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Bentley Systems Announces Operating Results for the Third 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 third quarter and nine months ended September 30, 2022.\n\nThird Quarter 2022 Financial Results\n\n\nTotal revenues were $268.3 million, up 6.7% or 14.7% on a constant currency basis, year-over-year;\n\n\nSubscriptions revenues were $235.3 million, up 9.4% or 17.6% on a constant currency basis, year-over-year;\n\n\nLast twelve-month recurring revenues were $950.4 million, up 20.3% year-over-year;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 106% for the same period last year;\n\n\nLast twelve-month account retention rate was 99%, compared to 98% for the same period last year;\n\n\nAnnualized Recurring Revenue (“ARR”) was $983.7 million as of September 30, 2022, representing a constant currency ARR growth rate of 14% from September 30, 2021;\n\n\nGAAP operating income was $55.5 million, compared to GAAP operating loss of $37.5 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 income was $37.0 million, compared to GAAP net loss of $48.0 million for the same period last year. GAAP net income per diluted share was $0.12, compared to GAAP net loss per diluted share of $0.16 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. GAAP net income margin was 13.8%, compared to GAAP net loss margin of 19.1% for the same period last year;\n\n\nAdjusted Net Income was $61.8 million, compared to $56.3 million for the same period last year. Adjusted Net Income per diluted share was $0.19 compared to $0.17 for the same period last year;\n\n\nAdjusted EBITDA was $89.7 million, compared to $84.5 million for the same period last year. Adjusted EBITDA margin was 33.4%, compared to 33.6% for the same period last year; and\n\n\nCash flow from operations was $69.5 million, compared to $58.4 million for the same period last year. \n\n\nNine Months Ended September 30, 2022 Financia...