Bentley Systems Announces Second Quarter 2024 Results

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 results for the quarter ended June 30, 2024.\n\n\nSecond Quarter 2024 Results\n\n\n\nTotal revenues were $330.3 million, up 11.3% or 11.9% on a constant currency basis, year-over-year;\n\n\n\nSubscriptions revenues were $297.4 million, up 14.7% or 15.3% on a constant currency basis, year-over-year;\n\n\n\nAnnualized Recurring Revenues (“ARR”) was $1,215.9 million as of June 30, 2024, compared to $1,105.9 million as of June 30, 2023, representing a constant currency ARR growth rate of 11%;\n\n\n\nLast twelve-month recurring revenues dollar-based net retention rate was 108%, compared to 110% for the same period last year;\n\n\n\nOperating income margin was 24.3%, compared to 18.0% for the same period last year;\n\n\n\nAdjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 28.8%, compared to 24.7% for the same period last year;\n\n\n\nNet income per diluted share was $0.22, compared to $0.15 for the same period last year;\n\n\n\nAdjusted net income per diluted share (“Adjusted EPS”) was $0.31, compared to $0.24 for the same period last year; and\n\n\n\nCash flows from operations was $62.6 million, compared to $80.6 million for the same period last year.\n\n\n\nSix Months Ended June 30, 2024 Results\n\n\n\nTotal revenues were $668.1 million, up 9.3% or 9.5% on a constant currency basis, year-over-year;\n\n\n\nSubscriptions revenues were $604.5 million, up 12.6% or 12.7% on a constant currency basis, year-over-year;\n\n\n\nOperating income margin was 25.8%, compared to 19.5% for the same period last year;\n\n\n\nAdjusted OI w/SBC margin was 31.1%, compared to 26.8% for the same period last year;\n\n\n\nNet income per diluted share was $0.44, compared to $0.29 for the same period last year;\n\n\n\nAdjusted EPS was $0.62, compared to $0.49 for the same period last year; and\n\n\n\nCash flows from operations was $267.6 million, compared to $256.8 million for the same period last year.\n\n\n\nExecutive Chair Greg Bentley said, “We are pleased to report broadly favorable operating results for 24Q2. Our confidence in sustaining commendable performance is reinforced by the enduring—and if anything, broadening— vitality of our infrastructure engineering...

More updates from Bentley Systems, Incorporated