Ivan Radojicic's questions to Bentley Systems Inc (BSY) leadership • Q2 2025
Question
Ivan Radojicic from Wolfe Research, LLC inquired about the reason for the slight downtick in the constant currency net revenue retention (NRR) rate to 109% and when it might be expected to return to the 110% range.
Answer
CFO Werner Andre clarified that the figure was 109.45%, which rounds down to 109%, and remains solidly within their target range. Executive Chair Greg Bentley added that the change was minimal and noted that the two-year lookback period for NRR is still affected by the past downdraft from China, which now represents a much smaller portion of total ARR.