Bentley Systems Inc (BSY) 2025 Q2 法說會逐字稿

Good morning and thank you for joining Bentley Systems Q2 2025 results. (Operator Instructions)

早安，感謝您關注 Bentley Systems 2025 年第二季業績。（操作員指示）

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

接下來，請容許我介紹 Bentley 系統公司的執行董事長 Greg Bentley。

Good morning and thanks to each of you for your interest in BSY. Please pardon my voice, which is suffering from a summer cold. CEO Nicholas and CFO Werner will, as always, report in detail Bentley Systems continued excellent operating and financial results for 2025 and thus for the first half of 2025 as we track consistently towards our outlook range for this full year.

早安，感謝大家對 BSY 的關注。請原諒我的聲音，我正遭受夏季感冒的折磨。執行長尼古拉斯和財務長沃納將一如既往地詳細報告 Bentley Systems 在 2025 年以及 2025 年上半年持續取得的出色營運和財務業績，因為我們將持續追蹤今年全年的預期範圍。

Earlier this year in reviewing 2024, I looked back over the years since BSY's IPO in 2020 to quantify that our outlook range for 2025 would complete the process of at least doubling over these five years. Each of our key financial metrics of ARR revenues, adjusted operating income, less stock-based compensation, and free cash flows while minimizing equity dilution.

今年早些時候，在回顧 2024 年時，我回顧了自 2020 年 BSY 首次公開募股以來的幾年，以量化我們對 2025 年的展望範圍將在這五年內完成至少翻一番的過程。我們每個關鍵的財務指標都是 ARR 收入、調整後的營業收入、減去股票薪酬和自由現金流，同時最大限度地減少股權稀釋。

Then most recently in reviewing 2025 Q1, I likewise looked back 5 years to quantify the respects in which we've purposefully gained further business resilience over this span.

最近，在回顧 2025 年第一季時，我同樣回顧了 5 年，以量化我們在這段時間內有目的地獲得進一步業務彈性的方面。

It is even more clear this quarter that we're currently benefiting from those improvements. Our excellent operating performance to date in 2025 is in keeping with a primary sustain which will prevail foreseeably.

本季更加明顯的是，我們目前正在受益於這些改進。我們在 2025 年迄今的優異營運績效與可預見的主要支撐保持一致。

Going digital has become the enduring priority for infrastructure engineering, in particular because of pervasive resource constraints.

數位化已成為基礎設施工程的持久優先事項，特別是由於普遍存在的資源限制。

To keep up with the world's imperatives for infrastructure performance, resilience, and adaptation, each BSY user and account needs each year to achieve step functions and productivity and value generation through enhanced utilization of software, cloud services, and AI.

為了滿足世界對基礎設施性能、彈性和適應性的要求，每個 BSY 用戶和帳戶每年都需要透過增強對軟體、雲端服務和人工智慧的利用來實現階梯式功能、生產力和價值創造。

To help quantify such progress in software consumption for engineer, I would like now to again, but for the last time, I think, look back over 5 years, but this time with reference to external market data.

為了幫助量化工程師在軟體消費方面的進步，我現在想再次回顧過去 5 年，但我想這是最後一次了，但這次要參考外部市場數據。

This slide, which we still use in our intro deck today shows global counts of engineers and related technicians and their software expenditures as tabulated by UK global research firm Cambashi.

這張投影片我們今天仍在介紹中使用，它顯示了英國全球研究公司 Cambashi 統計的全球工程師和相關技術人員的數量及其軟體支出。

Conveniently for our purpose of monitoring the [on] engineering employment and spending is for 2019, immediately preceding the BSY compared spending per engineer slash technician for infrastructure engineering to that of product engineering to glean a data point for the market potential headroom.

為了方便我們監控 2019 年的工程就業和支出情況，在 BSY 之前，我們將基礎設施工程的每位工程師/技術人員的支出與產品工程的支出進行了比較，以收集市場潛在空間的數據點。

But now for the purpose of this look back, let's examine the changes in just infrastructure engineering spending over time as Cambashi has just provided an update which slightly refines 2019 and which most importantly, introduces the most recent year for which this data, including engineering employment is available 2023.

但現在為了回顧一下，讓我們來看看基礎設施工程支出隨時間的變化，因為坎巴希剛剛提供了一個更新，略微完善了 2019 年的數據，最重要的是，引入了包括工程就業在內的最新數據，即 2023 年。

I do not find it surprising that over these 4 years, the total number of infrastructure engineers and supporting technicians has only increased by about 1% per year on average, while there isn't sufficient granularity in both data sets to establish this, I believe that even this nominal increase is concentrated in less developed countries.

我並不感到驚訝的是，在這 4 年裡，基礎設施工程師和支援技術人員的總數平均每年僅增加約 1%，儘管這兩組數據都沒有足夠的粒度來證實這一點，但我相信即使是這種名義上的增長也集中在欠發達國家。

While I believe that in countries like the US, infrastructure engineering retirements have significantly, Cambashi finds that software spending by infrastructure engineers slash technicians has grown at a compounded annual growth rate of about 10% over this period, and this is phenomenal rather than constant currencies. Cambashi's estimate is that the constant currency growth rate was a full percent higher. By virtue of BSY's constant currency revenue growth rate during the period, we somewhat outgained this broader market.

雖然我相信在美國等國家，基礎設施工程師的退休人數已經顯著增加，但坎巴希發現，在此期間，基礎設施工程師和技術人員的軟體支出以約 10% 的複合年增長率增長，這是驚人的，而不是恆定貨幣。坎巴希估計，固定貨幣成長率將高出整整一個百分點。憑藉 BSY 在此期間的恆定貨幣收入成長率，我們的收益在一定程度上超過了大盤。

Hence, software spending per infrastructure engineer slash technician has grown about 9% in nominal currencies or indeed approximately 10% in constant currencies over this period.

因此，在此期間，每位基礎設施工程師和技術人員的軟體支出以名目貨幣計算增長了約 9%，以固定貨幣計算則增加了約 10%。

Even so, the $514 annually per engineer or technician tends to appear low compared to averages for BSY users. Usefully for this newly available 2023 data, Cambashi has provided refinements for better understanding.

即便如此，每位工程師或技術人員每年 514 美元的費用與 BSY 用戶的平均費用相比似乎還是偏低。對於這些新獲得的 2023 年數據，Cambashi 提供了改進措施以便更好地理解。

To start with, we can now focus on employment and spending just for engineers rather than also including the technician categories which are rather miscellaneous and less representative of BSY's primary user profile. See here Cambashi's observation that in 2023 $17.6 million infrastructure engineers globally spent $10.2 billion on engineering and GIS software, averaging a relatively higher annual spending of $579 per engineer.

首先，我們現在可以只關注工程師的就業和支出，而不必包括技術人員類別，因為技術人員類別比較雜亂，不能代表 BSY 的主要使用者資料。請參閱 Cambashi 的觀察：2023 年，全球 1,760 萬名基礎設施工程師在工程和 GIS 軟體上花費了 102 億美元，平均每位工程師每年的支出相對較高，為 579 美元。

For this new 2023 data, Cambashi also provides analysis of employment and spending down to the level of countries classified together within the five quintile tiers of per capita GDP.

對於這份新的 2023 年數據，坎巴希也提供了就業和支出分析，具體到人均 GDP 分為五個五分位數的國家。

The wide variation in average spending is striking to me. The engineers in the most developed level 1 countries, while nearly the least numerous, spend the significant plurality of the global total, averaging over $1900 per year per engineer.

平均支出的巨大差異令我震驚。最發達的一級國家中的工程師雖然數量最少，但他們的花費卻佔全球總數的很大一部分，平均每位工程師每年花費超過 1900 美元。

This is generally consistent with BSY's average and globally uniform pricing and utilization for E365. So, the numerical bulk of infrastructure engineers in less developed country levels represent a multiple of long-term upside opportunity as they inevitably will tend to catch up in going digital and in expenditures to do so.

這與 BSY 對 E365 的平均和全球統一定價和利用率基本一致。因此，欠發達國家基礎設施工程師的數量佔比代表長期上漲機會的倍數，因為他們不可避免地會在數位化和數位化支出方面迎頭趕上。

Now coming back to Bentley Systems and our standing as the market leader in so many infrastructure engineering market segments as we show right from our intro tech, let's examine Cambashi data to understand how so much of this $10 billion in software spending by infrastructure engineers obviously goes elsewhere and to BSY.

現在回到 Bentley Systems 以及我們在眾多基礎設施工程市場領域的市場領先地位，正如我們在介紹技術時所展示的那樣，讓我們檢查一下 Cambashi 數據，以了解基礎設施工程師在 100 億美元軟體支出中有多少顯然流向了其他地方和 BSY。

To do this, let's parse the full $14 billion of now 2024 software revenue which Cambashi ascribes to BIM. This term originally referred to building information modeling decades ago but has come to connote as here a catcher for what could otherwise be described as AEC for architecture, engineering, and construction as opposed to product engineering or manufacturing.

為了做到這一點，讓我們分析一下 Cambashi 認為到 2024 年，BIM 將創造 140 億美元的軟體收入。這個術語最初是指幾十年前的建築資訊模型，但在這裡已經演變成一種捕手，指的是建築、工程和施工的 AEC，而不是產品工程或製造。

Within this total, BIM design is not only the largest submarket, but we believe it is the prerequisite to success throughout the others. The greatest ultimate opportunity is for digital twins to support infrastructure operations and maintenance, although this submarket is only nascent so far. We think our asset analytics initiative portends its comparatively unlimited potential monetized per asset rather than per engineer.

在這個總體中，BIM 設計不僅是最大的子市場，而且我們相信它是其他市場成功的先決條件。數位孿生最大的最終機會是支援基礎設施的運作和維護，儘管這個子市場目前才剛起步。我們認為，我們的資產分析計畫預示著其按資產而非按工程師實現貨幣化的相對無限的潛力。

But the potential compounding value of a digital twin depends significantly upon its assimilation of the digital context, digital components, and digital chronology from the design.

但數位孿生的潛在複合價值在很大程度上取決於其對設計中的數位環境、數位組件和數位時間順序的吸收。

So here per Cambashi are the market shares within the $6.5 billion of BIM design revenues. The largest by far is for Auto-desks, followed significantly by Bentley, Schneider, Hexagon, Nemetschek, Trimble, and in all China, I have grouped together all the Chinese companies identified by Cambashi listed here in the fine print. To help understand the widely varied mix across infrastructure segments per competitor within BIM design, Cambashi analyzes each company's such revenues by product category within plant, architectural, which includes mechanical, electrical, and plumbing, or MEP, civil and structural.

