On November 7, 2023, Bentley Systems Inc (BSY, Financial) announced its operating results for the third quarter and nine months ended September 30, 2023. The infrastructure engineering software company reported a significant increase in total revenues, subscriptions revenues, and operating income margin.
Financial Highlights
For the third quarter of 2023, Bentley Systems Inc (BSY, Financial) reported total revenues of $306.6 million, up 14.3% or 11.0% on a constant currency basis, year-over-year. Subscriptions revenues were $270.8 million, up 15.1% or 11.7% on a constant currency basis, year-over-year. The company's operating income margin was 24.0%, compared to 20.7% for the same period last year. Net income per diluted share was $0.16, compared to $0.12 for the same period last year. Cash flow from operations was $72.8 million, compared to $69.5 million for the same period last year.
Performance Analysis
CEO Greg Bentley commented on the company's performance, stating,
Our operating results this quarter demonstrate the sustainability of our more broadly balanced growth contributors. Year-over-year ARR growth (business performance in constant currency) remained strong at 12.5% despite fewer calendar workdays and an upsurge in perpetual license purchases."CFO Werner Andre also expressed satisfaction with the results, stating,
In 23Q3 BSY’s financial results met or surpassed our expectations in revenues, recurring revenues dollar-based net retention rate, Adjusted operating income inclusive of stock-based compensation expense margin, and operating cash flows."
Financial Tables Summary
The company's consolidated balance sheets showed total assets of $3,134,843 as of September 30, 2023, compared to $3,165,005 as of December 31, 2022. Total liabilities and stockholders' equity also stood at $3,134,843 as of September 30, 2023. The consolidated statements of operations showed net income of $53,027 for the three months ended September 30, 2023, compared to $36,997 for the same period in 2022. For the nine months ended September 30, 2023, the net income was $147,202, consistent with the same period last year.
Overall, Bentley Systems Inc (BSY, Financial) demonstrated strong financial performance in the third quarter of 2023, with significant growth in total revenues, subscriptions revenues, and operating income margin. The company's financial results met or surpassed expectations, reflecting the sustainability of its growth contributors.
Explore the complete 8-K earnings release (here) from Bentley Systems Inc for further details.
