Bentley Systems, Inc (BSY) 2026 Q2 法說會逐字稿

Good morning, and thank you for joining Bentley Systems' Q2 2026 results. I'm Eric Boyer, Bentley's Investor Relations Officer.

早安，感謝各位參加 Bentley Systems 2026 年第二季（Q2）業績說明。我是 Eric Boyer，Bentley 投資人關係主管。

On the webcast today, we have Bentley Systems Executive Chair, Greg Bentley; Chief Executive Officer, Nicholas Cumins; and Chief Financial Officer, Werner Andre.

今天的網路直播出席者包括 Bentley Systems 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 August 6, 2026 regarding the future results of operations and financial position, business strategy and plans and objectives for future operations of Bentley Systems Inc.

本次網路直播包含截至 2026 年 8 月 6 日所作之前瞻性陳述，內容涉及 Bentley Systems Inc. 未來營運成果與財務狀況、商業策略與計畫，以及未來營運之目標與目的。

All such statements made in or contained during this webcast other than statements of historical fact are forward-looking statements.

本次網路直播中所作或所包含之所有陳述，除歷史事實陳述外，均屬前瞻性陳述。

This webcast will be available on Bentley Systems Investor Relations website at investors.bentley.com on August 6, 2026. After our presentation, we'll conclude with Q&A.

本次網路直播將於 2026 年 8 月 6 日在 Bentley Systems 投資人關係網站 investors.bentley.com 提供回放。簡報結束後，我們將進行問答。

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

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

Welcome, and thanks, as always, to each of you for your interest and attention. Bentley Systems' positively exemplary operating results for '26 Q2 and the year as we see it, accord with our expectations to sustain foreseeably our dependable double-digit growth record.

歡迎各位，也一如既往感謝各位的關注與支持。Bentley Systems 在 2026 年第二季以及我們目前所見的全年營運成果表現正面且堪稱典範，符合我們對於可預見地延續可靠的雙位數成長紀錄之預期。

Early in 2025, I quantify that our outlook range for last year would serve to at least double over the five years following our 2020 IPO.

在 2025 年初，我量化指出，我們對去年的展望區間，將足以使公司在 2020 年 IPO 後的五年內至少倍增。

The key financial metrics of ARR, revenues, profitability and SBC burdened free cash flow, and it can be confirmed that we met those thresholds. And now updating this and looking forward, a significant factor in my confidence is the boundless regeneration of demand within our infrastructure engineering end markets.

關鍵財務指標包括 ARR、營收、獲利能力以及扣除 SBC（以股份為基礎之酬勞）影響後的自由現金流，且可確認我們已達成這些門檻。而現在更新並展望未來，使我有信心的一項重要因素，是我們基礎設施工程終端市場中需求的無限再生。

With high economic returns globally and across sectors on investments in resilience, capacity and self-sufficiency.

在全球及各產業領域，對於韌性、產能與自給自足的投資皆帶來高經濟報酬。

Within these priorities, relative proportions fluctuate presently most benefiting our offerings for integrated grid and for subsurface resources.

在這些優先事項之中，相對比重目前有所波動，其中最有利於我們的是整合電網與地下資源相關的產品。

But infrastructure engineering consumption has tended overall to remain predictably consistent, perhaps due to the constancy of engineering resource constraints.

但整體而言，基礎設施工程的消費趨勢一向相對可預期且一致，或許是因為工程資源受限具有持續性。

To finally alleviate this engineering capacity bottleneck and thus further realize infrastructure investment potential, through AI enablement, is everyone's appropriate priority as the resulting benefits from improved infrastructure engineering, throughput and quality will be broadly shared across project delivery firms and infrastructure owner operators and all of us as their constituents.

要最終緩解工程產能瓶頸，進而更充分實現基礎設施投資潛力，透過 AI 賦能是每個人都應優先推動的方向；因為基礎設施工程在產出效率與品質提升所帶來的效益，將在專案交付公司、基礎設施業主與營運者，以及我們所有作為其利害關係人的群體之間廣泛共享。

Bentley Systems will especially benefit as our successive and multifaceted hybrid AI innovations continue for years to come on stream.

Bentley Systems 將特別受益，因為我們連續且多面向的混合式 AI 創新，未來數年將持續推出並逐步落地。

I expect the established attended consumption of our software to continue growing as every day for every engineer will become increasingly valuable at the helm of ever more specialized AI leveraging applications.

我預期我們軟體既有的「有人參與（attended）」使用型態將持續成長，因為每位工程師的每一天都將在越來越專業、並善用 AI 的應用程式主導下變得更有價值。

But this business model will, in due course, be supplemented and potentially multiplied by monetizing agentic API consumption of our modeling and simulation software primarily to optimize designs at machine speed, accelerating the proprietary AI strategies of infrastructure engineering firm.

但此商業模式在適當時機將被補充，並可能透過將我們建模與模擬軟體的「代理式（agentic）API」使用量貨幣化而倍增；其主要用途是在機器速度下最佳化設計，從而加速基礎設施工程公司的專有 AI 策略。

And our emerging asset analytics offerings monetized through asset consumption subscriptions per asset are breaking through to finally leverage digital twins and operations and maintenance for infrastructure owner operators.

而我們新興的資產分析（Asset Analytics）產品，透過以每項資產為單位的資產使用訂閱來變現，正取得突破，終於讓基礎設施業主與營運者能在營運與維護中充分運用數位分身（digital twins）。

Adding to my confidence in looking forward, these incremental AI-led consumption opportunities are uniquely accessible to Bentley Systems by virtue of our established positioning as the major comprehensive infrastructure engineering software provider across both the leading infrastructure project delivery and owner-operator enterprises.

進一步強化我對未來的信心的是，這些由 AI 帶動的增量使用機會，Bentley Systems 具備獨特可及性；原因在於我們已建立的市場定位——作為主要且全面的基礎設施工程軟體供應商，同時服務領先的基礎設施專案交付企業與業主營運者企業。

We have earned our standing as a trusted digital quartermaster for each of these major infrastructure engineering organizations over decades of proactively embracing and incorporating potentially disruptive technologies and business models so that no one ever needs to start over in order to stay ahead of the innovation curve.

數十年來，我們主動擁抱並納入可能具顛覆性的技術與商業模式，因此在各大基礎設施工程組織中贏得了「值得信賴的數位軍需官（digital quartermaster）」地位，讓任何人都不必為了跟上創新曲線而重新開始。

In my now long experience, the winning strategy for every technology opportunity is hybrid, integrating, in this case, AI advances within accretive overall continuity.

以我長期的經驗來看，每一次技術機會的致勝策略都是「混合式」——在本例中，即在整體延續性可增益的前提下整合 AI 的進展。

Facilitating progressive enterprise AI adoption is the invigorating current priority for our 1,000 success force engineers embedded in E365 accounts. Last quarter, I talked about AI's auspicious economic leverage for engineering firms whose work pre-AI has been constrained by the limiting supply of infrastructure engineers.

促進企業逐步採用 AI，是我們嵌入於 E365 客戶帳戶的 1,000 名成功團隊工程師目前振奮人心的優先任務。上季我談到，對於在 AI 出現之前因基礎設施工程師供給有限而受限的工程公司而言，AI 具有可觀的經濟槓桿效應。

Underscoring our incumbency advantage in helping these firms to leverage their engineers with AI agentic assistance to perform more work and particularly to optimize designs, 470 of the 610 engineering news record global top design firms ex-China, are BSY accounts, averaging ARR of nearly $1 million each.

為了凸顯我們在協助這些公司運用 AI 代理式輔助來放大工程師效能、完成更多工作，尤其是最佳化設計方面的既有優勢：在 Engineering News-Record（ENR）全球前 610 大設計公司（不含中國）中，有 470 家是 BSY 客戶帳戶，平均每家 ARR 接近 100 萬美元。

I will now similarly quantify our comparable point of departure for the leading infrastructure owner operators.

接下來，我也將以同樣方式量化我們在領先的基礎設施業主與營運者方面的可比起點。

For decades, the authoritative global ranking of the largest owner-operator organizations measured by their fixed tangible asset value net of depreciation, has been the annual Bentley Infrastructure 500 top owners rankings. The upcoming 2026 BI 500 will be published on bentley.com.

數十年來，以固定有形資產淨值（扣除折舊後）衡量的最大型業主營運者組織之權威全球排名，一直是每年發布的 Bentley Infrastructure 500（BI 500）頂尖業主排行榜。即將發布的 2026 年 BI 500 將刊登於 bentley.com。

The most recent 2025 BI 500, it no longer includes Russia, own and manage about $21 trillion of net infrastructure assets.

最新的 2025 年 BI 500 已不再納入俄羅斯，其所列業主合計擁有並管理約 21 兆美元的淨基礎設施資產。

Not quite half of those top owners assets are in the public works/utilities infrastructure sector, followed by industrial and then resources sectors, which together comprise most of the balance. In net asset proportions, the top owners are located about half in the Americas, followed by EMEA and Asia Pacific.

這些頂尖業主的資產中，略少於一半位於公共工程／公用事業基礎設施領域，其次為工業領域，再其次為資源領域，三者合計構成其餘大部分。以淨資產占比而言，頂尖業主約有一半位於美洲，其次為 EMEA（歐洲、中東與非洲）與亞太地區。

In particular, the 43 top owners in China account for just under 10% of these assets and because it's with Chinese state owners that we encounter unique geopolitical obstacles currently, to quantify BSY penetration, the following charts are ex-China.

特別是，中國的 43 家頂尖業主占這些資產略低於 10%；且由於我們目前在與中國國有業主合作時會遇到獨特的地緣政治障礙，為了量化 BSY 的滲透率，以下圖表將不含中國（ex-China）。

Over three-fourth of the ex-China top owners, managing well over 80% of such infrastructure assets or BSY accounts. Excluding top owners in the commercial/facilities sector, where we are less focused, 90% of ex-China top owners infrastructure assets are managed by BSY accounts.

不含中國的頂尖業主中，超過四分之三（3/4）——其管理的此類基礎設施資產占比遠超過 80%——為 BSY 客戶帳戶。若排除我們較少著力的商業／設施（commercial/facilities）領域頂尖業主，則不含中國的頂尖業主之基礎設施資產中，有 90% 由 BSY 客戶帳戶管理。

153 ex-China top owners, holding the majority of these accounts net infrastructure assets have already adopted Bentley Infrastructure Cloud with most using project-wise. They are thus accumulating engineering data for delivered projects, which will make AI-enabled digital twins more valuable.

153 家不含中國的頂尖業主——持有這些客戶帳戶中大多數的淨基礎設施資產——已採用 Bentley Infrastructure Cloud，其中多數以專案為單位使用。因此，他們正累積已交付專案的工程資料，這將使 AI 賦能的數位分身更具價值。

And quantifying the BSY spending by these top owners I use current year run rate, which beyond ARR includes our relatively minor amounts of license sales, professional services and other subscriptions, to fully capture the offerings which are exclusive to owner-operators of cohesive and for Asset Analytics.

而在量化這些頂尖業主對 BSY 的支出時，我採用當年度的年化執行率（run rate）；此指標除 ARR 外，亦包含我們相對較小的授權銷售、專業服務及其他訂閱，以完整涵蓋那些僅供業主營運者使用的產品，以及用於資產分析（Asset Analytics）的產品。

These 346 top owner accounts spent annually over $330 million in run rate with us, averaging about $1 million per year for those not in the commercial/facilities sector, and collectively representing about 20% of our overall business.

這 346 個頂尖業主客戶帳戶每年以年化執行率計算在我們這裡的支出超過 3.3 億美元；其中不屬於商業／設施領域者，平均每年約 100 萬美元；整體合計約占我們總業務的 20%。

Accordingly, annual BSY expenditures currently averaged $21 per $1 million of the $15.5 trillion of net infrastructure assets owned by these 346 ex-China top owners are our BSY accounts.

因此，目前 BSY 的年度支出平均為：在這 346 家不含中國的頂尖業主（皆為我們的 BSY 客戶帳戶）所擁有的 15.5 兆美元淨基礎設施資產中，每 100 萬美元資產約對應 21 美元的 BSY 支出。

And introducing and fully developing infrastructure AI, it is a tremendous and literally unique advantage for Bentley Systems to be in the pole position with virtually all of the infrastructure engineering organizations with the most to gain in both project delivery and operations and maintenance.

