What is Bentley Systems's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Bentley Systems year over year?

What is Bentley Systems's gross profit margin?

What does Bentley Systems do and what are its main business segments?

What were the key takeaways from Bentley Systems’s earnings call?

What were the key takeaways from Bentley Systems's earnings call?

What guidance did Bentley Systems's management provide for the next earnings period?

What factors drove the changes in Bentley Systems's revenue and profit?

- **ARR Growth Acceleration**: Q3 ARR +10.5% YoY (11% ex-China), with Q4 expected to surpass Q3 on renewals and asset analytics.
- **AI-Driven Innovation**: Launch of Connect, OpenSite+, and AI-powered applications positions Bentley as infrastructure AI leader.
- **Financial Strength**: $104M adjusted operating income (+16% YoY), 27.7% margin, and $111M free cash flow, supporting $430-470M annual target.
- **Strategic Momentum**: Google partnership, SMB expansion (+300 logos), and asset analytics pipeline drive long-term growth.

**【Management Opening Remarks】**
- Greg Bentley highlighted Q3 performance in line with expectations, emphasizing AI adoption among customers and AEC firms' AI investments (19-71 basis points of revenue).
- Bentley's ARR growth of 10.5% YoY (11% ex-China) reflects strong E365 renewals and SMB expansion, with 300 new logos added.

**【CEO Commentary】**
- Introduced **Connect**, a new Bentley Infrastructure Cloud layer enabling AI-driven workflows and data reuse across projects.
- Launched **OpenSite+, Substation+, SYNCHRO+**, and AI-powered OpenRoads/AssetWise, showcasing AI integration into core applications.
- Q3 ARR growth of 10.5% YoY, with 109% net retention rate driven by E365 consumption and API monetization.
- Resources sector led growth, while Power Line Systems and Seequent benefit from grid resilience trends.

**【CFO Commentary】**
- Q3 revenues: $376M (+12% YoY), with 92% of ARR from subscriptions.
- Adjusted operating income: $104M (+16% YoY), margin 27.7% (vs. 26.7% prior).
- Free cash flow: $111M, on track for $430-470M annual target.
- Debt reduced by $135M, with $678M convertible notes maturing in 2026.

**【Q&A Highlights】**
- **Q4 ARR growth**: Expected to exceed Q3 due to renewals and asset analytics deals, with potential M&A contributions.
- **Government shutdown**: Minimal impact (<1% direct revenue), but long-term permitting reforms could boost PLS/Seequent.
- **AI monetization**: Enterprise accounts negotiate 10% YoY escalators, balancing consumption mix with API/API-driven growth.
- **Google partnership**: Integrating Cesium and Google Geo data into applications, with asset analytics leveraging Google Street View imagery.
- **Internal AI use**: Enhancing R&D, sales, and G&A productivity, with potential margin expansion through efficiency gains.

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