Bentley Systems Inc (BSY) 2024 Q3 法說會逐字稿

Portions of this transcript marked (audio in progress) indicate audio problems.

本記錄中標記為（音訊正在進行）的部分錶示音訊有問題。

The missing text will be supplied if a replay becomes available.

如果有重播的話，將會補充缺少的文字。

(audio in progress) To each of you once again for your interest in BSY.

（音頻正在進行）再次感謝你們每個人對 BSY 的關注。

Compared with the remit of CEO, Nicholas; and CFO, Werner, who will follow today, my perspectives as Executive Chair by rights would tend more towards qualitative and longer-term considerations.

與執行長尼古拉斯的職權範圍相比；以及今天將出席的財務長沃納 (Werner)，作為執行主席，我的觀點理所當然地更傾向於定性和長期的考慮。

The progress we're reporting for this inaugural quarter after completion of our generational succession underscores my confidence in raising our sites in these respects.

在完成世代傳承後，我們報告本季的進展凸顯了我對提升我們網站在這些方面的信心。

Hopefully, you will have viewed these worthwhile and concise keynotes presented at our annual conference in Vancouver last month.

希望您已經看到了我們上個月在溫哥華舉行的年度會議上發表的這些有價值且簡潔的主題演講。

And if not yet, please do follow the links here.

如果還沒有，請點擊這裡。

In any case, I defer to Nicholas to summarize the directions and developments which he and his team shared, I thought more effectively than ever.

無論如何，我都請尼古拉斯總結他和他的團隊分享的方向和發展，我認為這比以往任何時候都更有效。

I likewise recommend the supporting going digital award finalist project presentations, each a compelling case story describing and quantifying how our digital advancements together are helping to surmount the infrastructure engineering resource capacity gap.

我同樣推薦支持數位化獎入圍計畫的演示，每個項目都是一個引人入勝的案例故事，描述和量化我們的數位化進步如何共同幫助克服基礎設施工程資源能力差距。

My own role this year was in selecting the very deserving founders' honorees for this year and recording presentations to explain why, which you can find here.

我今年的職責是選出今年最值得獲獎的創始人榮譽人，並錄製演講來解釋原因，您可以在這裡找到。

20 -- Q3's progress toward our targeted ARR growth trajectory for the year goes beyond the commendable quantitative gains, which Nicholas and Werner will cover.

20—第三季在我們實現年度目標 ARR 成長軌跡方面取得的進展超出了值得稱讚的數量增長，Nicholas 和 Werner 將對此進行介紹。

As we charted in this year's early going, as the proportions under E365 and then subject to annual floors and ceilings, deliberately increase year-over-year ARR growth will naturally ramp somewhat more throughout each calendar year.

正如我們在今年年初所繪製的，由於 E365 下的比例受到年度下限和上限的影響，故意增加的年度 ARR 增長率自然會在每個日曆年有所增加。

Usually now for multiple years, we and our enterprise accounts have constructively agreed to contain and exchange the potential extremes of their consumption volatility for a predictable and mutually satisfactory range of visibility.

通常現在多年以來，我們和我們的企業客戶已經建設性地同意控制和交換其消費波動的潛在極端，以獲得可預測和雙方滿意的可見性範圍。

The purposeful advantage of this for us and investors is that in each successive quarter now, we benefit from greater visibility and linearity in ARR growth both within the quarter and over foreseeable future years.

對於我們和投資者來說，這樣做的好處是，現在在每個季度中，我們都可以從本季度以及可預見的未來幾年中更大的 ARR 成長可見性和線性中受益。

In effect, we have traded off some potential for quantitative upside extremes for greater qualitative continuity of our annual ARR growth.

實際上，我們犧牲了一些量化上行極端的潛力，以換取年度 ARR 成長的更大的定性連續性。

Balanced against this risk truncation in our traditional paid per user business is our new and promising but intrinsically lumpy asset analytics business in asset analytics were paid annually per asset, but we've got to secure major enterprise procurements, adding to asset analytics volatility, this is our priority for ongoing but less predictable programmatic acquisitions.

與我們傳統的按用戶付費業務中的風險截斷相平衡的是我們的新興且前景光明但本質上不穩定的資產分析業務，資產分析是按資產每年付費的，但我們必須確保主要的企業採購，這增加了資產分析的波動性，這是我們進行中但不太可預測的程序化收購的優先事項。

In covering today my Executive Chair responsibility for capital allocation, I will come back shortly to review our uses of cash for such acquisitions.

今天，在介紹我作為執行主席負責資本配置的職責後，我將很快回來回顧我們用於此類收購的現金使用情況。

But to get there, we should start with our sources of cash flow, also characterized by rather unique visibility.

但要實現這一目標，我們應該從現金流來源開始，其特點也相當獨特。

This shows BSY's operating profit performance over our four-year history as a public company.

這顯示了 BSY 作為上市公司四年歷史上的營業利潤表現。

Because our management is held to improving margins on an annual basis, what's plotted for each quarter is the last 12 months adjusted operating income after stock-based compensation as our majority share owning Board regards SBC as fungible with cash compensation.

由於我們的管理階層致力於每年提高利潤率，因此每季繪製的是過去 12 個月扣除股票薪酬後的調整後營業收入，因為我們持有多數股權的董事會認為 SBC 可以與現金薪酬取代。

Over this public lifetime, we have maintained a compounded annual growth rate of 15% in AOI less SBC, subject to minor variance primarily early during the pandemic with unanticipated savings in travel and events.

在公司上市期間，我們的 AOI 減去 SBC 一直保持著 15% 的複合年增長率，僅在疫情初期由於差旅和活動方面的意外節省而出現了微小的變化。

Our accounting profit visibility is an outlier compared to the volatility of our software peers and is bound to be ever more so by virtue of our consumption-oriented business model.

與軟體同業的波動性相比，我們的會計利潤可見度是一個異常值，而且由於我們以消費為導向的商業模式，這種可見度必將更加明顯。

Our visibility is because essentially, we do not book revenues that we haven't billed annually in advance and the great majority of our rev recognition is strictly on pace with consumption.

我們的可見性本質上是因為，我們不會記錄那些沒有提前年度計費的收入，而且我們絕大多數的收入確認都嚴格地與消費同步。

Thus, with subscriptions now 91% of our revenues and over 70% and increasing of our subscriptions revenue booked ratably as if pre-606 and virtually no multiyear bookings our annual profit growth rate corresponds straightforwardly to our consistent ARR growth rate plus the proportionate rate of consistent annual expansion in margins.

因此，目前訂閱收入占我們收入的 91%，訂閱收入的 70% 以上（且呈成長趨勢），按比例預訂，就像 606 之前一樣，而且幾乎沒有多年預訂，我們的年度利潤增長率直接對應於我們一致的 ARR 增長率加上利潤率一致的年度擴張比例。

Last quarter, I rather offhandedly said what you see is what we get about the direct-ish relationship between our operating profits and cash flows.

上個季度，我曾隨口說過，您所看到的就是我們所得到的有關營業利潤和現金流之間的直接關係的資訊。

Here's how this looks quantitatively over our public company history, again accumulating the last 12 months through each quarter to abstract from seasonality.

這是我們上市公司歷史上的量化表現，再次透過每季累積過去 12 個月的數據，以抽象化季節性。

While we have experienced some temporary collections timing offsets as in '22 Q4, our free cash flow has also tended to compound rather reliably.

雖然我們經歷了一些暫時的收款時間抵銷（如 22 年第四季），但我們的自由現金流也趨於相當可靠地複合。

Of course, in conventional terms of conversion rates, free cash flow wouldn't be expected to exceed operating profit.

當然，以傳統的轉換率，自由現金流預計不會超過營業利潤。

That appears to be generally the case here only because for us, operating profit is reckoned after the costs of noncash SPC.

這裡的情況似乎普遍如此，因為對我們來說，營業利潤是在非現金 SPC 成本之後計算的。

For our majority share owning Board cash flow could only be regarded as discretionarily free after setting aside an amount equal to stock-based compensation for equity purchases to offset what would otherwise be dilution and as is, in fact, our intended regular practice at BSY.

對於我們持有多數股權的董事會來說，只有在撥出相當於股票薪酬的金額用於股權購買以抵消原本稀釋的現金後，現金流才可視為可自由支配，事實上，這也是 BSY 的常規做法。

Not surprisingly, here you see that our truly free cash flow or FCF, less SBC tracks rather consistently with our operating profit.

毫不奇怪，在這裡您可以看到我們的真正自由現金流或 FCF（減去 SBC）與我們的營業利潤相當一致。

And indeed, throughout our four years as a public company, we have maintained a compounded annual growth rate in less SBC of likewise 15%.

事實上，在我們作為上市公司的四年期間，我們的 SBC 一直保持著 15% 的複合年增長率。

This emphasis as much on consistency and sustainability and quality of earnings metrics as we are even further distinguished by visibility over volatility, is an enduring objective and capability of BSY -- and it happens that there is a reason to consider this trajectory of FCS less SBC to be currently relevant for our capital allocation.

我們不僅強調收益指標的一致性、可持續性和質量，還進一步強調了可見性而非波動性，這是 BSY 的持久目標和能力——而且我們有理由認為，目前 FCS 減去 SBC 的軌跡與我們的資本配置相關。

This metric has been highlighted to us as perhaps the most plausible valuation basis for a predictably growing and compounding company like ours.

我們認為，對於像我們這樣可預測成長和複合成長的公司來說，這項指標可能是最合理的估值基礎。

The immediate implication is for our almost $690 million of convertible debt, which will mature and need to be refinanced in January 2026 if not converted into about 11 million newly issued shares, which are already included in our diluted share count at just over $64 per share.

直接的影響是我們近 6.9 億美元的可轉換債務將於 2026 年 1 月到期，如果不轉換為約 1100 萬股新發行的股票，則需要進行再融資，這些股票已經包含在我們的稀釋股數中，每股價格略高於 64 美元。

So now it behooves us to factor into our capital planning, the potential path of our stock price.

因此，現在我們有必要將股票價格的潛在走勢納入我們的資本規劃中。

If you research this, I think you will find that if for the coming five quarters, our FCF less SBC would continue to grow at this established 15% CAGR, then our stock would crest the conversion price if it's valuation multiple of FCF, less SBC would merely be at least at the current median among our design software peers.

