Bentley Systems Q1 2021 Earnings Report
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
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