Bentley Systems Inc (BSY) 2025 Q3 法說會逐字稿

Good morning and thank you for joining Bentley Systems Q3 2025 results. I'm Eric Boyer, Bentley's investor relations officer. On the webcast today, we have Bentley Systems executive Chair, Greg Bentley, Chief Executive Officer Nicholas Cummins, and Chief Financial Officer Verner Andre. This webcast includes forward-looking statements made as of November 5, 2025 regarding the future results of operations and financial position, business strategy and plans, and objectives for future operations of Bentley Systems Incorporated. All such statements made in or contained during this webcast, other than statements of historical fact or forward-looking statements. This webcast will be available for replay on Bentley Systems investor relations website at investors.bentley.com on November 5, 2025. After a presentation, we will conclude with Q&A. With that, let me introduce the executive chair of Bentley Systems, Greg.

早安，感謝各位參加 Bentley Systems 2025 年第三季業績發表會。我是賓利汽車的投資人關係主管艾瑞克·博耶。今天參加網路直播的嘉賓有：Bentley Systems 執行主席 Greg Bentley、執行長 Nicholas Cummins 和財務長 Verner Andre。本次網路直播包含截至 2025 年 11 月 5 日對 Bentley Systems Incorporated 的未來營運績效和財務狀況、業務策略和計畫以及未來營運目標所作的前瞻性聲明。除歷史事實陳述或前瞻性陳述外，本次網路直播中所做的所有陳述或包含的所有陳述。本次網路直播將於 2025 年 11 月 5 日在 Bentley Systems 投資者關係網站 investors.bentley.com 上提供回放。演講結束後，我們將進行問答環節。接下來，讓我來介紹賓利系統公司的執行主席格雷格。

Bentley. Good morning, as the case may be, and thanks for your interest and attention.

賓利。早上好，感謝您的關注。

I'm pleased to say that all quantitative metrics for 25 Q3 are quite in accord with our expected progress and outlook range for the year.

我很高興地告訴大家，2025 年第三季的所有量化指標都與我們對全年的預期進展和展望範圍相當一致。

But this quarter, Nicholas will highlight the significant product announcements and developments presented and observed at our year in infrastructure 2025 conference last month.

但本季度，尼古拉斯將重點介紹上個月在我們2025年基礎設施年會上提出和觀察到的重要產品公告和進展。

Which I think also merit your firsthand review at the links here.

我認為這些內容也值得您親自查看，請點擊以下連結進行評測。

Now, I always look forward to discovering through submissions for the annual going digital awards, the unanticipated ways by which our users are ever creatively applying software and cloud services.

現在，我總是期待透過年度數位轉型獎的參賽作品，發現我們的用戶以意想不到的方式創造性地應用軟體和雲端服務。

This year I was pleasantly surprised by the plurality of those citing contributions from AI. So upon observing this AI forward propensity at the level of projects and users, I reviewed with interest this year's.

今年，我驚訝地發現，引用人工智慧貢獻的人數相當多。因此，在觀察到人工智慧在專案和使用者層面的這種發展趨勢後，我饒有興趣地回顧了今年的情況。

AEC Advisors survey of engineering firms. Participating in their annual CEO conference.

AEC Advisors對工程公司的調查。參加他們的年度CEO大會。

You may recall that I previously reviewed two earlier such conferences.

您可能還記得，我之前曾評論過兩屆類似的會議。

Where Bentley Systems helped with gauging progress and appetites in going digital.

Bentley Systems 協助評估了數位轉型的進展和需求。

The surveyed firms. Together perform most of the contracted infrastructure engineering outside Asia with the distribution. Of their revenues by sector weighted. Like ours in favor.

受訪公司。共同完成亞洲以外大部分承包的基礎設施工程以及經銷工作。以行業加權計算的收入。就像我們贊成的。

Of public works utilities and resources. And within general building corresponding to what we classify as the commercial facilities sector, the survey highlights a dramatic and interesting transition.

公共工程設施和資源。在我們所定義的商業設施領域的一般建築中，調查顯示，該領域正在發生巨大而有趣的轉變。

AEC firms are now literally engineering the infrastructure for AI as spending for construction of data centers such as the project by digital construction leader DPR which served as the example throughout our year in infrastructure keynote presentations ramps to soon overtake spending on office spaces.

AEC 公司現在正在切實地為人工智慧打造基礎設施，資料中心建設支出（例如數位建築領導者 DPR 的項目，這在我們全年的基礎設施主題演講中都作為例證）正在迅速增長，並將很快超過辦公空間支出。

AEC advisor. Shows that digital investment as an internal priority is also succeeding for engineering firms.

AEC顧問。這表明，將數位投資作為內部優先事項，對工程公司來說也是成功的。

For the last 5 years they in aggregate have achieved continually increased profit margins at the same time as also higher growth in organic net revenues.

過去 5 年，他們的利潤率總體上持續提高，同時有機淨收入也實現了更高的成長。

The latter. Perhaps limited by capacity constraints. As separately reported backlogs reached record levels.

後者。或許受限於產能。據另行報道，積壓案件數量已達到歷史最高水準。

Underscoring market robustness, this organic revenue growth is still increasing, including through 2025 estimates, and net of both. Annual US inflation in Red and in blue, US GDP growth.

為了凸顯市場的強勁勢頭，這種有機收入成長仍在持續，包括到 2025 年的預測，以及扣除兩者後的淨收入。美國年度通貨膨脹率（紅色）和美國GDP成長率（藍色）。

AEC advisors concludes that this growth in aggregate profit margin must be attributable to improvements in direct labor productivity, as the total revenue percentage of other costs to support functions has risen continuously by almost 20%.

AEC顧問認為，總利潤率的成長必然歸因於直接勞動生產力的提高，因為支援職能的其他成本佔總收入的比例已持續上升近20%。

This is despite real estate costs having declined since pre-pandemic by 25%.

儘管房地產成本自疫情前以來已下降了 25%，但情況依然如此。

Presumably owing to virtual and hybrid working enabled by our project-wise.

這大概要歸功於我們專案方所推行的虛擬辦公室和混合辦公模式。

And other cloud services technologies. And most significantly for us, these firms'.

以及其他雲端服務技術。對我們來說最重要的是這些公司。

Overall Technology Spending as a percentage of revenue will have increased by 40% over.

整體而言，技術支出佔收入的比例將增加 40%。

The Six years through 2025. Combined with their organic revenue growth.

到 2025 年的六年。再加上其自身營收成長。

Their technology spending in dollar terms increased from 2019 through 2024 at a compounded annual growth rate of 13%.

從 2019 年到 2024 年，他們的技術支出（以美元計）複合年增長率為 13%。

Tolerably. Coinciding with the growth rate of Bentley Systems revenues as I have reviewed in recent quarters over our five years as a public company.

尚可接受。與我最近幾季對我們這家上市公司過去五年的營收成長率相吻合。

I believe that we have thus effectively enabled. AEC firms to keep up with accelerating demand despite now.

我認為我們已經有效地實現了這一點。儘管面臨當前局勢，AEC公司仍需努力滿足不斷增長的需求。

Chronic engineering resource constraints by constantly improving their labor productivity through going digital. To understand changes now underway in the makeup and magnitude of AEC technology spending, this year we again. Helped AEC advisors with a supplemental AI survey.

透過數位轉型不斷提高勞動生產力，從而克服長期工程資源受限的問題。為了了解 AEC 技術支出組成和規模目前正在發生的變化，今年我們再次…協助 AEC 顧問進行補充 AI 調查。

Yielding sufficiently. Representative. Responses. In the interest of validating the prevalence of the commendable self-help AI initiatives that relatively surprised us within this year's going digital awards submissions, we focused survey questions on AI.

屈服充分。代表。回覆.為了驗證今年數位化獎項申請中那些相對讓我們感到驚訝的、值得稱讚的自助式人工智慧倡議的普遍性，我們將調查問題集中在人工智慧上。

That these AEC firms are already implementing, not just. Testing, to support their businesses.

這些建築、工程和施工公司已經在實施，而不僅僅是。進行測試，以支援他們的業務。

Excluding for this immediate purpose more widespread AI implementations for generic business purposes such as finance. HR, and legal.

暫且不談人工智慧在金融等一般商業用途的更廣泛應用。人力資源部和法務部。

About a quarter of responses report AI already being implemented around the periphery of applications such as ours to support the infrastructure engineering-oriented functions of design automation.

約四分之一的受訪者表示，人工智慧已經在類似我們這樣的應用程式的外圍得到應用，以支援基礎設施工程導向的設計自動化功能。

Construction planning, or monitoring. And or asset performance and maintenance.

施工規劃或監控。以及資產性能和維護。

Asked in what respects competitiveness would be advanced through faster AI adoption, these firms expect superior project delivery and quality, operational efficiency, and clients' experience and satisfaction, but they have the greatest regard for AI's potential enablement of innovation and new services.

當被問及透過更快地採用人工智慧將在哪些方面提升競爭力時，這些公司期望獲得更卓越的專案交付和品質、營運效率以及客戶體驗和滿意度，但他們最重視的是人工智慧在促進創新和新服務方面的潛力。

To get to these benefits, the median reported level of AI implementation spending today.

為了獲得這些好處，目前人工智慧實施支出的中位數水準已經達到。

Ranging from 6 to 53. Is 19 basis points of gross revenue.

範圍從 6 到 53。是總收入的 19 個基點。

That's on the order of 5% of the overall technology spending rate we just.

這大約占我們整體技術支出率的 5%。

Reviewed, and as a frame of reference, this already. Somewhat exceeds what such firms on average are spending on all of Bentley's Systems. Offerings Most significantly for us.

已審閱，並作為參考框架，這已經。略高於此類公司平均在 Bentley 所有系統上的支出。對我們來說，最重要的就是產品。

These firms anticipate increasing their annual AI implementation spending over the next 3 years to a median ranging from 35 to 164 of 71 basis Points.

這些公司預計未來 3 年內，其年度人工智慧實施支出將增加到 35 至 164 美元（71 個基點）的中位數。

A multiple of almost 4 from today. If all other technology spending would just continue to grow at the same rate as over the last 5 years, this projected AI.

比今天高出近 4 倍。如果其他所有技術支出繼續以過去 5 年的速度成長，那麼人工智慧的預期成長速度將達到…

Increment would cause total technology spending as a percentage of revenue to grow about 50% faster than at present. But we know the resulting AI. Impact will be such.

增量將導致技術總支出佔收入的比例比目前增長約 50%。但我們知道最終的人工智慧會是什麼樣子。影響將是這樣的。

That Rather than so extrapolate, we need to factor in the probable AI accelerated changes in infrastructure.

與其如此推斷，我們需要考慮人工智慧可能加速基礎設施變革的因素。

Engineering business. Models as innovation and new services are enabled.

工程業務。創新和新服務得以實現。

This was the subject of dialogue with a diversity of thoughtful marketplace participants, including public and private sector infrastructure.

這成為了與包括公共和私營部門基礎設施在內的各種有思想的市場參與者進行對話的主題。

Owners, as we helped lead a separate survey and convened an in-person discussion.

業主們，我們協助進行了一項單獨的調查，並組織了一次面對面的討論。

In September in London that culminated in this white paper.

9 月在倫敦，這一切最終促成了這份白皮書的發布。

The impact of artificial Intelligence on the built environment.

人工智慧對建築環境的影響。

The majority of the 140 senior opinion leaders surveyed expect the impact of AI on current business.

在接受調查的 140 位資深意見領袖中，大多數人預計人工智慧將對當前商業產生影響。

Models to auger. A major disruption and so are already taking steps.

螺旋鑽模型。情況非常糟糕，他們已經開始採取措施了。

To adapt or to impact to a significant extent. Interpreting the qualitative feedback as well, the knowledgeable white paper authors venture that AI will.

適應或產生重大影響。根據定性回饋，知識淵博的白皮書作者推測，人工智慧將會…

Finally catalyze. The long awaited tipping point.

最後催化。期待已久的轉折點。

And engineering business model mix from hours related revenue towards value price.

工程商業模式從基於工時的收入轉向價值定價。

Data enabled services and performance. Slash outcome contracting.

