Bentley(US:BSY)2022-05-10 18:17Financial Performance Highlights - Total revenues reached $275.5 million, a 24.1% increase year-over-year, or 27.7% on a constant currency basis[7] - Subscription revenues amounted to $241.2 million, reflecting a 28.2% increase, or 32.0% on a constant currency basis, year-over-year[7] - Last twelve-month recurring revenues totaled $885.9 million, up 23.6% year-over-year[7] - Adjusted EBITDA was $97.6 million, compared to $83.0 million in the same period last year[7] The Adjusted EBITDA margin was 35.4%, compared to 37.4% for the same period last year[7] - Cash flow from operations was $101.7 million, compared to $132.8 million for the same period last year[7] Key Business Metrics - Annualized Recurring Revenue (ARR) reached $962.6 million as of March 31, 2022, representing a constant currency ARR growth rate of 27% from March 31, 2021[7] - The last twelve-month recurring revenues dollar-based net retention rate was 108%, compared to 107% for the same period last year[7] - The last twelve-month account retention rate was 98%, consistent with the same period last year[7] Strategic Initiatives and Acquisitions - Bentley Systems completed the acquisition of Power Line Systems for $696.0 million in cash on January 31, 2022[9] - BSY Investments announced a joint venture in China to develop software and cloud service offerings tailored to Chinese government requirements[8, 76] - Bentley Systems acquired ADINA R & D Inc to enhance nonlinear simulation capabilities for infrastructure engineering[83]