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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 Bentley Systems Announces Operating Results for the Third Quarter of 2021 EXTON , Pa . - November 9 , 2021 - Bentley Systems , Incorporated ( Nasdaq : BSY ) ( " Bentley Systems " or the " Company " ) , the infrastructure engineering software company , today announced operating results for its third quarter and nine months ended September 30 , 2021 . Third Quarter 2021 Financial Results : GAAP total revenues were $ 248.5 million , and adjusted total revenues were $ 251.4 million , up 23.7 % year over - year ; 1-610-458-3170 GAAP subscriptions revenues were $ 212.2 million , and adjusted subscriptions revenues were $ 215.1 million , up 24.0 % year - over - year ; Last twelve - month recurring revenues were $ 786.1 million , up 15.1 % 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 $ 903.8 million as of September 30 , 2021 , representing a constant currency ARR growth rate of 26 % from September 30 , 2020 ; GAAP operating loss was $ 40.4 million , compared to GAAP operating income of $ 5.3 million for the same period last year . The third quarter of 2021 GAAP operating loss was due to a one - time compensation charge of $ 90.7 million resulting from a modification of our deferred compensation plan ; GAAP net loss was $ 50.1 million , compared to GAAP net income of $ 5.8 million for the same period last year . GAAP net loss per diluted share was $ 0.16 , compared to GAAP net income per diluted share of $ 0.02 for the same period last year . The third quarter of 2021 GAAP net loss was due to a one - time compensation charge of $ 83.4 million , net of tax , resulting from a modification of our deferred compensation plan ;