如果你對此進行研究，我想你會發現，如果在未來五個季度中，我們的 FCF 減去 SBC 繼續以既定的 15% 複合年增長率增長，那麼如果我們的股票估值倍數 FCF 減去 SBC 僅僅至少達到我們設計軟體同行中的當前中位數，那麼我們的股票將達到轉換價格的頂峰。

So while conversion of the 2026 convertibles is legitimately possible, of course, we have judiciously prepared for potential debt refinancing by putting in place last month and improved and expanded new five-year syndicated bank credit facility with revolver capacity of $1.3 billion plus further available $500 million accordion.

因此，雖然 2026 年可轉換債券的轉換是合法可能的，但當然，我們已經明智地為潛在的債務再融資做好了準備，上個月我們已經建立並改善並擴大了新的五年期銀團銀行信貸額度，其循環信貸容量為 13 億美元，另外還有 5 億美元的可用循環信貸額度。

Our predictable and compounding annual cash flows supports debt capacity, which enables us to be agile in responding to the rare opportunities for platform acquisitions such as of Seequent and Power Line Systems, which continue to drive increasing investment returns.

我們可預測且複合的年度現金流支持了債務能力，這使我們能夠靈活應對平台收購的難得機會，例如 Seequent 和 Power Line Systems 等，這將繼續推動投資回報的成長。

As you see, our capital allocation since these platform acquisitions has prioritized delevering to what is probably now near optimum leverage levels given our cash flow consistency.

如您所見，自從這些平台收購以來，我們的資本配置就優先考慮去槓桿，考慮到我們的現金流一致性，現在的槓桿率水平可能已接近最佳水平。

There is no platform acquisition in prospect, but we think the headroom in the new facility prepares us amply should an opportunity arise.

雖然目前還沒有平台收購的計劃，但我們認為，如果機會出現，新設施的空間將為我們做好充分的準備。

At all times, our capital allocation priorities, along with affording our modest dividend and the equity repurchases to offset stock-based compensation, contemplate relatively consistent expenditures for smaller programmatic acquisitions.

在任何時候，我們的資本配置優先事項，除了提供適度的股息和股票回購以抵消股票薪酬外，還考慮對較小規模的項目收購進行相對一致的支出。

Here, you see our public tenure programmatic acquisition expenditures smooth on a trailing-year basis through '24 Q2.

在這裡，您可以看到，截至 2024 年第二季度，我們的公共權利項目收購支出在過去一年中保持穩定。

The pace had trailed off over the last 1.5 years, primarily reflecting a change in our acquisition assessments and priorities coinciding with our generational succession.

在過去的一年半里，收購步伐減慢，主要反映了我們的收購評估和優先事項隨著世代交替而發生的變化。

This is now fully signified by our acquisition during '24 Q3 of Cesium which, by the way, serves to bring last 12-month expenditures back to our established range in very low nine figures annually.

我們在 2024 年第三季收購 Cesium 充分證明了這一點，順便說一句，這有助於將過去 12 個月的支出拉回到我們既定的範圍內，每年支出約為 9 位數。

I couldn't be more pleased with the acquisition of Cesium.

我對收購 Cesium 感到非常高興。

From their start, Cesium has been our neighboring company in many respects.

從一開始，Cesium 在許多方面就是我們的鄰居。

I leave to Nicolas and others to articulate as they did at our year and Infrastructure 2024 Conference.

我讓 Nicolas 和其他人像我們今年和基礎設施 2024 會議上那樣進行闡述。

The compounding technical and commercial synergies with our iTwin platform around 3D geospatial immersion for infrastructure digital twins.

我們的 iTwin 平台圍繞著基礎設施數位孿生的 3D 地理空間沉浸式體驗產生複合技術和商業協同效應。

For me and my brothers, suffice it to say that internalizing and infusing CZM's naturally more youthful ethos with its corresponding track record of continued vigorous success against world-class compensation to institutionalize its open-source platform and open standards is a resounding accompaniment and reinforcement to the truly generational succession at BSY, which now extends to our new Chief Platform Officer, Cesium Founder and CEO, Patrick Cosi.

對於我和我的兄弟來說，可以說，內化和注入 CZM 自然更年輕的精神，以及其在世界級薪酬方面持續取得的巨大成功，使其開源平台和開放標準制度化，是對 BSY 真正代際傳承的有力支持和強化，現在這種傳承已經延伸到我們新任首席平台官、Cesium 創始人兼首席執行官 Patrick Cosi。

I think it would sufficiently substantiate uniqueness -- for Arcade, which only recently exceeded 50 colleagues to have become indispensable for the top-notch open Geospatial consortium, which among things, spans and unifies the world government requirements, and for Google, as to its own price list and ubiquitous geospatial content as well as for developers of tens of thousands of geospatial and digital twin application projects, including all of ours at BSI and all those with iTwin reflecting this breadth and even though its ARR is still relatively insignificant on our scale, the pace of open source early adopters individually upgrading to paid subscriptions seems to compare satisfactorily in relation to other ultimate open platform software winners at the same level of maturity.

我認為這足以證明其獨特性——對於 Arcade 來說，它最近才超過 50 名同事，已成為頂級開放地理空間聯盟不可或缺的一部分，該聯盟涵蓋並統一了世界政府的要求；對於谷歌來說，它有自己的價目表和無處不在的地理空間內容，以及數以萬計的地理空間和數字孿生應用項目的開發者，包括我們在 BSI 項目的所有 iRR 在這個項目上的產品相對微不足道，但與相同成熟度等級的其他最終開放平台軟體贏家相比，開源早期採用者單獨升級到付費訂閱的速度似乎令人滿意。

But may be again unique in having also proven its substantial enterprise pedigree.

但其獨特之處或許還在於也證明了其雄厚的企業血統。

From the standpoint of our strategic investment, what seems utterly persuasive is the industrial strength endorsement of heavy construction equipment market leader, Komatsu's global enterprise adoption of Cesium Cobas undertook an exhaustive search for a platform software to anchor their strategic initiatives for the domain, which is very relevant to BSY and to our accounts and aspirations of earthmoving digital trends.

從我們的戰略投資角度來看，重型建築設備市場領導者小松對 Cesium Cobas 的工業實力認可似乎極具說服力，該公司對 Cesium 進行了全面的搜索，以尋找一個平台軟體來鞏固其在該領域的戰略舉措，這與 BSY 以及我們對土方數字趨勢的描述和願望非常相關。

CCM-based heavy construction simulation products are already in the Japanese market through Komatsu's full-scale earth brain joint venture which includes NTT and Sony.

基於CCM的重型建築模擬產品已經透過小松與NTT、索尼等公司共同建立的全尺寸地球大腦合資企業進入日本市場。

This will increase our foothold in the huge Japanese market for infrastructure engineering with 3D construction now an explicit Japanese government priority and where to date, we have been conspicuously underrepresented.

這將增強我們在日本龐大的基礎設施工程市場的立足點，3D 建築現已成為日本政府的明確優先事項，而迄今為止，我們在該領域的代表性明顯不足。

But finally, I think an equal case for our substantial investment can be made from a financial investor perspective as well.

但最後，我認為從金融投資者的角度來看，我們大量的投資也具有同等的道理。

In addition to validating and accelerating commercial as well as technical maturity, substantial incremental revenue from Komatsu's ongoing licensing and commission development has enabled Cesium to become and to remain cash flow neutral seemingly a rarity at such an aspirational stage.

除了驗證和加速商業和技術成熟度之外，小松持續的授權和佣金開發帶來的大量增量收入使 Cesium 能夠保持現金流中性，這在如此理想的階段似乎是罕見的。

Going forward, while our platform investments and organizations are emerging, R&D synergies are abundant.

展望未來，我們的平台投資和組織正不斷湧現，研發綜效也將十分豐富。

In particular, Cesium will underlie integrated immersive visualization across our asset analytics portfolio, and I expect its widespread penetration to open up new entry points for instant on digital twins.

特別是，Cesium 將成為我們資產分析組合中整合沉浸式視覺化的基礎，我預計它的廣泛滲透將為即時數位孿生開闢新的切入點。

Most significantly for me, this qualitatively different acquisition raises our sites as to the substantial incremental opportunities which Nicolas and his executive generation have, I think, astutely identified and prioritized for AI-driven digital twins to sustain resilient infrastructure asset performance.

對我來說，最重要的是，這次質的飛躍的收購提升了我們對大量增量機會的關注，我認為，Nicolas 和他的高管團隊精明地發現並優先考慮了人工智能驅動的數位孿生，以維持彈性基礎設施資產的性能。

And now to review '24 Q3's commendably productive first 100 days along this arc of progress over to Nicholas.

現在來回顧一下 24 Q3 在尼古拉斯的帶領下取得的令人稱讚的豐碩成果的前 100 天。

Thank you.

謝謝。

Thank you, Greg.

謝謝你，格雷格。

In early October, infrastructure leaders met in Vancouver for our Annual Year Infrastructure Conference and going digital awards.

十月初，基礎設施領導人齊聚溫哥華，參加我們的年度基礎設施會議並頒發數位化獎項。

This event is without a doubt a highlight of the year for Bentley.

這次活動無疑是賓利今年的一大亮點。

The extraordinary work that our users accomplish with our software is both inspiring and humbling.

我們的用戶利用我們的軟體所完成的非凡工作既令人鼓舞又令人謙卑。

Their project stories bringing to focus how we connect with our purpose to advance infrastructure for better quality of life.

他們的專案故事集中體現了我們如何與我們的目標連結起來，推動基礎設施建設，提高生活品質。

It just so happened that YII coincided with my 100th day as CEO.

恰巧，YII 恰逢我擔任 CEO 的第 100 天。

During my first 100 days, we unveiled ambitious strategic moves that will help propel our future growth while delivering strong quarterly results.

在我任職的頭100天裡，我們公佈了雄心勃勃的策略舉措，這將有助於推動我們未來的成長，同時實現強勁的季度業績。

In September, as Greg mentioned, we acquired Cesium the foundational open platform for creating 3D geospatial applications.

正如 Greg 所提到的，9 月份，我們收購了創建 3D 地理空間應用程式的基礎開放平台 Cesium。

Since we launched iTwin more than five years ago, -- we have learned that a 3D geospecial view is the most intuitive way for users to search for query and visualize information about infrastructure networks and assets.

自從五年多前推出 iTwin 以來，我們了解到 3D 地理特殊視圖是用戶搜尋查詢和視覺化基礎設施網路和資產資訊的最直觀的方式。

Combining Cesium and iTwin technologies enable developers to create astonishing user experiences that help infrastructure professionals make better informed decisions in full 3D geospatial context.

