UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39548 ___________________________________ BENTLEY SYSTE ...

Bentley Systems First Quarter 2025 Results © 2025 Bentley Systems, Incorporated. All rights reserved. May 7, 2025 1 Agenda Perspectives from the Executive Chair 01 © 2025 Bentley Systems, Incorporated. All rights reserved. 2 Perspectives from the CEO 02 Perspectives from the CFO 03 Appendix 04 Disclaimer This presentation includes forward-looking statements regarding the future results of operations and financial position, business strategy, and plans and objectives for future operations of Bentley Systems, ...

Bentley Systems, Incorporated (BSY) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this company would post earnings of $0.23 per share when it actually produced earnings of $0.21, delivering a surprise of -8.70%. Over the last four quarter ...

Bentley Systems (BSY) Q1 2025 Earnings Call May 07, 2025 08:15 AM ET Speaker0 Chair, Greg Bentley chief executive officer, Nicholas Cummins and chief financial officer, Werner Andre. This webcast includes forward looking statements made as of 05/07/2025 regarding the future results of operations and financial position, business strategy and plans, and objectives for future operations of Bentley Systems Incorporated. All such statements made in or contained during this webcast, other than statements of histo ...

Exhibit 99.1 Bentley Systems Announces First Quarter 2025 Results EXTON, PA – May 7, 2025 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended March 31, 2025. First Quarter 2025 Results • Total revenues were $370.5 million, up 9.7% or 10.9% on a constant currency basis, year-over-year; • Subscriptions revenues were $342.3 million, up 11.5% or 12.7% on a constant currency basis, year-over-year; • Annualized Recurring Rev ...

The upcoming report from Bentley Systems, Incorporated (BSY) is expected to reveal quarterly earnings of $0.30 per share, indicating a decline of 3.2% compared to the year-ago period. Analysts forecast revenues of $364.69 million, representing an increase of 8% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior to a company's earnings an ...

He also leads the investing group IPO Edge , which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to init ...

Revenue Performance - Total revenues for the year ended December 31, 2024, were $1,353,095, representing a 10.1% increase compared to the prior year[188]. - Subscription revenues increased to $1,223,362 for the year ended December 31, 2024, up 13.2% from the previous year[188]. - Annual Recurring Revenue (ARR) reached $1,283,256 as of December 31, 2024, reflecting a constant currency ARR growth rate of 12%[188]. - Revenues from the Americas increased to $717,002 for the year ended December 31, 2024, a growth of 10.2% compared to the prior year[199]. - EMEA revenues rose to $388,384 for the year ended December 31, 2024, reflecting a 9.9% increase from the previous year[199]. - APAC revenues reached $247,709 for the year ended December 31, 2024, marking a 10.6% increase compared to the prior year[199]. - Recurring revenues represented 91% of total revenues for the twelve months ended December 31, 2024[248]. Operating Income and Expenses - Operating income for the year ended December 31, 2024, was $302,150, compared to $230,542 for the prior year[188]. - Cash flows from operations amounted to $435,292 for the year ended December 31, 2024, compared to $416,696 for the prior year[188]. - Total cost of revenues decreased by 3.1% to $257,767 million compared to $266,083 million in 2023, with a constant currency growth of 12.3%[207]. - Cost of subscriptions and licenses increased by 2.3% to $173,340 million in 2024, primarily due to a rise in cloud-related costs of $10,859 million[209]. - Research and development expenses rose by 2.4% to $281,247 million in 2024, driven by an increase in headcount-related costs of $9,513 million[215]. - Selling and marketing expenses increased by 13.7% to $255,177 million in 2024, mainly due to higher headcount-related costs of $23,408 million and promotional costs of $5,449 million[218]. - General and administrative expenses grew by 16.4% to $210,374 million in 2024, influenced by an increase in headcount-related costs of $11,048 million and higher charitable contributions of $4,143 million[220]. Net Income and Taxation - Income before income taxes for 2024 was $293,055 million, significantly higher than $183,527 million in 2023[229]. - The effective tax rate for 2024 was 20.0%, up from a negative 78.0% in 2023, primarily due to a discrete tax benefit recognized from internal legal entity restructuring[229]. Cash Flow and Financing - Total cash and cash equivalents decreased to $64,009 in 2024 from $68,412 in 2023[261]. - Net cash provided by operating activities for the year ended December 31, 2024, was $435,292, an increase of $18,596 compared to $416,696 in 2023[265]. - Net cash used in investing activities increased to $(143,267) in 2024, primarily due to higher acquisition-related payments of $104,384[267]. - Net cash used in financing activities decreased to $(289,850) in 2024, with lower net paydowns of credit facilities by $111,856[268]. - Long-term debt as of December 31, 2024, was $1,388,088, down from $1,518,403 in 2023[269]. - The company entered into a new Credit Facility on October 18, 2024, providing a $1,300,000 revolving credit facility[270]. - As of December 31, 2024, the company had $1,164,535 available under the Credit Facility and was in compliance with all covenants[271]. Shareholder Returns - The company repurchased 1,292,733 shares for $64,359 under the Stock Repurchase Program during the year ended December 31, 2024[274]. - Quarterly dividends increased to $0.06 per share in 2024 from $0.05 per share in 2023[277]. Market and Currency Exposure - Approximately 58% of total revenues for the year ended December 31, 2024, were derived from outside the U.S., with 34% denominated in currencies other than the U.S. dollar[295]. - A 10% strengthening of the U.S. dollar against other currencies would have lowered the 2024 annual operating income by approximately $1.5 million[295]. - Approximately 66% of total revenues in 2024 were denominated in U.S. dollars, with the remaining in euros, British pounds, Canadian dollars, and other currencies[295]. Future Outlook and Strategic Focus - The company anticipates continued substantial investments in research and development to leverage opportunities in the infrastructure engineering software market[214]. - The company plans to continue focusing on account retention and growth in recurring revenues through new accounts and acquisitions[241].

