Bentley Systems, Inc (BSY) 2026 Q1 法說會逐字稿

Good morning, and thank you for joining Bentley Systems Q1 2026 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 Cumins; and Chief Financial Officer, Werner Andre.

各位早安，感謝各位參加 Bentley Systems 2026 年第一季（Q1 2026）業績說明。我是 Eric Boyer，Bentley 的投資人關係主管。今天的網路直播中，我們有 Bentley Systems 的執行董事長 Greg Bentley；執行長 Nicholas Cumins；以及財務長 Werner Andre。

This webcast includes forward-looking statements made as of May 7, 2026, regarding the future results of operations and financial position, business strategy and plans and objectives for future operations of Bentley Systems Inc. All such statements made in or contained during this webcast other than statements of historical fact are forward-looking statements.

本次網路直播包含截至 2026 年 5 月 7 日所作之前瞻性陳述，內容涉及 Bentley Systems Inc. 未來的營運成果與財務狀況、業務策略與計畫，以及未來營運之目標與目的。除歷史事實陳述外，本次網路直播中所作或所包含之所有陳述均屬前瞻性陳述。

This webcast will be available for replay on Bentley Systems' Investor Relations website at investors.bentley.com on May 7, 2026. After our presentation, we'll conclude with Q&A.

本次網路直播將於 2026 年 5 月 7 日在 Bentley Systems 投資人關係網站 investors.bentley.com 提供重播。簡報結束後，我們將以問答作結。

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

接下來，讓我介紹 Bentley Systems 的執行董事長 Greg Bentley。

Thanks to each of you for your interest in BSY's '26 Q1. Nicholas will describe factors that contributed to commendable operating performance, favorably according as usual for BSY with our annual full year outlook. Werner will put this in the financial terms, which continue to differentiate BSY as leading among peers, both in the quality and in the measures most meaningful to shareholders of sustained profitability and cash flows. I will supplement their on-the-ground reporting with perspectives behind our characteristically even higher prioritized endeavors to benefit our future value, in particular through advancements, which make AI for us, more a seminal opportunity than a terminal threat.

感謝各位對 BSY 2026 年第一季的關注。Nicholas 將說明促成可圈可點營運表現的因素，並一如既往地有利於 BSY 的年度全年展望。Werner 會以財務角度加以闡述；這些表現持續使 BSY 在同業中脫穎而出，不僅在品質上領先，也在對股東最具意義的指標——持續獲利能力與現金流——方面領先。我將在他們第一線的報告之外，補充我們一貫更高優先順序、旨在提升未來價值的努力之觀點，特別是透過各項進展，使 AI 對我們而言更像是一個開創性的機會，而非終局性的威脅。

Last quarter, I enumerated some respects in which Bentley Systems prospects are rather uniquely enhanced and accelerated by AI. Our advantages, as summarized here, make the case that leadership in infrastructure AI is destined, given our experience and determination within Bentley Systems' grasp. Our long-established incumbency as the digital quartermaster for infrastructure engineering organizations substantive tooling is a differentiating and immediate advantage.

上季我列舉了 Bentley Systems 的前景在若干方面如何因 AI 而獲得相當獨特的強化與加速。我們的優勢（如下所述）足以證明：在基礎設施 AI 領域的領導地位，憑藉我們在 Bentley Systems 的經驗與決心，勢必將落入我們掌中。我們長期以來作為基礎設施工程組織之數位軍需官（digital quartermaster），提供關鍵工具的既有地位，是一項具差異化且立即可用的優勢。

Quantification of that pole position will be my focus today. In particular, our modeling and simulation applications have established the de facto standards for responsible and deterministic infrastructure engineering, and the stewardship for each account of their cumulative infrastructure engineering data in Bentley Infrastructure cloud, ProjectWise, SYNCHRO and AssetWise, positions them to leverage AI to compound value for themselves and for their own constituents at a steeper rate than ever.

今天我將聚焦於量化這一領先位置。尤其是，我們的建模與模擬應用已建立起負責任且具決定性（deterministic）的基礎設施工程之事實標準；而對每個客戶帳戶之累積基礎設施工程資料的管理——透過 Bentley Infrastructure Cloud、ProjectWise、SYNCHRO 與 AssetWise——使其得以運用 AI，以前所未有的更陡峭速度為自身及其利害關係人累積價值。

Beyond our existing consumption business models, AI is on the cusp of adding to our growth incrementally, agentic API consumption of our modeling and simulation functionality, especially for optimization of designs and, for instance, to intrinsically improve constructability. And our asset analytics initiative, spawned by AI and already exceeding $50 million in annual revenue run rate, is leading the way toward instant on digital twins to optimize operations and maintenance, commercialized through subscriptions denominated in consumption per asset.

除我們既有的消費型（consumption）商業模式之外，AI 正站在為我們增量帶來成長的門檻上：以代理式（agentic）API 消費我們的建模與模擬功能，特別用於設計最佳化，以及例如從本質上提升可施工性（constructability）。此外，我們由 AI 催生的資產分析（asset analytics）計畫，其年化營收動能（annual revenue run rate）已超過 5,000 萬美元，正引領邁向「即時啟用（instant on）」的數位孿生，以最佳化營運與維護，並透過以每項資產之消費量計價的訂閱方式商業化。

Imbued with all these factors and shaping our distinctive AI game plan, our business is anchored by stalwart enterprise accounts. Within infrastructure engineering, these enterprises are on the leading edge of adopting, acting upon and evolving individual proprietary AI initiatives which we are there to support, prioritize and enable. What will never change is that their business is our business, and their success is our success.

在上述各項因素的加持下，並形塑我們獨特的 AI 作戰計畫，我們的業務以穩健的企業級客戶為根基。在基礎設施工程領域，這些企業走在採用、落地並演進各自專有 AI 計畫的最前沿，而我們就在那裡提供支援、優先排序並賦能。永遠不變的是：他們的業務就是我們的業務，他們的成功就是我們的成功。

Underscoring this affinity, 45% of our revenue comes from 220 accounts, which each spend over $1 million per year with us. And almost two-thirds of our revenue comes from 824 accounts, which each spend over $250,000 per year with us, mostly, of course, through E365 consumption subscriptions, which include, in each case, a dedicated BSY technical success team positioned to nurture joint AI initiatives.

為了凸顯這種緊密連結，我們 45% 的營收來自 220 個帳戶，這些帳戶每年各自與我們的支出超過 100 萬美元。而我們將近三分之二的營收來自 824 個帳戶，這些帳戶每年各自與我們的支出超過 25 萬美元；其中多數當然是透過 E365 消費型訂閱，且每個帳戶皆配置一支專屬的 BSY 技術成功團隊，以培育雙方的 AI 聯合計畫。

To understand the extent to which our interests are aligned with rather than opposed to our accounts, let us drill down on project delivery firms, in particular, because engineering news record surveys and ranks them all, publishing individual revenue breakdowns that can help us understand their economics and our own penetration level and potential as digital quarter masters.

為了理解我們與客戶之間的利益在多大程度上是對齊而非對立，讓我們深入探討專案交付公司（project delivery firms），尤其是因為《Engineering News-Record》（ENR）會調查並排名它們，並公布各自的營收拆分，這有助於我們理解其經濟結構，以及我們作為數位軍需官的滲透程度與潛力。

From engineering news records, two lists ranking, respectively, domestic and international headquartered design firms, last published together a year ago, we compiled the composite ENR global top design firms ranked by their verified design billings. For 2025, these 639 global top design firms generated $280 billion of design billings. 25% of these design billings were generated by 25 Chinese organizations.

根據《Engineering News-Record》的資料，兩份分別排名以國內與國際為總部之設計公司的名單（上一次合併發布是在一年前），我們彙整出依其經核實之設計計費（design billings）排名的 ENR 全球頂尖設計公司綜合名單。2025 年，這 639 家全球頂尖設計公司合計創造 2,800 億美元的設計計費。其中 25% 的設計計費由 25 家中國組織所產生。

Unfortunately, because they're generally within state-owned entities, geopolitical tensions currently inhibit their accessibility for us. Thus, the top global design firms ex-China consists of 614 top firms generating design billings of $212 billion. Of these, 470 are BSY accounts, together accounting for $198 billion in design billings, 93% of the ex-China total. A considerable portion of those whom are not the BSY accounts are rather pure architecture firms.

不幸的是，由於它們通常隸屬國有實體，當前的地緣政治緊張局勢抑制了我們對其的可及性。因此，排除中國後的全球頂尖設計公司（top global design firms ex-China）由 614 家頂尖公司構成，合計產生 2,120 億美元的設計計費。其中有 470 家是 BSY 客戶，合計對應 1,980 億美元的設計計費，占排除中國後總額的 93%。未成為 BSY 客戶者中，相當一部分是較為純粹的建築事務所。

With our ARR across these BSY accounts totaling $414 million or about 28% of our overall ARR, top design firms are our largest constituency. Per million dollars of their design billings, they spent on average about $2,000 in BSY ARR. On average, each uses about four among BSY's top brands plus several other lesser brands.

我們在這些 BSY 客戶中的 ARR 合計為 4.14 億美元，約占我們整體 ARR 的 28%，因此頂尖設計公司是我們最大的客群。以其每 100 萬美元的設計計費計算，平均在 BSY 的 ARR 支出約為 2,000 美元。平均而言，每家約使用 BSY 四個主要品牌，另加數個較小品牌。

The top brand for these accounts, also now BSY's top brand, is ProjectWise, in use by 270 of the top firms, together generating $160 billion in design billings, representing 76% of the design billings of the ex-China top firms. In our coming quarter, we will describe joint AI initiatives with these firms to compound the reuse benefits from their Bentley Infrastructure cloud data platform.

這些客戶的首要品牌（同時也是 BSY 目前的第一大品牌）是 ProjectWise；在 270 家頂尖公司中使用，這些公司合計產生 1,600 億美元的設計計費，代表排除中國後頂尖公司設計計費的 76%。在我們接下來的季度，我們將說明與這些公司共同推動的 AI 計畫，以強化其 Bentley Infrastructure Cloud 資料平台所帶來的重複使用效益（reuse benefits）。

For now, I would like to quantifiably illustrate the aligned incentives for BSY and top design firms to work together on the incipient AI transformation of their business model. The key is that infrastructure engineering software isn't for these firms overhead or administration. It is a most necessary factor of production to enable, capture and deliver their substantive work. Along with attendant labor and associated computing, it's a cost of revenue.

