Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems”
or the “Company”), the infrastructure engineering software company,
today announced operating results for its quarter ended September
30, 2020.
Third Quarter 2020 Financial Results:
- Total revenues were $203.0 million, up 8.8%
year-over-year;
- Subscriptions revenues were $173.2 million, up 11.6%
year-over-year;
- Last twelve-month recurring revenues were $682.7 million, up
11.0% year-over-year;
- Last twelve-month recurring revenues dollar-based net retention
rate was 110%, compared to 107% for the same period last year;
- Last twelve-month account retention rate was 98%, consistent
with the same period last year;
- Annualized Recurring Revenue (“ARR”) was $715.3 million as of
September 30, 2020, representing Constant currency growth in ARR of
9% over September 30, 2019;
- GAAP operating income was $5.3 million, compared to $41.4
million for the same period last year;
- GAAP net income was $5.8 million, compared to $20.4 million for
the same period last year. GAAP net income per diluted share was
$0.02, compared to $0.07 for the same period last year;
- Adjusted Net Income was $51.4 million, compared to $39.3
million for the same period last year. Adjusted Net Income per
diluted share was $0.17 compared to $0.14 for the same period last
year;
- Adjusted EBITDA was $73.6 million, compared to $52.8 million
for the same period last year. Adjusted EBITDA margin was 36.3%,
compared to 28.3% for the same period last year;
- Cash flow from operations was $39.8 million, compared to $35.5
million for the same period last year.
Definitions of the non-GAAP financial measures used in this
press release and reconciliations of such measures to their nearest
GAAP equivalents are included below under the heading “Use and
Reconciliation of Non-GAAP Financial Measures.”
“Our encouraging operating results for the third quarter of 2020
continue to reinforce the relative resilience of infrastructure
engineering, and the priority placed by our user organizations this
year on going digital, as they have resourcefully ‘virtualized’
their mission-critical work,” said Greg Bentley, CEO. “2020’s
inflection in their digital advancement is evidenced by the
burgeoning use cases for infrastructure digital twins which our
users and accounts showcased at our just-completed Year in
Infrastructure 2020 Conference.”
Mr. Bentley continued, “Although infrastructure investment at
large-- and our predictable business model-- continues to
demonstrate resilience, we have now discerned a change within our
application usage trends. During the first half of 2020 we could
see waves of pandemic-related lockdowns adversely impacting our
days of usage by a few percent, and then abating progressively by
region. Beginning in the third quarter, we’ve been observing global
usage impacts that instead are primarily a function of
infrastructure sector -- with the commercial / facilities sector
most affected, and our mainstay public works and utilities sector
least affected. In the industrial / resources sector, capital
projects activity has now perceptibly declined, reducing
consumption of our applications by those affected (‘EPC’
engineering / procurement / construction firms). EPC accounts tend
to have been early adopters of our consumption-based E365
commercial model, so our ARR and revenue growth are being somewhat
attenuated. Our usual visibility into ARR momentum is likely to
remain obscured to this degree.”
“Overall, we are nonetheless confident about promising returns
on the purposeful reinvestment of our significant 2020 cost
savings. Our new Chief Product Officer (Nicholas Cumins), inaugural
Chief Success Officer (Katriona Lord-Levins), and new Chief
Marketing Officer (Chris Bradshaw) bring us world-class public
company experience in succession to many of our ‘foundation pillar’
executives whose retirements, upon our IPO after 36 years, have
been anticipated. While maintaining our commitment to annual
improvement in operating efficiency and margins, we are
enthusiastically investing to accelerate accretion in our existing
accounts, to better reach more small and mid-market prospects, to
further enable our applications and systems through our iTwins
Platform, and to develop our ecosystem of digital integrators to
curate infrastructure digital twins.”
Financial Developments:
- In August 2020, Bentley Systems declared a special dividend of
$1.50 per share ($392.5 million in the aggregate) and used its bank
credit facility to fund the special dividend.
- In September 2020, Bentley Systems completed its initial public
offering (“IPO”) of its Class B common stock at a price of $22.00
per share. Selling stockholders completed the sale of 12.4 million
shares, including 1.6 million shares issued pursuant to the full
exercise of the underwriters’ option to purchase additional shares.
The Company did not receive any proceeds from the sale of shares of
common stock by the selling stockholders in the IPO. For the three
and nine months ended September 30, 2020, the Company recorded in
its consolidated statement of operations $26.1 million in expenses
associated with its IPO. Expenses associated with the IPO include
certain non‐recurring costs consisting of underwriting discounts
and commissions applicable to the sale of shares by the selling
stockholders, professional fees, and other expenses.
