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Mar 31, 2024
Bentley Systems Q1 2024 Earnings Report
Bentley Systems' Q1 2024 results were announced, demonstrating revenue growth and strong ARR.
Key Takeaways
Bentley Systems reported a 7.4% increase in total revenues, reaching $337.8 million for Q1 2024. The company's ARR grew by 11% to $1,186.5 million, and adjusted EPS increased to $0.31. Profitability and operating cash flow exceeded expectations, positioning the company well for the full year.
Total revenues increased by 7.4% year-over-year to $337.8 million.
ARR reached $1,186.5 million, reflecting an 11% year-over-year growth.
Adjusted EPS rose to $0.31, compared to $0.25 in the previous year.
Operating income margin was 27.2%, up from 20.9% in the same period last year.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Revenue by Segment
Subscriptions Revenue
CapyFin.comPerpetual Licenses Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
Bentley Systems is well-positioned to achieve its full-year outlook, driven by strong operating margin and cash flow performance.
Positive Outlook
- Strong start to the year positions the company well for full-year outlook.
- Strong operating margin performance.
- Strong cash flow performance.
- De-leveraged by 0.5 times Adjusted EBITDA in the quarter.
- All remaining debt protected from high or rising interest rates.
Challenges Ahead
- Professional services business unrelated to Bentley Systems software has declined significantly from 2023.
- Exposure to risks related to global economic and political conditions.
- Potential impacts from sanctions, embargoes, and other similar laws.
- Risks associated with retaining personnel and managing succession.
- Challenges in integrating acquired businesses successfully.
Revenue & Expenses
Visualization of income flow from segment revenue to net income