Bentley Systems Announces Operating Results for the First Quarter of 2023

www.bentley.com

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BENTLEY SYSTEMS, INCORPORATED
Consolidated Balance Sheets
(in thousands)
(unaudited)

 

 

March 31, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

93,567

 

 

$

71,684

 

Accounts receivable

 

 

285,192

 

 

 

296,376

 

Allowance for doubtful accounts

 

 

(8,036

)

 

 

(9,303

)

Prepaid income taxes

 

 

21,169

 

 

 

18,406

 

Prepaid and other current assets

 

 

39,849

 

 

 

38,732

 

Total current assets

 

 

431,741

 

 

 

415,895

 

Property and equipment, net

 

 

33,038

 

 

 

32,251

 

Operating lease right-of-use assets

 

 

38,946

 

 

 

40,249

 

Intangible assets, net

 

 

283,969

 

 

 

292,271

 

Goodwill

 

 

2,247,797

 

 

 

2,237,184

 

Investments

 

 

32,010

 

 

 

22,270

 

Deferred income taxes

 

 

52,484

 

 

 

52,636

 

Other assets

 

 

68,037

 

 

 

72,249

 

Total assets

 

$

3,188,022

 

 

$

3,165,005

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

28,781

 

 

$

15,176

 

Accruals and other current liabilities

 

 

420,935

 

 

 

362,048

 

Deferred revenues

 

 

234,775

 

 

 

226,955

 

Operating lease liabilities

 

 

14,147

 

 

 

14,672

 

Income taxes payable

 

 

14,862

 

 

 

4,507

 

Current portion of long-term debt

 

 

6,250

 

 

 

5,000

 

Total current liabilities

 

 

719,750

 

 

 

628,358

 

Long-term debt

 

 

1,668,781

 

 

 

1,775,696

 

Deferred compensation plan liabilities

 

 

80,674

 

 

 

77,014

 

Long-term operating lease liabilities

 

 

26,651

 

 

 

27,670

 

Deferred revenues

 

 

15,972

 

 

 

16,118

 

Deferred income taxes

 

 

46,564

 

 

 

51,235

 

Income taxes payable

 

 

8,127

 

 

 

8,105

 

Other liabilities

 

 

7,313

 

 

 

7,355

 

Total liabilities

 

 

2,573,832

 

 

 

2,591,551

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

2,915

 

 

 

2,890

 

Additional paid-in capital

 

 

1,060,842

 

 

 

1,030,466

 

Accumulated other comprehensive loss

 

 

(89,374

)

 

 

(89,740

)

Accumulated deficit

 

 

(360,897

)

 

 

(370,866

)

Non-controlling interest

 

 

704

 

 

 

704

 

Total stockholders’ equity

 

 

614,190

 

 

 

573,454

 

Total liabilities and stockholders’ equity

 

$

3,188,022

 

 

$

3,165,005

 

BENTLEY SYSTEMS, INCORPORATED

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