Bentley Systems (BSY) FY2023 results: revenue $1.2 billion, up 11.8% on the year

Bentley Systems Inc. (BSY) reported revenue of $1.2 billion for fiscal 2023, the year ended 31 December 2023, up 11.8% on the year before. Net income was $327 million, up 87.0%, and diluted earnings per share $1.00. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.2 billion

+11.8% on the year

FY2018FY2023

Operating margin

18.8%

19.0% a year earlier

FY2018FY2023

Net income

$327 million

+87.0% on the year

FY2018FY2023

Diluted EPS

$1.00

+81.8% on the year

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,228	1,099	965	+11.8%
Cost of revenue	266	237	217	+12.3%
Gross profit	962	862	749	+11.6%
Gross margin	78.3%	78.4%	77.6%
Research and development	275	258	221	+6.5%
Operating income	231	209	94.6	+10.5%
Operating margin	18.8%	19.0%	9.8%
Interest expense	35.0	35.1	11.5	-0.2%
Pre-tax income	184	198	93.3	-7.4%
Income tax	-143	21.3	-3.4
Effective tax rate	-78.0%	10.7%	-3.7%
Net income	327	175	93.2	+87.0%
Net margin	26.6%	15.9%	9.7%
Diluted EPS	$1.00	$0.55	$0.30	+81.8%

$ 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

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	417	274	288	+51.9%
Capital expenditure	25.0	18.5	17.5	+34.8%
Free cash flow	392	256	270	+53.1%
Free cash flow margin	31.9%	23.3%	28.0%
Cash from investing	-60.5	-770	-1,057
Cash from financing	-359	243	983
Depreciation and amortisation	n/a	71.5	52.8
Share-based compensation	73.0	75.2	49.0	-3.0%
Buybacks	0.0	28.2	0.0
Dividends paid	58.8	34.5	33.4	+70.3%
Dividend per share	$0.20	$0.12	$0.12	+66.7%
Diluted shares, weighted	333m	332m	315m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	883	573	409	+54.0%
Non-controlling interest	0.7	n/a	0.0
Debt	1,528	1,781	1,436	-14.2%
Operating lease liabilities	30.6	27.7	35.3	+10.7%
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	877	783	779	+12.0%
Total liabilities and equity	3,320	3,165	2,659	+4.9%
Goodwill	2,269	2,237	1,588	+1.4%
Intangible assets	249	292	246	-14.9%
Cash and equivalents	68.4	71.7	329	-4.6%
Other assets	733	564	496	+30.1%
Total assets	3,320	3,165	2,659	+4.9%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.