Bentley Systems, Inc. (BSY) experienced a significant pre-market decline of 5.86% on Thursday, following the release of its first-quarter financial results.

While the infrastructure engineering software company reported revenue and adjusted earnings per share that exceeded analyst expectations, several underlying financial metrics raised concerns among investors. The company's revenue grew 14.5% year-over-year to $424.2 million, beating estimates, and adjusted EPS came in at $0.38 versus the $0.36 consensus.

However, the stock's decline appears driven by negative trends in cash flow and profitability margins. Cash flow from operations fell to $193.4 million from $219.4 million in the prior year period, while free cash flow dropped to $187.9 million from $216.4 million. Additionally, the operating income margin narrowed by 1.3 percentage points to 29.8%, and the dollar-based net retention rate eased slightly to 109% from 110%. The company also did not provide specific financial guidance for the current quarter or full year, potentially contributing to investor uncertainty.