結合 Cesium 和 iTwin 技術，開發人員可以創造令人驚嘆的使用者體驗，幫助基礎設施專業人員在完整的 3D 地理空間環境中做出更明智的決策。

Cesium's Founder and CEO, Patrick Cosi, has joined Bentley as our Chief Platform Officer, and he is leading the development of the combined Cesium and iTwin platform offerings.

Cesium 的創辦人兼執行長 Patrick Cosi 已加入 Bentley 擔任我們的首席平台官，並領導 Cesium 和 iTwin 平台組合產品的開發。

At we announced a strategic partnership with Google to bring Google's unmatched geospatial data and capabilities into Bentley software.

我們宣布與 Google 建立策略合作夥伴關係，將 Google 無與倫比的地理空間資料和功能引入 Bentley 軟體。

The partnership complements our acquisition of Cesium, and it is worth noting that Google uses the 3D TARS open standard created by Cesium.

此次合作是對我們收購 Cesium 的補充，值得注意的是，Google使用了 Cesium 創建的 3D TARS 開放標準。

Users will be able to incorporate Google's photo real estate 3D TARS into their digital workflows to enhance our users' experiences even further.

用戶將能夠將 Google 的照片房地產 3D TARS 納入他們的數位工作流程中，以進一步增強用戶的體驗。

Bentley Asset Analytics was another strategic announcements we made at YII.

Bentley Asset Analytics 是我們在 YII 發布的另一個策略公告。

As you recall, we previewed this exciting opportunity on (inaudible) calls earlier this year.

您還記得，我們​​在今年早些時候的（聽不清楚）電話會議上預覽了這一激動人心的機會。

We are bringing together existing products and solutions with new innovations and acquisitions into a new product portfolio that leverages AI to get insights into the condition of existing infrastructure assets.

我們將現有產品和解決方案與新創新和收購整合成一個新的產品組合，利用人工智慧深入了解現有基礎設施資產的狀況。

We want to empower engineering firms, among others, to leverage these capabilities and extend their expertise into asset operations.

我們希望使工程公司等能夠利用這些能力並將其專業知識擴展到資產運營中。

We also continue to advance our Bentley open applications with the interaction of the plus generation of applications that are digital twin native, AI-powered and run on the desktop while offering the benefits of cloud.

我們還將繼續推進我們的 Bentley 開放應用程序，透過與新一代應用程式的交互，這些應用程式是數位孿生原生的、由人工智慧驅動的、在桌面上運行的，同時提供雲端的優勢。

For example, running on multiple operating systems and remaining current with automatic updates.

例如，在多個作業系統上運行並透過自動更新保持最新狀態。

These applications enable data-centric workflows while allowing engineers to generate a file in the format of their choosing if and when they need to.

這些應用程式支援以資料為中心的工作流程，同時允許工程師在需要時以他們選擇的格式產生檔案。

OpenSite Plus for civil site engineering is the first of this new generation, which will complement existing Bentley open applications for the foreseeable future.

適用於土木工程的 OpenSite Plus 是新一代產品中的第一款產品，它將在可預見的未來對現有的 Bentley 開放應用程式進行補充。

It is also our first application that leverages AI for design, for example, to suggest alternative layouts and automate drawing production.

這也是我們第一個利用人工智慧進行設計的應用程序，例如，建議替代佈局和自動化繪圖製作。

These recent moves and initiatives accelerate our vision of open data AI ecosystems for the built and natural environment.

這些最新舉措和計劃加速了我們針對建築和自然環境的開放資料人工智慧生態系統的願景。

The future of infrastructure engineering is open because infrastructure projects are complex.

基礎設施工程的未來是開放的，因為基礎設施項目很複雜。

None of the infrastructure leaders we talk to believe in an approach where all their data is centralized in one place.

我們採訪過的所有基礎設施領導者都不相信將所有資料集中在一個地方的方法。

None of them wants to be locked into a single vendor's proprietary system.

他們都不希望被鎖定在單一供應商的專有系統中。

They are all looking to combine data from a wide variety of sources to understand infrastructure in its full context to make better informed decisions.

他們都希望整合來自各種來源的數據，以全面了解基礎設施，從而做出更明智的決策。

Our job at Bentley is to make it as easy as possible for them to leverage the value of their data no matter how or where it was created.

在 Bentley，我們的工作是讓他們盡可能輕鬆地利用資料的價值，無論資料是如何或在哪裡創建的。

We are well positioned to answer the industry's call for openness, which has been a core principle since our founding 40 years ago.

我們有能力回應產業的開放呼籲，這也是我們40年前成立以來的核心原則。

Now to our business performance for the quarter.

現在來談談我們本季的業務表現。

We continue to execute at a high level and market sentiment remain very positive.

我們繼續保持高水準執行，市場情緒仍然非常積極。

We delivered broad-based AR performance across sectors and geographies.

我們提供了跨行業和跨地區的廣泛 AR 性能。

We were pleased once again with the contributions from our E365 and Virtuous IT growth initiatives.

我們再次對 E365 和 Virtuous IT 成長計畫所做的貢獻感到滿意。

The two headwinds in the quarter remained China, in particular, for ARR and cohesive, our digital integrator business, with respect to professional services revenues for IBM Maximo Services.

本季的兩大不利因素仍然是中國，特別是對於 ARR 和我們的數位整合商業務而言，就 IBM Maximo Services 的專業服務收入而言。

We continue to deliver very strong profitability and cash flow.

我們繼續實現非常強勁的獲利能力和現金流。

Moving to AR growth, our key metric of business performance year-over-year.

轉向 AR 成長，這是我們衡量年度業務績效的關鍵指標。

In Q3, this accelerated to 12% as we had anticipated directionally.

在第三季度，這一比例加速至 12%，正如我們預期的那樣。

We expect AR growth to continue to benefit from E365 renewals in Q4 based on the impact of floors and ceilings.

根據地板和天花板的影響，我們預計 AR 成長將繼續受益於第四季的 E365 更新。

Excluding the impact of China, AR growth was 12.5%.

除去中國的影響，應收帳款成長率為12.5%。

China now represents about 2.5% of our total ARR.

中國目前約占我們總ARR的2.5％。

Moving to our growth by commercial models.

透過商業模式實現我們的成長。

Our E365 programs remain a major growth driver with continued upgrades of accounts from the Select subscription program and application mix accretion, upsell or cross-sell with an existing E365 accounts.

我們的 E365 計劃仍然是主要的成長動力，透過精選訂閱方案的帳戶持續升級和應用程式組合累積，以及透過現有的 E365 帳戶進行追加銷售或交叉銷售。

In Q3, new logos contributed 3.5 percentage points of AR growth with SMB continuing to be the main driver.

第三季度，新標誌為 AR 成長貢獻了 3.5 個百分點，中小企業繼續成為主要推動力。

We classify SMB accounts as those with less than $100,000 of ARR per year.

我們將 SMB 帳戶歸類為每年 ARR 低於 100,000 美元的帳戶。

The outlook for SMB business remains as promising as ever.

中小企業業務的前景依然一如既往地樂觀。

Our Virtuosity subscriptions targeted primarily at SMB through our online store, continue to add a significant number of new logos in Q3, the 11th straight quarter of more than 600 new logos.

我們的 Virtuosity 訂閱主要透過我們的線上商店面向中小企業，在第三季度繼續增加大量新標識，這是連續第 11 個季度增加超過 600 個新標識。

Moving to industry dynamics, which continue to be robust.

轉向產業動態，產業動態持續保持強勁。

In the most recent ACEC quarterly survey, the main theme is consistent with previous quarters.

在最近的 ACEC 季度調查中，主要主題與前幾季一致。

US engineering firms across sectors expect higher backlogs 12 months from now.

美國各行業的工程公司預計未來 12 個月的積壓訂單將會增加。

They also continue to express optimism regarding the design and engineering sector and their own firm's overall finances and there was a notable uptick for the outlook of the US economy.

他們也繼續對設計和工程行業以及自己公司的整體財務狀況表示樂觀，並且對美國經濟前景的信心明顯上升。

Looking at our performance by infrastructure sector in Q3.

回顧第三季基礎設施領域的表現。

Public works utilities continue to be the main growth driver for the company benefiting from robust global infrastructure spending across transportation, water utilities, and electric grid.

公共工程事業持續成為該公司的主要成長動力，受益於全球在交通運輸、水務和電網領域強勁的基礎設施支出。

Seequent's biggest growth driver year-to-date continues to be civil.

今年迄今為止，Seequent 最大的成長動力依然來自民用業務。

At this year's YII it was very clear that we are only at the very beginning of how Seequent can help our users with subsurface modeling within the civil space.

在今年的 YII 上，我們清楚地看到了 Seequent 如何幫助我們的用戶在土木空間內進行地下建模才剛剛起步。

Resources growth was solid despite new mine investments remaining soft.

儘管新礦投資依然疲軟，但資源成長依然穩健。

The industrial and the commercial facility sectors continue to have modest growth.

工業和商業設施部門繼續保持適度成長。

Moving on to regions.

繼續討論地區。

Americas delivered strong growth once again driven by North America, with Latin America performing at a high level.

美洲地區再次在北美的推動下實現強勁成長，其中拉丁美洲表現更為出色。

In the US, only 40% of IIJA funding that is $480 billion has been announced to date with much less awarded.

在美國，迄今為止，IIJA 的資助金額（4,800 億美元）中只有 40% 已經宣布實施，實際落實的金額則少得多。

The majority of the funding announced has been for transportation.

已宣布的大部分資金用於交通運輸。

Performance remained steady in EMEA in Q3 with Middle East, again (technical difficulty) highlights.

歐洲、中東和非洲地區第三季表現保持穩定，中東地區（技術難度）再次成為亮點。

Asia Pacific also delivered strong growth across sectors with Southeast Asia and India standing out.

亞太地區各領域也實現強勁成長，其中東南亞和印度表現突出。

As expected, growth in India picked up following the elections as infrastructure funding remains a government priority.

正如預期，由於基礎設施融資仍然是政府的首要任務，印度大選後經濟成長回升。

China's performance continued to be impacted by the same headwinds, soft economic conditions, and shifting preferences by state-owned enterprise accounts for perpetual licenses and local software due to geopolitical tensions.

中國的表現繼續受到同樣的不利因素、疲軟的經濟條件以及由於地緣政治緊張局勢導致國有企業對永久許可證和本地軟體的偏好轉變的影響。

All in all, we are pleased with our performance year to date.

總體而言，我們對今年迄今的表現感到滿意。

We continue to execute well, and our end market conditions remain favorable.