- During the third quarter of 2020, the Company initiated a
strategic realignment program to better align talent resources with
the evolving needs of the business. The Company incurred
realignment costs related to this program of $10.0 million for the
three and nine months ended September 30, 2020, representing
termination benefits for colleagues whose positions were
eliminated. These realignment activities have been broadly
implemented across the company with substantially all actions
expected to be completed by the beginning of 2021.
- For the three and nine months ended September 30, 2020, the
Company reported an effective tax rate of 62.5% and 22.6%
respectively. The unusually high effective tax rate, especially in
the third quarter, is primarily due to officer compensation
limitation provisions resulting from the Company’s IPO and the
non‑deductibility of expenses associated with the Company’s IPO,
partially offset by increased tax benefits from stock‑based
compensation.
2020 Financial Outlook
For the full year of 2020, the Company currently expects:
- Total revenues in the range of $790 million to $800 million,
representing growth of 7.2% to 8.6%;
- Constant currency growth in ARR of 7.5% to 9.0%;
- Adjusted EBITDA in the range of $250 million to $265 million,
representing growth of 33% to 41%, including the impact of
transitioning approximately $7.5 million of quarterly executive
compensation from cash-based incentives to stock-based incentives
for the fourth quarter of 2020;
- Its effective tax rate for 2020 to be 23% to 25%. However,
normalized for the unusual IPO-related activity in the third
quarter of 2020, the effective tax rate is expected to be
approximately 19% to 21%.
Bentley Systems is not providing a quantitative reconciliation
of its Non-GAAP financial outlook to the corresponding GAAP
information because the GAAP measures that it excludes from its
Non-GAAP outlook are not available without unreasonable effort on a
forward-looking basis due to their unpredictability, high
variability, complexity and low visibility.
Earnings Call Details
Bentley Systems will host a live Zoom Video Webinar on November
10, 2020 at 8:30 a.m. Eastern Time to discuss the financial results
for the third quarter of 2020.
Those wishing to participate should access the live Zoom Video
Webinar of the event through a direct registration link at
https://zoom.us/webinar/register/WN_MIBAJ7xHTN-cmp5KHRA-Fg.
Alternatively, the event can be accessed from the Events &
Presentations page on Bentley Systems’ Investor Relations website
at https://investors.bentley.com. A replay and transcript will be
available after the conclusion of the live event on Bentley
Systems’ Investor Relations website.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering
software company. We provide innovative software to advance the
world’s infrastructure – sustaining both the global economy and
environment. Our industry-leading software solutions are used by
professionals, and organizations of every size, for the design,
construction, and operations of roads and bridges, rail and
transit, water and wastewater, public works and utilities,
buildings and campuses, and industrial facilities. Our offerings
include MicroStation-based applications for modeling and
simulation, ProjectWise for project delivery, AssetWise for asset
and network performance, and the iTwin platform for infrastructure
digital twins. Bentley Systems employs more than 4,000 colleagues
and generates annual revenues of more than $700 million in 172
countries. www.bentley.com.
Forward-Looking Statements
The foregoing forward-looking statements reflect Bentley
Systems’ expectations as of today's date. Given the number of risk
factors, uncertainties and assumptions discussed below, actual
results may differ materially.
Any statements made in this earnings release that are not
statements of historical fact, including statements about our
financial outlook and our beliefs and expectations, are
forward-looking statements and should be evaluated as such.
Forward-looking statements include information concerning possible
or assumed future results of operations, business plans, and
strategies. Forward-looking statements are based on Bentley Systems
management’s beliefs, as well as assumptions made by, and
information currently available to, them. Because such statements
are based on expectations as to future financial and operating
results and are not statements of fact, actual results may differ
materially from those projected. Factors which may cause actual
results to differ materially from current expectations include, but
are not limited, to macroeconomic conditions, pandemic
consequences, and other factors described under the heading “Risk
Factors” in our final prospectus filed with the Securities and
Exchange Commission (“SEC”) on September 24, 2020, and in the
Company’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020, and the Company’s subsequent filings with the
SEC. Copies of each filing may be obtained from the Company or the
SEC. All forward-looking statements reflect our beliefs and
assumptions only as of the date of this press release. We undertake
no obligation to update forward-looking statements to reflect
future events or circumstances.
