(in thousands)
(unaudited)
|
|
Six Months Ended |
||||||
|
|
June 30, |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
112,061 |
|
|
$ |
102,633 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
35,730 |
|
|
|
19,280 |
|
Bad debt allowance |
|
|
3,791 |
|
|
|
291 |
|
Deferred income taxes |
|
|
(16,806 |
) |
|
|
(915 |
) |
Stock-based compensation expense |
|
|
32,568 |
|
|
|
20,598 |
|
Deferred compensation plan |
|
|
(17,297 |
) |
|
|
1,855 |
|
Amortization and write-off of deferred debt issuance costs |
|
|
3,646 |
|
|
|
2,371 |
|
Change in fair value of derivative |
|
|
(19,490 |
) |
|
|
(7,735 |
) |
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) |
|
|
5,748 |
|
|
|
(2,371 |
) |
| Loss from investment accounted for using the equity method, net of tax |
|
|
1,165 |
|
|
|
2,275 |
|
| Changes in assets and liabilities, net of effect from acquisitions: |
|
|
|
|
||||
| Accounts receivable |
|
|
15,581 |
|
|
|
(4,665 |
) |
| Prepaid and other assets |
|
|
3,325 |
|
|
|
10,485 |
|
| Accounts payable, accruals, and other liabilities |
|
|
25,683 |
|
|
|
37,623 |
|
| Deferred revenues |
|
|
(20,292 |
) |
|
|
(5,746 |
) |
| Income taxes payable, net of prepaid income taxes |
|
|
4,958 |
|
|
|
(26,957 |
) |
| Net cash provided by operating activities |
|
|
168,730 |
|
|
|
149,022 |
|
| Cash flows from investing activities: |
|
|
|
|
||||
| Purchases of property and equipment and investment in capitalized software |
|
|
(6,589 |
) |
|
|
(4,750 |
) |
| Proceeds from sale of aircraft |
|
|
2,380 |
|
|
|
— |
|
| Acquisitions, net of cash acquired |
|
|
(714,197 |
) |
|
|
(1,002,551 |
) |
| Other investing activities |
|
|
(5,561 |
) |
|
|
(700 |
) |
| Net cash used in investing activities |
|
|
(723,967 |
) |
|
|
(1,008,001 |
) |
| Cash flows from financing activities: |
|
|
|
|
||||
| Proceeds from credit facilities |
|
|
657,981 |
|
|
|
581,233 |
|
| Payments of credit facilities |
|
|
(264,107 |
) |
|
|
(790,846 |
) |
| 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 |
) |
| Repayment of term loan |
|
|
(2,500 |
) |
|
|
— |
|
| Payments of financing leases |
|
|
(89 |
) |
|
|
(101 |
) |
| Payments of acquisition debt and other consideration |
|
|
(5,059 |
) |
|
|
(544 |
) |
| Payments of dividends |
|
|
(17,163 |
) |
|
|
(16,591 |
) |
| Proceeds from stock purchases under employee stock purchase plan |
|
|
4,611 |
|
|
|
— |
|
| Proceeds from exercise of stock options |
|
|
5,861 |
|
|
|
4,324 |
|
| Payments for shares acquired including shares withheld for taxes |
|
|
(40,520 |
) |
|
|
(87,836 |
) |
| Repurchase of Class B Common Stock under approved program |
|
|
(13,242 |
) |
|
|
— |
|
| Net cash provided by financing activities |
|
|
325,773 |
|
|
|
866,510 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(6,462 |
) |
|
|
1,617 |
|
| (Decrease) increase in cash and cash equivalents |
|
|
(235,926 |
) |
|
|
9,148 |
|
| Cash and cash equivalents, beginning of year |
|
|
329,337 |
|
|
|
122,006 |
|
| Cash and cash equivalents, end of period |
|
$ |
93,411 |
|
|
$ |
131,154 |
|
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