我們繼續表現良好，我們的終端市場條件仍然有利。

Before I turn it over to Werner, I want to thank our colleagues for delivering another successful quarter.

在將權力移交給沃納之前，我想感謝我們的同事們又一個季度的成功。

I also want to apologize that I will not be able to be with you for the Q&A portion of the call due to a family matter.

我還想道歉，由於家庭問題，我無法陪您進行電話會議的問答部分。

I look forward to speaking with many of you in the near future.

我期待在不久的將來與你們中的許多人交談。

Over to you, Werner.

交給你了，沃納。

Thank you, Nicholas.

謝謝你，尼古拉斯。

We are pleased with another consistent and strong quarter.

我們很高興看到另一個穩定且強勁的季度。

I'll start with our revenue performance.

我先從我們的收入表現開始。

Subscription revenues grew 12% year-over-year for the quarter and year-to-date in reported and in constant currency.

以報告和固定匯率計算，本季和年初至今的訂閱收入較去年同期成長 12%。

With the backdrop of favorable end market conditions, our E365 and SMB initiatives continue to be solid contributors to our subscription revenue growth.

在有利的終端市場條件下，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。

On a year-to-date basis, subscription revenues now represent 91% of our total revenues, up from 88% in the prior year.

從年初至今，訂閱收入占我們總收入的 91%，高於前一年的 88%。

Perpetual license revenues for the quarter were $11 million, down $0.5 million year over year.

本季永久授權收入為 1,100 萬美元，年減 50 萬美元。

Perpetual license sales make up only 3% of our total revenues and will remain small relative to our recurring revenues.

永久授權銷售僅占我們總收入的 3%，相對於我們的經常性收入而言，這一比例仍然很小。

Our professional services revenues for the quarter declined by $3 million, down 14% year-over-year or 15% in constant currency driven primarily by the previous discussed delays in IBM Maximo related implementation and upgrade work within our digital integrator cohesive.

本季我們的專業服務收入下降了 300 萬美元，比去年同期下降了 14%，按固定匯率計算下降了 15%，這主要是由於先前討論過的 IBM Maximo 相關實施和升級工作延遲所致。

While we do see pipeline improvements and retain our readiness to execute.

雖然我們確實看到了管道的改進，並且保留了執行的準備狀態。

We currently expect that we won't see meaningful revenue improvements until late in 2024 or early 2025.

我們目前預計，直到 2024 年末或 2025 年初才會看到顯著的收入成長。

As we mentioned earlier this year, an opportunity introduced by the version upgrade delays we have observed this year is that we are now better positioned to also offer our accounts to transition from on-premise solutions to our hosted managed services for Maximo, facilitating eventual integration with our iTwin environment.

正如我們今年早些時候提到的，我們今年觀察到的版本升級延遲帶來的一個機會是，我們現在可以更好地提供我們的帳戶從內部部署解決方案過渡到我們為 Maximo 託管的管理服務，從而促進最終與我們的 iTwin 環境的整合。

While our mainstay subscription revenues continue to exceed expectations, the reduction in cohesive professional services for Maximo curtailed our growth in total revenues, which were up 9% year-over-year for the quarter and year-to-date in reported and constant currency.

雖然我們的主要訂閱收入繼續超出預期，但 Maximo 的凝聚性專業服務的減少抑制了我們的總收入增長，按報告和固定匯率計算，本季度和年初至今的總收入同比增長 9%。

Moving on to our recurring revenue performance.

繼續討論我們的經常性收入表現。

Our last 12 months recurring revenues increased by 11% year-over-year in reported and in constant currency and represent 91% of our total last 12 months revenues.

我們過去 12 個月的經常性收入按報告和固定匯率計算年增 11%，占我們過去 12 個月總收入的 91%。

Our last 12 months constant currency account retention rate remained at 99%, and our constant currency recurring revenue net retention rate rounded up to 109%.

我們過去 12 個月的固定匯率帳戶留存率維持在 99%，而我們的固定匯率經常性收入淨留存率則達到 109%。

Moving on to our ARR growth.

繼續討論我們的 ARR 成長。

We ended Q3 with ARR of $1.271 billion at quarter end spot rates with our E365 and SMB growth initiatives remaining the key growth drivers.

以季末現貨價格計算，我們第三季的 ARR 為 12.71 億美元，其中，E365 和 SMB 成長計畫仍然是主要成長動力。

Our constant currency growth rate was 12% year-over-year or 12.5%, excluding China where we continue to experience ARR attrition.

我們的固定匯率成長率為年增 12% 或 12.5%，不包括中國，因為我們在中國繼續經歷 ARR 流失。

China currently represents approximately 2.5% of ARR, down from approximately 3% a year ago.

中國目前約佔ARR的2.5％，低於一年前的約3％。

The contribution from programmatic acquisitions to our year-over-year ARR growth rate is less than 50 basis points, while in the year ago period, onboarded ARR from programmatic acquisitions contributed in the range of 1%.

程序化收購對我們年平均營收成長率的貢獻不到 50 個基點，而去年同期，程式化收購帶來的年平均營收貢獻在 1% 左右。

Excluding the impact of programmatic acquisitions, our organic year-over-year ARR growth performance was approximately 11.5% or 12% excluding China, both at least in line with the year ago period.

排除程序化收購的影響，我們的有機 ARR 年成長表現約為 11.5% 或 12%（不含中國），均至少與去年同期持平。

On a sequential quarterly basis, our constant currency ARR growth rate was 3.2%, which exceeded our expectations and was driven by strong performance across geographies and sectors.

按季度計算，我們的固定匯率 ARR 成長率為 3.2%，超出了我們的預期，這得益於各地區和各部門的強勁表現。

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.

提醒一下，第四季對我們來說仍然是今年合約續約最多的季度。因此，該季度是我們 ARR 成長機會最大的季度。

The increased percentage of our E365 accounts on consumption floors and ceilings further impacts our ARR growth seasonality and tends to align an increased portion of our ARR accretion related to E365 consumption with the annual contract renewal timing, which is also heavily weighted towards Q4.

我們的 E365 帳戶在消費底線和上限上的百分比增加進一步影響了我們的 ARR 成長季節性，並且傾向於使與 E365 消費相關的 ARR 成長比例增加與年度合約續約時間保持一致，這也嚴重偏向第四季度。

Based on our AR performance trajectory throughout the first three quarters and expectations for the remainder of the year, we are trending above the midpoint of our 10.5% to 13% ARR growth outlook range for 2024.

根據我們前三個季度的 AR 表現走勢和對今年剩餘時間的預期，我們預計將超過 2024 年 10.5% 至 13% ARR 成長預期範圍的中點。

Now moving to profitability performance.

現在轉向獲利表現。

Our GAAP operating income was $69 million for the third quarter and $241 million year to date.

我們第三季的 GAAP 營業收入為 6,900 萬美元，今年迄今為 2.41 億美元。

We have previously discussed the impact on our GAAP operating results from amortization of purchased intangibles, deferred compensation plan liability revaluations, and acquisition expenses.

我們之前討論過購買無形資產攤銷、遞延薪酬計畫負債重估和收購費用對我們的 GAAP 經營績效的影響。

Moving on to adjusted operating income, with stock-based compensation expense, our primary profitability and margin performance measure.

持續調整營業收入，包括股票薪酬費用，這是我們主要的獲利能力和利潤率績效指標。

Adjusted operating income with stock-based compensation expense was $90 million for the quarter, up 4% year-over-year with a margin of 26.7%.

本季調整後的營業收入（扣除股票薪酬費用）為 9,000 萬美元，年增 4%，利潤率為 26.7%。

Year-to-date, adjusted operating income with stock-based compensation expense was $297 million, up 19%, with a margin of 29.6%, up 240 basis points year over year.

年初至今，扣除股票薪酬費用後的調整後營業收入為 2.97 億美元，成長 19%，利潤率為 29.6%，較去年同期成長 240 個基點。

As a reminder, our first half of 2024 was particularly profitable with our adjusted operating income, with stock-based compensation expense margin at 31.1%, up 430 basis points year over year.

提醒一下，我們 2024 年上半年的調整後營業收入特別獲利，股票薪酬費用利潤率為 31.1%，較去年同期成長 430 個基點。

The first half of 2024 benefited from run rate savings associated with our strategic realignment program. and the higher gross margin from the mix shift from lower-margin professional services revenues to higher-margin subscription revenues.

2024 年上半年受益於與我們的策略調整計畫相關的運作率節省。而較高的毛利率則來自於從利潤率較低的專業服務收入轉變為利潤率較高的訂閱收入的轉變。

While this put us in a strong position to deliver on our 100 basis points intended annual margin improvement.

雖然這使我們處於有利地位，可以實現預期的 100 個基點的年度利潤率提高。

We do not undertake to maximize short-term profitability.

我們不承諾實現短期獲利最大化。

And over the full year, we instead prioritize investing in longer-term initiatives, such as AI and product development, and marketing.

而在全年，我們優先投資於長期計劃，例如人工智慧和產品開發以及行銷。

We expect a greater amount of reinvestment in Q4, combined with our typical seasonal increase of OpEx in the fourth quarter due to larger promotional and event-related costs.

我們預計第四季的再投資金額將會增加，同時由於促銷和活動相關成本的增加，第四季的營運支出將會出現典型的季節性成長。

For the year, we continue to expect 100 basis points of margin expansion, in line with our annual outlook.

對於今年，我們繼續預期利潤率將擴大 100 個基點，與我們的年度展望一致。

With respect to liquidity -- our operating cash flow was $86 million for the quarter and $354 million year to date.

關於流動性——本季我們的營運現金流為 8,600 萬美元，年初至今為 3.54 億美元。

Our year-to-date operating cash flow benefited from our strong profitability and reflected a conversion from adjusted EBITDA of 96%.

我們年初至今的經營現金流受益於強勁的獲利能力，並反映了 96% 的調整後 EBITDA 轉換。

Based on our strong cash collections, lower cash interest as a result of our deleveraging trajectory and lower deferred IT expenditures, partly offset by higher expected cash taxes from acquisition integration, we currently expect this year's cash flows from operations to gravitate towards an 85% conversion range, up from our previous estimate of approximately 80%.

基於我們強勁的現金回款、去槓桿軌跡導致的現金利息降低以及遞延 IT 支出降低（部分抵消了收購整合帶來的更高預期現金稅），我們目前預計今年的營運現金流量將趨向於 85% 的轉換範圍，高於我們先前估計的約 80%。

With regards to capital allocation, during the first three quarters of the year, along with providing sufficiently for our growth initiatives, we deployed $129 million for acquisitions, which includes Cesium.

