Earnings call transcript Q4 2022

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Eric Boyer

Good morning and thank you for joining Bentley Systems Q4 2022 Operating Results and 2023 Outlook 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; Chief Investment Officer, David Hollister; Chief Financial Officer, Werner Andre; and Chief Technology Officer, Keith Bentley.

This webcast includes forward-looking statements made as of February 28, 2023, 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 historical fact are forward-looking statements. available investors.bentley.com. on be Relations Systems' will at website webcast for Bentley replay Investor This presentation, will our After we conclude with Q&A.

let And Systems, that, me CEO the with of Greg Bentley. introduce Bentley

Greg Bentley

you CFO, attention. and you, for hope and soon Eric, Nicholas as Andre, have our Relations always, experienced meet Today, your review COO, our and to a Cumins; to Officer. you, Thank And will all of thanks I chance will have and I Werner XXXX year or very Investor and and QX new interest operating had each of results. resilient full

As strong growth global priorities initiatives, operational for XXXX. and the confidence iTwin and incremental for company Virtuosity our three and financial SMB outlook our infrastructure engineering EXXX, investments, software a momentum again, aligned reinforced from for,

also and investment Today, Officer, Technology his transitioning I this former this quarter David later as will the time Chief last from will retiring end and the of Hollister, CFO always at hear Chief who Bentley, quarter. from and founder, of be Investment end the hear current retiring we community year, will will Keith for be the Officer who at role enjoy this

will business. start new As always, tone of what's I our in with

Power Our Systems. consistent of and with currency sustained excludes results XX.X% which is financial in ARR key Line operating with year-over-year acquired constant ARR outlook headline growth our original business performance,

seemed not momentum annual and evidenced everywhere as There, have Russia first a concerns, the quarter developments been sickness the abating the are then to shutdown government's spending in and ring of delayed. to And this major China. headwinds and selling reflects the season, For pandemic else compounded to in in for offices recent caused sustained the infrastructure reopening. the by making widespread after as intended geopolitical our and well, having the fourth more quarter's for up robust which world, addition for lost year,

last Russia caused anticipation in if have our in on for regression as globalism knock exceeded growth XXXX, then For the quarter, instance, range by we of and reflected our the year outlook, for China. counter ARR would not

in China in risks We our are those outlook XXXX. cautiously bearing for in mind

to QX's ideal expect single-digit survey believe Moreover, respective in a we reported that facilities assessment ARR. quarterly more percentage a assessment the downward anticipating of continue of do reported quantifies We same And and the I had engineering was on backlogs. across XXXX, have infrastructure ideal QX. the sector, fully substantial sector backlog the color net actually the increases percentage reported With relative quarterly the this though change affecting self-reported earlier as them their larger of ACEC do firm's to current as QX engineering regularly for firms this only firms, civil with firms from what's of finally by as XXXX, backlog the our much to all in commercial only Dodge we sample months. a business XX representing reporting has survey backlog the flatlined. the tone, for been ENR of in

survey, year. this quarter. continued the in over sentiment a backlog The expectation further there coming last shows in especially also of And over improvement survey continued related increase

success than EXXX priority face is in their backlogs, commercial faster digital ARR quarter, blueprints primary of consumption-based workflows teams And constraints for and capacity. going workforce our embedding accounts. growth new for the EXXX expert the engineering own program, every For as accounts enterprise EXXX growing the infrastructure of accounts enterprise other is achieve digital each accounts to our demonstrably growth our prioritized our increasing initiatives our implement incremental first

has increasingly upgraded seasonal average constant in our EXXX our change ARR commercial becoming at each earlier of application renewals, and annual rate in with measures accretion the accounts program at bulge user EXXX we quarter that expected as the XXXX. mix to as to about pace This pricing contributed our of QX, more of XXXX X.X mainstay In hour. over two points expanding of last reflects and pricing that's to specialized consumption been growth course, per from services and upgrading X.X spending ARR addition applications cloud thus to adoption. percentage steadily growth approximately their to from and years. escalation, the volume more has And in expensive twice

XXXX new strategy enabling and been our milestone for over new business million logos, And beginning, of retention of further exponential growth continuing incremental milestone of has second reach generated its QX it prospects. revenue X unique our Our new added percentage accounts almost further of the SMB initiative included among Virtuosity ARR over From $XX to in for quarter, has in Virtuosity than ARR. yet Virtuosity's the And XX,XXX consecutive go-to-market in more net growth and a growth. at logos high remained us to QX existing surpass globally XXX%. XXX accounts, accounts another points

SMB of China, and as in year-over-year business business SMB our XXXX new And new healthy Kong was And QX, fact, Concluding Hong even overall in SMB, in business. XX% to represented in new overall QX. Taiwan. grew fully in

to Mainland believe their China. design are our we particularly doesn't Chinese our of we use for venture of and potential joint in name. market But HDEC institute their to currently major platform, based The development positioned navigate December, account there, specialized in that our as support their China's applications have decades large peers. internal our enterprises. which on well second to part worked joint for with applications a and will representing reach with English venture, engineering become must I whose HDEC, accounts prospects partner It's almost all hydroelectric a competitively yet the soon in announced power China, of exclusive geopolitical limit primarily there. to channel for We've Power in that's closely generation Thus, So an China. our business hydro China, business throughout is power for primarily our HDEC with the issues Greater our XX% both state-owned

one Bentley but will resell over HDEC thirds colleagues, as leading our well existing our increasingly application some contribute products. The some its China product mix contribution a with developed along our and third towards existing on hope for paying JV for ownership. and relationships than two capital the to built and of applications well. JV initially eventually transfer the will and as all existing will direct We the revenues work indigenously us we'll business our returns net shift to platform, royalties Chinese years products to HDEC's, rather investment as capital

now market. cater will like on-premise first rather Those iLink our this preferences to from market JV than systems Chinese licenses preferences our systems the project-wise Moreover, JV. reworked derivative than are subscriptions for enterprise rather the the perpetual for cloud-based enterprise to of and coming of

But headwinds, our that So to the of through the geopolitical net as during major to will to in the for accounting portions tend long-term. and cannibalized then are XXXX, market, Chinese China for risks of warranted perpetual we the gross of of and manage licenses. ARR sake regress are think global these XX% spending, magnitude given subscriptions the investments infrastructure from for

Now it's drag on knowledgeably too this XXXX. to quantify early

you our growth looks annual for XXXX terms will and notice annual However, outlook like outlook in that outcome. XXXX's actual of ARR

