Bentley Systems Q3 2022 Earnings Report
Key Takeaways
Bentley Systems reported a 6.7% increase in total revenues, reaching $268.3 million. The company's ARR grew to $983.7 million, with a constant currency ARR growth rate of 14%. GAAP net income improved to $37.0 million, a significant turnaround from the previous year's net loss.
Total revenues increased by 6.7% year-over-year, reaching $268.3 million.
ARR reached $983.7 million, representing a 14% constant currency growth rate.
GAAP net income was $37.0 million, a significant improvement from the net loss in the same period last year.
The last twelve-month recurring revenues dollar-based net retention rate was 110%.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Forward Guidance
Bentley Systems reaffirmed its full-year 2022 financial outlook in constant currency metrics, including total revenues growth of 16.9% to 20.1% and constant currency ARR growth rate of 14% to 16%.
Positive Outlook
- Total revenues growth of 16.9% to 20.1% in constant currency is expected.
- Constant currency ARR growth rate of 14% to 16% is anticipated.
- New business is accelerating noticeably in the U.S.
- Civil engineering organizations are growing globally.
- Enterprise success teams are increasing ARR accretion within the E365 program.
Challenges Ahead
- Reported revenues are subject to foreign exchange fluctuations.
- The ongoing impact of volatile exchange rates will negatively impact full year total revenues.
- Full year outlook for 2022 adjusted EBITDA margin of 33% may be affected by exchange rates.
- Losses from Russia are affecting the outlook.
- Circumstantially fewer programmatic acquisitions during 2022 to date.
Revenue & Expenses
Visualization of income flow from segment revenue to net income