Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 Financial Outlook
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Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 Financial Outlook

EXTON, Pa. — (BUSINESS WIRE) — August 10, 2021 — Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its second quarter and six months ended June 30, 2021.

Second Quarter 2021 Financial Results:

Six Months Ended June 30, 2021 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.”

CEO Greg Bentley said, “Amidst the fits and starts which characterize the global resumption of growth for infrastructure engineering in 2021, going digital has remained an overarching priority that continues to benefit our software users, infrastructure projects and assets, and our operating results. A highlight for us this quarter has been the inclusion of Seequent, and subsurface digital twins, into our company and into our new financial outlook. Somewhat restrained favorable directions continue in the preponderance of our business, with usage growth beyond the pre-pandemic levels of 2019, resulting uptrends in ARR and new business and subscription revenues, and continued upward inflections in SMB subscriptions and resulting business from new accounts. Our growth bottlenecks continue to be ever more localized to industrial and resources ‘capex,’ and to the geographies (especially Middle East and Southeast Asia) most dependent on this sector—with a new concern brought on by unanticipated subscription attrition within mid-size enterprise accounts in greater China, despite an otherwise healthy demand environment in that territory.”

Mr. Bentley continued, “Our updated financial outlook for the full year 2021 contemplates surpassing the milestones of one billion-dollars in revenue (pro forma for the acquisition of Seequent as if it had occurred at the beginning of 2021), double-digit ARR growth even exclusive of Seequent, and, importantly, maintaining our 32% Adjusted EBITDA margin target for 2021 while absorbing at the same time our incremental investments in growth initiatives, our incremental public company operating costs, and our increasing pace of programmatic growth acquisitions, along with the financially material acquisition of Seequent.”

Second Quarter 2021 Financial Developments:

2021 Financial Outlook:

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

Accordingly, the following update to our outlook for the year ending December 31, 2021, reflects first half performance, current business developments, and notably, the Seequent acquisition. 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 our financial outlook remain uncertain.

 

 

 

Initial Outlook

 

Updated Outlook

Total revenues

 

$895 – $920 million

 

$945 – $960 million (1)

Constant currency ARR growth rate

 

8% – 10%

 

22% – 24% (2)

Adjusted EBITDA

 

$285 – $295 million

 

$305 – $310 million

Effective tax rate

 

20%

 

<15%

_______________________

(1)

Updated total revenues outlook is net of a $10 million decrease in total revenue due to a strengthening of the US dollar relative to exchange rates in effect when the initial outlook was prepared, and approximately $5 million of Seequent-related opening balance sheet deferred revenue fair value adjustments (“haircuts”).

(2)

The updated outlook for constant currency ARR growth rate includes growth of 12% to 13% from the initial inclusion and subsequent growth of Seequent, and growth of 10% to 11% from all other business.

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. We are 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, our results may not fall within the ranges contained in this outlook. The Company uses these forward-looking measures to evaluate its ongoing operations and for internal planning and forecasting purposes.

Operating Results Call Details

Bentley Systems will host a live Zoom video webinar on August 10, 2021 at 8:15 a.m. Eastern time to discuss operating results for its second quarter and six months ended June 30, 2021.

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_BqaF5dY4SrG_Dcfx1k-CZA. 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.

Definitions of Certain Key Business Metrics

Definitions of the non-GAAP financial measures used in this operating results press 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-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 U.S. Securities and Exchange Commission (“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.

Forward-Looking Statements

This press release includes forward-looking statements regarding the future results of operations and financial position, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company,” “we,” “us,” and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: current and potential future impacts of the COVID-19 pandemic on the global economy and our business, and consolidated financial statements; adverse changes in global economic and/or political conditions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts’ rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; and our ability to integrate acquired businesses successfully.

Further information on potential factors that could affect the financial results of the Company are included in the Company’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

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, mining, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, Seequent’s leading geosciences software portfolio, 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, iTwin, MicroStation, ProjectWise, and Seequent 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.