現在，我想以可量化的方式說明：BSY 與頂尖設計公司攜手推動其業務模式初現端倪的 AI 轉型，雙方的誘因是如何一致的。關鍵在於：對這些公司而言，基礎設施工程軟體並非管理費用或行政間接成本（overhead or administration）。它是使其能夠完成、取得並交付其核心工作成果的必要生產要素。連同相關人力與運算資源，它屬於營收成本（cost of revenue）。

To assess the economics, let's consider a representative project with $1 million of design buildings. Triangulating variously, including from BSY's $2,000 average of spending per million dollars of design billings across the universe of all of our top firms accounts projects globally, I estimate that a representative million-dollar design project would consume about $10,000 of design software. Since margins for these firms now reach about 10%, the cost other than for design software, mostly for engineers labor, must then be $890,000.

為了評估其經濟性，讓我們考慮一個具代表性的專案，其設計計費為 100 萬美元。透過多方交叉推估（包括 BSY 在全球所有頂尖公司客戶專案中，每 100 萬美元設計計費平均支出 2,000 美元的數據），我估計一個 100 萬美元的代表性設計專案，約會消耗 10,000 美元的設計軟體成本。由於這些公司的利潤率目前約可達 10%，則除設計軟體之外的成本（主要為工程師人力）必須為 890,000 美元。

Now what could a top firm gain by theoretically investing to the detriment of its design software vendors to somehow reduce its design software spending, say, by 20%? For that putative inspiration and effort and distraction and risk and liability and investment, which thus couldn't afford to be much, their net profit margin would extensively grow from 10% to 10.2%.

那麼，若一家頂尖公司理論上選擇投資（且對其設計軟體供應商不利）以設法將設計軟體支出降低，例如降低 20%，它能獲得什麼？為了這種假設性的動機所需的努力、分心、風險、責任與投資（因此不可能太大），其淨利率也僅會從 10% 小幅提升到 10.2%。

But back to the drawing board, consider that investing instead in AI automation and agentic API consumption and computing, even if that say double the all-in design software cost, could save at least 20% of scarce engineering time as that is readily achievable with just agentic automation of drawings production.

但回到起點再想：若改為投資於 AI 自動化、代理式 API 消費與運算，即使使整體設計軟體的全包成本（all-in design software cost）增加一倍，也至少可節省 20% 的稀缺工程時間——僅透過圖面產出（drawings production）的代理式自動化，就很容易達到。

It seems logical to prefer reducing engineering labor because these top design firms compete with one another for a demographically shrinking talent pool of infrastructure engineers. And with near record backlogs, these resource constraints limit the new projects each firm can pursue, even though there's an abundance of infrastructure engineering work available.

偏好降低工程人力成本似乎更合乎邏輯，因為這些頂尖設計公司彼此競爭的，是一個在人口結構上持續縮小的基礎設施工程師人才庫。而在接近歷史高位的在手訂單（backlogs）之下，這些資源限制了各公司可承接的新專案數量，儘管市場上可供執行的基礎設施工程工作量相當充沛。

Unfortunately, with the prevalent hourly billing commercial model for infrastructure engineering, improved productivity would produce more output with the same staffing, but not more design billings. So one more simple change would be needed to make this fully worthwhile, transform the design billings commercial model for such projects to fixed pricing.

不幸的是，在基礎設施工程普遍採用按工時計費（hourly billing）的商業模式下，生產力提升會在相同人力配置下產出更多成果，但不會帶來更多設計計費。因此，還需要一個更簡單的改變，才能使其完全值得：將此類專案的設計計費商業模式轉為固定價格（fixed pricing）。

Now if I were an infrastructure owner-operator client, the only objection I can think of to fix pricing would be a concern that as a result, corners might be cut, alternatives might not be pursued and thus, engineering quality could be compromised. But now with API consumption enabling demonstrable agentic optimization, that concern can be overcome technically. And each human engineer, now augmented by busy agents and automation, remains daily in the loop, but delivering 20% more design billings on additional projects in the same time, yielding very worthwhile, AI-enhanced economics.

若我是基礎設施的業主—營運方客戶（owner-operator client），我能想到對固定價格的唯一反對理由，是擔心因此可能會偷工減料、不去探索替代方案，進而使工程品質受損。但如今透過 API 消費所帶來可被證明的代理式最佳化（demonstrable agentic optimization），這項疑慮可在技術上被克服。而每位人類工程師在忙碌的代理（agents）與自動化的增強下，仍每日保持在迴圈中（in the loop），但能在相同時間內於更多專案上交付多 20% 的設計計費，帶來非常可觀、由 AI 強化的經濟效益。

The top design firm enterprise by investing in proprietary AI agents to automate and leverage and to API consume trusted modeling and simulation functionality could now generate IP level margins of over 24% on the same engineering inputs. As the owner client gets better assured and more timely quality of designs at no higher cost, everyone wins, including the fully employed and probably gainfully incented engineer, not to mention the software and computing providers.

頂尖設計公司企業透過投資自有的 AI 代理（agents）來自動化與槓桿化，並以 API 方式消費可信賴的建模與模擬功能，如今在相同的工程投入下即可產生超過 24% 的智慧財產（IP）等級毛利率。當業主客戶在不增加成本的情況下，獲得更有保障且更即時的設計品質時，所有人都受益，包括完全就業且很可能獲得更有利激勵的工程師，更不用說軟體與運算供應商。

So while respecting confidentiality of our enterprise accounts individual AI plans and strategies, Nicholas will provide a brief update on our infrastructure AI program with accounts for such joint initiatives, among his other content.

因此，在尊重我們企業客戶各自 AI 計畫與策略的機密性前提下，Nicholas 將在其其他內容之中，針對我們的基礎設施 AI 計畫（包含此類聯合倡議的客戶合作）提供簡要更新。

So over to you, Nicholas. Thank you.

那就交給你了，Nicholas。謝謝。

Thank you, Greg. We began 2026 on a strong footing. Our Q1 performance demonstrates our ability to consistently execute against the backdrop of sustained global demand for better performing and more resilient infrastructure.

謝謝你，Greg。我們以穩健的態勢展開 2026 年。我們第一季的表現展現了我們在全球對更高效能、更具韌性的基礎設施之持續需求背景下，仍能一貫落實執行的能力。

Before going further, my thoughts are with our colleagues and users affected by the conflict in the Middle East. I am incredibly grateful for our team in the region. Their commitment to our users has been unwavering, and their dedication is inspiring.

在進一步說明之前，我的心與受中東衝突影響的同事與使用者同在。我對我們在該地區的團隊深感感激。他們對使用者的承諾始終如一，他們的投入令人敬佩。

Following up on Greg's remarks, I will start with an update on AI. We continue to execute on our AI initiatives across the portfolio, but I will focus on two recent highlights. First, on Bentley Asset Analytics. To take this business to the next level of scale, I am delighted to welcome Bryan Friehauf as our new General Manager. Bryan joins us from GE Vernova and was previously at Hitachi. He brings a wealth of experience in scaling enterprise software businesses in the operations and maintenance phase of the infrastructure life cycle.

延續 Greg 的談話，我將先更新 AI 進展。我們持續在整個產品組合推進 AI 計畫，但我會聚焦於近期兩項重點。第一，關於 Bentley Asset Analytics。為了將這項業務提升到下一個規模層級，我很高興歡迎 Bryan Friehauf 擔任我們的新任總經理。Bryan 來自 GE Vernova，先前也曾任職於日立（Hitachi）。他在基礎設施生命週期的營運與維護階段，擴展企業軟體業務方面擁有豐富經驗。

Second, on Bentley open applications. We have engaged with leading infrastructure organizations, both engineering services firms and owner operators, as part of the infrastructure AI initiative announced at the end of 2025. The feedback has been clear and consistent. There is strong demand for us to instrument our applications so they can power users on AI-driven workflows.

第二，關於 Bentley 開放式應用（open applications）。作為 2025 年底宣布的基礎設施 AI 倡議的一部分，我們已與領先的基礎設施組織展開合作，涵蓋工程服務公司與業主營運方。回饋清楚且一致：市場對我們為應用程式加裝「儀表化」（instrument），以便支援使用者在 AI 驅動工作流程上運作，有強勁需求。

Based on this strong feedback, we have prioritized the development of both APIs and MCP servers. In fact, we just released an MCP server for STAAD, our flagship product for structural analysis. To give you a sense of the potential, this allows an AI agent like Claude to interact directly with STAAD to optimize the structural design at machine speed. The ability to iterate on complex design trade-offs so quickly is transformative. Our next steps are to instrument other key applications and to validate the commercial model for this powerful new usage pattern. We look forward to sharing our progress.

基於這些強勁回饋，我們已優先投入 API 與 MCP 伺服器的開發。事實上，我們剛發布了 STAAD 的 MCP 伺服器；STAAD 是我們用於結構分析的旗艦產品。為了讓各位感受其潛力，這使得像 Claude 這樣的 AI 代理能以機器速度直接與 STAAD 互動，進而最佳化結構設計。能如此快速地反覆權衡複雜的設計取捨，具有顛覆性。我們接下來的步驟，是為其他關鍵應用程式進行儀表化，並驗證這種強大新使用型態的商業模式。我們期待與各位分享進展。

Now turning to our business highlights. Our year-over-year ARR growth for Q1 was 11.5%, in line with our expectations. Our net revenue retention rate remained strong at 109%, consistent with previous quarters and highlighting the stability and growth within our existing accounts. Our enterprise 365 commercial program continues to drive steady growth, both in terms of conversions as well as floor uplift and renewals, noting that Q1 is our smallest quarter for renewals.

接著談我們的業務亮點。我們第一季的 ARR 年增率為 11.5%，符合我們的預期。我們的淨營收留存率（net revenue retention rate）維持強勁在 109%，與前幾季一致，凸顯既有客戶帳戶內的穩定性與成長。我們的 Enterprise 365 商業方案持續帶動穩健成長，無論是轉換（conversions）、底盤抬升（floor uplift）或續約皆然；同時也要指出，第一季是我們續約規模最小的季度。

New logos contributed again, 300 basis points of ARR growth, primarily within the SMB segment. Through Virtuoso, our flagship commercial program for SMB accounts, we again added over 600 new logos in Q1. At the same time, our growth model is evolving, with an increasing contribution from cross-selling and upselling to existing Virtuoso accounts. While our renewal rate remains high, the sheer scale of the Virtuoso base creates a natural churn dollar amount to overcome each period. Our combination of new logos and existing account expansion allows us to continue to deliver strong net growth.

