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    Bentley Systems Announces First Quarter 2025 Results

    5/7/25 7:00:00 AM ET
    $BSY
    Computer Software: Prepackaged Software
    Technology
    Get the next $BSY alert in real time by email

    Bentley Systems, Incorporated (NASDAQ:BSY), the infrastructure engineering software company, today 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."

    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.

    Non-GAAP Financial Measures

    In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain of these measures are considered non-GAAP financial measures under the United States Securities and Exchange Commission ("SEC") regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems' Form 8-K (Quarterly Earnings Release) furnished to the SEC.

    Forward-Looking Statements

    This press release includes forward-looking statements regarding the future results of operations and financial condition, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the "Company," "we," "us," and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: adverse changes in global economic and/or political conditions; the impact of tariffs and related policies on our business and the businesses of the industries we serve; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts' rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all.

    Further information on potential factors that could affect the financial results of the Company are included in the Company's Form 10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    About Bentley Systems

    Around the world, infrastructure professionals rely on software from Bentley Systems to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Founded in 1984 by engineers for engineers, Bentley is the partner of choice for engineering firms and owner-operators worldwide, with software that spans engineering disciplines, industry sectors, and all phases of the infrastructure lifecycle. Through our digital twin solutions, we help infrastructure professionals unlock the value of their data to transform project delivery and asset performance.

    © 2025 Bentley Systems, Incorporated. Bentley, and the Bentley logo are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

    BENTLEY SYSTEMS, INCORPORATED

    Consolidated Balance Sheets

    (in thousands)

    (unaudited)

     

     

     

    March 31, 2025

     

    December 31, 2024

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    83,637

     

     

    $

    64,009

     

    Accounts receivable

     

     

    312,296

     

     

     

    322,862

     

    Allowance for doubtful accounts

     

     

    (8,736

    )

     

     

    (8,395

    )

    Prepaid income taxes

     

     

    8,802

     

     

     

    13,066

     

    Prepaid and other current assets

     

     

    50,056

     

     

     

    50,531

     

    Total current assets

     

     

    446,055

     

     

     

    442,073

     

    Property and equipment, net

     

     

    33,302

     

     

     

    33,798

     

    Operating lease right-of-use assets

     

     

    31,765

     

     

     

    32,303

     

    Intangible assets, net

     

     

    202,811

     

     

     

    213,959

     

    Goodwill

     

     

    2,380,494

     

     

     

    2,367,179

     

    Investments

     

     

    25,871

     

     

     

    25,764

     

    Deferred income taxes

     

     

    199,405

     

     

     

    198,286

     

    Other assets

     

     

    83,231

     

     

     

    86,445

     

    Total assets

     

    $

    3,402,934

     

     

    $

    3,399,807

     

    Liabilities and Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    24,498

     

     

    $

    16,479

     

    Accruals and other current liabilities

     

     

    163,858

     

     

     

    169,522

     

    Cloud Services Subscription deposits

     

     

    447,907

     

     

     

    366,895

     

    Deferred revenues

     

     

    244,075

     

     

     

    245,729

     

    Operating lease liabilities

     

     

    11,744

     

     

     

    11,656

     

    Income taxes payable

     

     

    13,905

     

     

     

    4,053

     

    Current portion of long-term debt

     

     

    —

     

     

     

    —

     

    Total current liabilities

     

     

    905,987

     

     

     

    814,334

     

    Long-term debt

     

     

    1,244,308

     

     

     

    1,388,088

     

    Deferred compensation plan liabilities

     

     

    94,962

     

     

     

    96,684

     

    Long-term operating lease liabilities

     

     

    26,092

     

     

     

    26,894

     

    Deferred revenues

     

     

    16,576

     

     

     

    16,641

     

    Deferred income taxes

     

     

    8,285

     

     

     

    8,612

     

    Income taxes payable

     

     

    3,615

     

     

     

    3,615

     

    Other liabilities

     

     

    5,420

     

     

     

    3,819

     

    Total liabilities

     

     

    2,305,245

     

     

     

    2,358,687

     

    Equity:

     

     

     

     

    Common stock

     

     

    3,029

     

     

     

    3,020

     

    Additional paid-in capital

     

     

    1,239,817

     

     

     

    1,217,986

     

    Accumulated other comprehensive loss

     

     

    (97,583

    )

     

     

    (104,078

    )

    Accumulated deficit

     

     

    (47,681

    )

     

     

    (75,941

    )

