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Bentley Ⓡ Advancing Infrastructure Press Release Investor Contact : Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 Media Contact : Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 Financial Outlook EXTON , Pa . - August 10 , 2021 – Bentley Systems , Incorporated ( Nasdaq : BSY ) ( “ Bentley Systems " or the " Company " ) , the infrastructure engineering software company , today announced operating results for its second quarter and six months ended June 30 , 2021 . Second Quarter 2021 Financial Results : • Total revenues were $ 222.9 million , up 21.0 % year - over - year ; • • • • • . • • Subscriptions revenues were $ 185.5 million , up 17.6 % year - over - year ; Last twelve - month recurring revenues were $ 746.2 million , up 12.1 % year - over - year ; Last twelve - month recurring revenues dollar - based net retention rate was 106 % ( calculated under Topic 606 ) , compared to 110 % ( 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 $ 882.4 million as of June 30 , 2021 , representing a constant currency ARR growth rate of 23 % from June 30 , 2020 ; GAAP operating income was $ 32.2 million , compared to $ 44.6 million for the same period last year ; GAAP net income was $ 44.9 million , compared to $ 39.1 million for the same period last year . GAAP net income per diluted share was $ 0.14 , compared to $ 0.13 for the same period last year ; Adjusted Net Income was $ 74.3 million , compared to $ 46.0 million for the same period last year . Adjusted Net Income per diluted share was $ 0.23 compared to $ 0.16 for the same period last year ; Adjusted EBITDA was $ 69.1 million , compared to $ 57.6 million for the same period last year . Adjusted EBITDA margin was 30.9 % , compared to 31.2 % for the same period last year ; • Cash flow from operations was $ 16.2 million , compared to $ 63.6 million for the same period last year .