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

(unaudited)

 
June 30, 2021 December 31, 2020
Assets
Current assets:
Cash and cash equivalents

$

131,154

 

$

122,006

 

Accounts receivable

 

221,764

 

 

195,782

 

Allowance for doubtful accounts

 

(6,396

)

 

(5,759

)

Prepaid income taxes

 

32,108

 

 

3,535

 

Prepaid and other current assets

 

26,864

 

 

24,694

 

Total current assets

 

405,494

 

 

340,258

 

Property and equipment, net

 

31,439

 

 

28,414

 

Operating lease right-of-use assets

 

52,599

 

 

46,128

 

Intangible assets, net

 

262,234

 

 

45,627

 

Goodwill

 

1,593,670

 

 

581,174

 

Investments

 

6,870

 

 

5,691

 

Deferred income taxes

 

54,705

 

 

39,224

 

Other assets

 

47,104

 

 

39,519

 

Total assets

$

2,454,115

 

$

1,126,035

 

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable

$

14,891

 

$

16,492

 

Accruals and other current liabilities

 

314,529

 

 

226,793

 

Deferred revenues

 

215,678

 

 

202,294

 

Operating lease liabilities

 

18,694

 

 

16,610

 

Income taxes payable

 

5,761

 

 

3,366

 

Total current liabilities

 

569,553

 

 

465,555

 

Long-term debt

 

1,269,842

 

 

246,000

 

Long-term operating lease liabilities

 

35,968

 

 

31,767

 

Deferred revenues

 

7,308

 

 

7,020

 

Deferred income taxes

 

70,683

 

 

10,849

 

Income taxes payable

 

7,613

 

 

7,883

 

Other liabilities

 

21,334

 

 

15,362

 

Total liabilities

 

1,982,301

 

 

784,436

 

Stockholders’ equity:
Common stock

 

2,812

 

 

2,722

 

Additional paid-in capital

 

910,951

 

 

741,113

 

Accumulated other comprehensive loss

 

(54,886

)

 

(26,233

)

Accumulated deficit

 

(387,063

)

 

(376,003

)

Total stockholders’ equity

 

471,814

 

 

341,599

 

Total liabilities and stockholders’ equity

$

2,454,115

 

$

1,126,035

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Revenues:
Subscriptions

$

185,452

 

$

157,655

 

$

373,577

 

$

327,837

 

Perpetual licenses

 

11,391

 

 

12,379

 

 

21,507

 

 

23,193

 

Subscriptions and licenses

 

196,843

 

 

170,034

 

 

395,084

 

 

351,030

 

Services

 

26,088

 

 

14,256

 

 

49,852

 

 

27,950

 

Total revenues

 

222,931

 

 

184,290

 

 

444,936

 

 

378,980

 

Cost of revenues:
Cost of subscriptions and licenses

 

29,881

 

 

21,801

 

 

58,826

 

 

43,128

 

Cost of services

 

23,570

 

 

14,904

 

 

43,914

 

 

30,836

 

Total cost of revenues

 

53,451

 

 

36,705

 

 

102,740

 

 

73,964

 

Gross profit

 

169,480

 

 

147,585

 

 

342,196

 

 

305,016

 

Operating expenses:
Research and development

 

52,776

 

 

44,218

 

 

100,579

 

 

89,353

 

Selling and marketing

 

38,014

 

 

29,632

 

 

70,454

 

 

65,727

 

General and administrative

 

41,878

 

 

25,465

 

 

75,266

 

 

52,269

 

Amortization of purchased intangibles

 

4,589

 

 

3,679

 

 

8,027

 

 

7,115

 

Total operating expenses

 

137,257

 

 

102,994

 

 

254,326

 

 

214,464

 

Income from operations

 

32,223

 

 

44,591

 

 

87,870

 

 

90,552

 

Interest expense, net

 

(2,453

)

 

(1,128

)

 

(4,772

)

 

(2,516

)

Other (expense) income, net

 

(3,777

)

 

405

 

 

10,705

 

 

(6,985

)

Income before income taxes

 

25,993

 

 

43,868

 

 

93,803

 

 

81,051

 

Benefit (provision) for income taxes

 

20,746

 

 

(4,264

)

 

10,388

 

 

(11,440

)

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

 

(1,829

)

 

(528

)

 

(2,275

)

 

(866

)

Net income

 

44,910

 

 

39,076

 

 

101,916

 

 

68,745

 

Less: Net income attributable to participating securities

 

(3

)

 

-

 

 

(3

)

 

-

 

Net income attributable to Class A and Class B common stockholders

$

44,907

 

$

39,076

 

$

101,913

 

$

68,745

 

Per share information:
Net income per share, basic

$

0.15

 

$

0.14

 

$

0.34

 

$

0.24

 

Net income per share, diluted

$

0.14

 

