(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Bentley Systems, Incorporated | |||||||||||
Date: May 10, 2022 | By: | /s/ WERNER ANDRE | |||||||||
Name: | Werner Andre | ||||||||||
Title: | Chief Financial Officer and Chief Accounting Officer |
March 31, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 129,617 | $ | 329,337 | ||||||||||
Accounts receivable | 233,032 | 241,807 | ||||||||||||
Allowance for doubtful accounts | (7,486) | (6,541) | ||||||||||||
Prepaid income taxes | 26,254 | 16,880 | ||||||||||||
Prepaid and other current assets | 32,644 | 34,348 | ||||||||||||
Total current assets | 414,061 | 615,831 | ||||||||||||
Property and equipment, net | 32,043 | 31,823 | ||||||||||||
Operating lease right-of-use assets | 49,432 | 50,818 | ||||||||||||
Intangible assets, net | 329,029 | 245,834 | ||||||||||||
Goodwill | 2,217,578 | 1,588,477 | ||||||||||||
Investments | 8,680 | 6,438 | ||||||||||||
Deferred income taxes | 47,683 | 71,376 | ||||||||||||
Other assets | 59,797 | 48,646 | ||||||||||||
Total assets | $ | 3,158,303 | $ | 2,659,243 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 19,058 | $ | 16,483 | ||||||||||
Accruals and other current liabilities | 351,273 | 323,603 | ||||||||||||
Deferred revenues | 215,448 | 224,610 | ||||||||||||
Operating lease liabilities | 16,963 | 17,482 | ||||||||||||
Income taxes payable | 5,048 | 6,696 | ||||||||||||
Current portion of long-term debt | 5,000 | 5,000 | ||||||||||||
Total current liabilities | 612,790 | 593,874 | ||||||||||||
Long-term debt | 1,871,527 | 1,430,992 | ||||||||||||
Deferred compensation plan liabilities | 89,282 | 94,890 | ||||||||||||
Long-term operating lease liabilities | 34,907 | 35,274 | ||||||||||||
Deferred revenues | 13,006 | 7,983 | ||||||||||||
Deferred income taxes | 58,316 | 65,014 | ||||||||||||
Income taxes payable | 7,718 | 7,725 | ||||||||||||
Other liabilities | 13,104 | 14,269 | ||||||||||||
Total liabilities | 2,700,650 | 2,250,021 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 2,851 | 2,825 | ||||||||||||
Additional paid-in capital | 957,498 | 937,805 | ||||||||||||
Accumulated other comprehensive loss | (75,324) | (91,774) | ||||||||||||
Accumulated deficit | (427,372) | (439,634) | ||||||||||||
Total stockholders’ equity | 457,653 | 409,222 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 3,158,303 | $ | 2,659,243 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues: | ||||||||||||||
Subscriptions | $ | 241,233 | $ | 188,125 | ||||||||||
Perpetual licenses | 10,205 | 10,116 | ||||||||||||
Subscriptions and licenses | 251,438 | 198,241 | ||||||||||||
Services | 24,079 | 23,764 | ||||||||||||
Total revenues | 275,517 | 222,005 | ||||||||||||
Cost of revenues: | ||||||||||||||
Cost of subscriptions and licenses | 33,727 | 28,945 | ||||||||||||
Cost of services | 22,058 | 20,344 | ||||||||||||
Total cost of revenues | 55,785 | 49,289 | ||||||||||||
Gross profit | 219,732 | 172,716 | ||||||||||||
Operating expense (income): | ||||||||||||||
Research and development | 61,273 | 47,803 | ||||||||||||
Selling and marketing | 45,945 | 32,440 | ||||||||||||
General and administrative | 51,154 | 33,221 | ||||||||||||
Deferred compensation plan | (5,138) | 167 | ||||||||||||
Amortization of purchased intangibles | 9,906 | 3,438 | ||||||||||||
Total operating expenses | 163,140 | 117,069 | ||||||||||||
Income from operations | 56,592 | 55,647 | ||||||||||||
Interest expense, net | (7,042) | (2,319) | ||||||||||||
Other income, net | 10,641 | 14,482 | ||||||||||||
Income before income taxes | 60,191 | 67,810 | ||||||||||||
Provision for income taxes | (3,231) | (10,358) | ||||||||||||
Loss from investment accounted for using the equity method, net of tax | (572) | (446) | ||||||||||||
