4 on a Saturday: travel catchup edition

Nov 12, 2022 | Hot Topics

I’ve been AWOL the last two weeks, walking the length of the Kennet and von canal in England. Amazing engineering, water control in a place where rain is a given … and beautiful countryside. More on that at some point. While I was walking, the PLMish world created lots of news, which I’ll get to in more detail soon. A wonky power converter on the laptop means this must be quick, so:

Schneider Electric upped its offer for AVEVA. AVEVA shareholders were supposed to vote next week on SE’s proposal to acquire the shares it didn’t already own, and perhaps early signals weren’t promising. SE just increased its offer from 3,100 pence per share to 3,225 pence per share. That’s only 4% but the new offering price is roughly 3% above the share’s closing price on the day before the announcement, so maybe it’s enough. The companies say this new offer values AVEVA at £9,863 million, “implying an enterprise value of £10,569 million, equivalent to a multiple of 13.7x enterprise value to ARR, 8.6x enterprise value to pro forma revenue, and 28.9x enterprise value to pro forma Adjusted EBIT, in each case for the financial year ended 31 March 2022”. Phew. Stay tuned — the new date of the shareholder vote is 25 November.

AVEVA also announced results. More to come on the details; here are a few highlights: Total revenue of £554 million was 1% or so below expectations. Subscription revenue was up 23% on a constant currency (cc) basis, with SaaS revenue up 86% cc. License revenue was down 35% cc, in part because of the transition to subs but also on a slowdown in AVEVA’s Monitoring and Control business unit. There is lots of business unit, geo, and vertical data to parse — more to come.

PTC announced Q4 and fiscal 2022 results. The company is holding an investor update next week, so look for much more detail then. The main points on what we know so far: Total revenue was $508 million, up 6% and up 12% cc. Fiscal year 2022 revenue was $1,933 million, up 7% and up 11% cc. Interestingly, given these results, PTC initiated revenue guidance for fiscal 2023 that’s down 1% to up 3% cc — they cite accounting rules and their impact on reported revenue and macroeconomic uncertainty. We’ll learn more next week.

A LOT more companies announced results over the last 2 weeks — this is all I can get to right now. But before I sign off, here’s a break from the earnings news: Hexagon’s Leica BLK2FLY was named one of TIME’s Best Inventions of 2022. That’s very cool — our industry doesn’t often get that kind of recognition. BLK2FLY is an autonomous flying laser scanner that TIME magazine’s editors and correspondents selected– read more here.

More from Bentley Year in Infrastructure event next week, assuming the electrons continue to behave.

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