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Jun 30, 2024
Bentley Systems Q2 2024 Earnings Report
Bentley Systems' Q2 2024 financial results were announced, demonstrating revenue growth and increased profitability.
Key Takeaways
Bentley Systems reported strong Q2 2024 results, with total revenues up 11.3% year-over-year to $330.3 million and ARR reaching $1,215.9 million. The company's performance was driven by growth in subscriptions revenue and strong margins.
Total revenues increased by 11.3% year-over-year, reaching $330.3 million.
ARR grew to $1,215.9 million, representing a constant currency ARR growth rate of 11%.
Net income per diluted share rose to $0.22, compared to $0.15 in the same period last year.
Adjusted EPS increased to $0.31, up from $0.24 in the prior 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' Q2 2024 financial performance positions the company solidly within its annual outlook range for ARR growth, profitability, and operating cash flow.
Positive Outlook
- The company is within its annual outlook range for ARR growth.
- The company is within its annual outlook range for profitability.
- The company is within its annual outlook range for operating cash flow.
- Mainstay subscription revenues are exceeding expectations.
- Strong margins and operating cash flows throughout the first half.
Challenges Ahead
- Year-over-year growth in total revenues is being impacted by the expected prevalence of lower non-recurring professional services.
- Cash flows from operations decreased to $62.6 million, compared to $80.6 million for the same period last year.
- The impact of the expected prevalence of lower non-recurring professional services for our Cohesive digital integrator
- Changes in operating assets and liabilities
- Acquisition expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income