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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%.
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
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.
- The 2021 outlook information provided above includes Constant currency ARR growth rate, Adjusted EBITDA, and Adjusted EBITDA margin guidance, which are non-GAAP financial measures management uses in measuring performance.
- The Company is unable to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including stock‑based compensation charges, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items, which would be included in GAAP results.
- The impact of such items and unanticipated events could be potentially significant.
- The 2021 outlook is forward-looking, subject to significant business, economic, regulatory, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income