{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-23-016617","form_type":"8-K","ticker":"BSY","cik":"0001031308","company_name":"BENTLEY SYSTEMS INC","filed_at":"2023-05-09T23:59:59+00:00","discovered_at":"2026-05-14T18:03:37.686766+00:00","generated_at":"2026-06-15T07:51:28.276861+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Bentley Systems Q1 revenue $314.4M (+14.1% YoY); ARR growth accelerates to 13%","bullets":["Total revenues $314.4M, up 14.1% YoY (17.1% constant currency); subscriptions $277.8M (+15.2%).","ARR $1,071.0M as of Mar 31, constant currency ARR growth 13% vs prior year; dollar-based net retention 110%.","GAAP diluted EPS $0.14 vs $0.18; adjusted EPS $0.25 flat YoY; cash from ops $176.2M vs $101.7M.","CEO cites strong growth in resources, public works/utilities, industrial; commercial/facilities flat; China shift to perpetual licenses creates ARR headwind.","CFO reaffirms outlook; expects cash conversion ~80% from Adjusted EBITDA on TTM basis; $20.9M spent on share repurchases in Q1."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-23-016617","json":"https://secwatch.observer/filing/0001628280-23-016617.json","markdown":"https://secwatch.observer/filing/0001628280-23-016617.md","text":"https://secwatch.observer/filing/0001628280-23-016617.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/0001628280-23-016617-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/bsy-20230509.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T07:51:28.276861+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"ef597ff4fef2694aefe4d91eb5393ee5cf224c5b","claim":"BENTLEY SYSTEMS INC reported three months ended March 31, 2023 results: revenue $314.4 million, EPS $0.14. Guidance reaffirmed.","evidence_excerpt":"First Quarter 2023 Financial Results • Total revenues were $314.4 million, up 14.1% or 17.1% on a constant currency basis, year-over-year; • Subscriptions revenues were $277.8 million, up 15.2% or 18.0% on a constant currency basis, year-over-year; • Annualized Recurring Revenues (“ARR”) was $1,071.0 million as of March 31, 2023, representing a constant currency ARR growth rate of 13% from March 31, 2022; • 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 20.9%, compared to 20.5% for the same period last year; • Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”) margin was 28.8%, compared to 28.4% for the same period last year; • Net income per diluted share was $0.14, compared to $0.18 for the same period last year; • Adjusted net income per diluted share (“ Adjusted EPS ”) was $0.25, consistent with the same period last year; and • Cas","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/0001628280-23-016617-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"three months ended March 31, 2023"},{"label":"Revenue","value":"$314.4 million"},{"label":"EPS","value":"$0.14"},{"label":"Guidance","value":"reaffirmed"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}