Mission Statement, Vision, & Core Values (2024) of Bentley Systems, Incorporated (BSY).

An Overview of Bentley Systems, Incorporated (BSY)

General Summary of Bentley Systems, Incorporated (BSY)

Bentley Systems, Incorporated (BSY) is a leading infrastructure engineering software company that focuses on advancing the world's infrastructure to improve the quality of life. Founded in 1984, Bentley has developed a range of software solutions that empower professionals to design, build, and operate infrastructure assets efficiently. The company's key offerings include applications for modeling, visualization, and analysis across various sectors such as transportation, water, and energy.

As of 2024, Bentley Systems reported total sales of $1,003,273 for the nine months ended September 30, 2024, reflecting a growth of 9.3% compared to the same period in 2023. The company has shifted towards a subscription model, with subscription revenues amounting to $907,772 for the nine months ended September 30, 2024, which is a 12.4% increase from the previous year.

Company's Financial Performance in the Latest Financial Reports

Bentley Systems exhibited robust financial performance in its latest reporting period. For the three months ended September 30, 2024, total revenues reached $335,173, up 9.3% from $306,612 in the same quarter of 2023. This growth was driven primarily by a 12.0% increase in subscription revenues, which totaled $303,239.

The financial highlights for the nine months ended September 30, 2024, include:

In terms of operational efficiency, Bentley Systems reported cash flows from operations of $353,660 for the nine months ended September 30, 2024, compared to $329,643 for the same period in 2023. The company also maintained a dollar-based net retention rate of 109% as of September 30, 2024, indicating strong customer loyalty and recurring revenue growth.

Introduction to Bentley Systems as a Leader in the Industry

Bentley Systems has established itself as one of the leading companies in the infrastructure engineering software industry. The company is recognized for its innovative solutions that leverage digital twin technology, enabling clients to optimize the design, construction, and operation of infrastructure projects.

With a diverse range of products that cater to various sectors, Bentley Systems continues to expand its market presence. The company’s commitment to sustainability and resilience in infrastructure development positions it favorably for future growth. To understand more about why Bentley Systems is successful, readers are encouraged to explore the subsequent sections.

Mission Statement of Bentley Systems, Incorporated (BSY)

Mission Statement Overview

Bentley Systems, Incorporated's mission statement emphasizes its commitment to advancing the world's infrastructure for better quality of life. The company aims to empower professionals to design, build, and operate more resilient infrastructure through intelligent digital twin solutions. This mission is pivotal in guiding the company's long-term strategies and operational focus.

Core Component 1: Advancing Infrastructure

The first core component of Bentley Systems' mission is the commitment to advancing infrastructure. The company focuses on providing solutions that enhance the efficiency, safety, and sustainability of infrastructure projects. In 2024, Bentley Systems reported total revenues of $1,003,273 for the nine months ended September 30, showing a 9.3% increase compared to the previous year. This growth reflects the increasing demand for advanced infrastructure solutions in various sectors.

Core Component 2: Empowering Professionals

Bentley Systems emphasizes empowering professionals in the engineering and construction sectors. The company's software solutions are designed to streamline workflows and improve project outcomes. As of September 30, 2024, Bentley's annual recurring revenue (ARR) reached $1,270,726, representing a 12% growth rate compared to the previous year. This growth indicates the effectiveness of Bentley's tools in enhancing the productivity of professionals in the field.

Core Component 3: Intelligent Digital Twin Solutions

The third core component revolves around the utilization of intelligent digital twin solutions. These solutions allow for real-time monitoring and management of infrastructure assets. For the nine months ended September 30, 2024, subscriptions revenues were reported at $907,772, marking a 12.4% increase year-over-year. This increase underscores the growing adoption of digital twin technology among infrastructure professionals seeking to optimize asset performance and lifecycle management.

Vision Statement of Bentley Systems, Incorporated (BSY)

Vision Statement Overview

Bentley Systems, Incorporated (BSY) has articulated its vision to advance the world’s infrastructure for better quality of life. This vision emphasizes the empowerment of individuals to design, build, and operate more resilient infrastructure through advanced technological solutions, particularly its intelligent digital twin solutions.

Commitment to Innovation

At the core of Bentley’s vision is a strong commitment to innovation. The company focuses on enhancing its software solutions to meet the evolving demands of infrastructure engineering. In the third quarter of 2024, total revenues reached $335,173 thousand, marking a 9.3% increase compared to the same quarter in 2023.