因此，根據 Cambashi 的說法，這是 65 億美元 BIM 設計收入中的市場份額。目前為止最大的是 Auto-desks，其次是 Bentley、Schneider、Hexagon、Nemetschek、Trimble，而在中國，我將 Cambashi 確定的所有中國公司都歸類到了一起，並列在了細則中。為了幫助了解 BIM 設計領域中每個競爭對手在基礎設施領域的廣泛差異，Cambashi 按工廠、建築（包括機械、電氣和管道）或 MEP、土木和結構的產品類別分析了每家公司的收入。

Looking here at the relative proportions for each company, one sees that every one of these putative competitors has a considerably different primary focus than Bentley systems.

從各家公司的相對比例來看，我們可以看出，這些假定的競爭對手中的每一家的主要關注點都與 Bentley 系統有很大不同。

At Bentley Systems we don't break out product revenues in the same categories, and I suspect that Cambashi's estimates here seem to discount sequence major share of geotechnical and environmental software used in civil engineering.

在 Bentley Systems，我們不會以相同類別列出產品收入，而且我懷疑 Cambashi 的估計似乎低估了土木工程中使用的岩土和環境軟體的主要份額。

While we have a comprehensive portfolio across all disciplines required for major infrastructure projects, including their plant and building engineering aspects, our focus is characterized by civil and supporting structural products primarily for horizontal infrastructure networks.

雖然我們擁有涵蓋大型基礎設施項目所需的所有學科的綜合產品組合，包括其工廠和建築工程方面，但我們的重點是主要用於水平基礎設施網絡的土木工程和支撐結構產品。

By contrast, Hexagon and Schneider's design products are clearly focused primarily on plant engineering.

相較之下，Hexagon 和 Schneider 的設計產品顯然主要專注於工廠工程。

Nenek's design products are concentrated in architectural slash MEP. Trimble's design products are primarily divided between architectural MAP and structural to support such buildings.

Nenek 的設計產品集中在建築和 MEP 領域。Trimble 的設計產品主要分為建築 MAP 和用於支撐此類建築的結構。

China has more or less official state-owned software for its country-specific structural analysis codes, and many competitors for building software.

中國或多或少擁有官方的國有軟體作為其國家特定的結構分析規範，並且擁有許多建築軟體的競爭對手。

Finally, the primary design product focus for our principal competitor Autodesk is architectural slash MEP for vertical infrastructure buildings.

最後，我們的主要競爭對手 Autodesk 的主要設計產品重點在於垂直基礎設施建築的建築/MEP。

Within Autodesk's civil product share, its offerings for civil site design likewise associated with buildings loom large, and as you may recall, we at BSY see this as a substantial competitive upside opportunity.

在 Autodesk 的民用產品份額中，其與建築相關的土木工程場地設計產品佔據了很大的份額，您可能還記得，我們​​ BSY 將此視為一個巨大的競爭優勢機會。

Our bin design software peers and competitors are worthy and resourceful. While our space is desirable and envied, each of these others have a principal focus that is clearly different.

我們的箱體設計軟體同業和競爭對手都是值得信賴且足智多謀的。雖然我們的空間令人嚮往和羨慕，但其他每個空間的主要焦點顯然都不同。

I believe that we are favorably differentiated by virtue of our established franchise as the outright market leader in comprehensive infrastructure engineering software, particularly for the horizontal networks of public works slash utilities, grids, roads and bridges, rail and transit, water and wastewater, and resources. And the geo-professional disciplines, structural disciplines, and project delivery collaboration across all of this.

我相信，憑藉我們在綜合基礎設施工程軟體領域的絕對市場領先地位，我們擁有顯著的差異化優勢，特別是在公共工程、公用事業、電網、道路和橋樑、鐵路和交通、水和廢水以及資源等橫向網路領域。以及地理專業學科、結構學科和專案交付協作涵蓋的所有內容。

Given the world's prevailing imperatives for infrastructure, performance, resilience, and adaptation, I wouldn't trade positions with any design software, peer, or competitor.

鑑於世界對基礎設施、性能、彈性和適應性的普遍要求，我不會與任何設計軟體、同行或競爭對手交換立場。

Now withstanding this favorable competitive backdrop, our consistent execution should not be taken for granted, and I commend our management and colleagues for 2025 Q2.

現在，在這種有利的競爭背景下，我們始終如一的執行力不容忽視，我對我們管理層和同事在 2025 年第二季度的表現表示讚賞。

Over now to Nicholas.

現在輪到尼古拉斯了。

Thank you.

謝謝。

Thank you, great.

謝謝，太好了。

We delivered another strong quarter despite ongoing global uncertainties. This performance underscores the resilience of our business model and the strengths of our end markets driven by secular infrastructure investment.

儘管全球不確定性持續存在，但我們仍取得了另一個強勁的季度業績。這項業績凸顯了我們商業模式的韌性以及由長期基礎設施投資推動的終端市場的實力。

As demand for better and more resilient infrastructure continues to outpace the available engineering resource capacity. Our software plays a crucial role in helping infrastructure engineers achieve more with less.

由於對更好、更有彈性的基礎設施的需求持續超過可用的工程資源能力。我們的軟體在幫助基礎設施工程師以更少的投入實現更多成果方面發揮著至關重要的作用。

Our strong first half performance reinforces our confidence in meeting our full year outlook based on low double digit AR growth, continued margin expansion of approximately 100 basis points, and robust free cash flow generation consistent with our long-term financial framework.

我們強勁的上半年業績增強了我們實現全年預期的信心，這基於低兩位數的應收賬款增長、約 100 個基點的持續利潤率擴張以及與我們的長期財務框架一致的強勁自由現金流。

Turning to Q2 highlights, AR grew 11.5% year over year and 12% when excluding the impact of China. Growth in the quarter was underpinned by net revenue retention rates of 109%. E365 continues to be a growth driver, with renewals consistently reflecting stronger commitment levels.

回顧第二季的亮點，AR 年比成長 11.5%，若排除中國的影響則成長 12%。本季的成長得益於 109% 的淨收入保留率。E365 持續成為成長動力，續約持續反映出更強的承諾水準。

The willingness of accounts to commit to higher contractual floors in return for corresponding ceilings signals their confidence in the strength and sustainability of their own demanding environments.

客戶願意承諾更高的合約底線以換取相應的上限，這表明他們對自己苛刻環境的強度和永續性充滿信心。

In Q2, we once again added 300 basis points of AR growth from new logos, primarily within the SME segment. And for the 14th consecutive quarter, we added more than 600 new SMB logos through our online store.

在第二季度，我們再次透過新標誌增加了 300 個基點的應收帳款成長，主要集中在中小企業領域。連續第 14 個季度，我們透過線上商店新增了 600 多個新的 SMB 標誌。

Retention within the segment remain high, further signaling confidence in the demand environment. This is from smaller accounts that are arguably more sensitive to economic uncertainty.

該細分市場的保留率仍然很高，進一步顯示了對需求環境的信心。這是來自較小帳戶的案例，這些帳戶對經濟不確定性更為敏感。

Turning to our tone of business by infrastructure sector. Resources was our fastest growing sector this quarter, with a sequence delivering a particularly strong performance. Notably, growth for sequin was led by mining, outpacing civil for the first time in six quarters.

談談我們基礎設施領域的業務基調。資源是我們本季成長最快的產業，其中一系列表現尤為強勁。值得注意的是，採礦業是亮片成長的主導，六個季度以來首次超過民用領域。

While we're seeing early signs of improvement in mining exploration, it is still too soon to call it a market recovery. Public Works utilities delivered another solid quarter, performing in line with the company overall supported by sustaining global infrastructure investment.

雖然我們看到了採礦勘探改善的早期跡象，但現在稱之為市場復甦還為時過早。公共工程事業部在本季再次表現穩健，在持續的全球基礎設施投資支持下，其表現與公司整體表現一致。

The need to focus on grid resilience is particularly benefiting powerline systems. Growth in the industrial sector remained modest, while commercial facilities was flat. Performance across regions in Q2 remained largely consistent with prior quarters.

關注電網彈性的需求尤其有利於電力線系統。工業部門的成長仍然溫和，而商業設施則持平。第二季各地區的表現與前幾季基本一致。

Growth in America was once again solid, with Latin America continuing to stand out. In the US, our accounts remain confident in their outlooks for the year, despite ongoing uncertainty related to tariffs, policy shifts, and regulatory changes. There's also increased optimism that Congress will now prioritize meaningful permitting legislation.

美洲再次實現穩健成長，拉丁美洲持續表現優異。在美國，儘管關稅、政策轉變和監管變化等不確定性仍然存在，但我們的客戶仍然對今年的前景充滿信心。人們也越來越樂觀地認為國會現在將優先考慮有意義的許可立法。

The combination of executive orders, updated agency guidelines, recent court rulings, and bipartisan state level initiatives all signal momentum towards comprehensive permitting reform, particularly in areas such as transmission, critical minerals, and other strategic verticals.

行政命令、更新的機構指南、最近的法院裁決以及兩黨州級倡議的結合都標誌著全面許可改革的勢頭，特別是在傳輸、關鍵礦物和其他戰略垂直領域。

Our parline systems and sequent businesses, both stand out growth drivers since their acquisition 3.5 and 4 years ago, respectively are especially well positioned to benefit from these developments.

我們的線路系統和後續業務分別自 3.5 年前和 4 年前被收購以來，都已成為突出的成長動力，並且特別適合從這些發展中受益。

Also noteworthy, Congress has already begun working on the surface transportation reauthorization of the IGA a year and a half before its scheduled expiration, a clear indication that civil infrastructure investment remains a national priority.

同樣值得注意的是，國會已在《政府間協議》到期前一年半開始著手重新授權地面運輸，這清楚地表明民用基礎設施投資仍然是國家優先事項。

In EMEA we delivered another quarter of solid growth with the Middle East continuing to lead the region, followed by the UK.

在歐洲、中東和非洲地區，我們又實現了一個季度的穩健成長，其中中東持續領先，其次是英國。

Investment remains strong across transportation, energy, and water infrastructure while momentum continues to build in defense-related projects, data centers, and nuclear.

