Bentley(BSY) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $349.8 million, representing a year-over-year increase of 12.6$315.6 million, up 15.8% year-over-year[3] - Annualized Recurring Revenues (ARR) as of December 31, 2024, were $1,283.3 million, reflecting a constant currency growth rate of 12$1,353,095, up 10.2% from $1,228,413 in 2023[24] - Subscription revenues for the year ended December 31, 2024, amounted to$1,223,362 million, up from $1,080,307 million in 2023[32] - For the three months ended December 31, 2024, total revenues were$349,822 million, compared to $310,641 million in the same period of 2023[32] - Subscription revenues for the three months ended December 31, 2024, were$315,590 million, an increase from $272,468 million in 2023[32] Income and Profitability - The net income per diluted share for Q4 2024 was$0.16, compared to $0.54 for the same period last year[3] - Net income attributable to Bentley Systems for the year ended December 31, 2024, was$234,787, down 28.2% from $326,787 in 2023[30] - The company reported a diluted net income per share of$0.72 for the year ended December 31, 2024, compared to $1.00 in 2023[30] - Adjusted operating income for the year ended December 31, 2024, was$445,727, an increase of 12.5% from $396,147 in 2023[28] - Adjusted EBITDA for the year ended December 31, 2024, was$465,368, compared to $416,789 in 2023, indicating a growth of 11.6$793,178, an increase from $731,788 in 2023[24] - Research and development expenses for the year ended December 31, 2024, totaled$281,247, up from $274,619 in 2023[24] - The company utilized$130,407 for acquisitions in 2024, significantly higher than $26,023 in 2023[26] Cash Flow and Dividends - Cash flows from operations for 2025 are anticipated to be between$415 million and $455 million[12] - Cash flow from operations for the year ended December 31, 2024, was$435,292, compared to $416,696 in 2023, reflecting a 4.4$0.07 per share starting from Q1 2025[11] Future Projections - For the full year 2025, total revenues are projected to be in the range of $1,461 million to$1,490 million, with subscription revenues growth rate of 10.5% to 12.5% in constant currency[12] - The adjusted operating income margin for 2025 is expected to be approximately 28.5%, representing an annual improvement of 100 basis points[12] Foreign Exchange Impact - The impact of foreign exchange on total revenues for the year ended December 31, 2024, was a decrease of $846 million[32] - The impact of foreign exchange on subscription revenues for the year ended December 31, 2024, was a decrease of$814 million[32] - The constant currency total revenues for the year ended December 31, 2024, adjusted for foreign exchange, were $1,353,941 million[32] - The constant currency subscription revenues for the year ended December 31, 2024, adjusted for foreign exchange, were$1,224,176 million[32] - The total revenues for the three months ended December 31, 2024, in constant currency were $351,559 million[32] - The subscription revenues for the three months ended December 31, 2024, in constant currency were$317,188 million[32]