Bentley Q1 Revenue Up 9% to $338M with $70M Profit

EXTON, PA, May 10, 2024 – Bentley Systems, Inc., the infrastructure engineering software company, announced results for its first quarter ended March 31, 2024. For the first quarter of 2024, the company reported revenue of $337.8M up 8.76% compared to $310.6M revenue of fourth quarter of 2023, with net income $70.3M.

CEO Greg Bentley said, “We are pleased with our 24Q1 performance, as year-over-year ARR growth of 11% (excluding China, 11.5%) is consistent with our recent financial outlook range for 2024. Profitability and operating cash flow started the year ahead of our expected pace, with subscription revenues (91% of total) fully on pace, although our digital integrator Cohesive’s professional services business unrelated to Bentley Systems software has declined significantly from 2023.

“Coinciding with our 40th anniversary observance, on March 21st in London we announced that COO Nicholas Cumins will succeed me as CEO on July 1st, as I take up the new role of Executive Chair. Through this generational transition we can perpetuate our characteristic steadiness, while cognizant that unprecedented opportunities presented by infrastructure digital twins could springboard, for Bentley Systems, transformative growth.”

COO Nicholas Cumins said, “I again thank the Board of Directors for entrusting me with the responsibility of following in Greg’s footsteps as CEO. With our singular focus on helping users improve infrastructure delivery and performance, Bentley is well positioned to address the infrastructure sectors’ biggest challenges, including the widening gap in engineering resource capacity. Our 24Q1 results are consistent with the trends we have seen in previous quarters, led by strong growth in Public Works / Utilities, and solid growth in Resources.”

CFO Werner Andre said, “We are pleased with the strong start to the year, which puts us in a good position to achieve our full-year outlook. Our strong 24Q1 operating margin and cash flow performance enabled us to de-lever by 0.5 times Adjusted EBITDA in the quarter, and by 1.7 times since the beginning of 2023. With all remaining debt protected from high or rising interest rates through very low fixed coupons on our convertible notes and our interest rate swap, we are well positioned to maintain our dividend, share repurchases, and programmatic M&A readiness.”

A complete chart of the financial results is available here.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. They provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Their industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Their offerings, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems’ 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.

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