Definitions of Certain Key Business Metrics
Definitions of the non-GAAP financial measures used in this
earnings release and reconciliations of such measures to their
nearest GAAP equivalents are included below under “Use and
Reconciliation of Non-GAAP Financial Measures.” Certain non-GAAP
measures included in our financial outlook are not being reconciled
to the comparable GAAP financial measures because the GAAP measures
are not accessible on a forward-looking basis. The Company is
unable to reconcile these forward looking non-GAAP financial
measures to the most directly comparable GAAP measures without
unreasonable efforts because the Company is currently unable to
predict with a reasonable degree of certainty the type and extent
of certain items that would be expected for these periods not to
impact the non-GAAP measures, but would impact GAAP measures. Such
unavailable information, which could have a significant impact on
the Company’s GAAP financial results, may include stock-based
compensation charges, expenses associated with the IPO,
depreciation and amortization of capitalized software costs and of
acquired intangible assets, realignment expenses, and other
items.
Last twelve-month recurring revenues are calculated as recurring
revenues recognized over the preceding twelve-month period. We
define recurring revenues as subscription revenues that recur
monthly, quarterly, or annually with specific or automatic renewal
clauses, and professional services revenues in which the underlying
contract is based on a fixed fee and contains automatic annual
renewal provisions.
Constant Currency Metrics
In reporting period-over-period results, we calculate the
effects of foreign currency fluctuations and constant currency
information by translating current period results using prior
period average foreign currency exchange rates. Our definition of
constant currency may differ from other companies reporting
similarly named measures, and these constant currency performance
measures should be viewed in addition to, and not as a substitute
for, our operating performance measures calculated in accordance
with U.S. GAAP.
- Our last twelve-month recurring revenues dollar-based net
retention rate is calculated, using the average exchange rates for
the prior period, as follows: the recurring revenues for the
current period, including any growth or reductions from accounts
with recurring revenues in the prior period (“existing accounts”),
but excluding recurring revenues from any new accounts added during
the current period, divided by the total recurring revenues from
all accounts during the prior period. A period is defined as any
trailing twelve months. The recurring revenues dollar‑based net
retention rate is calculated using revenues recognized pursuant to
Topic 605 for all periods in order to enhance comparability during
our transition to Topic 606 as we do not have all information
available to us necessary to present recurring revenues
dollar‑based net retention rate pursuant to Topic 606 for any
period prior to January 1, 2019.
- Our last twelve-month account retention rate for any given
twelve-month period is calculated using the average currency
exchange rates for the prior period, as follows: the prior period
recurring revenues from all accounts with recurring revenues in the
current and prior period, divided by total recurring revenues from
all accounts during the prior period. The account retention rate is
calculated using revenues recognized pursuant to Topic 605 for all
periods in order to enhance comparability during our transition to
Topic 606 as we do not have all information available to us
necessary to present account retention rate pursuant to Topic 606
for any period prior to January 1, 2019.
- Our Constant currency ARR growth rate is the growth rate of our
ARR, measured on a constant currency basis. Our ARR is defined as
the sum of the annualized value of our portfolio of contracts that
produce recurring revenue as of the last day of the reporting
period, and the annualized value of the last three months of
recognized revenues for our contractually recurring
consumption‑based software subscriptions with consumption
measurement durations of less than one year.
Use and Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we have calculated adjusted cost of subscriptions and licenses,
adjusted cost of services, adjusted research and development,
adjusted selling and marketing, adjusted general and
administrative, adjusted income from operations, Adjusted Net
Income, Adjusted Net Income per diluted share, Adjusted EBITDA, and
Adjusted EBITDA margin, each of which are non-GAAP financial
measures. We have provided tabular reconciliations of each of these
non-GAAP financial measures to such measure’s most directly
comparable GAAP financial measure.
Management uses these non-GAAP financial measures to understand
and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, and to evaluate
financial performance and liquidity. Our non‑GAAP financial
measures are presented as supplemental disclosure as we believe
they provide useful information to investors and others in
understanding and evaluating our results, prospects, and liquidity
period-over-period without the impact of certain items that do not
directly correlate to our operating performance and that may vary
significantly from period to period for reasons unrelated to our
operating performance, as well as to compare our financial results
to those of other companies. Our definitions of these non-GAAP
financial measures may differ from similarly titled measures
presented by other companies and therefore comparability may be
limited. In addition, other companies may not publish these or
similar metrics. Thus, our non-GAAP financial measures should be
considered in addition to, not as a substitute for, or in isolation
from, the financial information prepared in accordance with GAAP,
and should be read in conjunction with the financial statements
included in our Quarterly Report on Form 10-Q to be filed with the
SEC.