新客戶（new logos）再次貢獻了 ARR 成長的 300 個基點，主要來自 SMB（中小企業）區隔。透過 Virtuoso（我們針對 SMB 客戶的旗艦商業方案），我們在第一季再次新增超過 600 個新客戶。同時，我們的成長模式也在演進，來自對既有 Virtuoso 客戶交叉銷售與向上銷售的貢獻日益提高。雖然我們的續約率仍然很高，但 Virtuoso 客戶基礎的龐大規模，使得每期都會自然產生需要克服的流失金額（churn dollar amount）。我們結合新客戶與既有客戶擴張，讓我們得以持續交出強勁的淨成長。

Turning to our performance by infrastructure sector. Resources was the fastest-growing sector in total and across each geographic region. We expect another strong year for Seequent, bolstered by improving mining fundamentals. I will come back to how we plan to expand our addressable market even further into critical resources in a few minutes.

接著看各基礎設施產業別的表現。資源（Resources）是整體以及各地理區域中成長最快的產業別。我們預期 Seequent 今年仍將強勁，並受惠於礦業基本面改善。幾分鐘後我會再回到我們如何將可服務市場（addressable market）進一步擴展到關鍵資源（critical resources）。

Our largest sector, public works utilities, delivered a solid quarter, driven by robust global infrastructure investments. Power line system continues to benefit from increasing demand for grid resiliency and new power generation as well as international expansion. The adoption of SQL applications for the civil infrastructure also supported growth in that sector. Growth in the industrial sector continued to be solid, while commercial facilities remain relatively flat.

我們最大的產業別——公共工程與公用事業（public works utilities）——本季表現穩健，主要受全球基礎設施投資強勁所帶動。電力線路系統（Power line system）持續受惠於電網韌性需求提升、新增發電需求，以及國際擴張。土木基礎設施採用 SQL 應用程式也支撐了該產業別的成長。工業產業別的成長持續穩健，而商業設施則相對持平。

Turning to our tone of business by geographic region. In the Americas, our largest region, the US delivered solid growth, supported by stable public funding at both the federal and state levels for transportation, grid and water projects. Private investment was also robust, particularly in resources and AI-related data centers and power generation. Latin America delivered a standout quarter, with strong performance from Seequent and mining and from our increased focus on transportation in the region.

接著看各地理區域的業務氛圍（tone of business）。在我們最大的區域——美洲——美國交出穩健成長，受惠於聯邦與州層級對交通、電網與水務專案的公共資金維持穩定。民間投資同樣強勁，特別是在資源，以及與 AI 相關的資料中心與發電領域。拉丁美洲本季表現亮眼，Seequent 與礦業表現強勁，同時也受惠於我們在該區域對交通領域加大聚焦。

EMEA was our fastest-growing region in the quarter. This strong performance was achieved despite the conflict in the Middle East, which saw some project delays and a shift in consumption to all the regions. However, this was more than offset by strength elsewhere. In the UK, growth accelerated as major projects moved into the delivery phase just as we anticipated last quarter. We also saw robust growth in Africa, driven by increased spending in mining.

EMEA 是本季成長最快的區域。儘管中東衝突造成部分專案延遲，且使用量（consumption）轉移至其他區域，我們仍達成了這項強勁表現；而其他地區的強勢表現更是足以抵銷影響。在英國，隨著大型專案如同我們上季預期般進入交付階段，成長加速。我們也看到非洲在礦業支出增加的帶動下，呈現強勁成長。

Asia Pacific delivered solid growth, with India once again leading the way, and Australia showing improved momentum. While we continue to navigate persistent headwinds in China, which represents approximately 2% of ARR, the strength across the rest of the region more than compensates.

亞太地區交出穩健成長，印度再次領先，澳洲動能也有所改善。雖然我們仍在因應中國市場持續存在的逆風（其約占 ARR 的 2%），但區域內其他市場的強勁表現已綽綽有餘地彌補。

Now I would like to take a deeper dive into our resources sector. This is a part of our business that has become increasingly significant, and we believe it's important for you to appreciate its journey and its forward-looking potential.

接下來我想更深入談談我們的資源產業別。這已成為我們業務中愈發重要的一部分，我們認為各位理解其發展歷程與前瞻性潛力非常重要。

When we acquired Seequent almost five years ago, our primary objective was strategic, to integrate their best-in-class software for understanding the subsurface into the world of infrastructure. We knew that a misunderstanding of ground conditions is a primary cause of delays in risk in major infrastructure projects. As a byproduct of that strategic move, we also acquired a sizable and thriving business in the resources sector.

將近五年前我們收購 Seequent 時，首要目標是策略性的：把他們在理解地下（subsurface）方面的同級最佳（best-in-class）軟體整合到基礎設施領域。我們知道，對地質條件的誤判是重大基礎設施專案延誤與風險的主要原因之一。作為這項策略行動的副產品，我們也取得了資源產業別中一個規模可觀且蓬勃發展的業務。

I am pleased to report that the initial strategy has proven effective. Since the acquisition of Seequent, we have grown our subsurface ARR in civil infrastructure by a factor of 4, in part due to successful cross-selling into the existing Bentley accounts. The potential for further growth is significant, as engineering services firms adopt a ground informed design approach, bringing detailed ground investigation in as a foundational step before design begins, much like they already do for above-ground survey.

我很高興報告，最初的策略已證明有效。自收購 Seequent 以來，我們在土木基礎設施中的地下（subsurface）ARR 成長了 4 倍，部分來自成功對既有 Bentley 客戶進行交叉銷售。未來進一步成長的潛力可觀，因為工程服務公司正採用「地質資訊驅動設計」（ground informed design）的方法：在設計開始前，將更細緻的地質勘查作為基礎步驟導入，就如同他們對地表測量（above-ground survey）早已採行的做法。

At the same time, Seequent has continued its impressive growth in its core mining market. Seequent's growth rate in 2025 accelerated as the geopolitical climate and race to AI increased the focus on critical minerals. We expect these trends to continue in 2026, contributing to another standout year for Seequent.

同時，Seequent 也在其核心的礦業市場持續展現亮眼成長。Seequent 在 2025 年的成長率加速，因地緣政治局勢與 AI 競賽使關鍵礦物（critical minerals）受到更高關注。我們預期這些趨勢將在 2026 年延續，推動 Seequent 再創一個表現突出的年度。

However, it is important to note that Seequent has delivered strong growth even during the mining exploration slowdown starting early 2023, when production mining companies use our solutions to mine existing deposits more efficiently. But the potential of Seequent's resources extends beyond traditional mining. Seequent's technology is pivotal for other critical resources that are essential to the global economy and to society.

不過，需要強調的是，即使在 2023 年初開始的礦業勘探放緩期間，Seequent 仍交出強勁成長；當時生產型礦業公司使用我們的解決方案，以更有效率地開採既有礦藏。但 Seequent 在資源領域的潛力不僅限於傳統採礦。Seequent 的技術對其他攸關全球經濟與社會的關鍵資源同樣至關重要。

Take, for instance, new sources of energy. Seequent software is already instrumental in the operations of more than 60% of the world's high-temperature geothermal electricity generation. Now it's being applied to new enhanced geothermal systems by companies such as Fervo Energy, the winner at our 2025 Year in Infrastructure Awards. Their project Cape in Utah, for example, demonstrated how new drilling techniques and digital technologies are making geothermal power increasingly accessible and economically viable.

以新能源為例。Seequent 軟體已在全球超過 60% 的高溫地熱發電運作中扮演關鍵角色。如今，它也被應用於新的增強型地熱系統（enhanced geothermal systems），例如我們 2025 年基礎設施年度大獎（Year in Infrastructure Awards）的得主 Fervo Energy。以他們在猶他州的 Cape 專案為例，該專案展示了新的鑽井技術與數位技術如何讓地熱發電愈來愈普及且具經濟可行性。

Clean, renewable and consistent baseload energy is more critical now than ever as AI and data centers demand more power. And Seequent's impact extends to the most vital resource of all, water. Groundwater supplies about 50% of global domestic water and over 40% of irrigation water. Most of these resources are under stress due to overuse.

隨著 AI 與資料中心需要更多電力，潔淨、可再生且穩定的基載能源（baseload energy）比以往任何時候都更為關鍵。而 Seequent 的影響也延伸到最重要的資源——水。地下水供應約占全球生活用水的 50%，以及超過 40% 的灌溉用水。由於過度使用，這些資源多數正承受壓力。

Seequent software is used around the world by engineering consultancies to manage these resources, mapping aquifers from California to India, designing managed aquifer recharge facilities and constructing a digital framework for groundwater management models. So nearly five years since the acquisition of Seequent, resources have become our second largest sector, accounting for more than 20% of our sector attributable ARR, and it continues to be our fastest-growing sector.

Seequent 軟體在全球被工程顧問公司用於管理這些資源，從加州到印度進行含水層（aquifers）測繪，設計人工補注含水層（managed aquifer recharge）設施，並為地下水管理模型建構數位框架。因此，在收購 Seequent 近五年後，資源已成為我們第二大產業別，占我們按產業別歸因的 ARR 超過 20%，並且仍是我們成長最快的產業別。

In summary, it was a strong start to the year. We are executing well in a robust market, and we're excited about expanding our reach further within the resources sector.

總結來說，今年開局強勁。我們在穩健的市場中執行得很好，並且對於在資源產業進一步擴大我們的觸及範圍感到振奮。

Before handing off to Werner, a quick update on our event strategy. We are decoupling our YII awards from our user conference to create two distinct world-class events. Our year-end infrastructure event will now be exclusively focused on our global awards competition. We are keeping its intimate and celebratory format. And this year, it will be held in Singapore from October 6 to 7. Separately, we're launching a new large-scale user conference dedicated to product learning, best practices and community networking. The very first will take place in Toronto in April of 2027. We believe this new format will allow both events to thrive.

