Bentley Systems Announces Fourth Quarter and Full Year 2020 Results, and its 2021 Financial Outlook
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Bentley Systems Announces Fourth Quarter and Full Year 2020 Results, and its 2021 Financial Outlook

EXTON, Pa. — (BUSINESS WIRE) — March 2, 2021 — Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its fourth quarter and full year ended December 31, 2020, and 2021 financial outlook.

Fourth Quarter 2020 Financial Results:

Full Year 2020 Financial Results:

Definitions of the non‑GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliation of Non‑GAAP Financial Measures.”

“The fourth quarter and full-year 2020 concluded to our general satisfaction, given the enduring pandemic conditions in most of the world. Our overall application usage and new business generation essentially rebounded by year end to pre-pandemic levels, and our growth in ARR and especially recurring revenues underscore our long-term momentum and predictability. The commercial / facilities and industrial / resources sectors remain weaker, but on balance we believe we are well positioned, by our diversification and market-leading emphasis on public works / utilities, for 2021’s broadly anticipated infrastructure investment resurgence,” said Greg Bentley, CEO.

Mr. Bentley continued, “While we expect that 2020’s evident acceleration in “going digital” for infrastructure engineering will continue, our first-ever annual financial outlook naturally reflects conservative assumptions about the timing of cyclical economic recovery. While we are prepared and inclined to invest resolutely in the “generational” opportunity for infrastructure digital twins, our 2021 plans and outlook nevertheless give appropriate precedence to our commitment and ability to steadily improve our sustainable operating margins, indefinitely.”

Fourth Quarter 2020 Financial Developments:

Recent Financial Developments:

2021 Financial Outlook

The Company is providing the following outlook for the year ending December 31, 2021. The 2021 guidance herein is premised on COVID-19 pandemic-related business impacts generally abating gradually by year end, however, the ultimate impacts of COVID-19 on the Company's financial outlook remain uncertain.

The Company does not provide quarterly guidance, but will update its full-year financial outlook when announcing quarterly operating results during 2021 to the extent expectations materially change.

The 2021 outlook information provided above includes Constant currency ARR growth rate, Adjusted EBITDA, and Adjusted EBITDA margin guidance, which are non-GAAP financial measures management uses in measuring performance. The Company is unable to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including stock-based compensation charges, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items, which would be included in GAAP results. The impact of such items and unanticipated events could be potentially significant.

The 2021 outlook is forward-looking, subject to significant business, economic, regulatory, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and those variations may be material. As such, the Company’s results may not fall within the ranges contained in its outlook. The Company uses these forward-looking measures to evaluate its ongoing operations and for internal planning and forecasting purposes.

Earnings Call Details

Bentley Systems will host a live Zoom Video Webinar on March 2, 2021 at 8:30 a.m. Eastern Time to discuss financial and operating results for its fourth quarter and full year ended December 31, 2020, and 2021 financial outlook.

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_i4XEjuozSPicl1dXJtnsCg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. Presentation materials will be posted prior to the webinar on Bentley Systems' Investor Relations website. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website for one year.

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 $800 million in 172 countries. www.bentley.com.

© 2021 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, E7, iTwin, MicroStation, ProjectWise, and SYNCHRO are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Forward-Looking Statements

The forward-looking statements contained in this earnings release 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 2021 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 the Company’s Annual Report on Form 10‑K for the year ended December 31, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC on their respective websites. 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, 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 GAAP.

Use and Reconciliation of Non-plane 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 Annual Report on Form 10‑K to be filed with the SEC.

