Bentley Systems, Incorporated (BSY) came out with quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.26%. A quarter ago, it was expected that this company would post earnings of $0.19 per share when it actually produced earnings of $0.22, delivering a surprise of 15.79%.Over the last four quarters, ...

FORM 10-K ______________________________________________________________________ Commission File Number: 001-39548 ______________________________________________________________________ Registrant's telephone number, including area code: (610) 458-5000 ______________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Class B Common Stock, $0.01 Par Value BSY The Nasda ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) This section details Bentley Systems' financial results for Q4 and full year 2023, management commentary, and recent corporate actions [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) Bentley Systems reported increased Q4 2023 revenues and net income per diluted share, with strong Annualized Recurring Revenues growth Q4 2023 Key Financial Metrics (YoY) | Metric | Q4 2023 | Q4 2022 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $310.6M | $286.9M | +8.3% | +7.3% | | Subscriptions Revenues | $272.5M | $251.5M | +8.3% | +7.4% | | Operating Income Margin | 12.2% | 14.2% | -200 bps | N/A | | Net Income per Share (Diluted) | $0.54 | $0.08 | +575% | N/A | | Cash Flow from Operations | $87.1M | $36.1M | +141.3% | N/A | - Annualized Recurring Revenues (ARR) reached **$1,174.8 million** as of December 31, 2023, representing a constant currency growth rate of **12.5%** compared to the previous year[6](index=6&type=chunk) - The last twelve-month recurring revenues dollar-based net retention rate was **109%**, slightly down from **110%** in the prior year period[6](index=6&type=chunk) [Full Year 2023 Financial Highlights](index=2&type=section&id=Full%20Year%202023%20Financial%20Highlights) Bentley Systems achieved strong full year 2023 financial performance with increased revenues, stable operating margin, and higher net income and cash flow Full Year 2023 Key Financial Metrics (YoY) | Metric | Full Year 2023 | Full Year 2022 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,228.4M | $1,099.1M | +11.8% | +11.9% | | Subscriptions Revenues | $1,080.3M | $960.2M | +12.5% | +12.5% | | Operating Income Margin | 18.8% | 19.0% | -20 bps | N/A | | Net Income per Share (Diluted) | $1.00 | $0.55 | +81.8% | N/A | | Adjusted EPS | $0.91 | $0.85 | +7.1% | N/A | | Cash Flow from Operations | $416.7M | $274.3M | +51.9% | N/A | [Management Commentary](index=2&type=section&id=Management%20Commentary) Management expressed confidence in 2023 results, highlighting ARR growth and strategic AI investments, while outlining the 2024 outlook - CEO Greg Bentley emphasized a strategic priority to invest in and acquire asset analytics businesses, citing the success of AI-enabled 'instant-on' digital twins like OpenTower and Blyncsy[8](index=8&type=chunk)[21](index=21&type=chunk) - COO Nicholas Cumins identified key growth drivers as North America, application mix accretion in E365 enterprise accounts, and Virtuosity subscriptions for small- and medium-sized businesses[22](index=22&type=chunk) - CFO Werner Andre stated the 2024 outlook assumes a wider range of outcomes to account for a commercial model shift in China, lower acquisition expectations, and reduced inflation-based price escalations[8](index=8&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) In Q4 2023, Bentley Systems underwent internal restructuring, leading to a significant one-time net income tax benefit and realignment charges - A net discrete income tax benefit of **$170.8 million** was recognized in Q4 2023, attributable to internal legal entity restructuring and alignment of intellectual property ownership[8](index=8&type=chunk) - The company recorded a **$12.6 million** charge for realignment expenses, affecting under **5%** of the workforce, to reinvest in go-to-market functions and AI product development[23](index=23&type=chunk) [2024 Financial Outlook and Shareholder Returns](index=3&type=section&id=2024%20Financial%20Outlook%20and%20Shareholder%20Returns) This section outlines Bentley Systems' financial projections for 2024 and details the recent increase in its quarterly cash dividend [2024 Financial Outlook](index=3&type=section&id=2024%20Financial%20Outlook) Bentley Systems projects 2024 total revenues with 10% to 12% constant currency growth and anticipates an annual improvement in adjusted operating margin 2024 Full Year Financial Outlook | Metric | Outlook | | :--- | :--- | | Total Revenues | $1,350M - $1,375M | | Total Revenues Constant Currency Growth | 10% - 12% | | Constant Currency ARR Growth Rate | 10.5% - 13% | | Adjusted OI w/SBC Margin | ~100 bps annual improvement | | Cash Flow from Operations Conversion | ~80% of Adjusted EBITDA | | Effective Tax Rate | ~20% | | Capital Expenditures | ~$22M | [Increased Quarterly Cash Dividend](index=3&type=section&id=Increased%20Quarterly%20Cash%20Dividend) The Board of Directors approved an increase in the quarterly cash dividend, scheduled for payment in late March 2024 - The Board of Directors increased the regular quarterly dividend to **$0.06** per share, effective Q1 2024[26](index=26&type=chunk) - The dividend is payable on March 28, 2024, to stockholders of record as of the close of business on March 20, 2024[26](index=26&type=chunk) [Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Bentley Systems' unaudited consolidated statements of operations, balance sheets, and cash flows for the reported periods [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the full year 2023, total revenues increased, gross profit rose, and a significant tax benefit drove a substantial increase in net income Full Year Statement of Operations Highlights (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Total Revenues | $1,228,413 | $1,099,082 | | Gross Profit | $962,330 | $862,069 | | Income from Operations | $230,542 | $208,612 | | Net Income | $326,787 | $174,780 | | Net Income per Share, Diluted | $1.00 | $0.55 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, Bentley Systems' balance sheet showed increased total assets and a