Exhibit 99.1

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Bentley Systems Announces First Quarter 2025 Results
EXTON, PA – May 7, 2025 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for the quarter ended March 31, 2025.

First Quarter 2025 Results

•Total revenues were $370.5 million, up 9.7% or 10.9% on a constant currency basis, year-over-year;
•Subscriptions revenues were $342.3 million, up 11.5% or 12.7% on a constant currency basis, year-over-year;
•Annualized Recurring Revenues (“ARR”) were $1,319.3 million as of March 31, 2025, compared to $1,186.5 million as of March 31, 2024, representing a constant currency ARR growth rate of 12%;
•Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 108% for the same period last year;
•Operating income margin was 31.1%, compared to 27.2% for the same period last year;
•Adjusted operating income less stock-based compensation expense (“AOI less SBC”) (previously titled Adjusted operating income inclusive of stock-based compensation expense (“Adjusted OI w/SBC”)) margin was 34.1%, compared to 33.3% for the same period last year;
•Net income per diluted share was $0.28, compared to $0.22 for the same period last year;
•Adjusted net income per diluted share (“Adjusted EPS”) was $0.35, compared to $0.31 for the same period last year;
•Cash flows from operations was $219.4 million, compared to $205.0 million for the same period last year; and
•Free cash flow was $216.4 million, compared to $201.4 million for the same period last year.



Executive Chair Greg Bentley said, “It is gratifying to report BSY’s excellent operational and financial results despite heightened uncertainties facing global markets. While software will always broadly benefit from globalization, infrastructure investment stands as a vital ‘local’ imperative within every individual country. Coinciding generally with our end markets, our colleagues and ongoing investments are distributed very widely. We are well served, with respect to even unprecedented macro disruption, by having consistently improved our business resilience over the course of five years as a public company. Our consistency, including current performance, underscores our intentionally more dependable mix within infrastructure sectors, across the infrastructure lifecycle, and of commercial models, account scale, and geography.”

CEO Nicholas Cumins said, “We started the year off strong and our results position us well in regard to our financial outlook for the year. Our accounts remain cautiously optimistic about their businesses, following the tariff announcements, as countries continue to prioritize infrastructure funding, some even more than before. The fundamentals of our demand environment remain the same: a critical need for better and more resilient infrastructure, a continued shortage of engineers, and backlogs extending further out.”

CFO Werner Andre said, “Our Q1 financial results were consistent with our expectations, including year-over-year constant-currency ARR growth of 12% and strong profitability and free cash flow. While acknowledging current global economic uncertainties, we continue to execute towards our financial outlook range for the year. Our balance sheet strength and anticipated cash flow generation amply funds our dividend, share repurchases to offset dilution from stock-based compensation, growth initiatives including potential acquisitions, and with our available credit capacity, the refinancing of next year’s maturing convertible debt.”

Call Details

Bentley Systems will host a live Zoom video webinar on May 7, 2025 at 8:15 a.m. Eastern time to discuss results for its first quarter ended March 31, 2025.

Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://bentley-com.zoom.us/webinar/register/WN_IMvNdW_9TbKDlC_12IGdnQ#/registration. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website for one year.

Non-GAAP Financial Measures

In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these measures are considered non-GAAP financial measures under the United States Securities and Exchange Commission (“SEC”) regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems’ Form 8-K (Quarterly Earnings Release) furnished to the SEC.



Forward-Looking Statements

This press release includes forward-looking statements regarding the future results of operations and financial condition, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company,” “we,” “us,” and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: adverse changes in global economic and/or political conditions; the impact of tariffs and related policies on our business and the businesses of the industries we serve; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts’ rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all.

Further information on potential factors that could affect the financial results of the Company are included in the Company’s Form 10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Bentley Systems

Around the world, infrastructure professionals rely on software from Bentley Systems to help them design, build, and operate better and more resilient infrastructure for transportation, water, energy, cities, and more. Founded in 1984 by engineers for engineers, Bentley is the partner of choice for engineering firms and owner-operators worldwide, with software that spans engineering disciplines, industry sectors, and all phases of the infrastructure lifecycle. Through our digital twin solutions, we help infrastructure professionals unlock the value of their data to transform project delivery and asset performance.

