Bentley Systems Q2 results


Global tech firm reveals rise in revenues of 10.1% on constant currency basis, with subscriptions rising 10.9% year-on-year.

CEO Greg Bentley said, “I am pleased to again report strong operating results this quarter, driven perhaps equally by 2023’s favorable end market conditions and by our teams’ strong operational execution. We are sustaining robust ARR growth of 13% (year-over-year constant currency business performance) with directionally broader balance across the board. Our E365 growth initiative for enterprise accounts, and our Virtuosity growth initiative for SMB accounts and prospects, are each contributing at continuously greater levels.

“We are narrowing our 2023 ARR growth outlook (constant currency business performance) to a range of 12% to 13% by virtue of the momentum underlying our strong first half, offset by lower expectations for programmatic acquisition contributions this year, and particularly by the business model shift in China (from ARR) due to prevailing geopolitical concerns.”

WSPQ2 2023Q1 2023
Revenues (millions)$296.7
Adjusted EBITDA (millions)$95.5
Operating income margin18.0%
Long term debt (millions)$1,629
Subscription revenue (millions)$259.2