Group 1: Earnings Performance - Bentley Systems reported quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.25 per share, but showing an increase from $0.22 per share a year ago, representing an earnings surprise of -4% [1] - The company posted revenues of $335.17 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 1.40%, compared to year-ago revenues of $306.61 million [2] - Over the last four quarters, Bentley Systems has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Bentley Systems shares have lost about 4.3% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The company's earnings outlook will be crucial for future stock movements, with current consensus EPS estimates at $0.25 for the coming quarter and $1.10 for the current fiscal year [4][7] - The estimate revisions trend for Bentley Systems is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Internet - Software industry, to which Bentley Systems belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Exhibit 99.1 Bentley Systems Announces Third Quarter 2024 Results EXTON, PA – November 7, 2024 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended September 30, 2024. Third Quarter 2024 Results • Total revenues were $335.2 million, up 9.3% or 9.1% on a constant currency basis, year-over-year; • Subscriptions revenues were $303.2 million, up 12.0% or 11.8% on a constant currency basis, year-over-year; • Annualized Recur ...

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Investors might want to bet on Bentley Systems, Incorporated (BSY) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and fol ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ Title of each class Trading Symbol Name of each exchange on which registered Class B Common Stock, $0.01 Par Value BSY The Nasdaq Stock Market LLC 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 June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...

Financial Data and Key Metrics Changes - Total revenues for Q2 2024 were $330 million, an increase of 11% year-over-year and 12% in constant currency [26] - Subscription revenues grew 15% year-over-year, representing 90% of total revenues, up from 87% in Q2 2023 [26] - Adjusted operating income with stock-based compensation was $95 million for the quarter, up 30% year-over-year, with a margin of 28.8%, up 410 basis points [30] - Operating cash flow was $63 million for the quarter and $268 million for the first half of 2024 [32] Business Line Data and Key Metrics Changes - The E365 program remains a major growth driver, with continued conversions from the select subscription program [18] - Perpetual license revenues for the quarter were $11 million, down $1 million year-over-year, making up only 3% of total revenues [27] - Professional services revenues declined by $4 million, down 15% year-over-year, primarily due to delays in IBM Maximo-related implementation [27] Market Data and Key Metrics Changes - ARR growth was 11% year-over-year, with contributions from programmatic acquisitions becoming negligible [18] - China now represents only 2.5% of total ARR, down from 3% a year ago, reflecting ongoing economic challenges [28] - The Americas was the fastest-growing region, driven by strong infrastructure spending, particularly in North America [20] Company Strategy and Development Direction - The company is focusing on AI as a major driver for future growth, particularly in asset analytics and infrastructure lifecycle management [15][16] - The transition to a new CEO is seen as an opportunity to perpetuate a growth mindset culture and ensure long-term success [10][12] - The company aims to leverage its digital twin technology and AI capabilities to enhance productivity and efficiency in infrastructure projects [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for infrastructure services, despite challenges in resource availability [38] - The sentiment among infrastructure engineering organizations is positive, with concerns primarily around capacity rather than demand [37] - The company expects ARR growth to accelerate in the second half of the year, particularly due to E365 renewal timing [35] Other Important Information - The company has reduced its outstanding senior debt to $85 million at the end of the quarter, reflecting strong cash flow generation [33] - The board finalized a new CEO compensation plan designed to align long-term incentives with company performance [10][11] Q&A Session Summary Question: Confidence around E365 renewals in the second half - Management noted that sentiment among infrastructure engineering organizations is focused on capacity, not demand, indicating strong backlogs and visibility [37][38] Question: Opportunities for Bentley to grow at enterprise accounts - The extended timeline for project starts due to IIJA funding is seen as beneficial for engaging with enterprise accounts [40][42] Question: Update on SMB retention rates - Retention in the SMB segment is high, with existing accounts using software beyond their subscription terms [43] Question: Impact of AI on traditional portfolio - The company is seeing traction with AI-based asset analytics solutions, which are expected to complement existing applications [45][46] Question: Status of Phase 2 of product development - Phase 2 involves leveraging iTwin capabilities across existing applications, with ongoing development of next-generation engineering applications [48][49] Question: Growth of Power Line Systems (PLS) fundamentals - Strong growth in PLS is noted, with expectations for further expansion as permitting reforms take effect [51][52] Question: ARR growth guidance for the year - The company is optimistic about reaching the high end of its ARR growth range, driven by asset analytics and E365 renewals [54][56]

Bentley Systems, Incorporated (BSY) reported $330.34 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 11.3%. EPS of $0.31 for the same period compares to $0.24 a year ago. The reported revenue represents a surprise of +1.62% over the Zacks Consensus Estimate of $325.08 million. With the consensus EPS estimate being $0.24, the EPS surprise was +29.17%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expe ...

Bentley Systems, Incorporated (BSY) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 29.17%. A quarter ago, it was expected that this company would post earnings of $0.26 per share when it actually produced earnings of $0.31, delivering a surprise of 19.23%. Over the last four quarter ...

Exhibit 99.1 | --- | --- | --- | --- | --- | |-------|-------|-------|-------|--------------------------------| | | | | | Press Release | | | | | | BSY Investor Contact: | | | | | | Eric Boyer | | | | | | Investor Relations Officer | | | | | | ir@bentley.com | Bentley Systems Announces Second Quarter 2024 Results EXTON, Pa. – August 6, 2024 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended June 30, 2024. Second Quart ...