We calculate these non‑GAAP financial measures as follows:

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)

(unaudited)

   
 

December 31,

 

2020

 

2019

Assets

 

 

 

 

Current assets:

 

Cash and cash equivalents

 

$

122,006

 

 

$

121,101

 

Accounts receivable

 

 

195,782

 

 

211,775

 

Allowance for doubtful accounts

 

 

(5,759

)

 

 

(7,274

)

Prepaid income taxes

 

 

3,535

 

 

4,543

 

Prepaid and other current assets

 

 

24,694

 

 

 

23,413

 

Total current assets

 

 

340,258

 

 

353,558

 

Property and equipment, net

 

 

28,414

 

 

 

29,632

 

Operating lease right-of-use assets

 

 

46,128

 

 

 

Intangible assets, net

 

 

45,627

 

 

 

46,313

 

Goodwill

 

 

581,174

 

 

480,065

 

Investments

 

 

5,691

 

 

 

1,725

 

Deferred income taxes

 

 

39,224

 

 

51,068

 

Other assets

 

 

39,519

 

 

 

32,238

 

Total assets

 

$

1,126,035

 

$

994,599

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

Accounts payable

 

$

16,492

 

 

$

17,669

 

Accruals and other current liabilities

 

 

226,793

 

 

167,517

 

Deferred revenues

 

 

202,294

 

 

 

204,991

 

Operating lease liabilities

 

 

16,610

 

 

 

Income taxes payable

 

 

3,366

 

 

 

2,236

 

Total current liabilities

 

 

465,555

 

 

392,413

 

Long-term debt

 

 

246,000

 

 

 

233,750

 

Long-term operating lease liabilities

 

 

31,767

 

 

 

Deferred revenues

 

 

7,020

 

 

 

8,154

 

Deferred income taxes

 

 

10,849

 

 

8,260

 

Income taxes payable

 

 

7,883

 

 

 

8,140

 

Other liabilities

 

 

15,362

 

 

9,263

 

Total liabilities

 

 

784,436

 

 

 

659,980

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

2,722

 

 

2,548

 

Additional paid-in capital

 

 

741,113

 

 

 

408,667

 

Accumulated other comprehensive loss

 

 

(26,233

)

 

(23,927

)

Accumulated deficit

 

 

(376,003

)

 

 

(52,669

)

Total stockholders’ equity

 

 

341,599

 

 

334,619

 

Total liabilities and stockholders’ equity

 

$

1,126,035

 

 

$

994,599

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

   
 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2020

 

2019

 

2020

 

2019

Revenues:

 

 

 

 

 

 

 

 

Subscriptions  

$

178,262

 

$

162,962

 

$

679,273

 

$

608,300

 

Perpetual licenses

 

 

21,362

 

 

 

21,438

 

 

 

57,382

 

 

 

59,693

 

Subscriptions and licenses  

 

199,624

 

 

184,400

 

 

736,655

 

 

667,993

 

Services

 

 

19,943

 

 

 

18,522

 

 

 

64,889

 

 

 

68,661

 

Total revenues  

 

219,567

 

 

202,922

 

 

801,544

 

 

736,654

 

Cost of revenues:

 

 

 

 

 

 

 

 

Cost of subscriptions and licenses  

 

29,337

 

 

23,377

 

 

95,803

 

 

71,578

 

Cost of services

 

 

21,226

 

 

 

16,524

 

 

 

71,352

 

 

 

72,572

 

Total cost of revenues  

 

50,563

 

 

39,901

 

 

167,155

 

 

144,150

 

Gross profit

 

 

169,004

 

 

 

163,021

 

 

 

634,389

 

 

 

592,504

 

Operating expenses:

 

Research and development

 

 

45,945

 

 

 

46,935

 

 

 

185,515

 

 

 

183,552

 

Selling and marketing  

 

36,240

 

 

43,405

 

 

143,791

 

 

155,294

 

General and administrative

 

 

28,176

 

 

 

26,165

 

 

 

113,451

 

 

 

97,580

 

Amortization of purchased intangibles  

 

4,368

 

 

3,811

 

 

15,352

 

 

14,213

 

Expenses associated with initial public offering

 

 

 

 

 

 

 

 

26,130

 

 

 

 

Total operating expenses  

 

114,729

 

 

120,316

 

 

484,239

 

 

