Bentley Systems, Incorporated · Q4 2023 earnings

Briefing

Bentley Systems reported an increase in total revenue and net income, driven by strong subscription growth and strategic investments in AI-driven asset analytics.

Bentley Systems announced its Q4 and full year 2023 results, showcasing an 8.3% increase in total revenues for the quarter, reaching $310.6 million. The company's ARR grew by 12.5%, and it reported a net income per diluted share of $0.54, significantly up from $0.08 in the same period last year. The company's financial outlook for 2024 reflects confidence in sustaining consistent organic growth and operating margin improvement.

• Total revenues increased by 8.3% year-over-year, reaching $310.6 million.
• ARR grew by 12.5%, demonstrating strong recurring revenue performance.
• Net income per diluted share rose to $0.54, a substantial increase from $0.08 in the previous year.
• The company's 2024 financial outlook anticipates continued organic growth and improved operating margins.

Headline financials

Revenue & EPS history

The company is sharing the following financial outlook for the full year 2024: Total revenues in the range of $1,350 million to $1,375 million and constant currency growth of 10% to 12%; Constant currency ARR growth rate (business performance, including programmatic acquisitions) of 10.5% to 13%; Adjusted OI w/SBC margin annual improvement of approximately 100 basis points; Effective tax rate of approximately 20%; Cash flow from operations representing a conversion rate from Adjusted EBITDA of approximately 80%; and Capital expenditures of approximately $22 million.