數據驅動的服務和效能。削減結果合約。

To be sure, the emerging opportunities accordingly anticipated around automation, analytics, and digital twins. Bode well for Bentley Systems. Forward-looking initiatives.

可以肯定的是，圍繞著自動化、分析和數位孿生技術，湧現出了相應的機會。這對賓利系統公司來說是個好兆頭。具有前瞻性的舉措。

But to the extent that our accounts would become incentive and through AI increasingly able to more so minimize their currently generally billable.

但是，如果我們的帳戶能夠成為激勵機制，並且透過人工智慧越來越能夠最大限度地減少他們目前通常需要付費的項目，那麼情況就會有所不同。

Engineering hours and days because they would instead be variously fixed.

工程工時和工期將被調整，因為它們將以各種固定方式進行。

In value and outcome pricing, what could be anticipated about the consumption.

在價值定價和結果定價中，可以對消費做出哪些預期？

Of software. And cloud services underlying our own business model.

軟體方面。以及支撐我們自身商業模式的雲端服務。

I could describe what we currently measure as consumption.

我可以描述一下我們目前衡量的消費情況。

Attended by a user and thus Charged within E 365 per day for our open applications and per quarter for Project-wise. And most term Licenses.

用戶參與，因此我們的開放應用程式每天收費 365 歐元，項目按季度收費。以及大多數期限許可。

As our AI native plus generation of applications progressively roll out, the commercial norm for our attended consumption charging is likely to become a hybrid combination of these factors and of surcharges based on.

隨著我們的 AI 原生應用及新一代應用程式逐步推出，我們有人值守消費收費的商業標準可能會成為這些因素和附加費的混合組合。

Computing intensity With our AI accelerating the pace of engineering productivity growth.

運算強度：我們的人工智慧正在加速工程生產力的成長。

Attended consumption should generate commensurately higher value and hybrid monetization.

有專人參與的消費應該產生相應的更高價值和混合型獲利模式。

Per relatively slowing time and or frequency of attended usage.

使用時間或使用頻率相對降低。

At year in infrastructure. Nicholas previewed the commercialization of an already evident source of incremental consumption with our application engines accessed through APIs to provide essential engineering context for simulations and analytics.

一年來在基礎建設方面投入。Nicholas 預告了透過 API 存取我們的應用程式引擎，為模擬和分析提供必要的工程背景，從而實現日益增長的消費來源的商業化。

Programmatically Invoked by our accounts and.

透過我們的帳戶以程式方式呼叫。

Users, AI agents by virtue of our ingrained. Platform orientation, we are very enthusiastic about working with our enterprise. Accounts To Prioritize development of many further such APIs and to arrive.

用戶，人工智慧代理，憑藉我們根深蒂固的。我們以平台為導向，非常熱衷於與企業合作。帳戶將優先開發更多此類 API 並實現。

At reasonable monetization for the Burgeoning value that API.

以合理的貨幣化方式實現 API 的蓬勃發展的價值。

Consumption will generate. Among potential AI enabled business model innovations, the.

消費將產生收益。在眾多潛在的人工智慧賦能商業模式創新中，…

Cited AI surveys show me that engineering firms and owners share our asset.

引用的AI調查顯示，工程公司和業主共享我們的資產。

Analytics aspiration. For digital twins created and curated through AI.

分析願景。用於透過人工智慧創建和管理的數位孿生體。

To become the foundation for infrastructure inspections, operations, and maintenance.

成為基礎設施檢查、營運和維護的基礎。

Bentley Systems is investing resolutely to lead this charge internally and through our ongoing prioritization of capital allocation for pertinent strategic acquisitions.

Bentley Systems 正堅定地進行投資，以引領內部變革，並透過我們持續優先考慮相關策略收購的資本配置來實現這一目標。

With critical mass for escape velocity gathering, I believe the resulting asset consumption will become for us.

隨著達到逃逸速度臨界質量，我相信由此產生的資產消耗將對我們有利。

Another mainstay of subscription revenue growth.

訂閱收入成長的另一個主要支柱。

Not only within owner operators. But also, as their digital integrators with co-innovating engineering firms.

不僅限於個體經營者。此外，他們也是與共同創新工程公司合作的數位整合商。

My expectation for the Confluence of our maturing incumbent consumption model and these new and incipient consumption streams.

我期待我們日趨成熟的現有消費模式與這些新興的消費流匯合。

Is influenced by the way that these surveys and ours.

受到這些調查和我們調查方式的影響。

Enterprise subscription renewals show that Infrastructure.

企業訂閱續訂表明基礎設施。

Engineering executives are assessing against the backdrop of their engineering resource constraints.

工程主管們正在根據工程資源限制的情況進行評估。

Their current Combination of Record margins. Organic real GDP plus growth and backlogs and their auspicious opportunities in the Infrastructure AI transformed.

他們目前的勝率組合創下紀錄。有機實際GDP加上成長和積壓訂單，以及它們在基礎設施人工智慧轉型中帶來的巨大機會。

Future in the short and medium term, the prevailing sustainment.

短期和中期未來，維持現狀。

Of our E365 renewals. Including for multiple outyears at negotiated.

我們的 E365 續訂。包括協商確定的多個未來年份。

Annual floor and ceiling escalations consistently averaging about 10%.

年度最低工資和最高工資漲幅平均約為 10%。

Reflects shared confidence. Of enterprise accounts and of Bentley systems in the continued healthy overall gradient of a changing mix evolving to everyone's benefit of attended API and asset consumption.

體現了共同的信心。企業帳戶和 Bentley 系統在持續健康的整體梯度中不斷變化，這種變化有利於所有人，包括受監管的 API 和資產消費。

And now to review as usual, our robust markets and execution, including also notably strong SNB and new logo growth, and to highlight our year.

現在，我們將像往常一樣回顧我們強勁的市場和執行情況，包括 SNB 和新徽標的顯著強勁增長，並重點介紹我們這一年的表現。

In infrastructure announcements and feedback.

基礎設施公告和回饋。

Over to Nicholas Thank you.

接下來交給尼古拉斯，謝謝。

Thank you, Greg.

謝謝你，格雷格。

A few weeks ago, infrastructure leaders from around the world gathered in Amsterdam for annual year infrastructure conference to showcase excellence in infrastructure delivery and performance through digital innovation.

幾週前，來自世界各地的基礎設施領導者齊聚阿姆斯特丹，參加一年一度的基礎設施大會，展示透過數位創新在基礎設施交付和性能方面的卓越表現。

Amsterdam, celebrating its 750th anniversary, is a city built on land reclaimed from the sea through generations of enduring ingenuity.

阿姆斯特丹今年迎來建城750週年，這座城市建立在幾代人憑藉不懈的智慧從海中開墾的土地上。

It was a fitting stage for Wire Eye and the going digital awards, where that same spirit of innovation took center stage.

對於 Wire Eye 和數位轉型獎來說，這是一個非常合適的舞台，因為同樣的創新精神成為了舞台的中心。

Where I was also an opportunity to share progress on last year's key announcements, such as integrating Caesium and Google Geodata across our portfolio.

我還藉此機會分享了去年一些重要公告的進展情況，例如將 Caesium 和 Google Geodata 整合到我們的產品組合中。

But today I will focus my remarks on infrastructure AI, the theme introduced by Greg.

但今天我將重點談談基礎設施人工智慧，這是格雷格提出的主題。

The backdrop remains the same whether to address climate concerns, ensure energy supply, or more broadly support economic and population growth. Our world is facing unprecedented demand for better, more resilient infrastructure.

無論是應對氣候問題、確保能源供應，或是更廣泛地支持經濟和人口成長，其背景都保持不變。世界正面臨著對更好、更具韌性的基礎設施前所未有的需求。

Yet lacks the engineerng capacity to deliver it.

但卻缺乏實現這目標的工程能力。

We must make existing engineers more productive by empowering them with better tools, smarter workflows, and more connected data.

我們必須透過賦予現有工程師更好的工具、更智慧的工作流程和更互聯的數據來提高他們的工作效率。

At YII, the going digital awards finalists once again showcase how Bentley's software helped them achieve meaningful productivity gains, often in the range of 15% to 25% or more.

在 YII 大會上，數位轉型獎的入圍者再次展示了賓利的軟體如何幫助他們實現顯著的生產力提升，通常在 15% 到 25% 甚至更高。

These gains, while impressive, come from the most advanced projects and don't reflect the industry as a whole.

這些成果雖然令人印象深刻，但僅來自最先進的項目，並不能反映整個產業的情況。

Scaling them across all projects will help narrow the GAAP between global demand and current capacity, but closing it requires a step change in productivity.

在所有專案中推廣這些措施將有助於縮小全球需求與當前產能之間的差距，但要消除這一差距需要生產力的飛躍式提升。

That step change is just beginning to take shape, and it's AI.

這種變革才剛開始成形，那就是人工智慧。

The AC advisor survey referenced by Greg shows large engineering firms making substantial investments in AI for design automation.

Greg 引用的 AC 顧問調查顯示，大型工程公司正在對人工智慧進行大量投資，以實現設計自動化。

For those building their own AI agents, Bentley can support them in several critical ways.

對於那些建立自己的 AI 代理的人來說，Bentley 可以在幾個關鍵方面為他們提供支援。

First, we help them tap into past project designs.

首先，我們幫助他們利用過去的專案設計。

Every infrastructure asset is unique but new designs shouldn't start from a blank screen.

每個基礎設施資產都是獨一無二的，但新的設計不應該從一張白紙開始。

Historically design data has been trapped in different file formats and proprietary systems.

從歷史上看，設計資料一直被保存在不同的檔案格式和專有系統中。

With pending infrastructure cloud pared by ITwin, data is ingested from a wide range of file formats and mapped to our infrastructure schemas so that it can be queried, analyzed and reused, including by AI.

透過 ITwin 提供的待定基礎設施雲，資料可以從各種文件格式中攝取，並對應到我們的基礎設施模式，以便可以查詢、分析和重複使用，包括透過 AI 進行查詢、分析和重複使用。

In this context, we announced Connect, a new financial layer to be infrastructure cloud.

在此背景下，我們推出了 Connect，這是一個面向基礎架構雲端的全新金融層。

Connect delivers a connected data environment for project and asset information, improving collaboration across the entire infrastructure life cycle.

Connect 為專案和資產資訊提供了一個互聯的資料環境，從而改善了整個基礎設施生命週期中的協作。

From there, users can advance to product wise for designs and construction workflows and asset wise for operations and maintenance.

使用者可以從這裡進一步查看產品相關的設計和施工工作流程，以及資產相關的營運和維護流程。

Connect will be generally available in December.

Connect 將於 12 月正式上線。

Next, we help firms to create their own AI agents by providing enduring context, ensuring their AI recommendations are grounded in sound engineering logic and physical principles.

接下來，我們透過提供持久的背景信息，幫助企業創建自己的 AI 代理，確保其 AI 建議基於合理的工程邏輯和物理原理。

Hyundai Engineering, a going digital award winner in 2023, demonstrated this by using our STAD simulation application to validate the structural integrity of AI generated designs.

現代工程公司（Hyundai Engineering）榮獲 2023 年數位轉型獎，該公司透過使用我們的 STAD 模擬應用程式來驗證 AI 生成的設計的結構完整性，證明了這一點。

This year, I highlighted 4 similar examples in my keynote, all drawn from an even larger number of going digital a word sums that illustrated how Pentley applications provide engining context to AI.

今年，我在主題演講中重點介紹了 4 個類似的例子，這些例子都來自數量較多的數位化單字集合，說明了 Pentley 應用程式如何為 AI 提供工程背景。

Infrastructure engineering is a creative profession, but one where precision is non-negotiable and consequences are real.

基礎設施工程是一項富有創意的職業，但在這個職業中，精確性不容妥協，後果也是實實在在的。

The same way that infrastructure organizations have trusted our broad and deep portfolio of applications to empower their individual engineers, they are turning to our applications to provide the same precision to their AI agents.