關於資本配置，今年前三個季度，除了為我們的成長計畫提供足夠的資金外，我們還部署了 1.29 億美元用於收購，其中包括 Cesium。

We expect Cesium will have an immaterial impact to our financials for this year.

我們預計銫對我們今年的財務狀況不會產生重大影響。

We also deployed $114 million towards bank debt reduction, reducing our outstanding senior debt to $168 million at the end of the quarter.

我們也投入了 1.14 億美元用於減少銀行債務，使本季末未償還的優先債務減少至 1.68 億美元。

We further paid $54 million dividends and applied $57 million to share repurchases to offset dilution from stock-based compensation.

我們進一步支付了 5,400 萬美元的股息，並投入 5,700 萬美元用於股票回購，以抵消股票薪酬造成的稀釋。

As of the end of Q3, our net senior debt leverage was 0.2 times.

截至第三季末，我們的淨優先債務槓桿率為0.2倍。

And including our 2026 and 2027 convertible notes, full year stat, our net debt leverage was 2.9 times.

包括我們的 2026 年和 2027 年可轉換票據，全年統計數據顯示，我們的淨債務槓桿率為 2.9 倍。

We have year-to-date delevered 0.6 times adjusted EBITDA.

今年迄今，我們的調整後 EBITDA 已達到 0.6 倍。

In October 2024, we entered into a new five-year senior secured credit agreement, which provides us with a $1.3 billion revolving credit facility as well as an incremental $500 million accordion feature to increase the facility in the form of both revolving indebtedness and our incremental term loans.

2024 年 10 月，我們簽訂了一項新的五年期高級擔保信貸協議，該協議為我們提供 13 億美元的循環信貸額度以及增量 5 億美元的可伸縮功能，以循環債務和增量定期貸款的形式增加信貸額度。

The new facility has broadly even more favorable interest spread terms than the superseded fix facility.

與被取代的固定利率貸款相比，新貸款的利差條款更為優惠。

On a pro forma basis, as of September 30, 2024, the refinancing increased our available revolver capacity from $732 million under the old facility to $1.132 billion under the new facility and will provide us incremental flexibility to repay the 2026 convertible debt if not converted.

按照預估基礎，截至 2024 年 9 月 30 日，再融資使我們的可用循環信貸額度從舊機制下的 7.32 億美元增加到新機制下的 11.32 億美元，並將為我們提供增量靈活性以償還 2026 年可轉換債務（若未轉換）。

From a rate exposure perspective, all of our debt is protected from high or rising interest rates to eat a very low fixed coupon interest on our convertible notes or our $200 million interest rate swap expiring in 2030.

從利率風險敞口的角度來看，我們的所有債務都受到保護，免受高利率或利率上升的影響，以承擔可轉換票據或 2030 年到期的 2 億美元利率互換的極低固定票面利息。

We remain comfortable with our capital structure in terms of leverage, maturities, liquidity, and interest rate exposure.

我們對我們的資本結構（包括槓桿率、期限、流動性和利率風險）仍然感到滿意。

And finally, to recap with regards to our outlook for the year.

最後，回顧一下我們對今年的展望。

Our Q3 financial performance puts us in a solid position to deliver above the midpoint of our 10.5% to 13% constant currency ARR growth range.

我們的第三季財務業績使我們處於穩固的地位，能夠實現 10.5% 至 13% 的固定匯率 ARR 成長範圍中點以上的成長。

We're in a strong position to deliver on our 100 basis points intended annual margin improvement.

我們有能力達成每年 100 個基點的利潤率改善目標。

We are raising our expectations for our full year cash flow conversion range from 80% to 85%.

我們將全年現金流轉換率預期從 80% 提高到 85%。

However, while our recurring subscription revenues continue to exceed expectations year-to-date.

然而，儘管今年迄今我們的經常性訂閱收入仍持續超出預期。

Total revenues are trending towards the low end of our outlook range due to weakness with on a nonrecurring professional services revenues caused by delays in maximum related implementation and upgrade work.

由於最大相關實施和升級工作的延遲導致非經常性專業服務收入疲軟，總收入趨向於我們預期範圍的低端。

On this slide, you also see updates to our expectations for CapEx, interest expenses and cash interest as well as cash taxes.

在這張投影片上，您還可以看到我們對資本支出、利息支出和現金利息以及現金稅的預期更新。

With regards to foreign exchange rates, for the first three quarters of 2024.

關於外匯匯率，針對2024年前三個季度。

The US dollar has only slightly weakened relative to the exchange rates assumed in our 2024 annual financial outlook resulting in approximately $1 million of incremental revenues from currency.

相對於我們 2024 年年度財務展望中假設的匯率，美元僅略有貶值，導致貨幣收入增加約 100 萬美元。

If end of October exchange rates would prevail throughout the remainder of the year, then we would not expect a significant FX impact non-GAAP revenues relative to the exchange rates assumed in our 2024 financial outlook.

如果 10 月底的匯率在整個年內都保持不變，那麼我們預計，相對於我們 2024 年財務展望中假設的匯率，非 GAAP 收入不會受到重大的外匯影響。

And with that, we are ready for Q&A.

現在，我們已經準備好進行問答了。

Over to Eric.

交給埃里克。

Thank you.

謝謝。

Thanks, Werner.

謝謝，沃納。

Today, for the Q&A portion of the call, we have Greg and Werner, of course; and also Julien our Chief Technology Officer, to help fill in for Nicholas.

今天，電話會議的問答部分當然有 Greg 和 Werner 參加；還有我們的技術長朱利安（Julien），幫助尼可拉斯（Nicholas）填補空缺。

(Operator Instructions) Joe Vruwink, Robert Baird.

（操作員指示）Joe Vruwink、Robert Baird。

Hi.

你好。

Thanks.

謝謝。

Good to see you all.

很高興見到你們。

I want to ask about the -- your infrastructure conference.

我想問一下——你們的基礎設施會議。

There was a lot of detail about how Bentley is embedding iTwin capability across the product portfolio and sounds like the next phase of effort is AI capability across the portfolio.

關於 Bentley 如何在整個產品組合中嵌入 iTwin 功能有很多細節，聽起來下一階段的努力是在整個產品組合中嵌入 AI 功能。

Should investors view these actions as strengthening the core products we all know today.

投資人是否應該將這些舉措視為加強我們今天所知的核心產品。

So you still have a big TAM that you can further penetrate.

因此你仍然擁有較大的TAM，可以進一步滲透。

Are these efforts meant to accelerate that and progress that or are you thinking about some of these things as actually bringing new products, new monetization opportunities and so it's going to be incremental to the products we all know today.

這些努力是為了加速和推動這一進程嗎，或者您是否認為其中一些事情實際上會帶來新的產品、新的獲利機會，因此它將對我們今天所知的產品產生增量作用。

Well, the asset analytics portfolio announced at year-end infrastructure is the incremental opportunity to charge per asset per year for AI-enabled twin sites, if you like, from (inaudible) Digital Twins.

好吧，如果你願意的話，在年底基礎設施上宣布的資產分析組合是來自（聽不清楚）數位孿生的、針對支援人工智慧的孿生站點每年按資產收費的增量機會。

But as to the -- our main state portfolio, I might ask Julien for his answer, and I want to thank Julien for helping fill in for Nicholas, who is attending a family bereavement today.

但關於我們的主要國家事務，我可能會請朱利安給出答案，我要感謝朱利安幫助替代尼古拉斯，他今天正在參加一個家庭喪親活動。

And Julien, perhaps you can talk about the intention with respect to the mainstay products.

朱利安，也許您可以談談關於主打產品的意圖。

I'd be happy to.

我很樂意這麼做。

So the answer to your question is both, right?

所以你的問題的答案是兩者兼而有之，對嗎？

We see that in the existing line of products the capabilities of digital trains are going to allow a stronger interoperability between the different applications of the portfolio.

我們看到，在現有的產品線中，數位列車的功能將允許產品組合的不同應用程式之間實現更強的互通性。

And then this will create a foundation to apply AI to unlock new outcomes and new features in those products.

這將為應用人工智慧來解鎖這些產品的新成果和新功能奠定基礎。

These products will be strengthened by those new capabilities, delivering additional value to our users but also the data continuum that is created between all of our product portfolio by this integration through our platform is also going to allow us to explore new offerings to those users potentially opening the opportunities for products and monetizations.

這些新功能將增強這些產品的功能，為我們的用戶提供額外的價值，而且透過我們的平台進行整合後，我們所有產品組合之間創建的數據連續體也將使我們能夠為這些用戶探索新的產品，從而可能為產品和貨幣化開闢機會。

Thank you.

謝謝。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Hey guys, good morning.

嘿，大家早安。

Sorry, I was trying to unmute myself.

抱歉，我正試圖取消靜音。

I appreciate the time, as always.

一如既往，我很感激您抽出時間。

Let's see.

讓我們來看看。

So one question.

所以有一個問題。

I'm wondering, you've had really consistent growth this year, and I know you're not offering '25 guidance yet, but I guess for any of you on the interview, when you think about growth drivers into next year, it seems like IIJA funding is still very early.

我想知道，您今年是否真的實現了持續成長，而且我知道您還沒有提供 25 年的指導，但我想對於接受採訪的任何人來說，當您考慮明年的成長動力時，似乎 IIJA 的融資還為時過早。

I'm hearing some positive things from PLS out there as well as E365.

我從 PLS 和 E365 那裡聽到了一些積極的消息。

And even it feels like maybe China headwinds could become less of headwinds next year.

甚至感覺明年中國面臨的逆風可能會減弱。

Could you kind of talk about structurally how you think about growth next year in terms of some of the most important things that you're sort of prioritizing as we sort of like get closer to year end.

您能否從結構上談談您對明年成長的看法，以及在接近年底時您優先考慮的一些最重要的事情。

Well, in general, I agree with you that we don't have reason to expect next year to look very different than this year in material terms, and the building blocks will remain the same for the coming year.

嗯，總的來說，我同意你的觀點，我們沒有理由認為明年在實質方面會與今年有很大不同，而且來年的基本要素將保持不變。

Certainly, the project backlog and momentum continues globally.

當然，全球的專案積壓和動能仍在持續。

I'm not so sure about China.

我對中國不太確定。

But at least it has become less than eventually you would think would approach in (inaudible) as ARR becomes unfashionable there.

