Octave Intelligence PLC (OCTV) 2026 Q2 法說會逐字稿

Good day everyone. Welcome to the Octave Q2 26 earnings call. All participants will be in listen-only mode until the question-and-answer session begins.

各位大家好。歡迎參加 Octave 2026 年第二季財報電話會議。在問答環節開始之前，所有與會者將以只聽模式參與。

Following the presentation, we will conduct a question-and-answer session.

簡報結束後，我們將進行問答環節。

This call is being recorded. If you have any objections, please disconnect at this time.

本次電話會議將被錄音。如您有任何異議，請於此時中斷連線。

I would now like to turn the call over to Elizabeth Chork, Vice President of Investor Relations. Go ahead.

現在我想將電話會議交給投資人關係副總裁 Elizabeth Chork。請開始。

Thank you, operator, and welcome to everyone joining us for Oktiv's second quarter 2026 earnings call. With me on the call today are Matthias Stenberg, our Chief Executive Officer and Ben Maslin, our Chief Financial Officer. We have distributed our earnings press release over the wire and it is now posted on our website at investors.oktave.com along with an updated company presentation and our 10-Q filing. This call is being broadcast live via webcast and following the call, an audio replay will be available at investors.oktave.com.

謝謝接線員，也歡迎各位參加 Oktiv 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Matthias Stenberg 以及財務長 Ben Maslin。我們已透過新聞稿發布管道發佈本次財報新聞稿，並已張貼於我們的網站 investors.oktave.com，同時也提供更新後的公司簡報與 10-Q 申報文件。本次電話會議將以網路直播方式同步播出，會後可於 investors.oktave.com 收聽錄音重播。

Before we get started, I would like to note that certain statements we make on this call may constitute forward-looking statements, which are subject to risks, uncertainties, and other factors as discussed further in OCTAV's filings with the SEC, including on Forms 10, 10-Q, and 8-K.

在開始之前，我想提醒各位，我們在本次電話會議中所做的某些陳述可能構成前瞻性陳述，並受風險、不確定性及其他因素影響；相關內容已在 OCTAV 向美國證券交易委員會（SEC）提交的文件中進一步說明，包括 10、10-Q 與 8-K 表格。

Actual results could differ materially from our historical results or our forecast.

實際結果可能與我們的歷史結果或預測存在重大差異。

We assume no responsibility to update forward-looking statements other than as required by law.

除法律要求外，我們不承擔更新任何前瞻性陳述的責任。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。

A reconciliation of non-GAAP to GAAP measures can be found in today's earnings press release. Our SEC filings, earnings materials, press release and a replay of today's call can be found on our website, investors.oktiv.com.

非 GAAP 與 GAAP 指標之間的調節表可見於今日的財報新聞稿。我們的 SEC 申報文件、財報資料、新聞稿以及今日電話會議的重播，皆可於我們的網站 investors.oktiv.com 查閱。

I'll now hand the call over to Matthias.

接下來我把電話交給 Matthias。

Thank you very much, Elisabeth, and hello to everyone joining us on the call today.

非常感謝你，Elisabeth，也向今天參加電話會議的各位問好。

This is our first earnings call as an independent public company.

這是我們作為一家獨立上市公司後的首次財報電話會議。

So I want to start by saying a thank you to our shareholders, many who joined us during our Investor Day in March and have been strong supporters throughout the spin-off process.

因此我想先向我們的股東致謝，其中許多人在三月的投資人日加入我們，並在整個分拆過程中一直給予大力支持。

Also to the 7,000-plus Octave employees who delivered a solid set of results while simultaneously standing up a public company.

也要感謝超過 7,000 名 Octave 員工，在同時建立一家上市公司的過程中，仍交出一組穩健的成績。

And of course, our customers who trust us every day to keep their mission-critical businesses running without ever missing a beat.

當然也要感謝我們的客戶，每天信任我們，讓他們的關鍵任務業務能夠持續運行、從不掉拍。

We are proud of this first step in our journey to drive value for all of our stakeholders. So again, thank you.

我們為在為所有利害關係人創造價值的旅程中邁出的第一步感到自豪。再次感謝大家。

If we turn to our results in the second quarter, our ARR grew 7% on an organic basis the prior year to $1.143 billion.

若看第二季的業績，我們的 ARR（年度經常性收入）在有機基礎上較去年成長 7%，達到 11.43 億美元。

In line with our expectations for the quarter and at the midpoint of our guidance range for the full year.

這與我們對本季的預期一致，也落在全年指引區間的中點。

Recurring revenue grew 6% organically, with the SaaS revenue growing at 21%. Our adjusted operating margin came in at 29%, which was also in line with expectations and only modestly lower than the prior year.

經常性收入有機成長 6%，其中 SaaS 收入成長 21%。我們的調整後營業利益率為 29%，同樣符合預期，且僅較去年小幅下降。

This to me is evidence of our strong cost discipline in a quarter where we have incremental public company launch cost and lower perpetual sales versus the prior year.

在我看來，這證明了我們強勁的成本紀律；本季我們承擔了額外的上市公司啟動成本，且相較去年永久授權銷售較低。

Ben will walk you through the additional details in a few minutes, but if I step back, here's how I would characterize the quarter.

Ben 會在幾分鐘後帶各位了解更多細節，但若我退一步總結，我會這樣描述本季表現。

The recurring business performed well with year-over-year growth in SaaS bookings that accelerated for Q1.

經常性業務表現良好，SaaS 訂單（bookings）的年增率相較第一季有所加速。

Approximately one-third of our total ARR growth came from new customers and roughly two-thirds came from expansion within our existing customer base.

我們總 ARR 成長中，約三分之一來自新客戶，約三分之二來自既有客戶的擴張。

And this is very much in line with the growth framework that we laid out earlier in March.

這與我們在三月較早時提出的成長框架非常一致。

Each of the workflow environments grew over the prior year on an organic recurring basis.

各個工作流程環境在有機經常性基礎上均較去年成長。

We saw continued strength in our build solutions. And this continues to be an underpenetrated market with strong demand for supply chain, materials management, and project performance software.

我們在 build 解決方案方面持續展現強勁動能。而這仍是一個滲透率偏低、需求強勁的市場，對供應鏈、物料管理與專案績效軟體的需求旺盛。

And that's what generated a double-digit growth in the quarter.

這也帶動本季達到雙位數成長。

In design, growth accelerated on a recovery in subscription licenses.

在 design 方面，隨著訂閱授權回升，成長有所加速。

And for the operate and protect areas, we saw continued steady growth.

而在 operate 與 protect 領域，我們看到持續且穩健的成長。

If we look at our total revenue, it was down 1% year-over-year on an organic basis due to the decline in perpetual license deals.

若看總營收，在有機基礎上年減 1%，主要因永久授權交易下滑。

This is primarily driven by the strategic shift we described at our Investor Day to drive more customers to recurring revenue models, which of course are worth more over the life of a customer.

這主要是由我們在投資人日所描述的策略性轉型所驅動：推動更多客戶採用經常性收入模式；當然，從客戶全生命週期來看，這類模式的價值更高。

To a lesser extent, the decline was because of timing delays related.

此外，營收下滑在較小程度上也與時程延遲有關。

To our public safety business that did not close in the quarter, those deals amounted to approximately $5 million. We believe that those deals will close this year or early in 2027, but they do have long sales cycles and are less predictable in terms of timelines. And this is, of course, why we are actively shifting the business towards subscription. Our recurring revenue now stands at 69% of total revenue on an LTM basis, and that is up from 65% in the prior year. So we are making good progress towards our targeted medium-term mix of 75% recurring revenue. If we look at the customer spending environment in the second quarter, it was broadly similar to Q1. Customer budget conversations and deal cycles were largely consistent with what we have seen over the past 12 to 18 months. While we are diversified across four workflow environments, dozens of industries and present in 140 countries, many of our customers are exposed to the same underlying variables, supply chain conditions, commodity prices and industrial capital cycles.

與我們的公共安全業務相關、未能在本季結案的交易，約為 500 萬美元。我們相信這些交易將在今年或 2027 年初完成，但其銷售週期較長，時程可預測性也較低。這當然也是我們積極將業務轉向訂閱制的原因。我們的經常性收入目前以過去十二個月（LTM）基礎計算，占總營收的 69%，高於去年的 65%。因此，我們正朝向中期目標——經常性收入占比 75%——取得良好進展。若看第二季客戶支出環境，整體與第一季大致相同。客戶預算討論與交易週期大致延續過去 12 至 18 個月的情況。雖然我們橫跨四個工作流程環境、數十個產業並遍及 140 個國家，但許多客戶仍面臨相同的底層變數：供應鏈狀況、大宗商品價格與工業資本循環。

When those move, they tend to move for a number of our end markets at once.

當這些因素變動時，往往會同時影響我們多個終端市場。

For some of our customers, higher oil prices are beneficial and supportive of investment. On the other hand, broader market uncertainty can make final investment decisions harder to make. So there is clearly an offset there. We of course pay close attention to the owner-operator CapEx budgets. And the timing of their final investment decision, as well as EPC backlogs. And from what we can see here, the trends seem stable.

對部分客戶而言，較高的油價有利並支持投資；但另一方面，更廣泛的市場不確定性可能使最終投資決策更難做出。因此兩者之間顯然存在相互抵銷。我們當然會密切關注業主—營運商（owner-operator）的資本支出（CapEx）預算，以及其最終投資決策的時點，還有 EPC 的在手訂單（backlog）。就我們目前所見，相關趨勢似乎保持穩定。

So overall, our priorities and strategic focus are unchanged, and it's worth restating what they are and how we're progressing. Our strategy really begins from a structure problem in the industry we serve.

因此整體而言，我們的優先事項與策略重點並未改變；值得再次重申它們是什麼，以及我們的進展情況。我們的策略確實始於我們所服務產業中的一個結構性問題。

Information does not carry across the life cycle of mission critical assets and infrastructure.

資訊無法在關鍵任務資產與基礎設施的全生命週期中順暢傳遞。

A decision taken in design becomes separated from the people who build, operate, and protect that asset. And the cost of this problem compounds the further downstream it appears.