© 2025 Bentley Systems, Incorporated. Bentley, and the Bentley logo are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

For more information, contact:
Investors: Eric Boyer, IR@bentley.com


BENTLEY SYSTEMS, INCORPORATED
Consolidated Balance Sheets
(in thousands)
(unaudited)

March 31, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$83,637 $64,009 
Accounts receivable312,296 322,862 
Allowance for doubtful accounts(8,736)(8,395)
Prepaid income taxes8,802 13,066 
Prepaid and other current assets50,056 50,531 
Total current assets446,055 442,073 
Property and equipment, net33,302 33,798 
Operating lease right-of-use assets31,765 32,303 
Intangible assets, net202,811 213,959 
Goodwill2,380,494 2,367,179 
Investments25,871 25,764 
Deferred income taxes199,405 198,286 
Other assets83,231 86,445 
Total assets$3,402,934 $3,399,807 
Liabilities and Equity
Current liabilities:
Accounts payable$24,498 $16,479 
Accruals and other current liabilities163,858 169,522 
Cloud Services Subscription deposits447,907 366,895 
Deferred revenues244,075 245,729 
Operating lease liabilities11,744 11,656 
Income taxes payable13,905 4,053 
Current portion of long-term debt— — 
Total current liabilities905,987 814,334 
Long-term debt1,244,308 1,388,088 
Deferred compensation plan liabilities94,962 96,684 
Long-term operating lease liabilities26,092 26,894 
Deferred revenues16,576 16,641 
Deferred income taxes8,285 8,612 
Income taxes payable3,615 3,615 
Other liabilities5,420 3,819 
Total liabilities2,305,245 2,358,687 
Equity:
Common stock
3,029 3,020 
Additional paid-in capital1,239,817 1,217,986 
Accumulated other comprehensive loss
(97,583)(104,078)
Accumulated deficit(47,681)(75,941)
Total Bentley Systems stockholders’ equity1,097,582 1,040,987 
Noncontrolling interest107 133 
Total equity1,097,689 1,041,120 
Total liabilities and equity
$3,402,934 $3,399,807 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months Ended
March 31,
20252024
Revenues:
Subscriptions$342,318 $307,089 
Perpetual licenses10,792 9,512 
Subscriptions and licenses353,110 316,601 
Services17,432 21,162 
Total revenues370,542 337,763 
Cost of revenues:
Cost of subscriptions and licenses46,498 40,218 
Cost of services19,161 21,612 
Total cost of revenues65,659 61,830 
Gross profit304,883 275,933 
Operating expense (income):
Research and development72,450 68,371 
Selling and marketing63,059 54,386 
General and administrative47,228 46,482 
Deferred compensation plan(1,246)5,799 
Amortization of purchased intangibles8,208 8,964 
Total operating expenses189,699 184,002 
Income from operations
115,184 91,931 
Interest expense, net(3,808)(6,520)
Other income, net
449 7,137 
Income before income taxes
111,825 92,548 
Provision for income taxes
(20,488)(22,247)
Equity in net income of investees, net of tax
1 9 
Net income
91,338 70,310 
Less: Net income (loss) attributable to noncontrolling interest(30)— 
Net income attributable to Bentley Systems
$91,368 $70,310 
Net income per share attributable to Bentley Systems stockholders:
Basic$0.29 $0.22 
Diluted$0.28 $0.22 
Weighted average shares:
Basic315,130,071 314,295,102 
Diluted333,441,006 333,623,518 


BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Three Months Ended
March 31,
20252024
Cash flows from operating activities:
Net income
$91,338 $70,310 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization15,640 16,385 
Deferred income taxes(1,216)5,302 
Stock-based compensation expense17,402 19,658 
Deferred compensation plan(1,246)5,799 
Amortization of deferred debt issuance costs1,894 1,823 
Change in fair value of derivative4,372 (2,790)
Foreign currency remeasurement gain
(25)(1,744)
Other175 1,099 
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable14,346 14,508 
Prepaid and other assets2,942 (5,321)
Accounts payable, accruals, and other liabilities(8,356)(874)
Cloud Services Subscription deposits74,489 85,945 
Deferred revenues(6,538)(9,257)
Income taxes payable, net of prepaid income taxes14,198 4,126 
Net cash provided by operating activities
219,415 204,969 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(3,044)(3,599)
Purchases of investments— (250)
Net cash used in investing activities
(3,044)(3,849)
Cash flows from financing activities:
Proceeds from credit facilities122,249 39,838 
Payments of credit facilities(257,565)(131,866)
Repurchase of convertible senior notes(9,797)— 
Repayments of term loan— (2,500)
Payments of contingent and non-contingent consideration(310)(451)
Payments of dividends(21,198)(17,871)
Proceeds from stock purchases under employee stock purchase plan5,312 5,560 
Proceeds from exercise of stock options— 4,007 
Payments for shares acquired including shares withheld for taxes(9,436)(8,099)
Repurchases of Class B common stock under approved program(30,014)(15,006)
Other(49)(47)
Net cash used in financing activities
(200,808)(126,435)
Effect of exchange rate changes on cash and cash equivalents4,065 (1,496)
Increase in cash and cash equivalents
19,628 73,189 
Cash and cash equivalents, beginning of period
64,009 68,412 
Cash and cash equivalents, end of period
$83,637 $141,601 


BENTLEY SYSTEMS, INCORPORATED
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share data)
(unaudited)

Reconciliation of operating income to AOI less SBC and to Adjusted operating income:

Three Months Ended
March 31,
20252024
Operating income
$115,184 $91,931 
Amortization of purchased intangibles11,444 12,190 
Deferred compensation plan(1,246)5,799 
Acquisition expenses838 2,359 
Realignment expenses
— 66 
AOI less SBC126,220 112,345 
Stock-based compensation expense17,305 19,337 
Adjusted operating income$143,525 $131,682 



Reconciliation of net income attributable to Bentley Systems to Adjusted net income:

Three Months Ended
March 31,
20252024
$
EPS(1)
$
EPS(1)
Net income attributable to Bentley Systems
$91,368 $0.28 $70,310 $0.22 
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles
11,444 0.03 12,190 0.04 
Stock-based compensation expense
17,305 0.05 19,337 0.06 
Deferred compensation plan
(1,246)— 5,799 0.02 
Acquisition expenses
838 — 2,359 0.01 
Realignment expenses
— — 66 — 
Other income, net
(449)— (7,137)(0.02)
Total non-GAAP adjustments, prior to income taxes27,892 0.08 32,614 0.10 
Income tax effect of non-GAAP adjustments(4,682)(0.01)— — 
Equity in net income of investees, net of tax
(1)— (9)— 
Adjusted net income(2)
$114,577 $0.35 $102,915 $0.31 
Adjusted diluted weighted average shares333,441,006333,623,518
(1)Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.
(2)Adjusted EPS numerator includes $1,569 and $1,723 for the three months ended March 31, 2025 and 2024, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method.


Reconciliation of cash flows from operations to free cash flow:

Three Months Ended
March 31,
20252024
Cash flows from operations$219,415 $204,969 
Purchases of property and equipment and investment in capitalized software(3,044)(3,599)
Free cash flow$216,371 $201,370 



Reconciliation of cash flows from operations to Adjusted EBITDA:

Three Months Ended
March 31,
20252024
Cash flows from operations$219,415 $204,969 
Cash interest2,150 5,257 
Cash taxes7,963 11,543 
Cash deferred compensation plan distributions
526 473 
Cash acquisition expenses1,727 1,807 
Cash realignment costs— 7,517 
Changes in operating assets and liabilities(81,775)(93,332)
Other(1)
(1,864)(2,357)
Adjusted EBITDA$148,142 $135,877 
(1) Includes receipts related to interest rate swap.



Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:

Three Months Ended March 31, 2025Three Months Ended March 31, 2024
ActualImpact of Foreign Exchange at 2024 RatesConstant CurrencyActualImpact of Foreign Exchange at 2024 RatesConstant Currency
Total revenues$370,542 $3,777 $374,319 $337,763 $(342)$337,421 
Subscriptions revenues
$342,318 $3,333 $345,651 $307,089 $(332)$306,757