正如基礎設施組織信賴我們廣泛而深入的應用組合來賦能其工程師一樣，他們也正在轉向我們的應用，以期為他們的 AI 代理提供同樣的精準度。

Now, as our applications were not designed to interact with AI agents, we also announced the infrastructure AI co-innovation initiative, inviting our users to partner with us to explore how our applications need to evolve both technically and commercially, as Greg mentioned, to better support these AI use cases.

由於我們的應用程式並非設計用於與人工智慧代理交互，因此我們也宣布了基礎設施人工智慧共同創新計劃，邀請用戶與我們合作，共同探索我們的應用程式需要在技術和商業上如何發展，正如格雷格所提到的那樣，以更好地支援這些人工智慧用例。

At YII we also highlighted the AI capabilities we are delivering to the broader engineering community, starting with our next generation applications powered by AI.

在 YII 大會上，我們也重點介紹了我們正在向更廣泛的工程界提供的 AI 能力，首先是我們由 AI 驅動的下一代應用程式。

Open Site Plus announced that last year's YI for site engineering is now in limited availability.

Open Site Plus宣布，去年的場地工程YI現已有限供應。

We also introduced 2 additional next generation applications in early access this quarter.

本季我們也推出了 2 款處於搶先體驗階段的下一代應用程式。

Substation plus for collaborative substation design and synchro plus for 4D construction modeling with AI driven insights.

Substation plus 用於協同變電站設計，synchro plus 用於具有 AI 驅動洞察力的 4D 施工建模。

ALL3 applications feature Bentley co-pilot or AI system purpose-built for infrastructure engineering.

ALL3 應用採用 Bentley 副駕駛或專為基礎設施工程打造的 AI 系統。

We are also enhancing existing application with AI bringing Bendigo pilot and AIpar drawings production to open roads and open rail.

我們也利用人工智慧增強現有應用，使 Bendigo 試點計畫和 AIpar 圖紙的生成能夠應用於開放道路和開放鐵路。

And we unveiled new search capabilities in bed infrastructure cloud powered by AI as demonstrated on stage with Project Wise.

我們在床位基礎設施雲端中推出了由人工智慧驅動的全新搜尋功能，並在舞台上透過 Project Wise 進行了演示。

One last point, we talked about how engineering firms are leveraging our software to ensure that the recommendations from their AI agents are trustworthy.

最後一點，我們討論了工程公司如何利用我們的軟體來確保其人工智慧代理商提供的建議是值得信賴的。

A related topic is trust from the engineering firms in the data that we use to train our AI capabilities.

一個相關的主題是工程公司對我們用來訓練人工智慧能力的資料的信任度。

The AC advisor survey shows security and data privacy as the top concern of entering firms with respect to AI. And this is across all firm sizes. At YII we reaffirmed our commitment to data stewardship, first outlined 2 years ago. Respect for intellectual property is foundational to Bentley's approach.

AC顧問調查顯示，安全和資料隱私是人工智慧領域新入行企業最關心的問題。而且這種情況在所有規模的公司中都存在。在 YII，我們重申了我們對資料管理的承諾，該承諾最初是在 2 年前提出的。尊重智慧財產權是賓利公司理念的基石。

Users control their data, always. They decide if and how it is used for AI training.

使用者始終擁有對其資料的控制權。他們決定是否以及如何將其用於人工智慧訓練。

To uphold this principle, we implemented strict governance.

為了貫徹這項原則，我們實施了嚴格的管理制度。

Only data explicitly licensed or explicitly contributed by accounts for the benefit of the broader Bit user community is used.

僅使用帳戶明確授權或明確貢獻的、有利於更廣泛的 Bit 使用者社群的資料。

Users can also fine tune Bend AI models with their own data for their exclusive use.

使用者還可以使用自己的資料對 Bend AI 模型進行微調，供自己專屬使用。

And to ensure transparency, we introduced the Data Agreement registry, an auditing system that shows exactly how data was used to train Bentley AI models.

為了確保透明度，我們引入了資料協定註冊表，這是一個審計系統，可以準確地顯示資料是如何用於訓練 Bentley AI 模型的。

When others are vague on these critical topics, we lead with clarity.

當其他人對這些關鍵問題含糊其辭時，我們以清晰的思路引領方向。

Overall, we were pleased with this year's year in infrastructure, receiving great feedback about our comprehensive and principled approach to infrastructure AI.

總體而言，我們對今年的基礎設施建設工作感到滿意，並收到了對我們全面、有原則的基礎設施人工智慧方法的良好回饋。

And I encourage you to check out our sessions and going digital awards winners at YII. Bentley.com. Moving on to our results for the quarter. We delivered a solid quarter in line with our expectations.

我鼓勵大家去了解我們在YII舉辦的研討會和數位轉型獎項的得獎者。Bentley.com。接下來公佈本季業績。本季業績穩健，符合預期。

Our year-to-date results position us well to finish within our outlook ranges for the full year.

今年迄今的業績使我們有信心實現全年預期目標。

Low double-digital growth, approximately 100 basis points of margin expansion.

低兩位數成長，利潤率擴張約 100 個基點。

And robust free cash flow consistent with our long-term financial framework.

以及符合我們長期財務框架的強勁自由現金流。

Q3ARR increased 10.5% year over year, or 11% when excluding the impact of China.

第三季年度經常性營收年增 10.5%，若不計入中國市場的影響，則較去年同期成長 11%。

Growth was underpinned by a net revenue retention rate of 109%.

淨收入留存率高達 109%，這為成長提供了有力支撐。

E 365 performance remained solid, and we added 300 basis points of AR growth from new logos again, primarily within the SMB segment.

E 365 業績依然穩健，我們再次透過新增客戶（主要來自中小企業客戶）實現了 300 個基點的 AR 成長。

For the 15th consecutive quarter, we added at least 600 new SMB logos through our online store, with retention in this segment remaining high.

連續第 15 個季度，我們透過線上商店新增了至少 600 個中小企業徽標，並且該細分市場的留存率仍然很高。

Turning to our tone of business by infrastructure sector, resources was once again our fastest growing sector in the quarter.

從基礎設施產業的業務基調來看，資源產業再次成為本季成長最快的產業。

We continue to see soft signals of improvement in mining exploration.

我們持續看到礦業勘探方面出現改善的跡象。

Public works utilities delivered another solid quarter consistent with 1st half performance and driven by sustained global infrastructure investment.

公共工程事業部本季業績穩健，與上半年表現一致，主要得益於全球基礎設施投資的持續成長。

Power line systems remain a standout performer, benefiting from global demand for grid resilience and increased power generation.

電力線系統仍表現出色，受惠於全球對電網彈性和發電量增加的需求。

Growth in the industrial sector remained modest while commercial facilities was flat.

工業部門成長依然溫和，而商業設施則保持穩定。

Looking at our geographies at a high level, Asia Pacific at a strong quarter, followed by the Americas and EMEA.

從宏觀層面來看，亞太地區表現強勁，其次是美洲和歐洲、中東及非洲地區。

Growth in America was solid, led by North America.

美國經濟成長穩健，其中北美地區引領成長。

In the US our accounts continue to benefit from a favorable macro backdrop, despite ongoing uncertainty, though less so from tariffs and policy shifts and the recent federal shutdown. To date, we have seen minimal disruption from the shutdown.

在美國，儘管存在持續的不確定性，但我們的帳戶仍然受益於有利的宏觀經濟環境，儘管關稅、政策變化以及最近的聯邦政府停擺帶來的影響較小。到目前為止，我們幾乎沒有看到停工帶來的影響。

Looking ahead, there are constructive signals that full scale promoting reform for energy infrastructure and critical minerals in the US could happen in the coming quarters.

展望未來，有跡象表明，美國能源基礎設施和關鍵礦產領域的全面改革可能會在未來幾季內全面展開。

Both our praline systems and sequence businesses are very well positioned to benefit from these governments. In the MEA, the Middle East continued to lead the region with another very strong quarter, followed by Europe and the UK.

我們的巧克力系統和巧克力序列業務都處於非常有利的地位，可以從這些政府中受益。在中東和非洲地區，中東持續保持強勁的成長勢頭，位居該地區第一，其次是歐洲和英國。

Long-term opportunities are supported by robust investment in transport, water, and energy, particularly in areas such as dual-use infrastructure, data center expansion, and nuclear.

長期發展機會得益於對交通、水利和能源領域的大力投資，尤其是在兩用基礎設施、資料中心擴建和核能等領域。

There's also movement in Europe on permitting reform. The European Commission published guidance to help member states accelerate permitting and deployment of renewable energy and grid infrastructure as part of its broader effort to lower energy costs and strengthen supply security.

歐洲在許可證改革方面也出現了一些進展。歐盟委員會發布指導意見，幫助成員國加快再生能源和電網基礎設施的審批和部署，這是其降低能源成本和加強供應安全的更廣泛努力的一部分。

In Asia Pacific, overall performance was strong, with India and Southeast Asia standing out.

亞太地區整體表現強勁，其中印度和東南亞表現尤為突出。

Robust investment in India is expected to continue, supporting its 2047 vision for long-term growth and development. Growth in ANZ remains softer due to the slowdown in transportation spending in Australia. However, there is general expectation that it will rebound, driven by infrastructure projects tied to the 2032 Brisbane Olympics.

預計對印度的強勁投資將持續下去，以支持其2047年長期成長和發展願景。由於澳洲交通運輸支出放緩，澳新地區的成長依然疲軟。然而，人們普遍預期，在與 2032 年布里斯班奧運相關的基礎設施項目的推動下，布里斯班經濟將會反彈。

China's performance was consistent with our expectations, given the economic and geopolitical headwinds and represents only about 2% of total AR.

考慮到經濟和地緣政治方面的不利因素，中國的表現符合我們的預期，僅佔總 AR 的約 2%。

And with that, Turner, over to you.

那麼，特納，接下來就交給你了。

Thank you Nicholas.

謝謝你，尼古拉斯。

We've had a solid 3rd quarter and are well positioned with respect to our financial outlook range for the full year.

我們第三季業績穩健，對全年財務前景充滿信心。

Total revenues for the third quarter were $376 million up 12% year by year on a reported basis and 11% on a constant currency basis.

第三季總營收為 3.76 億美元，以報告匯率計算年增 12%，以固定匯率計算年增 11%。

Year-to-date, total revenues grew 11% and 10% on a reported and constant currency basis respectively.

今年迄今為止，以報告匯率和固定匯率計算，總收入分別成長了 11% 和 10%。

Our mainstay subscription revenues grew 14% year by year for the quarter in reported and 12% in constant currency, and for year-to-date, subscription revenues grew 12% on a reported and constant currency basis.

本季度，我們的主要訂閱收入按報告匯率計算同比增長 14%，按固定匯率計算同比增長 12%；今年迄今為止，訂閱收入按報告匯率和固定匯率計算均增長了 12%。

Subscription revenues represent 92% of total revenues, up 2% points from the same quarter last year, reflecting improvements in the overall quality of our revenues visibility, growth consistency, and margin contribution.

訂閱收入佔總營收的 92%，比去年同期成長 2 個百分點，反映出我們在營收可見度、成長穩定性和利潤貢獻方面的整體品質有所提高。

Our E365 and SMB initiatives continue to be solid contributors.

我們的 E365 和 SMB 計劃繼續做出重要貢獻。

Perpetual license revenues for the quarter were 11 million, essentially flat compared to the prior year. Perpetual license sales make up only 3% of total revenues and will remain small relative to our recurring revenues.

本季永久授權收入為 1,100 萬美元，與去年同期基本持平。永久授權銷售額僅佔總收入的 3%，且相對於我們的經常性收入而言仍然很小。

Our less predictable professional services revenues declined 2% for the quarter in reported and 3% in constant currency and now represent 5% of total revenues.

我們較不穩定的專業服務收入按報告匯率計算本季下降了 2%，以固定匯率計算下降了 3%，目前佔總收入的 5%。

We currently expect that our professional services revenues will remain at current levels for the remainder of the year, hence this would be for the full year, about 5 million less than we had originally planned.

我們目前預計，今年剩餘時間裡，我們的專業服務收入將保持在目前的水平，因此，全年收入將比我們最初計劃的少約 500 萬美元。

It is still the case that the largest portion of these non-recurring services relate to IBM maximum implementation and upgrade work.