450,639

 

Income from operations

 

 

54,275

 

 

 

42,705

 

 

 

150,150

 

 

 

141,865

 

Interest expense, net

 

 

(3,026

)

 

(1,696

)

 

(7,476

)

 

(8,199

)

Other income (expense), net

 

 

18,190

 

 

 

8,496

 

 

 

24,946

 

 

 

(5,557

)

Income before income taxes  

 

69,439

 

 

49,505

 

 

167,620

 

 

128,109

 

Provision for income taxes

 

 

(16,480

)

 

 

(11,979

)

 

 

(38,625

)

 

 

(23,738

)

Loss from investment accounted for using the equity method, net of tax

 

 

(1,027

)

 

(1,275

)

 

(2,474

)

 

(1,275

)

Net income

 

 

51,932

 

 

 

36,251

 

 

 

126,521

 

 

 

103,096

 

Less: Net income attributable to participating securities

 

 

(230

)

 

2

 

 

(234

)

 

(8

)

Net income attributable to Class A and Class B common stockholders

 

$

51,702

 

 

$

36,253

 

 

$

126,287

 

 

$

103,088

 

Per share information:

 

Net income per share, basic

 

$

0.17

 

 

$

0.13

 

 

$

0.44

 

 

$

0.36

 

Net income per share, diluted  

$

0.17

 

$

0.13

 

$

0.42

 

$

0.35

 

Weighted average shares outstanding, basic

 

 

297,192,775

 

 

 

285,349,414

 

 

 

289,863,272

 

 

 

284,625,642

 

Weighted average shares outstanding, diluted  

 

309,096,405

 

 

289,242,127

 

 

299,371,129

 

 

293,796,707

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Year Ended December 31,

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

Net income

 

$

126,521

 

$

103,096

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

36,117

 

 

32,160

 

Bad debt (recovery) allowance

 

 

(1,000

)

 

 

862

 

Deferred income taxes

 

 

16,246

 

 

732

 

Deferred compensation plan activity

 

 

3,706

 

 

 

3,994

 

Stock-based compensation expense

 

 

32,114

 

 

8,091

 

Amortization and write-off of deferred debt issuance costs

 

 

985

 

 

 

553

 

Change in fair value of derivative

 

 

(347

)

 

159

 

Change in fair value of contingent consideration

 

 

(1,340

)

 

 

62

 

Foreign currency remeasurement (gain) loss

 

 

(24,502

)

 

5,311

 

Loss from investment accounted for using the equity method, net of tax

 

 

2,474

 

 

 

1,275

 

Changes in assets and liabilities, net of effect from acquisitions:

 

Accounts receivable

 

 

12,388

 

 

 

(21,152

)

Prepaid and other assets

 

 

11,705

 

 

(668

)

Accounts payable, accruals and other liabilities

 

 

47,656

 

 

 

41,880

 

Deferred revenues

 

 

(565

)

 

(268

)

Income taxes payable

 

 

(3,818

)

 

 

(5,314

)

Net cash provided by operating activities

 

 

258,340

 

 

170,773

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment and investment in capitalized software

 

 

(15,496

)

 

(15,804

)

Capitalization of costs to translate software products into foreign languages

 

 

(951

)

 

 

(835

)

Acquisitions, net of cash acquired of $5,266 and $2,523, respectively

 

 

(93,032

)

 

(34,054

)

Other investing activities

 

 

(7,854

)

 

 

(3,000

)

Net cash used in investing activities

 

 

(117,333

)

 

(53,693

)

Cash flows from financing activities:

 

 

 

 

Proceeds from credit facilities

 

 

550,875

 

 

191,250

 

Payments of credit facilities

 

 

(538,625

)

 

 

(216,250

)

Proceeds from term loan

 

 

125,000

 

 

 

Repayment of term loan

 

 

(125,000

)

 

 

Payments of debt issuance costs

 

 

(432

)

 

 

 

Payments of financing leases

 