在設計階段做出的決策，會與負責建造、營運與保護該資產的人員脫節。而這個問題越往下游出現，其成本就越會被放大。

Our response to this problem is to operate as a single platform across all four of these work environments. With a common context layer beneath the portfolio so that the record created in one workflow is available to the next. That is why we sell a workflow as an entry point rather than as a standalone product.

我們對此問題的回應，是在這四個工作環境中以單一平台運作；在產品組合之下建立共同的情境層（context layer），使得在某一工作流程中建立的紀錄可供下一個流程使用。這也是為什麼我們以「工作流程」作為切入點來銷售，而不是把它當作獨立產品來賣。

Using Oktave software across more workflows drives more value for our customers and expands the associated revenue opportunity for our business. Regarding AI, our view is the same as the one we described in March. Customers in the industries we serve need answers and decisions that they can audit and defend. Value sits in models grounded in specific customer asset history, engineering standards, and operating record. And our software has this context.

在更多工作流程中使用 Oktave 軟體，能為客戶創造更高價值，並擴大我們業務的相關營收機會。就 AI 而言，我們的觀點與我們在三月所描述的一樣。我們所服務產業的客戶，需要可稽核、可辯護的答案與決策。價值在於以特定客戶的資產歷史、工程標準與營運紀錄為基礎的模型。而我們的軟體具備這樣的脈絡。

We think AI expands what we can sell rather than commoditizing it. We're being deliberate about the pace.

我們認為 AI 會擴大我們可銷售的內容，而不是讓其商品化。我們會審慎掌握推進的節奏。

Our agentic work is being used by early customers, and the conversations have changed.

我們的代理式（agentic）工作已被早期客戶採用，而對話內容也已經改變。

Customers are asking us to help them build on top of our system of record, and that wasn't happening 18 months ago. As part of this overall strategy, a key priority for us is to drive ARR growth sustainably above 10%.

客戶正在要求我們協助他們在我們的系統紀錄（system of record）之上進行建置，而這在 18 個月前並未發生。作為整體策略的一部分，我們的一項關鍵優先事項，是推動 ARR 成長率以可持續方式維持在 10% 以上。

We expect two main drivers to close that gap.

我們預期有兩個主要驅動因素能縮小這個差距。

The first is product innovation, where we are building a single platform beneath what has historically been a collection of strong but largely independent products, a common data and context layer, shared integration and governance and an agentic layer above it.

第一個是產品創新：我們正在打造一個單一平台，作為過去由一系列強大但大多彼此獨立的產品所構成之組合的底層基礎；包含共通的資料與脈絡層、共享的整合與治理，以及其上的代理式層。

Alongside that, we are both consolidating and deepening each of the four environments. So that each operates from a single control surface instead of a set of adjacent tools.

同時，我們也在整合並深化四個環境中的每一個。讓每個環境都能從單一控制介面運作，而不是一組相鄰的工具。

We're also moving more of the portfolio to multi-tenant SaaS, which helps us ship faster and supports our margin ambition over time. The second driver of growth is improving how we go to market.

我們也正將更多產品組合移轉至多租戶 SaaS，這有助於我們更快交付，並在時間推移下支持我們的毛利率目標。第二個成長驅動因素，是改善我們的市場進入（go-to-market）方式。

We are building a commercial engine capable of sustaining double-digit growth over time.

我們正在打造一個商業引擎，使其能在長期維持雙位數成長。

That means better customer coverage and segmentation, repeatable sales place, pricing and packaging run as a discipline in its own right, and broader reach through our channel, our marketing and the geographies and verticals we serve. The largest single pool inside that engine is the white space in our own installed base. The majority of our customers operate on a single workflow.

這意味著更好的客戶覆蓋與分群、可複製的銷售打法、將定價與方案包裝作為一門獨立的紀律來運作，以及透過通路、行銷、以及我們所服務的地理區域與垂直產業來擴大觸及。該引擎中最大的單一池子，是我們既有裝機客戶（installed base）內的空白市場（white space）。我們的大多數客戶只在單一工作流程上運作。

And we expect roughly two-thirds of our growth to come from customers we already serve with the balance remaining coming from new customers. So let me update you on how we are progressing in both of these areas.

我們預期約三分之二的成長將來自我們已服務的客戶，其餘則來自新客戶。接下來我將更新我們在這兩個面向的進展。

On the product side, we moved several largely independent product groups into one organization with a unified roadmap.

在產品方面，我們已將數個原本大多彼此獨立的產品團隊整併到同一個組織，並採用統一的產品路線圖。

And rebuilt the teams around smaller, cross-functional groups with single ownership.This means fewer steps between customer feedback and shipped code. And we are seeing better velocity with releases. Across the portfolio, we're deepening each of the four environments.

並將團隊重建為更小型、跨職能且具單一責任歸屬的團隊。這代表從客戶回饋到程式碼交付之間的步驟更少。我們也看到版本釋出的速度更快。在整個產品組合中，我們正在深化四個環境中的每一個。

In design, we bring 3D plant assign schematics. And engineering analysis onto a common foundation with change governance across them. In Operate, we're putting asset management, asset performance, and quality on the same platform. And in Build, connecting completions and construction back to the design model.

在 Design（設計）方面，我們將 3D 工廠配置圖（plant assign schematics）以及工程分析整合到共同的基礎之上，並在其間建立變更治理。在 Operate（營運）方面，我們把資產管理、資產績效與品質放在同一平台上。在 Build（建造）方面，將完工（completions）與施工回連到設計模型。

In Protect. We continue the rollout of our next generation SaaS dispatch solution that we call OnCall.Underneath the portfolio, we're building a common context and data layer with shared integration and governance and an agentic layer above it.

在 Protect（防護）方面。我們持續推進下一代 SaaS 派遣（dispatch）解決方案的上線，我們稱之為 OnCall。在產品組合底層，我們正在建置共通的脈絡與資料層，具備共享的整合與治理，以及其上的代理式層。

And that's what makes a customer's asset history in one workflow usable in another, and it's the same foundation the AI work depend on.

這使得客戶在某一工作流程中的資產歷史，能在另一個工作流程中被使用；而這也是 AI 工作所依賴的同一套基礎。

So the proof points here are getting concrete. We have deepened our AI capabilities and reach in production across the portfolio. This includes deep document and data search in InConcert, natural language query in Attune EAM product, dispatch summarization in OnCall, and we also have a new cohort of AI innovation launching. In the second-half of the year.

因此，這裡的驗證點正變得更具體。我們已在整個產品組合中深化 AI 能力，並擴大其在生產環境的覆蓋範圍。這包括 InConcert 的深度文件與資料搜尋、Attune EAM 產品中的自然語言查詢、OnCall 的派遣摘要（summarization），此外我們也有一批新的 AI 創新功能將在今年下半年推出。

Octave Assist is now running more than 2 million assists a day inside customer workflows.

Octave Assist 目前在客戶工作流程中每天執行超過 200 萬次協助（assists）。

That's the embedded layer, and it's live. Above it, we have Octave Aria, our multi-agent framework, which remains in private preview and is tracking to its planned release.

這是嵌入式層，且已正式上線。在其之上，我們有 Octave Aria——我們的多代理框架——目前仍處於私有預覽階段，並按計畫推進至預定發布。

Another signal is what customers are asking us to do.

另一個訊號是客戶要求我們做的事情。

In July, we launched Octave CoLabs, where we put our own product and technical leaders directly alongside a customer's team to build agentic workflows on that customer's real data, each one ending in a validated economic benefit.

在七月，我們推出 Octave CoLabs：我們將自家的產品與技術領導者直接與客戶團隊並肩合作，基於該客戶的真實資料打造代理式工作流程，每一個專案都以經驗證的經濟效益作結。

We have five marquee accounts signed, including Bechtel and Fluor. Who are two of the world's largest EPCs, and three of these five accounts are already live. The use cases came from them, not from us.

我們已簽下五個旗艦（marquee）客戶帳戶，包括 Bechtel 與 Fluor。他們是全球最大的兩家 EPC（工程、採購與施工）公司之一，而這五個帳戶中已有三個正式上線。使用案例是由他們提出的，而不是由我們提出。

Validating drawings before anything gets built, planning materials across a fabrication yard, checking design rules against a 3D model in plain language, and managing project change, which is the single largest cause of write-offs of capital project. And on the question of who owns the context layer, we are building a framework that understands the life cycle and is open to working with our customers' environments.

在任何建造開始前先驗證圖面、在製造場區（fabrication yard）進行材料規劃、用白話語言對照 3D 模型檢查設計規則，以及管理專案變更——這是資本專案沖銷（write-offs）的最大單一原因。此外，關於誰擁有脈絡層（context layer）這個問題，我們正在建立一個理解生命週期的框架，並且對與客戶的環境協作保持開放。

Our customers are not asking hyperscalers, generic LLMs or point solution vendors to organize 30 years of their engineering and operating record, they're asking us. Because that record already lives in our system and because they trust us with it. And that is the position that we intend to capitalize on.

我們的客戶並不是在要求超大規模雲端業者（hyperscalers）、通用 LLM 或單點解決方案供應商，去整理他們 30 年的工程與營運紀錄；他們是在要求我們。因為那些紀錄已經存在於我們的系統中，而且他們信任我們來保管。這正是我們打算加以利用的有利位置。

Our product leadership was illustrated in the quarter by multiple compelling customers.

本季有多個具說服力的客戶案例，展現了我們的產品領導地位。

A leading European renewable energy operator selected in concert as the engineering environment for six of their bioenergy plants. Delivered as a cloud-native SaaS on a five-year term. Separately, two of the world's largest owner-operators signed important deals in the quarter, one of them for InConcert and the other one for Sequence. Both wins represent the consolidation of fragmented systems into one environment validating the breadth and the depth of our offerings.

