Bentley Systems posted Q2 revenue of $410.7 million, up 12.8% year over year; GAAP diluted EPS rose to $0.25 from $0.22.
GAAP operating margin narrowed 1.6 percentage points to 21.6%; GAAP operating cash flow increased to $71.5 million from $61.1 million.
Free cash flow climbed to $63.8 million from $57.0 million; annualized recurring revenue was $1.54 billion at June 30.
Management commentary
CEO Nicholas Cumins said growth was led by the Resources sector, followed by Public Works/Utilities, including the electric grid.
CFO Werner Andre said the company went live with new enterprise-wide finance and quote-to-cash platforms, while keeping profitability in line with expectations.
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