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Jun 30, 2021
Bentley Systems Q2 2021 Earnings Report
Bentley Systems' performance was highlighted by the inclusion of Seequent, uptrends in ARR and new business, and continued upward inflections in SMB subscriptions.
Key Takeaways
Bentley Systems announced operating results for the second quarter and six months ended June 30, 2021. Total revenues were $222.9 million, up 21.0% year-over-year. GAAP net income was $44.9 million, compared to $39.1 million for the same period last year.
Total revenues were $222.9 million, up 21.0% year-over-year.
Subscriptions revenues were $185.5 million, up 17.6% year-over-year.
ARR was $882.4 million as of June 30, 2021, representing a constant currency ARR growth rate of 23% from June 30, 2020.
GAAP net income was $44.9 million, compared to $39.1 million for the same period last year.
Forward Guidance
The Company updated its full-year financial outlook for the year ending December 31, 2021, reflecting first half performance, current business developments, and notably, the Seequent acquisition.
Positive Outlook
- Total revenues $945 – $960 million
- Constant currency ARR growth rate 22% – 24%
- Adjusted EBITDA $305 – $310 million
- Effective tax rate <15%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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