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Dec 31, 2020
Bentley Systems Q4 2020 Earnings Report
Bentley Systems' Q4 2020 financial results were announced, showing revenue growth and increased profitability.
Key Takeaways
Bentley Systems reported an 8.2% year-over-year increase in total revenues for Q4 2020, reaching $219.6 million. GAAP net income increased to $51.9 million, or $0.17 per diluted share, compared to $36.3 million, or $0.13 per diluted share, for the same period last year. The company's ARR grew to $752.7 million, representing a constant currency ARR growth rate of 8%.
Total revenues increased by 8.2% year-over-year to $219.6 million.
Subscriptions revenues grew by 9.4% year-over-year to $178.3 million.
GAAP net income rose to $51.9 million, or $0.17 per diluted share.
ARR reached $752.7 million, with a constant currency ARR growth rate of 8%.
Revenue by Segment
Forward Guidance
The Company is providing the following outlook for the year ending December 31, 2021. The 2021 guidance herein is premised on COVID‑19 pandemic-related business impacts generally abating gradually by year end, however, the ultimate impacts of COVID‑19 on the Company's financial outlook remain uncertain.
Positive Outlook
- Total revenues in the range of $895 million to $920 million, representing growth of 11.7% to 14.8%.
- Constant currency ARR growth rate of 8% to 10%.
- Adjusted EBITDA in the range of $285 million to $295 million, representing growth of 7.1% to 10.8%, and Adjusted EBITDA margin of approximately 32%.
- Its effective tax rate to be approximately 20%.
- The Company does not provide quarterly guidance, but will update its full-year financial outlook when announcing quarterly operating results during 2021 to the extent expectations materially change.
Challenges Ahead
- The 2021 guidance herein is premised on COVID‑19 pandemic-related business impacts generally abating gradually by year end, however, the ultimate impacts of COVID‑19 on the Company's financial outlook remain uncertain.
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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