Net income | 56,388 | 57,006 | ||||||||||||
Less: Net income attributable to participating securities | (9) | — | ||||||||||||
Net income attributable to Class A and Class B common stockholders | $ | 56,379 | $ | 57,006 | ||||||||||
Per share information: | ||||||||||||||
Net income per share, basic | $ | 0.18 | $ | 0.19 | ||||||||||
Net income per share, diluted | $ | 0.18 | $ | 0.18 | ||||||||||
Weighted average shares, basic | 307,969,672 | 302,583,452 | ||||||||||||
Weighted average shares, diluted | 331,330,256 | 321,736,649 | ||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 56,388 | $ | 57,006 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 17,212 | 8,993 | ||||||||||||
Bad debt allowance | 955 | 746 | ||||||||||||
Deferred income taxes | 9,042 | 966 | ||||||||||||
Stock-based compensation expense | 15,099 | 8,913 | ||||||||||||
Deferred compensation plan | (5,138) | 1,021 | ||||||||||||
Amortization and write-off of deferred debt issuance costs | 1,778 | 1,229 | ||||||||||||
Change in fair value of derivative | (12,084) | (13,661) | ||||||||||||
Change in fair value of contingent consideration | 500 | — | ||||||||||||
Change on fair value of investments | (112) | — | ||||||||||||
Gain on sale of aircraft | (2,029) | — | ||||||||||||
Foreign currency remeasurement loss (gain) | 1,677 | (583) | ||||||||||||
Loss from investment accounted for using the equity method, net of tax | 572 | 446 | ||||||||||||
Changes in assets and liabilities, net of effect from acquisitions: | ||||||||||||||
Accounts receivable | 8,691 | 14,903 | ||||||||||||
Prepaid and other assets | 5,718 | 8,257 | ||||||||||||
Accounts payable, accruals, and other liabilities | 26,791 | 54,977 | ||||||||||||
Deferred revenues | (12,515) | (21,889) | ||||||||||||
Income taxes payable, net of prepaid income taxes | (10,814) | 11,474 | ||||||||||||
Net cash provided by operating activities | 101,731 | 132,798 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property and equipment and investment in capitalized software | (4,176) | (2,655) | ||||||||||||
Proceeds from sale of aircraft | 2,380 | — | ||||||||||||
Acquisitions, net of cash acquired | (695,968) | (57,975) | ||||||||||||
Other investing activities | (2,811) | — | ||||||||||||
Net cash used in investing activities | (700,575) | (60,630) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from credit facilities | 563,912 | 16,000 | ||||||||||||
Payments of credit facilities | (123,696) | (262,000) | ||||||||||||
Proceeds from convertible senior notes, net of discounts and commissions | — | 672,750 | ||||||||||||
Payments of debt issuance costs | — | (3,777) | ||||||||||||
Purchase of capped call options | — | (25,530) | ||||||||||||
Repayment of term loan | (1,250) | — | ||||||||||||
Payments of financing leases | (48) | (50) | ||||||||||||
Payments of acquisition debt and other consideration | (2,721) | (25) | ||||||||||||
Payments of dividends | (8,528) | (8,219) | ||||||||||||
Payments for shares acquired including shares withheld for taxes | (35,117) | (18,763) | ||||||||||||
Proceeds from stock purchases under employee stock purchase plan | 4,611 | — | ||||||||||||
Proceeds from exercise of stock options | 2,768 | 1,751 | ||||||||||||
Net cash provided by financing activities | 399,931 | 372,137 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (807) | 3,225 | ||||||||||||
(Decrease) increase in cash and cash equivalents | (199,720) | 447,530 | ||||||||||||
Cash and cash equivalents, beginning of year | 329,337 | 122,006 | ||||||||||||
Cash and cash equivalents, end of period | $ | 129,617 | $ | 569,536 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 56,388 | $ | 57,006 | |||||||