一家領先的歐洲再生能源營運商選擇 InConcert 作為其六座生質能電廠的工程環境。以雲原生 SaaS 形式交付，合約期為五年。另方面，本季全球最大的兩家業主營運商（owner-operators）簽下重要交易，其中一家採用 InConcert，另一家採用 Sequence。兩項勝出都代表將分散的系統整併到單一環境中，驗證了我們產品的廣度與深度。

If we then.

如果我們接著。

Look at the execution on our go-to-market efforts. The changes we described in March saw traction in the quarter, and I would describe the progress as real but early. On cross-sell, we now run a score target account list with a value-based sales process against it, meaning we lead customer conversations with how Octave drives better business outcomes and higher margins.

來看我們在市場進入（go-to-market）努力上的執行。我們在三月所描述的變革在本季已看到進展，我會形容這些進展是真實的，但仍屬早期。在交叉銷售（cross-sell）方面，我們現在運行一份經評分的目標客戶名單，並以價值導向的銷售流程來推進，這表示我們以 Octave 如何帶來更好的商業成果與更高毛利來引導客戶對話。

Instead of discussions around product features.

而不是圍繞產品功能的討論。

We also introduced updated compensation designs and sales enablement playbooks, including having expansion opportunities under our customer success managers. Early signs of these changes are, as I said, positive. And more than 100 customers added another solution during the quarter, and the average size of those deals is well above a typical new customer land.

我們也導入更新的薪酬設計與銷售賦能（enablement）作戰手冊（playbooks），包括將擴張（expansion）機會納入客戶成功經理的職責範圍。如我所說，這些變革的早期跡象是正面的。本季有超過 100 位客戶新增採用另一項解決方案，而這些交易的平均規模遠高於典型的新客戶首次落地（land）交易。

On renewals and pricing, we consolidated the renewals team into the sales organization this year with best practice enablement and incentives behind it.

在續約與定價方面，我們今年已將續約團隊整併進銷售組織，並以最佳實務的賦能與激勵機制作為後盾。

This effort is still underway with plenty of unrealized benefit from pricing discipline and annual uplift opportunities. For new customers, our marketing organization is now integrated and running a number of targeted campaigns.

這項工作仍在進行中，透過定價紀律與年度調升（uplift）機會，仍有大量尚未實現的效益。對於新客戶，我們的行銷組織現在已完成整合，並正在執行多項目標式行銷活動。

We landed large new customers across a wide set of end markets in the second quarter, including a data center operator, a brewery, an offshore wind developer. A global manufacturer and a transit authority. That range is evidence that our platform continues to drive value across a broad range of industries.

我們在第二季於廣泛的終端市場拿下大型新客戶，包括資料中心營運商、啤酒廠、離岸風電開發商、全球製造商以及運輸主管機關。這樣的範圍證明我們的平台持續能在多元產業中創造價值。

Finally, before I hand the call over to Ben, who will take you through our numbers in greater detail, I want to spend a few minutes on our outlook. Our updated total revenue growth ranges. Are the result of lower expected contribution this year from perpetual licenses.

最後，在我把電話交給 Ben、由他更詳細帶大家看我們的數字之前，我想花幾分鐘談談我們的展望。我們更新後的總營收成長區間是因為我們預期今年來自永久授權（perpetual licenses）的貢獻較低所致。

This is based on timing of large deals in our public safety business. These large perpetual deals are the lumpiest line in our P&L and less relevant to the underlying health of the business.

這主要是基於我們公共安全業務中大型交易的時點所致。這些大型永久授權交易是我們損益表中波動最大的一項，且與業務的基本健康狀況關聯較小。

And we are not going to chase or discount those deals till a quarter. We are focused on driving stronger recurring revenue. Accelerating ARR growth to over 10% while expanding our free cash flow margin over the medium term.

我們不會為了某一季去追逐或折價這些交易。我們專注於推動更強勁的經常性收入，在中期將 ARR 成長加速至 10% 以上，同時擴大我們的自由現金流利潤率。

Our strategy is unchanged, and we're operating at a faster pace. The second-half of this year depends on our execution, particularly on continued SaaS momentum, the go-to-market improvements, the platform and agentic work reaching more customers.

我們的策略不變，而且我們正以更快的節奏運作。今年下半年取決於我們的執行力，特別是持續的 SaaS 動能、市場進入策略（go-to-market）的改善，以及平台與代理式（agentic）工作觸及更多客戶。

Those are the things inside our control, and one quarter in, they are working.

這些都是我們可控的事項，而在第一季過後，它們正在發揮作用。

So I would ask you to hold us to recurring revenue growth, our ability to address the white space in our own installed base, and to whether the platform work shows up in customer expansion.

因此，我希望各位以經常性收入成長、我們在既有裝機客戶基礎中開拓空白市場（white space）的能力，以及平台工作是否體現在客戶擴張上，來檢視我們。

That is how we are running the company, and that is what we will report against every quarter.

這就是我們經營公司的方式，也是我們每一季將據以報告的內容。

So with that, thank you very much, and I'll hand over to you, Ben.

那麼，非常感謝，接下來交給你，Ben。

Thank you, Matthias, and hello to everyone on the call today.

謝謝你，Matthias，也向今天參與電話會議的各位問好。

Many of the metrics are discussed today are non-GAAP measures, which are reconciled in our press release and our adoptive investor website.

今天討論的許多指標為非 GAAP 衡量指標，我們已在新聞稿以及 adoptive 投資人網站中提供對帳。

We ended the second quarter with ARR of $1.14 billion, up 7% year-on-year on an organic constant currency basis and in line with our expectations.

我們在第二季結束時的 ARR 為 11.4 億美元，以有機固定匯率口徑年增 7%，符合我們的預期。

We ended the quarter with 3,267 total customers, up from 3,223 at the end of last year.

本季結束時總客戶數為 3,267 家，高於去年底的 3,223 家。

We define total customers as those with more than $25,000 in ARR.

我們將總客戶定義為 ARR 超過 25,000 美元的客戶。

This customer group represents approximately 97% of total ARR and provides better visibility into the underlying trends in our business. For your reference, we've disclosed these customer figures on a historical annual basis. In the earnings presentation posted to our website today.

此客群約占總 ARR 的 97%，能更清楚反映我們業務的基本趨勢。供各位參考，我們已按歷史年度基礎揭露這些客戶數據。相關內容已發布於今天上傳至我們網站的財報簡報中。

We also ended the second quarter with 438 large customers defined as those above half a million dollars of ARR, which was up from 421 at year-end. They represent around half of our overall ARR.

第二季結束時，我們也有 438 家大型客戶（定義為 ARR 高於 50 萬美元），高於年末的 421 家。這些大型客戶約占我們整體 ARR 的一半。

Recurring subscription revenue, which is comprised of subscription licenses, SaaS revenue, and maintenance revenue was $283 million in the second quarter and grew 6% year-on-year on an organic constant-parency basis. This was in line with our expectations and the commentary given at our March Investor Day.

經常性訂閱收入（包含訂閱授權、SaaS 收入與維護收入）在第二季為 2.83 億美元，以有機固定匯率口徑年增 6%。這符合我們的預期，也與我們在 3 月投資人日所提供的評論一致。

Within recurring revenue, SaaS revenue grew to $87 million in the second quarter, increasing 21% in organic constant currency terms over the prior year.

在經常性收入中，SaaS 收入於第二季成長至 8,700 萬美元，以有機固定匯率口徑較去年同期增加 21%。

SaaS bookings growth accelerated from Q1, reflecting healthy demand trends, the shift in perpetual sales and positive early traction on cross-sell activity within our different workflows.

SaaS 訂單成長較第一季加速，反映健康的需求趨勢、永久授權銷售的轉移，以及我們在不同工作流程之間交叉銷售活動的早期正向進展。

Monthly subscription license revenue grew 5% on a constant currency basis. And is now showing stabilization after the declines we saw last year.

月度訂閱授權收入以固定匯率口徑成長 5%。在去年出現下滑後，目前已呈現趨於穩定的跡象。

Maintenance subscription revenue of $123 million was roughly flat, which was in line with our expectations.

維護訂閱收入為 1.23 億美元，約略持平，符合我們的預期。

Altogether, total revenue for the second quarter was $398 million. This figure is down 4% on an as reported basis. Which reflects a 4% drag from businesses divested at the end of second quarter 2025 and a 1% benefit from currency.

綜合而言，第二季總收入為 3.98 億美元。以報告口徑計算，該數字年減 4%。這反映 2025 年第二季末處分的業務帶來 4% 的拖累，以及匯率帶來 1% 的助益。

As such, total revenue was down 1% over the prior year on an organic constant currency basis.

因此，以有機固定匯率口徑計算，總收入較去年同期下降 1%。

In addition to the ongoing revenue model shift that Mattias spoke to, total revenue came in around $5 million lower than we expected on the slippage of some perpetual deals, mainly in our public safety business.

除了 Matthias 所提到持續進行的收入模式轉型之外，總收入也因部分永久授權交易遞延而比我們預期少約 500 萬美元，主要發生在我們的公共安全業務。

The pipeline here is strong, but the timing of new projects naturally has some uncertainty given the long sales cycles in that business.

該業務的管線依然強勁，但由於該業務銷售週期較長，新專案的時點自然存在一定不確定性。

Lower perpetual revenue also had some impact on professional services, which declined compared to the prior year.

永久授權收入較低也對專業服務造成一些影響，使其較去年同期下滑。

Turning to profitability, the gross margin was 77%, up 260 basis points compared to the prior year. This improvement reflects the divestitures made in the middle of last year. Which carried margin profiles below that of the core business as well as a lower level of professional services revenue. Adjusted operating income was $116 million for the quarter, representing an adjusted operating margin of 29% compared to 31% in the prior year period.

接著談獲利能力，毛利率為 77%，較去年同期提升 260 個基點。此改善反映我們在去年年中進行的處分。被處分業務的利潤率結構低於核心業務，此外專業服務收入水準較低亦有助益。本季調整後營業利益為 1.16 億美元，調整後營業利潤率為 29%，去年同期為 31%。

This was in line with our expectations and the commentary we gave Q1 results that we would incur additional costs related to becoming an independent public company at the point of separation from Hexagon, including listing, audit fees, and insurance costs.

