Bentley Systems Announces Operating Results for the Second Quarter of 2023

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 operating results for its second quarter and six months ended June 30, 2023.\n\n\nSecond Quarter 2023 Operating Results\n\n\n\nTotal revenues were $296.7 million, up 10.6% or 10.1% on a constant currency basis, year-over-year;\n\n\n\n\nSubscriptions revenues were $259.2 million, up 11.7% or 10.9% on a constant currency basis, year-over-year;\n\n\n\n\nAnnualized Recurring Revenues (“ARR”) was $1,105.9 million as of June 30, 2023, compared to $971.9 million as of June 30, 2022, representing a constant currency ARR growth rate of 13%;\n\n\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 109% for the same period last year;\n\n\n\n\nOperating income margin was 18.0%, compared to 20.8% for the same period last year;\n\n\n\n\nAdjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 24.7%, compared to 24.0% for the same period last year;\n\n\n\n\nNet income per diluted share was $0.15, compared to $0.17 for the same period last year;\n\n\n\n\nAdjusted net income per diluted share (“Adjusted EPS”) was $0.24, compared to $0.23 for the same period last year; and\n\n\n\n\nCash flow from operations was $80.6 million, compared to $67.0 million for the same period last year.\n\n\n\nSix Months Ended June 30, 2023 Operating Results\n\n\n\nTotal revenues were $611.2 million, up 12.4% or 13.6% on a constant currency basis, year-over-year;\n\n\n\n\nSubscriptions revenues were $537.1 million, up 13.4% or 14.5% on a constant currency basis, year-over-year;\n\n\n\n\nOperating income margin was 19.5%, compared to 20.7% for the same period last year;\n\n\n\n\nAdjusted OI w/SBC margin was 26.8%, compared to 26.2% for the same period last year;\n\n\n\n\nNet income per diluted share was $0.29, compared to $0.35 for the same period last year;\n\n\n\n\nAdjusted EPS was $0.49, compared to $0.47 for the same period last year; and\n\n\n\n\nCash flow from operations was $256.8 million, compared to $168.7 million for the same period last year.\n\n\n\nCEO Greg Bentley said, “I am pleased to again report strong operating results this quarter, driven perhaps equally by 2023’s favorable end market conditions and by our teams’ strong o...

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