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Bentley Systems Announces Operating Results for the Second 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 second quarter and six months ended June 30, 2022.\n\nSecond Quarter 2022 Financial Results\n\n\nTotal revenues were $268.3 million, up 19.8% or 26.2% on a constant currency basis, year-over-year;\n\n\nSubscriptions revenues were $232.2 million, up 24.5% or 31.3% on a constant currency basis, year-over-year;\n\n\nLast twelve-month recurring revenues were $930.8 million, up 24.6% year-over-year;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 109%, compared to 106% for the same period last year;\n\n\nLast twelve-month account retention rate was 98%, consistent with the same period last year;\n\n\nAnnualized Recurring Revenue (“ARR”) was $971.9 million as of June 30, 2022, representing an ARR growth rate of 14% from June 30, 2021;\n\n\nGAAP operating income was $55.7 million, compared to $33.2 million for the same period last year;\n\n\nGAAP net income was $55.7 million, compared to $45.6 million for the same period last year. GAAP net income per diluted share was $0.17, compared to $0.14 for the same period last year; GAAP net income margin was 20.8%, compared to 20.4% for the same period last year;\n\n\nAdjusted Net Income was $73.8 million, compared to $74.5 million for the same period last year. Adjusted Net Income per diluted share was $0.22 compared to $0.23 for the same period last year;\n\n\nAdjusted EBITDA was $86.5 million, compared to $69.3 million for the same period last year. Adjusted EBITDA margin was 32.2%, compared to 31.0% for the same period last year; and\n\n\nCash flow from operations was $67.0 million, compared to $16.2 million for the same period last year. \n\n\nSix Months Ended June 30, 2022 Financial Results\n\n\nTotal revenues were $543.8 million, up 21.9% or 26.9% on a constant currency basis, year-over-year;\n\n\nSubscriptions revenues were $473.4 million, up 26.4% or 31.6% on a constant currency basis, year-over-year;\n\n\nGAAP operating income was $112.3 million, compared to $88.9 million for the same period last year;\n\n\nGAAP net income was $112.1 million, compared to $102.6 million for the same period last year. GAAP net income per diluted share was $0.35, compared ...