在導入並充分發展基礎設施 AI 方面，Bentley Systems 能夠在幾乎所有最具受益潛力的基礎設施工程組織中——涵蓋專案交付以及營運與維護——居於領先位置，這是一項巨大且可說是獨一無二的優勢。

For every top design firm and top owner account, infrastructure engineering and enhanced Bentley systems are mission-critical factors of their production.

對每一家頂尖設計公司與頂尖業主客戶帳戶而言，基礎設施工程以及強化後的 Bentley 系統，都是其生產活動的關鍵任務要素。

It is certain that in each case, their current expenditure levels on software in proportion to their respective engineering labor and asset values will be multiplied by orders of magnitude as AI is inexorably and advantageously integrated to improve infrastructure, capacity, quality and economics.

可以確定的是，在每一種情況下，隨著 AI 不可逆且有利地被整合以提升基礎設施的產能、品質與經濟效益，他們目前在軟體上的支出相對於各自的工程人力與資產價值之比例，將以數個數量級倍增。

In sum, I believe this enterprise account springboard will continue foreseeably to improve Bentley Systems on economics and growth prospects. So at this point in time, when investable sectors seem ever more subject to comparisons from first principles, let's update our own point of departure.

總而言之，我相信這個企業帳戶的跳板效應在可預見的未來將持續改善 Bentley Systems 的經濟性與成長前景。因此在此時此刻，當可投資的產業似乎愈來愈需要回到第一原理來比較時，讓我們更新我們自身的出發點。

Free cash flow as a valuation benchmark has the advantage of meaningful commonality across investment sectors.

以自由現金流作為估值基準的優點在於，能在各投資產業之間提供具意義的可比性。

However, it's uniquely salient for software, in particular, given the opacity of 606 subscription accounting other than for BSY, with our consumption dominated revenues being recognized primarily ratably to the virtual exclusion of multiyear noise.

然而，對軟體產業而言它尤其關鍵，特別是考量到除 BSY 之外，ASC 606 訂閱會計的透明度不足；而我們以用量為主的營收主要以按期平均（rata）方式認列，幾乎排除了多年期波動雜訊的影響。

Here is shown in the past 5 years of BSY's free cash flows aggregated within trailing 4 quarters ending in each Q2 and for comparison to the latest for '26 Q2.

此處展示的是過去 5 年 BSY 的自由現金流，彙總於各年度 Q2 結束的近四季（trailing 4 quarters），並與最新的「26 年 Q2」作比較。

Over this period, these annual cash flows compounded at an average rate of 14.7% annually to reach $498 million over the last 12 months. For mature software companies, another rightful valuation consideration is stock-based compensation, given its prevalence and typical magnitude.

在此期間，這些年度現金流以年均 14.7% 的速度複利成長，於過去 12 個月達到 4.98 億美元。對成熟的軟體公司而言，另一項合理的估值考量是以股票為基礎的薪酬（SBC），因其普遍性與通常的規模。

I don't consider that cash flow should be counted as free to the extent that it needs to be expanded for stock repurchases to offset resulting dilution.

我不認為現金流在需要額外用於股票回購、以抵銷因此造成的稀釋之範圍內，仍應被視為「自由」現金流。

Shown here as accordingly offsetting free cash flow is BSY's operating, that is not acquisition-related, stock-based compensation for these periods. The remainder is BSY's truly free cash flow as burdened by operating SBC.

此處所示、並相應自自由現金流中扣抵的，是 BSY 在這些期間的營運性（亦即非併購相關）股票為基礎薪酬。其餘部分則是 BSY 真正的自由現金流（已承擔營運性 SBC 的負擔）。

So burdened free cash flow reached $426 million over the last 12 months, having expanded over this period at a CAGR of 16.7%.

因此，承擔 SBC 負擔後的自由現金流在過去 12 個月達到 4.26 億美元，且在此期間以 16.7% 的年複合成長率擴張。

Our consistent low double-digit annual growth rate in ARR compounded by our established annual improvement of about 100 basis points in AOI less operating SBC margin served indeed to double over the last four years, this valuation metric, which to me seems most economically appropriate to us shareholders.

我們 ARR 一貫的低雙位數年成長率，加上 AOI（扣除營運性 SBC）利潤率每年約 100 個基點的既定改善，確實使得在過去四年中，這一估值指標翻倍；在我看來，這對我們股東而言在經濟上最為恰當。

And consistent with Bentley Systems conscientious stewardship of stock-based compensation, over most of our public history, we have tended to allocate free cash flow to stock repurchasing an approximate keeping with annual requirements to offset SBC dilution.

而且，與 Bentley Systems 對股票為基礎薪酬的審慎管理一致，在我們上市以來的大部分時間，我們傾向於將自由現金流用於股票回購，其規模大致與每年抵銷 SBC 稀釋所需相當。

Here are the quarterly expenditure amounts for all repurchases, including de facto repurchases associated with net distributions through this period up until '25 Q3.

以下為截至「25 年 Q3」期間所有回購的季度支出金額，其中包含與透過淨分配所形成的事實上回購（de facto repurchases）相關者。

Even though BSY has had a discretionary share repurchasing authorization throughout, there hasn't been a very significant opportunistic that is inverse correlation between our share price and overall repurchase expenditures.

儘管 BSY 一直都有酌情的股票回購授權，但我們的股價與整體回購支出之間，並未呈現非常顯著的機會性（亦即反向）相關。

What changed since late last year is, by then, we had resolutely worked down the debt leverage we incurred to finance the platform acquisitions of Seequent and Power Line Systems in 2021 and 2022 to a tolerably optimum range of about 2 times.

自去年年底以來的變化在於：到那時，我們已堅定地將為 2021 與 2022 年收購 Seequent 與 Power Line Systems 之平台型併購所承擔的債務槓桿，降至可接受且近乎最佳的約 2 倍區間。

This has enabled us, since then to allocate more capital to discretionary stock repurchases without changing either on ongoing cash flow funding for programmatic acquisitions nor on balance sheet preparedness for potential larger scaled platform acquisitions.

這使得自那之後，我們得以在不改變對計畫性併購的持續現金流資金支持、也不影響資產負債表對潛在更大規模平台型併購之準備的情況下，將更多資本配置於酌情股票回購。

What eventuated during '26 Q2 was a stock price, which at our marginal financing cost enabled repurchasing to be accretive just on financial fundamentals to a significant and reasonable basis for valuation.

在「26 年 Q2」實際發生的是：在我們的邊際融資成本之下，當時的股價使得回購僅就財務基本面而言即具增益性（accretive），並在估值上達到顯著且合理的基礎。

We variously repurchased 3.1 million shares during '26 Q2 and subject to remaining within an optimal leverage range.

我們在「26 年 Q2」以不同方式回購了 310 萬股，並以維持在最佳槓桿區間內為前提。

I expect us to continue to responsibly act upon any such opportunities going forward. Indeed, the net result of this SBC and corresponding repurchasing discipline over this period has been to avoid share dilution. Shaded here at top is the portion of our fully diluted shares attributable to our convertible debt.

我預期未來我們將持續負責任地把握任何此類機會。事實上，在此期間，這套 SBC 與相應回購的紀律所帶來的淨結果，是避免了股份稀釋。上方陰影部分為我們完全稀釋股數中可歸因於可轉換債的部分。

In fact, the redemption of our 2026 maturing convertible debt during '26 Q1 and reduced our fully diluted share count by about 3% as will presumably recur in '27 Q3 with the maturity of our remaining convertible debt. So reflecting a compounded average growth rate of negative 1% through this period.

實際上，我們在「26 年 Q1」贖回了於 2026 年到期的可轉換債，並使我們的完全稀釋股數減少約 3%；而在「27 年 Q3」隨著剩餘可轉換債到期，推測將再次出現類似情況。因此，反映出在此期間的複合平均成長率為負 1%。

At the end of '26 Q2, our fully diluted share count was down to 319 million shares. And we thank you for being among or interested in coming or informing those of us who are the holders of those shares.

截至「26 年 Q2」期末，我們的完全稀釋股數降至 3.19 億股。並感謝各位成為其中一員，或有興趣加入，或協助告知我們這些持有該等股份的人。

And now over to Nicholas, and then Werner to cover this quarter's development. Thank you.

接下來交給 Nicholas，之後由 Werner 來說明本季的進展。謝謝。

Thank you, Greg. We had another strong quarter, executing consistently against a backdrop that keeps working in our favor. The world needs more infrastructure and resources, and it needs them faster than they can be delivered.

謝謝你，Greg。我們又迎來一個強勁的季度，在一個持續對我們有利的背景下穩健執行。世界需要更多的基礎設施與資源，而且需要的速度快於其可被交付的速度。

Everywhere we look across accounts, large and small, the constraint is the same. There are not enough engineers which is why engineering productivity, making every engineer both more efficient and more effective is at the core of our AI strategy.

無論我們查看各個帳戶，無論規模大小，限制因素都相同。工程師不夠，這也是為什麼工程生產力——讓每位工程師更有效率、也更有效能——是我們 AI 策略的核心。

Let me pick up the AI threat from last quarter. At the end of 2025, we launched our infrastructure AI initiative. And last quarter, I reported that leading engineering firms and owner operators were asking us to instrument our applications to power their own AI-driven workflows. I also shared that we had released our first MCP server for STAAD.

我想延續上季提到的 AI 威脅議題。在 2025 年底，我們啟動了基礎設施 AI 計畫。而在上個季度，我報告說領先的工程公司與業主營運方正要求我們為應用程式加入儀表化（instrument），以驅動他們自有的 AI 驅動工作流程。我也分享了我們已為 STAAD 發布了第一個 MCP 伺服器。

This quarter, I want to show you how far we have come and why we are confident in the approach. Our conviction is that when it comes to mission-critical infrastructure engineering our applications and today's AI models are far more powerful together than apart because each does something, the other cannot.

本季，我想向各位展示我們已走了多遠，以及為何我們對此方法充滿信心。我們的信念是：在攸關任務的基礎設施工程領域，我們的應用程式與當今的 AI 模型結合起來遠比各自為政更強大，因為彼此各自能做到對方做不到的事。

Our applications are deterministic. They perform the engineering itself, the modeling, the analysis and the simulation, and that work is trusted because it has been proven over decades embedded in workflows across infrastructure value chains. AI models are different in nature.

我們的應用程式是確定性的（deterministic）。它們執行工程本身——建模、分析與模擬——而這些工作之所以值得信賴，是因為數十年來已被證明並嵌入於橫跨基礎設施價值鏈的工作流程之中。AI 模型在本質上不同。

They are probabilistic. What they contribute is natural language processing, high-level reasoning, and the ability to break a problem down and generate instructions that our applications then execute with engineering precision.

它們是機率性的（probabilistic）。它們所貢獻的是自然語言處理、高階推理，以及將問題拆解並生成指令的能力，而我們的應用程式接著以工程精度來執行這些指令。

The MCP server is the interface between the two, turning the AI's instruction into real validated work inside the application. One point I want to stress, we are deliberately open. This is not a walled garden.

MCP 伺服器是兩者之間的介面，將 AI 的指令轉化為在應用程式內部可被驗證的實際工作。我想強調的一點是：我們刻意採取開放策略。這不是一個封閉花園。

Our accounts can pay our applications with which every assistant and whichever model they have to standardize on, whether Bentley Copilot, Anthropic Claude, Google Gemini or OpenAI ChatGPT. Our aim is to be the trusted engineering layer beneath all of them, whichever AI model happens to lead at a given time.

我們的客戶帳戶可以搭配我們的應用程式，使用任何助理以及他們選擇要標準化的任何模型，無論是 Bentley Copilot、Anthropic Claude、Google Gemini 或 OpenAI ChatGPT。我們的目標是成為所有這些之下值得信賴的工程層，無論在任何時間點哪一個 AI 模型恰好領先。

Now to the progress. Last quarter, we had released a first MCP server for STAAD. Since then, we have released five more across Bentley open applications with more to come.

接著談進展。上季我們已為 STAAD 發布第一個 MCP 伺服器。自那之後，我們已在 Bentley 的開放式應用程式中再發布五個，後續還會有更多。

The response from our accounts has been very positive, once they grasp what is possible. This is still early and a great deal of our work today is education on two fronts.

