced products as far as monetization.

布萊爾，關於貨幣化，我將間接指出，當工程公司和業主以他們甚至沒有預料到的方式認識到數據的價值時，它可能會在未來增加價值，例如，通過生成人工智能訓練他們自己的數據工具。 ProjectWise 現已成為我們最大的單一產品。 ProjectWise 的優點是可以理解這些資料的通用模式，並且更有價值。因此，我們有一些方法可以隱式地利用工程數據的價值來貨幣化，而無需弄清楚如何貨幣化——是否會有新產品或增強產品。

Our next question comes from Clarke Jeffries from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Clarke Jeffries。

So I wanted to follow up on a prior question and maybe reflect -- I think there are some murmurings of some of the civil construction projects being positive at the shovel-ready stage. And I think that there had been discussion of that before. So I wanted to pose the question like that. How much of the engineering design work will be done entirely pre shovel-ready on the construction and how much continued engineering design work could be available after it moved to that final stage when construction on site starts to happen.

因此，我想跟進之前的一個問題，也許可以反思一下——我認為，一些土木建築項目在準備階段處於積極狀態，有一些抱怨。我認為之前已經對此進行過討論。所以我想提出這樣的問題。有多少工程設計工作將在施工前完全完成，以及在現場施工開始進行到最後階段後可以繼續進行多少工程設計工作。

And then as a follow-up, when can the sale to the owner-operator occur when it's entirely at the sort of specialty contractor or engineering consultant stage or somewhere during the project?

然後作為後續行動，當完全處於專業承包商或工程顧問階段或專案期間的某個階段時，什麼時候可以向業主經營者出售？

Well, what an interesting question. And yes, it could be that in staging of projects, even those funded under IIJA some might wait for materials costs and labor costs and so forth to balance out rather than bulge out. But that won't have, in general, the impact on the design, getting the project to being with shovel-ready.

嗯，多麼有趣的問題。是的，在專案實施過程中，即使是那些由 IIJA 資助的項目，也可能會等待材料成本和勞動成本等達到平衡，而不是膨脹。但總的來說，這不會對設計產生影響，不會讓專案做好準備。

However, we're just back from Year In Infrastructure last month, and we are reminded that in Asia, which leads in so much in the world, in Singapore, a case in point of that, if you get a chance to watch some of the keynotes, things have moved very far toward design build. And very often, major projects in Asia, the owner from the SAR has a digital twin in mind. And it isn't something that comes along after the fact that it really is interesting. And it is leading the way. We say they're leapfrogging ahead not being constrained by traditional contracting structures and so forth.

然而，我們剛從上個月的「基礎設施年」回來，我們被提醒，在亞洲，它在世界上處於領先地位，在新加坡，就是一個很好的例子，如果你有機會觀看一些從主題演講來看，事情已經向設計構建邁出了很大一步。通常，在亞洲的重大計畫中，來自香港特別行政區的業主都會考慮數位孿生。它並不是在它確實很有趣之後才出現的。它正在引領潮流。我們說他們正在跨越式前進，不受傳統承包結構等的限制。

So I think you'll see some examples of that in Going Digital award finalists and winning projects in Asia. And that's why we remarked -- but to me, it's a pleasant surprise to see that 17% of all of these 300-plus nominated projects this year, use SYNCHRO. So they're incorporated 6 even incorporating 4D modeling of the construction process during the design, and it's just an indication of the progress of design build and constructability ultimately to improve civil project execution and take out risk and variability.

因此，我認為您會在亞洲的「邁向數位化」獎決賽入圍者和獲獎項目中看到一些這樣的例子。這就是我們評論的原因 - 但對我來說，看到今年 300 多個提名項目中有 17% 使用 SYNCHRO，我感到很驚訝。因此，他們在設計過程中納入了 6 甚至納入了施工過程的 4D 建模，這只是設計、建造和可施工進度的指示，最終改善土木專案的執行並消除風險和可變性。

That concludes our call today. We thank each of you for your interest and time in Bentley Systems and look forward to updating you on our progress in coming quarters.

我們今天的電話會議到此結束。我們感謝大家對 Bentley 軟體公司的興趣和時間，並期待向您通報我們在未來幾季的最新進展。

Thank you.

謝謝。