$

0.13

 

$

0.32

 

$

0.23

 

Weighted average shares, basic

 

304,066,038

 

 

286,945,592

 

 

303,311,423

 

 

286,068,766

 

Weighted average shares, diluted

 

324,478,086

 

 

295,187,194

 

 

323,094,045

 

 

295,595,234

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Six Months Ended

June 30,

2021

2020

Cash flows from operating activities:
Net income

$

101,916

 

$

68,745

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

19,280

 

 

16,664

 

Bad debt allowance

 

291

 

 

293

 

Deferred income taxes

 

(915

)

 

5,284

 

Deferred compensation plan activity

 

1,855

 

 

1,633

 

Stock-based compensation expense

 

20,598

 

 

3,212

 

Amortization and write-off of deferred debt issuance costs

 

2,371

 

 

277

 

Change in fair value of derivative

 

(7,735

)

 

4,174

 

Change in fair value of contingent consideration

 

-

 

 

(1,390

)

Foreign currency remeasurement (gain) loss

 

(2,371

)

 

3,538

 

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

 

2,275

 

 

866

 

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

 

(4,665

)

 

44,263

 

Prepaid and other assets

 

10,485

 

 

9,089

 

Accounts payable, accruals, and other liabilities

 

37,623

 

 

11,208

 

Deferred revenues

 

(4,756

)

 

(29,500

)

Income taxes payable, net of prepaid income taxes

 

(27,230

)

 

(2,174

)

Net cash provided by operating activities

 

149,022

 

 

136,182

 

Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software

 

(4,750

)

 

(9,970

)

Acquisitions, net of cash acquired of $36,847 and $2,064, respectively

 

(1,002,551

)

 

(67,595

)

Other investing activities

 

(700

)

 

(1,414

)

Net cash used in investing activities

 

(1,008,001

)

 

(78,979

)

Cash flows from financing activities:
Proceeds from credit facilities

 

581,233

 

 

164,375

 

Payments of credit facilities

 

(790,846

)

 

(191,125

)

Proceeds from convertible senior notes, net of discounts and commissions

 

1,233,377

 

 

-

 

Payments of debt issuance costs

 

(4,951

)

 

-

 

Purchase of capped call options

 

(51,555

)

 

-

 

Payments of financing leases

 

(101

)

 

(93

)

Payments of acquisition debt and other consideration

 

(544

)

 

(1,091

)

Payments of dividends

 

(16,591

)

 

(15,901

)

Payments for shares acquired including shares withheld for taxes

 

(87,836

)

 

(69,307

)

Proceeds from Common Stock Purchase Agreement

 

-

 

 

58,349

 

Proceeds from exercise of stock options

 

4,324

 

 

2,237

 

Net cash provided by (used in) financing activities

 

866,510

 

 

(52,556

)

Effect of exchange rate changes on cash and cash equivalents

 

1,617

 

 

(232

)

Increase in cash and cash equivalents

 

9,148

 

 

4,415

 

Cash and cash equivalents, beginning of year

 

122,006

 

 

121,101

 

Cash and cash equivalents, end of period

$

131,154

 

$

125,516

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES

Reconciliation of GAAP to Non-GAAP Measures

For the Three and Six Months Ended June 30, 2021 and 2020

(in thousands)

(unaudited)

 

Reconciliation of net income to Adjusted EBITDA:

Three Months Ended

Six Months Ended

June 30,

June 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

$

44,910

 

$

39,076

 

$

101,916

 

$

68,745

 

Interest expense, net

 

2,453

 

 

1,128

 

 

4,772

 

 

2,516

 

(Benefit) provision for income taxes

 

(20,746

)

 

4,264

 

 

(10,388

)

 

11,440

 

Depreciation and amortization

 

10,287

 

 

8,614

 

 

19,280

 

 

16,664

 

Stock-based compensation

 

11,685

 

 

1,559

 

 

20,598

 

 

3,212

 

Acquisition expenses

 

14,944

 

 

2,734

 

 

24,200

 

 

5,009

 

Realignment expenses

 

-

 

 

77

 

 

-

 

 

69

 

Other expense (income), net

 

3,777

 

 

(405

)

 

(10,705

)

 

6,985

 

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

 

1,829

 

 

528

 

 

2,275

 

 

866

 

Adjusted EBITDA

$

69,139

 

$

57,575

 

$

151,948

 

$

115,506

 