目前的情況仍然是，這些非經常性服務中最大的一部分與 IBM 的大規模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.

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）按報告貨幣和固定匯率計算同比增長了 13%。

And represent 92% of our last 12 months' total revenues.

占我們過去 12 個月總收入的 92%。

Up 1% point year by year.

年比上升1個百分點。

Over the last 12 months, constant currency account retention rate remained at 99%.

過去 12 個月，固定匯率帳戶留存率維持在 99%。

And our constant currency net retention rate rounded down to 109%, led in magnitude by aggression within our consumption-based E365 commercial model.

我們以固定匯率計算的淨留存率向下取整為 109%，這主要得益於我們基於消費的 E365 商業模式的積極舉措。

We ended Q3 with ERR of 1,405 million at quarter end spot rates.

第三季末，以季末即期匯率計算，我們的有效收益率為 14.05 億。

On a constant currency basis, our year over year growth rate was 10.5%. Consistent with our seasonality expectations for the year.

以固定匯率計算，我們的年增長率為 10.5%。與我們對今年季節性的預期一致。

Which included the favorable impact from the onboarding of our caesium acquisition in 24 Q3 dropping off this quarter.

其中包括 2024 年第三季銫收購帶來的有利影響，但本季有所下降。

Excluding China, our year by year constant currency our growth rate was 11%.

除中國外，以固定匯率計算，我們的年增長率為 11%。

With China being 2% of our total AR.

中國占我們總AR的2%。

On a quarterly sequential basis, our constant currency growth rate was 2.2%. Below our 24 Q3 sequential growth rate of 3.2%. Impacted by the timing of programmatic acquisitions and asset analytics deals.

按季度環比計算，我們的固定匯率成長率為 2.2%。低於我們 2024 年第三季 3.2% 的環比成長率。受程序化收購和資產分析交易時機的影響。

With regards to seasonality, we expect 25Q4 to have higher year over year AIR growth compared to 25 Q3 due to the timing of potential acquisitions and anticipated asset analytics deals.

就季節性而言，由於潛在收購和預期資產分析交易的時間表，我們預計 25 年第四季的 AIR 年成長率將高於 25 年第三季。

Our GAAP operating income was 84 million for the third quarter and $284 million year-to-date.

第三季我們的 GAAP 營業收入為 8,400 萬美元，年初至今為 2.84 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 GAAP 經營業績的影響。

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

接下來是調整後的營業收入，扣除股權激勵費用，這是我們衡量獲利能力和利潤率的主要指標。

Adjusted operating income less SPC expense was 104 million for the quarter, up 16% year by year, with a margin of 27.7%, up 100 basis points.

本季經調整後的營業收入減去 SPC 支出為 1.04 億美元，年增 16%，利潤率為 27.7%，成長 100 個基點。

Year-to-date, adjusted operating income less SPC expense was 335 million, up 13%, with a margin of 30.2%, up 60 basis points.

今年迄今為止，經調整後的營業收入減去 SPC 支出為 3.35 億美元，成長 13%，利潤率為 30.2%，成長 60 個基點。

Our margin performance for Q3 and year-to-date has been strong, and we remain confident about delivering our full year adjusted operating income less SBC target margin of approximately 28.5%, representing an annual margin improvement of 100 basis points.

第三季和年初至今的利潤率表現強勁，我們仍有信心實現全年調整後營業收入減去SBC目標利潤率約28.5%，這意味著年度利潤率將提高100個基點。

As a reminder, our OpEx seasonality is always more heavily weighted towards the second half, with our annual races occurring as of April each year and our larger promotional and event-related costs also concentrated in the second half of the year and particularly Q4.

提醒一下，我們的營運支出季節性總是更偏向下半年，我們的年度賽事每年從四月開始，我們較大的促銷和活動相關成本也集中在下半年，尤其是第四季。

Further, our OpEx seasonality in 2024 was impacted from head cost run rate savings from our 234 strategic realignment which benefited the first half of 2024 and shifted some of our run rate and discretionary investments into the second half of 2024 and particularly Q4 2024.

此外，我們 2024 年的營運支出季節性受到 234 項策略調整帶來的成本節約的影響，該調整使 2024 年上半年受益，並將我們的一些日常營運和可自由支配的投資轉移到 2024 年下半年，特別是 2024 年第四季。

We therefore expect more than 100 basis points of marginal improvement for the fourth quarter of 2025 when compared to 2024.

因此，我們預計 2025 年第四季與 2024 年相比將有超過 100 個基點的邊際改善。

Our free cash flow was 111 million for the quarter and 384 million year-to-date.

本季我們的自由現金流為 1.11 億美元，年初至今為 3.84 億美元。

This is generally consistent with our expectation based on our seasonality of collections and expenditures, as well as the timing of cash tax payments, which are more concentrated in the 4th quarter.

這與我們根據收款和支出的季節性以及現金稅款支付時間（主要集中在第四季度）的預期基本一致。

We are on target to meet our full year free cash flow outlook of 430 to 470 million.

我們預計將實現全年自由現金流預期目標，即 4.3 億至 4.7 億美元。

With regards to capital allocation, along with providing sufficiently for our growth initiatives, year-to-date, we deployed free cash flow as follows.

關於資本配置，除了為我們的成長計畫提供充足的資金外，今年迄今為止，我們已按以下方式部署了自由現金流。

135 million fully paying down our senior debt.

1.35億英鎊用於全額償還我們的優先債務。

93 million ineffective share repurchases to offset dilution from stock-based compensation.

9,300 萬筆無效的股票回購，用於抵銷股票選擇權激勵造成的股權稀釋。

10 million in convertible senior note repurchases and 64 million on dividends.

1000萬用於可轉換優先票據回購，6400萬用於股息。

With our senior debt being fully paid down, our net debt leverage, including all of our 2026 and 2027 convertible notes as debt, was 2.2 times adchasted deviar, down from 2.9 times at the end of 2024.

隨著我們的優先債務全部償還完畢，我們的淨債務槓桿率（包括我們所有 2026 年和 2027 年的可轉換票據作為債務）為調整後偏差的 2.2 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（包括潛在的程序化收購）提供充足的資金。

Our 5 year senior secured credit agreement, dated from October 2024 provides a current underdrawn 1.3 billion revolving credit facility.

我們於 2024 年 10 月簽署的 5 年期優先擔保信貸協議，目前提供 13 億美元的循環信貸額度。

This provides sufficient flexibility to address 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.

如此一來，我們有足夠的彈性來應對 2026 年 1 月到期的 6.78 億美元未償可轉換債務，同時保持此後現金利息與近期大致相同的規模。

Interest rates on our debt are protected through very low coupons on our convertible notes.

我們透過可轉換債券的極低票息來保障債務利率。

And very favorable terms of our $200 million interest rate swap expiring in 2030.

而我們價值 2 億美元的利率互換協議將於 2030 年到期，條款非常優惠。

And finally, with only 1 quarter remaining, our performance for the 1st 9 months gives us confidence in our ability to achieve our annual financial targets.

最後，距離年底只剩下最後一個季度，前 9 個月的業績讓我們有信心實現年度財務目標。

I already provided incremental color on our 4th quarter expectations for ARR.

我已經對第四季度 ARR 預期進行了更詳細的說明。

Adjusted operating income by stock-based compensation margin and free cash flow.

經調整後的營業收入，包括股權激勵利潤率和自由現金流。

With regards to total revenues, 2025 to date reflects a continued shift in mix from professional services revenues to subscription revenues, improving our overall quality of revenues and margin contribution.

就總收入而言，2025 年至今的收入結構持續從專業服務收入轉向訂閱收入，提高了我們整體收入品質和利潤貢獻。

With regards to foreign exchange rates for the 3rd quarter, the US dollar has weakened relative to the exchange rates assumed in our 2025 annual Financial outlook, resulting in approximately $10 million of incremental revenues from currency.

關於第三季的外匯匯率，美元相對於我們在 2025 年年度財務展望中假設的匯率有所走弱，導致匯兌收入增加約 1,000 萬美元。

And a total favorable impact for the 1st 9 months of approximately 18 million.

前 9 個月的總有利影響約為 1800 萬。

Based on recent rates where the US dollar has weakened relative to our outlook rates, if end of October exchange rates would prevail throughout the remainder of the year, our fourth quarter GAAP revenues would be positively impacted by approximately 8 million relative to the exchange rates assumed in our 2025 financial outlook.

根據近期美元相對於我們預期匯率走弱的匯率，如果 10 月底的匯率在今年剩餘時間內保持不變，那麼相對於我們在 2025 年財務展望中假設的匯率，我們第四季度的 GAAP 收入將受到約 800 萬美元的正面影響。

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

接下來，我們準備好進入問答環節。

Over to Eric to moderate.

接下來由艾瑞克主持。

Thank you.

謝謝。

Thanks, Werner. Before we begin, I just wanted to remind everyone to limit yourselves to one question so we can get to everybody today. First question will come from Joe Brewing from Robert W. Beard.

謝謝你，沃納。在開始之前，我想提醒大家，請每人只提一個問題，這樣我們今天才能問到所有人。第一個問題將來自羅伯特·W·比爾德的喬·布魯因。

I Great. Hi, everyone. Maybe can you go into a bit more detail on the opportunity for better ARR growth in 4Q, that's a big renewal period, but also asset analytics opportunities and Just on the point about renewals, so, to the point, Greg, you were making at the start, how Bentley applications are called a few years from now could look a lot different than how they currently are utilized. How does that get encapsulated with an enterprise customer that is willing to engage with you over a multi-year time frame, and are you appropriately monetizing the full potential with kind of the ceiling floor structure you have been using around these consumption arrangements?

我很好。大家好。您能否更詳細地談談第四季度 ARR 成長的機會？這是一個重要的續約期，同時也是資產分析的機會。關於續約這一點，格雷格，回到您一開始提到的，幾年後 Bentley 應用程式的命名方式可能會與目前的使用方式大不相同。如何將這種模式融入到願意與您進行多年長期合作的企業客戶身上？您是否利用目前圍繞這些消費安排所使用的價格上限和下限結構，充分挖掘了客戶的全部潛力？

Well, I'll say. To your last question, Joe, that We only monetize the actual consumption. It just happens to be bounded by a floor and ceiling potentially. And we are not yet monetizing API consumption, for instance, even though some of it is occurring.

嗯，我同意。關於你最後一個問題，喬，我們只對實際消費進行貨幣化。它恰好可能以地板和天花板為界。例如，儘管部分 API 使用已經發生，但我們尚未將其貨幣化。

What, in the course of a renewal with an enterprise account for E 365, they tend to prefer to get visibility into their spending in the out years as well, and it continues to be the case that we Wind up.

在與 E 365 企業帳戶續約的過程中，他們往往也希望了解未來幾年的支出情況，而我們最終也確實做到了這一點。

On average negotiating that each year of that renewal.

平均而言，每年續約都需要進行談判。

The floor and ceiling escalate by about 10%, and I think they're aware because you see this enterprise accounts are the Ones responding to the survey about spending on AI and expectations about AI. They know that their mix of Consumption and modes.

最低和最高限額分別提高了約 10%，我認為他們也意識到了這一點，因為你可以看到，這些企業客戶正在回覆有關人工智慧支出和對人工智慧的期望的調查。他們知道他們的消費方式和組合。

Of consumption will change over that period of time. But.

在此期間，消費情況會改變。但。

They are comfortable with expecting to spend a little double-digit amount more with us and no doubt with others each year, and we're satisfied.

他們樂於接受每年在我們這裡（以及無疑在其他地方）多花兩位數的錢，我們對此感到滿意。

To, but we likewise know there's going to be volatility in the components of the mix, but when you put it all together.

我們也知道，組合中的各個組成部分會有波動，但當你把它們全部放在一起時。

In an Enterprise agreement You, you've heard my take on that, which is to be confident that while the mix will change.

在企業協議中，您已經聽過我的看法，那就是要有信心，儘管組合會改變。

The magnitude will Reflect the increasing value, especially from AI.

這一規模將反映出其價值的不斷增長，尤其是在人工智慧領域。

Nicholas, as to the 4th quarter, yeah, indeed, its Is.

