Bentley Systems (BSY) Q1 Revenue Hits $424M, Up 14.5% YoY

Bentley Systems (BSY) reported Q1 revenue of $424 million, representing a 14.5% year-over-year increase. The annual recurring revenue (ARR) reached $1.495 billion, up 11.5% YoY, with net revenue retention at 109%. The company generated free cash flow of $188 million in Q1, aiming for a total of $500–$570 million in FY free cash flow. Additionally, Bentley repaid $678 million in convertibles and reduced its leverage ratio to 1.9x, solidifying its financial position.