Bentley Systems (BSY) Corporate presentation summary

Investment highlights

• Recognized as a global leader in infrastructure engineering software, with a strong focus on AI-driven solutions and digital twins.

• Recurring revenue base provides high visibility and consistency, with low revenue concentration and long-term client relationships.

• Operating leverage supports consistent annual margin expansion and robust cash flow, enabling acquisitions, dividends, and buybacks.

• Sustained double-digit ARR growth is driven by targeted growth initiatives and favorable market conditions.

Market and revenue profile

• Serves diverse infrastructure sectors, including public works, utilities, roads, grids, and commercial facilities.

• Infrastructure engineering software spending grew from $10.2B in 2019 to $14.8B in 2023, with a 10% CAGR.

• Recurring revenues account for approximately 93% of total revenues, with a variety of commercial models including subscriptions and term licenses.

Growth initiatives

• E365 targets enterprise accounts, increasing ARR share from 25% in 2020 to 46% in 2025, with over 100 accounts exceeding $1M/year.

• Virtuosity focuses on SMBs, contributing 3-4% ARR growth and 600+ new clients per quarter over 16 quarters.

• Asset Analytics leverages AI and digital twins, delivering 10% median engineering savings and 15-25% productivity gains.