交通、能源和水利基礎設施領域的投資仍然強勁，國防相關項目、資料中心和核能領域的投資勢頭持續增強。

Together these trends reflect a broadening base of demand. Recent announcements in the UK and Europe point to a continued supportive funding environment into the foreseeable future.

這些趨勢共同反映出需求基礎的不斷擴大。英國和歐洲最近發布的公告表明，在可預見的未來，融資環境將繼續保持支持性。

In June, the UK government published its 10-year infrastructure strategy, which earmarks $725 billion pounds in long-term funding and aims to attract private investment into its national infrastructure.

今年6月，英國政府宣布了十年基礎設施策略，其中撥款7,250億英鎊作為長期資金，旨在吸引私人投資進入國家基礎建設。

And in July, the European Commission put forward its €1.8 trillion proposal for the next long term EU budget for 2028 to 2034. The proposal clearly prioritize investment in infrastructure and should be a continued tailwind for funding in years to come.

今年7月，歐盟委員會提出了2028年至2034年歐盟長期預算1.8兆歐元的提案。該提案明​​確優先考慮對基礎設施的投資，並將在未來幾年繼續推動資金的流入。

In Asia Pacific, the overall performance remains steady. India continued to stand out with positive sentiment across strategic national programs in water and power. ANZ was softer, primarily due to a slowdown in transportation spending in Australia.

亞太地區整體表現維持穩定。印度在水利和電力等國家戰略計劃中繼續表現出積極情緒。澳新銀行表現較弱，主要原因是澳洲的交通運輸支出放緩。

However, we are well positioned to support major infrastructure projects tied to the 2032 Brisbane Olympics, some of which, like Cross River Rail, are already in progress with broader activity expected to ramp up near term.

然而，我們已做好準備，支持與 2032 年布里斯班奧運會相關的重大基礎設施項目，其中一些項目（如跨河鐵路）已在進行中，預計短期內將開展更廣泛的活動。

China performed in line with our expectations given ongoing economic and geopolitical headwinds, and now we present only about 2% of total. Finally, I want to highlight the success of our first ever Cesium Developer Conference, which brought more than 400 attendees from around the world to Philadelphia.

鑑於持續的經濟和地緣政治逆風，中國的表現符合我們的預期，目前我們只佔總量的 2% 左右。最後，我想強調我們首屆 Cesium 開發者大會的成功，來自世界各地的 400 多名與會者齊聚費城。

We acquired CZM for its market leading 3D geospatial platform, its talent, it's vibrant developer community. All three were on display at the conference.

我們收購 CZM 是因為其市場領先的 3D 地理空間平台、人才和充滿活力的開發者社群。這三款產品均在此次會議上展出。

Band-Aid users, representatives from technology leaders like Google and Nvidia, and developers spanning verticals from AC to government to aerospace learn how we are bringing iTun capabilities to Cesium, including reality modeling and AI-based feature detection services.

Band-Aid 用戶、Google和 Nvidia 等技術領導者的代表以及從 AC 到政府到航空航天等垂直領域的開發人員了解我們如何將 iTun 功能引入 Cesium，包括現實建模和基於 AI 的特徵檢測服務。

Attendees also share the many ways they're using Cesium to deliver powerful 3D dal spatial experiences in applications for the build and natural environments.

與會者也分享了他們使用 Cesium 在建築和自然環境應用中提供強大的 3D dal 空間體驗的多種方式。

One example is HNTB, an engineering firm that leverages Cesium and Google's 3D photorealistic tiles to provide precise geospatial context, enabling better informed decisions for infrastructure design.

其中一個例子是 HNTB，這是一家工程公司，它利用 Cesium 和 Google 的 3D 逼真圖塊來提供精確的地理空間背景，從而為基礎設施設計提供更明智的決策。

With this capability, stakeholders can assess projects ranging from single highway interchanges to 30-mile road and rail corridors with greater clarity. By using Cesium, HNTB has reduced the effort required to model existing buildings for contextual detail on nonlinear projects by up to 80%.

憑藉此功能，利害關係人可以更清晰地評估從單一高速公路立交橋到 30 英里公路和鐵路走廊的項目。透過使用 Cesium，HNTB 將對非線性專案中現有建築物進行情境細節建模所需的工作量減少了高達 80%。

We're excited about the opportunities ahead to expand the Cesium developer community and empower it with additional iTun platform capabilities, and we look forward to sharing the progress we've made integrating Cesium across our broader product portfolio at our upcoming year infrastructure conference this October in Amsterdam alongside advancements in AI and Bentley infrastructure cloud.

我們對未來擴大 Cesium 開發者社群並為其提供更多 iTun 平台功能的機會感到非常興奮，我們期待在今年 10 月於阿姆斯特丹舉行的基礎設施會議上分享我們在更廣泛的產品組合中整合 Cesium 所取得的進展，以及人工智慧和 Bentley 基礎設施雲方面的進步。

And with that, I will turn it over to Werner.

接下來，我將把發言權交給沃納。

Thank you, Nicholas. We've had a strong first half of the year and are well positioned with respect to our financial outlook range for the year.

謝謝你，尼古拉斯。我們今年上半年表現強勁，並且就今年的財務前景而言處於有利地位。

Total revenues for the second quarter were $364 million, up 10% year by year on a reported basis and 9% on a constant currency basis. Year-to-date, total revenues grew 10% on the reported and constant currency basis.

第二季總營收為 3.64 億美元，以報告基礎計算年增 10%，以固定匯率計算成長 9%。年初至今，總收入按報告和固定匯率計算增加了 10%。

For the first quarter and year-to-date, strong growth in subscription revenues was partly offset by a reduction in professional services and to a lesser extent in license revenues. Subscription revenues now represent 92% of total revenues, up 2% points from the same period last year, reflecting improvement in the overall quality of our revenues visibility, growth consistency, and marching contribution.

第一季及年初至今，訂閱收入的強勁成長部分被專業服務的減少和授權收入的減少所抵銷。訂閱收入目前佔總收入的 92%，比去年同期成長 2 個百分點，反映出我們的收入可見度、成長一致性和持續貢獻的整體品質的提高。

Subscription revenues grew 12% year by year for the quarter and reported and 11% in constant currency, and for the first half, more normalized for mix and timing, subscription revenues grew 12% on a reported and constant currency basis.

本季訂閱營收年增 12%，以固定匯率計算成長 11%；上半年，由於產品組合和時間安排更加正常化，訂閱收入以固定匯率計算成長 12%。

Our SMP and E365 initiatives continue to be solid contributors. Perpetual license revenues for the quarter were 10 million down 1 million year-over-year. Perpetual license sales make up only 3% of total revenues and will remain small relative to our recurring revenues.

我們的 SMP 和 E365 計劃繼續發揮堅實的貢獻作用。本季永久授權收入為 1,000 萬美元，年減 100 萬美元。永久許可證銷售額僅佔總收入的 3%，相對於我們的經常性收入而言，這一比例仍然很小。

Our less predictable professional services revenues declined 7% for the quarter in reported and 9% in constant currency and now represents 6% of total revenues, down 1% point from the same period last year. It is still the case that the largest portion of these non-recurring services relate to IBM maximal implementation and upgrade work.

我們不太可預測的專業服務收入按報告數字計算本季下降了 7%，以固定匯率計算下降了 9%，目前佔總收入的 6%，比去年同期下降了 1 個百分點。這些非經常性服務中的最大部分仍與 IBM 最大程度的實施和升級工作有關。

Our last 12 months recurring revenues, which include subscriptions and a small amount of recurring services, increased by 13% year by year in reported and in constant currency and represent 92% of our last 12 months total revenues, up 2% points year by year.

我們過去 12 個月的經常性收入（包括訂閱和少量經常性服務）按報告和固定匯率計算同比增長 13%，占我們過去 12 個月總收入的 92%，同比增長 2 個百分點。

Our last 12 months constant currency account retention rate remained at 99%, and our constant currency net retention rate rounded down to 109%, let in magnitude by accretion within our consumption-based E365 commercial model. We ended Q2 with ARR of $1,379 million at quarter and spot rates.

我們過去 12 個月的恆定貨幣帳戶留存率保持在 99%，而我們的恆定貨幣淨留存率則四捨五入至 109%，這得益於我們基於消費的 E365 商業模式的增值。按季度和現貨匯率計算，我們第二季的 ARR 為 13.79 億美元。

On a constant currency basis, our year-by-year AR growth rate was 11.5%. Consistent with our expectations. Excluding China, our year-by-year constant currency growth rate was 12%. China is not 2% of our total AR.

以固定匯率計算，我們的應收帳款逐年成長率為 11.5%。與我們的預期一致。除中國外，我們的年固定匯率成長率為 12%。中國不占我們總 AR 的 2%。

On a quarterly sequential basis, our constant currency, the AR growth rate was 2.7%. Slightly below our 242 sequential growth rate of 2.9%, impacted by the timing of programmatic acquisitions and asset analytics deals.

以季度連續計算，以我們的固定貨幣計算，應收帳款成長率為 2.7%。略低於我們 242 個連續成長率 2.9%，受到程序化收購和資產分析交易時機的影響。

With regards to seasonality, we expect 2025 Q3 to be our seasonal low quarter for year-by-year AR growth due to the timing of potential acquisitions and anticipated asset analytics deals, which were particularly strong in 2024 Q2 and 2024 Q3 to be closer to year end in 2025.

就季節性而言，我們預計 2025 年第三季將成為應收帳款同比增長的季節性低谷季度，這是由於潛在收購和預期資產分析交易的時機所致，這些交易在 2024 年第二季度和 2024 年第三季度尤為強勁，且更接近 2025 年年底。

And the favorable impact from onboarding the Cesium acquisition will be dropping off in 2025 Q3. Our GAAP operating income was $84 million for the second quarter and $200 million year-to-date.

而收購 Cesium 帶來的有利影響將在 2025 年第三季逐漸減弱。我們第二季的 GAAP 營業收入為 8,400 萬美元，年初至今的營業收入為 2 億美元。

I've previously explained the impact on our GAAP operating results from deferred compensation plan, liability revaluations, and acquisition expenses.

我之前已經解釋過遞延薪酬計劃、負債重估和收購費用對我們的 GAAP 經營業績的影響。

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

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

Adjusted operating income less SPC expense was $105 million for the quarter, up 10% year by year, with a margin of 28.9%, up 10 basis points. Year-to-date, adjusted operating income less SBC expense was $231 million, up 11% with a margin of 31.5%, up 40 basis points.