We calculate these non-GAAP financial measures as follows:
- Adjusted cost of subscriptions and licenses is determined by
adding back to GAAP cost of subscriptions and licenses,
amortization of purchased intangibles and developed technologies,
equity‑based compensation, and realignment expenses, for the
respective periods;
- Adjusted cost of services is determined by adding back to GAAP
cost of services, equity‑based compensation, acquisition expenses,
and realignment expenses, for the respective periods;
- Adjusted research and development is determined by adding back
to GAAP research and development, equity‑based compensation,
acquisition expenses, and realignment expenses, for the respective
periods;
- Adjusted selling and marketing is determined by adding back to
GAAP selling and marketing, equity‑based compensation, acquisition
expenses, and realignment expenses, for the respective
periods;
- Adjusted general and administrative is determined by adding
back to GAAP general and administrative, equity‑based compensation,
acquisition expenses, and realignment expenses, for the respective
periods;
- Adjusted income from operations is determined by adding back to
GAAP operating income, amortization of purchased intangibles and
developed technologies, equity‑based compensation, acquisition
expenses, realignment expenses, and expenses associated with IPO
for the respective periods;
- Adjusted Net Income is defined as net income adjusted for the
following: amortization of purchased intangibles and developed
technologies, equity‑based compensation, acquisition expenses,
realignment expenses, expenses associated with IPO, other
non‑operating income and expense (primarily foreign exchange gain
(loss)), net, the tax effect of the above adjustments to net
income, non‑recurring income tax expense and benefit, and loss from
investment accounted for using the equity method, net of tax. The
tax effect of adjustments to net income is based on the estimated
marginal effective tax rates in the jurisdictions impacted by such
adjustments;
- Adjusted Net Income per diluted share is determined by dividing
adjusted net income by the weighted average diluted shares
outstanding;
- Adjusted EBITDA is defined as net income adjusted for interest
expense, net, provision for income taxes, depreciation and
amortization, equity‑based compensation, acquisition expenses,
realignment expenses, expenses associated with IPO, other
non‑operating income and expense (primarily foreign exchange gain
(loss)), net, and loss from investment accounted for using the
equity method, net of tax;
- Adjusted EBITDA margin is determined by dividing Adjusted
EBITDA by total revenues.
We encourage investors and others to review our financial
information in its entirety, not to rely on any single financial
measure, and to view these non-GAAP financial measures in
conjunction with the related GAAP financial measures.
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, except
share and per share data) (unaudited)
September 30,
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
137,598
$
121,101
Accounts receivable
172,600
211,775
Allowance for doubtful
accounts
(6,492
)
(7,274
)
Prepaid income taxes
7,307
4,543
Prepaid and other current
assets
27,897
23,413
Total current assets
338,910
353,558
Property and equipment, net
29,332
29,632
Operating lease right-of-use
assets
46,006
—
Intangible assets, net
46,560
46,313
Goodwill
542,239
480,065
Investments
5,218
1,725
Deferred income taxes
44,543
51,068
Other assets
37,689
32,238
Total assets
$
1,090,497
$
994,599
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
15,086
$
17,669
Accruals and other current
liabilities
212,866
167,517
Deferred revenues
173,578
204,991
Operating lease liabilities
15,629
—
Income taxes payable
5,100
2,236
Total current liabilities
422,259
392,413
Long-term debt
589,583
233,750
Long-term operating lease
liabilities
32,555
—
Deferred revenues
6,322
8,154
Deferred income taxes
9,502
8,260
Income taxes payable
7,874
8,140
Other liabilities
15,229
9,263
Total liabilities
1,083,324
659,980
Stockholders’ equity:
Common stock
2,622
2,548
Additional paid-in capital
441,723
408,667
Accumulated other comprehensive
loss
(29,211
)
(23,927
)
Accumulated deficit
