Bentley Systems(NASDAQ) BSY

Bentley Systems, Incorporated makes software to design and build infrastructure. Its tools help engineers create roads, bridges, and power plants. These solutions ensure public works operate safely over time.

Tools for the Built World

• Modeling and Simulation: Software like MicroStation and OpenRoads helps engineers design roads, bridges, and rail systems.
• Geoprofessional Applications: Tools like Seequent and Leapfrog model subsurface environments for mining and environmental projects.
• Project Delivery Platforms: ProjectWise and SYNCHRO allow teams to collaborate and manage construction schedules in 4D.
• Asset Performance Systems: AssetWise helps owners monitor and optimize the health of infrastructure networks during operations.
• Specialized Industry Solutions: Applications like OpenTower and OpenWindPower provide tailored engineering tools for telecommunications and renewable energy.

New Platforms and Financial Moves

• Repaid the $678.3 million outstanding principal on its 2026 Notes in Jan. 2026.
• Entered a credit agreement amendment in April 2026 providing a new $550 million Term Loan.
• Launched a new enterprise-wide business management platform in the second quarter of 2026.
• Repurchased 3.7 million shares of Class B common stock for $125.1 million during the first half of 2026.

A Global Reach in Engineering

Bentley operates across the Americas, Europe, the Middle East, and Africa (EMEA), and the Asia-Pacific (APAC) regions. The company relies on a recurring revenue model, where recurring revenues accounted for 93% of total revenues for the 12 months ended June 30, 2026.

Subscriptions Drive Strong Performance

• Total revenues reached $410.7 million for the three months ended June 30, 2026, up 12.8% year over year.
• Annualized recurring revenue grew to $1.5 billion as of June 30, 2026, representing a 12% growth rate on a constant currency basis.
• Operating income was $88.6 million for the three months ended June 30, 2026, compared to $84.4 million in the prior-year period.
• Subscription revenues rose 13.6% to $378.6 million during the three-month period ended June 30, 2026.

Evolving With Global Infrastructure

Bentley has transitioned from traditional software licenses to a high-retention subscription model focused on the entire infrastructure lifecycle. Its evolution supports steady growth through expanded usage among existing engineering and construction accounts.