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Mar 31, 2021
Bentley Systems Q1 2021 Earnings Report
Bentley Systems' Q1 2021 operating results were announced, revealing revenue growth and improved profitability.
Key Takeaways
Bentley Systems reported a 14% year-over-year increase in total revenues, reaching $222.0 million for Q1 2021. The company's GAAP net income rose to $57.0 million, with adjusted EBITDA reaching $82.8 million.
Total revenues increased by 14.0% year-over-year, reaching $222.0 million.
ARR reached $760.2 million, reflecting a 10% constant currency growth rate.
GAAP net income increased to $57.0 million, compared to $29.7 million in the same period last year.
Adjusted EBITDA was $82.8 million, with an adjusted EBITDA margin of 37.3%.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Revenue by Segment
Perpetual Licenses Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
The company anticipates closing the Seequent acquisition in Q2 2021 and will update the full-year 2021 financial outlook to reflect the acquisition's impact.
Positive Outlook
- Market demand for applications within newly-targeted ‘SMB’ prospects.
- Virtuosity subscriptions have attracted over a thousand accounts new to Bentley Systems, since inception less than a year ago.
- Long-term potential of infrastructure digital twins will be accelerated by the programmatic acquisitions.
- Acquisition of INRO to add multi-modal and dynamic simulation capabilities for mobility digital twins.
- Acquisition of sensemetrics and Vista Data Vision to extend iTwin platform for infrastructure IoT.
Challenges Ahead
- Macroeconomic conditions.
- Pandemic consequences.
- Any costs or delays attributable to obtaining required regulatory approvals for the acquisition.
- Adverse changes in the capital markets environment and Bentley’s ability to access additional financing on terms acceptable to it or at all.
- Changes in Seequent’s customer base or geographic footprint.
Revenue & Expenses
Visualization of income flow from segment revenue to net income