尼古拉斯，至於第四季度，是的，的確是。

A strong renewal quarter and our expectations are comport ant with that Right. Well.

強勁的續約季度，我們的預期與此相符。出色地。

First of all, Q3, AR growth was exactly what we're expecting, and what we're expecting for Q4 is AR growth year over year to be stronger than Q3. A part of that is the renewals as you mentioned, and then how much better it will be than Q3 will depend on potentially M&A or some of the big asset and ethics opportunities that we're pursue.

首先，第三季應收帳款成長完全符合我們的預期，我們預期第四季應收帳款年增率將強於第三季。一部分原因正如你所提到的，是續約，而與第三季相比能有多大改善，則取決於潛在的併購，或者我們正在追求的一些重大資產和道德方面的機會。

But it would be better than Q3 in any case.

但無論如何，這都比第三季好。

Because of the magnitude of renewals that occur in in each 4th quarter. So they're all.

因為每個第四季都會發生大量的續約。所以它們都是。

Layers that give us confidence in 4th quarter. And of course, therefore in the outlook for the year.

第四季讓我們充滿信心的幾層保障。當然，這也關係到今年的展望。

Thanks, Joe. The next question comes from Jason Selina from Key Bank.

謝謝喬。下一個問題來自凱基銀行的傑森·塞利納。

Great, thanks. I wanted to ask about the government shutdown. I recognize that in your prepared remarks, you said it's had, a minimal impact. Maybe can you just elaborate on what you were seeing or not seeing and why it's been so limited?

太好了，謝謝。我想問政府停擺的事情。我注意到，您在事先準備好的演講稿中提到，這件事的影響力微乎其微。您能否詳細說明您看到了什麼或沒看到什麼，以及為什麼看到的景像如此有限？

Yeah, to date, we have seen indeed minimal impact. First of all, our direct revenue from the US federal government is less than 1%.

是的，到目前為止，我們確實只看到了極小的影響。首先，我們從美國聯邦政府獲得的直接收入不到1%。

And indirectly, for the projects that were already awarded, IIJA funding, while the funding continued to flow, during the shutdown and that's very much, because of the way IIJ was structured, yeah.

間接地，對於已經授予的項目，IIJA 的資金在停擺期間繼續流入，這很大程度上是因為 IIJ 的結構方式。

Now, depending on how long, this, shutdown is going to, is going to go, it could be that very much at the margin when, we get to renewals with some accounts. And you may recall that renewals are based not just on past performance, how much they've been consumed in the past year, but also how much they're expecting to consume in the next year. It could be that the, at the margin, the, consumption expectation going forward may be impacted, yeah, but this is super early to say, yeah, and it will really depend on all of the shutdown goes.

現在，這取決於這次停工會持續多久，這可能會對一些帳戶的續約產生非常大的影響。您可能還記得，續約不僅取決於過去的表現，即過去一年的消費量，還取決於預計來年的​​消費量。或許，未來的消費預期可能會受到影響，但現在下結論還為時過早，而且這真的取決於整個停工情況的發展。

Yeah, and hopefully it ends soon, so, yeah.

是的，希望它能盡快結束，所以，是的。

We'll see other Things, kind of indirectly are Good, are gummed up also.

我們會看到其他一些事情，雖然間接來說是好事，但也遇到了阻礙。

And we hopefully not for much longer. Things like the permitting reform we keep expecting and.

希望這種情況不會持續太久。例如我們一直期待的許可證制度改革等等。

Some other Functions of the federal government that don't have to do with using software but changing policies and so forth that are also on hold.

聯邦政府的其他一些職能，雖然與使用軟體無關，但涉及政策變更等，目前也處於暫停狀態。

We'd like to see the shutdown end. Sooner rather than later. And we think that's the general expectation Now.

我們希望看到停擺結束。遲早會實現。我們認為這已成為目前的普遍預期。

Thanks, Jason. The next question comes from Matt Hedberg from RBC.

謝謝你，傑森。下一個問題來自加拿大皇家銀行的馬特·赫德伯格。

Great, thanks for taking my question, guys. A lot of the bigger frontier model builders are noting that access to power is the biggest bottleneck for compute capacity today, and I guess Nicholas, you noted, both PLS and sequence, is set to benefit from this longer-term which is sort of in line with our view. It's also nice to see, I think, although permitting reform takes time, Greg, you said it's sort of like there's, it just takes time. It sounds like a permitting reform is accelerating a bit, I guess my question is realizing these projects take time and permitting reform takes time as well. Are you starting to see any sort of early benefit from early, sort of like discussion with customers around this activity, and how should we think about sort of like medium to long-term this, desire for more power to positively impact, air our growth.

太好了，謝謝你們回答我的問題。許多大型前緣模型建構者都注意到，電力獲取是當今運算能力的最大瓶頸，我想正如你所提到的，PLS 和序列都將從中受益，這與我們的觀點不謀而合。我覺得很高興看到，雖然改革需要時間，格雷格，你說過這有點像，只是需要時間。聽起來審批改革似乎正在加速推進，我想問的是，考慮到這些計畫需要時間，審批改革也需要時間。您是否開始看到早期的一些好處，例如與客戶就此活動進行討論，以及我們應該如何看待中長期發展，渴望獲得更多權力來積極影響和促進我們的成長。

Well, first, despite permitting reforms still to come, both PLS and Sequent remain, a strong growth engines for the company, right? And both businesses are still growing faster than the company. We have seen now in the US, for example, some acceleration on some mining projects, through the, it's called the FAST 41 process, for, minerals that are strategic importance to the US economy like lithium or copper.

首先，儘管未來還會進行一些改革，但PLS和Sequent仍然是公司強勁的成長引擎，對吧？而且這兩家企業的成長速度仍然比公司本身更快。例如，我們現在在美國看到，透過所謂的 FAST 41 流程，一些採礦計畫正在加速推進，這些計畫涉及對美國經濟具有戰略意義的礦產，例如鋰或銅。

Yeah, there is a similar bill that was passed in Canada. So we think this is, I mean, this is happening basically for mining. There's already, a lot of movement in order to accelerate permitting or accelerate certain projects. But for the electric grid, this is still to come, but we've seen some very encouraging signs. In the past few months in the US, I think there's a clear realization here that, we must expand the electric grid, and there's a lot of effort, a lot of activities going into strengthening the existing grid, making it more robust, but we actually need to expand it in order to cope with the higher demand that is for electricity and a lot of that coming from, data centers, by the way, yeah. So you can see it as a growing tailwind, for us.

是的，加拿大也通過了一項類似的法案。所以我們認為，我的意思是，這種情況基本上是發生在採礦業的。目前已經有許多措施旨在加快審批流程或加快某些專案的進度。但對於電網而言，這還有待實現，不過我們已經看到了一些非常令人鼓舞的跡象。在過去的幾個月裡，我認為美國已經清楚地認識到，我們必須擴大電網。目前有許多努力和活動致力於加強現有電網，使其更加穩健，但我們實際上需要擴大電網，以應對更高的電力需求，而其中許多需求都來自資料中心。所以你可以把它看作是我們越來越有利的一股力量。

Thanks, Matt. The next question comes from Dylan Becker from William Blair.

謝謝你，馬特。下一個問題來自威廉布萊爾大學的迪倫貝克爾。

Hey guys, it's Faith on for Dylan. I just wanted to double click onto your AI, innovation roadmap and how you're working with your customer base to build that out, maybe how that played into Cloud nect and really what you're focusing on and how you're prioritizing the different opportunities.

大家好，我是Faith，今天為大家帶來Dylan的節目。我只是想專注於了解你們的人工智慧和創新路線圖，以及你們如何與客戶群合作來建立這些路線圖，也許這如何融入雲端網絡，以及你們真正關注的重點是什麼，以及你們如何確定不同機會的優先事項。

Well First Of all, what was remarkable when we looked at the submissions for the, this year's going digit to awards, was seeing how much, our users are investing in AI themselves. And that was a big part also of the update that Greg provided with the AC advisor survey and we can see how much is invested in AI.

首先，當我們查看今年「邁向數位化」獎項的參賽作品時，最引人注目的是，我們的用戶在人工智慧領域投入了多少資金。這也是 Greg 在 AC 顧問調查中提供的最新資訊的重要組成部分，我們可以看到在人工智慧領域投入了多少資金。

And as always, we're using the going toward submissions as, a did our own survey of what's going on with the most advanced, infrastructure organizations out there in leveraging, digital, to drive, the productivity. And it points to our core applications, engineering applications playing a new role going forward, not just here to empower infrastructure engineers, in individual engineers, but actually to start to interact with AI agents. And we think this is a Fantastic. Of course, opportunity. Now, we've seen a net acceleration of, use cases where own applications are being used in conjunction with AI that is being developed by our users. If we just look at and reflect on the past couple of years, and we've announced a co-innovation initiative in order to engage with our users, to partner with them to discuss how can we evolve oranging applications technically. And also, how can we evolve the commercial model around these applications so that we can support those workflows going forward, better support those workflows going forward. We're hugely excited about that, right? But even there is a lot of investments on our side for the, for our own AI capabilities that we're delivering to, our users. Here, we make sure that, first of All of our product organization, all of our user facing teams have a deep empathy, a deep understanding of the needs of the users, the accounts that we serve. We understand where potential opportunities to drive more productivity through AI, for example. And then we involve representative users along the way in helping us prioritize which use cases that we're going to go after first with AI. We involve them during the development of those capabilities. We evolve them with beta software what we call early access. We involve them, of course, during limited availability to make sure that the product can scale to the broader market and so on and so forth. So we have constant touch point all the way from the very beginning of the exploration, what problems can we solve with AI to making sure that the software can scale. We have involvement all the way with representative users.

和以往一樣，我們正在利用提交的內容，並就最先進的基礎設施組織如何利用數位化來提高生產力進行了自己的調查。這表明我們的核心應用，即工程應用，將在未來扮演新的角色，不僅要賦能基礎設施工程師（即單一工程師），而且實際上還要開始與人工智慧代理進行互動。我們認為這太棒了。當然，機會也很重要。現在，我們看到越來越多的用例正在加速成長，這些用例包括將我們自己的應用程式與用戶開發的 AI 結合使用。如果我們回顧過去幾年，就會發現我們宣布了一項共同創新計劃，旨在與用戶互動，與他們合作，探討如何從技術上改進橙色應用程式。此外，我們如何圍繞這些應用發展商業模式，以便更好地支援這些工作流程？我們對此感到非常興奮，對吧？但即便如此，我們本身也投入大量資金，用於提升我們自身的人工智慧能力，以便更好地服務我們的用戶。在這裡，我們首先要確保我們產品組織的所有面向使用者的團隊，都對使用者和我們所服務的客戶的需求有深刻的同理心和理解。我們了解透過人工智慧提高生產力的潛在機會。然後，我們會讓代表性的用戶參與進來，幫助我們確定優先考慮哪些人工智慧用例。我們在開發這些能力的過程中會讓他們參與其中。我們透過測試版軟體（我們稱之為搶先體驗）來不斷改進它們。當然，在產品供應有限的情況下，我們會讓他們參與進來，以確保產品能夠擴展到更廣泛的市場等等。因此，從探索之初，我們就始終保持著密切的聯繫，探討我們可以用人工智慧解決哪些問題，並確保軟體能夠擴展。我們全程與代表性用戶保持溝通。

Thanks, Pate.

謝謝你，佩特。

The next question comes from Chris Owen from Oppenheimer.

下一個問題來自奧本海默公司的克里斯歐文。

Hi, good morning.

您好，早安。

Thank you so much for the question. So, I wanted to ask you about labor availability, not just here in the US but globally in the construction and infrastructure trades. Obviously, AI can't actually build infrastructure. So, I'm wondering if you're starting to see that meaning.

非常感謝您的提問。所以，我想問您關於勞動力供應的情況，不僅是美國，還有全球建築和基礎設施行業的勞動力供應情況。顯然，人工智慧實際上無法建造基礎設施。所以，我想知道你是否開始明白它的意義了。

Impact any of your engineering firm customers, what sort of impact these labor challenges are having maybe on project delivery times, budgets, and then add on this piece of willingness to invest in technology to help with some of those productivity challenges.