在交棒給 Werner 之前，先快速更新我們的活動策略。我們正將 YII 獎項與用戶大會拆分，打造兩個各自獨立、世界級的活動。我們的年終基礎設施活動現在將專注於全球獎項競賽。我們會保留其小而精緻、具慶祝氛圍的形式。而今年將於 10 月 6 日至 7 日在新加坡舉行。另一方面，我們將推出一個全新的大型用戶大會，專注於產品學習、最佳實務與社群交流。第一屆將於 2027 年 4 月在多倫多舉行。我們相信這種新形式將讓兩個活動都能蓬勃發展。

And now for a detailed review of our financial results, over to you, Werner.

接下來將對我們的財務結果進行詳細回顧，交給你了，Werner。

Thank you, Nicholas. We are pleased with our strong start to the year, which continues the momentum we built through 2025 and positions us well within our financial outlook for 2026. Total revenues for the first quarter were $424 million, growing 14.5% year-over-year and 11.9% in constant currency. Our growth continues to be driven by our mainstay subscription revenues, which represent 93% of total revenues and grew 14.7% for the quarter or 12.2% in constant currency. Our E365 and SMB initiatives continue to be solid contributors.

謝謝你，Nicholas。我們對今年強勁的開局感到滿意，這延續了我們在 2025 年建立的動能，並使我們在 2026 年的財務展望範圍內處於良好位置。第一季總營收為 4.24 億美元，年增 14.5%，以固定匯率計年增 11.9%。我們的成長持續由核心的訂閱營收所帶動，訂閱營收占總營收的 93%，本季成長 14.7%，以固定匯率計成長 12.2%。我們的 E365 與 SMB 計畫持續是穩健的貢獻來源。

In our smaller and less predictable revenue streams, perpetual license revenues decreased 18% in constant currency. Perpetual license sales remain a very small part of our business, and are, as always, the less controllable and less predictable component of our revenue mix. Service revenues increased 25.8% in constant currency, driven by long-weighted reacceleration in maximum related services from our cohesive business.

在較小且較不具可預測性的營收來源方面，以固定匯率計，永久授權營收下降 18%。永久授權銷售仍僅占我們業務的極小部分，且一如既往，是我們營收組合中較難掌控、較不具可預測性的部分。以固定匯率計，服務營收成長 25.8%，主要受我們整合型業務所帶動，最大化相關服務出現長期權重的再加速。

Last 12 months recurring revenues now stand at 1.440 billion, increased by 13.3% year-over-year or 11.5% in constant currency, and represent 93% of total revenues. Our last 12 months constant currency account retention rate remained consistent at 99%. Our constant currency net revenue retention rate remained at 109%, consistent with recent quarters. The combination of our high retention rates and new business momentum gives us confidence in the continued durability of our recurring revenue growth.

過去 12 個月的經常性營收目前為 14.40 億美元，年增 13.3%，以固定匯率計年增 11.5%，並占總營收的 93%。我們過去 12 個月以固定匯率計的帳戶留存率維持在 99%。以固定匯率計的淨營收留存率維持在 109%，與近幾季一致。高留存率與新業務動能的結合，使我們對經常性營收成長的持續韌性更具信心。

Now turning to ARR. We ended the first quarter with ARR of $1.495 billion at quarter end spot rates. On a constant currency basis, our year-over-year ARR growth rate was 11.5%. Our sequential quarterly growth rate was 2.5%, all organic and in line with our expectations for the quarter. We continue to expect our quarter-over-quarter ARR growth seasonality to be similar to 2025, and thus organic year-over-year ARR growth rates to be relatively stable during the year. Our GAAP operating income was $126 million for the first quarter. As I've discussed previously, our GAAP results can be impacted by deferred compensation plan revaluations and acquisition-related expenses.

接著談 ARR。我們在第一季季末的 ARR 為 14.95 億美元（以季末即期匯率計）。以固定匯率計，我們的 ARR 年增率為 11.5%。本季 ARR 的季增率為 2.5%，全部為有機成長，且符合我們對本季的預期。我們仍預期 ARR 的季對季成長季節性將與 2025 年相近，因此全年有機 ARR 年增率將相對穩定。我們第一季 GAAP 營業利益為 1.26 億美元。如我先前所述，我們的 GAAP 結果可能會受到遞延補償計畫重估以及併購相關費用的影響。

Moving to our primary profitability measure, adjusted operating income less operating stock-based compensation or AOI less operating SBC. As we announced with our 2026 outlook, this is the first quarter we are applying this refined metric. This change aligns the treatment of cash settled and equity settled acquisition-related stay bonuses, removing M&A-related volatility from this key operational metric.

接著看我們主要的獲利衡量指標：調整後營業利益扣除營業用股票基礎給付（AOI less operating SBC）。如同我們在 2026 年展望中所宣布，這是我們首次在本季採用此一精煉後的指標。此變更使以現金結算與以股權結算的併購相關留任獎金在處理方式上更一致，從而移除這項關鍵營運指標中的併購（M&A）相關波動。

AOI less operating SBC was $141 million for the quarter, with a margin of 33.2%. This quarterly margin performance was in line with our expectations, positioning us well to deliver on our annual margin improvement. As a reminder, we plan to invest earlier this year, resulting in operating expenses being more weighted towards the first half compared to 2025.

本季 AOI less operating SBC 為 1.41 億美元，利潤率為 33.2%。本季利潤率表現符合我們的預期，使我們處於有利位置以達成全年利潤率改善目標。提醒一下，我們計畫在今年較早期加大投資，因此相較於 2025 年，營業費用將更偏重於上半年。

Our free cash flow for the quarter was $188 million. This result was in line with our expectations and reflects two key factors we signaled on our last earnings call. First, our 2025 free cash flow benefited from exceptionally strong collections at year-end. This created a timing benefit in 2025, which, as anticipated, resulted in a tougher year-over-year comparison for the first quarter.

本季自由現金流為 1.88 億美元。此結果符合我們的預期，並反映我們在上次財報電話會議中提示的兩個關鍵因素。第一，2025 年的自由現金流受惠於年末異常強勁的收款，這在 2025 年形成了時間點上的利多，而如預期般，導致第一季的年對年比較更具挑戰。

Second, the plan for operating expenses to be relatively more weighted towards the first half this year is reflected in comparison to 2025 for both profitability and cash flows. Looking beyond quarterly timing fluctuations on a last 12 months basis, free cash flow of $492 million was up 13%, and we remain on track to meet our full year free cash flow outlook of $500 million to $570 million.

第二，今年營業費用相對更偏重於上半年之計畫，也反映在相較 2025 年的獲利與現金流比較上。若排除季度時間點波動、以過去 12 個月口徑來看，自由現金流 4.92 億美元年增 13%，我們仍按計畫達成全年自由現金流展望 5.00 億至 5.70 億美元。

We continue to execute a disciplined and balanced approach to capital allocation. During the quarter, we repaid, at maturity, the outstanding balance of $678 million of our 2026 convertible notes, utilizing borrowings under our credit facility and cash on hand. The retirement reduced our fully diluted share count by approximately 10.6 million or 3%. In total, our net debt decreased by $134 million in the quarter. We also returned capital to shareholders, deploying $54 million for share repurchases and $21 million for dividends.

我們持續以審慎且均衡的方式執行資本配置。本季我們在到期時償還了 2026 年可轉換公司債未償餘額 6.78 億美元，資金來源為我們信貸額度下的借款以及手上現金。此次清償使我們的完全稀釋後股數約減少 1,060 萬股，約 3%。整體而言，我們本季淨負債減少 1.34 億美元。我們也回饋股東，投入 5,400 萬美元進行庫藏股回購，以及 2,100 萬美元發放股利。

Our balance sheet provides significant strategic flexibility. At quarter end, capacity under our credit facility was $756 million, and we reduced our net debt leverage during the quarter from 2.1 to 1.9 times adjusted EBITDA. Subsequent to quarter end, we closed on a new $550 million term loan A under the accordion feature of our credit facility.

我們的資產負債表提供顯著的策略彈性。季末時，我們在信貸額度下的可用額度為 7.56 億美元，且本季將淨負債槓桿倍數由調整後 EBITDA 的 2.1 倍降至 1.9 倍。於季末之後，我們透過信貸額度的增額（accordion）機制完成新增 5.50 億美元的 A 期定期貸款。

This transaction was completed at attractive terms and used to repay outstanding borrowings under our revolver and lowering our interest cost. With the term loan in place, total borrowing capacity under our credit facility increased to $1.850 billion. This provides ample capacity to support our strategic priorities, positioning us well ahead of the 2027 notes maturity, while also funding potential programmatic acquisitions, ongoing share repurchases and dividends.

此交易以具吸引力的條件完成，並用於償還循環信貸（revolver）下的未償借款，進而降低我們的利息成本。隨著定期貸款到位，我們信貸額度下的總借款能力提升至 18.50 億美元。這為支持我們的策略優先事項提供充足額度，使我們在 2027 年票據到期之前就已處於有利位置，同時也能為潛在的計畫性併購、持續的庫藏股回購與股利提供資金。

We continue to actively manage our interest rate exposure. Our safeguards include a low fixed coupon on our remaining convertible notes and our $200 million interest rate swap expiring in 2030. And finally, we remain comfortable with our 2026 financial outlook range that we provided just over two months ago on our Q4 call.

我們持續積極管理利率曝險。我們的防護措施包括：剩餘可轉換公司債的低固定票息，以及一筆 2.00 億美元、於 2030 年到期的利率交換。最後，我們仍對兩個多月前在第四季電話會議中提供的 2026 年財務展望區間感到安心。

With regards to foreign exchange rates, for the first quarter, the US dollar has strengthened, slightly relative to the exchange rates assumed in our 2026 annual financial outlook, resulting in approximately $2 million less revenues from currency changes. If end of April exchange rates would prevail throughout the remainder of the year, our Q2 to Q4 GAAP revenues would be negatively impacted by approximately $3 million, relative to the exchange rates assumed in our 2026 financial outlook.

就外匯匯率而言，第一季美元相較於我們在 2026 年年度財務展望中所假設的匯率略為走強，導致因匯率變動而使營收約少 200 萬美元。若 4 月底的匯率在今年剩餘期間維持不變，則相較於我們在 2026 年財務展望中所假設的匯率，我們第二季至第四季的 GAAP 營收將約受到 300 萬美元的負面影響。

And with that, over to Eric for Q&A. Thank you.

接下來交給 Eric 進行問答。謝謝。

Thanks, Werner. Before we begin, just as a reminder, please limit yourselves to one question so we can get to everybody today.