Nicholas everywhere years, a somewhat asterisk unprecedented backdrop for the the obviously business else XXXX, growth our can't factor. loss the now as to following for let that momentum the world will both XXXX exceptions and me could possibility China of again, our of in and sustained significant Russia and emphasize for Russia our elaborate. of complete suit China colleagues But be occur are for Although

Nicholas Cumins

Brock IIJA of so brisk a I to conditions Greg more remain Ballard, of with been very program, brings into be momentum, wealth and funds than was I'm continuing recovery through that acknowledge Thank book business. their a healthy out, that rather accounts quarters. who he positive. very Greg. QX appear new evidence capacity Market flowing quarter global to concerned of invaluable the prior to And more our of investment than made and as XXXX busy to EU to in finish operating in execute we Chief instrumental with now EXXX I am Revenue to his you, and experience pipelines work strong delighted industry about more pointed the business. and would XXXX about pace pleased Talking Officer, our rollout of report successful a see the has momentum council. of like

remiss will Gus I if new focus his of precision. level elevated I execution Bergsma, the on didn't also be predecessor, whose company's pay to a tribute to relentless course, Of performance sales

and Looking drinking improving of at with lots be and to for focus in will made enterprise and driving attention I also acceleration Europe regions, conditions and market flowing years. industrial pipeline. as for and works an water of growth. of in as point programs, spot public sale The with your project conversions India we last our sector, is and firms continues the and industrial strong India, us contractors in and India. water year-on-year the both draw drivers continued momentum awards. to urban SMB works largest In public EXXX consumption. a rural line in a a bright were XX product with a strong India Europe the single main growth well and Transportation was

to scale transportation, in mega it projects to rail can Southeast in with its in point Asia the particular. impress continues of and ambition

in Manila design benchmark review for year the Southeast set QX, winner, going Jakarta from by time in XX% and months. from Subway Awards, were Metro the railway schedule and project the London and digital. Infrastructure rail held finalists, high-speed iTwin project construction in the to the two Digital the by At new Going projects were reduced Bandon. Asia X eventual which shortened technology The a

This an an application, organizations ramp Is individual a of help Greg represent more accretion. fit. these MicroStation MicroStation fast OpenBridge, we Other to a that makes organizations value, SACS segment installed OpenFlow, And that, on product powerful is still Turning with higher now beyond that in OpenRail, has grew get untapped strong notable in upsell on positive included to smaller and engineering on this may application SMB. time to significant? practitioners infrastructure the products. who market Why QX is practitioners first brands indicator and in calls for using a them the there's future whom can and twins. for base performance digital that Infra. MicroStation be a product what infrastructure

about Finally, a few words colleague engagement. our

to work industry of we high in quite our in engagement colleagues' XX with our approach work that and so-called comparisons tech engagement to benchmarks favorable they're place we a part, well in you annual of flexibility and against had for It as XX Bentley layoffs to As which tech responding facilitates gratifying the a backdrop Bentley due being, to participation see level glad colleagues proud will the of quitting. work. rates believe, report, to remarkable intentional is XX% survey and with a small This recommend and productivity. to no is XXXX XX-K colleague see

encourages plan managers of to balance colleagues the workforce of employee and the right and office infrastructure our our and from call choices about the worlds. we home What working truly make best effective their in or both make

office not any Bentley to colleagues Systems retaining colleagues in come policy at talent frequency to has across to and the Our of in to way. world attracting requiring been meaningful contribute the allowing our success a instrumental and specific

And Greg, corporate with perspectives, back those you, for to operational governments.

Greg Bentley

Thank ever And best these I that to you, your today add for reporting the thanks my whole Nicholas. expecting we're may operating for of XXXX. results and operating teams

colleagues Recall ownership now was the retirement one XX primary Following executive our provide just Nicholas will while after for had years company's motivation corporate the our cover succession. to prosperous the transition on to success. also possible a of Chief that related third for are help developments collectively reviewed, Revenue our earned from making Officer IPO we who the that

As efficiencies as substantially commitment that with wave the half average engrained expand about is operating consequence, nearly of of charged this cumulatively our for cohorts our expected complete retirement promotions has management year, to our generational. years. this percentage an of X we officers. tenure This retiree all operating scale A is will, we year's sufficient time XX point. I that management described annually over succession margins by have an realizing

compass of adjusted appropriately XXXX the these operating XXXX, year date, on are some economic going including our EBITDA now external which include we measures think aligning adjusted adjusted overlooked outlook performance metric operating aspect with also will as is which amortization, for most In are our Based improving this substantial encompassing and investors IT experience I significant compensation conspicuously capturing for that forward, includes and operating in becomes on metric this digital expenditures our for and margin in real income, what as more purposes. we feedback require and EBITDA, costs depreciation our capitalization. that us stock-based prefer setting investments believe to financial

most to of we our repurchases. free cost cash importantly, stock-based offsetting compensation use to us But to all the as corresponding In fund flow bears shareholders, real case, dilution.

own think compensation a software trade-offs. merit stock-based described in same history, it's fungible for in economically crucial with cash scrutiny I company, our compensation As we is informed and but the costs

As a stock private charges. a grants issued at magnitude. public and accounting options value full as in restricted incurred higher Then company, accounting company, relatively stock we entailed minimal our much Black-Scholes a comparable costs

Following ensuing described our which equity rebuilding as holdings enabled, the by have of having retirement incentives our next generation wave, intentionally I prioritized leaders. appreciable we equity

were with From and compass today to we SBC. to pre-IPO as full temporary to in five and subject adjusted compensation. I in points. event for margin to rate under adjustments XXXX to to increased leading the following four growth adjusted progressed pandemic with have subject of which expect for stock-based years in annual charges economic by compounded SBC including versus CEO, reported income income our cash outlook range But over XX% of level just stock well quite our normalizing achieve years, elections operating savings, our internal a the through Giving last operating years travel off the these in our towards confident costs, XXXX, executives, weight X% the

notes And of impact, improvement of our an accomplished appropriate XXXX related pandemic leverage, our in encompassing this convertible this significantly, final we our fully measure. substantially about over spanning and consisting primarily Two have and maturing objective annual the point in are by percentage XXXX. margins thoughts operating most most period

should is you that at this if, in and generation the think to rate. cash become extend continue this and debt Then record compounded multiples underwrite compounding fact, refinancing. will, doesn't track of we annual would multiples fully And to of after debt convert. First, as dilution, plan, adjusted our OI our valuation the growth SBC, our current see portends offsetting convert, I second, choice easily the lower extent with this valuation SBC

his I will And to Hollister. our David substantial corporate our I will succession am back CFO, David will work think be wrap Now I then certainly bias, he aside defined cover influential as advancement spunk and his technical future continued and and introduce the that say values Keith generational then to our recent with Keith next, much that primary returns investments we have miss will thinking infectious significant iTwin proofing. review here as just be powered our admitted enduring investor, I expect steering. Hollister Bentley, appreciation up. Werner, his by wouldn't Setting successor, David ethic digital the that executive without infrastructure, the sure twin constructive third groundbreaking legacy. long-sighted his our to will he up from a company ample any overseen. Bentley, will and initiative, developments. growth of founder, Bentley investments. can as has introduce Keith

Keith, you're up.

