Bentley Systems, Incorporated reported a total revenue of $1.35 billion for the fiscal year ending December 31, 2024, marking a 10.1% increase from $1.23 billion in 2023. The company's subscription revenues, which constitute the majority of its income, rose by 13.2% to $1.22 billion, compared to $1.08 billion in the previous year. Operating income also saw a significant increase, reaching $302.2 million, up from $230.5 million in 2023. Adjusted operating income, which includes stock-based compensation, was reported at $372.2 million, compared to $324.7 million in the prior year.
The company experienced notable growth in its Annual Recurring Revenue (ARR), which increased to $1.28 billion, up from $1.17 billion in 2023, reflecting a constant currency growth rate of 12%. The last twelve-month recurring revenues dollar-based net retention rate improved to 110%, up from 109% in the previous year. Bentley Systems also reported a total employee headcount of approximately 5,500 as of December 31, 2024, with a global presence across various regions, including 2,200 in the Americas, 1,500 in Europe, the Middle East, and Africa, and 1,800 in the Asia-Pacific region.
Strategically, Bentley Systems made significant advancements, including the acquisition of Cesium in September 2024, which enhanced its capabilities in creating and leveraging infrastructure digital twins. The company has focused on expanding its product offerings, particularly in the areas of engineering applications and cloud services, which have seen increased adoption rates. The company’s geographic expansion continues, with revenues from the Americas, EMEA, and APAC regions all showing growth, particularly in the Americas, where revenues increased by 10.2% to $717 million.
Looking ahead, Bentley Systems expressed optimism about its growth trajectory, driven by the increasing adoption of its digital twin solutions and the expansion of its enterprise accounts. The company plans to continue investing in research and development, particularly in artificial intelligence and cloud technologies, to enhance its product offerings and maintain its competitive edge in the infrastructure engineering software market. The company also aims to leverage its strong account retention and recurring revenue growth to further solidify its market position.
About BENTLEY SYSTEMS INC
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