Bentley Systems, Incorporated (NASDAQ:BSY) Q4 2023 Earnings Conference Call February 27, 2024 8:15 AM ET
Company Participants
Eric Boyer - Investor Relations
Greg Bentley - Chief Executive Officer
Nicholas Cumins - Chief Operating Officer
Werner Andre - Chief Financial Officer
Conference Call Participants
Matt Hedberg - RBC
Kristen Owen - Oppenheimer
Clarke Jeffries - Piper Sandler
Jason Celino - KeyBanc
Michael Funk - Bank of America
Jay Vleeschhouwer - Griffin Securities
Matt Martino - Goldman Sachs
Joshua Tilton - Wolfe Research
Blair Abernethy - Rosenblatt
Eric Boyer
Good morning and thank you for joining Bentley Systems' Q4 2023 Results and 2024 Outlook Webcast. I'm Eric Boyer, Bentley's Investor Relations Officer. On the webcast today, we have Bentley Systems' Chief Executive Officer, Greg Bentley; Chief Operating Officer, Nicholas Cumins; and Chief Financial Officer, Werner Andre.
This webcast includes forward-looking statements made as of February 27th, 2024, regarding the future results of operations and financial position business strategy and plans and objectives for future operations of Bentley Systems Inc. All such statements made in or contained during this webcast, other than statements of historical fact, are forward-looking statements.
This webcast will be available for replay on Bentley Systems Investor Relations website at investors.bentley.com on February 27th, 2024. After our presentation, we will conclude with Q&A.
And with that, let me introduce the CEO of Bentley Systems, Greg Bentley.
Greg Bentley
Good morning and as always thanks to each of you for your continued interest and investments in BSY. I will start by relating the directions reflected in our 2023 results to our consistent expectations for 2024 and then some developing aspects, which also have a bearing on our outlook.
Nicholas will cover operational highlights of the quarter, including soundings of the current tone of business on every front, and Werner will review financial details for both years, all the way through cash generation and its planned allocation.
Most significantly, I must emphasize our overall satisfaction with Q4 and the full year 2023. In keeping with this, Nicholas and his operating teams are to be enthusiastically congratulated for performance, which while surpassing our established annual hurdle of 100 basis points improvement in operating margin including stock-based compensation, earned 100% of their new business-based incentive pool.
Although this entailed resourceful rebalancing after new mining investment unexpectedly slowed down in midyear, we have ended the year with historically high momentum in our fundamental ARR growth.