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Bentley Systems Announces 21Q4 and 2021 Operating Results, and its 2022 Financial Outlook
EXTON, Pa.--(BUSINESS WIRE)-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software
About this update from Bentley Systems, Incorporated
[{"type":"text","content":" EXTON, Pa.--(BUSINESS WIRE)--\nBentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its fourth quarter and full year ended December 31, 2021, and its financial outlook for 2022.\n\nFourth Quarter 2021 Financial Results:\n\n\nTotal revenues were $267.7 million, up 21.9% year-over-year;\n\n\nSubscriptions revenues were $223.1 million, up 25.2% year-over-year;\n\n\nLast twelve-month recurring revenues were $834.2 million, up 19.7% year-over-year;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 109%, compared to 107% for the same period last year;\n\n\nLast twelve-month account retention rate was 98%, consistent with the same period last year;\n\n\nAnnualized Recurring Revenue (“ARR”) was $921.2 million as of December 31, 2021, representing a constant currency ARR growth rate of 26% from December 31, 2020;\n\n\nGAAP operating income was $43.3 million, compared to $54.3 million for the same period last year;\n\n\nGAAP net income was $38.6 million, compared to $51.9 million for the same period last year. GAAP net income per diluted share was $0.12, compared to $0.17 for the same period last year;\n\n\nAdjusted Net Income was $72.0 million, compared to $52.3 million for the same period last year. Adjusted Net Income per diluted share was $0.23 compared to $0.17 for the same period last year;\n\n\nAdjusted EBITDA was $88.2 million, compared to $77.4 million for the same period last year. Adjusted EBITDA margin was 32.9%, compared to 35.2% for the same period last year; and\n\n\nCash flow from operations was $80.6 million, compared to $82.3 million for the same period last year.\n\n\nFull Year 2021 Financial Results:\n\n\nTotal revenues were $965.0 million, up 20.4% year-over-year;\n\n\nSubscriptions revenues were $812.8 million, up 19.7% year-over-year;\n\n\nGAAP operating income was $94.6 million, compared to $150.2 million for the same period last year. GAAP operating income for 2021 includes a one-time compensation charge of $90.7 million resulting from a modification of our deferred compensation plan;\n\n\nGAAP net income was $93.2 million, compared to $126.5 million for the same period last year. GAAP net income per diluted share was $0.30, compared to $0.42 for the same period last year...