這會對您的工程公司客戶產生什麼影響？這些勞動力挑戰可能會對專案交付時間、預算產生什麼樣的影響？此外，也要考慮投資技術以幫助應對這些生產力挑戰的意願。

Thank you.

謝謝。

Kristen, I think the biggest picture is That everyone has long expected the engineering services firm, so that's half of our business, and they work for the other half of our business, the owner operators. Everyone has expected the way they work to change from a time and materials, billing hours to Paying for value and being therefore having a platform to incent and reward, for instance, these AI investments.

克里斯汀，我認為最根本的一點是，大家一直以來都期待著工程服務公司，所以這佔了我們業務的一半，而他們為我們業務的另一半——業主經營者——工作。每個人都期待他們的工作方式從按時按材料計費轉變為按價值付費，因此需要一個平台來激勵和獎勵，例如，這些人工智慧投資。

The biggest picture I think, is that the ongoing.

我認為最重要的一點是，這件事一直在進行。

Engineering Resource constraints are Influencing that now.

工程資源限制正在影響這一點。

Happening in favor of AI investments and expectations and changes in the commercial model and

有利於人工智慧投資和預期以及商業模式的變化

The opportunity for us is to be Shoulder to shoulder alongside those engineering firms. We want to help be their arms merchant, providing them the, for instance, asset analytics cloud services that they will rebrand and bundle with their engineering analytics and their own data and AI models.

我們的機會在於能夠與這些工程公司並肩發展。我們希望幫助他們成為軍火商，例如，為他們提供資產分析雲端服務，他們可以重新包裝這些服務，並將其與他們的工程分析以及他們自己的數據和人工智慧模型捆綁在一起。

But where they won't need to get into providing.

但他們無需涉足提供方面。

The cloud services, the things we can do together with Google. And then adding our.

雲端服務，以及我們可以與Google一起做的事情。然後加上我們的。

Asset analytics layer. So changing the commercial models is the accelerating that because everyone has expected it to occur and it's been slow. I think that finally is being catalyzed now and that's the biggest Impact.

資產分析層。因此，改變商業模式正在加速這一進程，因為每個人都期待它發生，但它進展緩慢。我認為現在這種情況終於開始被推動，這將是最大的影響。

Thank you.

謝謝。

Thanks, Kristen. The next question comes from Alexei Gugelev from JPMorgan.

謝謝你，克里斯汀。下一個問題來自摩根大通的阿列克謝古格列夫。

Thank you, Eric. Hello everyone. Hi, Greg. I wanted to ask you, to maybe give us a brief update of how the partnership with Google is going. Have there been any incremental customer conversations on the back of this partnership and, what does that mean for your asset analytics opportunity?

謝謝你，埃里克。大家好。嗨，格雷格。我想請您簡要介紹一下與Google的合作進展。此次合作之後，是否與客戶進行了更多交流？這對您的資產分析機會意味著什麼？

One of the updates we give at YI was how we are integrating Google Geodata across our portfolio.

YI發布的最新資訊之一是我們如何將Google地理資料整合到我們的產品組合中。

It starts with, arranging applications, MicroStation, the new version of MicroStation not includes Cesium, for 3-Digital spatial visization, but through Cesium is actually integrating, 3D photorealistic task from Google. And, I mentioned the launch of Ben Infrastructure Cloud Connect. The user experience of Ben Infrastructure Cloud is also powered by Cesium and also powered by 3D photorealistic tiles of Google. So that's, integration is going very well and we're expanding really across our full portfolio.

它從安排應用程式 MicroStation 開始，新版本的 MicroStation 不包含 Cesium，用於 3D 數位空間視覺化，但實際上透過 Cesium 整合了來自 Google 的 3D 照片級真實感任務。而且，我還提到了 Ben Infrastructure Cloud Connect 的發布。Ben Infrastructure Cloud 的使用者體驗也由 Cesium 提供支持，並由 Google 的 3D 照片級真實感圖塊提供支援。所以，整合進展非常順利，我們正在全面擴展我們的產品組合。

We're quite excited also about the opportunity with Google when it comes to asset analytics. Google, is, a source of data that can be analyzed in order to better understand the current conditions of infrastructure assets, and their full context. And you may recall that we've announced, a couple of, months ago.

我們也對與Google在資產分析方面的合作機會感到非常興奮。Google 是一個資料來源，可以透過分析這些資料來更好地了解基礎設施資產的現狀及其完整背景。您可能還記得，我們​​幾個月前已經宣布過。

A deeper partnership with Google from that standpoint where we'll be processing Google Street View imagery, to understand basically the inventory of assets out there and be able to do a before and after comparison.

從這個角度來看，我們將與Google建立更深入的合作關係，處理Google街景影像，從而了解現有的資產清單，並進行前後對比。

On what's going on with this infrastructure asset when we compare it with, dashcam data that we're processing through our own road monitoring solution, right? And that's just one example of so many other use cases that we're discussing with Google where we can, empower deeper analytics about existing assets.

那麼，當我們把這個基礎設施資產與我們透過自己的道路監控解決方案處理的行車記錄器資料進行比較時，情況又會如何呢？這只是我們正在與Google討論的眾多其他用例中的一個例子，在這些用例中，我們可以增強對現有資產的深入分析。

Thanks.

謝謝。

Next question comes from Clark Jeffries from Piper Sandler.

下一個問題來自Piper Sandler公司的Clark Jeffries。

Hello. Thank you for taking the question. I wanted to ask, just a little bit of a follow-up to the discussion around the appetite of AI spend with your customers. Seems like a lot of this is survey work and sort of perspective on where they'll go, but I wanted to ask today, are you seeing proactive RFPs from these customers around AI capabilities or is it too early? And sort of, do you imagine there being a discrete sales approach around AI functionality, or do you feel like this will be very organic within your kind of existing sales motion?

你好。感謝您回答這個問題。我想就您與客戶討論的人工智慧支出意願稍作補充說明。看起來很多工作都是調查研究，以及對他們未來發展方向的一種展望。但我今天想問的是，您是否看到這些客戶就人工智慧能力主動發出 RFP（徵求建議書）？還是現在談論這個還為時過早？那麼，您認為人工智慧功能會採取一種獨立的銷售方式，還是會自然而然地融入您現有的銷售模式中呢？

Also, on the former, it is still too early for the market to ask specifically for AI capabilities for specific use cases. It's still too early. However, indirectly, we do see infrastructure organization insisting that it is as easy as possible for them to access data that is being created or managed through software coming from providers. So that they can use it for their own, AI purposes. Yeah. And by the way, so this is much more indirect, yeah, but they are aware that software providers are developing AI capabilities and we see them clear and clear about, we want to make sure that when you do this as a software provider, you don't use our data without our explicit permission, right? This is very top of mind right now. And it's a part of the conversation we're talking about benefactor to cloud n, for example. We reinforce our commitment to data stewardship. We make it very clear that the data of our users is their data always. We don't use it to train our own AI unless, they explicitly, authorize us to do so, yeah. And that is a clear differentiator, versus other providers who are maybe, well, just less clear, yeah, on that topic. But in general, we are still very early stage when it comes to requirements for AI specific capabilities. And because it's still very early stage, we don't see a need right now to have, a different go to market approach when it comes to positioning these AI capabilities. If you look back and at what we basically announced in terms of our own AI capabilities, sometimes it's the next generation of an existing application like OpenSite Plus is the next generation of OpenSite. Substation Plus is the next generation of substation. The same way that, we've gone to a council position, opens, the original open site solution, the original substitution solution, then we're going to continue to do the same even if the new one is part by AI. Then we're also introducing a lot of new AI capabilities or a lot of AI capilities to existing applications. So same thing, there's no need in order to do a different go to market.

此外，就前者而言，市場現在就要求針對特定用例的人工智慧功能還為時過早。現在下結論還為時過早。然而，我們間接地看到，基礎設施組織堅持要求盡可能方便地存取由供應商提供的軟體創建或管理的資料。這樣他們就可以將其用於他們自己的人工智慧用途。是的。順便說一句，雖然這種方式更加間接，但他們意識到軟體供應商正在開發人工智慧功能，我們也清楚地看到，我們希望確保軟體供應商在開發人工智慧功能時，未經我們明確許可不得使用我們的數據，對嗎？這件事我現在非常在意。例如，這是我們討論的雲端受益者話題的一部分。我們重申對數據管理的承諾。我們明確表示，用戶的數據始終屬於用戶本人。是的，除非他們明確授權，否則我們不會用它來訓練我們自己的人工智慧。而這顯然是與其他供應商的不同之處，其他供應商可能在這方面不太明確。但總的來說，在人工智慧特定能力的需求方面，我們仍處於非常早期的階段。由於人工智慧技術仍處於非常早期的階段，因此我們認為目前沒有必要在定位這些人工智慧能力方面採取不同的市場推廣方法。回顧我們先前發布的 AI 功能，有時是現有應用程式的下一代產品，例如 OpenSite Plus 就是 OpenSite 的下一代產品。Substation Plus 是新一代變電所。就像我們之前提出的委員會立場一樣，開放了最初的開放站點解決方案，最初的替代解決方案，即使新的方案是人工智慧的一部分，我們也會繼續這樣做。此外，我們還將引入許多新的人工智慧功能，或將許多人工智慧功能引入現有應用程式中。所以情況一樣，沒有必要採取不同的市場推廣策略。

At centeriteix is different. Here, we've been very clear that we want to go both direct and indirect, right? So, I said, we are going after owner operators and the firms that serve them in order to position those capabilities but we definitely welcome all the organizations to take our capabilities and offer them as part of their own offering for asset monitoring, asset maintenance, asset management.

centeriteix 的情況有所不同。在這裡，我們已經非常明確地表示，我們希望同時採取直接和間接的方式，對吧？所以，我說，我們正在爭取業主經營者以及為他們服務的公司，以便推廣這些能力，但我們絕對歡迎所有組織採用我們的能力，並將其作為他們自己的資產監控、資產維護、資產管理服務的一部分。

Perfect. Thank You.

完美的。謝謝。

Thanks, Clark. The next question comes from Jay Vleeschhouwer from Griffin Securities.

謝謝你，克拉克。下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Thank you. Good morning.

謝謝。早安.

Nicholas, I'd like to ask about something we talked about at the conference three weeks ago in Amsterdam, having to do with your product development. Specifically, how have you evolved or how do you think you might still need to evolve your product development, management, or operations in light of all that you mean to do across the portfolio? Do you think that you can or should, for example, impress the time between beta and GA, something we talked about a few weeks ago. And in light of what Greg talked about earlier, with regard to your new consumption, model, how might those new techniques of consumables possibly tie back into your product development process or product release timing?

尼可拉斯，我想問我們三週前在阿姆斯特丹的會議上討論過的關於你的產品開發的問題。具體來說，考慮到您計劃在整個產品組合中進行的所有工作，您在產品開發、管理或營運方面已經發生了哪些變化，或者您認為您可能還需要在哪些方面進行改進？例如，您是否認為您可以或應該縮短 beta 版和 GA 版之間的時間？這是我們幾週前討論過的問題。鑑於 Greg 之前談到的內容，關於你們的新消費模式，這些新的消耗品技術可能如何與你們的產品開發流程或產品發佈時間連結起來？

Right. When it comes to our own, product development process, we got an earlier question, here on how much are we involving users, how much are we involving accounts, and we're very keen to continue to do that and do that even more, right? When, we release our software, we want to do it in a very iterative fashion.

正確的。就我們自己的產品開發流程而言，我們之前被問到，我們在多大程度上讓用戶參與，在多大程度上讓帳戶參與，我們非常渴望繼續這樣做，並且做得更多，對吧？當我們發佈軟體時，我們希望採用迭代的方式。

We don't have necessarily top-down target on you must go from early access data to limited ability in that time frame and you must go from limited ability to general ability in that time frame. It will really depend on, the feedback we're getting from representative users. Especially when it comes to very new capabilities. We're sometimes creating new, potentially, we're creating new markets, when it comes to asset netics, etc. We want to make sure that we get it right, before we just, we push too hard, right? So it's important for us that we keep, it is a very close feedback loop with representative users and we trade as often as necessary in order to get the software right and then ready to scale.