Keith Bentley

them. user of I've made with course, real many personal journey point Bentley, whom Systems Likewise, wouldn't a and been have been long, and wonderful revenue. flown at predict committed where their obligation the have exciting billion as to XXXX, we'd career at But for here have for to this our able of with feel to me as traded deeply began be been to this years relationships When company. I I'm we $X Greg. annual company It's so And colleagues a incredibly multi-decade in Bentley an at rewarding you, dedicated in so journey I just my personal entire organizations. by. our publicly many Thank I've I'm sure

no happen help wants say, time But man. it they possible. transition. to successful a inevitably, as and be smooth me last, And can it as must I of work part if Best for while there can forever. waits So as make

computer the unabated. and CTO course it To the more gradually advent potential continue So throughout while I'm of the will even nearly of the than personal ago. me, and XX looks future ramping down full when to did stepping more this my as start with began Bentley years intend the journey schedule down Systems we exciting of I year,

to as immediate both we're have possible, and I a in And in continuity, course, his in both and success. over two CTO, sincere anyone I trust our things in admiration smooth drive continuously to working we'll committed been successor Julien years. I've there's his remain things Of transition in as a may to and also I've that Systems for my come the director long-term long-term get with real the directions Bentley investor think Together, our terms interest priorities. make as of our a danger a will and left Moutte, past lose done.

So drama. no we expect

may handedly find you the remotely infrastructure in real ourselves stack. at single around nothing as concept opinion, Bentley twins, iTwin we my that know, but inflection nearly currently market, humble obviously to infrastructure And competitive technology a very invented. biased, point Now software our digital a informed there's

last from and their game-changing extraordinary their XXXX accomplish operators and to workflows engineering credited iTwin their that's twins that So can. it's to as is world's in some quickly we've engineering the number and firms firms, that indicator process year. business and by introduced finalists make infrastructure to Since the the increased our business models. digital But has most iTwin for uptake project, our and in to XXXX, of fraction we significant transform good over the awards as improvements in than A possibly Infrastructure XX% digital Year we going projects. because jointly things and leading significant in empower XX% as on advantage leverage priority their iTwin to that of more of world's even seen

how their to dollar, using size of experienced the benefits of in With think infrastructure haven't infrastructure throughout time. currency and professionals value projects the finalist their phase investment all cycle want and of organization world, and it and every if the in infrastructure life the contribute. year's together, the euro you Infrastructure being yourselves, the do. from presentation all on describe infrastructure last it the are the encourage by no be or Year recordings in greener the already and words. technology their see they safer, getting to delivered I I this going in for spent on So maximum of they we're done projects other for you that by the I know every review of to wouldn't whatever that We matter all be size nice all project, so, every

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with my have exciting And say engine here Bentley. I where and and It's the ever. existing embed enjoyable an at To applications. iTwin accomplish it's I that, actively inside of will nearly every to one projects one most been involved have team engaged project and Julien our

I've a talented so we've and career the all here So thankful now it rewarded. to over had and made tremendous at people I'm very the Bentley years,

now called possibility for think our scope as the We near Design. endless. Computer describe But Aided I in era And that software-aided began long infrastructure. ago an are I

our but with to innovative Our infrastructure how. not that world of life if, the as can a processes resilience of happen It's of phases global needs its for and new matter of a urgent only new matter longevity priority, efficiency, cycle but the all improve the period. technology,

operating our And be retirees? like over CFO, the on long-time results been last new on hand our that for friend it on note, David, investments call will David my good have and working futures to as time. speaking I'd who Hollister, what to you today our for

David Hollister

your Thank I kind some you, Keith, indeed, investments. will words. talk for your vision, new your about and And leadership

Beyond of in a activities progress forge that in business like joint evolving and doing formal two to and bit developing of China our Ventures latest means our alternative in give acquisitions, on an landscape, to I'd expand more ventures on updates iTwin noted EasyPower Vetasi. our

formed to iTwin Ventures entrepreneurialism as twin So platform digital capabilities. those you we including our applications, stimulate in know, iTwin leveraging developing

new that to our addition a in is to typically wherein in notes. fund and In investments, exchange engage I'll early-stage addition approved ecosystem, and portfolio and support for venture iTwin companies projects a safe Activate accelerator traditional our program, highlight with development equity, we development a where we sponsor moment,

completed and motion to our and for of cohort co-selling focused of cohort introduction. success on to underway. our certain venture and investable invest and It's these are already joint businesses ripe iTwin Ventures in. marketing Activate Activate between cohort grid And led iTwin the products this of expectation for has the graduate already many program first that iTwin We the participants into Bentley participants others

supportive spoke, analytics cases, with and investment optimization announce city extending usage. portfolio and our of continue supports investment car pleased scale. data range traffic to and real-time of and are to California-based all use and starting set generate flow platform Labs. last traffic signal monitoring connected optimization data recent Flow to we traffic synthetic leverages a Labs data approximating a road This at Oakland, sensor Since The optimization and in aggregated be to enthusiastic Flow we our

contribute to We simulation data also see the advanced real-time potential to traffic Labs sets solutions. Bentley's for Flow

for to We've Financially, historically these design in tend found specifically and success design and applications, sticky iterate electrical easy and same infrastructure contributors and apply, portfolio. analysis infrastructure high-margin EasyPower. our Our of purpose for solutions and for incorporate analysis offering are which really assets. from mature, be capabilities operation we to context, and and EasyPower fit optimized expect for good simulation to acquisition the us, adds

estimate need will We a and electrical engineers and also solution portfolio apply ever power infrastructure, of learn of not everything electrical it’s that's EasyPower solutions for XX% that analysis can can our them presently easy other to but complement focus. advanced outside our offer and

comprehensive flows, to EasyPower will and raceway Within serve a our platform course. in will open portfolio, initially complement sectors design due introduce plant of modeling of EasyPower to industrial applications, our and electrical open in management our analysis in sectors. context commercial open particular, and the also buildings, as mining other cable building

excited Bates his team Bentley Portland, Oregon-based EasyPower's Kevin We're to and CEO, to welcome Systems.

