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Bentley Systems Announces Operating Results for Third Quarter 2020
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 quarter ended September 30, 2020.\n\nThird Quarter 2020 Financial Results:\n\n\nTotal revenues were $203.0 million, up 8.8% year-over-year;\n\n\nSubscriptions revenues were $173.2 million, up 11.6% year-over-year;\n\n\nLast twelve-month recurring revenues were $682.7 million, up 11.0% year-over-year;\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 107% 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 $715.3 million as of September 30, 2020, representing Constant currency growth in ARR of 9% over September 30, 2019;\n\n\nGAAP operating income was $5.3 million, compared to $41.4 million for the same period last year;\n\n\nGAAP net income was $5.8 million, compared to $20.4 million for the same period last year. GAAP net income per diluted share was $0.02, compared to $0.07 for the same period last year;\n\n\nAdjusted Net Income was $51.4 million, compared to $39.3 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.14 for the same period last year;\n\n\nAdjusted EBITDA was $73.6 million, compared to $52.8 million for the same period last year. Adjusted EBITDA margin was 36.3%, compared to 28.3% for the same period last year;\n\n\nCash flow from operations was $39.8 million, compared to $35.5 million for the same period last year.\n\n\nDefinitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”\n\n“Our encouraging operating results for the third quarter of 2020 continue to reinforce the relative resilience of infrastructure engineering, and the priority placed by our user organizations this year on going digital, as they have resourcefully ‘virtualized’ their mission-critical work,” said Greg Bentley, CEO. “2020’s inflection in their digital advancement is evidenced by the burgeoning use cases for infrastructure digital twins which our...