一旦客戶理解其可能性，他們的回應非常正面。目前仍在早期階段，而我們今天大量的工作是在兩個面向進行教育。

First, we are helping users cut through the considerable noise around AI and we have made this a priority with several campaigns underway to show what is generally achievable now. Second, we're staying close to our accounts as they adopt.

第一，我們正協助使用者穿透圍繞 AI 的大量雜訊；我們已將此列為優先事項，並正推動多項行銷活動，以展示目前一般而言可達成的成果。第二，隨著客戶採用，我們會與他們保持密切合作。

And here, application engineers and solution architects are proving invaluable serving in effect as forward deployed engineers, helping our accounts evaluate and integrate these new capabilities into their workflows. Finally, on the commercial model.

在這裡，應用工程師與解決方案架構師正證明其不可或缺的價值，實質上扮演前線部署工程師（forward deployed engineers）的角色，協助我們的客戶評估並將這些新能力整合到其工作流程中。最後，談到商業模式。

As discussed last quarter, our next steps were to instrument more applications and to validate the commercial model for this new usage pattern.

如同上季所討論，我們接下來的步驟是為更多應用程式加裝量測與追蹤機制，並驗證這種新使用型態的商業模式。

The first is well underway. On the second, our priority remains in order, adoption, exploration and validation with monetization to follow, and we continue to be transparent with our accounts about that sequence.

第一項進展順利且已在進行中。至於第二項，我們的優先順序仍然是：先推動採用、再促進探索與驗證，之後才會進入變現；我們也持續就此順序對客戶保持透明。

Earning adoption and trust first is precisely what will let us capture our fair share of the value that will be created as our applications are used at machine speed with AI. Now turning to our business highlights. Our year-over-year ARR growth for Q2 accelerated to 12%.

先贏得採用與信任，正是讓我們能在應用程式以 AI 的機器速度被使用、並創造價值之際，取得我們應得份額的關鍵。接著談我們的業務亮點。我們第二季（Q2）的年度經常性收入（ARR）年增率加速至 12%。

Our net revenue retention rate remained high at 109%, consistent with previous quarters and underscoring the stability and growth within our existing accounts.

我們的淨收入留存率維持在 109% 的高水準，與前幾季一致，凸顯既有客戶群的穩定性與成長動能。

Our Enterprise 365 commercial program continues to drive steady growth. We were particularly pleased with our renewals in the quarter as Q2 is typically our second largest quarter for renewals.

我們的 Enterprise 365 商業方案持續帶動穩健成長。我們對本季的續約表現尤其滿意，因為第二季通常是我們續約規模第二大的季度。

This strong performance gives us confidence for the rest of the year. New logos contributed again 300 basis points of ARR growth primarily within the SMB segment.

這樣的強勁表現讓我們對今年剩餘期間更具信心。新增客戶（new logos）再次貢獻了 300 個基點的 ARR 成長，主要來自中小企業（SMB）市場。

Through Virtuoso, our flagship commercial program for SMB accounts, we again added over 600 new logos in Q2.

透過 Virtuoso——我們面向 SMB 客戶的旗艦商業方案——我們在第二季再次新增超過 600 個新客戶。

The underlying SMB market sentiment remains positive with accounts reporting healthy project backlogs extending well into 2027. Accounts are increasingly viewing Bentley Technology as part of their business backbone rather than point solutions for specific projects, which validates our cross-selling and upselling efforts.

SMB 市場的整體情緒仍然正向，客戶回報其專案待辦量（backlog）健康，並可延伸至 2027 年。客戶愈來愈將 Bentley 技術視為其業務骨幹的一部分，而非僅用於特定專案的點狀解決方案，這也驗證了我們交叉銷售與向上銷售的努力。

Turning to our performance by infrastructure sector.

接著看我們在各基礎設施產業別的表現。

Resources was our fastest-growing sector in total driven by mining once again, with strength across geographic regions.

資源（Resources）是我們整體成長最快的產業別，再次由採礦業帶動，且各地理區域皆呈現強勁表現。

The fundamental drivers for this demand are macroeconomic and long-term. Countries around the world are increasingly prioritizing self-sufficiency given ongoing geopolitical tensions and supply chain disruptions.

這股需求的根本驅動因素屬於總體經濟與長期趨勢。在持續的地緣政治緊張與供應鏈中斷之下，全球各國愈來愈優先追求自給自足。

In addition, the global push for electrification, including to power AI data centers also depends on securing critical minerals. Our largest sector, Public Works and Utilities delivered another strong quarter. driven by sustained infrastructure investment worldwide.

此外，全球推動電氣化（包括為 AI 資料中心供電）也仰賴取得關鍵礦物。我們最大的產業別——公共工程與公用事業（Public Works and Utilities）——本季再度交出強勁成績，受惠於全球持續的基礎設施投資。

Within Public Works and Utilities, Power Line Systems, or PLS, continues to be the primary driver of growth in our electric grid business benefiting from strong global demand for grid transmission, capacity expansion and resiliency.

在公共工程與公用事業領域中，Power Line Systems（PLS）仍是我們電網業務成長的主要驅動力，受惠於全球對電網輸電、容量擴增與韌性提升的強勁需求。

I will take a deeper dive into PLS and our broader electric grid portfolio shortly. Growth in industrial sector continued to be solid, while commercial facilities remain relatively flat.

稍後我會更深入說明 PLS 以及我們更廣泛的電網產品組合。工業領域的成長持續穩健，而商業設施則相對持平。

Turning to our tone of business by geographic region.

接著看各地理區域的業務景氣（tone of business）。

In the Americas, our largest region, the US continued to deliver strong growth. The underlying fundamentals of our accounts remain very strong, characterized by double-digit backlogs and a bullish outlook on their long-term growth, driven primarily by transportation, water, power and data centers.

在我們最大的區域——美洲——美國持續交出強勁成長。我們客戶的基本面依然非常強勁，呈現兩位數的待辦量，並對其長期成長抱持樂觀展望，主要由交通運輸、水務、電力與資料中心所帶動。

Public funding at the federal and state level remains robust, supplemented by a healthy influx of private capital funding.

聯邦與州層級的公共資金仍然充沛，並由健康的民間資本挹注所補強。

Latin America delivered another very strong quarter, led by mining and an increased focus on transportation in the region. EMEA delivered a solid quarter as the overall region remains well invested.

拉丁美洲本季再度表現非常強勁，由採礦業領軍，且該區域對交通運輸的關注度提升。歐洲、中東與非洲（EMEA）本季表現穩健，整體區域仍維持良好的投資水準。

The quarter benefited from strong renewals at a number of large accounts. Large ongoing natural infrastructure programs are driving demand in the UK Fundamentals in Europe are also strong.

本季受惠於多家大型客戶的強勁續約。英國大型且持續進行的自然基礎設施計畫正帶動需求；歐洲的基本面同樣強勁。

In Germany, while the EUR500 billion infrastructure fund is in place, actual deployment has been slow as early firms are backfilling existing deficits, delaying the impact on new projects.

在德國，雖然 5,000 億歐元的基礎設施基金已到位，但實際撥付進度緩慢，因為早期資金多用於補足既有缺口，延後了對新專案的影響。

In the Middle East, despite the ongoing conflict, accounts have returned to work, consumption has rebounded and deals are progressing again.

在中東，儘管衝突仍在持續，客戶已恢復工作，用量回升，交易也再次推進。

Asia Pacific delivered strong growth with Australia leading the way as performance bounced back strongly followed closely by India.

亞太地區交出強勁成長，由澳洲領先，業績強勢反彈，其次緊隨其後的是印度。

China representing only about 2% of ARR, continues to operate against the same economic and geopolitical headwinds. Across most of the region, Rail is a massive long-term opportunity with major projects in Australia, India, The Philippines and in Indonesia.

中國僅約占 ARR 的 2%，仍在相同的經濟與地緣政治逆風下運作。在該區域多數市場，鐵路是龐大的長期機會，澳洲、印度、菲律賓與印尼皆有重大專案。

Offshore oil and gas is also an investment priority across the region, driven by major field developments in Southeast Asia and offshore redevelopment in India. We are well positioned for this work with our SACS offshore design and analysis engine.

離岸油氣同樣是該區域的投資重點，受東南亞重大油田開發以及印度離岸再開發所帶動。憑藉我們的 SACS 離岸設計與分析引擎，我們已為這些工作做好充分布局。

Now I would like to highlight the continued outperformance of our Power Line Systems. PLS is the gold standard for the design and analysis of overhead electric power transmission and distribution lines and their structures.

接下來我想強調我們 Power Line Systems 持續優於預期的表現。PLS 是架空輸電與配電線路及其結構之設計與分析的黃金標準。

It is part of our broader electric grid portfolio, encompassing open utilities, substation plus and SPIDA that together allows us to address the full spectrum of grid infrastructure from transformation and distribution to substations.

它是我們更廣泛電網產品組合的一部分，涵蓋 OpenUtilities、Substation Plus 與 SPIDA，合在一起讓我們能涵蓋從變電與配電到變電站的全方位電網基礎設施需求。

Looking back 4.5 years since the acquisition, PLS has become a vital part of our core business and the financial pillar of our electric grid offering. We have also seen significant growth internationally, leveraging Bentley's established global reach and go-to-market engine.

回顧自收購以來的 4.5 年，PLS 已成為我們核心業務的重要一環，也是我們電網產品的財務支柱。我們也看到國際市場顯著成長，得益於 Bentley 既有的全球觸達能力與市場推進引擎。

In fact, PLS revenue outside of the US is now as large as the entire PLS business was when we acquired it in 2022.

事實上，PLS 在美國以外的營收規模，如今已相當於我們在 2022 年收購時整個 PLS 業務的規模。

Reliable energy delivery is more critical now than ever as electrification and the rapid expansion of AI data centers placed unprecedented stress on the global grid. In the US alone, the network requires an estimated 35 gigawatts of additional capacity by 2030.

隨著電氣化以及 AI 資料中心的快速擴張對全球電網造成前所未有的壓力，可靠的能源輸送如今比以往任何時候都更為關鍵。僅在美國，該電網預估到 2030 年需要新增約 35 吉瓦的額外容量。

PLS software is instrumental in bridging this power gap. We're seeing our users apply PLS at impressive scale to overcome real-world physical and operational challenges.

PLS 軟體在彌補這一電力缺口方面扮演關鍵角色。我們看到使用者以令人印象深刻的規模運用 PLS，來克服真實世界中的物理與營運挑戰。

For instance, Exo digitally stress-tested century old transmission towers spanning the Ohio River, allowing the ETT to engineer targeted stabilization that saved $80 million and avoided up to a decade of permanent delays.

例如，Exo 對橫跨俄亥俄河、已有百年歷史的輸電鐵塔進行數位化壓力測試，使 ETT 得以設計具針對性的穩定化方案，節省 8,000 萬美元，並避免長達十年的永久性延宕。

And when 120 miles an hour winds destroyed a transmission quarter in Illinois, Toth & Associates used PLS-CADD to redesign the network digitally accelerating the rebuild to restore power 18 days ahead of schedule.

又如在伊利諾州，時速 120 英里的強風摧毀了一段輸電走廊後，Toth & Associates 使用 PLS-CADD 以數位方式重新設計電網，加速重建，並提前 18 天恢復供電。

The vibrancy of this ecosystem was on full display during Q2 at our biannual PLS User Group Conference in Madison, Wisconsin.

第二季在威斯康辛州麥迪遜舉行的半年一次 PLS 使用者群組大會，充分展現了此生態系的蓬勃活力。

Which drew more than 500 attendees from nearly 300 companies, including over 90 utilities representing 20 countries.

大會吸引超過 500 位與會者，來自近 300 家公司，其中包含超過 90 家公用事業單位，代表 20 個國家。

A central theme of the conference was AI where we announced 3 new MCP servers for PLS products, including PLS-GRID.

大會的核心主題之一是 AI；我們在會中宣布為 PLS 產品推出 3 個新的 MCP 伺服器，其中包括 PLS-GRID。

This is an important milestone because it demonstrates how with MCP servers, we can empower AI systems to not only interact with engineering applications, but also directly with rich engineering data by connecting AI systems to PLS-GRID via MCP.