call, Since last its acquisition operating our also results business completed of Cohesive has our Vetasi.

including and oil Vetasi twins. support geographic Poland You'll fills basis voids in an our in focused, team seeks which skilled will brings digital integrator digital and integrator provide services also cost-efficient complements very that consultants, focus Vetasi a existing our particular, utilities, business sector a Maximo to European-based, achieve us deployment strategy and from mining, presence clients help in Cohesive also and and integration, formed consulting, of Indonesia. gas highly nearly XXX to with find recall to and adopt outcomes adopt in system nicely accordingly. our commercial will transportation. digital believe integrator be for is and digital business digital models we engineering Cohesive appealing firms to business model was benefits improved

to Cohesive. realize utilization cross-sell synergies, motion project as and synergies synergies, delivery expect We integrates opportunities G&A with sales Vetasi

their acquisitions material the our Vetasi this information, programmatic do the former we've are what and acquired They and aligned efficient financial at warrant be not to articulated. very to consider disclosure scale strategy of to programmatic I acquisition While of previously historically valuations. successful considers perfectly we each both EasyPower specific CFO

both speech. I I And a say now will party I'm proper accomplished But I that for speak humbled my character we've to off, so encouragements secrets the leave retirement sign would proud will have of and of and itself. work my like as body to for the what and reflections, quality, over am sentiments, by and untold to of colleagues I the most together. very talent of years, I share

with moving I And away comforted driving and continue may by even the to harvest while of potential. see talent I the I'm be will I'm personally a quality Bentley one removed, be will I'll or be I be time. bet long a be and depth very year or fixed when in the for tripping can but lifted for too frequently a person zero Keith need of to you another that from And exploited. that greater Bentley each that maybe And I value that culture day, of things that to shareholder Systems potential Systems, see like opportunities

Werner talent, Andre. hand to over and to I'd speaking character like of our CFO, And now

Werner Andre

you, the me mentoring have had impact Bentley the for your and leadership, guidance and the you on profound thank over years. given you David. And Thank you have

for We are XXXX. good we feel pleased finished year and the we outlook strong, that about our

X%, or constant currency Total constant I'll Americas basis. on APAC were a a start with our X% XX% QX up grew XX%. basis, million, On $XXX currency EMEA, year-over-year revenues XX% revenue performance. and

and revenues XX% quarter, grew subscription constant year-over-year of For XX% or the represented revenues. total in currency our XX%

The growth and EXXX in initiatives and by than business acquisition SMB platform January Systems balanced Line regions our Power growth performance and our XXXX. across sectors China, our other is supported of

on our focus revenues. recent recurring our and Regarding revenues, continue, of subscription reflective trends are licenses services which perpetual

XX%, currency percentage China XX% revenue, XX%, grew which billion, On our and to $X.X points XX% on EMEA currency currency, constant to in which of nine headwind constant end a Americas range. or a outlook up was Now and constant is were revenue year APAC's full growth. currency moving high year-over-year constant at APAC basis, XX%. the

from XX% business Seequent points XX% Subscription acquisition and currency, from our and grew constant Systems XX or percentage included percentage our points XX Power Line revenues in which performance.

I'm revenue covering recurring next our performance.

Our EXXX within net constant model. retention continued currency and XXX%, rate currency account our at led retention at recurring constant XX%, consumption-based our by remained accretion rate was revenue commercial

of Systems the was growth billion for ARR rates, performance first our ARR our with XX.X%, accounts XX%. $X of billion, at above remaining which XXXX time Power growth business constant financial We outlook Line $X.XXX X.X% for currency and our year-end ended range. and rate now of midpoint this the spot the is onboarded

our SMB China. and growth our the sustained in Seequent for and lost growth performance up our EXXX and Systems, Power and is of in ARR of business velocity of platform Russia Line strong continued by headwinds and driven The initiatives making acquisitions momentum

actual currencies contributed last and months Line increased about this points XX% of of Systems at Our Seequent recurring XX XX improvement. revenues by Power acquisition percentage The year-over-year.

Our $XX $XXX full down million the GAAP up million was QX, operating $X $XXX for income million year, for million year-over-year. and

explained our acquisition have compensation XXXX. charge GAAP in from of for and compensation impact approximately the results in increases intangibles, amortization stock-based We million accounting $XX from deferred the previously operating on purchased incremental onetime costs,

of on EBITDA, Moving approximately we XX.X% quarter adjusted XXXX QX margin an adjusted full X% of our our an margin improvement adjusted margin points adjusted commitment in is year XX%. adjusted over XXX on million to approximately and EBITDA EBITDA normalized our of basis EBITDA XXXX. XX.X%, our fourth over XXXX by margin delivered $XXX of EBITDA grew of about With improvement

run and we remember, margin with normalized be travel will what XXXX, to XXXX windfalls normalized now and events. believe post-pandemic In you for temporary performance in XXXX, are rate. a line reduced our from As and we travel margin events in

increase the margin compensation. and will adjusted incentives way do outlook which same in operating our starting measure will executive We of improvements that performance which XXXX as for the purposes dilution will comparable be for and described already also operating in CapEx of and $XX true believe experience as on stock-based that include of stock-based depreciation we income, XXXX. will our inclusive our of It investments economic we XXXX, amortization, approximately this will shareholder in million Greg based annual operating IT measure from compensation. digital captures appropriately amount includes a cost

million With and $XXX operating million by operating of flow QX year-over-year. respect our cash year flow our to full decreased decreased liquidity, XX% $XX of cash X%

business that produces efficient period, with discussed months XX over previously quarters. trailing and but have flows We cash variability model some a our between reliable

months XX where strong variability annual multiyear deposit basis. at limits estimated continued contract generates And annual for our consumption collection, the upfront the on have our collect trailing We the expansion of no flows. which of a cash EXXX we significant onset the period program,

