Bentley Systems, Incorporated (BSY) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 8, 2022 8:15 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Michael Fischette

Good morning, everyone, and thank you for joining us for Bentley Systems' Operating Results Webcast for the Third Quarter of 2022. I'm Michael Fischette, Bentley's Vice President and Deputy General Counsel.

On the webcast today, we have Bentley Systems' Chief Executive Officer, Greg Bentley; Chief Financial Officer, Werner Bernerd Andre; Chief Operating Officer, Nicholas Cumins; and Chief Investment Officer, David Hollister.

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This webcast, including the question-and-answer portion of the webcast may include statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from our projections and our forward-looking statements due to a number of risks and uncertainties. These risks and uncertainties are described in our operating results release and other SEC filings.

Today's remarks will also include references to non-GAAP financial measures. Additional information, including a reconciliation of our non-GAAP financial information to our GAAP financial information is provided in the press release and supplemental slide presentation. This webcast will be available for replay on Bentley's Investor Relations website at investors.bentley.com. After the presentation, we will conclude with Q&A.

With that, let me introduce the CEO of Bentley Systems, Greg Bentley.

Gregory Bentley

Hello, and thanks, as always, for your interest in Bentley Systems. Our 2022 Q3 operating results presentation will follow our usual sequence that starts with the tone of our business.

In the past, I've used the description no drama for BSY. And by contrast due to the dramatic impacts of Russia echoed in China during '22 Q1 and our resolute response during '22 Q2 to fully exit Russia, '22 Q3 can be characterized as rebalanced business as usual, absent Russia, and, in fact, sufficiently improving as we had hoped to be back on our annual targets.

Because throughout 2022 to date, the loss of Russia and associated impact in China, has tended to be offset by multiple favorable factors, we don't consider that there has been a sufficiently material change to warrant amending our established financial outlook for 2022. This is particularly the case given that what we and I think you consider to be our key operating performance indicator, business performance year-over-year ARR growth rate is expressed in constant currency unaffected by ambient FX oscillations, which consternates comparisons to the outlook.