Bentley Systems Announces First Quarter 2025 Results

About this update from Bentley Systems, Incorporated

[{"type":"text","content":" EXTON, Pa.--(BUSINESS WIRE)--\nBentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended March 31, 2025.\n\nFirst Quarter 2025 Results\n\n\nTotal revenues were $370.5 million, up 9.7% or 10.9% on a constant currency basis, year-over-year;\n\n\nSubscriptions revenues were $342.3 million, up 11.5% or 12.7% on a constant currency basis, year-over-year;\n\n\nAnnualized Recurring Revenues (“ARR”) were $1,319.3 million as of March 31, 2025, compared to $1,186.5 million as of March 31, 2024, representing a constant currency ARR growth rate of 12%;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 108% for the same period last year;\n\n\nOperating income margin was 31.1%, compared to 27.2% for the same period last year;\n\n\nAdjusted operating income less stock-based compensation expense (“AOI less SBC”) (previously titled Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”)) margin was 34.1%, compared to 33.3% for the same period last year;\n\n\nNet income per diluted share was $0.28, compared to $0.22 for the same period last year;\n\n\nAdjusted net income per diluted share (“Adjusted EPS”) was $0.35, compared to $0.31 for the same period last year;\n\n\nCash flows from operations was $219.4 million, compared to $205.0 million for the same period last year; and\n\n\nFree cash flow was $216.4 million, compared to $201.4 million for the same period last year.\n\n\nExecutive Chair Greg Bentley said, “It is gratifying to report BSY’s excellent operational and financial results despite heightened uncertainties facing global markets. While software will always broadly benefit from globalization, infrastructure investment stands as a vital ‘local’ imperative within every individual country. Coinciding generally with our end markets, our colleagues and ongoing investments are distributed very widely. We are well served, with respect to even unprecedented macro disruption, by having consistently improved our business resilience over the course of five years as a public company. Our consistency, including current performance, underscores our intentionally more dependable mix within infrastructure sectors, across the infrastructure lifecycle, and of commercial models, account sc...

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