deposits, and of straightforward EXXX newly EXXX full collections annual renewals EXXX to particularly and right was had year-end. were cash floors the caps strong which representing XXXX. shortfalls up one new business. year. we negotiations models We renewals to in contracts, the shift in billing focus our by early flows not generally consumption collections, higher offset QX fully The for contracts, by all and but end late existing non-consumption year-over-year of billing based cases resulting XXXX impacted EXXX accounts QX in until annual concluded and on With However, many therefore healthy year certain extraordinary renewal led for the it's nearly were in from collections rising converted a converting of enterprise quarter, later to a

vendor significant obtain unfavorable Our XXXX payments, to cash flows due we better cash which QX was and also to also interest some were terms. higher accelerated by impacted

prospectively, interest to now Jobs that capitalize Tax cash given and will of XX%. adjusted than rates XXXX them, Cuts cash requirements we flow to EBITDA from expensing rather conversion XXXX tax and For estimate of rate Act and operations our from amortize burden the the expenses R&D be the higher and approximately higher straight

we associated facto repurchases shares second distributions and the for for initiatives, mainly providing million million. program, and allocation capital against spent repurchased our $XX de in of with from increase our we with our $X on dividend, repurchases compensation to notes debt $XX compensation and a sufficiently million which we plan under $XX on million dilution XXXX convertible Along prioritizes quarter, stock-based senior compensation. offset Accordingly, XXXX, repurchase stock-based for modest share to our announced equity in stock deferred growth

million a times fixed our or programmatic As of acquisitions, our convertible exceed is XXXX convertible assume expect X.X into expiring through delever leverage to approximately per coupon the times. we net end interest senior debt can leverage rates times of And December, which notes adjusted and the if from year does our debt, in rate EBITDA recent investment at about as $XXX notes an of XXXX. interest million annually. rate of averages, swap net $XXX I debt Approximately either XX% when was debt our of X.X interest and very low protected rising XXXX including our X.X was

and Moving to XXX our focus points continued our our to XXXX outlook long-term maximize of outlook, approximately improvement reflects commitment our basis continued ARR our margin growth.

market While of and unprecedented on X.X% representing range to revenue digital, factor on billion $X.XXX as-reported does our outlook we XX.X% growth Accordingly, constant China in going approach cautious billion, basis to demand see between expect or an to XX.X%, the $X.XXX basis. continue towards engineering infrastructure continued XX.X% we a for of currency in a due to total uncertainties.

growth constant XX.X%. projecting between ARR are XX.X% currency and We

an operating of is of improvement commitment. XX%, compensation income margin point approximately stock-based margin adjusted annual our expect We with XXX which basis reflective

by our natural Any on is impact margins effective mitigated significantly fairly hedge. our FX

We tax rate expect to approximately be our XX%. effective

As expenditures million cash and our rate flows of adjusted includes at which ERP of expect $XX from million, of I incremental the approximately convert XX%, our we system. IT approximately from approximately mentioned expect to $XX we into before, capital operations EBITDA investments

the I To interest on amortization, shares also help compensation, and additional taxes, cash on slide models, interest you and include stock-based here depreciation expectations with and dividends. expense cash operating outstanding your

And with to Over are that, think Eric for Q&A. you. moderate. we Thank ready I to

Eric Boyer

We one each now ask the We'll of move portion and limit our Q&A Great. one presentation. to analyst follow-up. themselves to that question

from we'll go First, Baird. Joe Vruwink to

Joe Vruwink

Great. Hi. me? you Can hear

Eric Boyer

Yes. Go Joe. ahead,

Joe Vruwink

Keith nothing been of off, best have First for and to great you. the congrats and both careers on David really but what

transportation. And be, question in a guess my to India stimulus. good This around your specifically analogy like that would you seem into the U.S. seems can infrastructure seeing lot market a anecdote. I spending associated a maybe is India on strength this we is or post extend products be in

sectors an aligned of new the see is in out deployment? to so, acceleration subsectors? likely this started you growth along And broadens new IIJA upcoming have is the broadens that business the across the farthest year across of with business out So IIJA different scope for as portfolio if in the your expectation kind

Greg Bentley

not it's pretty we by see, during We I increase affected IIJA. are of India. back began don't see but much that that, quarter. we above add so much fourth are if But out well. yet from did to you Joe, during the like pre-pandemic of spending The could infrastructure Remember, of the beyond to roads third increase, I'll in ask just India. increase in America seeing it Nicholas think a you'd expecting was more. further said, the India it pandemic, as described way but and quarter XXXX, budgets that at I levels broadens the expanded to think be was include come the bridges, North large. We pretty because in IIJA other of the the course, scope

Nicholas Cumins

words India. maybe about Well, a few

most where and country the the between see plan. the engineering is it additional investment direct software we First, infrastructure in link infrastructure

advanced, we used of National to funded there. can called software the where most the being Pipeline, as Infrastructure is point is it it by our is over number projects So and is directly a and

cost don't move the India way benefits a, actually they order from which workbench including management. in that be India, right, really a them the want. additional is issue work to effective, India the say, work world, for rest global capacity number to of they it’s have. capacity let's they if something of moving into that are extension over product case, who there And gave have that But solve there is else, they not just responsibility, tap in full move to accounts is as the work you in they to

U.S. the to respect with So

the IIJA, say, to we know We owners have, it's is to evidence we that level state indeed let's see for pickup so the that to from but to time example, contractors. related usage flow take for in going the infrastructure also federal funding transportation, the that consensual

for this going be to So is a tailwind years. multiple

Joe Vruwink

resources And of think, time, the of pretty one EXXX net growth. of exposed, to a was energy Leapfrog customers also, the out the were bit the on a was customers, kind I great. then areas just portfolio, your spend in that factor That's one ARR called EPC dilutive that And Okay. at of you which point side strength. time of retention big and on

And in able it gain of that then ARR? pent-up would and Just that of that comes a so back do resources your of kind you side outlook online on to call CapEx if business? of back the expect kind specific you're wondering, Seequent and more loss be what the can XXXX, I lot

Greg Bentley

do Yes, let the industrial CapEx. for big firms construct global procure, with who me the engineer, EPCs, start primarily

they for diversifying And business their now. is that's the distinguishable and I back. not growth generally is quite back are look the view question, occupied I'm of good moment, a an rate did was went green and focus the now to on. down but they way like at the and to worked in guess at them don't they because Of course, not transition, they their where stopped We into companies think it's informed, are although were their pandemic, else would renewables resources shrink. business industrial have everyone tone sure whether had and of at choice in fully energy great separating moment. color not pandemic, I from they them which But quantitative a being

growth maybe pace resources, mining the resources. you could of mining if Nicholas, and then on with Seequent comment in And on and

Nicholas Cumins

Yes.