謝謝，Werner。在開始之前提醒一下，請各位每人限制一個問題，這樣我們今天才能讓每位都能提問。

Joe Vruwink, Robert Baird.

Joe Vruwink，Robert Baird。

Hi. Great. Thanks for taking my question. I guess, Greg, the example you shared is interesting. I think the prospect of supporting $200,000 more in revenue by spending $10,000 on software is something all of your customers would gladly entertain. What do you think about in terms of Bentley's product efforts in terms of bringing that proposition closer to reality? What still needs to be done? And what sort of deliverables do you need to demonstrate to your customers so that they believe and give you the buy-in?

嗨，很好。謝謝讓我提問。我想，Greg，你分享的例子很有意思。我認為，花 1 萬美元買軟體就能多支撐 20 萬美元的營收，這樣的前景是你們所有客戶都會樂於考慮的。就 Bentley 的產品推進而言，你們如何思考把這個主張更接近現實？還有哪些事情需要完成？以及你們需要向客戶展示哪些交付成果，才能讓他們相信並給予你們支持？

Well, I think the path to that, foreseeably, is the API consumption, the notion that agents spun up by the engineers can do more iterations in the same time, not only will deliver a better quality of design, but the engineering firms will be able to substantiate that to the owner operators to accelerate this transformation to fixed pricing.

嗯，我認為通往那一步的路徑，在可預見的未來，是 API 的使用——也就是由工程師啟動的代理（agents）能在相同時間內做更多次迭代；這不僅會帶來更高品質的設計，工程公司也將能向業主／營運方提出佐證，從而加速向固定定價的轉型。

The -- what's really great about that prospect for us is the -- the more of that engineering firms and owner operators are excited about and ready to act on this transformation to a new commercial model. That's all good for our prospects. It's where everyone wins, as I say. It can't be doubted that this will happen with the AI inflection as it is happening in every other service industry, engineering is one of those. But it's been slow until now, and this notion of optimization that literally is in front of us at the moment is going to speed it up, I think.

對我們來說，這個前景真正很棒之處在於——越多工程公司與業主／營運方對這種轉型到新商業模式感到興奮並準備採取行動，對我們的前景就越有利。正如我所說，這是大家都贏的局面。毫無疑問，隨著 AI 的拐點到來——就像在其他所有服務產業正在發生的一樣——工程業也是其中之一，這一定會發生。但到目前為止進展一直很慢，而此刻就在我們眼前的這種「最佳化」概念，我認為將會加速這個進程。

Thank you.

謝謝。

Matt Hedberg, RBC.

RBC 的 Matt Hedberg。

Hey. Great. Thanks for taking my questions, guys. Good start to the year. When we look at your business, you guys all highlighted a number of, I think, really interesting company-specific catalysts that seem to be moving in your favor this year. And to us, when we sit back and look at, it seems to present an opportunity that could push constant currency ARR towards that higher end of the range this year and perhaps accelerate versus last year. I guess when I sit back and think about all these opportunities, if you were to highlight the one or two things that you're like, these are the most important things that could deliver those results, what would they be? Because it seems like there's a lot of opportunity here for you guys.

嗨。很好。謝謝各位回答我的問題。今年開局不錯。當我們看你們的業務時，你們都強調了幾個我認為非常有意思、公司特有的催化劑，似乎今年正朝著有利於你們的方向發展。對我們來說，當我們退一步來看，這似乎帶來一個機會，可能把固定匯率 ARR 推向今年區間的較高端，甚至相較去年加速。我想，當我回頭思考所有這些機會時，如果要你們點出一到兩件你們覺得『這些是最重要、能帶來那些結果的事情』，會是什麼？因為看起來你們這邊有很多機會。

Well, I think you're characterizing it exactly the right way, Matt. There's a lot going on that is very positive for the company. We benefit from very strong tailwinds here in both infrastructure and in resources, and as I highlighted during the prepared remarks.

Matt，我想你描述得完全正確。公司這邊有很多非常正面的進展。我們在基礎設施與資源兩個領域都受惠於非常強勁的順風，正如我在事先準備的發言中所強調的。

So for us to get to the, let's say, higher part of the range, we would need both resources and mining, in particular, to continue to go strong throughout the year. And right now, everything is signaling that this is trending well. We need Bentley asset analytics to continue to grow strongly throughout the year. We need, of course, the core business infrastructure to continue to go well and then probably in order programmatic acquisition. So if you have all of that lighting up, then yes, we're talking about the higher part of the range.

所以對我們而言，要達到——比方說——區間的較高端，我們需要資源，尤其是採礦，在全年持續強勁。就目前而言，各項訊號都顯示這個趨勢良好。我們需要 Bentley Asset Analytics 在全年持續強勁成長。我們當然也需要核心的基礎設施業務持續表現良好，然後可能還需要有序的程式化併購。因此，如果這些都同時點亮，那麼是的，我們談的就是區間的較高端。

Thanks a lot, guys. Best of luck.

非常感謝各位。祝你們好運。

Jason Celino, KeyBanc.

KeyBanc 的 Jason Celino。

Great. This actually goes back to Joe's question. There's growing debate among the investment community on whether to charge or not charge for access to data. It seems like Bentley is one of the only software platforms trying to monetize this way through API consumption. And frankly, might be the preferred way investors may want to see it. But do you foresee any risks from like a customer perspective on charging this way since other horizontal software companies have decided to be more open and not necessarily charge for it? Nicholas, the STAAD MCP server that you talked about, are there other MCP servers that you might going to stand up? Thank you.

很好。這其實回到 Joe 的問題。投資界對於是否要對資料存取收費的辯論愈來愈多。看起來 Bentley 是少數嘗試透過 API 使用量來變現的軟體平台之一。坦白說，這可能也是投資人更希望看到的方式。但從客戶角度來看，鑑於其他橫向軟體公司選擇更開放、未必收費，你們是否預見以這種方式收費會有任何風險？Nicholas，你提到的 STAAD MCP 伺服器，還有其他你們可能會建立的 MCP 伺服器嗎？謝謝。

Definitely. Right, so maybe a point of clarification first. When we're talking about API consumption, we're talking about an indirect usage to our engineering applications. So as opposed to having a user directly interacting with the applications, we have an AI agent that is directly interacting with the application. Now there's still a user behind the AI agent, but the AI agent, which is now being able to do with the application level of optimization, which was simply not possible for an engineer on its own, okay?

當然。對，所以也許先澄清一點。當我們談 API 使用量時，我們指的是對我們工程應用程式的間接使用。也就是說，不是由使用者直接與應用程式互動，而是由 AI 代理（agent）直接與應用程式互動。當然 AI 代理背後仍然有使用者，但 AI 代理現在能在應用程式層級進行最佳化，這是工程師單靠自己根本做不到的，好嗎？

Then we have Bentley Infrastructure Cloud, where the data actually resides. And here, indeed, we're not monetizing the access to that data because that data belongs to the infrastructure organization that are entrusting us with that data as part of the platform, right? So those are two different things.

接著我們有 Bentley Infrastructure Cloud，資料實際上存放在那裡。而在這裡，確實我們不會把對該資料的存取拿來變現，因為那些資料屬於把資料託付給我們、作為平台一部分的基礎設施組織，對吧？所以這是兩件不同的事。

The ability to leverage AI to optimize designs or even generate parts of the design is just a fantastic value proposition. Clearly, our user base pricing right now, whether we're talking about attended consumption as part of E365 or annual subscription with Virtuoso is not going to capture the full value that is going to be created, right? So we're discussing with the representative accounts who are involved in our co-innovation initiative called infrastructure AI.

運用 AI 來最佳化設計，甚至生成部分設計，是非常棒的價值主張。很明顯，我們目前的使用者定價——不論是作為 E365 一部分的有人值守（attended）用量計費，或是搭配 Virtuoso 的年度訂閱——都無法捕捉將要被創造出的全部價值，對吧？因此我們正在與參與我們共同創新計畫（co-innovation initiative）「infrastructure AI」的代表性客戶討論。

We're talking about a different commercial approach where we'll be in a API consumption-based pricing, maybe token-based because that seems to be the common denominator across different AI tools. But that's really for the engineering applications. For Bentley Infrastructure Cloud, at least in the foreseeable future, the pricing is indeed user based, either user-based consumption, attended consumption or annual subscriptions.

我們在討論一種不同的商業模式，會採用以 API 使用量為基礎的定價，可能是以 token 計價，因為那似乎是各種 AI 工具之間的共同分母。但那主要是針對工程應用程式。至於 Bentley Infrastructure Cloud，至少在可預見的未來，定價確實仍以使用者為基礎，不論是以使用者為基礎的用量計費、有人值守用量計費或年度訂閱。

And may I make clear that today, we only monetize attended consumption. Our strategy is to introduce and increase the API consumption and give users and accounts a chance to explore the potential of that and learn in the process what it cost us, what it could cost them and what the benefits and values are so that we can arrive at an appropriate monetization approach to that, which we are open-minded about for now.

另外我想說清楚，今天我們只對有人值守用量計費進行變現。我們的策略是導入並提高 API 使用量，讓使用者與客戶有機會探索其潛力，並在過程中了解它對我們的成本、對他們可能的成本，以及其效益與價值，如此我們才能形成一個合適的變現方式；目前我們對此仍保持開放態度。

Thank you.

謝謝。

Siti Panigrahi, Mizuho.

Mizuho 的 Siti Panigrahi。

Great. Thank you. Just following up that AI part, Greg, you laid out really a compelling case for AI within your customer base. Wondering what sort of feedback have you got from your customer? And how should we think about the TAM expansion for Bentley or even the ARPU uplift potential as AI drives even deeper multiproduct adoption, maybe it's not near term, but how should we think about ARPU and TAM expansion?

很好，謝謝。延續剛才 AI 的部分，Greg，你為 AI 在你們客戶群中的應用提出了非常有說服力的論點。我想了解你們從客戶那邊收到什麼樣的回饋？以及我們應該如何看待 AI 推動更深度的多產品採用時，Bentley 的 TAM 擴張，甚至 ARPU 提升的潛力？也許不是短期，但我們應該如何思考 ARPU 與 TAM 的擴張？

And in the same context, Werner, how are you looking about the margin and even there is a incremental engineering and computing cost implication as in Bentley start focusing on building AI products. How should we think about the investment intensity over next 12 to 18 months?

