Bentley(BSY) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenues for Q2 2024 were $330.3 million, an increase of 11.3% year-over-year, and 11.9% on a constant currency basis[2] - Subscription revenues reached $297.4 million, up 14.7% year-over-year, and 15.3% on a constant currency basis[2] - Annualized Recurring Revenues (ARR) as of June 30, 2024, was $1,215.9 million, reflecting an 11% growth rate on a constant currency basis compared to the previous year[2] - The company reported a total revenue of $668.1 million for the first half of 2024, a 9.3% increase year-over-year[3] - Total revenues for the three months ended June 30, 2024, were $330,337,000, an increase of 11.3% compared to $296,749,000 for the same period in 2023[13] - Subscription revenues increased to $297,444,000 for the three months ended June 30, 2024, up 14.7% from $259,243,000 in the same period of 2023[13] - Net income for the three months ended June 30, 2024, was $72,046,000, a 48.0% increase compared to $48,685,000 for the same period in 2023[13] - Adjusted net income for Q2 2024 was $101,875,000, compared to $78,734,000 in Q2 2023, reflecting a 29.4% growth[16] - Total revenues for Q2 2024 reached $330,337,000, a 11.3% increase from $296,749,000 in Q2 2023[18] - Subscription revenues for Q2 2024 were $297,444,000, up from $259,243,000 in Q2 2023, indicating a 14.7% increase[18] Profitability Metrics - Operating income margin improved to 24.3%, up from 18.0% year-over-year[2] - Adjusted operating income margin, including stock-based compensation, was 28.8%, compared to 24.7% for the same period last year[2] - Net income per diluted share increased to $0.22, up from $0.15 year-over-year[2] - Adjusted operating income with stock-based compensation for the three months ended June 30, 2024, was $95,293,000, up 30.1% from $73,257,000 in the same period of 2023[15] - Adjusted EBITDA for Q2 2024 was $121,610,000, compared to $95,549,000 in Q2 2023, marking a 27.3% rise[17] Cash Flow and Expenses - Cash flows from operations were $62.6 million, down from $80.6 million in the same period last year[2] - Cash flows from operating activities for the six months ended June 30, 2024, were $267,555,000, compared to $256,819,000 for the same period in 2023[14] - Cash flow from operations for Q2 2024 was $62,586,000, down from $80,596,000 in Q2 2023, a decrease of 22.4%[17] - The company reported a decrease in cash and cash equivalents to $51,278,000 at the end of June 2024, down from $82,716,000 at the end of June 2023[14] - The company incurred total operating expenses of $186,967,000 for the three months ended June 30, 2024, compared to $177,018,000 for the same period in 2023[13] - Research and development expenses for the three months ended June 30, 2024, were $65,709,000, a decrease from $70,117,000 in the same period of 2023[13] - The company reported cash acquisition expenses of $1,935,000 for Q2 2024, down from $4,237,000 in Q2 2023, a reduction of 54.4%[17] Leadership Changes - The transition of Greg Bentley to Executive Chair and Nicholas Cumins to CEO is expected to enhance leadership and strategic direction[6] Share Metrics - The weighted average shares outstanding for diluted earnings per share were 333,780,984 for the three months ended June 30, 2024, compared to 332,352,725 for the same period in 2023[13] - The adjusted weighted average shares, diluted, for Q2 2024 were 333,780,984, compared to 332,352,725 in Q2 2023[16] Future Outlook - The company anticipates continued growth in subscription revenues and overall revenues for the upcoming quarters[18]