Empowerment through Technology

Bentley Systems aims to empower its users through technology that enhances the design and operational capabilities of infrastructure projects. As of September 30, 2024, the company reported an Annual Recurring Revenue (ARR) of $1,270,726 thousand, up from $1,124,774 thousand in the same period of the previous year, reflecting a growth rate of 12%.

Global Reach and Impact

Bentley’s vision includes a global approach, catering to diverse markets across different regions. For the nine months ended September 30, 2024, revenues from the Americas were $536,112 thousand, representing a 9.5% increase year-over-year, while EMEA and APAC regions also showed growth in revenues.

Sustainability and Resilience

The vision of Bentley Systems also encompasses sustainability and resilience in infrastructure development. The company is integrating sustainable practices into its solutions, which is evident in its product offerings aimed at increasing efficiency and reducing environmental impact. The operating income for the nine months ended September 30, 2024, was $240,738 thousand, compared to $192,769 thousand in the previous year, indicating improved operational efficiency.

Future Growth and Objectives

Looking ahead, Bentley Systems is focused on expanding its market presence and enhancing its product offerings to align with its vision. The company’s stock repurchase program, which allows for the repurchase of up to $200,000 thousand of its Class B common stock, demonstrates confidence in future growth and shareholder value.

Conclusion

In summary, Bentley Systems' vision statement reflects a commitment to innovation, empowerment through technology, global reach, sustainability, and future growth objectives, all aimed at advancing infrastructure for a better quality of life.

Core Values of Bentley Systems, Incorporated (BSY)

Core Value: Innovation

Innovation is at the heart of Bentley Systems, driving the development of cutting-edge infrastructure engineering software. The company has made significant investments in research and development, totaling $70,068,000 for the three months ended September 30, 2024, compared to $65,465,000 for the same period in 2023.

One notable initiative is the launch of the Bentley Infrastructure Cloud, which empowers organizations to better design, build, and operate infrastructure. This platform has contributed to a 12.0% increase in subscription revenues, amounting to $303,239,000 for the three months ended September 30, 2024, compared to $270,751,000 in the same period of 2023.

Core Value: Sustainability

Sustainability is a core value that Bentley Systems actively promotes through its software solutions aimed at improving infrastructure resilience. In 2024, the company emphasized its commitment to sustainability by integrating features in its products that help clients optimize resource usage and minimize environmental impact.

As part of its sustainability initiatives, Bentley Systems reported an annual recurring revenue (ARR) of $1,270,726,000 as of September 30, 2024, reflecting a growth rate of 12% compared to $1,124,774,000 in the previous year. This growth demonstrates the increasing demand for sustainable infrastructure solutions.

Core Value: Integrity

Integrity is foundational to Bentley Systems' operations, influencing its relationships with clients and stakeholders. The company adheres to high ethical standards and transparency in its financial reporting, with a net income of $184,694,000 for the nine months ended September 30, 2024, compared to $147,202,000 for the same period in 2023.

Additionally, Bentley Systems has implemented robust compliance programs to ensure adherence to legal and regulatory requirements. This commitment is reflected in its total liabilities of $101,765,000 related to the Deferred Compensation Plan, which is managed transparently and responsibly.

Core Value: Customer Centricity

Customer centricity drives Bentley Systems to prioritize client needs and feedback in its product development processes. The company reported a dollar-based net retention rate of 109% as of September 30, 2024, showing strong customer loyalty and satisfaction.

To further enhance customer experience, Bentley Systems has invested in customer support and training programs, leading to a 9.3% increase in total revenues to $335,173,000 for the three months ended September 30, 2024, compared to $306,612,000 in the same period of 2023.

Core Value: Collaboration

Collaboration is essential for Bentley Systems, fostering teamwork both within the company and with external partners. The company has engaged in numerous strategic partnerships that enhance its product offerings and market reach.

For instance, Bentley Systems' collaborative projects have led to a 12.4% increase in subscription revenues to $907,772,000 for the nine months ended September 30, 2024, compared to $807,839,000 in the same period of 2023. This growth is indicative of the successful integration of collaborative technologies in its solutions.

Updated on 16 Nov 2024

Resources:

1. Bentley Systems, Incorporated (BSY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Bentley Systems, Incorporated (BSY)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Bentley Systems, Incorporated (BSY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.