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Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 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 second quarter and six months ended June 30, 2021.\n\nSecond Quarter 2021 Financial Results:\n\n\nTotal revenues were $222.9 million, up 21.0% year-over-year;\n\n\nSubscriptions revenues were $185.5 million, up 17.6% year-over-year;\n\n\nLast twelve-month recurring revenues were $746.2 million, up 12.1% year-over-year;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 106% (calculated under Topic 606), compared to 110% (calculated under Topic 605) for the same period last year;\n\n\nLast twelve-month account retention rate was 98% (calculated under Topic 606), compared to 98% (calculated under Topic 605) for the same period last year;\n\n\nAnnualized Recurring Revenue (“ARR”) was $882.4 million as of June 30, 2021, representing a constant currency ARR growth rate of 23% from June 30, 2020;\n\n\nGAAP operating income was $32.2 million, compared to $44.6 million for the same period last year;\n\n\nGAAP net income was $44.9 million, compared to $39.1 million for the same period last year. GAAP net income per diluted share was $0.14, compared to $0.13 for the same period last year;\n\n\nAdjusted Net Income was $74.3 million, compared to $46.0 million for the same period last year. Adjusted Net Income per diluted share was $0.23 compared to $0.16 for the same period last year;\n\n\nAdjusted EBITDA was $69.1 million, compared to $57.6 million for the same period last year. Adjusted EBITDA margin was 30.9%, compared to 31.2% for the same period last year;\n\n\nCash flow from operations was $16.2 million, compared to $63.6 million for the same period last year.\n\n\nSix Months Ended June 30, 2021 Financial Results:\n\n\nTotal revenues were $444.9 million, up 17.4% year-over-year;\n\n\nSubscriptions revenues were $373.6 million, up 14.0% year-over-year;\n\n\nGAAP operating income was $87.9 million, compared to $90.6 million for the same period last year;\n\n\nGAAP net income was $101.9 million, compared to $68.7 million for the same period last year. GAAP net income per diluted share was $0.32, compared to $0.23 for the same period last year;\n\n\nAdjusted Net Income was $138.3 million, compared to $89.2 mill...