Bentley Systems Announces Operating Results for the Second Quarter of 2022

Consolidated Statements of Cash Flows
(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

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