Business
Bentley Systems Announces Operating Results for the First Quarter of 2022
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 first quarter ended March 31, 2022.\n\nFirst Quarter 2022 Financial Results\n\n\nTotal revenues were $275.5 million, up 24.1% or 27.7% on a constant currency basis, year-over-year;\n\n\n\nSubscriptions revenues were $241.2 million, up 28.2% or 32.0% on a constant currency basis, year-over-year;\n\n\n\nLast twelve-month recurring revenues were $885.9 million, up 23.6% year-over-year;\n\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 108%, compared to 107% for the same period last year;\n\n\n\nLast twelve-month account retention rate was 98%, consistent with the same period last year;\n\n\n\nAnnualized Recurring Revenue (“ARR”) was $962.6 million as of March 31, 2022, representing a constant currency ARR growth rate of 27% from March 31, 2021;\n\n\n\nGAAP operating income was $56.6 million, compared to $55.6 million for the same period last year;\n\n\n\nGAAP net income was $56.4 million, compared to $57.0 million for the same period last year. GAAP net income per diluted share was $0.18, compared to $0.18 for the same period last year. GAAP net income margin was 20.5%, compared to 25.7% for the same period last year;\n\n\n\nAdjusted Net Income was $79.6 million, compared to $64.1 million for the same period last year. Adjusted Net Income per diluted share was $0.24 compared to $0.20 for the same period last year;\n\n\n\nAdjusted EBITDA was $97.6 million, compared to $83.0 million for the same period last year. Adjusted EBITDA margin was 35.4%, compared to 37.4% for the same period last year; and\n\n\n\nCash flow from operations was $101.7 million, compared to $132.8 million for the same period last year.\n\n\nDefinitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”\n\nCEO Greg Bentley said, “Against this quarter’s backdrop of compounding global concerns, I am pleased that we are reporting overall resilience, starting with strong operating results, consistent with our established financial outlook for 2022. Ou...