本季調整後的營業收入扣除 SPC 費用後為 1.05 億美元，年增 10%，利潤率為 28.9%，上升 10 個基點。年初至今，調整後的營業收入減去 SBC 費用為 2.31 億美元，成長 11%，利潤率為 31.5%，成長 40 個基點。

Our marching performance for Q2 and year-to-date has been strong, particularly when considering that the year ago period benefited from head cost run rate savings associated with the 234 strategic realignment program.

我們第二季和今年迄今的業績表現強勁，特別是考慮到去年同期受益於與 234 策略調整計畫相關的成本運行率節省。

Our 2025 Q2 margin benefited from our mix shifts towards higher margin subscription revenues and from certain discretionary OEC spent being slightly more backup loaded in 2025 then compared to 2024. We remain confident about delivering our 100 basis points full year margin improvement target.

我們的 2025 年第二季利潤率受益於我們的產品組合向更高利潤率的訂閱收入的轉變，以及 2025 年某些可自由支配的 OEC 支出的備用負荷比 2024 年略有增加。我們仍有信心實現全年利潤率提高 100 個基點的目標。

As a reminder, our OPEC seasonality is always more heavily weighted towards the second half with our annual races occurring as of April 1 each year and our larger promotional and event related costs also concentrated in the second half of the year.

提醒一下，我們的 OPEC 季節性總是更集中在下半年，我們的年度比賽於每年 4 月 1 日舉行，而我們較大的促銷和活動相關成本也集中在下半年。

Our free cash flow was $57 million for the quarter and $273 million year-to-date. This is generally consistent with our expectation that based on our seasonality of collections and expenditures, free cash flow for the first half would be on the order of 60% of our full year free cash flow outlook of $415million to $455 million.

本季我們的自由現金流為 5,700 萬美元，年初至今為 2.73 億美元。這與我們的預期基本一致，基於收款和支出的季節性，上半年的自由現金流將達到我們全年自由現金流預期（4.15 億美元至 4.55 億美元）的 60% 左右。

In addition, we estimated that our second half of 2025 will see cash tax benefits in the range of $50 million from the recently enacted one big, beautiful bill primarily attributable to the restoring of immediate US tax deductions for the domestic R&D expenses.

此外，我們估計，到 2025 年下半年，我們將從最近頒布的一項重大而美麗的法案中獲得 5000 萬美元左右的現金稅收優惠，這主要歸因於恢復美國對國內研發費用的即時稅收減免。

As a result of this tax policy change, we are raising our 2025 free cash flow outlook to a range of $430 million to $470 million from previously $415 million to $455 million with regards to capital allocation.

由於這項稅收政策的變化，我們將 2025 年自由現金流預期從先前的 4.15 億美元至 4.55 億美元上調至 4.3 億美元至 4.7 億美元，以應對資本配置。

Along with providing sufficiently for our growth initiatives during the first half of the year, we deployed free cash flow as follows. $135 million fully paying down our senior debt. $75 million ineffective share repurchases to offset dilution from stock-based compensation, $10 million in convertible senior does not repurchase, and $42 million on dividends.

除了在上半年為我們的成長計畫提供足夠的資金外，我們還部署了以下自由現金流：1.35 億美元全額償還優先債務；7,500 萬美元無效股票回購，以抵銷股票薪資的稀釋；1,000 萬美元可轉換優先股未回購；4,200 萬美元股利。

With our senior debt being fully paid down, our net debt leverage, including all of our 2026 and 2027 convertible notice debt, was 2.4 times the charge of EBITDA, down from 2.9 times at the end of 2024.

隨著我們的優先債務得到全部償還，我們的淨債務槓桿（包括我們所有的 2026 年和 2027 年可轉換通知債務）為 EBITDA 費用的 2.4 倍，低於 2024 年底的 2.9 倍。

Our strong balance sheet and projected free cash flow generation will sufficiently fund our dividend, share repurchases, and growth initiatives, including potential programmatic acquisitions.

我們強勁的資產負債表和預計的自由現金流將為我們的股息、股票回購和成長計劃（包括潛在的計劃收購）提供足夠的資金。

Our 5-year senior secured credit agreement dating from October 2024 provides a currently undrawn $1.3 billion revolving credit facility. Combined with our strong balance sheet and anticipated future free cash for generation, this affords sufficient flexibility, if needed, to refinance the January 2026 maturity of $678 million in outstanding convertible debt while keeping our cash interest thereafter at about the same magnitude as in the recent past.

我們的 5 年優先擔保信貸協議自 2024 年 10 月起生效，提供目前尚未提取的 13 億美元循環信貸額度。結合我們強勁的資產負債表和預期的未來發電自由現金，如果需要，這將提供足夠的靈活性，為 2026 年 1 月到期的 6.78 億美元未償還可轉換債務進行再融資，同時將此後的現金利息保持在與近期大致相同的水平。

Interest rates on our debt are protected for very low coupons on our convertible notes. And very favorable terms on our $200 million interest rate swap expiring in 2030. And finally, with regards to our outlook for the year, our financial performance for the 2025 Q2 puts us in a solid position to deliver within our annual outlook range for growth, revenues, profitability, and now increased free cash flow.

由於我們的可轉換票據的票面利率非常低，因此我們的債務利率受到保護。我們的 2 億美元利率互換將於 2030 年到期，其條款非常優惠。最後，關於我們對今年的展望，我們 2025 年第二季度的財務業績使我們處於穩固的地位，能夠在年度展望範圍內實現增長、收入、盈利能力以及現在增加的自由現金流。

With regards to foreign exchange rates for the second quarter, the US dollar has weakened relative to the exchange rates assumed in our 2025 annual financial outlook, resulting in approximately $7 million of incremental revenues from currency and the total first half favorable impact of approximately $8 million.

關於第二季的外匯匯率，美元相對於我們 2025 年年度財務展望中假設的匯率有所走弱，導致貨幣帶來的增量收入約為 700 萬美元，上半年的總有利影響約為 800 萬美元。

Based on more recent rates, where the US dollar has further weakened relative to our outlook rates, if end of July exchange rates would prevail throughout the remainder of the year, our second half GAAP revenues would be positively impacted by approximately $17 million.

根據最近的匯率，美元相對於我們的預期匯率進一步走弱，如果 7 月底的匯率在今年剩餘時間內保持不變，我們下半年的 GAAP 收入將受到約 1700 萬美元的正面影響。

Relative to the exchange rates as assumed in our 2025 financial outlook.

相對於我們 2025 年財務展望中假設的匯率。

And with that we are ready for Q&A over to Eric to moderate.

現在我們準備好進行問答環節，由 Eric 主持。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），加拿大皇家銀行。

Great, thanks guys I don't know if you can hear me okay.

太好了，謝謝大家，我不知道你們是否能聽到我說話。

Thanks for all the detail on the call. I wanted to ask about the macros. It sounded like, you, in some of the prepared remarks that macros remained strong and you call up specifically strength in SNB. I, I'm curious, did you notice an improvement sequentially now that we're past some of the initial tariff uncertainty, or is this just kind of business as usual, from your perspective?

感謝您在通話中提供的所有詳細資訊。我想問一下有關巨集的問題。聽起來，您在一些準備好的評論中表示宏觀經濟依然強勁，並且您特別提到了瑞士央行的強勢。我很好奇，從您的角度來看，我們已經度過了最初的一些關稅不確定性，您是否注意到情況有所改善，或者這只是正常的業務？

Yeah, Matt, I'll take this one. I would say it's just very consistent, yeah. It's a very consistent, environment from the standpoint of all the investment that is going into infrastructure.

是的，馬特，我會選擇這個。是的，我想說它非常一致。從所有基礎設施投資的角度來看，這是一個非常一致的環境。

And yes, there's been noise with tariffs, there's been noise with maybe change of priorities, etc. But overall, it's just a very consistent environment. What we're hearing from our accounts is that they are just very positive about their own outlook.

是的，關稅方面存在一些爭議，優先事項的變化也存在一些爭議，等等。但總的來說，這只是一個非常一致的環境。我們從帳戶中得知，他們對自己的前景非常樂觀。

Whether they are big or small accounts, and if there's one thing that is also quite consistent is the fact that there's really no problem with the demand. There's a problem with the capacity. They just don't have enough engineers, and that remains the backdrop for our own demand environment which is we're uniquely positioned to help them be more productive with the capacity that they have in order to cope with that demand.

不管是大帳戶還是小帳戶，有一件事也是相當一致的，那就是需求確實沒有問題。容量有問題。他們只是沒有足夠的工程師，而這仍然是我們自身需求環境的背景，即我們處於獨特的地位，可以幫助他們利用現有的能力提高生產力，以滿足這種需求。

Great, thanks, Matt. The next question comes from Joe Vruwink, Robert Baird.

太好了，謝謝，馬特。下一個問題來自 Joe Vruwink 和 Robert Baird。

Great, thanks for the time this morning. But the TAM analysis was good at the start. One thing that comes to mind that, your products are typically thought of as the premium offering and the various disciplines you serve, in, premium because of functionality, but oftentimes that also comes with a certain price point.

太好了，感謝您今天早上抽出時間。但 TAM 分析一開始就很好。我想到的一件事是，您的產品通常被認為是高端產品，並且您所服務的各個領域由於功能而被視為高端產品，但通常也伴隨著一定的價格點。

When you think about reaching the long tail of engineers that are spending below 1,000, let's say, do you have the right products that in right reach, right go to market model to effectively address?

當您考慮接觸花費低於 1,000 美元的工程師的長尾時，假設您擁有合適的產品、合適的覆蓋範圍、合適的市場模式來有效解決這個問題？

I think we have it the full range and the, our traditional products, micro decision by which we started the company, is really the entry points for engineers to start working with our software, and it remains one of the main growth drivers in SMD. So, I think that's quite telling, which is that's where we start. And then when we have accounts, we start to use the MicroStation software, they become great targets for upsell to more sophisticated application that will be more specific to certain assets or to cross sell with related, engineering applications or collaboration software.

