EXTON, PA — Bentley Systems, Incorporated (Nasdaq: BSY) has announced robust results for the first quarter of 2025, showcasing solid growth in revenues, profitability, and recurring revenues despite global market challenges.
The company reported total revenues of $370.5 million, reflecting a 9.7% year-over-year increase, or 10.9% on a constant currency basis. Subscription revenues accounted for $342.3 million, marking an 11.5% year-over-year rise, or 12.7% on a constant currency basis. Driven by strong subscription growth, annualized recurring revenues (ARR) reached $1.32 billion as of March 31, 2025, representing 12% year-over-year constant currency ARR growth.
Operating income margin improved significantly, reaching 31.1%, compared to 27.2% in Q1 2024. Adjusted operating income less stock-based compensation expenses margin also increased to 34.1% from 33.3% last year. Net income per diluted share rose to $0.28 from $0.22 in the prior-year period, while adjusted EPS climbed to $0.35, up from $0.31.
Cash flows from operations also advanced, reaching $219.4 million, compared to $205.0 million in Q1 2024. Free cash flow followed suit, totaling $216.4 million, an increase from $201.4 million last year.
Executive Chair Greg Bentley highlighted the company’s resilience amid global market uncertainties, emphasizing the broad stability of infrastructure investment despite disruptive macroeconomic factors. “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,” he said.
CEO Nicholas Cumins added that the company’s positioning aligns with global infrastructure priorities. “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,” he stated, noting optimism among client accounts.
CFO Werner Andre reaffirmed Bentley Systems’ financial outlook for 2025, citing strong Q1 performance as a foundation. “Our balance sheet strength and anticipated cash flow generation amply funds our dividend, share repurchases, growth initiatives, and the refinancing of next year’s maturing convertible debt,” he explained.
Looking ahead, Bentley Systems remains well-positioned to benefit from sustained investment in infrastructure as nations across the globe prioritize development and resilience in critical systems.
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