這是一個重要里程碑，因為它展示了透過 MCP 伺服器，我們能讓 AI 系統不僅與工程應用程式互動，也能透過將 AI 系統以 MCP 連接至 PLS-GRID，直接與豐富的工程資料互動。

Users can query vast digital twin repositories in natural language, ask you questions like find the 100 weak structures in my entire grid or which transmission line spans will thermally limit the interconnection of the proposed AI data center.

使用者可以用自然語言查詢龐大的數位孿生資料庫，提出例如「找出我整個電網中最薄弱的 100 個結構」或「哪些輸電線跨距會因熱限制而影響擬議 AI 資料中心的併網」等問題。

Unlocking this engineering data directly is precisely the direction we're taking across a broader Bentley infrastructure cloud enabling our users to extract actionable intelligence across their project files and asset information at machine speed.

直接解鎖這些工程資料，正是我們在更廣泛的 Bentley 基礎設施雲端上所推進的方向，使使用者能以機器速度，從其專案檔案與資產資訊中萃取可採取行動的洞察。

With PLS as a critical component of our electrical grid offering and very much part of our core now, Bentley is uniquely positioned to continue to benefit from the massive investments required to power an electrified future.

隨著 PLS 成為我們電網產品組合中的關鍵組成部分，且如今已深深融入我們的核心業務，Bentley 具備獨特優勢，能持續受惠於為推動電氣化未來所需的大規模投資。

In summary, Q2 was a strong quarter and we enter the second half of the year with great confidence in our disciplined execution and market fundamentals.

總結而言，第二季表現強勁，我們帶著對嚴謹執行力與市場基本面的高度信心，進入下半年。

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

接下來交給你，Werner，請你詳細回顧我們的財務結果。

Thank you, Nicholas. We are pleased with our performance for the first half of the year. Our second quarter results extend the momentum from the first quarter and set us up well for the balance of 2026.

謝謝你，Nicholas。我們對上半年表現感到滿意。第二季的結果延續第一季的動能，並讓我們為 2026 年剩餘期間奠定良好基礎。

Total revenues for the second quarter were $411 million growing 12.8% year-over-year and 12.2% in constant currency. For the first half of the year, total revenues increased 13.6% or 12.1% in constant currency.

第二季總營收為 4.11 億美元，年增 12.8%，以固定匯率計年增 12.2%。上半年總營收成長 13.6%，以固定匯率計成長 12.1%。

Our performance continues to be led by our mainstay subscription revenues, which represented 92% of total revenues during the quarter. Subscription revenues increased 13.6% year-over-year or 13% in constant currency, reflecting continued strength across both our E365 and SMB initiatives.

我們的表現持續由核心的訂閱營收帶動，該項在本季占總營收的 92%。訂閱營收年增 13.6%，以固定匯率計年增 13%，反映我們在 E365 與 SMB 兩項計畫上持續展現強勁動能。

For the first half of the year, subscription revenues increased 14.1% or 12.6% in constant currency. In our small and less predictable revenue streams, Services revenues increased 9.4% or 8.7% in constant currency, driven by continued improvements in Maximo-related services activities within cohesive extending the recovery trend we discussed last quarter. For the first half of the year, services revenues increased 18.8% or 16.5% in constant currency.

上半年訂閱營收成長 14.1%，以固定匯率計成長 12.6%。在較小且較不具可預測性的營收來源方面，服務營收成長 9.4%，以固定匯率計成長 8.7%，主要受 cohesive 內與 Maximo 相關的服務活動持續改善所帶動，延續我們上季所提到的復甦趨勢。上半年服務營收成長 18.8%，以固定匯率計成長 16.5%。

Perpetual license revenues for the quarter were approximately $10 million, down roughly $0.5 million year-over-year and approximately $19 million for the first half, down about $2 million. Perpetual license sales remain a very small part of our business with approximately 2% of total revenues.

本季永久授權營收約 1,000 萬美元，較去年同期約減少 50 萬美元；上半年約 1,900 萬美元，約減少 200 萬美元。永久授權銷售仍僅占我們業務極小部分，約占總營收的 2%。

As of June 30, our last 12 months recurring revenues were $1.486 billion, an increase of 13.5% year-over-year or 11.8% in constant currency and represented 93% of total revenues.

截至 6 月 30 日，過去 12 個月的經常性營收為 14.86 億美元，年增 13.5%，以固定匯率計年增 11.8%，並占總營收的 93%。

Our last 12 months constant currency account retention rate remained consistent at 99%, and our constant currency net revenue retention rate remained at 109%, consistent with recent quarters.

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。

The combination of our high retention rates and new business momentum gives us confidence in the continued durability of our recurring revenue growth.

高留存率與新業務動能的結合，讓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 second quarter with ARR of $1.536 billion at quarter end spot rates. On a constant currency basis, our year-over-year ARR growth rate was 12%, and our sequential quarterly growth was 2.9%, all organic and in line with our expectations for the quarter.

接著談 ARR。我們在第二季季末以即期匯率計的 ARR 為 15.36 億美元。以固定匯率計，ARR 年增率為 12%，季增率為 2.9%，全部為有機成長，且符合我們對本季的預期。

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 $89 million for the second quarter and $215 million for the first half.

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。第二季 GAAP 營業利益為 8,900 萬美元，上半年為 2.15 億美元。

As I've discussed previously, our GAAP results can be impacted by deferred compensation plan revaluations and other acquisition-related items.

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及其他併購相關項目的影響。

Moving to our primary profitability measure.

接下來看我們主要的獲利衡量指標。

Adjusted operating income less operating stock-based compensation, or AOI less operating SBC. AOI less operating SBC was $116 million for the quarter, with a margin of 28.3% and $257 million for the first half with a margin of 30.8%.

調整後營業利益扣除營運層面的股票基礎薪酬（Adjusted operating income less operating stock-based compensation），亦即 AOI less operating SBC。本季 AOI less operating SBC 為 1.16 億美元，利潤率 28.3%；上半年為 2.57 億美元，利潤率 30.8%。

This performance was in line with our expectations with our first half margin trailing the prior year as we weighted operating investments early in the year compared to 2025.

此表現符合我們的預期；由於相較 2025 年，我們在今年上半年較偏重營運投資，因此上半年利潤率落後於去年。

Our first half G&A also reflects our new enterprise-wide finance and Quote-to-Cash platforms, which went live during the second quarter, driving a step-up in cost around go-live that was contemplated in our outlook.

我們上半年的一般及行政費用（G&A）也反映了新導入的全企業財務平台與 Quote-to-Cash 平台，這些平台於第二季上線，帶動上線期間成本階梯式增加，而此已納入我們的展望假設。

Notably, we did not adjust these costs out of our profitability metric. We absorb them within our margin commitment underscoring the quality of our first half performance, while positioning us for greater efficiency and scale.

值得注意的是，我們並未將這些成本自獲利指標中調整剔除。我們在利潤率承諾範圍內吸收這些成本，凸顯上半年表現的品質，同時也讓我們為更高效率與規模化奠定基礎。

We remain well positioned to deliver on our annual constant currency margin improvement. Our free cash flow for the quarter was $64 million and $252 million for the first half. This result was in line with our expectations and reflects two key factors we signaled on our last earnings call.

我們仍具備良好條件以達成全年以固定匯率計的利潤率改善目標。本季自由現金流為 6,400 萬美元，上半年為 2.52 億美元。此結果符合我們預期，並反映我們在上次財報電話會議中提示的兩項關鍵因素。

First, our 2025 free cash flow benefited from exceptionally strong collections at year-end, which, as anticipated, created a tougher year-over-year comparison in the first half most pronounced in the first quarter.

第一，2025 年自由現金流受惠於年底異常強勁的收款；如預期所示，這使得今年上半年年對年比較更具挑戰，其中以第一季最為明顯。

Second, our plan to weigh operating expenses more towards the first half this year is reflected in our year-over-year comparison for both profitability and cash flows.

第二，我們今年將營運費用配置更偏向上半年的計畫，也反映在獲利與現金流的年對年比較上。

As a result, and consistent with the framework we shared in our outlook, first half free cash flows represented approximately 47% and of our full year outlook, in line with the 45% to 50% range we guided for the first half.

因此，且與我們在展望中分享的架構一致，上半年自由現金流約占全年展望的 47%，符合我們對上半年 45% 至 50% 的指引區間。

Looking beyond quarterly timing, on the last 12 months basis, free cash flow of $498 million was up 15%, and we remain on track to meet our full year free cash flow outlook of $500 million to $570 million. We continue to execute a disciplined and balanced approach to capital allocation.

若不僅著眼於季度時點，以過去 12 個月計，自由現金流 4.98 億美元成長 15%，我們仍按計畫達成全年自由現金流 5.00 億至 5.70 億美元的展望。我們持續以審慎且均衡的方式執行資本配置。

During the quarter, we closed on a new $550 million Term Loan A under the accordion feature of our credit facility.

本季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（Term Loan A）。

This transaction was completed at attractive terms and used to repay outstanding borrowings under our revolver, lowering our interest costs.

此交易以具吸引力的條件完成，並用於償還循環信貸（revolver）項下的未償借款，降低我們的利息成本。

This provides ample capacity to support our strategic priorities, including addressing our mid-2027 convertible notes maturity while also funding potential programmatic acquisitions, ongoing share repurchases and dividends.

這為支持我們的策略優先事項提供充足的資金能力，包括因應 2027 年年中到期的可轉換公司債，同時也可用於潛在的計畫性併購、持續的庫藏股回購與股利發放。

During the first half of the year, we reduced net debt by $32 million and returned capital to shareholders by deploying $155 million for share repurchases, up meaningfully from the prior year and $42 million for dividends. Our balance sheet supports significant strategic flexibility.

今年上半年，我們將淨負債降低 3,200 萬美元，並透過 1.55 億美元的股票回購（較去年顯著增加）以及 4,200 萬美元的股利，向股東返還資本。我們的資產負債表支持高度的策略彈性。

At quarter end, capacity under our credit facility was $1.2 billion, and our net debt leverage was 1.9x adjusted EBITDA, consistent with the prior quarter.

截至季末，我們在信貸額度下的可用額度為 12 億美元；淨負債槓桿為調整後 EBITDA 的 1.9 倍，與前一季一致。

We continue to actively manage our interest rate exposure, our safeguards include the low fixed coupon on our remaining convertible notes and our $200 million interest rate swap expiring in 2030.

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 年到期的利率交換合約。

Overall, our performance through the first half of the year compared favorably with our expectations. We delivered consistent growth in revenues, recurring revenues and ARR while maintaining disciplined profitability and cash flow generation to remain comfortably within our full year financial outlook.

整體而言，我們上半年的表現優於我們的預期。我們在營收、經常性營收與 ARR 方面實現一致的成長，同時維持審慎的獲利能力與現金流創造，使我們能穩健地落在全年財務展望範圍內。

This year, that outlook also includes a range for AOI less operating SBC, reflecting the annual constant currency margin improvement I referenced earlier.

今年的展望也包含 AOI less operating SBC 的區間，反映我先前提到的全年以固定匯率計的利潤率改善。

With regards to foreign exchange rates, through the first half, the US dollar strengthened relative to the exchange rates assumed in our 2026 annual financial outlook resulting in approximately $5 million less revenue from currency, approximately $2 million in the first quarter and $3 million in the second.

就外匯匯率而言，上半年美元相對於我們在 2026 年度財務展望中所假設的匯率走強，導致匯率因素使營收約減少 500 萬美元，其中第一季約 200 萬美元、第二季約 300 萬美元。

If end of July exchange rates were to prevail for the remainder of the year, our second half revenues would be negatively impacted by an incremental $8 million to $10 million relative to the exchange rates assumed in our 2026 outlook.

若7月底的匯率在今年剩餘期間維持不變，則相較於我們在2026年展望中所假設的匯率，我們下半年營收將額外受到約800萬至1,000萬美元的負面影響。

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, I just wanted to remind everyone to please limit yourselves to 1 question today. And with that, our first question comes from Matt Hedberg from RBC Capital Markets.

謝謝你，Werner。在開始之前，我想提醒各位今天請將提問限制為1個問題。那麼，我們的第一個問題來自RBC Capital Markets的Matt Hedberg。

Thanks, Werner. Before we begin, I just wanted to remind everyone just limit themselves to 1 question. And with that, our first question comes from Matt Hedberg from RBC Capital Markets.