XXXX. early since a still mining cycle. its level an at drilling, as super up, in and look early The stage indicator is it's is we So, highest which

is a So, activity on. going there lot of

think world realization increase, they who of a of And a of them that lot strength acquiring a the because seeing mining benefited dollar, we from of the is there companies. also full are they sustained from mining business. the mining activities order for the that also are benefited clear We currency smaller of which use they a is price companies U.S. electrification. to the lot see in I large lot cash needed support with is their

So XX% more in first XXXX, half activity we the of fact, year. XXXX M&A the previous in saw in – than

to into that of positioned investment And there Yes. from on extremely one. a is well going mining. lot benefit of Seequent is So course,

Greg Bentley

back Sorry, to you, Nicholas.

Nicholas Cumins

in EPCs actually it I two industrial, and that QX. to those growth say that contractors were comes just we've among Europe to India, in both when the drivers seen want and

So we've seen strength a definitely there. of regain

gas oil focused be when platforms traditionally, wind Seequent, of geothermal to than sort comes it on Now or it's – and right? offshore for rather wind renewable energy. So it's more used energy even more to for going

Joe Vruwink

Thanks guys.

Nicholas Cumins

Thank you.

Eric Boyer

we'll Matt Hedberg from RBC. Next, move to

Matt Hedberg

the how just that strength? Nicholas, you double where strength on you taking to sustainable Great. really Thanks that me. Can for is my guys. you think stood And European out questions maybe XXXX? click into saw

Nicholas Cumins

Yes. prepared remarks, works growth industrial the so EPCs, already sectors, saw drivers contractors and I We as we – I drivers. in mentioned in growth mean, public as

on is also something going large there's conversions didn't in the else infrastructure the EXXX see net investment prepared Europe, with to of remarks but plans. that a program, that consumption a in We is EXXX; I very acceleration and which say

in be which next-generation first called the being distributed that for really funding to XXXX. the of The it's It started is About across plan projects number the different products countries. almost And that where is plan. software already XX% high-speed being in being we EU like active our us, can one, of impacting is point plan Italy. are to a multiple used, well funded that by

of by a and We we made just funded that utilities a that large electric big EU – the as a had in next-generation very QX, is deal plan. a won because we've project

it's has is a quite well another software about it So repower legislative the there It aligned effect, is in urgent still plan see it is yet which not Russia. with would called in it is we still proposal coming. state. in our yet more is with not It's reducing strength EU standpoint. When enforced, from energy coming; dependency as is This been because distributed, XX% There's there's plan. our more what be only force. but

well. should as we So benefit from that

additional growth So our that all coming that is is sustain Europe. to tailwind in

Matt Hedberg

a about get Werner, China? your well as you I guide things as to just any on could inorganic said but deteriorate way for growth how think included the derisked further, know the you to guidance; And you've to trying it. Got ARR is for then maybe sense for what contribution is for China? there quantifying

Greg Bentley

in jump in I China on particular.

the ARR. had under finally, about China didn't But grew, during of see. the start we do net year, loss year, was than And currency This the reason with our out at else turned apprehensive. of XXXX. for we actually you be – us everything X% so we began but relatively So course, XXXX If the also experienced if some X%. And that pandemic. well it's is growing prior attrition, compared to we favorable to bigger that company headwind rate the be to would the of whole the be to a as China a growth at Russia and

Go on outlook would acquisitions, our worth ahead. you Our in include it than for which ARR the to growth programmatic be at X% Werner not it's breaking the out. because higher we XXXX them question is. And let least me performance send business in

Werner Andre

to on X% Agree the and everything we on China as cost, an to average recurring annual well. line of top programmatic X.X% revenue contribute revenue over acquisitions, in and they to our

on it between ARR, a higher, little Although more recently approximately and but was X.X%. bit X%

Greg Bentley

XXXX... in lower was it Well,

Matt Hedberg

Great.

Greg Bentley

of was no matter ...because pace It in time. there were a things. programmatic a it XXXX. just certain acquisitions acquisitions, back reason to few get such of over was are particular our but we There's resolved to lower

Matt Hedberg

Thanks guys. results. Congrats the on

Eric Boyer

Next, we'll Owen Oppenheimer. from move to Kristen

Kristen Owen

for Great. taking Thank morning. the question. you Good

those grid to and on but overlay digital commentary bit some around We the or acquisition. in the the the EasyPower specifically hoping of I about transition, management of similar are energy that? And So with portfolio becomes the follow follow-up. steward could that something are of then wanted like assets? who feel EasyPower your a talked to there digital ecosystem missing twin load have of areas this maybe acquisition, you to maybe And a I up electrification was speak the you quite portfolio I

Greg Bentley

and behind mainly the to mainly, analysis the entirely, utility. a if but then EasyPower EasyPower focused communications in and we as as major say modeling from and We electrical of side. use and the not a that's meter on opportunity towers has call standpoint, well increasingly comes we a with power as efforts belongs to in the you and shared integrated And have physical grid the is where Thank a to user on transmission behind physical lot a what date, is the there's side. XG that that great our infrastructure, But grid, to do it's like portion, belongs distribution, you, integrated think portion the putting there's focused grid which grid Kristen. the meter. and that's together

what what the behind a call resources. energy increasingly mix meter we of But distributed on goes is

needs part starting So therefore, wind digital some that's to solar modeled approachable commercial updated done. of twin. its some are some facilities more and battery a or is make And mining facility, every comes where to to and accessible And storage. it's EasyPower that to or because industrial engineering have It through a even starting never in constantly be and much for digital twin. however, have

an for it's us. acquisition excellent So

all need opportunity energy the aspects we're with grid, going will on extend of meter, most this to ultimately integrated distributed the EasyPower. focus behind We to resource but immediately to this

Kristen Owen

you. Thank for go. we that. There Apologies

the tucked follow-up point to in prior, which to to historical contributing Should my you. about X.X to really points this year? to the you question speak growth that follow-up EasyPower is of year. we have in be this you that you a now ARR returning So acquisitions your And think valuation programmatic if that you've Thank backdrop could M&A pipeline, would helpful? is