這符合我們的預期，也與我們在第一季財報中所提到的一致：在與 Hexagon 分拆、成為獨立上市公司之際，我們將承擔額外成本，包括上市、審計費用與保險成本。

This step up in costs was factored into the full year outlook we presented to the financial markets in March.

這項成本上升已納入我們 3 月向金融市場提出的全年展望中。

Adjusted operating income also reflects additional R&D expense.

調整後營業利益亦反映額外的研發費用。

R&D capitalization in the second quarter was around 7% of revenues, down from 8% a year ago, which represents around 100 basis point drag on the adjusted operating margin compared to the prior year.

第二季研發資本化約占收入的 7%，低於一年前的 8%，相較去年同期對調整後營業利潤率造成約 100 個基點的拖累。

As previously communicated, this stems from capitalizing less research and development expense than we did last year as we transition more of our product portfolio to SaaS and not from higher cash spending.

如先前所溝通，這是因為在我們將更多產品組合轉向 SaaS 的過程中，相較去年我們資本化的研發費用較少，而非現金支出增加所致。

These higher expenses were partly offset by ongoing cost discipline and the savings from the restructuring actions we took in the second-half of last year.

這些較高的費用部分被持續的成本紀律，以及我們在去年下半年採取重整措施所帶來的節省所抵銷。

Overall, the adjusted operating margin was around 30% for the first half of 2026, and we believe we are on track to achieve our 30% margin target for the full year, despite having a lower level of perpetual software sales.

整體而言，2026 年上半年調整後營業利潤率約為 30%，我們相信即使永久授權軟體銷售水準較低，仍有望達成全年 30% 的利潤率目標。

Adjusted net income was $0.36 per share. On 268.4 million diluted weighted average shares outstanding.

調整後淨利為每股 0.36 美元。以 2.684 億股稀釋後加權平均流通股數計算。

On a GAAP basis, you'll see two non-cash charges this quarter.

以 GAAP 口徑，本季你會看到兩項非現金費用。

First, as previously communicated, an impairment charge of approximately $464 million related to the launch of our new Octave brand and the corresponding write-down of the legacy brands.

第一，如先前所溝通，與我們推出全新 Octave 品牌以及相應對舊有品牌進行減記相關的減損費用約 4.64 億美元。

The second is an impairment of goodwill.

第二項是商譽減損。

As our market valuation as a newly public company is below the balance sheet carrying value as at June the 30th, this created a triggering event requiring an interim good work impairment assessment.

由於我們作為新上市公司的市場估值低於截至 6 月 30 日的資產負債表帳面價值，這構成觸發事件，要求進行期中商譽減損評估。

As Oxiv now had its own observable market valuation, we moved to utilize a combination of market and income approaches in our assessment of company fair value, as opposed to using purely an income approach prior to listing.

由於 Oxiv 現在具有可觀察的市場估值，我們在評估公司公允價值時改採市場法與收益法相結合，而非在上市前僅使用收益法。

This change in methodology determined that the carrying value of our goodwill exceeded its market value and therefore a $1.7 billion goodwill impairment charge was recognized for the quarter.

此方法變更判定我們的商譽帳面價值高於其市場價值，因此本季認列 17 億美元的商譽減損費用。

Both of these impairment charges, which were triggered by the separation from the parent company, are one-time non-cash items that we've excluded from adjusted operating income and did not affect our liquidity or outlook for cash flow for operating activities.

上述兩項減損費用皆因與母公司分拆而觸發，屬一次性非現金項目；我們已將其自調整後營業利益中排除，且不影響我們的流動性或營運活動現金流的展望。

They are also not indicative of any changes to our operating outlook for the business.

它們也不代表我們對該業務營運展望有任何改變。

Turning to our balance sheet and cash flow statement, we ended the second quarter with just over $304 million of cash and cash equivalents and $644 million of gross debt, bringing our net debt at the 30th of June to $340 million.

接著看資產負債表與現金流量表，第二季結束時我們的現金及約當現金略高於 3.04 億美元，總負債為 6.44 億美元，使得截至 6 月 30 日的淨負債為 3.40 億美元。

Our blended cost of debt is roughly 5%, and we have a healthy balance sheet heading into the second-half. We generated $125 million in cash from operations in the second quarter.

我們的綜合債務成本約為 5%，而且在進入下半年之際，我們的資產負債表維持健康。我們在第二季自營運活動產生了 1.25 億美元的現金。

Together, our CapEx and capitalization of software development costs were $32 million, which is below the $36 million reported second quarter last year and in line with our expectations.

我們的資本支出（CapEx）與軟體開發成本資本化合計為 3,200 萬美元，低於去年第二季所報告的 3,600 萬美元，並符合我們的預期。

Net of this, we generated strong. Free cash flow of $93 million, which represents a 23% margin for the quarter and 22% for the first half of the year. It supports our confidence in achieving our 20% free cash flow margin target for full year 2026.

扣除上述後，我們產生了強勁的自由現金流 9,300 萬美元，代表本季 23% 的利潤率，以及上半年 22% 的利潤率。這支持我們對於在 2026 全年達成 20% 自由現金流利潤率目標的信心。

This brings us to the outlook.

接下來談展望。

Now we're a standalone company, we are introducing our guidance for the third quarter and full year 2026.

現在我們已成為一家獨立公司，我們將提出 2026 年第三季與 2026 全年的財測指引。

There are a few things to note on this topic.

關於這個主題，有幾點需要注意。

On revenue, we're going to provide organic constant currency growth rates for subscription revenue on a quarterly and four-year basis.

在營收方面，我們將按季度以及四年期口徑，提供訂閱營收的有機固定匯率成長率。

In addition to ARR growth, we expect this metric to be the primary indicator of underlying top-line performance for our business. We'll also provide ranges for total revenue, but given the mix shift away from perpetual license revenue combined with the variability and timing of closing perpetual deals. We believe this is a less meaningful indicator of the health of our business.

除了 ARR 成長之外，我們預期這項指標將成為衡量我們業務底層營收表現的主要指標。我們也會提供總營收區間，但鑑於營收組合正從永久授權營收轉移，加上永久授權交易成交的波動性與時點差異。我們認為這對衡量我們業務健康狀況而言，是較不具意義的指標。

The business disposals made in mid-2025 will no longer create a headwind to reported figures in the second-half of this year, and the range of total revenue growth for the year largely reflects the timing of larger perpetual deals in the protection, but customer groups continue to predominantly favor on-premise software.

2025 年年中進行的業務處分，在今年下半年將不再對已報告數字造成逆風；而全年總營收成長區間在很大程度上反映了 Protect 中較大型永久授權交易的時點，但客戶群仍主要偏好地端（on-premise）軟體。

On profitability, we are guiding to a targeted adjusted operating margin on a quarterly and full-year basis. One thing to note here, as we flagged at the March Analyst Day, is that as we push more of our products to SaaS and continuous development cycles, we will capitalize less research and development costs. This will be a gradual process but will be a drag on a reported adjusted operating margin going forward as more costs will be expensed directly to the P&L.

在獲利能力方面，我們將按季度與全年口徑，提供目標調整後營業利潤率指引。這裡有一點需要注意：正如我們在 3 月分析師日所提示的，隨著我們將更多產品推向 SaaS 與持續開發週期，我們將資本化的研發成本會減少。這將是一個逐步的過程，但未來會對已報告的調整後營業利潤率形成拖累，因為更多成本將直接費用化計入損益表（P&L）。

There is no effect of this on our free cash flow margin, which we expect to improve over time and be a better indicator of the underlying improvement in profitability.

這對我們的自由現金流利潤率沒有影響；我們預期自由現金流利潤率將隨時間改善，並且會是更能反映獲利能力底層改善的指標。

Turning to the numbers, for the third quarter of 2026, we expect total revenue of $400 million to $410 million, representing organic constant currency growth of 2% to 4%. Recurring revenue of $285 million to $290 million, representing organic constant currency growth of between 3% and 5% and adjusted operating margin of approximately 27%, reflecting normal seasonality.

回到數字，對於 2026 年第三季，我們預期總營收為 4.00 億至 4.10 億美元，代表有機固定匯率成長 2% 至 4%。經常性營收為 2.85 億至 2.90 億美元，代表有機固定匯率成長 3% 至 5%，調整後營業利潤率約為 27%，反映正常的季節性。

For the full year 2026, we expect ARR of $1.185 billion to $1.205 billion. Representing organic constant currency growth of 6% to 8%. Total revenue of $1.635 to $1.665 billion, representing organic constant currency growth of 0% to 2%. Recurring revenue of $1.14 to $1.15 billion, representing organic constant currency growth of 5% to 6%, an adjusted operating margin of approximately 30%. Which is down from the prior year by roughly 100 basis points on public company launch costs, revenue model shifts and lower levels of R&D capitalization, partly offset by integration cost savings.

對於 2026 全年，我們預期 ARR 為 11.85 億至 12.05 億美元。代表有機固定匯率成長 6% 至 8%。總營收為 16.35 億至 16.65 億美元，代表有機固定匯率成長 0% 至 2%。經常性營收為 11.40 億至 11.50 億美元，代表有機固定匯率成長 5% 至 6%，調整後營業利潤率約為 30%。由於上市公司啟動成本、營收模式轉移以及研發資本化水準降低，較前一年約下降 100 個基點，部分由整合成本節省所抵銷。

And we expect a free cash flow margin of approximately 20%. Before we open the call for questions, one thing to note on the four-year total revenue growth outlook.

我們預期自由現金流利潤率約為 20%。在我們開放提問之前，先補充一點關於四年期總營收成長展望。

In March, we framed an organic constant currency revenue growth outlook of 3% to 4% for 2026.

在 3 月時，我們提出 2026 年有機固定匯率營收成長展望為 3% 至 4%。

Based on where the first half landed and what we see in the second-half, we now expect organic constant currency revenue growth of between 0% and 2% for the full year. The reason for this change is that we have removed from the guidance a number of large public safety perpetual deals in the protect, which we still. Expect to win but may now slip into 2027, including the $5 million in slip deals from the second quarter.

