---
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"
generated_at: "2026-06-15T07:51:28.276861+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Bentley Systems Q1 revenue $314.4M (+14.1% YoY); ARR growth accelerates to 13%

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-016617
- JSON: https://secwatch.observer/filing/0001628280-23-016617.json
- Plain text: https://secwatch.observer/filing/0001628280-23-016617.txt

## Key facts
- Earnings Releases
  BENTLEY SYSTEMS INC reported three months ended March 31, 2023 results: revenue $314.4 million, EPS $0.14. Guidance reaffirmed.
  - Period: three months ended March 31, 2023
  - Revenue: $314.4 million
  - EPS: $0.14
  - Guidance: reaffirmed
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/0001628280-23-016617-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.