    Total Bentley Systems stockholders' equity

     

     

    1,097,582

     

     

     

    1,040,987

     

    Noncontrolling interest

     

     

    107

     

     

     

    133

     

    Total equity

     

     

    1,097,689

     

     

     

    1,041,120

     

    Total liabilities and equity

     

    $

    3,402,934

     

     

    $

    3,399,807

     

    BENTLEY SYSTEMS, INCORPORATED

    Consolidated Statements of Operations

    (in thousands, except share and per share data)

    (unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Revenues:

     

     

     

     

    Subscriptions

     

    $

    342,318

     

     

    $

    307,089

     

    Perpetual licenses

     

     

    10,792

     

     

     

    9,512

     

    Subscriptions and licenses

     

     

    353,110

     

     

     

    316,601

     

    Services

     

     

    17,432

     

     

     

    21,162

     

    Total revenues

     

     

    370,542

     

     

     

    337,763

     

    Cost of revenues:

     

     

     

     

    Cost of subscriptions and licenses

     

     

    46,498

     

     

     

    40,218

     

    Cost of services

     

     

    19,161

     

     

     

    21,612

     

    Total cost of revenues

     

     

    65,659

     

     

     

    61,830

     

    Gross profit

     

     

    304,883

     

     

     

    275,933

     

    Operating expense (income):

     

     

     

     

    Research and development

     

     

    72,450

     

     

     

    68,371

     

    Selling and marketing

     

     

    63,059

     

     

     

    54,386

     

    General and administrative

     

     

    47,228

     

     

     

    46,482

     

    Deferred compensation plan

     

     

    (1,246

    )

     

     

    5,799

     

    Amortization of purchased intangibles

     

     

    8,208

     

     

     

    8,964

     

    Total operating expenses

     

     

    189,699

     

     

     

    184,002

     

    Income from operations

     

     

    115,184

     

     

     

    91,931

     

    Interest expense, net

     

     

    (3,808

    )

     

     

    (6,520

    )

    Other income, net

     

     

    449

     

     

     

    7,137

     

    Income before income taxes

     

     

    111,825

     

     

     

    92,548

     

    Provision for income taxes

     

     

    (20,488

    )

     

     

    (22,247

    )

    Equity in net income of investees, net of tax

     

     

    1

     

     

     

    9

     

    Net income

     

     

    91,338

     

     

     

    70,310

     

    Less: Net income (loss) attributable to noncontrolling interest

     

     

    (30

    )

     

     

    —

     

    Net income attributable to Bentley Systems

     

    $

    91,368

     

     

    $

    70,310

     

     

     

     

     

     

    Net income per share attributable to Bentley Systems stockholders:

     

     

     

     

    Basic

     

    $

    0.29

     

     

    $

    0.22

     

    Diluted

     

    $

    0.28

     

     

    $

    0.22

     

    Weighted average shares:

     

     

     

     

    Basic

     

     

    315,130,071

     

     

     

    314,295,102

     

    Diluted

     

     

    333,441,006

     

     

     

    333,623,518

     

    BENTLEY SYSTEMS, INCORPORATED

    Consolidated Statements of Cash Flows

    (in thousands)

    (unaudited)

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Cash flows from operating activities:

     

     

     

     

    Net income

     

    $

    91,338

     

     

    $

    70,310

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    15,640

     

     

     

    16,385

     

    Deferred income taxes

     

     

    (1,216

    )

     

     

    5,302

     

    Stock-based compensation expense

     

     

    17,402

     

     

     

    19,658

     

    Deferred compensation plan

     

     

    (1,246

    )

     

     

    5,799

     

    Amortization of deferred debt issuance costs

     

     

    1,894

     

     

     

    1,823

     

    Change in fair value of derivative

     

     

    4,372

     

     

     

    (2,790

    )

    Foreign currency remeasurement gain

     

     

    (25

    )

     

     

    (1,744

    )

    Other

     

     

    175

     

     

     

    1,099

     

    Changes in assets and liabilities, net of effect from acquisitions:

     

     

     

     

    Accounts receivable

     

     

    14,346

     

     

     

    14,508

     

    Prepaid and other assets

     

     

    2,942

     

     

     

    (5,321

    )

    Accounts payable, accruals, and other liabilities

     

     

    (8,356

    )

     

     

    (874

    )

    Cloud Services Subscription deposits

     

     

    74,489

     

     

     

    85,945

     

    Deferred revenues

     

     