基於上半年實際表現以及我們對下半年的觀察，我們現在預期全年有機固定匯率營收成長介於 0% 至 2%。這項變動的原因是，我們已從指引中移除 Protect 中若干筆大型公共安全永久授權交易；我們仍然預期能拿下，但現在可能延後至 2027 年入帳，其中包括第二季延後的 500 萬美元交易。

They may still be recognized in 2026, but we have decided to adopt a prudent approach in our guidance to reflect these large potential order wins where sales cycles are naturally long and timing is less predictable. And as a reminder, the protective represents around 20% of overall octive revenues.

它們仍可能在 2026 年認列，但我們決定在指引上採取審慎作法，以反映這些大型潛在訂單勝出機會——其銷售週期本就較長，時點也較難預測。另外提醒一下，Protect 約占 Octive 整體營收的 20%。

What is not changing is everything else.

不變的是其他所有事項。

Our focus remains on driving the business towards subscription. We delivered 7% ARR growth in the first half of the year, and we are reiterating full-year ARR growth of 6% to 8%. We are reiterating an adjusted operating margin of approximately 30%, which we expect to maintain while absorbing public company launch costs and the lower level of perpetual revenue volume. And we reiterate a free cash flow margin of approximately 20% for the year.

我們的重點仍是推動業務朝訂閱模式轉型。我們在上半年達成 7% 的 ARR 成長，並重申全年 ARR 成長 6% 至 8%。我們重申調整後營業利潤率約為 30%，並預期在吸收上市公司啟動成本與永久授權營收量較低的情況下仍可維持。我們也重申全年自由現金流利潤率約為 20%。

The core medium-term ambition we outlined in March is unchanged.

我們在 3 月所概述的核心中期目標不變。

ARR growth above 10%, total revenue growth of between 6% and 8%, and an adjusted operating margin of approximately 30%, and 300 to 400 basis points of free cash flow margin expansion.

ARR 成長高於 10%，總營收成長介於 6% 至 8%，調整後營業利潤率約為 30%，以及自由現金流利潤率擴張 300 至 400 個基點。

We have a large and growing market, an exceptionally sticky customer base, 30 years of industrial and customer context that AI makes more valuable rather than less. And for the first time, a single company focused entirely on customers with mission critical infrastructure. So with that, thank you for joining us today. And we'll now open the line for questions.

我們面對的是一個龐大且持續成長的市場，擁有極高黏著度的客戶基礎，以及 30 年的產業與客戶情境累積；AI 讓這些價值更高而非更低。而且首次有一家單一公司，完全聚焦於擁有關鍵任務基礎設施的客戶。因此，感謝各位今天加入我們。接下來我們將開放提問。

We will now begin the question-and-answer session. If you would like to ask a question and have joined via the webinar, please use the raise hand icon, which can be found in the black bar at the bottom of the webinar application screen. When you hear your name called, you will be prompted to unmute your line and ask your question. We will now take a moment to allow the cues to fall.

我們現在開始問答環節。若您想提問且是透過網路研討會加入，請使用舉手圖示，可在研討會應用程式畫面底部的黑色工具列中找到。當您聽到自己的名字被點到時，系統會提示您解除靜音並提出問題。我們現在稍等片刻，讓提問佇列建立。

Our first question comes from John DiFucci at Guggenheim. Please unmute your line and ask your question.

我們的第一個問題來自 Guggenheim 的 John DiFucci。請解除靜音並提出您的問題。

Thank you. Thanks for taking my question.

謝謝。感謝讓我提問。

Matthias and Ben, first of all, congrats on getting your first quarter out as an independent public company, that's quite a milestone.

Matthias 和 Ben，首先恭喜你們以獨立上市公司的身分交出第一季成績，這是相當重要的里程碑。

Your numbers look fine relative to expectations. In the case of what you have the most control over, the bottom line, including cash flow, is very strong.

你們的數字相對於預期看起來不錯。就你們最能掌控的部分——獲利端（bottom line），包括現金流——表現非常強勁。

But as you said, your total organic constant currency revenue growth rate was a touch below what you anticipated, and you gave the reasons you said move to recurring revenue, which we fully understand how that works, and timing delays on public safety business.

但如你們所說，你們的總有機固定匯率營收成長率略低於原先預期，而你們也給了原因：轉向經常性營收（我們完全理解其運作方式），以及公共安全業務的時點延遲。

I guess I'm wondering how confident you are on your assessment of both those variables today, especially the first one, because you're guiding to an acceleration of organic constant currency total revenue growth next quarter and for the year.

我想我在想的是，對於你們今天對這兩個變數的評估，你們有多大把握，尤其是第一個，因為你們指引顯示下個季度以及全年有機、固定匯率口徑的總營收成長將加速。

Listen, oktiv is a really good story, and I think a lot of people believe that.

聽著，okTiv 是個非常好的故事，我想很多人都相信這點。

But the stock pre-open is reflecting some concerns about that right now.

但目前盤前股價反映出對此有一些疑慮。

Yeah, thank you, John.

是的，謝謝你，John。

Yeah, how to answer that?

是的，要怎麼回答呢？

I think how confident do we feel? I mean, obviously, this is the guidance we have given now. So it is our best judgment of all the scenarios, right? And like Ben said, we have taken a prudent and cautious approach with the timing of those perpetual deals, right?

我想，我們有多有信心？我的意思是，顯然，這就是我們現在給出的指引。所以這是我們在所有情境下的最佳判斷，對吧？而且如 Ben 所說，對於那些永久授權交易的時點，我們採取了審慎且保守的做法，對吧？

So yeah.

所以，是的。

I would say we feel confident in that. Anything to add to that, Ben?

我會說我們對此有信心。Ben，你還要補充什麼嗎？

No, John, I would agree with that, Matthias. I mean, I think if you look at the quarter, most KPIs were bang in line with their expectations. So subscription growth, free cash generation, the operating margin, it was just the large perpetual deals where you have long sales cycles and they are more unpredictable. We've decided to take those out of the forecast. And, if they come in, they become positives.

不，John，我同意 Matthias 的看法。我的意思是，如果你看這一季，大多數 KPI 都完全符合我們的預期。所以訂閱成長、自由現金產生、營業利益率都如此；只是那些大型永久授權交易，因為銷售週期很長、也更難以預測。我們決定把它們從預測中拿掉。而且，如果它們最後成交了，就會成為正向驚喜。

But to be clear, Ben, those deals, they're not, you haven't lost them to someone else right now. They're still out there.

但要說清楚，Ben，那些交易你們目前並不是輸給別人了，對吧？它們仍然在那裡。

No, absolutely not. No, we're still very confident deals.

不，絕對不是。不，我們對這些交易仍然非常有信心。

You're selling to governments and states, they have their own kind of procurement cycles that we're more a taker of, if you know what I mean. And sometimes these deals can take one to two years to actually put together. So given there's only four months left of the year, that window to close those deals is narrowing. So we thought it made sense to take them out and adopt a more prudent approach for the year as a whole. But our view on the likelihood of winning them hasn't changed at all.

你們是賣給政府與州政府，他們有自己的一套採購週期；如果你明白我的意思，我們比較像是被動接受其節奏的一方。而且有時候這些交易實際上需要一到兩年才能完成。所以鑑於今年只剩四個月，能夠完成這些交易的時間窗口正在縮小。因此我們認為把它們從預測中拿掉、並對全年採取更審慎的做法是合理的。但我們對贏得這些交易的可能性看法完全沒有改變。

Great. Okay.

很好。好的。

Thank you very much and congrats again. Welcome to the public markets.

非常感謝，再次恭喜。歡迎來到公開資本市場。

Our next question comes from Matt Hedberg at RBC. Please unmute your line and ask your question.

下一個問題來自 RBC 的 Matt Hedberg。請解除靜音並提問。

Great. Thanks for taking my questions, guys. I'll offer my congrats again on the first quarter as a public company. Maybe just to follow-up on John's question, on the some of the protect public sector deals, I just wanted to better understand what exactly is being excluded. It feels like just maybe the perpetual pieces, but, maybe kind of a two parter, just a little bit more color on what's in what's out on protect. And then also just then just, kind of as this being your first quarter as a public company, what's your overall guidance philosophy?

太好了。謝謝你們回答我的問題，各位。我也再次恭喜你們作為上市公司後的第一季表現。也許接續 John 的問題，關於 Protect 的一些公共部門交易，我想更清楚了解究竟排除了哪些內容。感覺可能只是永久授權的部分，但也許分兩個部分：請再多提供一些 Protect 之中哪些算進來、哪些被排除的細節。另外，既然這是你們作為上市公司的第一季，你們整體的指引哲學是什麼？

Yeah, I think I'll let you take that one, Ben.

是的，我想這題讓你來回答，Ben。

But I mean, what we can say more about the public safety and those deeds, I would say it's.

不過我的意思是，關於公共安全以及那些交易，我們能多說的是，我會說是。

Around a handful of deals, right? It's not hundreds of deals, but it's a handful of deals taken out.

大概是少數幾筆交易，對吧？不是幾百筆交易，而是少數幾筆被拿掉。

Yeah, and that mostly impacts perpetual license software, but a little bit of services attached to it.

是的，而這主要影響永久授權軟體，但也包含一點與之相關的服務。

So, hi Matt, sorry, in terms of the philosophy, we obviously want to set guidance that explains the trajectory of the business well to you guys.

所以，嗨 Matt，抱歉，關於哲學面，我們當然希望設定的指引能夠很好地向各位說明業務的發展軌跡。

There's only four months left of the year, so we've set guidance that is primarily focused on the full year with a little bit of extra color on Q3 to help you guys model it.

今年只剩四個月，所以我們設定的指引主要聚焦在全年，同時對第三季提供一些額外的資訊，幫助各位建模。

And yeah, I think that the philosophy is we want to set guidance that we can achieve and we'll develop this framework over time.

