Bentley Q3 Revenue Flat at $268M with $37M Profit

EXTON, PA, Oct 9, 2022 – Bentley Systems, Inc., the infrastructure engineering software company, announced operating results for its third quarter and nine months ended September 30, 2022. For the third quarter of 2022, the company reported revenue of $268.3M with net income $36.9M.

CEO Greg Bentley said, “We are pleased to report that Bentley Systems’ operating performance continues dependably toward our established financial outlook range for full‑year 2022, albeit with reported revenues subject to this year’s foreign exchange gyrations. In constant currency, our year‑over‑year business performance ARR growth rate remained 11.5%, which includes the first‑half write‑down (1%) of our ARR in Russia, but does not include 2.5% from our 22Q1 acquisition of Power Line Systems. This reflects new business accelerating noticeably in the US, and for civil engineering organizations globally, consistent with multiple public infrastructure investment programs.

Significantly, each of our primary growth initiatives is bearing fruit as intended in terms of business performance ARR growth, serving to make up for circumstantially fewer programmatic acquisitions during 2022 to date. Our enterprise success teams are increasing ARR accretion within our consumption‑based E365 program. Our Virtuoso subscriptions are growing exponentially in SMB accounts and new‑name prospects. Our Seequent and Power Line Systems platform acquisitions continue their pace‑setting growth. Finally, our Year in Infrastructure 2022 conference next week in London will showcase, through the Finalists’ Going Digital Awards presentations, notable digital twin advancements within our accounts.”

CFO Werner Andre said, “As the net favorable directions of business performance that Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year annual financial outlook in constant currency metrics. This includes total revenues growth of 16.9% to 20.1% in constant currency, as well as constant currency ARR growth rate of 14% to 16%.

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.

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