Bentley Systems, Incorporated · Q2 2023 earnings

Briefing

Bentley Systems' operating results for Q2 2023 were announced, showcasing revenue growth and strong ARR.

Bentley Systems reported a 10.6% increase in total revenues, reaching $296.7 million, with subscription revenues up by 11.7%. The company's ARR grew to $1,105.9 million, representing a 13% constant currency growth rate. Adjusted EPS was reported at $0.24, compared to $0.23 in the same period last year.

• Total revenues increased by 10.6% year-over-year, reaching $296.7 million.
• ARR reached $1,105.9 million, with a constant currency ARR growth rate of 13%.
• The last twelve-month recurring revenues dollar-based net retention rate was 110%.
• Adjusted EPS increased to $0.24, compared to $0.23 for the same period last year.

Headline financials

Revenue & EPS history

Bentley Systems narrowed its 2023 ARR growth outlook (constant currency business performance) to a range of 12% to 13% due to the momentum underlying a strong first half, offset by lower expectations for programmatic acquisition contributions this year, and particularly by the business model shift in China (from ARR) due to prevailing geopolitical concerns.