Bentley Systems Q1 revenue $314.4M (+14.1% YoY); ARR growth accelerates to 13%

BENTLEY SYSTEMS INC

2023-Q1 EPS reported $0.14 revenue$314,411,000

Total revenues $314.4M, up 14.1% YoY (17.1% constant currency); subscriptions $277.8M (+15.2%).
ARR $1,071.0M as of Mar 31, constant currency ARR growth 13% vs prior year; dollar-based net retention 110%.
GAAP diluted EPS $0.14 vs $0.18; adjusted EPS $0.25 flat YoY; cash from ops $176.2M vs $101.7M.
CEO cites strong growth in resources, public works/utilities, industrial; commercial/facilities flat; China shift to perpetual licenses creates ARR headwind.
CFO reaffirms outlook; expects cash conversion ~80% from Adjusted EBITDA on TTM basis; $20.9M spent on share repurchases in Q1.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BENTLEY SYSTEMS INC reported three months ended March 31, 2023 results: revenue $314.4 million, EPS $0.14. Guidance reaffirmed.

Period: three months ended March 31, 2023
Revenue: $314.4 million
EPS: $0.14
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Results • Total revenues were $314.4 million, up 14.1% or 17.1% on a constant currency basis, year-over-year; • Subscriptions revenues were $277.8 million, up 15.2% or 18.0% on a constant currency basis, year-over-year; • Annualized Recurring Revenues (“ARR”) was $1,071.0 million as of March 31, 2023, representing a constant currency ARR growth rate of 13% from March 31, 2022; • Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 108% for the same period last year; • Operating income margin was 20.9%, compared to 20.5% for the same period last year; • Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 28.8%, compared to 28.4% for the same period last year; • Net income per diluted share was $0.14, compared to $0.18 for the same period last year; • Adjusted net income per diluted share (“ Adjusted EPS ”) was $0.25, consistent with the same period last year; and • Cas

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Source: SEC EDGAR

accession 0001628280-23-016617

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