但至少它已經變得比你想像的最終會接近（聽不清楚）要少，因為 ARR 在那裡已經不再流行了。

And our asset analytics, wildcard could take off yet further overall, these things are likely to balance out and we're -- we would expect generally a year next year that would continue to be and consistent with our expected long-term framework of low double-digit ARR growth.

而我們的資產分析、通配符可能會進一步整體起飛，這些事情可能會保持平衡，我們預計明年總體上將繼續與我們預期的長期低兩位數 ARR 成長框架保持一致。

And of course, we can count on us adding 100 basis points of margin annually.

當然，我們可以指望每年增加 100 個基點的利潤。

And we're generally enthusiastic because each quarter of this year has represented more visibility and greater linearity and unfolding just as we have thought.

我們總體上感到很興奮，因為今年每個季度都表現出了更高的可見度和更強的線性，正如我們所想的那樣。

And as Werner mentioned even a bit above what we thought for the third quarter.

正如沃納所提到的，第三季的業績甚至略高於我們的預期。

And we don't see why next year should look rather the same as a year in the whole, and we're not able to talk about seasonality, we'll get to that as it comes to close.

我們不明白為什麼明年的整體情況應該與今年大致相同，我們也無法談論季節性，我們會在結束時再談論這個問題。

Great.

偉大的。

Thanks, Greg.

謝謝，格雷格。

Yeah.

是的。

Thanks, Matt.

謝謝，馬特。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Siti, you might be on mute?

Siti，你可能靜音了？

Hi this is

嗨，這是

(inaudible).

（聽不清楚）。

We're also thinking on the uncertainty past US elections, as you look forward, one of the things everybody has been talking about and even some of your peers have talked about it that inherent in elections, there is an uncertainty and pause in people's thoughts.

我們也在思考美國大選之後的不確定性，展望未來，每個人都在談論的事情之一，甚至你們的一些同行也談到了選舉固有的問題，即人們的思想中存在著不確定性和停頓。

So we're curious in terms of how lifting that uncertainty trends going forward, do you see any -- any changes in people's sentiment over the next few months in terms of bringing new and large projects to market.

因此，我們很好奇，對於未來消除這種不確定性的趨勢，您是否看到未來幾個月人們的情緒在將新的大型專案推向市場方面發生任何變化。

Well, of course, in the US, we've had, in general, the greater visibility afforded by the IIJA multiple-year program.

當然，在美國，我們總體上透過 IIJA 多年期計畫獲得了更大的知名度。

And by the way, its way of doing things is two-year advance appropriation.

順便說一句，它的做事方式是提前兩年撥款。

So there is considerable visibility in that.

因此，這方面的可見度相當高。

The infrastructure engineering community in the US, of course, studies government expenditures and likelihoods very closely and has had experience with the administration that will come in to come in here again to be inaugurated in the new year and has been rather unconcerned about changes and more concerned about doing more with less digital as they're at their resource capacity.

當然，美國的基礎設施工程界對政府支出和可能性進行了非常仔細的研究，並且對將在新的一年裡再次就職的政府有過了解，他們對變化並不關心，而更關心的是如何在其資源容量有限的條件下利用更少的數位化技術做更多的事情。

But as to the US elections generally, I would like to think that all substantial businesses would be excited about an administration coming in, whose priority is economic growth.

但就美國大選總體而言，我想所有實體企業都會對新政府感到興奮，因為新政府的首要任務是經濟成長。

And the reason for infrastructure investment, of course, are resilient and economic growth.

當然，基礎設施投資的原因是為了恢復活力和經濟成長。

And I think you're right that the -- from a federal government standpoint, the project mix is likely to change over the course of this administration, there'll be less of an emphasis on the transit on electric vehicles and so forth.

我認為您說得對——從聯邦政府的角度來看，項目組合可能會在本屆政府任期內發生變化，對電動車交通等的重視程度將降低。

But overall, they're more likely to be, for instance, a block grant to the states to set their own priorities.

但總體而言，它們更有可能採取向各州提供整筆撥款的方式，讓各州自行製定優先事項。

But the -- but infrastructure is a bipartisan priority in the US what is particularly exciting for us is the likelihood now, I would use that word both permitting reform that will finally accelerate the opportunity for energy and electric grid transmission investment that would benefit us.

但是，基礎設施是美國兩黨的優先事項，對我們來說特別令人興奮的是現在的可能性，我會用這個詞來允許改革，最終將加速能源和電網傳輸投資的機會，這將使我們受益。

But we have a broad portfolio.

但我們的投資組合非常廣泛。

So the changes in project mix are going to be taken -- we can take that

因此，專案組合的變化將會發生—我們可以採取

(inaudible).

（聽不清楚）。

Great.

偉大的。

Thank you.

謝謝。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello.

你好。

Thanks for taking the question.

感謝您回答這個問題。

Given the dynamics around how ARR pans out for you and the contract structures that you've created for the visibility and predictability of the business I wanted to clarify on that net new ARR number, whether there was any meaningful contribution from Cesium.

考慮到您的 ARR 表現動態以及您為業務可見性和可預測性而創建的合約結構，我想澄清一下淨新 ARR 數字，Cesium 是否有任何有意義的貢獻。

It sounds like there was some exceeding of expectations on sequential ARR growth and even some of the metrics that we have that are trailing 12 month in terms of expansion look promising, but wanted to get a little bit more of an unpacking of that net new ARR number is more indicative of contract structure or really encouraging bookings in this sort of 3Q.

聽起來，ARR 的連續成長超出了預期，甚至我們過去 12 個月的擴張指標也看起來很有希望，但我們想更深入地分析一下淨新 ARR 數字，它更能說明合約結構，或者真正鼓勵第三季度的預訂。

I want to respond to the word meaningful.

我想回應「有意義」這個詞。

I think Bernard would say Cesium's onboarded ARR is not meaningful from a financial magnitude standpoint, especially it doesn't show up in ARR growth previously.

我認為 Bernard 會說 Cesium 的入職 ARR 從財務規模的角度來看並不重要，尤其是它之前沒有出現在 ARR 成長中。

But I think it's meaningful from a strategic standpoint because of the hundreds of thousands of users of open-source platform, the pace of those opting into the paid Cesium ion version is pretty notable and satisfactory and it's on a good and steep curve.

但我認為從策略角度來看這是有意義的，因為開源平台有數十萬用戶，選擇付費 Cesium ion 版本的速度非常顯著和令人滿意，並且呈現良好而陡峭的曲線。

And I think that's meaningful.

我認為這很有意義。

If you -- it's new for us to think about an open-source business and how it grows, but the ARR aspect of that is meaningful and portends well, although that doesn't -- it doesn't show up much in magnitude on our scale yet.

如果您——對我們來說，思考開源業務及其發展方式是新鮮事物，但它的 ARR 方面很有意義，並且預示著好兆頭，儘管它還沒有在我們的規模上顯示出太大的規模。

Werner, we saying anything more than that?

沃納，我們還說什麼嗎？

I think that's spot on.

我認為這是完全正確的。

What I want to point out is that our contract-based organic performance was at 11.5% and 12% ex China on a 3- and 12-month basis, which, as I mentioned like it is, at least at the level where it was a year ago and then this is bottom-up contract base and not impacted by onboarding from programmatic acquisitions.

我想指出的是，我們基於合約的有機業績在 3 個月和 12 個月的基礎上分別為 11.5% 和 12%（中國除外），正如我剛才提到的，這至少與一年前的水平持平，而且這是自下而上的合約基礎，並沒有受到程序化收購的影響。

Thank you very much.

非常感謝。

Thanks, Clarke.

謝謝，克拉克。

Kristen Owen, Oppenheimer.

奧本海默的克里斯汀歐文。

Hi, good morning.

嗨，早安。

Thank you for taking the question.

感謝您回答這個問題。

Similar tack here, but I wanted to ask about what's driving the SMB growth, 11 quarters consecutively of 600-plus new logos?

這裡的策略類似，但我想問的是推動中小企業成長的因素是什麼，連續 11 個季度出現 600 多個新標誌？

What's contributing to the success of that product category.

哪些因素促成了該產品類別的成功。

And as it relates to Cesium if you view that platform maybe being a TAM expander or opening up to some new customers who were not previously familiar with Bentley Systems.

就 Cesium 而言，如果您認為該平台可能是 TAM 擴充器，或向一些以前不熟悉 Bentley Systems 的新客戶開放。

Actually, I hadn't thought about that connection much, Kristen, until hearing your question.

事實上，克里斯汀，在聽到你的問題之前，我並沒有過多考慮過這種聯繫。

I suppose the Cesium subscribers since they come on at zero ARR to start with are the ultimate example of digital engagement.

我認為 Cesium 訂閱者由於他們的 ARR 一開始為零，所以是數位參與的終極典範。

So digital engagement is quite the story with, as we say, virtuosity, our virtuosis subscriptions that we are primarily offering to SMB.

因此，數位化參與是一個相當重要的故事，正如我們所說的那樣，我們的精湛技藝訂閱主要針對中小企業。

And every quarter, it's more digital, lower touch and so forth.

每個季度，數位化程度都會提高，接觸性會降低，等等。

And it's just apparent that the market is deep in terms of SMB firms for us to regions they are more interested in investing in the direction of horizontal infrastructure, proficiency, and so forth.

顯然，就中小企業而言，市場深度在於他們對在橫向基礎設施、能力等方面進行投資更感興趣的地區。

And I think that has become rather institutionalized in our way of thinking.

我認為這在我們的思維方式中已經制度化了。

But just more generally, I'm excited about our new management, our succession generationally succeeded management having a more open mind to such opportunities.

但更普遍地說，我對我們的新管理層、我們的繼任管理層對此類機會持更開放的態度感到興奮。

And for instance, Cesium is a bold acquisition both to go after, if you like, younger colleagues and a younger stage of take-up of digital trends as we're describing here that could add to our TAM because it's more -- it's a broader swath of the world.

例如，Cesium 是一個大膽的收購，如果你願意的話，它既可以追逐年輕的同事，也可以追逐我們在這裡描述的數字趨勢的年輕階段，這可以增加我們的 TAM，因為它更廣泛地覆蓋了世界。

And I remember we hadn't focused on SMB or e-commerce at all prior to being public.

我記得在上市之前我們根本沒有關注過中小企業或電子商務。

And I think we're getting our legs under ourselves now and Cesium to your point, reinforces that.

我認為我們現在已經站穩了腳跟，而 Cesium 的觀點也強化了這一點。

Thank you.

謝謝。

Thanks, Kristen.

