Business
Bentley Systems Announces Operating Results for the First Quarter of 2023
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, 2023.\n\n\nFirst Quarter 2023 Financial Results\n\n\n\nTotal revenues were $314.4 million, up 14.1% or 17.1% on a constant currency basis, year-over-year;\n\n\n\nSubscriptions revenues were $277.8 million, up 15.2% or 18.0% on a constant currency basis, year-over-year;\n\n\n\nAnnualized Recurring Revenues (“ARR”) was $1,071.0 million as of March 31, 2023, representing a constant currency ARR growth rate of 13% from March 31, 2022;\n\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\n\nOperating income margin was 20.9%, compared to 20.5% for the same period last year;\n\n\n\nAdjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 28.8%, compared to 28.4% for the same period last year;\n\n\n\nNet income per diluted share was $0.14, compared to $0.18 for the same period last year;\n\n\n\nAdjusted net income per diluted share (“Adjusted EPS”) was $0.25, consistent with the same period last year; and\n\n\n\nCash flow from operations was $176.2 million, compared to $101.7 million for the same period last year.\n\n\n\nCEO Greg Bentley said, “Our robust operating results for 23Q1 continue to demonstrate the resilience of our end-markets, the predictability of our accretive business model, and the consistency of our execution. Most notably, ARR growth (year-over-year business performance, in constant currency) accelerated to 13%. Among infrastructure sectors, the trends were consistent with the previous quarter, with very strong growth in resources, strong growth in public works / utilities, solid growth in industrial, and commercial / facilities flat. Application consumption seasonally regained growth momentum, and our E365 and Virtuosity initiatives continue their upward inflection.\n\n\nFor the most part regions performed as expected, with continued strong growth in India and continued solid growth in Europe, as well as solid growth in the Americas. In China this first quarter was better than in recent years, but our strategic shift there towards more localized indirect g...