(407,961
)
(52,669
)
Total stockholders’ equity
7,173
334,619
Total liabilities and
stockholders’ equity
$
1,090,497
$
994,599
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES Consolidated Statements of Operations (in
thousands, except share and per share data) (unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Revenues:
Subscriptions
$
173,174
$
155,191
$
501,011
$
445,338
Perpetual licenses
12,827
13,787
36,020
38,255
Subscriptions and licenses
186,001
168,978
537,031
483,593
Services
16,996
17,610
44,946
50,139
Total revenues
202,997
186,588
581,977
533,732
Cost of revenues:
Cost of subscriptions and licenses
23,338
17,370
66,466
48,201
Cost of services
19,290
17,681
50,126
56,048
Total cost of revenues
42,628
35,051
116,592
104,249
Gross profit
160,369
151,537
465,385
429,483
Operating expenses:
Research and development
50,217
44,756
139,570
136,617
Selling and marketing
41,824
36,721
107,551
111,889
General and administrative
33,006
25,108
85,275
71,415
Amortization of purchased intangibles
3,869
3,550
10,984
10,402
Expenses associated with initial
public offering
26,130
—
26,130
—
Total operating expenses
155,046
110,135
369,510
330,323
Income from operations
5,323
41,402
95,875
99,160
Interest expense, net
(1,934
)
(2,029
)
(4,450
)
(6,503
)
Other income (expense), net
13,741
(12,306
)
6,756
(14,053
)
Income before income taxes
17,130
27,067
98,181
78,604
Provision for income taxes
(10,705
)
(6,640
)
(22,145
)
(11,759
)
Loss from investment accounted for using
the equity method, net of tax
(581
)
—
(1,447
)
—
Net income
5,844
20,427
74,589
66,845
Less: Net income attributable to
participating securities
(4
)
(10
)
(4
)
(10
)
Net income attributable to Class A and
Class B common stockholders
$
5,840
$
20,417
$
74,585
$
66,835
Per share information:
Net income per share, basic
$
0.02
$
0.07
$
0.26
$
0.23
Net income per share, diluted
$
0.02
$
0.07
$
0.25
$
0.23
Weighted average shares
outstanding, basic
289,318,391
286,075,323
287,063,892
286,024,263
Weighted average shares outstanding, diluted
299,634,961
289,629,555
297,251,349
294,586,354
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES Consolidated Statements of Cash Flows (in
thousands) (unaudited)
Nine Months Ended
September 30,
2020
2019
Cash flows from operating
activities:
Net income
$
74,589
$
66,845
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation and amortization
25,836
23,334
Provision for accounts receivable
allowance
(541
)
2,109
Deferred income taxes
7,853
833
Deferred compensation plan
activity
2,487
2,968
Stock-based compensation
expense
23,617
6,046
Amortization of deferred debt
issuance costs
430
415
Change in fair value of
derivative
3,365
159
Change in fair value of
contingent consideration
(1,340
)
62
Foreign currency remeasurement
(gain) loss
(9,067
)
13,956
Loss from investment accounted
for using the equity method, net of tax
1,447
—
Changes in assets and
liabilities, net of effect from acquisitions:
Accounts receivable
46,661
40,847
Prepaid and other assets
8,907
(6,505
)
Accounts payable, accruals and
other liabilities
31,486
18,545
Deferred revenues
(35,134
)
(39,655
)
Income taxes payable
(4,571
)
(11,710
)
Net cash provided by operating
activities
176,025
118,249
Cash flows from investing
activities:
Purchases of property and
equipment and investment in capitalized software
(12,805
)
(11,622
)
Capitalization of costs to
translate software products into foreign languages
(728
)
(553
)
Acquisitions, net of cash
acquired of $2,064 and $980, respectively
(68,920
)
(9,662
)
Other investing activities
(6,355
)
—
Net cash used in investing
activities
(88,808
)
(21,837
)
Cash flows from financing
activities:
Proceeds from credit
facilities
432,375
136,750
Payments of credit facilities
(201,125
)
(147,500
)
Proceeds from term loan
125,000
—
Payments of debt issuance
costs
(432
)
—
Payments of financing leases
(141
)
—
Payments of acquisition debt and
other consideration
(2,034
)
(9,878
)
Payments of dividends
(412,852
)
(18,830
)
Payments for shares acquired
including shares withheld for taxes
(72,476
)
(18,417
)
Proceeds from Common Stock
Purchase Agreement
58,349
4,510
Net proceeds from exercise of
common stock options and restricted stock
3,206
3,039
Net cash used in financing