Greg Bentley

below X% during XXXX. significantly went it Well,

deals be ask of think so sure get I And back course valuation, me. I you we'd disciplined to if our, but of glad X%, to mean, we're why it'd to I'm X%, about ambitious be get above

Kristen Owen

much. so you Thank

Eric Boyer

Andrew from from DeGasperi comes question Berenberg. Next

Andrew DeGasperi

of impact terms Greg, the have whether that software little like on a the in a then there Taking Is Thanks. twin could line you follow-up. promotion. and have broadly? the on mind embedded in a bit my questions; as well congratulations as to I first, Maybe, And you Keith David could Julien on elaborate that digital happen? getting time more

Greg Bentley

the portfolio, becoming users users. that their eye do. to from XXXX, to is the query it simulation to paid data Asset Year model – before a They'll in the made in I'll Infrastructure and their getting But and of Keith centric Schema in applications we'll the iTwin out they stop machine from Life. two-thirds our in Infrastructure iTwin also Well, significant. we it's and about. our can he He think that stop applications is stop just Keith to and this referenced modeling they maybe said the deliverables working, commitment for That And be say creating simulation focus than easier talked that do that what learning for creating in November out to year Platform I now. modeling and very and for the Cloud, announced so Bentley an forth, have a Seequent which brings project-wise, benefiting XXXX change to be needing it's analytics, also the right there in leaves

for all he here sort I include that focus the Technology creating as iModel on of and can wants been And on pipeline traditional our think his that adopt was that coming to this so up includes think of because delivering also our Julien of generation Platform ingenious has take they – deliverables. simulation I wants year, all time users promise time to the the the focus same has will knows this of are applications. a our in is out, models modeling for their it's he And iTwin other that our high he for Officer And plan change the software and users edition integrate he wonderful Chief our that. responsibilities, their year role by XXXX as so lots at

Andrew DeGasperi

wanted maybe, And then Werner, Greg. on Thanks I that. helpful. the on touch expansion, maybe just That's margin to base

going stock-based a Because in you little the comp release, If that elaborate looks a I QX, little core to XXXX? basis points? But gone the much the of to break are also essentially based it QX to at like is just And in you a bit. is down get the out of relative look that reversed slightly bit on components leverage? margin core could I if mean could little Thanks. more. yes, XXX how terms has if wondering are you the more what it

Werner Andre

to margin Maybe came a the at to high QX. approximately QX in was margin. adjusted level come the goal EBITDA end the of year, on like was base, always year-to-date XX% and

And that into would the benefit the and on cost we we next year. the power revenues so alignment knew the And our manage following that into coming we QX, invest the much consistently areas that our balanced more margin So rate. into QX business in as QX, try into measure recalibrate going to model, incremental head into the were to we year. with investments and revenue run that we spend went we like where with pretty

the costs revenue the into orders and be manage our Going a it we growth bit as relative through scale indicated, will model. we revenue XXXX, and as deplore little reduce to alignment the

Greg Bentley

as we've difficult, be Well, increase don't has become a that Maybe that in that. operating operating confident percentage But operating So it, to on depend reduce condition do our I'll management cost. margin to we but incentives. in reduced our of EBITDA incentives rate, being adjusted to you margins of on their for meet confident operating work – based into as it's and wish not difficult. reasons comment our now our Their on lot that because instance, that relation there's especially always incentives course, forth. operating of but that able goes condition ARR arbitrary excluding, us our improving goal around by don't for is just excluding We compensation, a so The executives for arbitrariness can our significant jump is its our revenue. and like depreciation given of amortization, modestly year. we'll we rate and point stock-based elections every and growth and cost which which for I'm see, quickly our

delivering the I'll is Nicholas on So and give improvements, the you matter. Nicholas word, these last

Nicholas Cumins

improving that will committed are margin. Yes. keep our confirm just I to we

Greg Bentley

Measured in way. right the

Nicholas Cumins

Exactly.

Andrew DeGasperi

Thank you.

Eric Boyer

Broome Great. The Mizuho. to come from question from is next going Matthew

Matthew Broome

future. for Keith for and taking just my David both to to add y the Thanks I'll best question. congratulations and Hi. wishes

is quarter linearity? just terms firstly, usage been anything we're into how during quarter, now So months say suppose, the you has that first I guess, there did tracking can of in of year-to-date? trend sort And I demand how the about given two

Greg Bentley

quarter linearity. thing and which our we negotiating to We software we accounts new anticipate, nearly we of found sort plan taking caps software to us had the but upgrades, or were many the Well, be of and start negotiations the require working plans floors reduced have But during negotiated in much deposit phenomenon quarter. and didn't considerable on levels. the EXXX I And increases of collections digital many working when I'd quarter, this occupied we to increases. say, conversions had we that may end you're on the a going great on and because of that be to cases, it's more consumption on in were and

that was there So of aspect linearity.

for then thing one the that's much a a grow to sequential fourth to Can per turn literally workdays And Nicholas, and – quarter charge are which compared to of volume application over EXXX each quarter consumption because is and we quarters. more in year. quarter fewer I'll day, to there it holiday. have in say expect is volume where not fourth learned we

particular although stopped, of So new the than going nature consumption renegotiated degree, in consumption Europe, rather the more I never to of EXXX this Nicholas the was mentioned described I that resets upgrades new business in accretion, year the of increased described when and application mix outright which

that? Nicholas further Anything on

Nicholas Cumins

trend the of the our late we accounts portion AR higher these It happened, EXXX linearity. then from be it's is with to coming EXXX of the our that is important percentage that shootout going Virtuosity growth better as we we growth with the Virtuosity, But many general AR in I becomes we we're that linearity. little Same with as in the converting our will contributes actually say improving more the linearity. as conversions sell sell Virtuosity, better Virtuosity, quarter. to quarter of QX, to a are and is an had bit true that then that consumption

overall improving. the is So trend

Greg Bentley

and sales and negotiations drag practitioner the end, steady. forth that on are enterprise the to it's out more SMB reliant Virtuosity, the That so

Matthew Broome

in ahead? year curious, To And hiring your what how right. success to approaching EXXX Thanks. build are then engineers having you of Okay. extent out qualified are of All just still you the finding sort civil sort program?

Greg Bentley

Nicholas?

