EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) announced its financial performance for the fourth quarter and full year of 2024, reporting solid growth in subscription revenues and annual recurring revenues (ARR). The company concluded the year with total revenues of $1.35 billion, a 10.1% increase from 2023, and provided a positive financial outlook for 2025, bolstered by strategic leadership initiatives and advancing infrastructure AI capabilities.
Fourth Quarter and Full Year 2024 Highlights
For the fourth quarter, Bentley achieved total revenues of $349.8 million—up 12.6% year-over-year—and increased subscription revenues by 15.8% to $315.6 million. ARR reached $1.28 billion as of December 31, 2024, reflecting a 12% year-over-year growth rate on a constant currency basis.
Key financial results include:
- Operating income margin of 17.6%, up from 12.2% in Q4 2023;
- Adjusted net income per share of $0.21, a slight improvement from $0.20 in Q4 2023;
- Cash flows from operations totaling $81.6 million in the quarter.
For the year, total revenues reached $1.35 billion, with a 13.2% increase in subscription revenues to $1.22 billion. Adjusted earnings per share rose to $1.07 in 2024, up from $0.91 in 2023. Operating income margin improved to 22.3%, compared to 18.8% the previous year.
Greg Bentley, Executive Chair, commented, “24Q4 concluded a commendably satisfactory year in which every quarter improved operationally, even net of the persisting declines in Cohesive and China. I congratulate BSY’s management on appreciably surpassing 2024’s internal objectives for new business while achieving our annual operating margin improvement target.”
Strategic Initiatives and New Leadership
CEO Nicholas Cumins highlighted Bentley’s robust performance and strategic alignment for the year ahead. “The global demand environment remains robust across sectors and geographies, and our users continue to be optimistic about end market conditions. We entered this year well aligned with their priorities and well positioned to continue our strong performance in 2025 and beyond.”
Bentley also announced James Lee as Chief Operating Officer, responsible for growth-focused initiatives like Bentley Asset Analytics, and expanded the scope of Chief Technology Officer Julien Moutte to include product development. These leadership changes aim to reinforce Bentley’s momentum in driving innovation through AI and digital transformation in infrastructure.
2025 Financial Outlook
Bentley Systems provided optimistic guidance for 2025, including:
- Total revenues projected between $1.46 billion and $1.49 billion (10% to 12% growth in constant currency);
- ARR growth rate expected to range from 10.5% to 12.5%;
- Adjusted operating income margin with stock-based compensation to improve by 100 basis points to 28.5%.
The company also plans to continue its focus on capital efficiency, targeting free cash flows between $415 million and $455 million, and offsetting share dilution through buybacks.
Dividend Increase
Bentley’s Board of Directors approved a $0.07 per share dividend for Q1 2025, reflecting a one-cent increase from the prior quarter. The dividend is payable on March 27, 2025, to shareholders of record as of March 19, 2025.
With robust financial performance, a strong leadership team, and expanding AI-driven innovation, Bentley Systems remains well-positioned for sustained growth and continued leadership in infrastructure software solutions.
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