同樣在這個脈絡下，Werner，你如何看待毛利率？另外，隨著 Bentley 開始聚焦打造 AI 產品，是否會帶來額外的工程與運算成本影響？未來 12 到 18 個月我們應該如何看待投資強度？

I'm going to ask Nicholas to speak about the account reaction. But I may just say a particular multi-product scenario that has me excited is during design to be able to have an agent using SYNCHRO to explore the constructability of what's being designed while it's being designed. This doesn't imply that the design firms that we talked about will be doing the construction necessarily.

我會請 Nicholas 談談客戶的反應。不過我先說一個讓我很興奮的多產品情境：在設計過程中，能有一個代理使用 SYNCHRO，在設計正在進行的同時探索其可施工性（constructability）。這並不意味著我們提到的那些設計公司就一定會去做施工。

Someone will be doing a construction subsequent to their involvement, but they'll be able to say to the owner operator, we're going to be able to give you a design where we already know the economics of construction. We've simulated that in the course of our design. It's just an example of something not even conceivable now that AI will introduce through API consumption.

在他們參與之後，會有其他人負責施工，但他們將能對業主／營運方說：我們可以提供一個設計，而我們已經知道施工的經濟性；我們在設計過程中就已經把它模擬過了。這只是個例子，說明 AI 透過 API 使用量將引入一些現在甚至無法想像的能力。

But Nicholas, perhaps you can speak to the reaction of accounts to the prospects for this instrumentation.

不過 Nicholas，也許你可以談談客戶對這種工具化（instrumentation）前景的反應。

After that, and then I'll also get to the TAM question. So the reaction of our accounts is really validating the opportunity for this indirect usage of our applications. Now we do see a difference here between the very large infrastructure organization, in particular, the very large engineering services firms and all the others. The very large ones, by the way, exactly like it was shared with the AC adviser CEO survey of 2025, the very large ones are the ones who are really investing in their own AI-driven workflows.

之後我也會回到 TAM 的問題。所以，客戶的反應確實在驗證我們應用程式這種間接使用的機會。現在我們確實看到非常大型的基礎設施組織——尤其是非常大型的工程服務公司——與其他客戶之間存在差異。順帶一提，正如 2025 年 AC adviser CEO 調查所分享的，非常大型的那些正是最積極投資自家 AI 驅動工作流程的。

They are the ones who are exploring with us how exactly they will start to use our applications indirectly through AI, right? Now all of the infra organizations we talk to, all of them, whether they're big or small, are welcoming that we deliver our own AI capabilities as part of our products, right?

他們正在與我們一起探索，究竟要如何開始透過 AI 以間接方式使用我們的應用程式，對吧？而我們接觸到的所有基礎設施組織，不論大或小，都樂見我們把自家的 AI 能力作為產品的一部分交付給他們，對吧？

Now back to the very large one, these are still very early days. And as we commented actually last quarter, we're much more in the mode of exploring and validating and then confirming for example, that yes, an MCP server for STAAD makes a lot of sense, and then an MCP serve for another application, another application. And we're very focused on adoption as well. The monetization will come next. Where we are doing monetization right now with AI is really through a different offering, which is Bentley Asset Analytics, which we can talk again in a moment.

再回到非常大型的那些客戶，這些都還在非常早期的階段。而且如同我們其實在上季所評論的，我們目前更處於探索、驗證，然後確認的模式——例如確認：是的，為 STAAD 建立一個 MCP 伺服器很有意義，接著再為另一個應用程式、再另一個應用程式建立 MCP 伺服器。我們也非常專注在採用（adoption）。變現會在下一步。目前我們在 AI 上的變現，主要是透過另一個不同的產品，也就是 Bentley Asset Analytics，我們等一下也可以再談。

But now back to your question about the TAM, I think it's a great question because the time that we shared at the moment of our IPO when we became public, was all based on the number of engineers. And effectively, if we're talking about indirect usage of our applications through APIs, we are somewhat removing that natural cap of how many engineers are out there, and how much can they consume within a given day in terms of applications for Bentley? So we're very excited about that as a long -- let's say, longer-term growth opportunity for us to actually expand our TAM by having indirect users of application through AI.

但回到你關於 TAM 的問題，我覺得這是個很好的問題。因為我們在 IPO、成為上市公司時所分享的 TAM，完全是以工程師的人數為基礎。實際上，如果我們談的是透過 API、由 AI 來間接使用我們的應用程式，我們某種程度上是在移除那個自然上限：也就是外面有多少工程師，以及他們在一天之內能消耗多少 Bentley 的應用程式使用量。因此我們對此非常興奮，將其視為一個長期——更準確說是較長期——的成長機會：透過 AI 帶來的應用程式間接使用者，來擴大我們的 TAM。

And Werner?

Werner？

Yeah, maybe on the margin. So I think as Nicholas said, it's early days. It's completely immaterial as of now. But I could say that gross margins will be impacted, but it's likely, and this has to be considered then in the monetization of the products.

是的，談一下毛利率。我想如 Nicholas 所說，這還在早期階段，目前完全不具重要性（immaterial）。但我可以說，毛利率會受到影響，不過這很可能——而且屆時必須在產品的變現方式中一併考量。

Thanks.

謝謝。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Hey, everybody. Appreciate it. Maybe Greg or Nicholas here, I think the shift to outcomes obviously makes sense and kind of your ability to facilitate that efficiency gain, I think, is abundantly clear. But I was maybe wondering on the importance of kind of your services or in the direct customer relationships you have from a go-to-market perspective and how you can kind of help those customers bridge that gap from a change management perspective and kind of help maybe accelerate that push in the economic delivery model, if that makes sense.

嗨，各位。感謝。也許請 Greg 或 Nicholas 回答。我認為轉向以成果為導向顯然是合理的，而你們促成那種效率提升的能力，我覺得也非常清楚。不過我想問的是，從 go-to-market 的角度來看，你們的服務或你們與客戶之間的直接關係有多重要？以及你們如何能在變革管理的層面協助這些客戶彌補落差，並在經濟交付模式的推進上加速一些，如果這樣說得通的話。

One thing that I'll remark upon is that our dedicated teams in E365 over the past year or 18 months have discovered a new productive way to help our accounts. It's by helping them pursue new business -- it's helping join their pursuit teams to bring new ideas to owner operators. And I hope that will include, as we implement the optimization approaches, how that gets sold and communicated among things to enable fixed price, which is the beginning of that outcome-based contracting.

我想補充的一點是，過去 12 到 18 個月，我們在 E365 的專責團隊發現了一種新的、更具生產力的方式來協助我們的客戶。也就是協助他們開拓新業務——加入他們的投標／爭取團隊，向業主營運方帶來新的想法。我希望，當我們導入最佳化方法時，也能涵蓋這些方法如何被銷售與溝通等事項，以促成固定價格（fixed price），而那正是以成果為基礎合約的起點。

Yeah. At the end of the day, when it comes to the commercial model of the engineering business firms we serve, this is very much to be decided between them and their clients. And then depending on the industry, it will vary quite a lot. Some of them have already embraced fixed base pricing, others are still in time and material.

是的。歸根結底，談到我們所服務的工程公司之商業模式時，這很大程度上要由他們與其客戶之間來決定。而且依產業不同，差異會很大。有些已經採用固定基礎定價（fixed base pricing），另一些仍採工時與材料（time and material）。

The -- what we can do, besides, of course, demonstrating the part of AI and how it changes the whole value proposition. Besides that, we have a lot of high-level advocacy efforts that we're doing with governments, with the financial sector as well, with the clients. Some of them are through our infrastructure policy advancement team. Some of it is also through our services arm called Cohesive, which is providing consulting to owner operators and getting insights about what else could be done. What's the art of the possible. And potentially, what does it mean for their commercial model.

我們能做的——除了當然要展示 AI 的角色以及它如何改變整體價值主張之外——我們也在政府、金融業以及客戶端進行許多高層倡議工作。其中一部分是透過我們的基礎設施政策推進團隊（infrastructure policy advancement team）來進行；另一部分則是透過我們名為 Cohesive 的服務部門，為業主營運方提供顧問服務並取得洞見：還能做些什麼、可行性的邊界在哪裡，以及這對他們的商業模式可能意味著什麼。

When Nicholas described some have begun fixed pricing, it's primarily those that do private sector work, where private sector owner-operators are quicker to adapt and evolve than government-funded public works and utilities.

如 Nicholas 所說，有些已開始採用固定定價，主要是那些承接民間部門案子的公司；因為民間部門的業主營運方比政府資助的公共工程與公用事業更快適應與演進。

Jay Vleeschhouwer, Griffin.

Jay Vleeschhouwer，Griffin。

Thank you, good morning. Nicholas, a quarter ago on the call, you described Bentley Infrastructure Cloud as your data foundation for AI. And I assume it's more broadly so aside from AI that in terms of the importance of infrastructure cloud. With that in mind, could you talk about perhaps some of the adoption metrics for infrastructure cloud? Do you think of it as a kind of prerequisite for or leading indicator for other business, AI or not?

謝謝，早安。Nicholas，你在上一季的電話會議中提到 Bentley Infrastructure Cloud 是你們 AI 的資料基礎。我也假設，除了 AI 之外，Infrastructure Cloud 本身的重要性更為廣泛。基於此，你能否談談 Infrastructure Cloud 的一些採用指標（adoption metrics）？你是否把它視為其他業務（不論是否與 AI 相關）的某種先決條件或領先指標？

And then if I may have pointed to clarification given all the API discussion earlier. In a complex federated system of that kind, how do you assure what customers adopted good or better throughput or performance in a complex API system?

另外如果可以，我想釐清一下，鑑於先前討論了很多 API。在那種複雜的聯邦式系統（federated system）中，你們如何確保客戶在採用後能獲得良好或更好的吞吐量或效能（throughput or performance），尤其是在複雜的 API 系統裡？

So to the first question, when we're referring to Bentley Infrastructure Cloud as a data foundation for AI, we're really talking about the AI efforts of the infrastructure organizations we serve. So when they upload files, when they connect data systems into Bentley Infrastructure Cloud and all of the data from those files or the systems is not to schema, so that data becomes so [equitable] it can be analyzed, but it can also be leveraged by AI, right?

