EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) has released its financial results for the third quarter of 2024, highlighting both solid revenue growth and strategic milestones. The company reported total revenues of $335.2 million, representing a 9.3% increase from the previous year. Subscriptions, which form the bulk of Bentley’s revenue, grew by 12%, reaching $303.2 million.
Annualized Recurring Revenues (ARR) climbed to $1,270.7 million, up 12% year-over-year, showcasing Bentley’s robust performance despite global market challenges. The company’s operating income margin was reported at 20.5%, and its adjusted operating income margin, inclusive of stock-based compensation, stood at 26.7%.
Greg Bentley, Executive Chair, remarked on the company’s trajectory, stating, “The impressive inaugural quarter since completing our generational succession underscores my confidence in raising our sights broadly.” He emphasized the importance of strategic acquisitions and initiatives unveiled at the Year in Infrastructure 2024 Conference.
CEO Nicholas Cumins, reflecting on his early tenure, noted, “During my first 100 days as CEO, we unveiled ambitious strategic moves that will help propel our future growth.” These include acquiring Cesium, a 3D geospatial company, forming a strategic partnership with Google, and launching a new product portfolio focusing on AI and digital twin technologies.
CFO Werner Andre highlighted the financial robustness, saying, “24Q3’s upward inflection in year-over-year ARR growth is directionally consistent with our expectations for this year’s second half.” He pointed out that subscription revenue growth remains strong, with a 12.4% increase year-to-date.
Recent strategic developments include a new five-year $1.3 billion bank credit facility, a partnership with Google to enhance Bentley’s digital twin platform using high-quality geospatial content, and the acquisition of Cesium, which is key for creating immersive 3D geospatial environments.
Bentley Systems continues to leverage its strategic initiatives to sustain growth and enhance its market position, with a focus on integrating advanced technologies to transform infrastructure engineering globally.
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