謝謝你，Werner。在開始之前，我想再次提醒各位請將提問限制為1個問題。那麼，我們的第一個問題來自RBC Capital Markets的Matt Hedberg。

Sorry, sorry about that. Can you hear me okay now?

抱歉，抱歉。你們現在聽得到我嗎？

Yes. We can hear you.

可以。我們聽得到。

Excellent. Thanks for the question. Congrats on the results. And the ARR growth at 12% was certainly impressive here, the acceleration versus last quarter. I guess what are the keys now as we get to the back half of the year on sustaining that growth or even improving?

太好了。謝謝讓我提問。恭喜這次的成果。ARR以12%的成長確實令人印象深刻，相較上季有加速。我想問的是，進入下半年後，要維持這樣的成長、甚至進一步提升，關鍵會是什麼？

And I know we've talked about maybe getting to the high end or above that and 12%, you're close to that. But I guess I'm wondering like continued success from Asset Analytics? Is there a macro element, anything -- anything that could kind of help us on that trajectory.

我知道我們談過可能達到區間高端或甚至高於高端，而12%已經很接近了。但我想了解的是，例如Asset Analytics持續成功？是否有總體環境因素，或任何——任何可能幫助我們沿著這條軌跡前進的因素。

Yes. Thank you, Matt. So yes, definitely, we were quite pleased with the performance in Q2, consistent with Q1, an acceleration, nevertheless, because of momentum in resources, which is still our fastest-growing sector and in particular, in mining.

是的。謝謝你，Matt。所以是的，我們對第二季的表現非常滿意，與第一季一致，仍然是加速的表現，主要是因為資源產業的動能，而資源仍是我們成長最快的垂直領域，尤其是在採礦。

And then just general strength in public works utilities, which includes electric grid, but we've seen strength across the sector. So the momentum is definitely there for us to get to the upper part of the range, we will need this momentum to continue, and there's no sign why it will slow down.

另外，公共工程與公用事業整體也很強勁，其中包含電網，但我們看到整個產業都有強勢表現。因此，動能確實存在；若要達到區間上緣，我們需要這股動能持續，目前也沒有任何跡象顯示會放緩。

But we will also need to do an acquisition potentially. And yes, bring in some big deals with Asset Analytics, which is a rather lumpy business, as we discussed in previous calls, right, where we depend a lot on big deals.

但我們也可能需要進行一項併購。而且，是的，Asset Analytics也需要帶來一些大型交易；如同我們在先前電話會議中討論過的，這是一個相當「不均勻」的業務，對大型交易的依賴度很高。

So I'd say each of those factors that Nicholas mentioned are relatively likely, but they all have to happen together to wind up at the top end of the range and that's what we hope.

所以我會說，Nicholas提到的每一項因素都相對有可能發生，但要落在區間上緣，這些因素必須同時發生，而這也是我們所希望的。

Thanks, Matt. The next question comes from Joe Vruwink from Robert W. Baird.

謝謝你，Matt。下一個問題來自Robert W. Baird的Joe Vruwink。

Great. the discussion on your older customer base, I thought it was interesting, and I know it's not the same basis for comparison that you highlighted last quarter with project delivery firms and kind of your earn rates with those customers.

很好。關於你們較老的客戶基礎的討論，我覺得很有意思；我知道這與你們上季提到的、以專案交付公司為比較基礎，以及你們在那些客戶的獲利率（earn rates）並不相同。

But just the $21 in earn rate for Bentley relative to the $1 million in assets. Where do you think that can go? And I guess inherent in the question is you've grown your portfolio of solutions that are relevant for owners quite a bit over the last 15 years.

但就Bentley相對於每100萬美元資產的21美元獲利率而言，你認為這個數字可以提升到什麼程度？我想這個問題背後的含意是：過去15年，你們針對業主端相關的解決方案組合已經擴充了很多。

And so do some of the recently acquired IP or just the way that infrastructure cloud is evolving, unlock a much bigger opportunity with that side of your customer base?

因此，一些近期收購的IP，或是基礎設施雲端的演進方式，是否能在你們這一側的客戶基礎上，釋放出更大的機會？

Well, it's all of the opportunity with infrastructure and AI to improve the quality, resilience, the life cycle of the infrastructure assets, the other operators benefit from better CapEx, which optimized designs will provide in terms of constructability, less subsurface risk and so forth, things we're working on through our open applications.

嗯，機會來自基礎設施與AI，能提升基礎設施資產的品質、韌性與全生命週期表現；而其他營運方也能受益於更好的資本支出（CapEx），例如最佳化設計在可施工性、降低地下風險等方面所帶來的改善——這些都是我們透過開放式應用程式正在推進的工作。

But just as you say, the biggest opportunity is in operations and maintenance and especially for optimizing that to do only what's needed and what works and for AI to help discern that by operating on badly infrastructure cloud and using the as operated inspection and monitoring that's made possible through asset analytics.

但正如你所說，最大的機會在於營運與維護，尤其是將其最佳化到只做必要且有效的工作；而AI可透過在Bentley基礎設施雲端上運行，並利用Asset Analytics所促成的「按實際運行（as operated）」檢測與監測，來協助辨識哪些工作真正需要做。

So we think we've closed that circle conceptually, leaving a lot of opportunity, and we should monitor that $21 million of net assets just as we do on the correspondingly on the engineering firm side to see how they're going to go about improving their economics by spending more on software and AI together, as Nicholas described.

因此，我們認為在概念上已經把這個閉環建立起來，仍留下很大的機會；我們也應該像在工程公司那一側一樣，持續追蹤這每100萬美元淨資產對應的21美元，看看他們將如何如Nicholas所描述，透過在軟體與AI上的更多投入來改善其經濟效益。

Thanks, Joe. The next question comes from Jason Celino from KeyBanc.

謝謝你，Joe。下一個問題來自KeyBanc的Jason Celino。

Great. Thank you for the update on PLS. I think it's a business that we often kind of forget about. I think when you originally acquired that asset, it was kind of growing similar to Bentley's corporate average, but its margins were meaningfully better. And then I think entering the year, when we thought about permitting reform, that was one of the businesses that could really benefit from it.

很好。謝謝你們更新PLS的情況。我覺得這是一個我們常常會有點忘記的業務。我記得你們最初收購該資產時，它的成長大致與Bentley的公司平均相近，但其利潤率明顯更好。而且我想在今年初，當我們談到許可改革（permitting reform）時，這也是可能從中大幅受益的業務之一。

Are you able to maybe provide an update on maybe the financial profile of what PLS looks like today? And if you've seen any acceleration in the business from any type of permitting reform? Thank you.

你們是否能更新一下PLS目前的財務輪廓大概是什麼樣子？以及你們是否看到因任何形式的許可改革而帶來的業務加速？謝謝。

Actually, PLS has been a growth engine from -- almost from the time of the acquisition and very consistent. And the growth has been both in the US and internationally. You heard in the prepared remarks that now our business with PLS outside of the US is as big as the entire PLS business was when we did the acquisition.

其實，PLS幾乎從收購之後不久就一直是成長引擎，而且非常穩定。成長同時來自美國與國際市場。你在我們事先準備的發言中也聽到，目前我們在美國以外的PLS業務規模，已經和我們收購時整個PLS業務的規模一樣大。

So we grew very well outside of the US But in the US as well. And in the US, we continue to grow despite the lack of permitting reform because there's a lot of investments going into the existing grid, just to make sure that it is capable of keeping up with the demand for more electricity that it is resilient in the face of extreme weather events, et cetera. Therefore, we are well positioned to see our PLS ARR even accelerating as permitting reform goes through.

所以我們在美國以外成長得非常好；在美國也同樣如此。而在美國，即使缺乏許可改革，我們仍持續成長，因為大量投資正在投入既有電網，以確保其能跟上更高的用電需求，並在極端天氣事件等情況下具備韌性，等等。因此，隨著許可改革推進，我們也處於有利位置，甚至可能看到PLS的ARR進一步加速。

Permitting reform, there's always a lot of discussion. It is, in a sense, a bipartisan topic. Everybody wants it. But we need Congress to get its act together, no pun intended. And conversations are resumed about permitting reform.

許可改革一直有很多討論。某種程度上，這是跨黨派的議題。大家都想要。但我們需要國會把事情理順——無意雙關。目前關於許可改革的對話又重新開始了。

And a fantastic vehicle for permitting reform would be the new surface transportation bill which has been passed by the House of Representatives, but is now a bit on hold until a bigger decision is made. But yes, there is just a lot of activity for permitting reform in the US And when -- if and when I think it's more about when this goes through, then this will help further grow our PLS business, which is already doing very well.

而推動許可改革的一個極佳載體，會是新的《地面運輸法案》（surface transportation bill）；該法案已在眾議院通過，但目前在做出更大的決策之前暫時有點擱置。不過，是的，美國在許可改革方面確實有很多活動。當——如果以及當我認為更像是「何時」而不是「是否」——一旦通過，將有助於進一步成長我們的PLS業務，而該業務目前本來就表現得非常好。

Thank you. Thanks, Jason. Next question comes from Daniel Jester from BMO.

謝謝。謝謝你，Jason。下一個問題來自BMO的Daniel Jester。

Hey, good morning. Sorry, my camera for some reason it's not working. So Greg, in the last couple of quarters, you've talked about sort of the accelerating of the art of what's possible in AI.

嗨，早安。抱歉，我的攝影機不知為何無法運作。所以Greg，在過去幾季，你一直在談AI在「可能性之藝術」方面的加速……

And in the prepared remarks today, you commented about sort of the opportunity and what you're seeing in your customers. I guess new MCP servers, you've got a lot of opportunity here. I guess from a customer enablement perspective and their ability to harness these tools, are you?

而在你今天的預先準備發言中，你提到了一些關於機會以及你在客戶端看到的情況。我想新的 MCP 伺服器，你們在這裡有很多機會。我想從客戶賦能的角度，以及他們運用這些工具的能力來看，你們是否……？

Lost you.

我聽不到你了。

I think Daniel was going to ask where do they stand? And that is -- my point was we're embedded closely with the largest engineering firms and operators who are especially the engineering firms in a hurry because of the resource capacity constraints, they could do more business if they could improve efficiency and effectiveness, as Nicholas said.

我想 Daniel 原本要問的是他們目前進展到哪一步？而我的重點是：我們與最大的工程公司與業主營運商緊密合作，尤其是工程公司因為資源產能受限而非常急迫；正如 Nicholas 所說，如果他們能提升效率與效能，就能承接更多業務。

So they're in a hurry. But they understand the best way to get there is a hybrid approach where their AI assistance, their own agents would take advantage of established functionality. And our education is how to put those two together into a hybrid approach.

所以他們很急。但他們也明白，達成目標的最佳方式是混合式方法：他們的 AI 助理、他們自己的代理（agents）會利用既有的功能。而我們的教育重點是如何把這兩者結合成一個混合式方法。

I mentioned hybrid, particularly as something which over my career, I've seen repeatedly be the result of innovation waves because there isn't something that's going to take over one particular phenomenon, but a combination together.

我提到混合式，特別是因為在我的職涯中，我一再看到創新浪潮的結果往往是混合式：不會有某個單一事物完全取代某種現象，而是多種事物的組合。

In addition to the nature of the hybrid, Nicholas described of inference on the part of assistance calling established deterministic engineering logic.

除了混合式的本質之外，Nicholas 也描述了：助理端的推論會去呼叫既有、確定性的工程邏輯。

Another aspect of hybrid that I expect to come about is in the computing form factor, which will include some -- a lot of or choices for what we could call sovereign AI computing on local and edge devices because in the case of engineering firms of the sensitivity of their intellectual property in the case of owner operators of the cyber risks involved.

我預期另一個會出現的混合面向是在運算的形態（form factor）上，這將包含一些——大量的——或可稱為「主權 AI」的運算選項，部署在本地與邊緣裝置上；因為對工程公司而言涉及其智慧財產的敏感性，而對業主營運商而言則涉及網路風險。

So anyway, their hybrid directions are going to be where things settle out in the long term. And you probably were asking me about the long term given my longevity.