先回答第一個問題：當我們把 Bentley Infrastructure Cloud 稱為 AI 的資料基礎時，我們其實是在談我們所服務的基礎設施組織自身的 AI 工作。因此，當他們上傳檔案、把資料系統連接到 Bentley Infrastructure Cloud，而來自這些檔案或系統的所有資料並非結構化（not to schema）時，這些資料就會變得更「可用」以便分析，也能被 AI 加以運用，對吧？

Now we made it very clear that we are not using that data, which is in Bentley Infrastructure Cloud to train our own AI. That definitely sets us apart from all the software providers out there. Now data ownership is a very, very sensitive topic across all industries, for sure in infrastructure as well. We do not think it's right to be leveraging the intellectual property of some companies to train AI that will benefit other companies, right? We just don't think it's right. So we're not going to do it.

我們也非常清楚地表明：我們不會使用存放在 Bentley Infrastructure Cloud 裡的資料來訓練我們自己的 AI。這一點讓我們與市面上所有軟體供應商明顯區隔。資料所有權在各行各業都是非常、非常敏感的議題，在基礎設施領域也一樣。我們不認為拿某些公司的智慧財產來訓練 AI、再讓其他公司受益是正確的做法，對吧？我們就是不認為這是對的。所以我們不會這麼做。

So the only time we use data within Bentley Infrastructure Cloud to train AI is when we're explicitly asked by infrastructure organization to do so. And then it really is their data. And by the way, we gave full transparency of what data has been used in order to train AI. That -- it sets us apart to the extent that it really becomes a reason why infrastructure organizations also choose Bentley Infrastructure Cloud as opposed to other alternatives because they really have trust that we're going to be a good custodian of that data on their behalf, yes?

我們唯一會使用 Bentley Infrastructure Cloud 內的資料來訓練 AI 的情況，是基礎設施組織明確要求我們這麼做。那麼那就真的是他們的資料。順帶一提，我們也提供完全透明：哪些資料被用來訓練 AI。這——讓我們更具差異化，甚至成為基礎設施組織選擇 Bentley Infrastructure Cloud 而非其他替代方案的原因之一，因為他們真的信任我們會代表他們妥善保管（custodian）那些資料，是嗎？

Now when it comes to API throughput, indeed a point of clarification. So for example, with the demo I was showing with STAAD, we are, in a sense, in the first step of the instrumentation, where these applications are still running on the desktop. In fact, you can see it with a video. It was still running on the desktop. They're not yet platform services. That will be the next step. So the first thing we're doing is making sure that the APIs exist, that there are MCP services available, so it's easy for AI agents to interact with those applications. But all of that interaction is actually happening on the local computing station on the personal computer.

至於 API 吞吐量，確實需要釐清。以我用 STAAD 展示的 demo 為例，我們在某種意義上仍處於儀表化（instrumentation）的第一步：這些應用程式仍在桌面端執行。事實上，你從影片也看得出來，它仍在桌面端跑。它們還不是平台服務（platform services）。那會是下一步。所以我們現在做的第一件事，是確保 API 存在、也有 MCP 服務可用，讓 AI 代理（AI agents）能容易地與這些應用程式互動。但所有互動其實都發生在個人電腦的本地運算工作站上。

When -- at some point, of course, that's why we're discussing also with the company. We're talking about the longer term here. Some of those workloads will be moved to the cloud to become true cloud services, but then we'll just make sure they are as performant as they should be, like we do for all of the cloud services that we offer.

當然，在某個時間點——這也是我們與公司討論的原因——我們談的是更長期的規劃。其中一些工作負載會移到雲端，成為真正的雲端服務；而我們會像對待所有我們提供的雲端服務一樣，確保它們的效能達到應有水準。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，JPMorgan。

Hello, everyone. Great to see you all. You've mentioned that it is still early days for applying AI to mission-critical engineering, and you're leading the exploration to building and drive the adoption of highest value AI workflow. So could you maybe speak about some of the initiatives on that end? What efforts you're taking?

各位好。很高興見到大家。你們提到，把 AI 應用在任務關鍵（mission-critical）的工程領域仍屬早期階段，而你們正領先探索、建立並推動最高價值的 AI 工作流程採用。你能否談談在這方面的一些計畫？你們正在做哪些努力？

So we have -- if you're referring also to one of the earlier comments around we're making progress with our initiatives across the portfolio, we have both efforts to deliver our own AI capabilities as part of our products. And then efforts to instrument our applications, in particular, the engine applications, so that they can support AI-driven workflows that are being created by the infrastructure organizations that we serve, right? So those are two.

我們——如果你也指的是先前提到「我們在整個產品組合的各項計畫上取得進展」的評論——我們同時有兩類工作：一是把我們自有的 AI 能力交付並整合到產品中；二是對我們的應用程式進行儀表化（instrument），特別是引擎類（engine）應用程式，讓它們能支援由我們所服務的基礎設施組織所建立的 AI 驅動工作流程，對吧？所以是這兩類。

For the latter one, there is a co-innovation initiative that we've launched at our annual conference last year, YII, so towards the end of 2025, where we invited infrastructure organization to join, talk to us and explore with us what are the use cases they're going -- they would like us to be able to support in applications.

就後者而言，我們在去年年度大會 YII（也就是 2025 年底左右）啟動了一項共同創新（co-innovation）計畫，邀請基礎設施組織加入，與我們交流並一起探索：他們希望我們在應用程式中能支援哪些使用情境（use cases）。

And it was no surprise that the actually first case has identified was for STAAD because we had already seen STAAD, which is our flagship product for structural analysis, being used this way because it had an API in some of the submissions for the going digital awards at our annual conference over multiple years, by the way, it was clearly the first one. So no surprise that there was a very strong demand for us to create an MCP server based on that API in order to support the interaction of AI agents with STAAD.

毫不意外，最先被辨識出的案例其實就是 STAAD，因為我們早已看到 STAAD——我們用於結構分析的旗艦產品——以這種方式被使用；原因是它在我們年度大會的 Going Digital Awards 投稿中，連續多年都因為具備 API 而被這樣運用。順帶一提，它顯然是第一名。因此，市場對我們基於該 API 建立 MCP 伺服器、以支援 AI 代理與 STAAD 互動的需求非常強烈，也就不足為奇。

And so that's the way we're interacting with them in that context, which is understanding what are the use cases with the biggest potential, validating with them and then creating those MCP servers. And we have multiple efforts across our pretty wide portfolio of engine applications to create the MCP servers directly if the APIs already exist, if not, start to create the APIs themselves, okay.

因此，在那個脈絡下，我們與他們互動的方式就是：理解哪些使用情境具有最大潛力、與他們一起驗證，然後建立那些 MCP 伺服器。我們在相當廣泛的引擎類應用程式產品組合上有多項工作：若 API 已存在，就直接建立 MCP 伺服器；若尚未存在，就先開始建立 API 本身，好嗎。

But then now for the AI capabilities that we offer. We have AI capabilities as part of the engineering applications that will automate parts of the design workflow. Typically, we go for the, let's say, mundane tasks, which are extremely time-consuming like [JOINTS] production that we talked about in multiple quarters ago. We have AI capacities built within Bentley Infrastructure Cloud, for example, in order to facilitate the search of engineering data using natural language.

接著談我們提供的 AI 能力。我們在工程應用程式中內建 AI 能力，用來自動化設計工作流程的部分環節。通常我們會先從比較例行、但極度耗時的工作著手，例如我們在前幾季多次提到的 [JOINTS] 產出。我們也在 Bentley Infrastructure Cloud 內建 AI 能力，例如用自然語言來促進工程資料的搜尋。

We have AI capabilities being part of Bentley Infrastructure Cloud in order to help navigate very complex construction models as part of SYNCHRO. We obviously have AI pretty much for all of our applications for Bentley Asset Analytics, whether we've developed them or we require them. And we even have AI in Seequent, which I spent time highlighting today as part of my prepared remarks, right? So there are efforts related to AI really across the portfolio. It's a wide range of initiatives.

我們在 Bentley Infrastructure Cloud 中也有 AI 能力，用於在 SYNCHRO 的情境下協助瀏覽非常複雜的施工模型。我們顯然在 Bentley Asset Analytics 的幾乎所有應用中都有 AI，不論是我們自行開發的，或是我們所需／所採用的。我們甚至在 Seequent 也有 AI——我今天在事先準備的發言中也花時間強調了這一點，對吧？因此，AI 相關的工作確實遍及整個產品組合，是一個非常廣泛的計畫範圍。

Thank you. Thanks, Nicholas.

謝謝。謝謝你，Nicholas。

Daniel Jester, BMO.

Daniel Jester，BMO。

Hey, good morning. This is Will Hancock on for Dan Jester. Thanks so much for taking our question. So you hit on data ownership a few minutes ago. And I just wanted to double-click there. Are you guys seeing any shifts in customer behavior, whether that be increased willingness to use data, to train AI models or conversely more cautions around permissions? And then are you guys seeing any variance across end market or customer size? Thank you.

嗨，早安。我是 Will Hancock，代 Dan Jester 發言。非常感謝讓我們提問。你們幾分鐘前提到資料所有權，我想再深入追問一下。你們是否看到客戶行為有任何轉變，例如更願意使用資料來訓練 AI 模型，或相反地在權限方面更謹慎？另外，你們是否看到不同終端市場或不同客戶規模之間有任何差異？謝謝。

So what hasn't changed is the fact that it's -- let's say, the largest infrastructure organization, especially the largest engine business firms that are the most advanced in their own AI efforts, and therefore, looking into their own data on how they can train their own AI models. So that hasn't changed.

所以，沒有改變的是——可以說，最大的基礎設施組織，尤其是那些最先進、在自身 AI 工作上走在前面的最大型工程業務公司，仍然會去研究他們自己的資料，看看如何訓練他們自己的 AI 模型。這點沒有改變。

What we have seen in the last few months is a very -- suddenly infrastructure organization realizing that not all software providers have a principal approach to data, and then therefore, pushing for a lot of clarification on terms and conditions and access rates, et cetera, for the data.

我們在過去幾個月看到的是——有些基礎設施組織突然意識到，並非所有軟體供應商在資料方面都有一套有原則的方法，因此他們開始要求對條款與條件、存取費率等等，做出大量釐清。

That's what really sets us apart, which is already back in 2023, we took this very principled approach. Our commitment to data stewardship that made it very clear that our users' data is their data always. And we don't use it to train our AI, unless explicitly directed to do so by the infrastructure organizations we serve. It is a very sensitive topic. And I expect it as basically infrastructure organization become more educated about on one hand, the potential of AI, and second, the fact that there is a difference here across software providers. I do expect this topic to become even more sensitive going forward.