我們並沒有自上而下的目標，要求你必須在規定的時間內從早期獲取數據達到有限的能力，或者在規定的時間內從有限的能力達到一般的能力。這真的取決於我們從代表性用戶那裡得到的回饋。尤其是在涉及全新功能時。在資產網絡等領域，我們有時會創造新的市場，甚至可能創造新的市場。我們希望確保在用力過猛之前，一切都萬無一失，對吧？因此，對我們來說，保持與代表性用戶的緊密反饋循環非常重要，我們會根據需要經常進行交易，以使軟體正確並做好擴展的準備。

Yeah. And, now, we are embracing AI as well to improve our productivity. And I would say the majority of our developers now are working with AI tools every day, to be, more productive, whether it's for coding assistance or even generation of some parts of the code. For mundane and mundane functions, right? And we're quite pleased, right, to see the level of embrace by our developers, not necessarily top-bound, really coming from them to use AI capabilities. And it remains a very good analogy for how we're seeing AI playing out for infrastructure engineers, not AI replacing infrastructure engineers, but AI making infrastructure engineers more productive. AI being more of a co-parent, if you want. That's the name, by the way, of our own AI system.

是的。現在，我們也開始採用人工智慧來提高生產力。而且我認為，我們現在的大多數開發人員每天都在使用人工智慧工具，以提高工作效率，無論是用於編碼輔助還是產生部分程式碼。對於普通的功能來說，對吧？我們非常高興地看到，我們的開發人員（不一定是高層）對使用人工智慧功能表現出如此高的接受度。這仍然是一個很好的比喻，用來形容人工智慧如何應用於基礎設施工程師，不是人工智慧取代基礎設施工程師，而是人工智慧使基礎設施工程師更有效率。如果你願意的話，人工智慧更像是共同撫養孩子的人。順便一提，這也是我們自己的人工智慧系統的名字。

Jay, I'll say.

傑伊，我同意。

That you and I share a long background going back to when. Our desktop products were a platform.

你我之間有著很深的淵源，可以追溯到很久以前。我們的桌面產品是一個平台。

For specialized applications developed. Including by our accounts, and we had special teams that worked with the accounts, the developers within the accounts.

為專門開發的應用而開發。包括透過我們的帳戶，我們有專門的團隊與帳戶和帳戶內的開發人員合作。

To help support their Particularizing our existing applications for their own purposes, that's kind of gotten extinct by now. Individual organizations don't develop their own particular software for this, but what we saw in the AI surveys, and we saw in the going digital award submissions are a lot of investment by the Enterprises, the AEC firms, larger ones, in their own agent environment, and the APIs.

為了幫助他們實現自身目的而對我們現有應用程式進行特殊化改造，這種做法現在已經基本絕跡了。各個組織不會為此開發自己的特定軟體，但我們在人工智慧調查和數位化獎項申請中看到的是，企業、AEC 公司、大型企業在自己的代理環境和 API 方面投入了大量資金。

That we'll create because we have to move the engines to the cloud and open them up and so forth, will be another way of working with developers. The developers will turn out to be the developers in the large enterprises, and I can see that being a different kind of go to market.

我們將創建另一種與開發人員合作的方式，因為我們必須將引擎遷移到雲端並開放它們等等。最終，開發人員將成為大型企業的開發人員，我認為這將是一種不同的市場進入方式。

Incremental orthogonal. Approach for the future.

增量正交。面向未來的策略。

Echoing back to what we've done in the past, where we love our role as a platform. Provider especially.

回想起我們過去所做的一切，我們熱愛我們作為平台的角色。尤其是供應商。

Thank you.

謝謝。

Thanks, Jay.

謝謝你，傑伊。

Next question comes from Taylor McGinnis from UBS.

下一個問題來自瑞銀集團的泰勒麥金尼斯。

Yeah, hi, thanks so much, for taking my question. Maybe just on the financials. So if I adjust for the lapping of the acquisition, it still looks like net new ARR was down a bit year over year on a constant currency basis. So I know that you guys said that that was in line with expectations, but maybe you can just unpack the drivers behind that. And as we look into for you, I think to get to the upper end, Of your guys' guidance range, it implies a big step up in net new era. I know you mentioned M&A and, some of these asset analytics deals, potentially being needle moving there. So when you think about, the size of, M&A that you guys are contemplating or, how big some of these, asset analytics deals could be, could you just provide a little bit more color there? Thanks.

你好，非常感謝你回答我的問題。或許只是從財務角度來看。因此，即使考慮到收購的重疊效應，以固定匯率計算，淨新增 ARR 年比仍略有下降。我知道你們說過這符合預期，但或許可以分析背後的原因。而當我們為你調查時，我認為要達到你們指導範圍的上限，意味著進入了一個全新的時代，邁出了一大步。我知道你提到了併購，以及一些資產分析交易，這些交易可能會對市場產生重大影響。所以，當您考慮您正在考慮的併購規模，或這些資產分析交易的規模時，您能否再詳細說明一下？謝謝。

Maybe I'll jump. Well, okay. And I'll just jump in on asset analytics because you've heard me say we have such a big dependable flywheel, that they're. But the only thing that's volatile in what we do is the asset analytics business because we're looking at Landing 7.

或許我會跳下去。好吧。我再補充一點關於資產分析的內容，因為你們都聽我說過，我們擁有如此龐大可靠的飛輪，它們就是。但我們業務中唯一不穩定的是資產分析業務，因為我們正在關注 Landing 7。

And 8-figure deals, and they.

還有數額龐大的交易，他們。

It isn't yet. At critical mass.

還沒有。達到臨界質量。

I think you could say that we believe it will become so soon, but on the margin it does make these differences in which quarter those.

我認為可以說我們相信它很快就會發生，但從邊際效應來看，它確實會在哪些方面造成這些差異。

Deals fall. And of course, speaking of frame of reference.

交易失敗。當然，說到參考系。

Our business used to be like that back when the software business was an upfront licensed business and so forth, but for us it makes this difference on the margin, but the margin is what we're, is significant when we're comparing one quarter to another at the At the level of when was 10 10. 5, 10.9, and so forth. It it's to do with these acid analytics things.

以前軟體產業是預付許可模式的時候，我們的業務就是這樣，但對我們來說，這在利潤率上造成了影響，但利潤率對我們來說很重要，當我們比較一個季度和另一個季度時，例如 10、10.5、10.9 等等。這跟酸分析有關。

Yeah, may maybe I add like in, for asset analytics like Q2 and Q3 last year was particularly strong and the opportunities for bigger deals, more towards the end of the year, in 2025.

是的，我或許可以補充一點，例如去年第二季和第三季的資產分析表現特別強勁，而更大的交易機會將在年底或 2025 年出現。

And on the M&A side, so just to say like we don't need M&A to be within the Outlook range, for our ERR, there are a number of transactions that we are working on. We expect that we close at least one by the end of the year.

至於併購方面，也就是說，我們不需要併購活動來達到預期範圍，而對於我們的預期收益而言，我們正在進行一些交易。我們預計到年底前至少能完成一筆交易。

Over the last few years, our contribution to constant currency growth through M&A was between 40 and 70 basis points.

過去幾年，我們透過併購對以固定匯率計算的成長貢獻了 40 至 70 個基點。

And we do expect for this year that we are roughly within that range, again, and our Q3 year by year, our growth rate that we're showing is purely organic, so there's no benefit from M&A at all. So we're 10.5% purely organic and without China, it would be 11% purely organic.

我們預計今年的成長率大致會在這個範圍內，而且我們第三季同比來看，我們所顯示的成長率完全是內生成長，因此併購並沒有帶來任何好處。所以，我們的產品中有 10.5% 是純有機產品，如果排除中國市場，純有機產品的比例將達到 11%。

Thanks, Taylor.

謝謝你，泰勒。

Next question comes from CD Panagrati from Zua Capital.

下一個問題來自 Zua Capital 的 CD Panagrati。

Thanks for taking my question. I want to ask about macro. If you, think about last year, there was so much uncertainty, election going on, interest rate high. How do you view the macro now in this environment right now heading to 2026, and Werner, anything that we, any puts and text that we should think about 2026?

謝謝您回答我的問題。我想問一下關於宏的問題。想想去年，當時充滿了各種不確定因素，有選舉，利率也很高。您如何看待當前環境下的宏觀經濟情勢，展望2026年？ Werner，關於2026年，我們有什麼需要注意的地方或觀點嗎？

Well, I'll start on the macro. It remains robust, yeah. The backdrop is the same. The markets are strong. There's never been more demand for better, more resilient infrastructure around the world. The only exception we've talked about for a long time now is China. And then I mentioned in my prepared remarks briefly, Australia, in Australia, it's a bit of a crosswind. You have, less investments in the transportation infrastructure that we've seen in the past few years, but on the other hand, you have more investments going into mining.

好，我先從宏開始。是的，它依然很強勁。背景相同。市場行情強勁。全球對更好、更具韌性的基礎設施的需求從未如此迫切。我們長期以來一直在討論的唯一例外是中國。然後我在事先準備好的演講稿中簡要提到，澳大利亞，在澳大利亞，風向有點偏側。過去幾年，我們在交通基礎設施的投資有所減少，但另一方面，採礦業的投資卻增加。

Yeah. So as we get into, we look, starting to look into 2026, we are not expecting a change of the overall demand environment. We expect the demand environment overall to remain robust, yeah.

是的。因此，展望 2026 年，我們預期整體需求環境不會改變。是的，我們預期整體需求環境將保持強勁。

I'll say that a difference. From a year ago in the world.

我認為這是有區別的。一年前的世界。

If we step back is this notion Unfortunately that each country needs to be self-sufficient in its resources, and requires infrastructure investment and if you like, even some redundant infrastructure investment to do that. And then the other factor, for instance, the COP conference this year, the theme is on adaptation. And adaptation.

如果我們退後一步來看，就會發現這種觀點很不幸，那就是每個國家都需要在資源上自給自足，這就需要基礎設施投資，甚至需要一些冗餘的基礎設施投資才能做到這一點。另一個因素，例如今年的氣候變遷大會，主題是適應。以及適應能力。

As Part of resilience is the work of civil and structural and geotechnical engineers, and it's just understood we need to get on with that evermore. .

韌性建設的部分工作是土木工程師、結構工程師和岩土工程師的職責，我們理所當然地需要繼續進行這項工作。。

Those are changes that may be resulted from politics, but they end up, adding.

這些變化可能是由政治因素造成的，但最終卻帶來其他結果。

To the demand for the work of infrastructure engineers, and again, there aren't enough of them, without.

對基礎設施工程師的需求，以及基礎設施工程師數量不足的問題，都導致了這種情況。

Going digital.

邁向數位化。

Thanks.

謝謝。

Next question comes from Guy Hardwick from Barclays.

下一個問題來自巴克萊銀行的蓋伊·哈德威克。

Hi, good morning. Just a quick one for me. So last month there was speculated in the press of a merger between the #2 ENC firm globally and the #4 player globally. I was just wondering, consolidation amongst your larger E&C customers, what are the kind of positive and negative implications potentially for Bentley?

您好，早安。我只需要簡單回答一下。所以上個月有媒體猜測，全球排名第二的ENC公司和全球排名第四的公司可能會合併。我只是想知道，對於賓利而言，在你們的大型工程和建築客戶中進行整合，可能會產生哪些積極和消極的影響？

Well, some of that has taken place in the past and has not been to any disadvantage. The if we in other types of, if you like, design software, it might be R&D functions that would be consolidated. The way that our software is used by the engineering and construction firms is in their throughput.

嗯，有些事情過去確實發生過，而且並沒有造成任何不利影響。如果我們在其他類型的軟體（例如設計軟體）中，研發職能可能會被整合。我們的軟體在工程和建築公司的應用體現在其生產效率上。

Of production. It is the means of producing. Their product. It's their factory floor, if you like, and a combination.

生產方面。它是生產資料。他們的產品。如果你願意的話，可以把它看作是他們的生產車間，或者說是兩者的結合。

Makes them larger but need no less software and we sort of tend to be the choice for larger firms.

