Bentley Systems (BSY) Q3 FY2023 earnings: revenue $307 million, up 14.3% on the year

Bentley Systems Inc. (BSY) reported revenue of $307 million for Q3 FY2023, the quarter ended 30 September 2023, up 14.3% on the same quarter a year earlier. Net income was $53 million, up 43.3% on the year, and diluted earnings per share $0.16. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$307 millionup 14.3%

Net income$53 millionup 43.3%

Diluted EPS$0.16

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	307	n/a	n/a	n/a
Cost of revenue	64.7	n/a	n/a	n/a
Gross profit	242	n/a	n/a	n/a
Gross margin	78.9%	n/a	n/a
Research and development	65.5	n/a	n/a	n/a
Operating income	73.7	n/a	n/a	n/a
Operating margin	24.0%	n/a	n/a
Interest expense	8.7	n/a	n/a	n/a
Pre-tax income	69.6	n/a	n/a	n/a
Income tax	16.5	n/a	n/a	n/a
Effective tax rate	23.7%	n/a	n/a
Net income	53.0	n/a	n/a	n/a
Net margin	17.3%	n/a	n/a
Diluted EPS	$0.16	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	72.8	n/a	n/a	n/a
Capital expenditure	7.7	n/a	n/a	n/a
Free cash flow	65.2	n/a	n/a	n/a
Free cash flow margin	21.3%	n/a	n/a
Cash from investing	-21.5	n/a	n/a	n/a
Cash from financing	-64.0	n/a	n/a	n/a
Depreciation and amortisation	17.5	n/a	n/a	n/a
Share-based compensation	18.5	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	14.8	n/a	n/a	n/a
Dividend per share	$0.05	n/a	n/a	n/a
Diluted shares, weighted	333m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	692	n/a	n/a	n/a
Debt	1,590	n/a	n/a	n/a
Operating lease liabilities	31.4	n/a	n/a	n/a
Other liabilities	822	n/a	n/a	n/a
Total liabilities and equity	3,135	n/a	n/a	n/a
Goodwill	2,251	n/a	n/a	n/a
Intangible assets	260	n/a	n/a	n/a
Cash and equivalents	67.0	n/a	n/a	n/a
Other assets	557	n/a	n/a	n/a
Total assets	3,135	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	307	311	338	330	335	350	371	364	376	392	424	411
Cost of revenue	64.7	67.8	61.8	63.2	64.8	67.9	65.7	68.8	72.2	70.9	73.8	74.0
Gross profit	242	243	276	267	270	282	305	295	303	321	350	337
Gross margin	79%	78%	82%	81%	81%	81%	82%	81%	81%	82%	83%	82%
R&D	65.5	71.2	68.4	65.7	70.1	77.1	72.5	75.4	78.8	81.0	83.0	82.1
Operating income	73.7	37.8	91.9	80.2	68.6	61.4	115	84.4	84.5	78.5	126	88.6
Operating margin	24%	12%	27%	24%	20%	18%	31%	23%	22%	20%	30%	22%
Interest expense	8.7	7.6	5.4	4.1	3.2	4.3	2.4	1.9	1.6	1.6	7.5	8.5
Pre-tax income	69.6	14.2	92.5	77.4	58.9	64.3	112	79.3	83.7	75.9	119	95.1
Tax rate	24%	-1167%	24%	7%	28%	23%	18%	11%	31%	23%	20%	17%
Net income	53.0	180	70.3	72.0	42.3	50.1	91.4	70.5	57.4	58.6	95.4	78.6
Net margin	17%	58%	21%	22%	13%	14%	25%	19%	15%	15%	22%	19%
Diluted EPS	$0.16	$0.54	$0.22	$0.22	$0.13	$0.15	$0.28	$0.22	$0.18	$0.18	$0.30	$0.25
Operating cash flow	72.8	87.1	205	62.6	86.1	81.6	219	61.1	116	142	193	71.5
Capital expenditure	7.7	6.1	3.6	3.1	1.8	5.5	3.0	4.1	5.7	5.4	5.6	7.7
Free cash flow	65.2	81.0	201	59.5	84.3	76.1	216	57.0	111	136	188	63.8
Buybacks	0.0	0.0	15.0	22.5	8.3	18.6	30.0	20.0	15.0	60.0	40.0	85.1
Dividends paid	14.8	14.8	17.9	18.0	18.1	18.1	21.2	21.3	21.3	21.2	21.2	21.2
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001031308-23-000011: the filing on EDGAR. All of Bentley Systems Inc.'s filings: EDGAR company page.

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