 

(189

)

 

 

Payments of acquisition debt and other consideration

 

 

(3,425

)

 

 

(11,029

)

Proceeds from Class B Common Stock follow-on offering, net of underwriters’ discounts and commissions

 

 

295,802

 

 

 

 

Payments of Class B Common Stock follow-on offering expenses

 

 

(1,373

)

 

 

 

Payments of dividends

 

 

(422,646

)

 

(24,989

)

Payments for shares acquired including shares withheld for taxes

 

 

(83,975

)

 

 

(24,166

)

Proceeds from Common Stock Purchase Agreement

 

 

58,349

 

 

4,510

 

Proceeds from exercise of stock options

 

 

9,128

 

 

 

3,626

 

Net cash used in financing activities

 

 

(136,511

)

 

(77,048

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(3,591

)

 

 

(114

)

Increase in cash and cash equivalents

 

 

905

 

 

39,918

 

Cash and cash equivalents, beginning of year

 

 

121,101

 

 

 

81,183

 

Cash and cash equivalents, end of year

 

$

122,006

 

$

121,101

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Measures

For the Three Months and Year Ended December 31, 2020 and 2019

(in thousands)

(unaudited)

   

Reconciliation of net income to Adjusted EBITDA:

   
   

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2020

 

2019

 

2020

 

2019

Net income

 

$

51,932

 

 

$

36,251

 

 

$

126,521

 

 

$

103,096

 

Interest expense, net

 

3,026

 

 

1,696

 

 

7,476

 

 

8,199

 

Provision for income taxes

 

16,480

 

 

11,979

 

 

38,625

 

 

23,738

 

Depreciation and amortization

 

10,281

 

 

8,826

 

 

36,117

 

 

32,160

 

Stock-based compensation

 

9,354

 

 

2,040

 

 

32,114

 

 

8,091

 

Acquisition expenses

 

3,168

 

 

2,494

 

 

11,666

 

 

6,597

 

Realignment expenses

 

10

 

 

(92

)

 

10,022

 

 

(584

)

Expenses associated with IPO

 

 

 

 

 

26,130

 

 

 

Other (income) expense, net

 

(18,190

)

 

(8,496

)

 

(24,946

)

 

5,557

 

Loss from investment accounted for using the equity method, net of tax

 

1,027

 

 

1,275

 

 

2,474

 

 

1,275

 

Adjusted EBITDA

 

$

77,088

 

 

$

55,973

 

 

$

266,199

 

 

$

188,129

Reconciliation of net income to Adjusted Net Income:

 
 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2020

 

2019

 

2020

 

2019

Net income

 

$

51,932

 

 

$

36,251

 

 

$

126,521

 

 

$

103,096

 

Non-GAAP adjustments, prior to income taxes:

 

 

 

 

 

 

 

 

Amortization of purchased intangibles and developed technologies

 

6,027

 

 

5,032

 

 

20,721

 

 

18,731

 

Stock-based compensation

 

9,354

 

 

2,040

 

 

32,114

 

 

8,091

 

Acquisition expenses

 

3,168

 

 

2,494

 

 

11,666

 

 

6,597

 

Realignment expenses

 

10

 

 

(92

)

 

10,022

 

 

(584

)

Expenses associated with IPO

 

 

 

 

 

26,130

 

 

 

Other (income) expense, net

 

(18,190

)

 

(8,496

)

 

(24,946

)

 

5,557

 

Total non-GAAP adjustments, prior to income taxes

 

369

 

 

978

 

 

75,707

 

 

38,392

 

Income tax effect of non-GAAP adjustments

 

(1,239

)

 

(2,733

)

 

(12,024

)

 

(7,714

)

Loss from investment accounted for using the equity method, net of tax

 

1,027

 

 

1,275

 

 

2,474

 

 

1,275

 

Adjusted Net Income

 

$

52,089

 

 

$

35,771

 

 

$

192,678

 

 

