Bentley Systems Announces Operating Results for the Second Quarter of 2022

Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2022 and 2021
(in thousands)
(unaudited)

Reconciliation of net income to Adjusted EBITDA:

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

Net income

$

55,673

 

 

$

45,627

 

 

$

112,061

 

 

$

102,633

 

Interest expense, net

 

7,622

 

 

 

2,453

 

 

 

14,664

 

 

 

4,772

 

Benefit for income taxes

 

(4,674

)

 

 

(20,473

)

 

 

(1,443

)

 

 

(10,115

)

Depreciation and amortization

 

18,518

 

 

 

10,287

 

 

 

35,730

 

 

 

19,280

 

Stock-based compensation

 

17,395

 

 

 

11,685

 

 

 

32,348

 

 

 

20,598

 

Deferred compensation plan

 

(12,159

)

 

 

195

 

 

 

(17,297

)

 

 

362

 

Acquisition expenses

 

3,856

 

 

 

13,954

 

 

 

17,853

 

 

 

23,210

 

Realignment expenses

 

3,194

 

 

 

 

 

 

3,194

 

 

 

 

Other (income) expense, net

 

(3,497

)

 

 

3,777

 

 

 

(14,138

)

 

 

(10,705

)

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

 

593

 

 

 

1,829

 

 

 

1,165

 

 

 

2,275

 

Adjusted EBITDA

$

86,521

 

 

$

69,334

 

 

$

184,137

 

 

$

152,310

 


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