--- schema_version: "secwatch.filing_event.v1" accession: "0001628280-23-005360" form_type: "8-K" ticker: "BSY" cik: "0001031308" company_name: "BENTLEY SYSTEMS INC" filed_at: "2023-02-28T23:59:59+00:00" generated_at: "2026-06-18T19:55:05.472252+00:00" event_type: "earnings" sentiment: "neutral" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Bentley Systems Q4 revenue $286.9M (+7.2% YoY); founder Keith Bentley to retire as CTO ## Summary - Q4 total revenues $286.9M (+7.2% YoY, +12.7% constant currency); subscriptions $251.5M (+12.7% YoY). - Full-year 2022 revenues $1,099.1M (+13.9% YoY); ARR $1,036.5M with constant currency growth 15%. - Q4 GAAP net income $25.7M ($0.08 EPS) vs $38.6M ($0.12 EPS) prior year; adjusted EPS $0.19 vs $0.22. - 2023 outlook: revenue $1,205M-$1,235M (9.5%-12.5% growth); constant currency ARR growth 11.5%-13.5%. - Founder Keith Bentley steps down as CTO effective April 1, 2023; Julien Moutte to succeed. David Hollister retiring as CIO March 31, 2023. ## SEC filing metadata - accession: 0001628280-23-005360 - form_type: 8-K - ticker: BSY - cik: 0001031308 - company_name: BENTLEY SYSTEMS INC - filed_at: 2023-02-28T23:59:59+00:00 - event_type: earnings - sentiment: neutral - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/bsy-20230228.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-23-005360 - JSON: https://secwatch.observer/filing/0001628280-23-005360.json - Plain text: https://secwatch.observer/filing/0001628280-23-005360.txt ## Key facts - Earnings Releases BENTLEY SYSTEMS INC reported Fourth Quarter 2022 results: revenue $286.9 million, net income $25.7 million, EPS $0.08 per diluted share. - Period: Fourth Quarter 2022 - Revenue: $286.9 million - Net income: $25.7 million - EPS: $0.08 per diluted share - Result: reported results source text: Total revenues were $286.9 million, up 7.2% or 12.7% on a constant currency basis, year-over-year; • Subscriptions revenues were $251.5 million, up 12.7% or 18.3% on a constant currency basis, year-over-year; • Annualized Recurring Revenues (“ARR”) was $1,036.5 million as of December 31, 2022, representing a constant currency ARR growth rate of 15% from December 31, 2021, or 12.5% ARR growth from business performance, excluding acquired ARR from our 22Q1 platform acquisition of Power Line Systems; • Last twelve-month recurring revenues dollar-based net retention rate was 110%, consistent with the preceding quarter; • Operating income was $40.8 million, compared to $43.3 million for the same period last year; • Adjusted operating income was $88.1 million, compared to $83.3 million for the same period last year; • Net income was $25.7 million, compared to $38.6 million for the same period last year. Net income per diluted share was $0.08, compared to $0.12 for the same period last year; evidence_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm - Earnings Releases BENTLEY SYSTEMS INC reported Full Year 2022 results: revenue $1,099.1 million, net income $174.8 million, EPS $0.55 per diluted share. - Period: Full Year 2022 - Revenue: $1,099.1 million - Net income: $174.8 million - EPS: $0.55 per diluted share - Result: reported results source text: Total revenues were $1,099.1 million, up 13.9% or 19.8% on a constant currency basis over 2021; • Subscriptions revenues were $960.2 million, up 18.1% or 24.3% on a constant currency basis over 2021; • Operating income was $208.6 million, compared to $94.6 million for 2021. Operating income for 2021 includes a one-time compensation charge of $90.7 million resulting from a modification of our deferred compensation plan; • Adjusted operating income was $348.5 million, compared to $306.2 million for 2021; • Adjusted operating income inclusive of stock-based compensation (“Adjusted OI w/SBC”) was $273.9 million, compared to $258.0 million for 2021; • Net income was $174.8 million, compared to $93.2 million for 2021. Net income per diluted share was $0.55, compared to $0.30 for 2021. evidence_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm - Executive change Keith A. Bentley changed role as Chief Technology Officer at BENTLEY SYSTEMS INC. - Action: step down - Role: Chief Technology Officer source text: On February 28, 2023, the Company announced that Keith A. Bentley, the Company’s Chief Technology Officer, will step down from that position effective April 1, 2023 and will continue as an employee of the Company in the role of Technology Advisor. evidence_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm - Executive change David J. Hollister departed as Chief Investment Officer at BENTLEY SYSTEMS INC. - Action: retire - Role: Chief Investment Officer source text: On February 28, 2023, the Company also announced that David J. Hollister, the Company’s Chief Investment Officer, will retire on March 31, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm - Executive change Julien Moutte was appointed as Chief Technology Officer at BENTLEY SYSTEMS INC. - Action: expected to succeed - Role: Chief Technology Officer source text: Julien Moutte, the Company’s Vice President of Technology, is expected to succeed Mr. Bentley as Chief Technology Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023005360/0001628280-23-005360-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.