Although privately owned, Bentley Systems nevertheless produces an annual report that contains a limited number of financial statements. There is one crucial number we won't get particularly precisely from the annual report, since it is shown by a graph with a vague Y axis: the annual revenues.
The accompanying press release notes, however, that revenues were $450 million. What you don't get from the press release, however, is how this compares with previous years. Instead, an accompanying sentence shines in its optimism:
The report emphasizes the company's financial resilience -- as 2009 GAAP revenues of over $450 million represented subscription growth, average compounded annual growth of 10 percent over the past decade, and gains in market share.
Ten percent annual growth sounds good, until you compare it with revenues from last year of about $500 million. So, Bentley's 2010 revenues were in fact down 10% from the year before.
Press release.
Annual report.
The accompanying press release notes, however, that revenues were $450 million. What you don't get from the press release, however, is how this compares with previous years. Instead, an accompanying sentence shines in its optimism:
The report emphasizes the company's financial resilience -- as 2009 GAAP revenues of over $450 million represented subscription growth, average compounded annual growth of 10 percent over the past decade, and gains in market share.
Ten percent annual growth sounds good, until you compare it with revenues from last year of about $500 million. So, Bentley's 2010 revenues were in fact down 10% from the year before.
Press release.
Annual report.
Good catch. I wonder how much of 2009 Bentley revenue is SELECT subscriptions?
Posted by: DF | May 21, 2010 at 03:16 PM