Business
Bentley Systems Announces Operating Results for the Third Quarter of 2021
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 third quarter and nine months ended September 30, 2021.\n\nThird Quarter 2021 Financial Results:\n\n\nGAAP total revenues were $248.5 million, and adjusted total revenues were $251.4 million, up 23.7% year-over-year;\n\n\nGAAP subscriptions revenues were $212.2 million, and adjusted subscriptions revenues were $215.1 million, up 24.0% year-over-year;\n\n\nLast twelve-month recurring revenues were $786.1 million, up 15.1% 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 $903.8 million as of September 30, 2021, representing a constant currency ARR growth rate of 26% from September 30, 2020;\n\n\nGAAP operating loss was $40.4 million, compared to GAAP operating income of $5.3 million for the same period last year. The third quarter of 2021 GAAP operating loss was due to a one-time compensation charge of $90.7 million resulting from a modification of our deferred compensation plan;\n\n\nGAAP net loss was $50.1 million, compared to GAAP net income of $5.8 million for the same period last year. GAAP net loss per diluted share was $0.16, compared to GAAP net income per diluted share of $0.02 for the same period last year. The third quarter of 2021 GAAP net loss was due to a one-time compensation charge of $83.4 million, net of tax, resulting from a modification of our deferred compensation plan;\n\n\nAdjusted Net Income was $56.3 million, compared to $51.4 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.17 for the same period last year;\n\n\nAdjusted EBITDA was $84.5 million, compared to $73.7 million for the same period last year. Adjusted EBITDA margin was 33.6%, compared to 36.2% for the same period last year;\n\n\nCash flow from operations was $58.4 million, compared to $39.8 million for the same period last year.\n\n\nNin...