Q2 2024 Bentley Systems Inc Earnings Call Transcript
Key Points
- Bentley Systems Inc (BSY) reported robust ARR growth, showing balanced, visibility, and linearity.
- Subscription revenues surpassed 90% of total revenues, driven by mid-double-digit year-to-date growth.
- The company has virtually no multi-year recognition or billing, enhancing revenue transparency.
- Asset analytics initiatives reached an ARR growth rate of eight digits for the year, showing promising future potential.
- The company has a strong balance sheet with significant debt reduction and a net senior debt leverage of 0.1 times.
- China continues to be a headwind, with ARR growth impacted by soft economic conditions and geopolitical tensions.
- Professional services revenues declined by 15% year-over-year, primarily due to delays in IBM Maximo-related projects.
- The company faces challenges in the Cohesive digital integrator business, affecting professional services revenues.
- ARR growth from programmatic acquisitions has become negligible, limiting additional growth avenues.
- The macroeconomic environment remains uncertain, with potential impacts on deal cycles and enterprise decisions.
Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.
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 August 6, 2024. After our presentation, we will conclude with Q&A.
And with that, let me introduce the Executive Chair of Bentley Systems. Greg Bentley.
Good morning, and thanks to each of you as always for your interest in BSY. In this first operating results reporting in new roles, our lineup will remain the same, but the format is updated to correspond to new responsibilities.
In particular, I bequeath to Nicholas as CEO, the charts to review our operating performance numbers, especially
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