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Dec 31, 2022
Bentley Systems Q4 2022 Earnings Report
Bentley Systems' Q4 2022 operating results met expectations, driven by strong operating momentum and growth initiatives, despite challenges in Russia and China.
Key Takeaways
Bentley Systems reported Q4 2022 total revenues of $286.9 million, up 7.2% year-over-year, and ARR of $1,036.5 million, representing a 15% constant currency ARR growth rate. The company's adjusted EPS was $0.19, compared to $0.22 for the same period last year.
Total revenues increased by 7.2% year-over-year to $286.9 million.
ARR reached $1,036.5 million, with a constant currency ARR growth rate of 15%.
The last twelve-month recurring revenues dollar-based net retention rate was 110%.
Adjusted EPS was $0.19, 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
The Company is sharing the following financial outlook for the full year 2023:
Positive Outlook
- Total revenues in the range of $1,205 million to $1,235 million, representing growth of approximately 9.5% to 12.5% (10.5% to 13.5% in constant currency);
- Constant currency ARR growth rate (business performance) of 11.5% to 13.5%;
- Adjusted OI w/SBC margin of approximately 26%;
- Effective tax rate of approximately 20%;
- Cash flow from operations representing a conversion rate from Adjusted EBITDA of approximately 80%;
Challenges Ahead
- The 2023 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.
- Actual results may vary and those variations may be material.
- Our results may not fall within the ranges contained in this outlook.
- 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 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income