這使得它們規模更大，但所需的軟體數量卻絲毫不減，因此我們往往成為大型企業的首選。

The consolidation, I think, has ultimately benefited us because of the type of technical platform cooperation that we're salivating now to do with Expanding our APIs.

我認為，這種整合最終對我們有利，因為我們現在非常渴望透過擴展我們的 API 來進行技術平台合作。

For AI to have our analytics and simulation engines be available for the development to be to be used to provide the engineering precision and context and AI developments that the larger firms, as Nicholas pointed out, are more investing in. It's going back to, as I was saying with Jay, this notion of being technically shoulder to shoulder as well as commercially shoulder to shoulder. I think that benefits from consolidation.

為了讓人工智慧擁有我們的分析和模擬引擎，以便進行開發，從而提供工程精度和背景信息，以及人工智慧開發，正如尼古拉斯所指出的那樣，大型公司正在加大投資。正如我和傑伊剛才所說的，這又回到了技術上和商業上都要並肩作戰的概念。我認為這有利於整合。

Thank you. Given time constraints, this call's gone for an hour, so I'll leave anything else for follow-ups.

謝謝。由於時間有限，這次通話已經持續了一個小時，所以其他事情我會留待後續跟進。

Thank you.

謝謝。

Thanks. Yeah, the next question comes from Koji Akita from PFA.

謝謝。是的，下一個問題來自 PFA 的 Koji Akita。

Hey guys, thanks so much for taking the question. Listening to the call and the commentary, lots of commentary on external AI opportunities out there for Bentley. But I wanted to ask about an update on how you guys are internally using AI to drive productivity gains and sales, R&D, G&A, and longer-term, what could the internal use of AI mean for margin expansion for Bentley?

各位，非常感謝你們回答這個問題。聽了電話會議和評論，有很多關於賓利在外部人工智慧領域機會的評論。但我想了解貴公司在內部如何利用人工智慧來提高生產力、促進銷售、研發、一般及行政費用，以及從長遠來看，人工智慧在內部的應用對賓利利潤率擴張意味著什麼？

Thank you.

謝謝。

Yeah, thanks a lot for the question. I didn't touch on it when it comes to our own internal use of AI for product development, but, you're right, we're actually expanding our, the use of AI across business functions and we've seen some, quality improvements, in, lead nurturing, for example, or user support. Yeah. So we see AI definitely as a way of making our existing colleagues more productive.

是的，非常感謝你的提問。在我們內部使用人工智慧進行產品開發方面，我沒有提及這一點，但你說得對，我們實際上正在擴大人工智慧在各個業務職能中的應用，並且我們已經看到一些品質改進，例如在潛在客戶培養或用戶支援方面。是的。因此，我們認為人工智慧無疑是提高現有同事生產力的一種方式。

And therefore it will help, to increase both the top-line and the bottom line, that's our expectation going forward.

因此，這將有助於提高營收和利潤，這是我們對未來的期望。

Thanks. And our last question comes from Joshua Tilton from Wolf Research.

謝謝。最後一個問題來自 Wolf Research 的 Joshua Tilton。

Thank you guys for sneaking me in, can you hear me?

謝謝你們偷偷帶我進來，你們聽得到我說話嗎？

Yes I've been jumping around this morning, so I apologize if it's, been asked, but I think it's very important. Greg, you always stress how predictable this business is, and I think that's what people really love and enjoy about it, or at least it's one of the things I think they do. Last quarter, you had already told us that you expected this to be the low point of ARR growth, for the year. And I guess my question is, was that in line with your expectations, or did it Come in even below what you guys thought. And the reason I'm asking is because should we just view this as right down the fairway with your expectations and continue confidence into Q4, or did things maybe trend a little bit worse than you were expecting, even below that low point you kind of guided us to, last Quarter?

是的，我今天早上一直忙個不停，所以如果有人問過這個問題，我先道個歉，但我認為這非常重要。格雷格，你總是強調這個行業的可預測性，我認為這正是人們真正喜歡和享受它的原因，或者至少我認為這是他們喜歡它的原因之一。上個季度，您已經告訴我們，您預計這將是今年 ARR 成長的最低點。我想問的是，這個結果符合你們的預期嗎？還是比你們預想的還要低？我這麼問的原因是，我們應該把這看作是完全符合你的預期，並且繼續對第四季充滿信心嗎？還是說情況可能比你預期的要糟糕一些，甚至低於你上個季度引導我們達到的低點？

Well, I think it's the former but Werner, I think it's worth wrapping up with, a summary of the factors and how that's different for Q4.

嗯，我認為是前者，但沃納，我認為有必要總結這些因素以及它們與第四季度有何不同。

00, you're on mute can you just repeat the question, sorry.

00，您已靜音，請您重複問題好嗎？抱歉。

I was just asking, you told us that this was going to be the low point for the year, and I think, we're just trying to understand was that low point in line with your expectations, and we're just as confident as before as we were, 90 days ago when you told us this was going to be the low point, or was this low point worse than you were expecting, and then we should adjust your expectations for Q4?

我剛剛問的是，您之前告訴我們這將是今年的低谷，我們只是想了解一下，這個低谷是否符合您的預期。我們是否仍然像90天前您告訴我們這將是低谷時那樣充滿信心？或者這個低谷比您預期的還要糟糕？如果是這樣，我們是否應該調整您對第四季的預期？

Okay, understood. Sorry. So I think we are exactly where we expected to be for Q3.

好的，明白了。對不起。所以我認為我們第三季的業績完全符合預期。

It's clear that Q4 is a big water for us. Like most of the renewals are in Q4, or like not most of them, but a very significant amount of our annual contract renewals are in Q4.

很明顯，第四季度對我們來說至關重要。大部分續約都在第四季度進行，或者說，雖然不是大部分，但我們年度合約續約中有很大一部分都在第四季度進行。

We see the pipeline is as we expected it in our outlook, and we will focus on strong execution as we did here to date.

我們看到目前的進展符合預期，我們將繼續像以往一樣，專注於強而有力的執行。

And then we, as we said, like we have the opportunities within asset analytics and programmatic acquisitions that makes us confident that, Q3 will be the lowest point and we're going up to, from here, if you will. So, we feel the same as we felt like a quarter ago, so we are on target if you know.

然後，正如我們所說，我們在資產分析和程序化收購方面擁有機會，這讓我們相信，第三季將是最低點，我們將從這裡開始向上發展。所以，我們感覺和三個月前一樣，也就是說，我們正朝著目標前進。

I don't know whether you caught it, Joshua, but Werner quantified the year-to-date.

約書亞，我不知道你是否注意到了，但沃納已經對今年迄今為止的數據進行了量化。

Contribution from programmatic acquisitions in our year over year ARR growth is 0%.

程序化購買對我們年度經常性收入成長的貢獻為 0%。

This Year And it's generally 40 or 70 basis points, and we actually may wind up there because we can, we continue to strategically prioritize asset acquisition opportunities and the asset acquisition opportunities just to go back to that are the lumpy deals, and.

今年通常是 40 或 70 個基點，我們最終可能會達到這個水平，因為我們能夠繼續策略性地優先考慮資產收購機會，而資產收購機會，再說回這些，就是那些大宗交易。

Back when lumpy deals were part of our business, which has been a long time.

很久以前，大宗交易還是我們業務的一部分。

Ago, we remember they usually occur in Q4, and this year doesn't.

我們記得，它們通常發生在第四季度，但今年並非如此。

Seem different, even though as we got started with asset analytics last year, we had some big deals in Q2 and Q3. So again, it is a big reliable.

雖然我們去年開始進行資產分析，但在第二季和第三季達成了一些大交易，情況似乎有所不同。所以，它再次證明，它非常可靠。

Flywheel, but it has on the margin. These changes, and I'm grinning because I think those are the right things for us to be doing. Asset analytics.

飛輪，但它在邊際上。這些改變讓我很開心，因為我認為這些是我們應該做的正確事情。資產分析。

Is the ground floor of a huge opportunity that AI enabled. And even though.

這是人工智慧帶來的巨大機會的開端。即便如此。

It's going to be a bit of a nuisance.

這會有點麻煩。

It's a volatile nature. Ultimately, we'll spread it all out as we gain critical mass and escape velocity there, as I say, and I feel that's coming closer strategically.

它具有不穩定的性質。正如我所說，最終，當我們獲得臨界質量和逃逸速度時，我們會將其全部分散開來，而且我覺得從戰略上看，這一目標正在接近實現。

Makes sense, very helpful. Maybe just one last one before you kick me off. You guys had the year in infrastructure conference, lots coming out of it. We also had Autodesk University like a quarter ago, so, announcements across the industry, I guess, if there is one announcement that you think is going to be the most needle-moving for the business that investors should be paying attention to, like, what would you call out from the year in infrastructure conference?

很有道理，很有幫助。或許在你把我趕走之前，就再給我最後一個吧。你們今年在基礎建設大會上取得了巨大成功，成果豐碩。大約三個月前我們還舉辦了 Autodesk University，所以，考慮到整個行業都在發佈公告，我想，如果要說哪一項公告對業務影響最大，投資者應該關注，你會從年度基礎設施大會上重點提及什麼？

I would say, yeah, short-term, connect.

我會說，是的，短期聯繫。

Yeah, and it connect, yeah.

是的，而且它們可以連接。

You heard it, guys. Thank You very much.

你們都聽到了。非常感謝。

New foundation layer for ben Infrastructure cloud, bringing a lot of capabilities that used to be in the different enterprise systems that we brought together under the umbrella of Ben Infrastructure Cloud and basically where data, is being federated in order to be used for AI.

ben 基礎設施雲端的新基礎層，將以前分散在不同的企業系統中的許多功能整合到 ben 基礎設施雲之下，基本上是將資料聯合起來用於人工智慧。

Purposes and I would just say. Stepping back, a contrast among these announcements, you have.

目的，我只想說。退一步來看，這些公告之間存在著對比。

Other vendors out there whose products have always been. Separate, and there's been no way to get data from one to the other. Of course, AI models enable them to say, okay.

還有其他一些供應商，他們的產品一直都是如此。兩者是分開的，而且一直沒有辦法將資料從一方傳輸到另一方。當然，人工智慧模型使他們能夠說「好的」。

If you pay us now, we'll actually help you get data from one application to another.

如果您現在付費，我們將幫助您將資料從一個應用程式傳輸到另一個應用程式。

Or from our standpoint, it's all been Integrated a common schema, we're way ahead on that point. It's not a matter of monetization. It's a matter of improving the form factor to make it even easier to use and even easier to use.

或者從我們的角度來看，所有這些都已整合到一個通用模式中，在這方面我們遙遙領先。這不是盈利的問題。關鍵在於改進外形設計，使其更加易於使用。

With AI agents and API Consumption I'd say AI and.

有了人工智慧代理和API消費，我會說人工智慧和。

Put the P in the middle. That's how we want to be a platform vendor to fit that into our existing enterprise accounts. And that's, of course, a different go to market motion for AI for the SNB firms, but the.

把P放在中間。這就是我們希望成為的平台供應商，以便將其融入我們現有的企業客戶中。當然，這對瑞士央行旗下的公司來說，是人工智慧領域一種不同的市場推廣策略，但是…

The, what I Think Nicholas says that the connect is important because it brings this down to the level of every user, so that it's not, so that it's intuitive and immersive and geospatial and new, but the back end of how things are integrated together, we're not inventing now, we're.

我認為尼古拉斯所說的連結很重要，因為它將這種連結降低到每個使用者的層面，使其變得直觀、沉浸、具有地理空間性和新穎，但事物整合在一起的後端，我們現在不是在發明，而是在發明。

Leveraging now.

現在就利用它。

Thanks. That concludes our call today. We thank you for your interest and time in Bentley Systems. Feel, please feel free to reach out to investor relations with further questions and follow-up, and we look forward to updating you on our performance in coming quarters. Thanks a lot.

謝謝。今天的通話到此結束。感謝您對賓利系統的關注和時間。如有任何疑問或需要跟進，請隨時聯繫投資者關係部門，我們期待在接下來的幾個季度向您報告我們的業績。多謝。

Thanks. Cheers.

謝謝。乾杯。

Thank you.

謝謝。