activities
(70,130
)
(50,326
)
Effect of exchange rate changes
on cash and cash equivalents
(590
)
(1,272
)
Increase in cash and cash
equivalents
16,497
44,814
Cash and cash equivalents,
beginning of year
121,101
81,183
Cash and cash equivalents, end of
period
$
137,598
$
125,997
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Measures For
the Three and Nine Months Ended September 30, 2020 and 2019 (in
thousands) (unaudited)
Reconciliation of net income to Adjusted
EBITDA:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net income
$
5,844
$
20,427
$
74,589
$
66,845
Interest expense, net
1,934
2,029
4,450
6,503
Provision for income taxes
10,705
6,640
22,145
11,759
Depreciation and amortization
9,172
7,968
25,836
23,334
Equity-based compensation
19,548
2,026
22,760
6,051
Acquisition expenses
3,489
1,425
8,498
4,103
Realignment expenses
9,943
(49
)
10,012
(492
)
Expenses associated with IPO
26,130
—
26,130
—
Other (income) expense, net
(13,741
)
12,306
(6,756
)
14,053
Loss from investment accounted
for using the equity method, net of tax
581
—
1,447
—
Adjusted EBITDA
$
73,605
$
52,772
$
189,111
$
132,156
Reconciliation of net income to Adjusted
Net Income:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Net income
$
5,844
$
20,427
$
74,589
$
66,845
Non-GAAP adjustments, prior to
income taxes:
Amortization of purchased
intangibles and developed technologies
5,236
4,638
14,694
13,699
Equity-based compensation
19,548
2,026
22,760
6,051
Acquisition expenses
3,489
1,425
8,498
4,103
Realignment expenses
9,943
(49
)
10,012
(492
)
Expenses associated with IPO
26,130
—
26,130
—
Other (income) expense, net
(13,741
)
12,306
(6,756
)
14,053
Total non-GAAP adjustments, prior
to income taxes
50,605
20,346
75,338
37,414
Income tax effect of non-GAAP
adjustments
(5,644
)
(1,473
)
(10,785
)
(4,981
)
Loss from investment accounted
for using the equity method, net of tax
581
—
1,447
—
Adjusted Net Income
$
51,386
$
39,300
$
140,589
$
99,278
Reconciliation of GAAP Financial Statement
Line Items to non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Cost of subscriptions and
licenses
$
23,338
$
17,370
$
66,466
$
48,201
Amortization of purchased intangibles and
developed technologies
(1,367
)
(1,088
)
(3,710
)
(3,297
)
Equity-based compensation
(861
)
(27
)
(908
)
(60
)
Realignment expenses
(50
)
—
(50
)
51
Adjusted cost of subscriptions
and licenses
$
21,060
$
16,255
$
61,798
$
44,895
Cost of services
$
19,290
$
17,681
$
50,126
$
56,048
Equity-based compensation
(2,526
)
(84
)
(2,701
)
(363
)
Acquisition expenses
(615
)
—
(1,050
)
—
Realignment expenses
(1,548
)
12
(1,548
)
185
Adjusted cost of services
$
14,602
$
17,609
$
44,827
$
55,870
Research and development
$
50,217
$
44,756
$
139,570
$
136,617
Equity-based compensation
(6,661
)
(749
)
(7,817
)
(2,306
)
Acquisition expenses
(1,969
)
(1,129
)
(5,113
)
(3,083
)
Realignment expenses
(841
)
37
(910
)
79
Adjusted research and
development
$
40,746
$
42,915
$
125,731
$
131,308
Selling and marketing
$
41,824
$
36,721
$
107,551
$
111,889
Equity-based compensation
(4,803
)
(632
)
(5,607
)
(1,757
)
Acquisition expenses
(86
)
(61
)
(243
)
(164
)
Realignment expenses
(5,183
)
—
(5,183
)
263
Adjusted selling and
marketing
$
31,752
$
36,027
$
96,518
$
110,231
General and administrative
$
33,006
$
25,108
$
85,275
$
71,415
Equity-based compensation
(4,696
)
(535
)
(5,726
)
(1,565
)
Acquisition expenses
(532
)
(199
)
(1,611
)
(546
)
Realignment expenses
(2,321
)
—
(2,321
)
(86
)
Adjusted general and
administrative
$
25,456
$
24,374
$
75,617
$
69,217
Income from operations
$
5,323
$
41,402
$
95,875
$
99,160
Amortization of purchased intangibles and
developed technologies
5,236
4,638
14,694
13,699
Equity-based compensation
19,548
2,026
22,760
6,051
Acquisition expenses
3,489
1,425
8,498
4,103
Realignment expenses
9,943
(49
)
10,012
(492
)
Expenses associated with IPO
26,130
—
26,130
—
Adjusted income from
operations
$
69,669
$
49,443
$
177,968
$
122,520
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201110005412/en/
Investor Contact: Ankit Hira or Ed Yuen Solebury Trout
for Bentley Systems ir@bentley.com 1-610-458-2777
Media Contact: Carey Mann carey.mann@bentley.com
1-610-458-3170
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