Bentley Systems Beats On Q1 Earnings, Clocks 11% Recurring Revenue Growth - Bentley Systems (NASDAQ:BSY)

Bentley Systems Inc BSY reported first-quarter FY21 revenue growth of 14% year-on-year to $222 million, beating the analyst consensus of $214.67 million.
Total Subscriptions and licenses revenue rose 9.5% Y/Y to $198.2 million, with Subscriptions revenue increasing 10.5% Y/Y to $188.1 million, and Perpetual licenses revenue falling 6.5% Y/Y to $10.1 million.
Services revenue rose 73.5% Y/Y to $23.8 million.
Trailing twelve-month (TTM) recurring revenues rose 10.7% Y/Y to $716.9 million, and TTM recurring revenues dollar-based net retention rate was 107% compared to 109% a year ago. TTM account retention rate stood flat at 98%.
Adjusted net income rose 48% Y/Y to $64 million with an adjusted EPS of $0.20, beating the analyst consensus of $0.15.
Adjusted EBITDA rose 43% Y/Y to $82.8 million, with the margin expanding 750 basis points to 37.3%.
Bentley generated $132.8 million in operating cash flow and held $569.5 million in cash and equivalents.
The Virtuosity subscriptions have attracted over a thousand accounts new to Bentley Systems since inception less than a year ago, CEO Greg Bentley said.
He expects the long-term potential of infrastructure digital twins to be accelerated by the ‘programmatic’ acquisitions announced last month of INRO to add multi-modal and dynamic simulation capabilities for mobility digital twins and sense metrics and Vista Data Vision to extend its iTwin platform for infrastructure IoT.
Guidance: Bentley will update the FY21 financial outlook to reflect the acquisition of Seequent during the Q2 operating results.
It sees FY21 revenue guidance of $895 million - $920 million, versus the analyst consensus of $905.84 million.
Price action: BSY shares are down 3.81% at $43.88 on the last check Tuesday.

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