Interest expense, net | 7,042 | 2,319 | |||||||||
Provision for income taxes | 3,231 | 10,358 | |||||||||
Depreciation and amortization | 17,212 | 8,993 | |||||||||
Stock-based compensation | 14,953 | 8,913 | |||||||||
Deferred compensation plan | (5,138) | 167 | |||||||||
Acquisition expenses | 13,997 | 9,256 | |||||||||
Other income, net | (10,641) | (14,482) | |||||||||
Loss from investment accounted for using the equity method, net of tax | 572 | 446 | |||||||||
Adjusted EBITDA | $ | 97,616 | $ | 82,976 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 56,388 | $ | 57,006 | |||||||
Non-GAAP adjustments, prior to income taxes: | |||||||||||
Amortization of purchased intangibles and developed technologies | 12,928 | 4,683 | |||||||||
Stock-based compensation | 14,953 | 8,913 | |||||||||
Deferred compensation plan | (5,138) | 167 | |||||||||
Acquisition expenses | 13,997 | 9,256 | |||||||||
Other income, net | (10,641) | (14,482) | |||||||||
Total non-GAAP adjustments, prior to income taxes | 26,099 | 8,537 | |||||||||
Income tax effect of non-GAAP adjustments | (3,503) | (1,859) | |||||||||
Loss from investment accounted for using the equity method, net of tax | 572 | 446 | |||||||||
Adjusted Net Income | $ | 79,556 | $ | 64,130 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cost of subscriptions and licenses | $ | 33,727 | $ | 28,945 | ||||||||||
Amortization of purchased intangibles and developed technologies | (3,022) | (1,245) | ||||||||||||
Stock-based compensation | (380) | (86) | ||||||||||||
Adjusted cost of subscriptions and licenses | $ | 30,325 | $ | 27,614 | ||||||||||
Cost of services | $ | 22,058 | $ | 20,344 | ||||||||||
Stock-based compensation | (371) | (235) | ||||||||||||
Acquisition expenses | (1,324) | (966) | ||||||||||||
Adjusted cost of services | $ | 20,363 | $ | 19,143 | ||||||||||
Research and development | $ | 61,273 | $ | 47,803 | ||||||||||
Stock-based compensation | (5,349) | (3,909) | ||||||||||||
Acquisition expenses | (1,651) | (1,374) | ||||||||||||
Adjusted research and development | $ | 54,273 | $ | 42,520 | ||||||||||
Selling and marketing | $ | 45,945 | $ | 32,440 | ||||||||||
Stock-based compensation | (1,371) | (690) | ||||||||||||
Acquisition expenses | (423) | (44) | ||||||||||||
Adjusted selling and marketing | $ | 44,151 | $ | 31,706 | ||||||||||
General and administrative | $ | 51,154 | $ | 33,221 | ||||||||||
Stock-based compensation | (7,482) | (3,993) | ||||||||||||
Acquisition expenses | (10,599) | (6,860) | ||||||||||||
Adjusted general and administrative | $ | 33,073 | $ | 22,368 | ||||||||||
Income from operations | $ | 56,592 | $ | 55,647 | ||||||||||
Amortization of purchased intangibles and developed technologies | 12,928 | 4,683 | ||||||||||||
Stock-based compensation | 14,953 | 8,913 | ||||||||||||
Deferred compensation plan | (5,138) | 167 | ||||||||||||
Acquisition expenses | 13,997 | 9,256 | ||||||||||||
Adjusted income from operations | $ | 93,332 | $ | 78,666 |
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Cover |
May 10, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 10, 2022 |
Entity Registrant Name | BENTLEY SYSTEMS, INCORPORATED |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39548 |
Entity Tax Identification Number | 95-3936623 |
Entity Address, Address Line One | 685 Stockton Drive |
Entity Address, City or Town | Exton |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19341 |
City Area Code | 610 |
Local Phone Number | 458-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class B common stock, par value $0.01 per share |
Trading Symbol | BSY |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001031308 |
Amendment Flag | false |
-8?20$3;8T.P
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