Bentley Systems, Incorporated, the infrastructure engineering software company, announced results for the quarter ended March 31, 2025.
First Quarter 2025 Results
- Total revenues were $370.5 million, up 9.7% or 10.9% on a constant currency basis, year-over-year;
- Subscriptions revenues were $342.3 million, up 11.5% or 12.7% on a constant currency basis, year-over-year;
- Annualized Recurring Revenues (“ARR”) were $1,319.3 million as of March 31, 2025, compared to $1,186.5 million as of March 31, 2024, representing a constant currency ARR growth rate of 12%;
- Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 108% for the same period last year;
- Operating income margin was 31.1%, compared to 27.2% for the same period last year;
- Adjusted operating income less stock-based compensation expense (“AOI less SBC”) (previously titled Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”)) margin was 34.1%, compared to 33.3% for the same period last year;
- Net income per diluted share was $0.28, compared to $0.22 for the same period last year;
- Adjusted net income per diluted share (“Adjusted EPS”) was $0.35, compared to $0.31 for the same period last year;
- Cash flows from operations was $219.4 million, compared to $205.0 million for the same period last year; and
- Free cash flow was $216.4 million, compared to $201.4 million for the same period last year.
Executive Chair Greg Bentley said, “It is gratifying to report BSY’s excellent operational and financial results despite heightened uncertainties facing global markets. While software will always broadly benefit from globalization, infrastructure investment stands as a vital ‘local’ imperative within every individual country. Coinciding generally with our end markets, our colleagues and ongoing investments are distributed very widely. We are well served, with respect to even unprecedented macro disruption, by having consistently improved our business resilience over the course of five years as a public company. Our consistency, including current performance, underscores our intentionally more dependable mix within infrastructure sectors, across the infrastructure lifecycle, and of commercial models, account scale, and geography.”
CEO Nicholas Cumins said, “We started the year off strong and our results position us well in regard to our financial outlook for the year. Our accounts remain cautiously optimistic about their businesses, following the tariff announcements, as countries continue to prioritize infrastructure funding, some even more than before. The fundamentals of our demand environment remain the same: a critical need for better and more resilient infrastructure, a continued shortage of engineers, and backlogs extending further out.”
CFO Werner Andre said, “Our Q1 financial results were consistent with our expectations, including year-over-year constant-currency ARR growth of 12% and strong profitability and free cash flow. While acknowledging current global economic uncertainties, we continue to execute towards our financial outlook range for the year. Our balance sheet strength and anticipated cash flow generation amply funds our dividend, share repurchases to offset dilution from stock-based compensation, growth initiatives including potential acquisitions, and with our available credit capacity, the refinancing of next year’s maturing convertible debt.”
For full disclosure of the first quarter 2025 results, please click here.
Call Details
Bentley Systems will host a live Zoom video webinar on May 7, 2025 at 8:15 a.m. Eastern time to discuss results for its first quarter ended March 31, 2025.
Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://bentley-com.zoom.us/webinar/register/WN_IMvNdW_9TbKDlC_12IGdnQ#/registration. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website for one year.
