Every material Form 8-K Bentley Systems filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Bentley Systems reported third-quarter 2024 revenue of $335.2 million, up 9.3% year over year, while GAAP diluted earnings per share fell to $0.13 from $0.16. The CFO said 2024 total revenue is expected at the lower end of the annual outlook range, though the company expects an increased cash flow outlook for the year.
Q3 2024 total revenues were $335.2 million, up 9.3% (9.1% in constant currency) from a year earlier.
Q3 GAAP diluted EPS was $0.13 versus $0.16; adjusted EPS was $0.24 versus $0.22.
CFO Werner Andre said 2024 total revenue growth is expected at the lower end of the annual outlook range, citing declines in Cohesive professional services for Maximo.
On October 18, 2024, the company entered into a five-year $1.3 billion revolving credit facility with a $500 million accordion feature.
Bentley Systems entered a Second Amended and Restated Credit Agreement with PNC Bank, National Association, as administrative agent, on October 18, 2024. The facility provides a $1.3 billion revolving credit line, with an option to increase it by up to $500 million, and it matures on October 18, 2029. The agreement is secured by substantially all of the company's assets and includes quarterly leverage and interest coverage requirements.
Revolving facility of $1.3 billion, including $125 million in swingline loans and $125 million in letters of credit
Maturity date of October 18, 2029, with a springing maturity 91 days before the company's convertible debt matures unless liquidity requirements are met
Quarterly covenants require a Net Senior Secured Leverage Ratio no higher than 3.00 to 1.00 and a Minimum Interest Coverage Ratio of at least 3.00 to 1.00
Commitment fee on unused amounts ranges from 0.2% to 0.3% per year, based on the Net Leverage Ratio
Bentley Systems expanded its board from seven to eight seats and appointed Chief Executive Officer Nicholas H. Cumins as a director, effective September 5, 2024. The company also declared a $0.06 per share cash dividend for the third quarter of 2024, which shareholders of record on September 17, 2024 will receive on September 26, 2024.
Board increased from seven to eight seats on September 5, 2024, and CEO Nicholas H. Cumins was appointed a director.
Cumins will not receive additional compensation for his board service and his term runs to the 2025 Annual Meeting of Stockholders.
Third quarter 2024 dividend of $0.06 per share, payable September 26, 2024 to holders of record on September 17, 2024.
Bentley Systems reported second-quarter 2024 results, with total revenue of $330.3 million, up 11.3% from a year earlier, and net income of $72.0 million, or $0.22 per diluted share, compared with $0.15 a year earlier. The company also said Greg Bentley moved from chief executive to executive chair and Nicholas Cumins became chief executive, effective July 1, 2024.
Q2 2024 total revenues $330.3 million, up 11.3% year over year; subscriptions revenues $297.4 million, up 14.7%
Net income per diluted share $0.22 vs $0.15; Adjusted EPS $0.31 vs $0.24
Annualized recurring revenues $1,215.9 million at June 30, 2024, up from $1,105.9 million; constant currency ARR growth 11%
Effective July 1, 2024, Nicholas Cumins became chief executive officer, succeeding Greg Bentley, who became executive chair
Bentley Systems' Sustainability Committee approved a grant of 50,161 time-based restricted stock units on Class B common stock to Chief Financial Officer Werner Andre on June 26, 2024, under its 2020 Omnibus Incentive Plan. The units vest 20% per year on December 15 from 2025 through 2029, provided Andre remains employed on those dates. The filing describes a routine compensation award and does not report any change in the CFO role.
Grant of 50,161 time-based RSUs on Class B common stock to CFO Werner Andre
Grant date June 26, 2024, approved by the Sustainability Committee
Units vest 20% on each of December 15, 2025, 2026, 2027, 2028 and 2029, subject to continued employment
Bentley Systems reported first-quarter 2024 revenue of $337.8 million, up 7.4% from a year earlier, with net income rising to $70.3 million from $45.5 million. The CFO said the strong start puts the company in a good position to achieve its full-year outlook, and the filing reiterates that COO Nicholas Cumins will succeed Greg Bentley as CEO on July 1.
Diluted EPS was $0.22 versus $0.14 a year earlier; adjusted EPS was $0.31 versus $0.25.
Operating income margin was 27.2% versus 20.9%, and cash flow from operations was $205.0 million versus $176.2 million.
Annualized recurring revenues reached $1,186.5 million, up 11% on a constant currency basis.
Last twelve-month dollar-based net retention rate was 108%, down from 110% a year earlier.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Bentley Systems filing is on SEC EDGAR ↗. 8-K briefs of other companies →