我認為我們擁有全系列產品，我們的傳統產品，我們創辦公司的微觀決策，實際上是工程師開始使用我們的軟體的切入點，它仍然是 SMD 的主要成長動力之一。所以，我認為這很能說明問題，這就是我們的起點。然後，當我們有了帳戶，我們開始使用 MicroStation 軟體，它們就成為追加銷售更複雜應用程式的絕佳目標，這些應用程式將更具體地針對某些資產，或與相關的工程應用程式或協作軟體進行交叉銷售。

So we have the full range, and then, I mean, testament to that is just the continued growth that we see in S&B. There's just no slowing down. You heard it, yeah, in the prepared remarks, more than 600 new logos for the fourteenth consecutive quarter.

因此，我們擁有全系列產品，而 S&B 的持續成長就是證明。根本就沒有放慢速度。是的，您在準備好的發言中聽到了，連續第 14 個季度出現了 600 多個新標誌。

And again, very often those new accounts that we're winning through SMB are actually starting with MicroStation.

而且，我們透過 SMB 贏得的那些新客戶實際上都是從 MicroStation 開始的。

Thank you.

謝謝。

Next show.

下一場演出。

Next question from Kristen Owen, Oppenheimer.

下一個問題來自奧本海默公司的克莉絲汀歐文。

Hi, good morning.

嗨，早安。

Thank you for taking the question. I wanted to double click on some of the TAM analysis and ask you about the data center opportunity. Is there a way to understand sort of the Bentley system's total addressable market there, whether it's. Through energy infrastructure, roads that go out to the data center or even that is there sort of a persona that you're thinking about that you can bundle any sort of potential external partnerships with hyper scales, asset owners sort of unpack that data center opportunity for us.

感謝您回答這個問題。我想雙擊一些 TAM 分析並詢問您有關資料中心機會的問題。有沒有辦法了解 Bentley 系統在那裡的整體可尋址市場？透過能源基礎設施、通往資料中心的道路，或甚至是您正在考慮的某種角色，您可以將任何類型的潛在外部合作夥伴關係與超大規模捆綁在一起，資產所有者可以為我們解開資料中心的機會。

Thank you.

謝謝。

I'm going to let Nicholas, respond in the main, but I will say that I'm struck during the quarter by the US AI strategy, which articulates that it needs to include an infrastructure investment strategy for the reasons you described. And of course, this isn't limited merely to the way it's connected up, especially with the electrical grid that is aspects of the portfolio beyond merely the building and its structures are structural analysis software especially is used in that, but a data center is a small city altogether and includes all the other aspects of the ecosystem you mentioned, but Nicholas, you've been looking at this I think more in particular.

我主要讓尼古拉斯來回應，但我要說的是，本季美國的人工智慧戰略給我留下了深刻的印象，該戰略明確表示，出於您所描述的原因，它需要包含一項基礎設施投資戰略。當然，這不僅限於它的連接方式，特別是與電網的連接，這是投資組合中超越建築物及其結構的方面，特別是結構分析軟體用於其中，但數據中心總體上是一個小城市，包括您提到的生態系統的所有其他方面，但尼古拉斯，我認為你一直在更具體地研究這個問題。

Well, I will say, Kristen, the way you're looking at it is the way we're looking at as well, yeah, which is indeed there's a lot of infrastructure when it comes to data centers, that is for the data center itself and its surrounding the data center, as Greg just explained, these are really more like mini cities or campuses, yeah. And then whenever you have, let's say, high spatial density with engineering complexity, this is typically a a a great opportunity for us.

好吧，我想說，克里斯汀，你看待這個問題的方式也是我們看待這個問題的方式，是的，數據中心確實有很多基礎設施，即數據中心本身及其周圍的數據中心，正如格雷格剛才解釋的那樣，它們實際上更像是小城市或校園，是的。然後，每當您擁有高空間密度和工程複雜性時，這對我們來說通常是一個很好的機會。

So we do offer software to design many aspects of the data center and the surroundings of the data center. You mentioned the road, of course, the distribution lines, the water, and so on and so forth. But we also offer software that helps put all of this together, understand the interrelationships between all of these infrastructure assets.

因此，我們確實提供軟體來設計資料中心的許多方面以及資料中心的周圍環境。當然，您提到了道路、配電線路、水等等。但我們也提供軟體來幫助將所有這些整合在一起，以了解所有這些基礎設施資產之間的相互關係。

I think what's interesting with the hyper scatters is they're software first. They understand the power of software and they're quite receptive to the notion of let's make sure that when we design right from the start for operations and We make sure that there's a digital twin that is being created at the moment of design which is used to schedule and manage the construction and which will then be used for the operations of the data center.

我認為超級散射的有趣之處在於它們首先是軟體。他們了解軟體的力量，並且非常樂於接受這樣的理念：讓我們確保在設計之初就考慮到運營，並確保在設計時創建數位孿生，用於安排和管理施工，然後用於資料中心的運營。

I'm not talking about the inner operation of the data center, obviously, but all the surrounding infrastructure. I think a good, let's say, a testament to that is the uptake of Synchro, which is used, quite systematically, for the construction modeling of data centers by hyper scanners.

顯然，我不是說資料中心的內部運作，而是在談論所有周圍的基礎設施。我認為，一個很好的證明就是 Synchro 的普及，它被系統地用於超級掃描器對資料中心進行構建建模。

Thanks Kristen.

謝謝克里斯汀。

The next question comes from Jason Celino, KeyBanc.

下一個問題來自 KeyBanc 的 Jason Celino。

Great, thanks. Werner, I don't know if I heard you correctly, but did you say that the free cash flow guidance was moving up to $15 million because of the benefits from the OBBA? I know there are a couple of ways to recognizing the benefit, not to get too much in the nitty gritty, but is this the accelerated adoption or should we expect multiple years of benefit?

太好了，謝謝。沃納，我不知道我是否聽錯了，但你是否說過，由於 OBBA 帶來的好處，自由現金流指引將上升至 1500 萬美元？我知道有幾種方法可以認識到這種好處，但我不想討論太多細節，但這是加速採用還是我們應該期待多年的好處？

There will be multiple years of benefits, chase, and the $15 million is for the first year and it considers actually that we had pre-payments already in the first half of the year. So, the normalized annual benefit that we that we're seeing for 2025 would be approximately $1,010 million higher than the $15 million, but based on the pre-payments that we took, this will roll over into the 2026 year.

將會有多年的福利，追逐，1500 萬美元是第一年的，實際上考慮到我們在上半年已經預付款了。因此，我們預計 2025 年的正常年度收益將比 1,500 萬美元高出約 10.1 億美元，但根據我們預付的款項，這將延續到 2026 年。

But we are still eva evaluating, but we don't, we don't plan on an accelerated, adoption. So that's just a normalized benefit if you will, and then you will see more benefits coming over there for the following years. Okay.

但我們仍在評估，但我們不打算加速採用。所以，如果你願意的話，這只是一個正常化的福利，然後你會看到在接下來的幾年裡有更多的福利。好的。

Amazing.

驚人的。

Thank you.

謝謝。

Thanks, Jason.

謝謝，傑森。

Next question from Siti Panigrahi, Mizuho.

下一個問題來自瑞穗的 Siti Panigrahi。

(inaudible) No, we can't hear you.

（聽不清楚）不，我們聽不到你的聲音。

Still not.

仍然沒有。

Okay, maybe we'll move on and come back. Can we get Warren Meyers, Griffin Securities, please?

好的，也許我們會繼續前進並回來。我們可以聯絡格里芬證券公司的華倫‧邁耶斯嗎？

Yes, good morning.

是的，早安。

Thank you. This is Warren in for Jay.

謝謝。這是華倫代替傑伊。

Quick question, aside from the plan to incorporate Cesium where appropriate in the portfolio, what are some of the other critical development and deliverables for the next 6 to 12 months, even if you don't expect an immediate impact to revenues. And related to that, over the past few months, Bentley has exhibited an uptrend in the number of R&D openings while keeping sales openings flat in numbers as well.

快速提問，除了計劃在產品組合中適當位置納入 Cesium 之外，未來 6 到 12 個月還有哪些其他關鍵發展和可交付成果，即使您預計不會對收入產生直接影響。與此相關的是，在過去的幾個月裡，賓利的研發職缺數量呈上升趨勢，而銷售職缺數量則保持穩定。

Thank you.

謝謝。

All right. So, on the first question, let me take a step back and say that our R&D priorities are AI.

好的。因此，關於第一個問題，讓我退一步來說，我們的研發重點是人工智慧。

Cesium and then the integration of a cesium integrated across the portfolio, and then the deeper integration of Cesium with iTwin into a unique platform for the built and natural environment. Yeah.

Cesium，然後是整個產品組合中集成的 Cesium，然後是 Cesium 與 iTwin 的更深層次集成，形成一個用於建築和自然環境的獨特平台。是的。

So, with respect to Cesium and our progress there, so I think in last quarter, we talked about evil, which is our data and compute platform for geoscience data. That is coming out of our sequence business, and this one has already had already embraced Cesium as the main user interface.

因此，關於 Cesium 和我們在那裡的進展，我認為在上個季度，我們討論了邪惡，這是我們用於地球科學數據的數據和計算平台。這是我們序列業務的成果，並且已經採用 Cesium 作為主要使用者介面。

And then as I commented in the prepared remarks, we brought very important iTwin capabilities into the Cesium platform and we announced that at our very first season developer conference. The reason why this one is particularly symbolic is you might remember that one of our strategic objectives with the acquisition of Cesium was to leverage the Cesium ecosystem to accelerate the adoption of our twin capabilities. And so there you go now, the iTwin capture capabilities that are used to create reality models, be able to visualize it with [Gossam slats] being able to run the AI on it to detect some features, etc.

然後，正如我在準備好的發言中所說，我們將非常重要的 iTwin 功能引入了 Cesium 平台，並在我們的第一季開發者大會上宣布了這一點。這次收購之所以具有特別的象徵意義，是因為您可能還記得，我們​​收購 Cesium 的策略目標之一是利用 Cesium 生態系統來加速我們雙重功能的採用。現在，您可以使用 iTwin 擷取功能來建立現實模型，能夠使用 [Gossam 板條] 對其進行視覺化，能夠在其上運行 AI 來檢測某些特徵等。

All of those capacities are now immediately available from the, from within the season platform. Now, what is also, a great validation of that strategy is that one of the longer term partners of Cesium. Which is Earthrain, JV which is majority owned by Komatsu in Japan, has agreed with us to expand our partnership from CM to iTwin and to adopt iTwin capture and the twin platform, in order to support their own applications for construction simulation and management, yeah.

