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Sep 30, 2024
Bentley Systems Q3 2024 Earnings Report
Bentley Systems' Q3 2024 earnings reflected revenue increase and strategic growth initiatives.
Key Takeaways
Bentley Systems reported a 9.3% increase in total revenues, reaching $335.2 million, and a 12% constant currency ARR growth. The company also announced the acquisition of Cesium and a strategic partnership with Google, while delivering strong quarterly operating results.
Total revenues increased by 9.3% to $335.2 million.
ARR reached $1,270.7 million, representing a 12% constant currency growth rate.
Subscriptions revenues grew by 12.0% to $303.2 million.
Adjusted EPS was $0.24, compared to $0.22 for the same period last year.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Revenue by Segment
Perpetual Licenses Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
Total revenue growth for 2024 is expected at the lower end of the annual outlook range due to continued declines in Cohesive professional services for Maximo. Profitability and cash flow in the quarter position us well in relation to our profitability outlook and an increased cash flow outlook for the year.
Positive Outlook
- Upward inflection in year-over-year ARR growth is directionally consistent with expectations for this year’s second half.
- Growth in subscriptions revenues remains robust.
- Profitability positioned well in relation to outlook.
- Cash flow in the quarter positions us well in relation to increased cash flow outlook for the year.
- New five-year $1.3 billion bank credit facility entered into.
Challenges Ahead
- Total revenue growth for 2024 is expected at the lower end of our annual outlook range.
- Continued declines in Cohesive professional services for Maximo.
- Attrition prevailing stubbornly in China.
- Operating income margin was 20.5%, compared to 24.0% for the same period last year.
- Adjusted operating income inclusive of stock-based compensation expense margin was 26.7%, compared to 28.2% for the same period last year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income