謝謝，克里斯汀。

Jason Celino, KeyBanc.

傑森·塞利諾 (Jason Celino)，KeyBanc。

Great.

偉大的。

Did I freeze there.

我是不是凍到那裡了？

Can you see me?

你可以看到我嗎？

Well, we hear you fine, Jason.

好吧，我們聽清楚了你的意思，傑森。

Okay.

好的。

Great.

偉大的。

Well, a few quarters ago, you sounded pretty optimistic about seeing some water infrastructure funding start to flow.

嗯，幾個季度前，您聽起來對看到一些水基礎設施資金開始流入相當樂觀。

I think since then, we've seen a few new regulations by the EPA to drive utility operators to leverage more software upgrade facilities to filter out certain PFAs.

我認為從那時起，我們已經看到美國環保署出台了一些新法規，推動公用事業營運商利用更多的軟體升級設施來過濾某些 PFA。

Have you seen an uptick in kind of water infrastructure demand because of this?

您是否看到因此而出現的水基礎設施需求上升？

Or is this more of a longer-term opportunity?

或者這更像是長期機會？

Curious what you're seeing on the water side?

好奇你在水邊看到了什麼嗎？

Well, water is something that's going to be long term, more and more important than there is nothing political or partisan about it.

嗯，水資源是長期問題，而且越來越重要，與政治或黨派無關。

We have seen uptick in order but it's been global, to my knowledge, I don't know that it's any more so concentrated in the US of late.

我們已經看到了有序的上升趨勢，但這是全球性的，據我所知，我不知道它最近是否在美國如此集中。

And I wonder if you know, Julien or Werner?

我想知道您是否知道，朱利安或沃納？

But water is a on the high end of growth rates among our sectors.

但在我們的各個產業中，水產業的成長率是最高的。

And the good thing about that is there's no reason that, that should be a short-term phenomenon at all.

其好處在於，這根本就不是短期現象。

It's correct.

這是正確的。

It's more globally, as you said.

正如您所說，它更加全球化。

Okay.

好的。

Excellent.

出色的。

Good stuff.

好東西。

Thank you.

謝謝。

Jay Vleeschhouwer, Griffin.

傑伊‧弗萊施豪爾，格里芬。

Great, thank you.

太好了，謝謝。

Good morning.

早安.

I'd also like to follow up on some of what we talked about in Vancouver last month, specifically with how customers benchmarking or selection criteria may be changing -- in other words, are there new functionalities or capabilities that you need to demonstrate incrementally now as part of customer benchmarking or pilots that you're engaging in.

我還想跟進我們上個月在溫哥華談論的一些內容，特別是客戶基準測試或選擇標準可能發生的變化——換句話說，作為您正在進行的客戶基準測試或試點的一部分，您是否需要逐步展示新的功能或能力。

For example, the customers now begin, or might they begin to make their decisions horizontally based on your platform or do you think the decisions will be made based more on the stack, the applications and functionality level?

例如，客戶現在開始，或者他們可能開始根據您的平台水平地做出決策，或者您認為決策將更多地基於堆疊、應用程式和功能層級做出？

Well, I'm going to answer that my impression, as Julien was suggesting, is that they're quite interested in this horizontal data accessibility of the platform and our understanding that their data is going to be their advantage with AI in training their tools for the future.

好吧，我要回答的是，正如朱利安所說的那樣，我的印像是，他們對平台的水平數據可訪問性非常感興趣，我們認為他們的數據將成為他們利用人工智慧在未來訓練工具方面的優勢。

And this question of openness and commitment there is something there explicitly assessing.

關於開放性和承諾的問題，存在著明確的評估。

And of course, we welcome that.

當然，我們對此表示歡迎。

Julien, perhaps you've been involved in some of those questions in benchmarking and could add to my impression.

朱利安，也許你在基準測試中參與過其中一些問題並可以補充我的印象。

Indeed, in the comments we heard from CEOs at different engineering firms, one of their top priority is data managements. and how to make sure that the data is made available to the engineers to achieve new outcomes using technologies, but that comes as a secondary problem that first needs to be -- the intelligent data management is at the top of their priority.

事實上，我們從不同工程公司的執行長那裡聽到的評論中得知，他們的首要任務之一就是資料管理。以及如何確保資料能夠被工程師使用以便利用技術實現新的成果，但這是一個首先需要解決的次要問題——智慧資料管理是他們的首要任務。

And this is one of the key reasons why we're insisting so much on our open approach to make sure that as they make decisions for their technical solutions and platforms that they decide to use a platform that is going to provide that intelligent data management while not standing in their way.

這就是我們堅持開放態度的主要原因之一，以確保他們在為技術解決方案和平台做出決策時，能夠使用一個能夠提供智慧資料管理的平台，而不會阻礙他們。

So the importance of integrating those capabilities into our products in a simple way but is not disruptive to their workflows and then allowing them to leverage that data for those future benefits.

因此，以簡單的方式將這些功能整合到我們的產品中非常重要，但不會破壞他們的工作流程，然後允許他們利用這些數據來獲得未來的利益。

So I think the openness is really a strong point, which we've heard in multiple conferences, which I guess you attended as well at Nextel, for instance, and I think we'll hear this more and more.

因此，我認為開放性確實是一個亮點，我們在多個會議上都聽到過這一點，我想你們也參加了 Nextel 的會議，我認為我們會越來越多地聽到這一點。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Hey guys, thank you again for the time this morning.

嘿夥計們，再次感謝你們今天早上抽出時間。

Greg, you opened up by talking about having better visibility, linearity into results.

格雷格，你一開始就談到如何提高結果的可見度和線性度。

And then you talked about kind of one part of the business and the contracts and the ceilings.

然後您談到了業務的一部分以及合約和上限。

But does that clarity extend beyond that piece of the business?

但這種清晰度是否超出了業務的這一部分？

I mean are there other priorities for you to improve visibility and revenue growth, improved linearity, whether divestitures, acquisitions, change in business model that you've contemplated?

我的意思是，您是否還有其他優先事項，例如提高知名度和收入成長、提高線性，無論是資產剝離、收購還是改變您考慮過的商業模式？

Well, the floors and ceilings in E365 are front of mind because that's now the majority of our ARR and the majority of E365 is the majority of ARR are about to be and the majority of that has the floors and ceilings.

好吧，E365 中的底線和上限是首要考慮的問題，因為這是我們現在 ARR 的大部分，而 E365 的大部分就是即將成為的 ARR 的大部分，其中大部分都有底線和上限。

And each such negotiation, we and the account are considering the future.

而每一次這樣的談判，我們和帳戶都在考慮未來。

And everyone's so enthusiastic about going digital, that pacing it in a way over multiple years makes sense for them and for us, it's really striking that stepping back from my vantage of so long at the helm here, never have we had the quality of visibility and linearity that we have now as a result of this.

每個人都對數位化充滿熱情，因此以多年時間推進這一進程對他們和我們來說都是有意義的，但令人震驚的是，從我長期掌舵的角度來看，我們從未獲得過現在這樣的可見性和線性度。

But hang on, I sort of think that rather than say, well, how can we extend that to the rest of our business.

但是等等，我認為我們應該先考慮一下，我們如何將其擴展到我們其餘的業務。

We're more inclined to say, okay, but think of our incentives each year.

我們更傾向於說，好吧，但是每年都要考慮我們的激勵措施。

We want to improve our margins by 100 basis points.

我們希望將利潤率提高100個基點。

But subject to that, we want to grow as fast as we can.

但在此基礎上，我們希望盡可能快速地發展。

And now that we have likewise improving our linearity and visibility every year.

現在我們每年都在提高線性和可見性。

Subject to that, how can we grow faster.

那麼，我們如何能更快成長。

And that would speak to opportunities that were availing like the acquisition of Cesium like the asset analytics that it facilitates where we can get a tiger by the tail and win some of these big procurements for instance, on digital twins and asset analytics.

這意味著我們可以利用一些機會，例如收購 Cesium，它提供的資產分析功能，讓我們可以抓住老虎的尾巴，贏得一些大型採購，例如數位孿生和資產分析。

And ideally, I know, as I mentioned, it brings in lumpiness and so forth, but we're balanced with the improved visibility of the mainstay business, perhaps that will be a good mix.

理想情況下，我知道，正如我所提到的，它會帶來不平衡等等，但我們與主力業務的可見性的提高保持平衡，也許這將是一個很好的組合。

I would like to see our new management -- and I'm glad to see our new management, excited to see our new management going forward with some of these big opportunities, of which the Cesium acquisition is represented.

我希望看到我們的新管理層——我很高興看到我們的新管理層，很高興看到我們的新管理層抓住一些重大機遇，其中 Cesium 的收購就是代表。

Got it.

知道了。

It's very helpful.

這非常有幫助。

Greg, one more if I come in before actually all of you want to kick in.

格雷格，如果我在你們所有人開始之前進來的話，我還要問一句。

But I don't want to imply that digitization asset-like management is a partisan issue, but it does seem as if Europe has led the way from my perspective, on moving forward digitization, asset life cycle management -- do you sense any daylight between the parties' views here in the United States on those priorities?

但我不想暗示數位化資產管理是一個黨派問題，但從我的角度來看，歐洲似乎在推動數位化、資產生命週期管理方面處於領先地位——您是否感覺到美國各黨派在這些優先事項上的觀點存在分歧？

Well, in general, as you might.

嗯，總的來說，正如你所知。

No, I look forward to greater private investment than infrastructure because going digital is the greater priority when there's private investment.

不，我期待私人投資比基礎設施投資更多，因為當有私人投資時，數位化是更重要的優先事項。

In the UK, for instance, you refer to Europe, but the UK government is a new government that campaigned on limits to public spending, but now since taking off as I said, on the other hand, for infrastructure, for rebuilding Britain, we need to spend more, and we invite and encourage private investment.

例如在英國，你提到歐洲，但英國政府是一個新政府，它在競選中呼籲限制公共支出，但是現在正如我所說，另一方面，對於基礎設施、對於重建英國，我們需要支出更多，我們也邀請和鼓勵私人投資。

I know it wouldn't seem that that's a natural bed feller with our new administration in the US but doing more with less, greater emphasis on digital, there is upside for us to learn in the US, and we look forward to the opportunity for such engagement at the new federal level in the US.

我知道這似乎與我們美國新政府不太合拍，但用更少的資源做更多的事情，更加註重數位化，這對我們在美國有好處，我們期待在美國新的聯邦層面有機會進行這樣的接觸。

Great.

偉大的。

Thank you, all.