    (6,538

    )

     

     

    (9,257

    )

    Income taxes payable, net of prepaid income taxes

     

     

    14,198

     

     

     

    4,126

     

    Net cash provided by operating activities

     

     

    219,415

     

     

     

    204,969

     

    Cash flows from investing activities:

     

     

     

     

    Purchases of property and equipment and investment in capitalized software

     

     

    (3,044

    )

     

     

    (3,599

    )

    Purchases of investments

     

     

    —

     

     

     

    (250

    )

    Net cash used in investing activities

     

     

    (3,044

    )

     

     

    (3,849

    )

    Cash flows from financing activities:

     

     

     

     

    Proceeds from credit facilities

     

     

    122,249

     

     

     

    39,838

     

    Payments of credit facilities

     

     

    (257,565

    )

     

     

    (131,866

    )

    Repurchase of convertible senior notes

     

     

    (9,797

    )

     

     

    —

     

    Repayments of term loan

     

     

    —

     

     

     

    (2,500

    )

    Payments of contingent and non-contingent consideration

     

     

    (310

    )

     

     

    (451

    )

    Payments of dividends

     

     

    (21,198

    )

     

     

    (17,871

    )

    Proceeds from stock purchases under employee stock purchase plan

     

     

    5,312

     

     

     

    5,560

     

    Proceeds from exercise of stock options

     

     

    —

     

     

     

    4,007

     

    Payments for shares acquired including shares withheld for taxes

     

     

    (9,436

    )

     

     

    (8,099

    )

    Repurchases of Class B common stock under approved program

     

     

    (30,014

    )

     

     

    (15,006

    )

    Other

     

     

    (49

    )

     

     

    (47

    )

    Net cash used in financing activities

     

     

    (200,808

    )

     

     

    (126,435

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    4,065

     

     

     

    (1,496

    )

    Increase in cash and cash equivalents

     

     

    19,628

     

     

     

    73,189

     

    Cash and cash equivalents, beginning of period

     

     

    64,009

     

     

     

    68,412

     

    Cash and cash equivalents, end of period

     

    $

    83,637

     

     

    $

    141,601

     

    BENTLEY SYSTEMS, INCORPORATED

    Reconciliation of GAAP to Non-GAAP Financial Measures

    (in thousands, except share and per share data)

    (unaudited)

     

    Reconciliation of operating income to AOI less SBC and to Adjusted operating income:

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Operating income

     

    $

    115,184

     

     

    $

    91,931

    Amortization of purchased intangibles

     

     

    11,444

     

     

     

    12,190

    Deferred compensation plan

     

     

    (1,246

    )

     

     

    5,799

    Acquisition expenses

     

     

    838

     

     

     

    2,359

    Realignment expenses

     

     

    —

     

     

     

    66

    AOI less SBC

     

     

    126,220

     

     

     

    112,345

    Stock-based compensation expense

     

     

    17,305

     

     

     

    19,337

    Adjusted operating income

     

    $

    143,525

     

     

    $

    131,682

    Reconciliation of net income attributable to Bentley Systems to Adjusted net income:

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

     

     

    $

     

    EPS(1)

     

    $

     

    EPS(1)

    Net income attributable to Bentley Systems

     

    $

    91,368

     

     

    $

    0.28

     

     

    $

    70,310

     

     

    $

    0.22

     

    Non-GAAP adjustments, prior to income taxes:

     

     

     

     

     

     

     

     

    Amortization of purchased intangibles

     

     

    11,444

     

     

     

    0.03

     

     

     

    12,190

     

     

     

    0.04

     

    Stock-based compensation expense

     

     

    17,305

     

     

     

    0.05

     

     

     

    19,337

     

     

     

    0.06

     

    Deferred compensation plan

     

     

    (1,246

    )

     

     

    —

     

     

     

    5,799

     

     

     

    0.02

     

    Acquisition expenses

     

     

    838

     

     

     

    —

     

     

     

    2,359

     

     

     

    0.01

     

    Realignment expenses

     

     

    —

     

     

     

    —

     

     

     

    66

     

     

     

    —

     

    Other income, net

     

     

    (449

    )

     

     

    —

     

     

     

    (7,137

    )

     

     

    (0.02

    )

    Total non-GAAP adjustments, prior to income taxes

     

     

    27,892

     

     

     

    0.08

     

     

     

    32,614

     

     

     

    0.10

     

    Income tax effect of non-GAAP adjustments

     

     

    (4,682

    )

     

     

    (0.01

    )

     

     

    —

     

     

     

    —

     

    Equity in net income of investees, net of tax

     

     

    (1

    )

     

     

    —

     

     

     

    (9

    )

     

     

    —

     

    Adjusted net income(2)

     

    $

    114,577

     

     

    $

    0.35

     

     

    $

    102,915

     

     

    $

    0.31

     

     

     

     

     

     

     

     

     

     

    Adjusted diluted weighted average shares

     

     

    333,441,006

     

     

     

    333,623,518

     

     

    (1)

    Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.

