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Dec 31, 2021
Bentley Systems Q4 2021 Earnings Report
Bentley Systems' Q4 2021 operating results were announced, showcasing revenue growth and strong performance in key metrics.
Key Takeaways
Bentley Systems reported a strong Q4 2021 with a 21.9% year-over-year increase in total revenues, reaching $267.7 million. The company's ARR grew significantly, and it provided a positive financial outlook for 2022, including revenue and Adjusted EBITDA growth.
Total revenues increased by 21.9% year-over-year, reaching $267.7 million.
ARR reached $921.2 million, demonstrating a constant currency ARR growth rate of 26%.
GAAP net income was $38.6 million, or $0.12 per diluted share.
Adjusted EBITDA was $88.2 million, representing 32.9% of total revenue.
Bentley Systems
Bentley Systems
Bentley Systems Revenue by Segment
Revenue by Segment
Perpetual Licenses Revenue
CapyFin.comServices Revenue
CapyFin.com Forward Guidance
The Company is sharing the following outlook for the year ending December 31, 2022. Total revenues in the range of $1,110 million to $1,140 million, representing growth of 15.0% to 18.1% (16.9% to 20.1% in constant currency); Constant currency ARR growth rate of 14% to 16% (1); Adjusted EBITDA in the range of $370 million to $380 million, representing growth of 13.9% to 16.9% (16.3% to 19.5% in constant currency), and Adjusted EBITDA margin of approximately 33%; and Effective tax rate of less than 15%.
Positive Outlook
- Total revenues in the range of $1,110 million to $1,140 million, representing growth of 15.0% to 18.1%
- Constant currency ARR growth rate of 14% to 16%
- Adjusted EBITDA in the range of $370 million to $380 million, representing growth of 13.9% to 16.9%
- Adjusted EBITDA margin of approximately 33%
- Effective tax rate of less than 15%
Challenges Ahead
- Geopolitical complications are adding uncertainties
- The 2022 outlook is forward-looking, subject to significant business, economic, regulatory, and competitive uncertainties and contingencies
- Many uncertainties are beyond the control of the Company and its management
- Based upon assumptions with respect to future decisions, which are subject to change
- Actual results may vary and those variations may be material
Revenue & Expenses
Visualization of income flow from segment revenue to net income