EXTON, PA, Aug 10, 2022 – Bentley Systems, Inc., has announced operating results for its second quarter and six months ended June 30, 2022. For the second quarter of 2022, the company reported revenue of $268.3M with net income $55.7M.
CEO Greg Bentley said, “I am pleased to report that Bentley Systems’ operating performance continues to accord with our annual financial outlook for 2022, abstracting from foreign exchange fluctuations. While exchange rates obviously affect reported revenues, our adjusted EBITDA margin is substantially naturally hedged. In constant currency, most importantly, the quarter’s year‑over‑year business performance ARR growth rate of 11.5%, which includes the write‑down in 22Q2 of the remaining half (0.5%) of our ARR in Russia, remains consistent with our expectations for the year. The 22Q1 acquisition of Power Line Systems contributed, as expected, a further 2.5% in ARR growth rate.”
Mr. Bentley continued, “As to further ‘macro’ concerns, new business in China stabilized after 22Q1’s ‘counter‑globalism’ setback, and new business in Central Europe and Southern Europe improved. Beyond infrastructure engineering’s intrinsic resilience even with respect to currently forecasted slowdowns in major economies, Bentley Systems’ second half of 2022 is poised to benefit from our flourishing platform acquisitions for environmental opportunities (Seequent) and grid opportunities (Power Line Systems). I believe that investing in going digital for infrastructure engineering will prove an enduring global imperative.”
CFO Werner Andre said, “To quantify the currency headwinds from the dollar strengthening during the quarter, our 22Q2 reported GAAP total revenues of $268.3 million would have been $275.4 million, if the exchange rates used in our annual financial outlook had remained in effect.
“Although our 2022 financial outlook has not materially changed (including after netting year‑to‑date acquisitions and divestitures, and discontinuation of our business operations in Russia): if recent exchange rates would prevail for the remainder of the year, our 2022 full year total revenues as reported would be negatively impacted by about $25 million, relative to the revenues based on the exchange rates in effect when we determined our full year 2022 outlook at the beginning of the year, with adjusted EBITDA margin still approximately 33%.”
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 include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, Seequent’s leading geoprofessional software portfolio, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,500 colleagues and generates annual revenues of approximately $1 billion in 186 countries.
For more information, visit www.bentley.com.