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Bentley Advancing Infrastructure First Quarter 2021 Financial Results : ● Press Release Investor Contact : Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ● ir@bentley.com 1-610-458-2777 Bentley Systems Announces First Quarter 2021 Operating Results EXTON , Pa . - May 11 , 2021 : Bentley Systems , Incorporated ( Nasdaq : BSY ) ( " Bentley Systems " or the " Company " ) , the infrastructure engineering software company , today announced operating results for its quarter ended March 31 , 2021 . Media Contact : Carey Mann carey.mann@bentley.com 1-610-458-3170 Total revenues were $ 222.0 million , up 14.0 % year - over - year ; Subscriptions revenues were $ 188.1 million , up 10.5 % year - over - year ; Last twelve - month recurring revenues were $ 716.9 million , up 10.7 % year - over - year ; Last twelve - month recurring revenues dollar - based net retention rate was 107 % ( calculated under Topic 606 ) , compared to 109 % ( calculated under Topic 605 ) for the same period last year ; Last twelve - month account retention rate was 98 % ( calculated under Topic 606 ) , compared to 98 % ( calculated under Topic 605 ) for the same period last year ; Annualized Recurring Revenue ( " ARR " ) was $ 760.2 million as of March 31 , 2021 , representing a constant currency ARR growth rate of 10 % from March 31 , 2020 ; GAAP operating income was $ 55.6 million , compared to $ 46.0 million for the same period last year ; GAAP net income was $ 57.0 million , compared to $ 29.7 million for the same period last year . GAAP net income per diluted share was $ 0.18 , compared to $ 0.10 for the same period last year ; Adjusted Net Income was $ 64.0 million , compared to $ 43.2 million for the same period last year . Adjusted Net Income per diluted share was $ 0.20 compared to $ 0.15 for the same period last year ; Adjusted EBITDA was $ 82.8 million , compared to $ 57.9 million for the same period last year . Adjusted EBITDA margin was 37.3 % , compared to 29.8 % for the same period last year ; Cash flow from operations was $ 132.8 million , compared to $ 72.6 million for the same period last year .