Bentley Systems Announces Third Quarter 2024 Results
Bentley Systems Announces Third Quarter 2024 Results Press Release November 7, 2024 EXTON, Pa.- Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended September 30, 2024. Third Quarter 2024 Results Total revenues were $335.2 million, up 9.3% or 9.1% on a constant currency basis, year-over-year; Subscriptions revenues were $303.2 million, up 12.0% or 11.8% on a constant currency basis, year-over-year; Annualized Recurring Revenues (“ARR”) was $1,270.7 million as of September 30, 2024, compared to $1,124.8 million as of September 30, 2023, representing a constant currency ARR growth rate of 12%; Last twelve-month recurring revenues dollar-based net retention rate was 109%, compared to 110% for the same period last year; Operating income margin was 20.5%, compared to 24.0% for the same period last year; Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 26.7%, compared to 28.2% for the same period last year; Net income per diluted share was $0.13, compared to $0.16 for the same period last year; Adjusted net income per diluted share (“Adjusted EPS”) was $0.24, compared to $0.22 for the same period last year; and Cash flows from operations was $86.1 million, compared to $72.8 million