總之，他們的混合式方向將會是長期最終落定的方向。而你可能是在問我長期的情況，畢竟我資歷比較久。

Thank you, Daniel. Next question comes from Siti Panigrahi from Mizuho.

謝謝你，Daniel。下一個問題來自瑞穗（Mizuho）的 Siti Panigrahi。

Great. Thank you. Just to continue to the prior questions, Daniel's question, maybe. I'll extend that. I mean the opportunity you talked about AI, like, can you give us more concrete signal even directionally, like whether this AI or the commercial model, API consumption, all this. When do you think is kind of going to -- like you can monetize? Is it more end of '26 or '27 even kind of thing.

好的。謝謝。我想延續前面 Daniel 的問題。我再把它延伸一下。你談到 AI 的機會，能否給我們更具體的訊號，即便只是方向性的，例如 AI 或商業模式、API 用量計費等等。你認為大概什麼時候——也就是你們能開始變現？會比較像是 2026 年底，還是甚至 2027 年那樣？

And in that context, you talked about the data and Interface, whether Claude or ChatGPT, does it help Bentley Systems as a platform? Or does it create opportunity for stand-alone companies to pipe the data into these interfaces. How do you differentiate there when Claude or ChatGPT become an integration layer?

在這個脈絡下，你談到資料與介面，不論是 Claude 或 ChatGPT，這是否有助於 Bentley Systems 作為平台？或者這會為獨立公司創造機會，將資料導入這些介面？當 Claude 或 ChatGPT 成為整合層時，你們如何做出差異化？

All right. So let's go after these different questions one by one. So the signals we're getting from the accounts we're engaging with on this novel way of using our engineering applications.

好。那我們把這些不同的問題逐一回答。首先，關於我們與客戶帳戶互動時，針對這種使用我們工程應用程式的新方式所得到的訊號。

The signal is very positive. The effort on our side is really to cut through the noise because there's so much noise around AI.

訊號非常正面。我們這邊的努力，主要是要穿透雜訊，因為 AI 周邊的雜訊實在太多。

Obviously, every software provider under the sun is approaching the different accounts, talking about their own abilities. So we need to cut through the noise.

顯然，幾乎所有軟體供應商都在接觸各個客戶帳戶，談他們各自的能力。所以我們需要穿透雜訊。

And then when infrastructure organizations realize what we're talking about and the potential there then the reaction is very positive. We hear words like -- this is a game changer. This is changing everything.

而當基礎設施組織理解我們在談什麼以及其中的潛力時，他們的反應非常正面。我們會聽到像是——這是顛覆性的改變（game changer）。這正在改變一切。

There's a lot of value that's going to be created and so on and so forth. So that's very encouraging. And therefore, we are really sticking to the phasing we talked about before, which is our number one priority is adoption, exploration validation, right, getting -- making sure that accounts are aware of those capabilities, they're really adopting those capabilities, and they are validating the potential value there and monetization next.

將會創造大量價值，等等。所以這非常令人鼓舞。因此，我們確實會堅持先前談到的分階段推進：我們的第一優先是採用、探索、驗證——也就是確保客戶帳戶知道這些能力、真正採用這些能力，並且驗證其潛在價值；變現則放在後面。

And we're very transparent about that exact sequence with our accounts saying, at some point, of course, we will need to monetize. And the reaction from the accounts on the monetization is a shared understanding that indeed the traditional way for us to monetize, which is attended consumption with E365 or user-based subscriptions, and it's all about users wouldn't quite work going forward when so much value is going to be created with AI itself interacting with our applications and using them at machine speed. And therefore, the metrics have to change.

我們也非常透明地向客戶說明這個確切順序：在某個時間點，我們當然需要變現。而客戶對於變現的反應，是共同理解到：我們傳統的變現方式——也就是透過 E365 的有人值守（attended）用量或以使用者為基礎的訂閱、以「使用者」為核心——在未來可能不太適用，因為大量價值將由 AI 本身以機器速度與我們的應用程式互動並使用它們而產生。因此，衡量指標必須改變。

So we're taking this time of adoption, exploration, validation of our applications at the time also to validate what is going to be the potential commercial model.

所以我們在進行採用、探索、驗證的同時，也在驗證未來可能的商業模式會是什麼。

So that when we start to monetize, there is great receptivity our accounts on the way we're going to monetize that. We're not planning to monetize this year. We're planning to start monetizing next year. And you should expect us to monetize in a very reasonable way.

如此一來，當我們開始變現時，客戶對我們的變現方式會有很高的接受度。我們不打算在今年變現。我們計畫在明年開始變現。而你們應該預期我們會以非常合理的方式來變現。

What we don't want is a big price tag to become suddenly an obstacle for infrastructure organization to use these capabilities. It will be really going against what we're trying to achieve here.

我們不希望突然出現一個很高的價格標籤，反而成為基礎設施組織使用這些能力的障礙。那將完全違背我們想達成的目標。

We want to unlock a lot of value, and we want to lock a lot of value for all the players of the value chain from the end clients because they will end up having much better design because they've been optimized at machine speed for the engineering firms themselves because potentially this is the opportunity for them now to evolve also their commercial model and capture a fair share of the value that's going to be created and for us as well as provider, right?

我們想要解鎖大量價值，也希望為價值鏈上的所有參與者鎖定大量價值：從終端客戶開始，因為他們最終會得到更好的設計，因為設計已在機器速度下完成最佳化；對工程公司而言，這可能也是他們進一步演進其商業模式、並取得所創造價值中合理份額的機會；對我們作為供應商而言亦是如此，對吧？

So we've been very thoughtful, very diligent on how we're introducing these capacities. And then to your last question about us having this very open approach and letting our users use whatever AI systems they want and using those assistants to interact with engineering data that is coming from our systems or third-party systems.

所以我們在導入這些能力時一直非常審慎、非常勤勉。接著回到你最後一個問題：關於我們採取非常開放的方式，讓使用者使用他們想用的任何 AI 系統，並用那些助理去與來自我們系統或第三方系統的工程資料互動。

We actually want that. We welcome that, right? What we've learned with all the infrastructure organization we've been engaging with in the context of the infrastructure AI initiative is that, we need to be ready for all sorts of permutations and how exactly our applications are going to be used, how Bentley's factory file is going to be used, how data is going to be used, right?

我們其實希望如此。我們歡迎這樣做，對吧？我們在「基礎設施 AI」倡議的脈絡下與各種基礎設施組織互動後學到的是：我們必須為各種排列組合做好準備——我們的應用程式會如何被使用、Bentley 的 factory file 會如何被使用、資料會如何被使用，等等。

Some of them are saying we want to use the Bentley AI system called Bentley Copilot because it's a much better user experience, the users stay with the same applications.

有些客戶說，他們想使用名為 Bentley Copilot 的 Bentley AI 系統，因為使用者體驗更好，使用者可以留在同一套應用程式中。

Others are saying, no, no, actually, we want to continue to use in other AI systems, for example, Claude because we've been tailoring it with data that is specific to us as an engineering firm, for example, and we don't want users to have to swap and go from one AI system to another.

也有人說，不不，其實他們想繼續使用其他 AI 系統，例如 Claude，因為他們已經用對工程公司而言特定的資料去做了客製化，而他們不希望使用者必須切換、從一個 AI 系統跳到另一個。

We want them to continue to use exactly the same. That's the kind of feedback that we're getting, which is a lot of creativity, and we need to be ready for all sorts of use cases. In that context, we're very clear that where we are bringing value, where we're adding value and ultimately where we need to monetize is with the underlying engineering applications.

他們希望使用者能繼續使用完全相同的工具。這就是我們收到的回饋：有很多創意，而我們必須為各式各樣的使用情境做好準備。在這個脈絡下，我們非常清楚：我們帶來價值、增加價值，並且最終需要變現的地方，是底層的工程應用程式。

And then with the -- and then Bentley Infrastructure Cloud overall, regardless exactly how these applications are used, whether it's with our own co-pilot or with third-party assistance. Regardless our data, the data that has been created with our platform is being used, whether it's through our Copilot or with third-party AI assistant.

接著，關於 Bentley Infrastructure Cloud 整體而言，不論這些應用程式究竟如何被使用，無論是搭配我們自家的副駕（Copilot）或是第三方的協助。不論如何，我們的資料——也就是透過我們平台所建立的資料——都正在被使用，無論是透過我們的 Copilot 或第三方 AI 助理。

We need to be completely open to that, and not having any artificial limits in order to do this. Again, we will monetize at the underlying level at the underlying level, which the engineering applications themselves and Bentley Infrastructure Cloud.

我們必須對此完全開放，且不應為了做到這點而設下任何人為限制。再次強調，我們會在底層層級進行變現——也就是工程應用程式本身以及 Bentley Infrastructure Cloud 的底層層級。

That's super helpful. Thank you, Nicholas.

這非常有幫助。謝謝你，Nicholas。

Yeah, thanks. The next question comes from Kristen Owen from Oppenheimer.

好的，謝謝。下一個問題來自 Oppenheimer 的 Kristen Owen。

Good morning. Thank you for taking the question. I wanted to dig into the Seequent results a bit and specifically in mining, we're seeing a lot of capital discipline in the space.

早安。謝謝讓我提問。我想更深入了解一下 Seequent 的表現，特別是在採礦領域，我們看到這個產業在資本支出方面相當自律。

So I'm wondering if you can unpack for us how much of the growth are you seeing from greenfield versus maybe brownfield expansion versus just this general trend toward adopting digital tools. And then somewhat related, I'm also seeing across my coverage, a lot of M&A in the digital mining technology space. So when you look at your acquisition pipeline, is there -- is this an area where you'd see opportunity for inorganic growth? Thank you.

所以我想請你們為我們拆解一下，你們看到的成長有多少來自綠地（greenfield）專案、多少來自棕地（brownfield）擴建，或是僅僅來自採用數位工具的整體趨勢。另外有點相關的是，我在我覆蓋的公司中也看到數位採礦科技領域有很多併購活動。因此當你們看你們的併購管線時，這是否是你們會看到透過外生成長（inorganic growth）取得機會的領域？謝謝。

Yeah. Thank you, Kristen. On the first point, so yes, 2026 is probably going to be a record year in terms of investments in CapEx in mining with -- and we see it around the world, across geographies.

是的。謝謝你，Kristen。先回應第一點，沒錯，2026 年很可能會是採礦資本支出（CapEx）投資創紀錄的一年——而且我們在全球各地、跨不同地理區域都看得到。

So it's very broad-based. And the kind of investment we're seeing is primarily brownfield in order to have a much faster return on investment than high risk, very long-term return on investments, greenfield investments.

所以這是非常廣泛的趨勢。而我們看到的投資類型主要是棕地投資，因為相較於高風險、回收期非常長的綠地投資，棕地投資能帶來更快的投資報酬。

So it's primarily brownfield. We're seeing it also with the use of our software as we're tracking it, that it's primarily used for brownfield rather than greenfield. And why is that?

所以主要是棕地。我們在追蹤我們軟體的使用情況時也看到，它主要用於棕地而非綠地。那為什麼會這樣？

It's because of this underlying trend of sales efficiency countries around the world who want to get to critical minerals on their own and fast because of the geopolitical tensions, because of the disruption to the supply chains, I think there's a wide understanding around the world on the critical nature of those minerals and they need to be able to access them without obstacles. So that's the underlying trend.

因為背後有一個根本趨勢：全球各國都希望能自行、且快速取得關鍵礦物，原因在於地緣政治緊張、供應鏈中斷。我認為全球普遍理解這些礦物的關鍵性，並且需要能在沒有障礙的情況下取得它們。這就是背後的趨勢。

And therefore, our growth as well with our software, which is being used for exploration and operations of mines. It's also very broad-based, and we've also seen growth around the world.

因此，我們的成長也同樣如此；我們的軟體被用於礦山的勘探與營運。這同樣是非常廣泛的趨勢，我們也看到全球各地的成長。

We've seen it with large accounts and smaller accounts especially with the midsized mining companies. It's very encouraging because it's so broad based, it means this is quite durable from that standpoint. Then in terms of M&A, our appetite remains the same.

我們在大型客戶與小型客戶都看到了這點，特別是在中型採礦公司。這非常令人鼓舞，因為它如此廣泛，代表從這個角度看相當具有持續性。至於併購（M&A），我們的胃納維持不變。

We did indicate already last quarter that besides Asset Analytics, which remains a big priority. We are definitely looking for other opportunities, including in resources.