significant rise in total stockholders' equity Balance Sheet Highlights (in thousands) | Category | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $419,557 | $415,895 | | Goodwill | $2,269,336 | $2,237,184 | | Total Assets | $3,319,850 | $3,165,005 | | Total Current Liabilities | $760,363 | $628,358 | | Long-term Debt | $1,518,403 | $1,775,696 | | Total Liabilities | $2,435,868 | $2,591,551 | | Total Stockholders' Equity | $883,982 | $573,454 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the full year 2023, net cash from operating activities increased substantially, and investing activities used significantly less cash compared to the prior year Full Year Cash Flow Highlights (in thousands) | Category | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $416,696 | $274,324 | | Net cash used in investing activities | ($60,504) | ($770,127) | | Net cash (used in) provided by financing activities | ($359,074) | $243,034 | | Decrease in cash and cash equivalents | ($3,272) | ($257,653) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides reconciliations of Bentley Systems' GAAP financial measures to their non-GAAP counterparts, including constant currency adjustments [Reconciliation of Net Income to Adjusted Net Income](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) GAAP Net Income for full year 2023 was reconciled to Adjusted Net Income, driven by adjustments for non-cash items and a significant tax benefit Full Year Reconciliation to Adjusted Net Income (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net Income (GAAP) | $326,787 | $174,780 | | Total non-GAAP adjustments, prior to tax | $172,827 | $115,585 | | Tax benefit related to internal restructuring | ($170,784) | $0 | | Adjusted Net Income (Non-GAAP) | $297,175 | $274,518 | | Adjusted EPS (Non-GAAP) | $0.91 | $0.85 | [Reconciliation of Operating Income to Adjusted Operating Income](index=11&type=section&id=Reconciliation%20of%20Operating%20Income%20to%20Adjusted%20Operating%20Income) GAAP Operating Income for full year 2023 was reconciled to Adjusted Operating Income by adding back non-cash expenses and one-time charges Full Year Reconciliation to Adjusted Operating Income (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Operating Income (GAAP) | $230,542 | $208,612 | | Amortization of purchased intangibles | $51,219 | $53,592 | | Stock-based compensation expense | $71,470 | $74,566 | | Realignment expenses (income) | $11,470 | $2,109 | | Adjusted Operating Income (Non-GAAP) | $396,147 | $348,495 | [Reconciliation of cash flow from operations to Adjusted EBITDA](index=13&type=section&id=Reconciliation%20of%20cash%20flow%20from%20operations%20to%20Adjusted%20EBITDA) For full year 2023, GAAP cash flow from operations was reconciled to Adjusted EBITDA, with adjustments for cash interest, taxes, and changes in operating assets and liabilities Full Year Reconciliation to Adjusted EBITDA (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Cash flow from operations (GAAP) | $416,696 | $274,324 | | Cash interest | $37,389 | $26,581 | | Cash taxes | $42,431 | $25,890 | | Changes in operating assets and liabilities | ($94,458) | $8,088 | | Adjusted EBITDA (Non-GAAP) | $416,789 | $366,440 | [Constant Currency Reconciliation](index=13&type=section&id=Constant%20Currency%20Reconciliation) The company updated its constant currency definition in Q4 2023 to better reflect performance, providing reconciliations under the new methodology - In Q4 2023, the company changed its definitions of constant currency and constant currency growth rates to better align with how it manages the business and to improve period-over-period comparability[28](index=28&type=chunk) Revenue Growth vs. Constant Currency Growth (Current Definition) | Period | Revenue Type | Actual Growth % | Constant Currency Growth % | | :--- | :--- | :--- | :--- | | Q4 2023 | Total Revenues | 8.3% | 7.3% | | Q4 2023 | Subscriptions Revenues | 8.3% | 7.4% | | FY 2023 | Total Revenues | 11.8% | 11.9% | | FY 2023 | Subscriptions Revenues | 12.5% | 12.5% | [Disclosures and Company Information](index=4&type=section&id=Disclosures%20and%20Company%20Information) This section provides important disclosures regarding non-GAAP measures, forward-looking statements, and an overview of Bentley Systems [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This report includes non-GAAP financial measures, which supplement GAAP reporting and have updated constant currency definitions as of Q4 2023 - The press release uses non-GAAP financial measures which require supplemental explanations and reconciliations as provided in the company's Form 8-K furnished to the SEC[11](index=11&type=chunk) - The company changed its definition of constant currency and constant currency growth rates during Q4 2023 to better align with internal management and performance evaluation[28](index=28&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The earnings release contains forward-looking statements regarding future performance, subject to various risks and uncertainties that could cause actual results to differ - The report includes forward-looking statements based on current expectations and projections about future events and financial trends[13](index=13&type=chunk) - A number of risks and uncertainties could cause actual results to differ materially, including economic conditions, competition, personnel retention, and ability to integrate acquired businesses[13](index=13&type=chunk) [About Bentley Systems](index=5&type=section&id=About%20Bentley%20Systems) Bentley Systems is a global leader in infrastructure engineering software, providing solutions for design, construction, and operation, powered by the iTwin Platform - Bentley Systems provides software solutions for the design, construction, and operations of global infrastructure, including roads, rail, water, utilities, buildings, and industrial facilities[39](index=39&type=chunk) - The company's offerings are powered by the iTwin Platform and include applications like MicroStation, Seequent, ProjectWise, SYNCHRO, and AssetWise[39](index=39&type=chunk) - Bentley Systems employs **5,200** colleagues and generates annual revenues of more than **$1 billion** in **194** countries[39](index=39&type=chunk)

