Bentley Systems reports Q4 2021 revenues up 21.9% YoY; ARR $921.2M; provides 2022 outlook

BENTLEY SYSTEMS INC

2021-FY EPS reported $0.30 revenue$965,046,000

Q4 total revenues $267.7M (+21.9% YoY); subscriptions revenues $223.1M (+25.2% YoY).
ARR $921.2M as of Dec 31, 2021; constant currency ARR growth 26% from Dec 31, 2020.
Adjusted net income Q4 $72.0M ($0.23 diluted) vs $52.3M ($0.17); full year $266.9M ($0.85) vs $192.8M ($0.64).
GAAP net income Q4 $38.6M ($0.12) vs $51.9M ($0.17); full year $93.2M ($0.30) vs $126.5M ($0.42); 2021 includes $83.4M tax-effected deferred comp charge.
2022 outlook: revenues $1.11-1.14B; constant currency ARR growth 14-16%; Adjusted EBITDA $370-380M. Power Line Systems acquisition closed Jan 31 for ~$700M cash.

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