是的，我想我們的哲學是：我們希望設定我們能達成的指引，並且會隨時間推進逐步完善這個框架。

We didn't have adjusted net income or EPS in the framework at this point. It's probably something that we'll add in the future. As I said at the Analyst Day.

目前我們的框架裡還沒有調整後淨利或 EPS。這可能是我們未來會加入的項目。正如我在分析師日所說。

We'll evolve the guidance framework or philosophy into next year.

我們會在明年之前逐步演進指引框架或哲學。

Our next question comes from Peter Berkeley at Evercore ISI. Please unmute your line and ask your question.

下一個問題來自 Evercore ISI 的 Peter Berkeley。請解除靜音並提問。

Yeah, hi guys, this is Peter Berkeley on for Kirk McTurn with Evercore. Appreciate you taking the question here.

是的，嗨各位，我是 Evercore 的 Peter Berkeley，代 Kirk McTurn 提問。感謝你們在這裡回答問題。

I actually just wanted to ask about the recurring revenue piece and sort of the seasonality that we're seeing in the implied guide for the back half of the year here. So I think the 3-Q maybe came in just a touch below what we're expecting, and then that resultantly implies a little bit of an acceleration in the fourth quarter. So it sounds like bookings remain pretty strong.

我其實想問的是經常性收入的部分，以及我們在今年下半年指引隱含的季節性。所以我想第三季可能比我們預期的略低一點，而這也相應地隱含第四季會有一些加速。所以聽起來預訂（bookings）仍然相當強勁。

Curious if you just sort of walk through the moving parts there, whether that's just.

想請你們說明一下其中的變動因素，這是否只是。

A factor of the year-over-year compares or any other factors that might be coming into play there? Thanks.

受到年對年比較基期的影響，或是還有其他可能在此發揮作用的因素？謝謝。

Yeah.

是的。

Hi, Peter. So, yeah, in Q3, the recurring revenue, as you say, we've guided to 3% to 5% organic constant currency.

嗨，Peter。所以，是的，在第三季，經常性收入如你所說，我們指引為有機、固定匯率口徑 3% 到 5%。

That's probably just over a percent lower than the underlying run rate. And that reflects last year in Q3, we had a one-off maintenance catch-up.

這大概比內在的運行水準低了略高於 1 個百分點。這反映了去年第三季我們有一次性的維護費追補（catch-up）。

Which creates a slightly more difficult comparative. And I think if you look back to the prior year quarters, you'll see that Q3 stepped up on maintenance and it went back down in Q4. If you exit that out, then the underlying kind of guidance implies similar constant currency growth for recurring revenue that we've seen in the first half of the year. So very good SaaS momentum, a gradual pickup in subscription licenses as we guided back in March and then a fairly stable development. In the maintenance stream.

這使得比較基期稍微更具挑戰。而且我想如果你回看前一年的各季，你會看到第三季維護費有上升，第四季又回落。如果把那個因素剔除，那麼指引所隱含的經常性收入固定匯率成長，與我們上半年看到的水準相近。因此 SaaS 動能非常好，訂閱授權如我們在三月所指引的逐步回升，然後維護收入流則相對穩定。

Yeah, no, I agree. And then I would add also that maybe the most say the best number to look at to understand our guidance would be to look at the ARR, right, where we are guiding for six to eight, right, for the full year.

是的，我同意。另外我也想補充，或許要理解我們指引最好的數字，是看 ARR，對吧？我們對全年指引是 6% 到 8%，對吧。

Our next question comes from Gabriella Borgs at Goldman Sachs. Please unmute your line and ask your question.

下一個問題來自 Goldman Sachs 的 Gabriella Borgs。請解除靜音並提問。

Hi, good morning.

嗨，早安。

Thank you. I also wanted to say on this topic of organic guidance for Ben and Matthias, I'm trying to figure out so the dynamics that are happening in public safety, it sounds like those are par for the course, meaning there are not new dynamics. So I'm trying to understand what was the thinking to originally include those deals and guidance or what changed? Why are those deals elongating. Now? Why are those deals pushing out now? And then if I put it all together, when do you think you'll be back consistently in the 3% to 4% organic range?

謝謝。我也想就這個 Ben 和 Matthias 的有機成長指引主題提問：我試著理解公共安全領域正在發生的動態，聽起來這些都屬於常態，也就是說不是新的動態。所以我想了解，最初把這些交易納入指引時的考量是什麼，或是後來有什麼改變？為什麼這些交易的週期正在拉長？現在？為什麼這些交易現在被往後推？最後把這些綜合起來，你們認為何時能夠回到穩定落在 3% 到 4% 有機成長區間？

Thank you so much.

非常感謝。

Yeah, I mean, if we start maybe with the second-half of the question, I would say, I mean, long-term, we are guiding for that our organic reported growth should close in on the ARR growth, right? So we are not guiding for. 3% to 4% long-term, right? That was the guidance for this year. So I think maybe that's a good distinction to make. But what has changed?

是的，我的意思是，如果我們先從問題的後半段開始，我會說，長期來看，我們的指引是：我們的有機申報成長應該會逐步貼近 ARR 成長，對吧？所以我們並不是在指引。長期 3% 到 4%，對吧？那是今年的指引。所以我想這可能是一個很好的區分。但有什麼改變了？

I agree with you. It's not a new dynamic. I guess what has changed it is that some deals slipped here in Q2, and then we took a more cautious approach on the rest of the year also. I mean, I guess that's a transparent answer on that, right? I mean.

我同意你的看法。這不是新的動態。我想改變的是，有些交易在第二季這裡延後了，然後我們對今年剩餘時間也採取了更審慎的做法。我的意思是，我想這是一個坦率的回答，對吧？我的意思是。

Like we said, it's possible that some of these deals actually come in the second-half. But yeah, we have chosen to take a prudent approach on it.

就像我們說的，這些交易中有一些確實可能會在下半年進來。但對，是的，我們選擇採取較為審慎的做法。

And that approach is what you will be sticking with over the next several quarters as a public company where you'll be taking a more prudent approach to these types of large deals as in does it does it reset you to a new more conservative baseline on a go forward basis as well?

而這種做法，是你們作為上市公司在接下來幾個季度都會堅持的嗎？也就是說，對這類大型交易會採取更審慎的態度；這是否也會在未來把你們重設到一個新的、更保守的基準？

No, I don't think so.

不，我不這麼認為。

I think we will adopt a consistent approach to these orders guidance going forward. So I think that makes sense.

我認為我們未來會對這些訂單指引採取一致的方法。所以我覺得這是合理的。

But the potential for those orders coming in hasn't changed. It's just a question of timing, right? So if they don't happen in the second-half of this year, perpetual is weaker in 2026. If they flow into '27, it will be a bit stronger. You'll end up with the same growth overall.

但這些訂單可能進來的潛力並沒有改變。只是時間點的問題，對吧？所以如果它們沒有在今年下半年發生，2026 年的永久授權就會比較弱。如果它們流入 2027 年，就會稍微強一些。整體而言，你最後會得到相同的成長。

That makes sense.

這很合理。

Okay, thank you.

好的，謝謝。

Thanks.

謝謝。

Our next question comes from Lachlan Brown at Rothschild & Co Redburn. Please unmute your line and ask your question.

下一個問題來自 Rothschild & Co Redburn 的 Lachlan Brown。請解除靜音並提問。

Hi, Matthias Ben. Congrats on the first quarter reporting as an independent company.

嗨，Matthias、Ben。恭喜以獨立公司身分完成第一季的財報揭露。

On the reduced full-year organic revenue guidance, could you just break down that reduction a little bit further? I appreciate most of it was driven by perpetual license slowdown and the deal delays that you've called out, but should we consider much attribution to broader macroeconomic or general softness within that?

關於下調全年有機營收指引，你們能否再更進一步拆解這次下調的原因？我理解大部分是由永久授權放緩以及你們提到的交易延遲所致，但我們是否也應該把其中一部分歸因於更廣泛的總體經濟因素或整體需求走弱？

No, I wouldn't. I would say it's purely related to those perpetual deals in the.

不，我不會這麼看。我會說這完全與那些永久授權交易有關。

Public safety sector, any other macro forces and so on, we had considered in our original guidance. I think that would be my comment to that.

在公共安全領域；其他任何宏觀因素等等，我們在原先的指引中就已經考量過了。我想我對此的評論就是這樣。

That's clear. Thanks. And on the subscription license side, it does sound like the monthly usage trends were quite reasonable in this quarter.

了解。謝謝。另外在訂閱授權方面，聽起來本季的每月使用趨勢相當合理。

What are your underlying assumptions for that, I guess, more variable component as we move into the second-half of the year?

那麼，對於這個我想是較具變動性的組成部分，當我們進入下半年時，你們的基本假設是什麼？

Yeah. Hi, Lachlan.

是的。嗨，Lachlan。

Yeah, the expectation hasn't really changed since we described it in March.

是的，這個預期自從我們在三月描述以來其實沒有太大改變。

It was down in the first half of the year against tougher comps. It started now to mild growth in Q2. I think you can see that in the slide that we've put in the investor deck. And we assume a similar trend through the second-half. We're not baking in an acceleration here in the monthly subscriptions, more of a sequentially flattish trend against easier comps.

上半年在較高的比較基期下是下滑的。現在在第二季開始轉為溫和成長。我想你可以在我們放在投資人簡報中的那張投影片看到。而我們假設下半年會維持類似的趨勢。我們沒有把每月訂閱的加速成長納入假設，而是更偏向在較容易的比較基期下，呈現按季大致持平的趨勢。

Appreciate the questions. Thanks.

感謝提問。謝謝。

Our next question comes from Daniel Jerberg at Handelsbanken. Please unmute your line and ask your question.

下一個問題來自 Handelsbanken 的 Daniel Jerberg。請解除靜音並提問。

Hi, Daniel, please unmute your line to ask your question.

嗨，Daniel，請解除靜音以提問。

Yes. Yeah. Can you hear me now?

是。是的。你們現在聽得到我嗎？

Hi, Daniel.