    (2)

    Adjusted EPS numerator includes $1,569 and $1,723 for the three months ended March 31, 2025 and 2024, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method.

    Reconciliation of cash flows from operations to free cash flow:

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Cash flows from operations

     

    $

    219,415

     

     

    $

    204,969

     

    Purchases of property and equipment and investment in capitalized software

     

     

    (3,044

    )

     

     

    (3,599

    )

    Free cash flow

     

    $

    216,371

     

     

    $

    201,370

     

    Reconciliation of cash flows from operations to Adjusted EBITDA:

     

     

     

    Three Months Ended

     

     

    March 31,

     

     

    2025

     

    2024

    Cash flows from operations

     

    $

    219,415

     

     

    $

    204,969

     

    Cash interest

     

     

    2,150

     

     

     

    5,257

     

    Cash taxes

     

     

    7,963

     

     

     

    11,543

     

    Cash deferred compensation plan distributions

     

     

    526

     

     

     

    473

     

    Cash acquisition expenses

     

     

    1,727

     

     

     

    1,807

     

    Cash realignment costs

     

     

    —

     

     

     

    7,517

     

    Changes in operating assets and liabilities

     

     

    (81,775

    )

     

     

    (93,332

    )

    Other(1)

     

     

    (1,864

    )

     

     

    (2,357

    )

    Adjusted EBITDA

     

    $

    148,142

     

     

    $

    135,877

     

     

    (1)

    Includes receipts related to interest rate swap.

    Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:

     

     

    Three Months Ended March 31, 2025

     

    Three Months Ended March 31, 2024

     

    Actual

     

    Impact of

    Foreign

    Exchange at

    2024 Rates

     

    Constant

    Currency

     

    Actual

     

    Impact of

    Foreign

    Exchange at

    2024 Rates

     

    Constant

    Currency

    Total revenues

    $

    370,542

     

    $

    3,777

     

    $

    374,319

     

    $

    337,763

     

    $

    (342

    )

     

    $

    337,421

    Subscriptions revenues

    $

    342,318

     

    $

    3,333

     

    $

    345,651

     

    $

    307,089

     

    $

    (332

    )

     

    $

    306,757

    Explanation of Non-GAAP and Other Financial Measures

    Constant currency

    Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. A significant amount of our operations is conducted in foreign currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. We use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its underlying performance.

    In reporting period‑over‑period results, except for ARR as discussed further below, we calculate the effects of foreign currency fluctuations and constant currency information by translating current and prior period results on a transactional basis to our reporting currency using prior period average foreign currency exchange rates in which the transactions occurred.

    Recurring revenues

    Recurring revenues are the basis for our other revenue-related key business metrics. We believe this measure is useful in evaluating our ability to consistently retain and grow our revenues from accounts with revenues in the prior period ("existing accounts").

    Recurring revenues are subscriptions revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.

    Annualized recurring revenues ("ARR")

    ARR is a key business metric that we believe is useful in evaluating the scale and growth of our business as well as to assist in the evaluation of underlying trends in our business. Furthermore, we believe ARR, considered in connection with our last twelve‑month recurring revenues dollar‑based net retention rate, is a leading indicator of revenue growth.

    ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenues as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption‑based software subscriptions with consumption measurement durations of less than one year, calculated using the spot foreign currency exchange rates. We believe that the last three months of recognized revenues, on an annualized basis, for our recurring software subscriptions with consumption measurement period durations of less than one year is a reasonable estimate of the annual revenues, given our consistently high retention rate and stability of usage under such subscriptions.

    Constant currency ARR growth rate is the growth rate of ARR measured on a constant currency basis. In reporting period‑over‑period ARR growth rates in constant currency, we calculate constant currency growth rates by translating current and prior period ARR on a transactional basis to our reporting currency using current year budget exchange rates. Constant currency ARR growth rate from business performance excludes the ARR onboarding of our platform acquisitions and includes the impact from the ARR onboarding of programmatic acquisitions, which generally are immaterial, individually and in the aggregate. We believe these ARR growth rates are important metrics indicating the scale and growth of our business.

