Revenue Analysis:
Observing the Total Revenue for BSY over the three years, there’s a noticeable upward trend from Q3 2023, increasing from $306,612,000 to $310,641,000 in Q4 2023, a 1.3% rise. This trend is consistent into 2023 when it grows from $296,749,000 to $314,411,000. Similarly, Operating Revenue traces the Total Revenue path, confirming operational growth. Gross Profit shows an upward trend as well, from $230,323,000 in Q2 2023 to $247,227,000 in Q1 2023, demonstrating an improved gross profit margin over time.
Cost Management:
The Cost of Revenue incrementally rose from $64,676,000 in Q2 2023 to $67,797,000 in Q3 2023 but saw a slight decrease in Q4. Operating Expense follows a similar pattern, suggesting moderated cost management in response to Revenue changes. Total Expenses peaked in Q1 2023 at $248,626,000 but decreased to $205,071,000 in Q4 2023, reflecting efficient cost control.
Profitability Analysis:
EBITDA and Operating Income both reflect growth patterns. EBITDA increased significantly from $72,027,000 in Q2 2023 to $95,793,000 in Q3 2023 but then reduced slightly to $47,227,000 in Q4 2023. Pretax Income and Net Income follow a similar pattern with fluctuations, notably with Pretax Income peaking at $69,585,000 in Q3 2023 and similarly, Net Income peaked within the same period, demonstrating a strong quarter for profitability.
Cash Flow Indicators:
Reconciled Depreciation increased from $17,247,000 in Q2 2023 to $19,074,000 in Q3 2023, suggesting increased capital expenditure and asset deployment. Interest Expense, a notable cash outflow, hovered around $10,000,000 across the period, affecting net cash positions.
Taxation:
The Tax Rate was relatively stable at approximately 0.21, while the Tax Provisions showed some volatility, particularly the massive negative in Q4 2023 of -$165,348,000, which likely affected net income positively through reduced tax liabilities. Tax Effect of Unusual Items varied, sometimes adding back significant amounts into taxable income calculations.
Shareholder Metrics:
Diluted and Basic EPS both showed gradual growth over the year, exceptionally peaking in Q3 with values of 0.16 and 0.17 respectively. The average share counts, both diluted and basic, have also slightly increased, indicating potential fundraising or equity distribution strategies. Net Income Available to Common Stockholders generally mirrored the net income trends, confirming shareholder value alignment with company performance.
Conclusion:
BSY demonstrated solid revenue growth and managed operational costs effectively over the year, with distinct profitability in Q3 2023. Despite some fluctuations in taxation and cash flow indicators due to capital investments and interest expenses, the overall financial health appears robust. Continued attention to cost management and capital allocation should be advised to sustain profitability and shareholder value.