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were $350 million, up 13% year-over-year, while full-year revenues reached $1.353 billion, also up 10% [52] - Subscription revenues now represent 90% of total revenues, an increase of over 2 percentage points from 2023, with subscription revenues growing 16% year-over-year for the quarter and 13% for the full year [53] - Adjusted operating income with stock-based compensation for Q4 was $75 million, flat year-over-year, with a margin of 21.5% [59] Business Line Data and Key Metrics Changes - The E365 program contributed significantly, representing 42% of 2024 subscription revenues, up from 38% in 2023 [53] - Perpetual license revenues grew 11% year-over-year for Q4, while service revenues declined 21% for the quarter and 18% for the year [54] - Last 12 months recurring revenues increased by 13% year-over-year, now representing 91% of total revenues [54] Market Data and Key Metrics Changes - ARR growth was 12% year-over-year, and 12.5% excluding China, with a trailing 12 months ARR growth rate of 12% [28][55] - EMEA showed strong performance, while the Americas also delivered strong growth despite uncertainties in federal spending [33][34] - Asia Pacific was led by India and Southeast Asia, but China faced significant headwinds, now representing less than 2.5% of total ARR [36][37] Company Strategy and Development Direction - The company aims for low double-digit ARR growth, 100 basis points of margin expansion, and strong cash flow generation in 2025 [27][63] - A strategic acquisition of Cesium broadened the platform ecosystem for geospatial digital twin developments [8] - Organizational changes were made to accelerate innovation, including the appointment of a new COO [49][50] Management's Comments on Operating Environment and Future Outlook - The global demand environment remains robust across most sectors, with optimism about end market conditions [27] - The company expects continued favorable market conditions and momentum in growth initiatives [63] - Management expressed concerns about the ongoing decline in ARR in China due to soft economic conditions and a shift in preferences [36][128] Other Important Information - The company plans to allocate free cash flow towards acquisitions, debt repayment, share repurchases, and dividends [62] - The 2025 financial outlook anticipates total GAAP revenues between $1.461 billion and $1.490 billion, reflecting a 1.5% headwind to revenue growth in constant currency [64] Q&A Session Summary Question: What could propel the company to the higher end of the ARR range in 2025? - Management noted that improvements in permitting reform in the U.S. could lead to new mine explorations, providing additional tailwinds [76][77] Question: Have there been any signs of permitting reform being introduced? - Management acknowledged an executive order calling for permitting reform but indicated it is still early to see any impact [81] Question: How does the macro environment compare to last year, especially in the U.S.? - Management highlighted strong alignment for infrastructure investments globally, despite political volatility in Europe and a slowdown in China [86][89] Question: What are the principal objectives for the new COO? - The COO will focus on cross-functional alignment, industry solutions, and portfolio development, particularly in asset analytics [110] Question: How is the competitive environment evolving? - Management stated that they are not losing market share and that competitors are struggling to gain traction in infrastructure [120][121] Question: Is the demand environment more or less favorable in 2025 compared to 2024? - Management indicated that the demand environment remains consistent and favorable, with the exception of challenges in China [129]

Bentley Systems, Incorporated (BSY) reported $349.82 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 12.6%. EPS of $0.21 for the same period compares to $0.20 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $350.66 million, representing a surprise of -0.24%. The company delivered an EPS surprise of -8.70%, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how the ...