所有這些容量現在都可以從季節平台內立即獲得。現在，Cesium 的長期合作夥伴之一也很好地驗證了這項策略。Earthrain 是一家由日本小松集團控股的合資公司，該公司已同意與我們合作，將合作夥伴關係從 CM 擴展到 iTwin，並採用 iTwin 捕獲和孿生平台，以支援他們自己的施工模擬和管理應用程式。

And then just in the last few days, we released MicroStation 2025. So again, our very core products for generic modeling, which now has built in the cam integration so you can actually visualize your designs in full 3D geospatial context, including, by the way, with 3D photoreactive tiles that are coming from Google leveraging the same technology of Cesium. So, some very exciting progress there and there's more to come. There is the integration of Cesium and be faster platforms, in a couple of months now in Amsterdam. And then to the second question, which is the fact that we, you see, openings in R&D and you see however openings in sales quite flat.

就在最近幾天，我們發布了 MicroStation 2025。再次強調，我們用於通用建模的核心產品現在已經內置了攝像頭集成，因此您實際上可以在完整的 3D 地理空間環境中可視化您的設計，順便提一下，還包括來自谷歌的利用與 Cesium 相同的技術的 3D 光反應圖塊。因此，那裡取得了一些非常令人興奮的進展，並且還會有更多的進展。幾個月後，Cesium 和更快平台的整合在阿姆斯特丹正式啟動。然後是第二個問題，事實上，我們看到研發方面的空缺，但銷售方面的空缺卻相當平緩。

I will say probably two things. One is a clear sign that we are able to scale the business without necessarily throwing people at it on the go to market site, right? So it speaks a lot to, again, the strengths of our demand environment and the strengths of our products. The other thing I will say is we're, quite fast, and probably a little faster in hiring go to market resources than we are hiring in R&D resources. And our big focus when it comes to hiring R&D resources is AI which again is our number one priority when it comes to investment this year.

我大概會說兩件事。一個明顯的跡像是，我們能夠擴大業務規模，而不必在市場網站上投入人力，對嗎？因此，這再次充分說明了我們的需求環境和產品的優勢。我想說的另一件事是，我們招募市場資源的速度相當快，可能比招募研發資源的速度還要快一點。在招募研發資源方面，我們的重點是人工智慧，這也是我們今年投資的首要任務。

Thanks. The next question comes from Taylor McGinnis, UBS.

謝謝。下一個問題來自瑞銀的泰勒麥金尼斯。

Hey, thank you guys so much for for taking the questions. So it seems like you're well on your way to hitting the midpoint or even slightly above the constant currency ARR guide for this year, but in terms of this scenario that could push you to the higher end of the guide to 12.5%, what what does that look like? You mentioned. In the permit reform opportunity earlier on, it sounds like emerging growth opportunities with asset analytics and you know maybe some of the AI stuff, continues to move along nicely. So are there any second half catalysts that you are particularly excited about that could be a source of upside for us to monitor?

嘿，非常感謝你們回答這些問題。因此，看起來您已經接近今年固定貨幣 ARR 指南的中點甚至略高於該指南，但就此情景而言，這可能會將您推向指南的高端，即 12.5%，那是什麼樣子的呢？你有提到過。在早先的許可證改革機會中，這聽起來像是資產分析和一些人工智慧技術帶來的新興成長機會，正在繼續順利進展。那麼，下半年有哪些催化劑讓您特別興奮，可以成為我們關注的上行潛力來源呢？

Taylor, I think you named them, to which I would add that our Acquisition strategy this year is focused on asset analytics opportunities rather than broad programmatic acquisitions as has been the case in the past, and we're fussy about those and, but nonetheless determined about it, and we have not had a significant acquisition, since last year's Cesium acquisition which will roll off here in the, in this third quarter. But we are hopeful about such opportunities during the remainder of the year.

泰勒，我想你已經提到了它們，我想補充一點，我們今年的收購策略專注於資產分析機會，而不是像過去那樣進行廣泛的程序化收購，我們對這些收購很挑剔，但仍然很堅定，自去年收購 Cesium 以來，我們還沒有進行過重大收購，此次收購將在第三季度完成。但我們對今年剩餘時間內的此類機會充滿希望。

Perfect, thanks so much.

非常好，非常感謝。

Yeah, thanks, Taylor. The next question comes from Matthew Bullock, Bank of America.

是的，謝謝，泰勒。下一個問題來自美國銀行的馬修‧布洛克。

Hi, good morning, guys. This is Matt on for Koji Ikeda. I wanted to ask a little bit more about asset analytics. Maybe if you could just help remind us, the growth profile there, the run rate today, the key areas of, execution focus for that business outside of the programmatic and potentially larger acquisitions in that business line. And then finally, it sounds like there's some seasonality, nuance this year, slightly tougher comps from a new perspective, this quarter and and third quarter, just maybe help us understand the shift in seasonality in 2025.

大家好，早安。這是 Matt 為 Koji Ikeda 所做的報導。我想多問一些有關資產分析的問題。也許您可以幫助提醒我們，那裡的成長概況、今天的運行率、關鍵領域、除了程序化之外的該業務的執行重點以及該業務線中潛在的更大規模的收購。最後，聽起來今年有一些季節性的細微差別，從新的角度來看，本季和第三季的競爭略顯激烈，這也許有助於我們了解 2025 年季節性的變化。

Matt, I'll say that the business, the asset analytics business isn't yet of such magnitude that we break it out and track it. What I can say is that contributes a lot of our volatility, such volatility as we have is largely related to that because the rest of everything is subscription oriented and renewing floors and ceilings and so forth. And asset analytics, we're chasing the major opportunities in the world because we want to get our elbows out and have those, proof points.

馬特，我想說的是，資產分析業務的規模還沒有達到我們可以單獨拆分和追蹤的程度。我可以說的是，這造成了我們很大的波動，我們所擁有的這種波動很大程度上與此有關，因為其餘一切都是以訂閱為導向的，並且更新了底線和上限等等。而資產分析，我們正在追逐世界上的重大機遇，因為我們想要伸出援手並獲得那些證據點。

So, they're large and lumpy, when they come, we have also discovered that sometimes they last only a year because the acid analytics are during a construction phase of something and then you have to sell again to the op owner operator, constituencies and so we're learning this business as we go and there was reference to the 2nd and 3rd quarters last year in 2024 being when we won the big deals and we're working on a bunch of them now. You may want to speak about one Nicholas that has a particular qualitative aspect that we think is auspicious for the future in the case of Blinks.

因此，它們又大又笨重，當它們到來時，我們還發現，有時它們只能持續一年，因為酸性分析處於某個東西的建設階段，然後你必須再次出售給運營所有者運營商、選區，所以我們在學習這項業務的過程中，並且提到去年 2024 年第二季度和第三季度是我們贏得大交易的時候，現在我們正在處理其中的很多交易。您可能想談論尼古拉斯 (Nicholas)，他認為尼古拉斯具有特殊的品質方面，對於 Blinks 的未來而言，這是吉兆。

I will, before I talk about Blinsky, which is our road monitoring solution, I will say that with the other [Stic] business we have, which is for cell towers, it has indeed been historically, volatile because of the reasons that Greg just explained. I think as that business gets bigger, the volatility will decrease.

在談論我們的道路監控解決方案 Blinsky 之前，我想說的是，我們的另一項 [Stic] 業務，即手機信號塔業務，由於 Greg 剛才解釋的原因，從歷史上看，它確實一直不穩定。我認為隨著業務規模的擴大，波動性將會降低。

But also as we are refocusing on slightly different, type of accounts with slightly different use cases, historically, we've been working a lot with equipment manufacturers, for example, they will use our software. To inspect tires before and after the installation of that equipment, but more and more we're targeting the actual owners of the cell towers or the mobile operators, and their use case is different because they actually want to monitor those towers on a continuous basis.

但同時，當我們重新關注略有不同的、使用案例略有不同的帳戶類型時，從歷史上看，我們一直與設備製造商進行大量合作，例如，他們會使用我們的軟體。在安裝該設備之前和之後檢查輪胎，但我們越來越多地瞄準手機訊號塔或行動電信業者的實際所有者，他們的用例不同，因為他們實際上希望持續監控這些訊號塔。

Therefore, as we win some of their businesses, we will decrease the volatility. But now back to road monitoring solution, indeed a very auspicious opportunity here as Greg just indicated. Traditionally, we are, selling to transportation authorities, and those can be long cycles, by the way, but very worthwhile, and I think at some point we'll pass the tipping point where there will be so much, great examples of success of transportation authorities with our software that others will follow much quicker.

因此，當我們贏得他們的一些業務時，我們就會降低波動性。但現在回到道路監控解決方案，正如格雷格剛才指出的那樣，這確實是一個非常吉祥的機會。傳統上，我們是向交通部門銷售產品的，順便說一句，這可能是一個很長的周期，但非常值得，我認為在某個時候，我們會越過一個臨界點，屆時將會有很多交通部門使用我們的軟體取得成功的偉大案例，其他人也會更快地效仿。

But, we now have one very large global engineering services firm which is leveraging the caps to offer their own, high-end value services to a US sorry.

但是，我們現在有一家非常大的全球工程服務公司，它正在利用上限向美國提供自己的高端價值服務。

The reason why we like that a lot is because it fits exactly our strategy of fascintics where we don't want a necessary to go after all the owner operators, under the sun. We do want to leverage our strong relationship with engineering services firms. And as they diversify their own business beyond product delivery going into asset operations.

我們之所以非常喜歡它，是因為它完全符合我們的魅力策略，我們不想在陽光下追逐所有的業主經營者。我們確實希望利用我們與工程服務公司的牢固關係。並且，他們的業務從產品交付轉向資產運營，實現了多元化。

And in order to offer these high-value services for asset operations and maintenance, we want to be right there with them, with our software, with our technology, with our platform in order to allow them to do that. So, we welcome that very positive development and we hope it's the first of many to come.

為了為資產運營和維護提供這些高價值服務，我們希望透過我們的軟體、我們的技術和我們的平台與他們並肩作戰，以幫助他們做到這一點。因此，我們歡迎這非常積極的發展，並希望這是未來眾多發展中的第一個。

Fantastic. Thank you

極好的。謝謝

Thanks.

謝謝。

Thanks. Let's move on to Wolfe Research for the next question.

