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Mar 31, 2023
Bentley Systems Q1 2023 Earnings Report
Bentley Systems reported operating results for the first quarter of 2023, with ARR growth accelerating to 13% and total revenues up by 14.1%.
Key Takeaways
Bentley Systems reported strong operating results for Q1 2023, demonstrating resilience in end-markets and predictability in its business model. ARR growth accelerated to 13%, and total revenues increased by 14.1%. The company met expectations for adjusted operating income inclusive of stock-based compensation expense margin and experienced a strong cash flow quarter.
Total revenues increased by 14.1% year-over-year, reaching $314.4 million.
ARR grew to $1,071.0 million, with a constant currency ARR growth rate of 13%.
The last twelve-month recurring revenues dollar-based net retention rate was 110%.
Adjusted net income per diluted share was $0.25, consistent with the same period last year.
Revenue by Segment
Forward Guidance
Bentley Systems' 2023 financial outlook is balanced between favorable business momentum and a cautious approach towards China and the commercial / facilities sector, due to geopolitical and macro uncertainties. The company met expectations for Adjusted operating income inclusive of stock-based compensation expense margin and anticipates cash flow from operations at an approximately 80% conversion rate from Adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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