Q1 2025 Bentley Systems Inc Earnings Call Transcript
Key Points
- Bentley Systems Inc (BSY) reported strong ARR growth of 12% year over year, with a net revenue retention rate of 110%.
- The company's E365 program continues to be a significant growth driver, particularly through renewals and new logos.
- BSY's subscription revenues now represent 92% of total revenues, improving the overall quality of revenue in terms of growth consistency and predictability.
- The company has made significant progress in geographic diversification, with reduced exposure to China and increased growth in other Asia Pacific regions.
- BSY's strategic acquisitions, such as Seequent and Power Line Systems, have enhanced its position in promising infrastructure sectors, contributing to business resilience.
- Professional services revenues declined by 18% year-over-year, representing a volatile segment of BSY's revenue mix.
- The company's exposure to macroeconomic sensitivities remains, particularly in the commercial facilities and industrial sectors.
- BSY's perpetual license revenues, while growing, are less controllable and predictable compared to subscription revenues.
- The geopolitical situation in regions like China and Russia poses ongoing challenges, with China representing less than 2.5% of total ARR.
- Despite strong growth in India, the region still accounts for a single-digit percentage of BSY's ARR, indicating limited impact on overall revenue.
Good morning, and thank you for joining Bentley Systems' Q1 2025 results. I'm Eric Boyer, Bentley's Investor Relations Officer On the webcast today, we have Bentley Systems Executive Chair, Greg Bentley; Chief Executive Officer, Nicholas Cumins; and Chief Financial Officer of Werner Andre.
This webcast includes forward-looking statements made as of May 7, 2025, regarding the future results of operations and financial position, business strategy and plans and objectives for future operations of Bentley Systems Inc. All such statements made in or contained during this webcast, other than statements of historical fact, are forward-looking statements.
This webcast will be available for replay on Bentley Systems' Investor Relations website at investors.bentley.com on May 7, 2025. After our presentation, we will conclude with Q&A.
And with that, let me introduce the Executive Chair of Greg Bentley Systems, Greg Bentley.
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