謝謝。讓我們轉到 Wolfe Research 來回答下一個問題。

Hey guys, this is Ivan here for Josh. Thanks for taking my question. Can you elaborate on what drove the, slight downtick in NRR, and then when do you sort of expect that to go back to the double-digit range?

大家好，我是 Ivan，為 Josh 報道。感謝您回答我的問題。您能否詳細說明導致 NRR 略微下降的原因，以及您預計何時會回到兩位數的範圍？

Thank you.

謝謝。

I, I'm going to say first, I think it's teetering between 109 and 110%. If you think of our, business generally, half of our NRR or so is from price escalation, the other half variously from the contributors to, consumption otherwise, and then there's another 3%, which is from new names on top of the NRR that makes up our ARR growth as that. It is 11.5 or so. So, it's all rather consistent but rounds up or down.

我，我首先要說的是，我認為它在 109% 到 110% 之間搖擺不定。如果你考慮我們的業務，我們大約一半的 NRR 來自於價格上漲，另一半來自於消費等各種因素，然後還有另外 3%，這是來自 NRR 之上的新名稱，構成了我們的 ARR 增長。大約是11.5。因此，一切都相當一致，但會向上或向下捨去。

You could save it from 9 to 10%, but I realized that's from 1 to 2 digits also, I think it's kind of, accidentally in that range, but, Greg, would you like to comment more quantitatively than, I think.

您可以節省 9% 到 10%，但我意識到這也是 1 到 2 位數，我認為這是偶然在這個範圍內的，但是，格雷格，您是否願意比我認為更定量地評論一下。

I think you spot on like this. If I go to the numbers, I think it was like 9.45 rounding down to 9. It is within the 9 to 10% range and it did round down to 9, so there's nothing. Really significantly driving kind of a shift from 10 to 9, it's within that range, and that's a solid range for us.

我認為你的觀點是正確的。如果我看一下數字，我認為它就像 9.45 四捨五入為 9。它在 9% 到 10% 的範圍內，並且確實向下舍入為 9，所以沒有什麼。確實顯著推動了從 10 到 9 的轉變，它在這個範圍內，對我們來說這是一個穩定的範圍。

I guess something to remember about NRR is it look looks back altogether fully 2 years, and there's a lot of China in that, China pressure in that still, at some point, the China ARR, down draft has to slow down because it's down to only 2% of ARR at the moment. But when you look back fully year ago versus 2 years ago, it's pretty significant.

我想，關於 NRR 需要記住的是，回顧過去整整 2 年，其中有很多中國因素，中國的壓力仍然存在，在某個時候，中國 ARR 的下降趨勢必須減緩，因為目前它只佔 ARR 的 2%。但當你回顧一年前與兩年前的情況時，你會發現這非常重要。

Thanks. Last question will come from Mizuho Securities.

謝謝。最後一個問題來自瑞穗證券。

(inaudible)

（聽不清楚）

Thank you. So that, so we also look at other vertical names like the cadence synopsis and one of the common themes we hear across all the verticals these days is shortage of engineers and how AI is helping to kind of like help that problem through agentic AI. That is like the rave in AI world these days. So, given all the acquisitions and Cesium and the inroads into the AI.

謝謝。因此，我們也會關注其他垂直行業的名稱，例如節奏概要，而如今我們在所有垂直行業聽到的共同主題之一是工程師短缺，以及人工智慧如何透過代理人工智慧來幫助解決這個問題。這就像是當今人工智慧領域的熱潮。因此，考慮到所有的收購和 Cesium 以及對人工智慧的進展。

Into the AI world. I'm curious how you're thinking about agentic AI in your products, going forward, where are you in the process right now and what's your vision going forward and how does it, help alleviate the shortage?

進入人工智慧世界。我很好奇，您如何看待未來產品中的代理人工智慧，您目前處於哪個階段，您對未來的願景是什麼，以及它將如何幫助緩解短缺？

Siti, I, I'm going to ask Nicholas in the main to respond, but That that this notion of Quantifying consumption volume number of engineers, especially, is a reason that I wanted on the census of Engineers and of course, the past 5 years won't be like the next 5 years with agentic AI, but, in effect, we've been, experiencing some of what comes about when there are fewer.

Siti，我，我主要想請 Nicholas 來回答，但是量化工程師的消費量數量這個概念，特別是工程師數量，是我想要進行工程師普查的一個原因，當然，過去 5 年不會像未來 5 年那樣有代理人工智能，但實際上，我們已經經歷了一些當工程師數量減少時會出現的情況。

Users, I think there are fewer users in the advanced economies in those level one countries. There are fewer, but they're spending more, but you can't assume there's going to be more of them or that they will be spending more time on doing one thing because for one thing, they're going to be having their agents spending some of the time.

用戶，我認為那些一級國家中已開發經濟體的用戶較少。數量減少了，但他們花費的卻更多，但你不能假設他們會有更多的人，或者他們會花更多的時間做一件事，因為首先，他們會讓他們的經紀人花費一些時間。

And I know Nicholas is going to talk perhaps about some of the directions. Commercially, that that implies, but generally, what I'm confident about is that they'll each spend more. The particularly unique, aspect of this for infrastructure engineering is that the bulk of our end markets or half of them, the engineering firms themselves have primarily been charging per hour and that.

我知道尼可拉斯也許會談論一些方向。從商業角度來說，這意味著什麼，但總的來說，我相信他們每個人都會花更多的錢。對於基礎設施工程來說，特別獨特的一點是，我們的大部分終端市場或一半的終端市場，工程公司本身主要按小時收費。

AI is going to change the ways in which they will need. To monetize their services, so we can help them and participate with them in ways of getting compensated for value over time. In other words, we're not on the other side of that, we're on the same side of that with our users and helping them to generate this set function, they need to generate more value because there are fewer of them doing more work. But they need to be paid for that step in in valuation.

人工智慧將改變他們的需求方式。將他們的服務貨幣化，這樣我們就可以幫助他們並與他們一起參與，從而隨著時間的推移獲得價值補償。換句話說，我們不是站在對立面，而是與我們的用戶站在同一邊，幫助他們產生這套功能，他們需要創造更多的價值，因為他們中更少的人在做更多的工作。但他們需要為估值的這一步付出代價。

So we'll be measuring things in different ways and incremental ways and so forth that I know Nicholas and team have already been exploring as we're about to bring one, AI, native I it's a strict stream term, but one, AI based product to, market, as you know or might know, so Nicholas pass, over to you on that.

因此，我們將以不同的方式和增量方式來衡量事物等等，我知道尼古拉斯和他的團隊已經在探索了，因為我們即將推出一個 AI 原生產品，這是一個嚴格的流術語，但一個基於 AI 的產品，市場，正如你所知或可能知道的，所以尼古拉斯把這個交給你。

Siti, thank you for asking that question, and it's great to end this conversation with this question because it is so much about the future of infrastructure overall. Yeah, AI comes up in every CEO conversation I have with engineering services firms. It's really top of mind because of this backdrop we've been in discussing quite a lot on so much demand yet so few systems are actually leaning in to adopt AI.

Siti，謝謝你提出這個問題，用這個問題來結束這次談話非常好，因為它與整個基礎設施的未來息息相關。是的，我與工程服務公司的每一次 CEO 對話中都會提到人工智慧。這是最值得關注的問題，因為在這樣的背景下，我們已經討論過很多關於如此多的需求，但實際上卻很少有系統傾向於採用人工智慧。

It starts with simply using I for normal business tasks like I'm sure many of you here in the caller are doing already, but it's also more and more leveraging AI for engine task. It will start there by leveraging whenever they can caps that are coming from software vendors. We talked about one very large global engineering services firm leveraging our own solution for, road monitoring, which is Blinky for asset analytics. Of course they're also very interested in leveraging the caps that we're building for design. So coming to, agentech AI now.

它從簡單地使用 I 來完成正常的業務任務開始，就像我相信在座的各位呼叫者中的許多人已經在做的那樣，但它也越來越多地利用 AI 來完成引擎任務。它將以此為起點，盡可能地利用來自軟體供應商的上限。我們談到了一家非常大的全球工程服務公司利用我們自己的解決方案進行道路監控，即用於資產分析的 Blinky。當然，他們也對利用我們為設計而建造的上限非常感興趣。現在來談談 agenttech AI。

I think this is where we're going to see a step function and productivity from those firms. Now we're talking about the core market. We're talking about the core engineering design work where through AI we can automate all the mundane tasks that you sucking time away from engineers to do what they really like to do, what they're, really supposed to do. For example, automating joints, production, etc. Yeah. So we announced, early access to our site engineering application called OpenSite plus at YI last year and then we'll talk about the progress we've made, at YI this year.

我認為我們將在這裡看到這些公司的階梯式功能和生產力。現在我們談論的是核心市場。我們正在討論核心工程設計工作，透過人工智慧，我們可以自動化所有日常任務，讓工程師節省時間去做他們真正喜歡做的事情、真正應該做的事情。例如，自動化接頭、生產等。是的。因此，我們去年在 YI 上宣布提前使用我們的網站工程應用程式 OpenSite plus，然後我們將在今年在 YI 上討論我們取得的進展。

The engagement with accounts with this product is truly impressive. I think everybody sees the potential with this product itself, but everybody sees the potential beyond for other engine disciplines, for other engineering applications.

該產品與帳戶的互動確實令人印象深刻。我認為每個人都看到了該產品本身的潛力，但每個人都看到了它在其他引擎學科和其他工程應用方面的潛力。

So, while we are hardening that product to make it available for a more general availability, we are also, working actively and expanding those capabilities to other engineering applications, right? And the last thing I will say is we see managing Swiss systems were building up their own teams with AI specialists with data scientists. They're creating their own AI agents, and here I think we are, very well positioned to support because, many of them, and we would like all of them are leveraging Bent infrastructure cloud where, they bring all of their, engineing files that are coming from all sorts of vendors, very often Bentley, sometimes not Bentley.

因此，在我們強化該產品以使其更普遍可用的同時，我們也在積極努力並將這些功能擴展到其他工程應用程序，對嗎？我最後要說的是，我們看到瑞士的系統管理人員正在組建自己的團隊，其中包括人工智慧專家和資料科學家。他們正在創建自己的人工智慧代理，我認為我們在這方面處於非常有利的位置來支援他們，因為其中許多代理，而且我們希望所有代理都在利用 Bent 基礎設施雲，他們將來自各種供應商的所有工程文件帶到其中，通常是 Bentley，有時不是 Bentley。

Now our platform is completely open. It can ingest all sorts of file formats, but the more important thing is when we ingest those files, we basically map the data in those files to schema so that we make the data available for AI. So we're beautifully positioned to help them, tap into past designs, in order to provide a context context for the AI agents to make recommendations going forward, yeah. Now, we're really very much at the beginning of this, but we're all very encouraged to see those developments. We're very excited about it.

