Bentley Systems has reported US$335.2 million of revenue for the third quarter and $1003.3 million for the nine months to September 30, both up 9.3% on the same time last year.
The New York Stock Exchange-listed software company said subscription revenues were $303.2m for Q3 and $907.8m year-to-date, up 12% and 12.45%, respectively.
Annual recurring revenues reportedly hit $1.27 billion as at September 30 versus $1.12b at the same time in 2023.
“[The] upward inflection in year-over-year ARR growth is directionally consistent with our expectations for this year’s second half, more than compensating for attrition prevailing stubbornly in China,” Bentley CFO Werner Andre said.
“Growth in subscriptions revenues – now 91% of total revenues – remains robust at 12.4% year-to-date in constant currency, although total revenue growth for 2024 is expected at the lower end of our annual outlook range due to continued declines in Cohesive professional services for Maximo.
“Profitability and cash flow in the quarter position us well in relation to our profitability outlook and an increased cash flow outlook for the year.”
Bentley last month entered into a new five-year $1.3 billion bank credit facility with a further $500 million “accordion” feature.
Q3 net income per diluted share was 13c compared with 16c in 2023.
Cash flows from operations in the latest quarter totalled $353.7m compared with $329.6m in the same period last year.
“During my first 100 days as CEO we unveiled ambitious strategic moves that will help propel our future growth,” CEO Nicholas Cumins said.
They included the acquisition of 3D geospatial company Cesium, a strategic partnership with Google to integrate its geospatial content, a new product portfolio for asset analytics and a new generation of engineering applications, both leveraging AI and digital twin technologies.
“Our year-over-year ARR growth on a constant currency basis accelerated to 12% in 24Q3: 12.5% excluding China,” Cumins said.
“Strength was broad based across geographies and sectors as we continued to operate at a high level of performance, with favourable end-market conditions for the foreseeable future.”