 

Reconciliation of net income to Adjusted Net Income:

Three Months Ended

Six Months Ended

June 30,

June 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

$

44,910

 

$

39,076

 

$

101,916

 

$

68,745

 

Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies

 

5,781

 

 

4,919

 

 

10,464

 

 

9,458

 

Stock-based compensation

 

11,685

 

 

1,559

 

 

20,598

 

 

3,212

 

Acquisition expenses

 

14,944

 

 

2,734

 

 

24,200

 

 

5,009

 

Realignment expenses

 

-

 

 

77

 

 

-

 

 

69

 

Other expense (income), net

 

3,777

 

 

(405

)

 

(10,705

)

 

6,985

 

Total non-GAAP adjustments, prior to income taxes

 

36,187

 

 

8,884

 

 

44,557

 

 

24,733

 

Income tax effect of non-GAAP adjustments

 

(8,610

)

 

(2,441

)

 

(10,428

)

 

(5,141

)

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

 

1,829

 

 

528

 

 

2,275

 

 

866

 

Adjusted Net Income

$

74,316

 

$

46,047

 

$

138,320

 

$

89,203

 

 

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

Three Months Ended

Six Months Ended

June 30,

June 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Total revenues

$

222,931

 

$

184,290

 

$

444,936

 

$

378,980

 

Fair value adjustment of acquired deferred revenues

 

998

 

 

79

 

 

1,010

 

 

195

 

Adjusted total revenues

$

223,929

 

$

184,369

 

$

445,946

 

$

379,175

 

 
Cost of subscriptions and licenses

$

29,881

 

$

21,801

 

$

58,826

 

$

43,128

 

Amortization of purchased intangibles and developed technologies

 

(1,192

)

 

(1,240

)

 

(2,437

)

 

(2,343

)

Stock-based compensation

 

(403

)

 

(19

)

 

(489

)

 

(47

)

Adjusted cost of subscriptions and licenses

$

28,286

 

$

20,542

 

$

55,900

 

$

40,738

 

 
Cost of services

$

23,570

 

$

14,904

 

$

43,914

 

$

30,836

 

Stock-based compensation

 

(153

)

 

(79

)

 

(388

)

 

(175

)

Acquisition expenses

 

(1,579

)

 

(415

)

 

(2,545

)

 

(435

)

Adjusted cost of services

$

21,838

 

$

14,410

 

$

40,981

 

$

30,226

 

 
Research and development

$

52,776

 

$

44,218

 

$

100,579

 

$

89,353

 

Stock-based compensation

 

(4,806

)

 

(536

)

 

(8,715

)

 

(1,155

)

Acquisition expenses

 

(1,971

)

 

(1,893

)

 

(3,345

)

 

(3,143

)

Realignment expenses

 

-

 

 

(77

)

 

-

 

 

(69

)

Adjusted research and development

$

45,999

 

$

41,712

 

$

88,519

 

$

84,986

 

 
Selling and marketing

$

38,014

 

$

29,632

 

$

70,454

 

$

65,727

 

Stock-based compensation

 

(1,313

)

 

(404

)

 

(2,003

)

 

(804

)

Acquisition expenses

 

(138

)

 

(80

)

 

(182

)

 

(157

)

Adjusted selling and marketing

$

36,563

 

$

29,148

 

$

68,269

 

$

64,766

 

 
General and administrative

$

41,878

 

$

25,465

 

$

75,266

 

$

52,269

 

Stock-based compensation

 

(5,010

)

 

(521

)

 

(9,003

)

 

(1,031

)

Acquisition expenses

 

(10,258

)

 

(267

)

 

(17,118

)

 

(1,079

)

Adjusted general and administrative

$

26,610

 

$

24,677

 

$

49,145

 

$

50,159

 

 
Income from operations

$

32,223

 

$

44,591

 

$

87,870

 

$

90,552

 

Amortization of purchased intangibles and developed technologies

 

5,781

 

 

4,919

 

 

10,464

 

 

9,458

 

Stock-based compensation

 

11,685

 

 

1,559

 

 

20,598

 

 

3,212

 

Acquisition expenses

 

14,944

 

 

2,734

 

 

24,200

 

 

5,009

 

Realignment expenses

 

-

 

 

77

 

 

-

 

 

69

 

Adjusted income from operations

$

64,633

 

$

53,880

 

$

143,132

 

$

108,300

 

 



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