Q1 2024 Bentley Systems Inc Earnings Call Transcript
Key Points
- Strong start to the year with total revenues of $338 million, up 7% year-over-year, driven by subscription revenue growth.
- Successful CEO transition plan announced, with a focus on continuity and leveraging the new CEO's strengths in marketing and product management.
- Significant progress in digital twin technologies, with iTwin platform enabling new capabilities and contributing to growth across various sectors.
- Expansion in international markets, particularly in India, contributing to overall growth with a focus on infrastructure and SMB sectors.
- Robust cash flow generation with operating cash flow up 16% for the quarter, demonstrating strong financial health and operational efficiency.
- Professional Services revenues declined by 22% year-over-year due to delays in Maximo related implementation work, impacting overall revenue growth.
- Challenges in the China market with difficult economic conditions and geopolitical tensions continuing to create headwinds.
- ARR growth affected by the increasing prevalence of E365 consumption floors and ceilings, aligning growth more with contract renewal timing rather than consistent quarterly growth.
- Resource constraints in the engineering sector, although driving demand for digital solutions, pose challenges in project delivery timelines and scaling.
- Dependence on government infrastructure spending and regulatory changes, which can introduce variability and affect project funding and timelines.
Good morning. Thank you for joining Bentley Systems Q1 2024 Results Webcast. I'm Eric Boyer, Bentley's Investor Relations Officer. On the webcast today, we have Bentley Systems' Chief Executive Officer, Greg Bentley, Chief Operating Officer, Nicholas Cumins; and Chief Financial Officer, Werner Andre.
This webcast includes forward-looking statements made as of May 7, 2024, regarding the future results of operations and financial position, business strategy and plans and objectives for the future operations of Bentley Systems, Inc. All such statements made in or contained during this webcast other than statements of historical fact are forward-looking statements. This webcast will be available for replay on Bentley Systems' Investor Relations website at investors.bentley.com on May 7, 2024.
I would like to mention that the 2023 infrastructure year book which explores the world's top infrastructure projects is now available online at bentley.com/yii/yearbook. You can also order a printed version from the same link. Additionally, we
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