嗨，Daniel。

Can you hear me? Hi there. Hi, Ben and Elizabeth. Yeah, a few questions from my side. First, a little bit on your working, I guess, to expand the workflow adoption, cross and upselling. You mentioned here in the deck, 8, 6% of customers. Still on a single workflow. So are there any targets we can follow or how are you working with this to really get this going?

你們聽得到我嗎？嗨。嗨，Ben 和 Elizabeth。是的，我這邊有幾個問題。首先，關於你們的工作，我想是要擴大工作流程（workflow）的採用、交叉銷售與加值銷售。你們在簡報中提到，8，6% 的客戶。仍然只使用單一工作流程。所以是否有任何我們可以追蹤的目標？或者你們是如何推動這件事，讓它真正加速進展？

Yeah, I don't think we said anywhere that it's still 86%. It might be a slide from the investor day that we haven't updated, to be H1st. I did say in the call that or in my intro that. 100 customers added another solution in the quarter. We haven't updated 86% numbers. I'm not going to give you a number here. I think that's the number we'll probably give more like once a year, but I could say that it is it is lower than 86 today. So we are making progress.

是的，我不認為我們在任何地方說過目前仍是 86%。那可能是投資人日的投影片，我們還沒更新，坦白說。我確實在電話會議中，或在我的開場提到。本季有 100 位客戶新增了另一個解決方案。我們還沒有更新 86% 這個數字。我不會在這裡給你一個數字。我想這個數字我們大概會更像是一年提供一次，但我可以說，今天它確實低於 86%。所以我們正在取得進展。

Perfect.

很好。

And if I may also, on the guidance.

如果我也可以的話，關於指引。

On the perpetual referrals in Protect. I guess this is only in Americas in public safety and nothing, not everywhere.

關於 Protect 的永久授權轉介。我想這只是在美洲的公共安全領域，而不是所有地區，對嗎？

Yeah, that's correct.

是的，沒錯。

Yeah. And finally, also on the highlighted data center when you spoke about, can you comment a little bit more on your direct or indirect revenue exposures to these growing areas like AI data centers and related energy solutions and so on?

是的。最後，關於你提到並特別強調的資料中心，你能否再多評論一下，你們在這些成長領域（例如 AI 資料中心及相關能源解決方案等）上的直接或間接營收曝險？

Yes. So a couple of things to say about that. I think we have several customers that are in the data center business. I'm not going to name them, but we won another one, another hyperscaler in the quarter, like I mentioned.

可以。所以關於這點有幾件事可以說。我想我們有好幾個客戶是在資料中心業務裡。我不會點名，但如我提到的，我們本季又拿下了另一家超大規模業者（hyperscaler）。

Also important to say is that for us so far, it's been mainly on.

另外也很重要的是，到目前為止，對我們而言主要是在。

On the operate side with our Attune product where we've seen the most success. So it's been mainly when these centers are being built or have been built. That's where we've seen the most business. We have not had so much wins. We have a few, but not so many wins on the design side yet.

在 operate 端，透過我們的 Attune 產品，我們看到最多的成功。所以主要是在這些中心正在建置或已經建置完成時。那是我們看到最多業務的地方。在 design 端我們還沒有那麼多勝案。我們有一些，但在設計端的勝案還不算多。

I guess that is because they tend to use simpler design solutions. Obviously, we are.

我想那是因為他們傾向使用較簡單的設計解決方案。顯然，我們是。

Trying to educate them and obviously sell the whole concept of life cycle intelligence and digital twins, et cetera, to get them to adopt more advanced designs. But we'll see on that, right? But clear is that we're having very good success on the operate part of the data centers.

試著教育他們，並且很明顯地推廣整個生命週期智慧（life cycle intelligence）與數位分身（digital twins）等概念，讓他們採用更先進的設計。不過我們再看看，對吧？但很明確的是，我們在資料中心的營運（operate）環節取得了非常好的成果。

If I can add, Daniel, on the indirect side, which I think was part of your question.

Daniel，如果我可以補充一下間接面的部分，我想那也是你問題的一部分。

As the data center build out happens, you're going to need a lot of power generation and distribution to support it. We obviously have geospatial tools that go to mapping those grid networks and for very large power plants, so kind of turbines, nuclear plants and things like that, you would use the design tools to help build those plants.

隨著資料中心建置擴張，你會需要大量的發電與配電來支撐。我們顯然有地理空間工具，可用來繪製那些電網網路的地圖；而對於非常大型的電廠，例如渦輪機、核電廠之類，你會使用設計工具來協助建造這些電廠。

Perfect. Amaya, when you're talking to you, Ben, the restructuring charge is $10 billion for six months, roughly 1.5% of total revenue. Is this the level we should expect going forward as well around 1%, 2% of revenue as restructuring?

很好。Amaya，當你在跟你、Ben談的時候，重組費用是六個月 100 億美元，大約占總營收的 1.5%。這是否是我們未來也應該預期的水準，也就是重組費用約占營收 1% 到 2%？

Yeah, I think a bit lower than that.

是的，我認為會比那個再低一些。

I mean, there wasn't a huge amount of restructuring spend in Q2. There was in Q1.

我的意思是，第二季的重組支出並不多。第一季比較多。

That kind of follow through the cash spend from the restructuring program that we announced as part of Hexagon in the back end of last year.

那算是我們去年底在 Hexagon（重組計畫）中宣布的重組方案所帶來的現金支出延續。

We still have some work to do to integrate the different businesses and extract synergies, but I don't think it will be as much as we saw last year or implied in your question.

我們仍有一些工作要做，以整合不同的業務並釋放綜效，但我不認為會像去年看到的那麼多，或像你問題中暗示的那麼高。

Perfect and thank you and good luck getting those deals into this year hopefully.

很好，謝謝，也祝你們好運，希望能把那些交易在今年內敲定。

Thank you, Donna. Thanks, Daniel.

謝謝你，Donna。謝謝，Daniel。

Our next question comes from Ari Freeman with BNP Paribas. Please unmute your line and ask your question.

下一個問題來自法國巴黎銀行（BNP Paribas）的 Ari Freeman。請解除靜音並提問。

Hi, Ari, your line is open to ask your question.

嗨，Ari，你的線路已開啟，可以提問了。

Hey, can you hear me now?

嘿，你們現在聽得到我嗎？

Yes. Hi.

聽得到。嗨。

Hi, yeah, hey, thanks for taking my question.

嗨，是的，謝謝讓我提問。

I have a question about the medium-term guidance on ARR growth and organic revenue growth.

我想問一下關於中期指引中 ARR 成長與有機營收成長的部分。

Comparatively to when you guys first gave it out at the Investor Day, how much confidence do you have in that now and I guess like what has changed today versus the last time you gave it?

相較於你們在投資人日首次提出時，你們現在對這個指引有多大信心？以及我想問，今天相較於上次提出時，有哪些改變？

Yeah, the only thing that has changed like we said was that we've taken down the.

是的，唯一改變的就如我們所說，我們下調了。

The organic reported, right, for this year because of the timing of these perpetual deals. I would say medium to long-term, nothing has changed, right? We are confident in our ARR guidance. And like I've tried to say, eventually over time, the organic reported will get closer and closer to that ARR, right, since the perpetual becomes a smaller and smaller part of total revenue.

也就是今年的有機「報告」數字，對吧？因為這些永久授權（perpetual）交易的時點影響。我會說中長期來看，沒有任何改變，對吧？我們對 ARR 指引有信心。而且如我一直嘗試說明的，隨著時間推進，有機報告數字最終會越來越接近 ARR，對吧？因為永久授權在總營收中的占比會越來越小。

Great.

很好。

Thank you.

謝謝。

No worries. Thanks.

不客氣。謝謝。

Our next question comes from Alice Jennings with Barclays. Please unmute your line and ask your question.

下一個問題來自 Barclays 的 Alice Jennings。請解除靜音並提問。

Hi, thanks for taking my question. I also just have a question on the two thirds of growth that came from existing customers and we would be interested in a bit more color around that. So in terms of how can we think about how that's split up into pricing churn and then cross an upselling in the quarter?

嗨，謝謝讓我提問。我也想問一下，本季成長中有三分之二來自既有客戶，我們希望能多了解一些細節。所以就本季而言，我們可以如何看待其中在定價、流失（churn）以及交叉銷售與加購（cross- and upselling）之間的拆分？

Yeah, I mean, we don't.

是的，我的意思是，我們沒有。

We haven't broken out that on a quarterly basis, Alice, to be H1st, right? So it's a bit hard to give you live, but obviously, it's a combination of price increases, upsell and a little bit of churn. But like we said at our Investor Day, we have a 97% gross retention.

Alice，老實說（to be honest），我們沒有按季度把那個拆分揭露，對吧？所以要即時給你很難，但顯然是由漲價、加購，以及少量流失所組成。不過如我們在投資人日所說，我們的總留存率（gross retention）是 97%。

We don't have a lot of churn, but of course a little bit. But yes, I won't break it down in exact percentages, but yes, roughly two-thirds came from the installed base and one-third from new customers.

我們沒有太多流失，當然還是有一點。但對，我不會用精確百分比去拆分，不過大致上三分之二來自既有客戶基礎（installed base），三分之一來自新客戶。

Okay, cool, that's helpful, thank you. And then if I could just ask a bit of like a bigger picture question.

好的，很好，這很有幫助，謝謝。然後如果可以的話，我想再問一個比較宏觀的問題。

On AI. So the AI products that you have at the moment, how does the monetization of that work in terms of is adoption voluntary or is it included in the subscriptions that you're offering?

關於 AI。你們目前的 AI 產品，在變現方面是怎麼運作的？也就是採用是自願的，還是已包含在你們提供的訂閱方案中？

Yeah, just some details there would be really good.

是的，如果能提供一些細節會很棒。

Yeah, no, good question. It is early days, I would say for the monetization part.

是的，這問題很好。我會說在變現這一塊還在早期階段。

We are expanding our AI, let's say offering and agents and the embedded AI we have in our products every day.

