Bentley Systems Announces Operating Results for the Second Quarter of 2023

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

 

 

Six Months Ended

 

 

June 30,

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

94,175

 

 

$

112,061

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

35,304

 

 

 

35,730

 

Deferred income taxes

 

 

(28,935

)

 

 

(16,806

)

Stock-based compensation expense

 

 

37,588

 

 

 

32,568

 

Deferred compensation plan

 

 

7,923

 

 

 

(17,297

)

Amortization of deferred debt issuance costs

 

 

3,646

 

 

 

3,646

 

Change in fair value of derivative

 

 

663

 

 

 

(19,490

)

Foreign currency remeasurement (gain) loss

 

 

(144

)

 

 

5,748

 

Other non-cash items, net

 

 

3,530

 

 

 

3,315

 

Changes in assets and liabilities, net of effect from acquisitions:

 

 

 

 

Accounts receivable

 

 

49,171

 

 

 

15,581

 

Prepaid and other assets

 

 

(364

)

 

 

3,325

 

Accounts payable, accruals, and other liabilities

 

 

41,969

 

 

 

25,683

 

Deferred revenues

 

 

(1,792

)

 

 

(20,292

)

Income taxes payable, net of prepaid income taxes

 

 

14,085

 

 

 

4,958

 

Net cash provided by operating activities

 

 

256,819

 

 

 

168,730

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment and investment in capitalized software

 

 

(11,253

)

 

 

(6,589

)

Proceeds from sale of aircraft

 

 

 

 

 

2,380

 

Acquisitions, net of cash acquired

 

 

(10,299

)

 

 

(714,197

)

Purchases of investments

 

 

(8,200

)

 

 

(5,561

)

Net cash used in investing activities

 

 

(29,752

)

 

 

(723,967

)

Cash flows from financing activities:

 

 

 

 

Proceeds from credit facilities

 

 

288,387

 

 

 

657,981

 

Payments of credit facilities

 

 

(432,739

)

 

 

(264,107

)

Repayments of term loan

 

 

(2,500

)

 

 

(2,500

)

Payments of contingent and non-contingent consideration

 

 

(2,860

)

 

 

(5,059

)

Payments of dividends

 

 

(29,224

)

 

 

(17,163

)

Proceeds from stock purchases under employee stock purchase plan

 

 

4,557

 

 

 

4,611

 

Proceeds from exercise of stock options

 

 

9,700

 

 

 

5,861

 

Payments for shares acquired including shares withheld for taxes

 

 

(51,202

)

 

 

(40,520

)

Repurchase of Class B Common Stock under approved program

 

 

 

 

 

(13,242

)

Other financing activities

 

 

(95

)

 

 

(89

)

Net cash (used in) provided by financing activities

 

 

(215,976

)

 

 

325,773

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(59

)

 

 

(6,462

)

Increase (decrease) in cash and cash equivalents

 

 

11,032

 

 

 

(235,926

)

Cash and cash equivalents, beginning of year

 

 

71,684

 

 

 

329,337

 

Cash and cash equivalents, end of period

 

$

82,716

 

 

$

93,411

 

 

BENTLEY SYSTEMS, INCORPORATED

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