Bentley Systems, Incorporated · Q1 2023 earnings

Briefing

Bentley Systems reported operating results for the first quarter of 2023, with ARR growth accelerating to 13% and total revenues up by 14.1%.

Bentley Systems reported strong operating results for Q1 2023, demonstrating resilience in end-markets and predictability in its business model. ARR growth accelerated to 13%, and total revenues increased by 14.1%. The company met expectations for adjusted operating income inclusive of stock-based compensation expense margin and experienced a strong cash flow quarter.

• Total revenues increased by 14.1% year-over-year, reaching $314.4 million.
• ARR grew to $1,071.0 million, with a constant currency ARR growth rate of 13%.
• The last twelve-month recurring revenues dollar-based net retention rate was 110%.
• Adjusted net income per diluted share was $0.25, consistent with the same period last year.

Headline financials

Revenue & EPS history

Bentley Systems' 2023 financial outlook is balanced between favorable business momentum and a cautious approach towards China and the commercial / facilities sector, due to geopolitical and macro uncertainties. The company met expectations for Adjusted operating income inclusive of stock-based compensation expense margin and anticipates cash flow from operations at an approximately 80% conversion rate from Adjusted EBITDA.