這正是讓我們與眾不同之處：早在 2023 年，我們就採取了這種非常有原則的方法。我們對資料管理（data stewardship）的承諾非常清楚地表明，我們使用者的資料永遠是他們的資料。除非我們所服務的基礎設施組織明確指示，否則我們不會用它來訓練我們的 AI。這是一個非常敏感的議題。我預期，隨著基礎設施組織一方面更了解 AI 的潛力，另一方面也更了解不同軟體供應商之間確實存在差異，這個議題未來只會變得更加敏感。

And I'll add that while the immediate attention is paid to training AI models, the -- I think the ultimate value of this data will be its reuse in future designs. That's never been the norm because in attended consumption, an engineer will always prefer to start with a blank screen and originate a new approach. But each firm has a very valuable archive of project data in ProjectWise Bentley Infrastructure Cloud and AI will be good at finding and suggesting and modularizing and parameterizing.

我再補充一點：雖然眼前大家的注意力都放在訓練 AI 模型上，但我認為這些資料的最終價值，將在於它於未來設計中的再利用。過去這從來不是常態，因為在有人參與的使用情境下，工程師通常更偏好從一個空白畫面開始，提出一個全新的方法。但每家公司在 ProjectWise Bentley Infrastructure Cloud 中都擁有非常有價值的專案資料檔案庫，而 AI 很擅長去搜尋、提出建議，並進行模組化與參數化。

And ultimately, when that reuse can be informed by the operating and maintenance performance of those designs, which the engineering firms will increasingly be in the business of improving and optimizing, that will be a virtuous cycle that will yet reinforce the valuable proprietary advantage. When I say that engineering firms can earn IP returns, I mean returns on that valuable data and knowledge, their accumulated compounding advantage with Bentley Infrastructure Cloud.

而最終，當這種再利用能夠由那些設計在營運與維護上的績效所驅動與校正——而工程公司也將日益投入改善與最佳化這些績效——這將形成一個良性循環，進一步強化其珍貴的專有優勢。當我說工程公司可以獲得 IP 回報時，我指的是對那份有價值的資料與知識所帶來的回報，也就是他們透過 Bentley Infrastructure Cloud 所累積、複利式增長的優勢。

And maybe I'll put one final point because it is such an important topic, because some of you may ask, wait a minute, the other software providers who are shamelessly leveraging the data that is stored in their platform to train their AI, do they have an advantage? And I will clearly say, no. And for two reasons. Number one is, because of their stance, infrastructure organizations have a higher tendency of choosing us and our platform because they can trust us. And second is, for all of the AI capabilities that we're developing that I mentioned before as part of our initiatives across the portfolio, right?

我最後再補充一點，因為這確實非常重要。有些人可能會問：等一下，那些毫不避諱地利用其平台中儲存的資料來訓練 AI 的其他軟體供應商，是否因此有優勢？我很明確地說：沒有。原因有兩點。第一，因為他們的立場，基礎設施組織更傾向選擇我們與我們的平台，因為他們信任我們。第二，對於我們正在開發的所有 AI 能力——我先前提到的、涵蓋整個產品組合的各項計畫——對吧？

We don't do it in isolation. We do it always with representative accounts. And we've never had an issue of not having enough data to train our AI models, either by using our own synthetic data or getting data from those representative accounts involved, that they deem they think is not sensitive, not differentiating and they're happy to contribute, right? So we clearly see this as a net positive for -- and a net advantage for us.

我們不是孤立地做。我們總是與具代表性的客戶帳戶一起做。而且我們從未遇到資料不足、無法訓練 AI 模型的問題：要嘛使用我們自己的合成資料，要嘛使用那些參與的代表性客戶帳戶所提供的資料——他們認為這些資料不敏感、沒有差異化，而且也樂於貢獻，對吧？所以我們很清楚地看到，這對我們而言是淨正面——也是我們的淨優勢。

Great. Thank you.

很好。謝謝。

Taylor McGinnis, UBS.

Taylor McGinnis，UBS。

Thanks so much, all for the questions. Okay. Perfect. So if I look at your guys' constant currency net new ARR growth historically, I think it's been around $26 million to $27 million. And this quarter, it was $37 million, so up 36% and really strong. So when you just think about the drivers of what drove that strength in the quarter, could you unpack a little bit of that? And was there anything onetime or different seasonally this year compared to what you've seen in the past that might explain some of that? And then just how do we think about that in the context of what you're thinking about demand trends going forward?

非常感謝，各位回答問題。好，太好了。所以如果我看你們以固定匯率計算的淨新增 ARR 成長，歷史上我認為大約是 2,600 萬到 2,700 萬美元。而這一季是 3,700 萬美元，成長 36%，非常強勁。那麼，當你們回頭看這一季強勁表現的驅動因素時，能否稍微拆解一下？今年在季節性上是否有任何一次性因素或與過去不同之處，可能解釋其中一部分？另外，從你們對未來需求趨勢的看法來看，我們應該如何理解這點？

So maybe I take that. So Q1 saw a continued strong momentum as we exited 2025. And the quarter-over-quarter growth puts us somewhat ahead of what we saw in Q1 2025. It was, I would say, predominantly let kind of the over by the continued momentum of our Seequent business and mining just doing still very well. So as we said, that puts us in a pretty good position for our full year outlook range. But it's still -- Q1 is 20% of our ARR opportunity based on contract resets, and it's going to see that the rest of the year plays out well as well.

我來回答可能比較合適。第一季延續了我們在 2025 年結束時的強勁動能。以季對季成長來看，我們略高於 2025 年第一季的表現。我會說，主要是由我們 Seequent 業務的持續動能所帶動，而採礦業務仍然表現非常好。正如我們所說，這讓我們在全年展望區間上處於相當有利的位置。不過——第一季基於合約重置所帶來的 ARR 機會大約占 20%，接下來也要看今年其餘時間的表現是否同樣順利。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Thank you, guys for sneaking me in under the bell. I'll give you guys a break from the AI questions. Maybe just 2 points of clarification on my end. First, you talked about Seequent being really strong last year and expectations for it to be strong again this year. Are you -- do you expect it to accelerate again in 2026?

謝謝你們在最後一刻讓我插隊提問。我就讓你們暫時休息一下，不問 AI 的問題。我這邊可能有兩點需要釐清。第一，你們提到 Seequent 去年非常強勁，也預期今年會再度強勁。你們是否——預期它在 2026 年會再度加速？

And then my second part to that question is, on the other side of that, you kind of cautioned us -- or maybe I'm reading into a little bit, but you cautioned us around Virtuoso getting big and a churn dollar amount that you have to overcome each quarter. Is there anything we should think about or be paying attention to or anything unusual around that churn that you're trying to signal to us this quarter?

第二個問題是，另一方面，你們有點提醒我們——或許是我解讀過度——你們提醒我們 Virtuoso 的規模變大後，每季需要克服的流失金額（churn dollar amount）也會變大。關於這個流失，有沒有什麼我們應該思考、應該留意的，或是有任何不尋常之處，是你們這一季想要傳達的？

Okay. I'll try to be brief since we are at the end of the scheduled time. So on Seequent, no, we don't expect further acceleration in a sense that as part of our plans for 2026, we assume the same level of growth that we've seen towards the end of 2025, right? So clearly, in 2025, there was an acceleration. And for 2026, we just assume, is it going to continue? And Q1 basically proves us correct, yeah.

好，我會盡量簡短，因為我們已經接近預定時間的尾聲。關於 Seequent，不，我們不預期會進一步加速；也就是說，在我們 2026 年的規劃中，我們假設其成長水準與 2025 年底所看到的相同，對吧？所以很明顯，2025 年確實有加速。而對 2026 年，我們只是假設它會延續。第一季基本上證明我們的假設是正確的，是的。

On Virtuoso now, we just wanted to explain that in addition to solid growth coming from new logos, we now also have growth coming from existing accounts because in previous earnings calls, we were only talking about new logos. Now clearly, we've developed a new muscle here, which, by the way, also helps for retention. There's a clear correlation, which is if we see accounts using more than one product, then they will have a higher propensity of staying with us.

至於 Virtuoso，我們只是想說明：除了來自新客戶（new logos）的穩健成長之外，我們現在也看到來自既有客戶帳戶的成長，因為在之前的財報電話會議中，我們只談到新客戶。現在很明顯，我們在這方面培養出一個新的能力，而順帶一提，這也有助於留存。這之間有明確的關聯：如果我們看到某些帳戶使用不只一個產品，他們留在我們這裡的傾向就會更高。

But the overall retention rate remains stable at a high double-digit, very similar to what we've shared in previous quarters. It's just mathematics. It's a much higher base, of course. So indeed, there is a churn amount in terms of dollars that is to be compensated for. But that's it. It was just explaining all the different puts and takes and explains why even though we have this new muscle, you can see the growth being still very consistent with Virtuoso.

但整體留存率仍然穩定地維持在高雙位數，與我們在前幾季分享的非常相近。這只是數學問題：當然，基礎規模更大了。所以確實會有一個以美元計的流失金額需要被補回。但也就如此。我們只是解釋各種拉動與抵消因素，並說明為什麼即使我們有了這個新能力，你仍然可以看到 Virtuoso 的成長非常一致。

Maybe I'll just say -- in closing, your first question about acceleration, there hasn't been questions, particularly about geopolitical events in the world. But the notion that each country needs to be more self-sufficient in its defense and its resources and so forth, represents a commitment to investment in infrastructure, and it's not limited to resources. You need the resources for infrastructure, you need the infrastructure for resources. And I expect that to be not a short-term phenomenon to our benefit.

最後我再補充一句——關於你第一個「加速」的問題：大家其實沒有特別問到全球的地緣政治事件。但「每個國家都需要在國防、資源等方面更自給自足」這個概念，代表著對基礎設施投資的承諾，而且不僅限於資源。你需要資源來建設基礎設施，你也需要基礎設施來取得資源。我預期這不會是短期現象，對我們是有利的。

Thank you.

謝謝。

Thanks. That concludes our call today. We thank you for your interest in time in Bentley Systems, and we'll talk to you again next quarter.

謝謝。今天的電話會議到此結束。感謝各位對 Bentley Systems 的關注與撥冗參與，我們下個季度再與各位交流。