謝謝大家。

Thanks, Michael.

謝謝，麥可。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, guys.

嘿，大家好。

I appreciate the question here.

我很欣賞這個問題。

Maybe for Greg and Julien, as you think about kind of the expansion of the ecosystem and interoperability of the platform that we just talked about, would love to get your sense on how you're thinking about the evolution of kind of the partner channel and the opportunity there.

也許對 Greg 和 Julien 來說，當您考慮我們剛才談到的生態系統的擴展和平台的互通性時，很想了解您對合作夥伴管道的發展及其機會的看法。

I know we've called out a few on the geospatial side.

我知道我們在地理空間方面已經提出了一些問題。

But as you think about kind of the evolution of asset analytics, digital twins, partnerships feel like that could be a big enabler of leveraging kind of the data more effectively.

但是，當您考慮資產分析、數位孿生和合作夥伴關係的發展時，您會覺得這可能是更有效地利用數據的重要推動力。

I would love to get your kind of general sense on that.

我很想聽聽你對此的整體看法。

Well, I would say how about Google as a partner crude on the one hand, tremendous cloud and AI capabilities, but they have this data that we can help to apply in this specialized realm from their standpoint of infrastructure engineering.

好吧，我想說，谷歌作為合作夥伴，一方面擁有強大的雲端和人工智慧能力，另一方面他們擁有這些數據，我們可以從基礎設施工程的角度幫助他們將其應用於這個專業領域。

So the partner spectrum is really interesting.

因此合作夥伴的範圍確實很有趣。

And I'm very interested to have the engineering firms, as you know, are long term, become the digital integrators for the owner operators and part of our cohesive investment is to get smart about plan.

而且我非常感興趣的是讓工程公司長期成為業主經營者的數位整合商，而我們凝聚性投資的一部分就是製定智慧計畫。

It's a long-term investment.

這是一項長期投資。

We don't have to speed it up least kind of slowed down this year a bit, and that's okay because it's long term.

我們不必加快速度，至少今年不必放慢一點速度，沒關係，因為這是長期的。

And Julien, as far as the ecosystem openness and Cesium, Cesium has tentacles everywhere.

Julien，就生態系開放性和 Cesium 而言，Cesium 的觸角已經遍布各地。

It's the household name in immersive geospatial 3D tiles and helps us with lots of more surfaces of contact.

它是沉浸式地理空間 3D 圖塊中的家喻戶曉的品牌，可以幫助我們處理更多的接觸表面。

I think I believe that can help open up asset analytics opportunities, especially, but Julien, perhaps you've seen some of it.

我認為我相信這可以幫助開拓資產分析機會，特別是朱利安，也許你已經看到了其中的一些。

Yes, indeed.

是的，確實如此。

And I think that the rich and live ecosystem of application developers that already exist around Cesium is going to open a lot of new opportunities for partnerships.

我認為 Cesium 周圍已經存在的豐富而活躍的應用程式開發人員生態系統將為合作開闢許多新的機會。

Now the platforms as we're bringing them together, are going to power a lot of ISVs and vendors to develop with and around our existing portfolio.

現在，我們整合的平台將為許多 ISV 和供應商提供支持，以利用並圍繞我們現有的產品組合進行開發。

And what we'll be looking at is trying to pick the meaningful partnerships we can do to bring new kind of data parts, new core capabilities to the portfolio and the platform that will then unlock new canal insights that we could then leverage with asset analytics, for instance, but also on power rich ecosystem to stride on top of our application and existing user base.

而我們將著眼於嘗試選擇有意義的合作夥伴關係，從而為產品組合和平台帶來新型數據部分、新核心功能，進而解鎖新的渠道洞察，然後我們可以利用這些洞察來進行資產分析，同時也可以在強大的生態系統上在我們的應用程式和現有用戶群之上取得進展。

Thanks, Dylan.

謝謝，迪倫。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Thank you for sneaking in and I have been jumping around a bunch of print this morning, so I apologize that this has already been asked.

感謝您偷偷溜進來，今天早上我一直在瀏覽一堆印刷品，所以我很抱歉已經問過這個問題了。

But Greg, I thought it was very interesting you talked about how your visibility you feel like it's never been better than it is today.

但是格雷格，我認為這非常有趣，你談到你的知名度，你覺得它從來沒有比今天更好。

I want two follow-ups on that maybe.

也許我想要兩個關於此的後續問題。

The first is, does it continue to trend in the right direction?

首先，它是否繼續朝著正確的方向發展？

And how do you think about that as SMBs become a larger portion of the business, where I would feel like maybe visibility around those businesses is lower.

您如何看待這個問題？

And two, how would you characterize your customers visibility into their businesses over the next 12 months?

第二，您如何描述未來 12 個月內客戶對其業務的可見性？

Are they equally as confident in their visibility as you are in yours?

他們對自己的知名度是否和您對自己的知名度一樣有信心？

Because I would argue that, that feels a little bit more important given the type of business model that you guys are

因為我認為，考慮到你們的商業模式，這一點更為重要

--

--

Well, Josh, we still are primarily enterprise oriented, and literally the bulk of our revenue comes from accounts spending $250,000 a year or more.

嗯，喬希，我們仍然主要面向企業，而且我們的大部分收入實際上來自於每年消費 25 萬美元或以上的帳戶。

And so under E365, the annual renewal now is a negotiation of that, how do you feel about the future.

因此，根據 E365，現在的年度續約就是對此進行談判，您對未來有何感想？

So we are in hundreds of these enterprise scale negotiations per year.

因此，我們每年都會參加數百次這種企業規模的談判。

And generally, they are in double-digit modes in terms of their expectations for what they think they should spend and will spend on digital tools increasing each year.

總體而言，他們對於在數位工具上應該花費和將要花費的預期每年都呈現兩位數增長。

So they're willing to enter into an opportunity to limit how extreme that can be and in turn, grant us a floor.

所以他們願意抓住機會，限制這種極端情況的發生，從而給我們一個底線。

So we do get lots of information that way about what their expectations are about the future, and it gives us the confidence we're expressing here today about next year and the foreseeable future.

因此，我們確實通過這種方式獲得了很多關於他們對未來的期望的信息，這給了我們今天在這裡表達的對明年和可預見的未來充滿信心。

You're right that, that doesn't take in the SMB.

您說得對，這並不包括 SMB。

Here in SMB, I think there is greater volatility.

在中小企業方面，我認為波動性更大。

I'm sort of saying, Josh, I don't mind taking on some more volatility, given that the of our business has become through the E365 consumption in the floors and ceilings, a very visible, linear way of smoothing out quarters, although there may be a certain ramp because of the seasonal annual renewal quarter.

我想說，喬希，我不介意承擔更多的波動，因為我們的業務已經通過 E365 在地板和天花板上的消耗變成了一種非常明顯的、線性的平滑季度的方式，儘管由於季節性年度更新季度，可能會出現一定的上升。

But other than that, over multiple years, we have greater visibility, and we can take on some risk there for now, for instance, in SMB and asset analytics and our new generationally succeeded management are doing that well already, I think, and both SMB and asset analytics are examples of that.

但除此之外，多年來，我們擁有更大的可見性，我們現在可以承擔一些風險，例如在中小企業和資產分析方面，我認為我們新一代的成功管理層已經做得很好，中小企業和資產分析就是例子。

Going for things which can balance out our flywheel with potential for inflecting our growth rate upward.

追求能夠平衡我們的飛輪並有可能提高我們的成長率的事物。

We're doing the right things, I believe, in that respect.

我相信，在這方面我們正在做正確的事。

Super helpful.

超有幫助。

And maybe just a very quick follow-up.

或許只是非常快速的後續行動。

If I remember correctly, I think even you guys were a little skeptical, the SMB opportunity when it started.

如果我沒記錯的話，我認為當中小企業機會剛開始時，你們都有點懷疑。

Is that just out the door?

就出門了嗎？

Are we full steam ahead?

我們是否全速前進？

And like does your focus internally like kind of shift with that view as well?

那麼您的內在關注點是否也隨著這種觀點而發生了轉變？

The skepticism is out the door with me, Josh, I'm exaggerating a little bit, but I'm very committed to direct sales model having in our history, been 100% indirect at another point in time.

喬什，我對此沒有任何懷疑，我有點誇張，但我非常致力於直銷模式，在我們的歷史上，曾經有過 100% 間接的銷售模式。

Remember, the direct sales model is one of the reasons we can be confident in our goal of adding 100 basis points to our operating margins each year because the cost of direct sales doesn't go up corresponding to our -- [in RR], if you like, has built an economic leverage and scaling up.

請記住，直銷模式是我們對每年增加 100 個基點的營業利潤率這一目標充滿信心的原因之一，因為直銷成本並沒有相應上漲——[在 RR 中]，如果你願意的話，已經建立了經濟槓桿和擴大規模。

But the opportunity now is the SMB business is also a direct sales business with digital engagement.

但現在的機會是，中小企業業務也是具有數位參與的直銷業務。

And so building out that tool set and apparatus and mechanism for self-service, we're just entirely enthused about that now.

因此，對於建立用於自助服務的工具集、設備和機制，我們現在完全熱衷於此。

And our pretty far along on it still lots more to do.

我們在這方面已經取得了很大進展，但仍有許多工作要做。

But we're dealing with engineers and firms small enough to buy something on their credit card and they're being engineers, they really don't want to talk to a salesperson.

但我們與工程師和小公司打交道，這些公司規模小到可以用信用卡購買東西，而且他們是工程師，他們真的不想與銷售人員交談。

They want to try it out, see it, exercise it and get some help which are virtuosity subscription provides expert assistance and so forth.

他們希望嘗試它、看到它、練習它並獲得一些幫助，這些幫助是技藝訂閱提供的專家協助等等。

And it just turning out to be welcome and having been institutionalized and I'm glad I didn't hold us back in my -- it's another respect in which the fresh thinking is -- has reinvigorated our company, and I want more of it going forward.

結果它受到了歡迎，並被制度化了，我很高興我沒有阻礙我們——這是新思維的另一個方面——它為我們的公司注入了新的活力，我希望未來能有更多這樣的發展。

Super helpful.

超有幫助。

Thank you.

謝謝。

Thanks for the questions.

感謝您的提問。

That concludes our call today.

今天的通話到此結束。

We thank each of you for your interest and time in Bentley Systems, and we look forward to updating you in the near future.

我們感謝大家對 Bentley Systems 的關注和投入的時間，並期待在不久的將來向您提供最新資訊。

Thank you.

謝謝。