我們每天都在擴充我們的 AI——可以說是產品供給、代理（agents），以及嵌入在產品中的 AI。

We launched, I think it was nine different agents in the quarter and we have another cohort of agents being released in the second-half. And then we also have our Octave Aria platform, right, that we are, we haven't given a date yet to our customers, so I won't tell you, but. That we're going to release relatively soon. So there's lots of stuff happening on the AI front.

我們在本季推出了，我想是九個不同的代理，並且在下半年還會釋出另一批代理。另外我們也有 Octave Aria 平台，對吧？我們還沒有對客戶公布日期，所以我不會告訴你，但。我們會在相對不久的時間內推出。所以在 AI 方面有很多事情正在進行。

So far, we've focused on getting usage up and getting really outcomes, I would say, get our customers more effective solving problems for them. For example, like we're doing in the colabs, right? We're focusing on a set of use cases and see what that, how much I can generate for our customers.

到目前為止，我們的重點是提升使用量，並且真正帶來成果；我會說，讓客戶更有效率、替他們解決問題。例如我們在 colabs（協作）中所做的，對吧？我們聚焦在一組使用情境，看看那能為客戶創造多少價值。

And we have not 100% decided how to monetize AI, as a feature of the product or more as of an outcome of what to be together.

而我們尚未 100% 決定要如何將 AI 變現：是作為產品功能的一部分，或是更像作為我們共同打造之成果（outcome）來收費。

Okay, cool. It's very helpful. Thanks a lot. And yeah, good luck for the next quarter. No worries.

好的，很好。這非常有幫助。非常感謝。也祝下一季順利。不客氣。

Our next question comes from Mikael Leeson at D&B Carnegie. Please unmute your line and ask your question.

下一個問題來自 D&B Carnegie 的 Mikael Leeson。請解除靜音並提問。

Your line is unmuted to go ahead and ask your question.

你的線路已解除靜音，可以開始提問。

I think we're having some audio issues, so I will move on to the next question from Johan Eliasson at CB1 Markets. Please go ahead and ask your question.

我想我們遇到一些音訊問題，所以我將改到下一個問題，來自 CB1 Markets 的 Johan Eliasson。請開始提問。

Hi, Johan. To unmute your phone line, please dial *6 and ask your question.

嗨，Johan。要解除電話線路靜音，請按 *6，然後提問。

So, good morning. This is Johan Eliasson at SB1.

那麼，早安。我是 SB1 的 Johan Eliasson。

I was just curious about the.

我只是好奇關於。

Capitalization of R&D. You mentioned it's a 1%, 100 basis month headwind on the margin in this quarter as you have moved from 8% of sales to 7% of sales and your target long-term is 4%. Do you have any pace for this? And in terms of gross R&D spend, how should we think about this number? Is it sort of estimated to be stable going forward or up or down?

研發（R&D）的資本化。你提到本季因為你們已從銷售額的 8% 降到 7%，而你們長期目標是 4%，因此對本季毛利率造成 1%、也就是 100 個基點的逆風。你們對此有沒有任何節奏／進度規劃？另外就研發總支出（gross R&D spend）而言，我們應該如何看待這個數字？它未來大致會維持穩定，還是會上升或下降？

Hi, Johan.

嗨，Johan。

Yeah, for this year, we guided that R&D capitalization as a percentage of sales would be between 7% to 8% for the year. So that's still what we feel.

是的，就今年而言，我們的指引是研發資本化占銷售額的比例將介於 7% 到 8%。所以這仍然是我們目前的看法。

It was towards the low end of that range in Q2 and I would expect that for Q3, Q4 as well, but we still expect to be in the range.

第二季落在該區間的低端，我預期第三季、第四季也會如此，但我們仍預期會落在這個區間內。

When we set guidance for '27, I think we can give you a more specific range. But for now, I would assume in your models a fairly linear direction between what we've guided for this year and then the medium-term outlook that we gave, which is 2030. In terms of gross spend, sorry, the second...

等我們制定 2027 年的指引時，我想我們可以給你更具體的區間。但就目前而言，我會建議你在模型中假設一個相當線性的走勢，介於我們今年給出的指引與我們提供的中期展望（也就是 2030 年）之間。至於總支出，抱歉，第二個……

Yeah, but we're aiming to keep gross spend.

是的，但我們的目標是維持總支出。

Pretty flat level going forward as a percentage of revenues.

未來作為營收百分比大致維持在相當平坦的水準。

Jay, Vivek and their teams are using a lot of AI tools at the moment to accelerate product development, get efficiencies. But as I said back in March, we're reinvesting those savings in new products and accelerating growth. So all in we expect cash spend or growth spend, if you like, sorry, to stay at a stable level going forward.

Jay、Vivek 以及他們的團隊目前正在使用大量 AI 工具來加速產品開發、提升效率。但如我在三月所說，我們會把這些節省下來的成本再投資到新產品上並加速成長。因此整體而言，我們預期現金支出或成長支出（如果你願意這麼稱呼的話，抱歉）未來將維持在穩定水準。

Excellent. And then just on these restructuring charges, how much of that is likely to be a cash impact in this year?

很好。那再問一下這些重組費用，今年有多少可能會對現金造成影響？

Thank you.

謝謝。

Restructuring charges, that's your question.

重組費用，這是你的問題。

Yeah, I mean, I think for. The second-half of the year, probably restructuring will be somewhere between $5 million and $10 million. So as I said earlier, down from the run rate we saw in Q1.

是的，我的意思是，我想就……今年下半年，重組費用可能會落在 500 萬到 1,000 萬美元之間。所以如我先前所說，會低於我們在第一季看到的執行率。

And it's sort of the cash impact is similar.

而且現金影響大致相近。

Yeah, I would assume that.

是的，我會這麼假設。

Excellent. Many thanks and good luck with the next course.

很好。非常感謝，祝你接下來的流程順利。

Our next question comes from Mikhail Lassine at DNB Carnegie. Please unmute your line and ask your question.

下一個問題來自 DNB Carnegie 的 Mikhail Lassine。請解除靜音並提問。

Yeah, I hope you can hear me now.

是的，希望你們現在聽得到我。

Yeah, we can. Hi, Michael.

可以的。嗨，Michael。

Great. Hi.

太好了。嗨。

Okay, thanks for taking my question. And I just had a couple of questions on the end markets.

好的，謝謝讓我提問。我有幾個關於終端市場的問題。

I think you mentioned in Q1 that you had some issues in the Middle East due to the situation there. I don't know if you have had any delays or things like that in Q2 and going into Q3 still affecting you?

我記得你們在第一季提到，由於當地情勢，你們在中東遇到一些問題。我不確定你們在第二季以及進入第三季是否仍有任何延遲或類似情況在影響你們？

Yeah, I mean.

是的，我的意思是。

On the Middle East, I would say the last couple of years and also going forward, we think this is one of our fastest growing regions.

就中東而言，我會說過去幾年以及未來，我們認為這是我們成長最快的地區之一。

It was not in Q1, and it was not in Q2. It was not declining either, right? This is kind of flat.

第一季不是，第二季也不是。但也沒有下滑，對吧？基本上是持平。

So yes, it has an impact, right? But I wouldn't say dramatic.

所以是的，確實有影響，對吧？但我不會說很劇烈。

Okay, got it. And when it comes to these four workflow or applications, you mentioned or indicated the growth rate. Can you be a bit more specific and talk to us about design, build, operate, protect, how much they are growing roughly?

好的，了解。那關於你們提到的四個工作流程或應用，你們提到或暗示了成長率。你們能否更具體一點，談談設計、建置、營運、保護大概各自成長多少？

Yeah, we have a slide on it also in the earnings presentation that you'll find on our website. And I think what we're doing there is the classic arrows, right, where we're trying to indicate that build was growing.

是的，我們在財報簡報中也有一張投影片，你可以在我們網站上找到。我想我們在那裡用的是典型的箭頭圖示，對吧，用來表示建置（build）在成長。

The strongest and the other three also growing, but not as fast. But they were all growing at the healthy pace where build was the strongest.

成長最強，而另外三個也在成長，但沒有那麼快。不過它們都以健康的速度成長，其中建置（build）最強。

That's what I'll say.

我能說的大概就是這樣。

Okay.

好的。

Final one.

最後一個。

When it comes to maintenance subscriptions, it looks like it's flat this year over year in terms of revenue here.

關於維護訂閱，看起來今年在營收上同比持平。

And in the second-half, you have a bit more difficult comps. Is that a seasonality phenomenon or anything that you can help us out with here to model it for the second-half? It's a relatively big part of the subscriptions, of course.

而在下半年，你們的比較基期會更具挑戰。這是季節性現象，或是你們能否提供一些資訊，幫助我們在下半年建模？當然，這在訂閱中占比相對不小。

Hi, Michael.

嗨，Michael。

As I said in an earlier question, in Q3, we do have a more difficult comparison in maintenance because we had a. Kind of one-off catch-up in Q3 last year that obviously won't repeat this year. So that takes just over 1% off the year-on-year growth and that's reflected in the 3% to 5% organic constant currency growth we have in Q3.

如我在先前一個問題中所說，第三季在維護方面確實有較困難的比較基期，因為去年第三季我們有一個。有點一次性的補回（catch-up），今年顯然不會重演。因此這會讓同比成長率少掉略高於 1%，而這也反映在我們第三季 3% 到 5% 的有機固定匯率成長指引中。

But on an underlying basis, the growth would be pretty similar to what we've seen in the first half ex that.

但在扣除該因素後的基本面來看，成長會與我們上半年看到的情況相當接近。

This concludes our Q&A session. I will now turn the call back to Matthias Stenberg for closing remarks.

我們的問答環節到此結束。接下來我會把電話交回給 Matthias Stenberg 作結語。

Thank you very much, operator, and thank you to everyone on the call.

非常感謝，接線員，也感謝所有參與電話會議的各位。

Thank you for joining us on our first public call as a public company.

感謝各位參加我們作為上市公司後的首次公開電話會議。

We are excited about the future and looking forward to talk to you again soon. So thank you very much.

我們對未來感到振奮，也期待不久後再次與各位交流。非常感謝。