我們在上一季就已經提到，除了資產分析（Asset Analytics）仍然是重大優先事項之外，我們也確實在尋找其他機會，包括在資源領域。

If we see some assets out there that can help us exceed our vision that can help us excel our strategy and they can fill some gaps that we have in helping mining companies get a better understanding of the subsurface, then we'll do it. Whether -- by the way for mining, it could be also in geothermal, other sources of energy, resources overall.

如果我們看到一些資產能幫助我們超越願景、推進策略，並且能補足我們在協助採礦公司更好理解地下（subsurface）方面的缺口，那我們就會去做。順帶一提，就採礦而言，也可能延伸到地熱或其他能源來源、乃至整體資源領域。

It's still our expectation to be able to do that this year.

我們仍然預期今年能夠做到這件事。

Thank you.

謝謝。

Thanks. The next question comes from Faith Brunner from William Blair.

謝謝。下一個問題來自 William Blair 的 Faith Brunner。

Hey, guys, thanks for taking my question. Maybe just wanted to jump into some of the AI noise. It seems like lately we hear a new announcement from anyone talking about some new AI solution, whether it's a broad infrastructure use case, a more specialized. So maybe what are you guys thinking about as the competitive landscape kind of shifts and how can this maybe play into your open ecosystem approach for AI?

嗨，各位，謝謝讓我提問。我想也許先切入一些 AI 的雜音。最近似乎我們常常聽到各家公司宣布新的 AI 解決方案，不論是廣泛的基礎設施使用情境，或是更專門的。所以想請教你們，當競爭態勢似乎正在轉變時，你們怎麼看？以及這可能如何融入你們對 AI 的開放式生態系做法？

So there's a lot of noise in our space, maybe not so much in core infrastructure. We're going to see it in adjacent spaces like AC or let's say buildings. There's quite a bit of activities there. And they're indicative of where things could go. What's quite clear is that a lot of use cases are more at the edges of what we're doing.

我們這個領域確實有很多雜音，但在核心基礎設施方面可能沒那麼多。我們會在相鄰領域看到，例如建築（AEC）或是建物等。那裡有相當多的活動。而這些活動顯示事情可能會往哪裡發展。很清楚的是，許多使用案例更偏向我們所做事情的邊緣地帶。

And when it comes to using AI in, let's say, core engineering and engineering for infrastructure, there's really no better value proposition than this combination of our own engineering applications that are, trusted, that are already integrated in workflows across infrastructure value chains around the world, together with third-party AI assistance, AI models, LLMs, right? And that combination is here and now.

而當談到在核心工程、以及基礎設施工程中使用 AI 時，沒有比「我們自家的工程應用程式」與「第三方 AI 協助、AI 模型、LLM 等」的結合更好的價值主張了；我們的工程應用程式是值得信賴的，且已經整合進全球各地基礎設施價值鏈的工作流程中。而這種結合就是此時此刻已經存在的。

So this is not a startup activity. It's not a this is where it could go. It's already there. Those capabilities are there and so, when we're engaging with accounts, this is where the conversation is, which is, let's not go into very forward-looking conversations. Let's just talk about what is possible right now.

所以這不是新創在做的事。也不是「未來可能會怎樣」的概念。它已經在那裡了。這些能力已經存在，因此當我們與客戶互動時，對話就在這裡：我們不必進行非常前瞻的討論，我們只要談談現在就能做到什麼。

And this is where typically the eyes open very wide when they realize the caparities, the possibilities, the value that can be created today already.

而通常當他們意識到這些能力、可能性，以及今天就能創造的價值時，眼睛都會睜得很大。

I myself am glad to hear each occasion of engineering organization, infrastructure engineering organizations adopting AI for whatever it is they're adopting it for.

我自己也很高興每次聽到工程組織、基礎設施工程組織採用 AI——不論他們是為了什麼目的而採用。

And in my ideal, these organizations would take pride in promoting and marketing their proprietary AI approaches to their overall strategy to optimize design and heuristics, you can imagine learning applications and so forth, that would be particular and specific and proprietary.

在我理想的情況下，這些組織會以推廣與行銷其專有 AI 方法為榮，並將其納入整體策略，以最佳化設計與啟發式方法；你可以想像學習型應用等等，這些都會是獨特、具體且專有的。

And there have been in the past waves of innovation in engineering and design that where organizations competed on the quality and differentiation of their approaches.

過去在工程與設計領域也曾出現過一波波創新浪潮，當時各組織會在其方法的品質與差異化上競爭。

In all cases, that can be accelerated if they use existing functionality for the modeling and simulation so that they don't need to take on building up from the ground, what exists already.

在所有情況下，如果他們使用既有的建模與模擬功能，就能加速這一切，因為他們不需要從零開始打造那些已經存在的東西。

It's in the -- how the solution space is explored and learned from and what you optimize and so forth, that there is so much to be gained and that should be proprietary and specialized and differentiated and AI can accelerate that for our user organizations.

真正能帶來巨大收穫的是：如何探索解決方案空間、如何從中學習、以及你要最佳化什麼等等；這些應該是我們用戶組織的專有、專精且差異化之處，而 AI 可以加速這一點。

And that's why the open approach that Nicholas described is the right one for us.

這也是 Nicholas 所描述的開放式做法，對我們而言是正確的原因。

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

謝謝。下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Thank you. Good morning. The first part of the question is you -- for the quarter and for the year-to-date, your increase in sales and marketing was fairly considerable and more than the increase in R&D on a small base spending.

謝謝。早安。問題的第一部分是：就本季以及年初至今而言，你們的銷售與行銷費用增加幅度相當可觀，而且高於在較小基礎支出之上的研發（R&D）增幅。

What is your expectation for R&D for the remainder of the year and into 2027, particularly when we think about the recent uptrend for example, in your engineering open positions, which have been noticeably higher over the last few months.

您對今年剩餘時間以及展望到 2027 年的研發（R&D）有何預期？特別是考量到近期的上升趨勢，例如你們工程相關的職缺數，在過去幾個月明顯更高。

And then the technical side of that question is for Greg and Nicholas, could you remind us what your R&D and developmental priorities are, including but not limited to your design side of the portfolio, which you've been highlighting as a priority since 2022, but maybe bring us up to date on all that. Thank you.

接著，這個問題的技術面想請教 Greg 和 Nicholas：能否提醒我們你們的研發與開發優先事項是什麼？包含但不限於你們產品組合中的設計端（design side），你們自 2022 年以來一直強調其為優先事項；也請更新我們目前的進展。謝謝。

Well, maybe I'll start with the latter, Jay, because then it's a good context for the conversation about where exactly we're investing. So the priorities are AI in Bentley Open Applications, AI with Bentley Infrastructure Cloud and then synergies across the full portfolio, including our Seequent portfolio.

Jay，也許我先從後半段開始，因為這能為我們討論究竟投資在哪些方向提供很好的脈絡。所以優先事項是：Bentley Open Applications 的 AI、Bentley Infrastructure Cloud 的 AI，以及跨整個產品組合的協同效應（synergies），包括我們的 Seequent 產品組合。

So across, if you want, Bentley Infrastructure Cloud and Seequent. Those are the priorities from an R&D standpoint. And then within AI engineering applications, then it's both building our own capabilities, which we haven't talked about this call.

也就是說，涵蓋 Bentley Infrastructure Cloud 與 Seequent。從研發的角度來看，這些就是優先事項。而在 AI 工程應用方面，則同時包括打造我們自己的能力——這點我們在這通電話中還沒談到。

But also instrumenting applications to interact with third-party AI, which we've discussed at length now, right? So those are the priorities.

同時也包括讓應用程式具備與第三方 AI 互動的能力——我們現在已經深入討論過了，對吧？所以這些就是優先事項。

So when it comes to investments, I will say going forward, we're leaning very hard in adopting AI internally and across all functions.

至於投資方面，我想說的是，往前看，我們會非常積極地在內部以及所有職能中採用 AI。

What I think we can expect that in the longer run, we grow certain functions as a percentage of revenue faster than others. And you may have heard some of us talk about growing R&D in particular.

我認為，長期來看，我們會預期某些職能占營收比重的成長速度會快於其他職能。你們可能也聽過我們其中一些人談到，特別是要擴大研發（R&D）。

And of course, we will do that as a software company. There's so much potential for AI that we want more engineers, and we want them to work much faster, thanks to the AI capacities.

當然，作為一家軟體公司，我們會這麼做。AI 的潛力非常大，我們希望有更多工程師，也希望在 AI 能力的加持下，他們能更快地工作。

But most probably will also be an increase of spend as a percentage of revenue into go-to-market functions because of the point I mentioned earlier, which is there's so much noise around AI that we need to cut through it.

但很可能，作為營收百分比，面向市場（go-to-market）職能的支出也會增加，原因是我先前提到的：AI 周邊的雜訊太多，我們需要穿透這些雜訊。

And that does require investments in marketing, and it requires investments also with our success force, application engineers, solution architects to be right there as forward deployed engineers with our accounts to make sure they're aware of these capacities, they adopt these capacities, they explore the potential to validate the value.

而這確實需要在行銷上投資，也需要在我們的客戶成功團隊（success force）、應用工程師、解決方案架構師上投資，讓他們能作為前線部署工程師（forward deployed engineers）緊貼客戶，確保客戶了解這些能力、採用這些能力，並探索其潛力以驗證價值。

Great. Thank you.

很好。謝謝。

Next question comes from Andrew DeGasperi from BNP.

下一個問題來自 BNP 的 Andrew DeGasperi。

Thanks. It's good to see everyone. And I just wanted to ask a question on -- in terms of your fastest-growing segments, Resources, utilities in the grid. And they could be construed as kind of related or indirectly related to data center spend and AI spend. And I'm just wondering, number one, would you agree with that? Number two, are you concerned that they could potentially slow in the future?

謝謝。很高興見到各位。我想問一個問題——關於你們成長最快的區塊：資源（Resources）、以及電網相關的公用事業（utilities）。這些可能被解讀為與資料中心支出與 AI 支出有關，或間接相關。我想問第一，你們是否同意這樣的看法？第二，你們是否擔心未來它們可能放緩？

And then, I guess, lastly, if it does slow, do you think that opens up capacity to work on other projects?

最後，如果真的放緩，你們是否認為這會釋出產能去承接其他專案？

So one point of clarification that the resources is indeed our fastest-growing sector and then public work utilities in totality also grew strongly in Q2.

先澄清一點：資源（Resources）確實是我們成長最快的產業別；另外，公共工程與公用事業（public work utilities）整體在第二季也有強勁成長。

So not just electric grid. It's not like the electric grid was growing necessarily much faster than other parts of the public work utilities sectors such as transportation or water utilities, et cetera. There is definitely a link with the big investments in data centers. This is what's driving for self-sufficiency when it comes to critical minerals.

所以不只是電網。並不是說電網的成長一定比公共工程與公用事業其他領域（例如交通運輸或水務公用事業等）快很多。但與資料中心的大型投資確實存在連結。這正是推動在關鍵礦物（critical minerals）方面追求自給自足的原因。

This is also what's putting a lot of stress on the electric grid. So for sure, there is a link with investments in data centers.

這也對電網造成很大的壓力。所以可以確定的是，與資料中心投資之間確實有連結。

With respect to durability, I think the need for critical minerals goes way beyond what is needed for data centers. And I think investments on the electric grid also needed way beyond what's also needed for data centers. Yes.

至於需求的持久性（durability），我認為對關鍵礦物的需求遠不止於資料中心所需。我也認為對電網的投資需求同樣遠超出資料中心所需。是的。

I think the of -- the need to secure critical minerals, they need to make the electric grid more resilient to potentially expand it, et cetera, that goes beyond data centers. So we are confident as well about the robustness of those end markets.

我認為——確保關鍵礦物供應、讓電網更具韌性、以及可能擴建電網等等——這些都超越資料中心的需求。因此，我們也對這些終端市場的韌性與穩健性有信心。

Thanks, Andrew.

謝謝你，Andrew。

The next question comes from Alexei Gogolev from JPMorgan.