$

135,049

 

Reconciliation of GAAP Financial Statement Line Items to Non-GAAP Adjusted Financial Statement Line Items:

 

Three Months Ended

 

Year Ended

December 31

 

December 31

2020

 

2019

 

2020

 

2019

Cost of subscriptions and licenses

 

$

29,337

 

 

$

23,377

 

 

$

95,803

 

 

$

71,578

 

Amortization of purchased intangibles and developed technologies

 

(1,659

)

 

(1,221

)

 

(5,369

)

 

(4,518

)

Stock-based compensation

 

 

(17

)

 

 

(55

)

 

 

(925

)

 

 

(115

)

Realignment expenses

 

8

 

 

 

 

(42

)

 

51

 

Adjusted cost of subscriptions and licenses

 

$

27,669

 

 

$

22,101

 

 

$

89,467

 

 

$

66,996

 

 

Cost of services

 

$

21,226

 

 

$

16,524

 

 

$

71,352

 

 

$

72,572

 

Stock-based compensation

 

(156

)

 

(159

)

 

(2,857

)

 

(522

)

Acquisition expenses

 

 

(866

)

 

 

(22

)

 

 

(1,916

)

 

 

(22

)

Realignment expenses

 

126

 

 

 

 

(1,422

)

 

185

 

Adjusted cost of services

 

$

20,330

 

 

$

16,343

 

 

$

65,157

 

 

$

72,213

 

 

Research and development

 

$

45,945

 

 

$

46,935

 

 

$

185,515

 

 

$

183,552

 

Stock-based compensation

 

(3,951

)

 

(801

)

 

(11,769

)

 

(3,107

)

Acquisition expenses

 

 

(1,492

)

 

 

(1,653

)

 

 

(6,605

)

 

 

(4,736

)

Realignment expenses

 

62

 

 

92

 

 

(848

)

 

171

 

Adjusted research and development

 

$

40,564

 

 

$

44,573

 

 

$

166,293

 

 

$

175,880

 

 

Selling and marketing

 

$

36,240

 

 

$

43,405

 

 

$

143,791

 

 

$

155,294

 

Stock-based compensation

 

(652

)

 

(453

)

 

(6,259

)

 

(2,210

)

Acquisition expenses

 

 

(75

)

 

 

(76

)

 

 

(318

)

 

 

(240

)

Realignment expenses

 

(762

)

 

 

 

(5,945

)

 

263

 

Adjusted selling and marketing

 

$

34,751

 

 

$

42,876

 

 

$

131,269

 

 

$

153,107

 

 

General and administrative

 

$

28,176

 

 

$

26,165

 

 

$

113,451

 

 

$

97,580

 

Stock-based compensation

 

(4,578

)

 

(572

)

 

(10,304

)

 

(2,137

)

Acquisition expenses

 

 

(617

)

 

 

(501

)

 

 

(2,228

)

 

 

(1,047

)

Realignment expenses

 

556

 

 

 

 

(1,765

)

 

(86

)

Adjusted general and administrative

 

$

23,537

 

 

$

25,092

 

 

$

99,154

 

 

$

94,310

 

 

Income from operations

 

$

54,275

 

 

$

42,705

 

 

$

150,150

 

 

$

141,865

 

Amortization of purchased intangibles and developed technologies

 

6,027

 

 

5,032

 

 

20,721

 

 

18,731

 

Stock-based compensation

 

 

9,354

 

 

 

2,040

 

 

 

32,114

 

 

 

8,091

 

Acquisition expenses

 

3,168

 

 

2,494

 

 

11,666

 

 

6,597

 

Realignment expenses

 

 

10

 

 

 

(92

)

 

 

10,022

 

 

 

(584

)

Expenses associated with IPO

 

 

 

 

 

26,130

 

 

 

Adjusted income from operations

 

$

72,834

 

 

$

52,179

 

 

$

250,803

 

 

$

174,700

 

 



Contact:

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