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.
© 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