Nicholas Cumins

Yes.

still. of hiring, more we acceleration see now an we clearly before. the hiring process applicants we've to openings in seen haven't But our than seen So job

candidates So when then what align we comes it come high to pretty we compensation we afford. in to that have are to a able need lot to expectations with still of with

now, that the applicate. that hire. it right So it definitely I easier we will hope actually during more They're ease foresee and do to cannot will say But out it get easier. year that is much

bit because could hiring, actually is key hiring, more You slowing for our order but for down continue it order our the following, the sustain in go argue recruiting even a and us are we that to growth. with to is little in us to process, are message we which definitely is

Greg Bentley

and And most we're talked of Matthew engineers course engineers, where hiring, Nicholas of are the the software about. phenomenon that's

about did siblings. You ask

the of you it numerically but isn't important So see. our are teams, if for those success our hiring, bulk

Matthew Broome

No, maybe squeeze that one just last one. makes sense. then I'll sorry, in And

demand sort competitors lot water about talking seeing in been of smart a your infrastructure. a have of of One lot

Just market, both curious seeing in but fundamentals that you're in also terms of competition? what

Greg Bentley

Nicholas?

Nicholas Cumins

Yes. tap that plan directly to last actually some – parts brand to Well, to sure see in did of was is the in India largest the in in everyone growth We We the in provisions our applications which water sign which XX upgrade had in and a is water rural OpenFlows for actually the highlight did India, make our deal available world. infrastructure around infrastructure QX. notable India. years, a was in which the was infrastructure – our water major for the order related

that owners more investments water more infrastructure in but as effectiveness from seeing water India, are – benefiting So to their infrastructure more and in we are who looking efficiency, way more see get infrastructure owners, processes. infrastructure twins of we also in into water more digital the we're as creating their

for greening energy and just finally and water that power, I'll transition. mention infrastructure instance very is in resilience important using

Eric Boyer

question Rangan Kash Sachs. Next Goldman from from

Unidentified Analyst

XXX taking has for my Bentley's Virtuosity, with performance logos. Greg, solid This Kash. market is down been for new question. on very another Matt Nice of quarter

you. into last that go competitive I you that the think you to to quarter how logos so characterize Thank you made in XXXX? view quarter. if Perhaps there a comment any many could surprised for change opportunity SMB after heading the really And you're given really landscape? are just any

Greg Bentley

Virtuosity that's just to well. and group growth, sales diminishing are whole and say as at experience done. team get returns and together A that their not going they're of lot investment forth automated I our exponential ask so – XXXX opportunity. renewals plan had – the because can I'm in more same They for so the the leadership don't team Nicholas when self-service, of even terms digital is competitive e-commerce and we

that? how you Nicholas, But summarize would

Nicholas Cumins

Yes. which Bentley the I Virtuosity for talked solutions be or still to important like MicroStation, an a is one have fundamental go more most, and XXXX sophisticated OpenFlows. growth just be we after priority to We the us can big market is software let's like accounts see to Software. to going for say, about, convert It beyond.

see new had with not and we've the in to to confirm opportunities also right? space, we the this enterprise new owners, in in operators, some especially there Heavy Now wins Civil. an enterprise when growth QX course with infrastructure in interesting a logos it of and for opportunity SMB? also us And growth comes just important to space, So win is logos sizable construction

Eric Boyer

All right.

Jason the KeyBanc. take last I from think is Celino question from today we'll

Jason Celino

Great.

just Sorry, there for in. want lot of in XX.X% ARR Is included the correct? PLS benefit to I not is go. just everyone, XX% Great. to the that Thanks parts, we for of the moving guidance, that on fitting guide. clarify but Maybe me a

Greg Bentley

was sequential XXXX to were was paper we No, an to back our going know, never ARR we PLS out currency comment for included. was impossible then onto others who asked PLS after the included annual regarding We're go XXXX Werner, provide and you only guidance. But onboard questions ARR is help it move prepared that onboarded. acquisition, everything growth. constant I that What Jason what that. be we to and it's about answer – those after modeling because to the may we you, for and to thinking about growth parse

could Werner? you cover that, Maybe

Werner Andre

Yes.

and X.X% mentioned. that QX; And as X.X% on business onboarding QX. in has X% performance QX include from basis of grew ARR Systems, expense QX; QX XXXX, in in Greg not Power X.X% constant in to that like does currency So QX; sequentially the in Line

Jason Celino

Okay. then... And

Greg Bentley

adjust come of about the think basis organized able during the included to further do to that Russia, quantified to net you answer have that QX impacts that questions – that constant recall like numbers we ARR of XXXX, to year being the as in got of are back China for want growth. and year and might if we performance because how seasonalize And be those XXXX and business to numbers we've XXXX QX sequential wanted last already those impacts. But you do you currency would to about it

Jason Celino

you'll let more about into We given the also decrease Okay. margin have EBITDA would translated have XXX – ask me Would really expansion one time. but with quickly, SBC? Perfect. points last I the OI then or take EBITDA XXX can this that in than been of off-line. SBC, moving guidance know we're And basis if basis points Thanks. to

Greg Bentley

turn is, that take That we net minus. around on or to elections pay me reason the whether repurchase distributions SBC, and what they're can stock to gravitate or or consideration program Well, jump forth. who compensation. going XXXX, plus get is range part executive's our I seems in The their of on to mentioned, we has so SBC can turn price And that say our the depends and to their the on for of so of and depends equity gross cash taxes. in in as in – it's stock X% about it going to whether

not or So SBC might go up it's excuse down. visible just go – as might nearly me, it's – EBITDA how

for or want going our out, And I long-term, X% be wouldn't gravitate we So within on it's why in for meaning of on that executives hard could has not Arbitrariness saying but the focused control. that make we're are which is to things XXXX. or to that arbitrariness elections which measured something, think based so company's the be to SBC. executives to the say bit by

better we case gets an operating So have everyone complicated, control, to can on converge SBC and is and EBITDA in focus little with us with operating as a I one for and many that be be income it investors between correlation normally, we there the adjusted we will to will adjusted But the that around adjusted bit that think conceptually think is income fact. SBC. economically but know asked approximate

Jason Celino

Perfect.

Thanks, it. guys. that's think I

Eric Boyer

Great.

have just time concluded interest XX. Bentley wanted bell to at that With be Systems. Systems we and in the now presentation. announce Bentley for concluding, the opening NASDAQ today's ringing Thank on will your we you Before March that,

Bentley Systems (BSY) 28 Feb 232022 Q4 Earnings call transcript