下一個問題來自 JPMorgan 的 Alexei Gogolev。

Thank you, Eric, and hello, everyone. Greg, I think in the past, you've talked about how tokens are trivial relative to engineering modeling and simulation compute and that much execution can remain local. So how does that shape your long-term gross margin profile for Agent workflows? And where do you see the main incremental cost centers?

謝謝你，Eric，大家好。Greg，我記得你過去談過，相較於工程建模與模擬的運算需求，token 的成本其實微不足道，而且很多執行可以維持在本地端。那麼，這如何影響你們 Agent 工作流程（Agent workflows）的長期毛利率輪廓？你認為主要的增量成本中心會在哪裡？

Well, I think all the time, there's more awareness that things are going to wind up being hybrid choices. We would like those choices to be able to be made by our accounts and engineering firms and owner operators each have reasons to, as I mentioned, to ultimately favor relatively sovereign computing for their -- for reasons of their own sensitivities.

我想大家越來越意識到，最終會是混合式（hybrid）的選擇。我們希望這些選擇能由我們的客戶自行決定；工程公司與業主營運方（owner operators）各自都有理由——如我提到的——基於自身敏感性，最終偏好相對更具主權性的運算（sovereign computing）。

That will be, I think, technically feasible as well with coming hardware advances. And I think my answer is as far as its impact on our gross margins, it's relatively -- is likely to be relatively less impact on our gross margins as a result than perhaps others who are only investing in cloud-based computing requirements, because I don't think the world -- back to the previous question is going to be covered with data centers going forward and that there won't be reasons to balance out the computing form factors in a hybrid way providing AI is a good business, but that can include providing it in local environments as well. Thanks.

我認為，隨著硬體的進步，這在技術上也將可行。至於對我們毛利率的影響，我的回答是：相較於那些只投資雲端運算需求的公司，這對我們毛利率的影響可能相對更小；因為我不認為未來世界——回到前一個問題——會到處都是資料中心，也不認為沒有理由以混合方式在不同運算形態（computing form factors）之間取得平衡。提供 AI 是一門好生意，而其中也可以包括在本地環境中提供。謝謝。

The next question comes from who we have here, Taylor McGinnis from UBS.

下一個問題來自 UBS 的 Taylor McGinnis。

Yeah, hi team. Thanks so much for answering my question. I'd actually love to hit on cash flow. It looks like in order to hit the high end of the cash flow guide, you have to assume pretty material second half cash flow margin expansion compared to it being down year-over-year in the first half. So could you just walk us through where you're tracking in terms of the guidance range, what would cause the big reversal in the second half of expense growth particularly given some of the AI investments and other areas?

是的，大家好。非常感謝回答我的問題。我其實想談談現金流。看起來若要達到現金流指引（guide）的高端，你們必須假設下半年現金流利潤率相較上半年會有相當明顯的擴張，因為上半年同比是下滑的。所以能否請你們說明一下：目前在指引區間內的進度如何？以及在考量部分 AI 投資與其他領域投入的情況下，下半年費用成長為何會出現如此大的反轉？

Sure. Maybe I take that. So Taylor, we are in H1 exactly where we messaged in Q4 '25 and our outlook where we would be expected to be so at 47% in H1 of our full year outlook, and we guided towards 45% to 50%, if I take the midpoint of the free cash flow outlook.

當然。也許我來回答。Taylor，我們上半年（H1）的表現完全符合我們在 2025 年第四季（Q4 '25）所傳達的訊息與展望：以全年展望來看，上半年達成了 47%；而我們的指引是 45% 到 50%（若以自由現金流展望的中點來看）。

There were teo things we pointed out in Q4 last year that will lead to a shift between from Q2 into -- sorry, from H2 into H1, in 2026. One was that we had really strong collections at the end of 2025 which benefited 2025, but which was a higher comparison then for Q1 2026.

我們在去年第四季指出了兩件事，會導致 2026 年在季度分布上從第二季到——抱歉，是從下半年（H2）到上半年（H1）之間出現移轉。第一是 2025 年底我們的回款（collections）非常強勁，這對 2025 年有利，但也使得 2026 年第一季的比較基期更高。

And then we talked about that we are doing investments into the business early in the year which also impacted the profitability and the cash flow in the first half of the year. So it's really just timing. It's working capital mostly.

接著我們也談到，我們在年初就對業務進行投資，這也影響了上半年獲利能力與現金流。所以這真的只是時間點的問題。主要是營運資金的影響。

And it's quarter-to-quarter movements that really catch up quickly between what is the underlying model with our recurring revenues, negative working capital, low CapEx, all of that is still intact. So expect 50% to 55% of cash flow generated in the second half of the year, and we are on point to reach our free cash flow outlook.

而且這些是季度之間的波動，很快就會回補；就我們的基本模式而言—經常性收入、負營運資金、低資本支出（CapEx）—這些都仍然完好無虞。因此，預期下半年將產生全年現金流的50%到55%，我們也按計畫達成自由現金流展望。

I want to just jump in to say that on expenses and margin, you can count on us hitting the goal for the year because it's a fundamental incentive requirement for our executives, and we can manage to it and we do. Anything that happens during the year is just quarterly planning, and it's not hard to achieve the goal because we manage to it.

我想插一句，關於費用與利潤率，你們可以放心我們會達成年度目標，因為這是我們高階主管的基本激勵要求，我們能夠管理並且確實會做到。一年中發生的任何事情都只是季度規劃的一部分；達成目標並不難，因為我們就是照著目標在管理。

However, in terms of cash flow, we can't -- we've been -- I've been surprised to have invoices be paid before their due date in previous years, and that just take it when it comes.

不過，就現金流而言，我們無法—我們一直—我過去幾年曾驚訝地看到有些發票在到期日前就被支付了，而這種情況就只能順其自然、來了就接受。

Thanks. And this question comes from Joshua Tilton from Wolfe Research.

謝謝。接下來這個問題來自Wolfe Research的Joshua Tilton。

Hi, guys. This is Arsenije on for Josh. Thank you for questions. Just wanted to kind of ask if you could discuss maybe whether there's any benefit to including some more ProjectWise functionality, I think that was updated in E365 consumption and whether that's driving any higher consumption or supporting higher ceiling resets.

嗨，各位。我是代Josh提問的Arsenije。謝謝讓我提問。想請你們談談，把更多ProjectWise功能納入（我想這在E365用量中已更新）是否有任何好處？這是否帶動更高的用量，或支撐更高的上限重設（ceiling resets）？

And kind of with 3Q having that lowest level of ceiling resets, you said kind of the same seasonal growth as fiscal '25, Q1 and Q2, but still marginally outperformed that both in Q1 and Q2. So when we're thinking continued momentum on an organic basis, should investors kind of expect a similar slight improvement in organic sequential growth in 3Q on those sets.

另外，第三季的上限重設水準是最低的；你們提到與2025會計年度相同的季節性成長（Q1與Q2），但Q1與Q2仍略優於該水準。因此，當我們思考有機成長動能的延續時，投資人是否應該預期第三季在這些（上限重設）方面，有機的逐季成長也會出現類似的小幅改善？

All right. Let's -- a number of questions there as well. So hopefully, I won't miss any. First of all, the strong renewals was definitely a growth driver in Q2. It is our second largest quarter for renewals, but it's a distant second.

好。這裡也有好幾個問題。希望我不要漏掉任何一個。首先，強勁的續約確實是第二季的成長驅動因素。第二季是我們續約規模第二大的季度，但與第一名相比差距很大。

The first one is Q4, but when it came to floor and ceiling uplifts, it was in line with what we've seen in previous quarters.

第一名是第四季；但就下限與上限的調升（floor and ceiling uplifts）而言，與我們在前幾季看到的水準一致。

So around 10%, which gives us a lot of confidence because this is always a reflection both of past consumption, but also what our accounts are seeing as the demand in their end markets. So it's a clear vote of confidence for them to agree on these uplift. So that's what we've seen in Q2, and it gives us a lot of confidence for the remainder of the year. Okay.

大約在10%左右，這讓我們很有信心，因為這一向同時反映過去的用量，以及我們客戶在其終端市場看到的需求。因此，他們同意這些調升幅度，是非常明確的信心投票。這就是我們在第二季看到的情況，也讓我們對今年剩餘期間很有信心。好。

Now on project wise, I would say, Bentley Infrastructure Cloud overall is a growth driver. We introduced Connect at the end of 2025.

至於ProjectWise，我會說整體而言，Bentley Infrastructure Cloud是一個成長驅動因素。我們在2025年底推出了Connect。

And it is definitely a growth driver for us. The value proposition resonates a lot with infrastructure organizations. And this helps to support growth with both existing accounts and potentially new accounts as well.

而這確實是我們的成長驅動因素。其價值主張非常能引起基礎設施組織的共鳴。這有助於支撐我們在既有客戶以及潛在新客戶上的成長。

Thank you. Great, thanks. And the last question comes from Tom Zilberman from BofA.

謝謝。很好，謝謝。最後一個問題來自BofA的Tom Zilberman。

Wanted to go back to the line of question on AI competition, but maybe frame it a little bit differently. I think since last quarter, of course, has been the announcement around Prometheus. I think also there has been a large European model announced a partnership with aerospace company for engineering simulation and design.

我想回到關於AI競爭的提問脈絡，但也許用稍微不同的方式來問。我想自上季以來，當然有關於Prometheus的公告。另外也有一個大型歐洲模型宣布與航太公司建立合作夥伴關係，用於工程模擬與設計。

Nicholas, I appreciate your earlier comments that these are kind of different areas of focus versus your core competency in infrastructure engineering, but is there any risk.

Nicholas，我很感謝你先前的評論，指出這些領域的重點與你們在基礎設施工程的核心能力有所不同，但是否存在任何風險。

That they eventually start converging to your area. And is that driving any sort of hesitancy from customers or kind of a desire to wait to see that these models improve and get better and eventually get to the area of infrastructure engineering?

它們最終會開始向你們的領域收斂？而這是否會導致客戶出現任何猶豫，或是想先觀望這些模型持續改進、變得更好，最終進入基礎設施工程領域的傾向？

Well, Prometheus is particularly interesting, and it's a bit obscure, which is fine. It's early stage. What I think we can say is such are the level of its ambitions as measured by its investment so far and what's talked about is that software and providing software tools can't turn out to be very much of what it has in mind given the relative size of that market compared to it's scale. However, these are conspicuous investments in the world.

嗯，Prometheus特別有意思，而且有點神祕，但這沒關係。它仍處於早期階段。我想我們可以說的是，以目前的投資規模與外界談論的內容來衡量，它的企圖心很大；相較於其規模，軟體與提供軟體工具不太可能會是它所設想的主要方向，因為該市場的相對規模有限。不過，這些確實是全球範圍內引人注目的投資。

And I think it does serve to help increase the enthusiasm on the part of engineers about what AI can do for them and what we can start to do now with their -- to provide them assistance.

我認為這確實有助於提升工程師對AI能為他們做什麼、以及我們現在就能開始做什麼來—為他們提供協助—的熱情。

I believe that what these organizations develop will be useful and they include engineering functionality for their own purposes, but their own purposes are unlikely to be particularly competitive with our place in the market.

我相信這些組織所開發的成果會很有用，並且會為其自身目的納入工程功能；但他們的自身目的不太可能在市場上與我們的定位形成特別直接的競爭。

And to the other question with respect to our accounts hesitation because they hear things like some of these investments, absolutely not.

至於另一個問題，關於我們的客戶是否因為聽到這類投資而產生猶豫，絕對沒有。

This is not coming up at all. This is not the noise that I'm talking about. The noise is also their own explorations about what they can do with AI. And what we're cutting -- and the way we're cutting through is just really demonstrating what's possible here and now without speculation, right?

這完全沒有被提起。這不是我所說的那些雜音。所謂雜音也包括他們自己在探索能用AI做些什麼。而我們突破—我們突破的方式，就是實際展示在此時此刻、不帶任何臆測的情況下，什麼是可行的，對吧？

What we're offering is possible now and it's offering tremendous value for everyone.

我們所提供的是現在就能做到的，而且能為所有人帶來巨大的價值。

That concludes our call today. Thanks for your interest and time. We look forward to updating you on our performance in coming quarters. Thank you.

今天的電話會議到此結束。感謝各位的關注與時間。我們期待在接下來的季度向各位更新我們的表現。謝謝。

Thank you.

謝謝。