Wall Street analysts expect Bentley Systems, Incorporated (BSY) to post quarterly earnings of $0.19 per share in its upcoming report, which indicates no change from the year-ago quarter. Revenues are expected to be $313.7 million, up 9.3% from the year-ago quarter.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Ahead of a company's ear ...

EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, will release its fourth quarter and full year 2023 results before the market opens on Tuesday, February 27, 2024. Senior management will host a webcast to discuss the company’s results at 8:15 a.m. ET. The results press release and link to the webcast will be available prior to the start of the webcast on the company’s investor relations website at https://investors.bentley.com Webcast ...

Bentley Systems, Incorporated (NASDAQ:BSY) Q3 2023 Results Conference Call November 7, 2023 8:15 AM ET Company Participants Eric Boyer - Investor Relations Greg Bentley - Chief Executive Officer Nicholas Cumins - Chief Operating Officer Werner Andre - Chief Financial Officer Conference Call Participants Matthew Hedberg - RBC Joe Vruwink - Robert Baird Kristen Owen - Oppenheimer Jason Celino - KeyBanc Michael Funk - Bank of America Matthew Broome - Mizuho Joshua Tilton - Wolfe Research Warren Meyers - Griffi ...

Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. Specifically for performance‑based RSUs, stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period based on the number of awards expected to vest at each reporting date. The Company accounts for forfeitures of equity awards as those for ...

Bentley Systems, Incorporated (NASDAQ:BSY) Q2 2023 Earnings Conference Call August 8, 2023 8:15 AM ET Company Participants Sandra-Ann Morency - Investor Communications Manager Greg Bentley - CEO Werner Andre - CFO Nicholas Cumins - COO Conference Call Participants Matthew Broome - Mizuho Group Joe Verwing - Robert W Baird Matt Hedberg - RBC Devin Au - KeyBanc Joshua Tilton - Wolfe Andrew DeGasperi - Berenberg Capital Markets Jay Vleeschhouwer - Griffin Securities Kristen Owen - Oppenheimer Michael Funk - Ba ...

| --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|-------|-----------------|-------|---------------------| | Credit facility: | | June 30, 2023 | | December 31, 2022 | | Revolving loan facility due November 2025 | $ | 201,245 | $ | 345,597 | | Term loan due November 2025 | | 192,500 | | 195,000 | | Convertible senior notes due January 2026 (the "2026 Notes") | | 687,830 | | 687,830 | | Convertible senior notes due July 2027 (the "2027 Notes") | | ...

© 2023 Bentley Systems, Incorporated 27 | of Transportation (MnDOT) Image courtesy of WSB Image courtesy of Ferrovial Construction and Alamo Nex Construction Image courtesy of NYSDOT IH35 Nex Central Section San Antonio, Texas, United States East 138th Street over the Major Deegan Expressway New York City, New York, United States NYSDOT used Bentley applications to create a digital twin as the primary contract document that helped identify and resolve costly issues prior to construction. © 2023 Bentley Syst ...