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Bentley Systems Announces 22Q4 and 2022 Operating Results, and Its 2023 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, 2022, and its financial outlook for 2023.\n\nFourth Quarter 2022 Financial Results\n\n\nTotal revenues were $286.9 million, up 7.2% or 12.7% on a constant currency basis, year-over-year;\n\n\nSubscriptions revenues were $251.5 million, up 12.7% or 18.3% on a constant currency basis, year-over-year;\n\n\nAnnualized Recurring Revenues (“ARR”) was $1,036.5 million as of December 31, 2022, representing a constant currency ARR growth rate of 15% from December 31, 2021, or 12.5% ARR growth from business performance, excluding acquired ARR from our 22Q1 platform acquisition of Power Line Systems;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 110%, consistent with the preceding quarter;\n\n\nOperating income was $40.8 million, compared to $43.3 million for the same period last year;\n\n\nAdjusted operating income was $88.1 million, compared to $83.3 million for the same period last year;\n\n\nNet income was $25.7 million, compared to $38.6 million for the same period last year. Net income per diluted share was $0.08, compared to $0.12 for the same period last year; Net income margin was 9.0%, compared to 14.4% for the same period last year;\n\n\nAdjusted net income was $59.7 million, compared to $72.2 million for the same period last year. Adjusted net income per diluted share (“Adjusted EPS”) was $0.19 compared to $0.22 for the same period last year;\n\n\nAdjusted EBITDA was $92.6 million, compared to $88.2 million for the same period last year. Adjusted EBITDA margin was 32.3%, compared to 32.9% for the same period last year; and\n\n\nCash flow from operations was $36.1 million, compared to $80.6 million for the same period last year, with the decrease mainly due to the timing of renewals and associated billings of certain annual contracts, and the timing of certain vendor payments.\n\n\nFull Year 2022 Financial Results\n\n\nTotal revenues were $1,099.1 million, up 13.9% or 19.8% on a constant currency basis over 2021;\n\n\nSubscriptions revenues were $960.2 million, up 18.1% or 24.3% on a constant currency basis over 2021;\n\n\nOperating income was $208....