    Last twelve‑month recurring revenues dollar‑based net retention rate

    Last twelve‑month recurring revenues dollar‑based net retention rate is a key business metric that we believe is useful in evaluating our ability to consistently retain and grow our recurring revenues.

    Last twelve‑month recurring revenues dollar‑based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from existing accounts, but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. Related to our platform acquisitions, recurring revenues into new accounts will be captured as existing accounts starting with the second anniversary of the acquisition when such data conforms to the calculation methodology. This may cause variability in the comparison.

    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"))

    AOI less SBC is a non-GAAP financial measure and is used to measure the operational strength and performance of our business, as well as to assist in the evaluation of underlying trends in our business.

    AOI less SBC is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, and realignment expenses (income), for the respective periods.

    AOI less SBC is our primary performance measure, which excludes certain expenses and charges, including the non-cash amortization expense resulting from the acquisition of intangible assets, as we believe these may not be indicative of the Company's core business operating results. We intentionally include stock-based compensation expense in this measure as we believe it better captures the economic costs of our business.

    Management uses this non-GAAP financial measure to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, to evaluate financial performance, and in our comparison of our financial results to those of other companies. It is also a significant performance measure in certain of our executive incentive compensation programs.

    AOI less SBC margin is calculated by dividing AOI less SBC by total revenues.

    Adjusted operating income ("AOI")

    Adjusted operating income is a non-GAAP financial measure that we believe is useful to investors in making comparisons to other companies, although this measure may not be directly comparable to similar measures used by other companies.

    Adjusted operating income is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, realignment expenses (income), and stock‑based compensation expense, for the respective periods.

    Adjusted net income and Adjusted EPS

    Adjusted net income and Adjusted EPS are non-GAAP financial measures presenting the earnings generated by our ongoing operations that we believe is useful to investors in making meaningful comparisons to other companies, although these measures may not be directly comparable to similar measures used by other companies, and period-over-period comparisons.

    Adjusted net income is defined as net income attributable to Bentley Systems adjusted for the following: amortization of purchased intangibles, stock‑based compensation expense, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, realignment expenses (income), other non‑operating (income) expense, net, the tax effect of the above adjustments to net income, and equity in net (income) losses of investees, net of tax, for the respective periods. The income tax effect of non‑GAAP adjustments was determined using the applicable rates in the taxing jurisdictions in which income or expense occurred, and represent both current and deferred income tax expense or benefit based on the nature of the non‑GAAP adjustments, including the tax effects of non‑cash stock‑based compensation expense.

    Adjusted EPS is calculated as Adjusted net income, less net income attributable to Bentley Systems allocated to participating securities, plus interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method, if applicable, (numerator) divided by Adjusted diluted weighted average shares (denominator). Adjusted diluted weighted average shares is calculated by adding incremental shares related to the dilutive effect of convertible senior notes using the if‑converted method, if applicable, to diluted weighted average shares.

    Free cash flow

    Free cash flow is a non-GAAP financial measure and our primary liquidity measure that we believe provides a meaningful measure of liquidity and a useful basis for assessing our ability to service our debt obligations, make strategic acquisitions and investments, and return capital to investors through dividends and stock repurchases. Additionally, we believe free cash flow is useful to investors as a basis for comparing our results with other companies in our industries, although our measure of free cash flow may not be directly comparable to similar measures used by other companies. Free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary payments, such as mandatory debt repayments, are not deducted from the measure.

    Free cash flow is defined as cash flows from operations less purchases of property and equipment and investment in capitalized software.

    Adjusted EBITDA

    Adjusted EBITDA is a non-GAAP financial measure that we believe provides a meaningful measure of liquidity and a useful basis for assessing our ability to repay debt, make strategic acquisitions and investments, and return capital to investors.

    Adjusted EBITDA is defined as cash flow from operations adjusted for the following: cash interest, cash taxes, cash deferred compensation plan distributions, cash acquisition expenses, cash realignment costs, changes in operating assets and liabilities, and other cash items (such as those related to our interest rate swap). From time to time, we may exclude from Adjusted EBITDA the impact of certain cash receipts or payments that affect period-to-period comparability.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507652113/en/

    For more information, contact:

    Investors: Eric Boyer, [email protected]

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