secwatch.observer — SEC 8-K summary
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Issuer:     BENTLEY SYSTEMS INC (BSY)
CIK:        0001031308
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001628280-23-016617
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/0001628280-23-016617-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1031308/000162828023016617/bsy-20230509.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-016617

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