Bentley Systems Announces Operating Results for the Second Quarter of 2023

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 Form 10‑Qs, which are on file with the SEC. 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, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems’ 5,000 colleagues generate annual revenues of more than $1 billion in 194 countries.

www.bentley.com

© 2023 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, Bentley Infrastructure Cloud, Bentley Open, iTwin, MicroStation, ProjectWise, Seequent, SYNCHRO, and Virtuosity 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
Consolidated Balance Sheets
(in thousands)
(unaudited)

 

 

June 30, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

82,716

 

 

$

71,684

 

Accounts receivable

 

 

252,863

 

 

 

296,376

 

Allowance for doubtful accounts

 

 

(8,656

)

 

 

(9,303

)

Prepaid income taxes

 

 

20,491

 

 

 

18,406

 

Prepaid and other current assets

 

 

44,043

 

 

 

38,732

 

Total current assets

 

 

391,457

 

 

 

415,895

 

Property and equipment, net

 

 

35,520

 

 

 

32,251

 

Operating lease right-of-use assets

 

 

43,248

 

 

 

40,249

 

Intangible assets, net

 

 

271,639

 

 

 

292,271

 

Goodwill

 

 

2,252,832

 

 

 

2,237,184

 

Investments

 

 

26,997

 

 

 

22,270

 

Deferred income taxes

 

 

68,681

 

 

 

52,636

 

Other assets

 

 

73,553

 

 

 

72,249

 

Total assets

 

$

3,163,927

 

 

$

3,165,005

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

37,423

 

 

$

15,176

 

Accruals and other current liabilities

 

 

398,883

 

 

 

362,048

 

Deferred revenues

 

 

231,473

 

 

 

226,955

 

Operating lease liabilities

 

 

12,533

 

 

 

14,672

 

Income taxes payable

 

 

21,383

 

 

 

4,507

 

Current portion of long-term debt

 

 

7,500

 

 

 

5,000

 

Total current liabilities

 

 

709,195

 

 

 

628,358

 

Long-term debt

 

 

1,629,483

 

 

 

1,775,696

 

Deferred compensation plan liabilities

 

 

82,641

 

 

 

77,014

 

Long-term operating lease liabilities

 

 

32,273

 

 

 

27,670

 

Deferred revenues

 

 

16,282

 

 

 

16,118

 

Deferred income taxes

 

 

37,773

 

 

 

51,235

 

Income taxes payable

 

 

7,316

 

 

 

8,105

 

Other liabilities

 

 

5,192

 

 

 

7,355

 

Total liabilities

 

 

2,520,155

 

 

 

2,591,551

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

2,947

 

 

 

2,890

 

Additional paid-in capital

 

 

1,085,066

 

 

 

1,030,466

 

Accumulated other comprehensive loss

 

 

(87,828

)

 

 

(89,740

)

Accumulated deficit

 

 

(357,117

)

 

 

(370,866

)

Non-controlling interest

 

 

704

 

 

 

704

 

Total stockholders’ equity

 

 

643,772

 

 

 

573,454

 

Total liabilities and stockholders’ equity

 

$

3,163,927

 

 

$

3,165,005

 

 

BENTLEY SYSTEMS, INCORPORATED

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