現在我們的平台已經完全開放了。它可以接收各種文件格式，但更重要的是，當我們接收這些文件時，我們基本上將這些文件中的資料映射到模式，以便我們可以將資料提供給人工智慧。因此，我們完全有能力幫助他們，利用過去的設計，為人工智慧代理提供背景信息，以便他們能夠提出未來的建議，是的。現在，我們確實才剛開始，但我們都非常高興看到這些發展。我們對此感到非常興奮。

We'll discuss it more at our annual conference, later this year. What I will say is that the, and I will end there, the potential productivity gains for everyone involved. In the, ecosystem of infrastructure through AI are such that we're going to see value redistribution. We're going to see business models changing and potentially our own business model changing in order to support it.

我們將在今年稍後的年度會議上進一步討論這個問題。我想說的是，這將為所有參與者帶來潛在的生產力提升。在透過人工智慧建構的基礎設施生態系統中，我們將看到價值重新分配。我們將看到商業模式發生變化，我們自己的商業模式也可能會發生變化以支持它。

Great. Thank you.

偉大的。謝謝。

Thanks. We have one more. Dylan, William Blair. Go ahead, Dylan.

謝謝。我們還有一個。迪倫，威廉布萊爾。繼續吧，迪倫。

Thanks. Hey guys, maybe Nicholas to that point in particular as well too, it sounds like the idea of permitting reform kind of coming through incremental productivity. And maybe conviction that you're seeing from customers with with higher floors on kind of the 365 callers if you will. I wonder how you think about kind of that evolution playing out from a pricing perspective as they're maybe be able to work through those backlogs a bit faster, draw down on that spend faster. Does that mean accelerated growth for Bentley? Maybe is it visibility into the durability of that growth? Like how should we be thinking of the implications within the pricing structure?

謝謝。嘿，夥計們，也許尼古拉斯也特別有這種想法，這聽起來像是允許改革透過提高生產力來實現。如果您願意的話，也許您會從 365 個來電者中看到具有較高樓層的客戶所獲得的信心。我想知道您從定價角度如何看待這種演變，因為他們可能能夠更快地處理這些積壓工作，更快地減少支​​出。這是否意味著賓利將加速成長？或許這是對這種成長持久性的可見性？例如，我們應該如何考慮定價結構中的影響？

I mean, so the confidence that we're seeing from our accounts, whether large or small, is. What's really playing out at the moment of renewals and with our larger accounts, this is where we agree together on both higher floors and the higher ceilings, of course, that come together, in the low double digit percentage, let's say around 10%. So it's just a just a sign of the confidence, right? I think from the pricing standpoint, we always make sure that we capture our fair share of the value that our software provides.

我的意思是，我們從帳戶中看到的信心，無論大小。在續約和擴大帳戶時，真正發生的情況是，我們共同商定更高的下限和更高的上限，當然，這些上限加起來，在較低的兩位數百分比中，比如說 10% 左右。所以這只是信心的體現，對嗎？我認為從定價的角度來看，我們始終確保獲得軟體所提供的價值的公平份額。

When it comes to our applications overall, we've been quite consistent with our price escalations in the mid-single digits. We were quite reasonable at the time of very, high inflation, not to go too high, and therefore, we're able to continue to increase our prices in the mid-single digits.

就我們的整體應用程式而言，我們的價格上漲幅度一直保持在中等個位數左右。在通貨膨脹率非常高的時候，我們採取了相當合理的措施，沒有把價格抬得太高，因此，我們能夠繼續將價格提高到中等個位數。

Now, when it comes to, AI, we're going to see if, the way we, I'm not talking about the price point now, but the way we price, the metrics we use are adapted. For the most part, our applications are based on users. They are either subscription when it comes to SMB business or their application that usage when it comes to our enterprise accounts on 365.

現在，談到人工智慧，我們將看看，我們現在不是在談論價格點，而是我們的定價方式，我們使用的指標是否適應。在大多數情況下，我們的應用程式都是基於用戶的。對於 SMB 業務來說，它們要么是訂閱，要么是 365 上的企業帳戶所使用的應用程式。

And, of course, we have a number of applications targeted for asset operations that Use different metrics like assets, a number of assets, definitely the case of asset wise historically and the case of the new applications we have for asset analytics that we talked about road monitoring and cell towers. But now when it comes to AI for design, the feedback that we're getting for the first accounts that are, testing OpenSite plus, is that maybe indeed right now it's a bridge too far to change completely the pricing metric. We still need a user component.

當然，我們有許多針對資產運營的應用程序，這些應用程式使用不同的指標，例如資產、資產數量，當然還有歷史上的資產情況，以及我們用於資產分析的新應用程式的情況，我們談到了道路監控和手機信號塔。但現在，當談到用於設計的人工智慧時，我們從第一批測試 OpenSite plus 的帳戶中得到的回饋是，也許現在確實還遠遠不夠徹底改變定價指標。我們仍然需要一個用戶組件。

But maybe application-based usage is not the most appropriate pricing metric because the value of the software cannot really be necessarily translated in the actual usage and number of days, and the product we gains are so much that we may need something else. So, with them, at least the agreement is we'll start with a subscription term-based subscription.

但也許基於應用程式的使用率並不是最合適的定價指標，因為軟體的價值實際上並不一定能轉化為實際使用量和天數，而且我們獲得的產品太多了，以至於我們可能需要其他東西。因此，我們與他們達成的協議至少是從基於訂閱期限的訂閱開始。

And then we will have a, add-on or additional charges that kick in as soon as the ex, the usage of AI is extensive and goes way beyond what a normal engineer will be able to do in a given time, yeah, but that's going to be an evolution, right? So we're doing this not in isolation, we're doing this constantly discussing with our accounts on what is appropriate going forward. We're seeing openness for alternative pricing metrics going forward, but this is going to take a little while. We're very much early stage.

然後，我們將有一個附加費用或額外費用，一旦人工智慧的使用變得廣泛並且遠遠超出了普通工程師在給定時間內能夠做的事情，是的，但這將是一個進化，對吧？因此，我們並不是孤立地這樣做，而是不斷與我們的客戶討論未來什麼是合適的。我們看到未來替代定價指標的開放性，但這需要一段時間。我們目前還處於早期階段。

Very helpful. Thank you.

非常有幫助。謝謝。

I will make sure that we don't fail to do a commercial for our year in infrastructure conference in Amsterdam in October. Many of you have attended and found it very worthwhile. Just to tease a bit this year, the going Digital Awards, the finalists are all there and we'll be presenting their projects, we asked them each this year how they were using AI and I was very impressed with the things that we didn't anticipate that we heard in terms of ways in which they're using, AI and they'll be talking about that in their presentations, and we announced the finalists, earlier this week and of note, I think I have this right. There's 9 from the US, 10 from Europe, and then, that number put together, 19, I think it is, or 18, from Asia. So, it's just a picture of, where in the world, innovation is occurring.

我將確保我們不會忘記為十月在阿姆斯特丹舉行的年度基礎設施會議製作商業廣告。你們中的許多人都參加了這次活動並認為它非常有價值。稍微透露一下，今年的數位獎入圍者都在那裡，我們將展示他們的項目，我們今年詢問他們如何使用人工智慧，我對他們使用人工智慧的方式印象深刻，我們聽到了他們沒有預料到的事情，他們將在演示中談論這一點，我們在本週早些時候宣布了入圍者，值得注意的是，我想我是對的。其中 9 人來自美國，10 人來自歐洲，然後，加起來，我認為是 19 人，或 18 人來自亞洲。所以，這只是一幅描繪世界創新發生地點的圖片。

And I hope you'll try to join us there in Amsterdam. One last thing as we have time here about in the beginning of your question was about permitting reform and, here in the US.

我希望您能嘗試在阿姆斯特丹與我們一起參加。由於我們還有時間，所以最後要討論的是你的問題開頭提到的關於美國的許可改革問題。

There's not going to be apparently one big beautiful permitting reform bill, but it's everything that's going on, is encouraging and enabling and accelerating.

顯然，不會有一項宏偉的許可改革法案，但正在發生的一切正在鼓舞人心、推動並加速進程。

Infrastructure investment generally, but especially, for the electric grid. And I like to say that, data center isn't the main reason for that. Data center just being added at the margin to what is already an overtaxed electric grid, for reasons of data center, it's having to run at even greater capacity beyond design capacity with issues of resilience and so forth that we've seen elsewhere in the world.

一般而言，基礎設施投資，尤其是電網投資。我想說的是，資料中心並不是造成這種情況的主要原因。資料中心只是被添加到已經負擔過重的電網的邊緣，出於資料中心的原因，它必須以超出設計容量的更大容量運行，並出現我們在世界其他地方看到的彈性等問題。

So those are what it feels like, and Nicholas mentioned, in addition to power line systems, sequent, seeing green shoots as well with new mining, we think it's too soon to call a change there, but we may be reporting, further about that year infrastructure as well, I hope, and I hope to see you there. I, I'm not sure I'll be there, in favor of, Nicholas, but it will be well worth, hearing more about the subjects we've been talking about today, in October in Amsterdam.

這就是感覺，尼古拉斯提到，除了電力線系統之外，接下來還看到了新採礦的綠芽，我們認為現在說那裡發生變化還為時過早，但我們可能會進一步報道那一年的基礎設施，我希望，我希望在那裡見到你。我不確定我是否會去那裡支持尼古拉斯，但聽到更多關於我們今天（十月）在阿姆斯特丹討論的主題還是很值得的。

Thanks, Greg. That concludes our call today. We thank you for your interest and time in Bentley Systems. Please reach out to investor relations with further questions and follow-ups, and we look forward to updating you on our performance in coming quarters.

謝謝，格雷格。今天的通話到此結束。感謝您對 Bentley Systems 的關注與投入的時間。如有其他問題和後續事宜，請聯絡投資者關係部門，我們期待在未來幾季向您通報我們的業績。

Thanks.

謝謝。

Thank you.

謝謝。