Bentley Systems Announces Operating Results for the Second Quarter of 2023

Reconciliation of net income to Adjusted net income:

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

$

 

EPS(1)

 

$

 

EPS(1)

 

$

 

EPS(1)

 

$

 

EPS(1)

Net income

$

48,685

 

 

$

0.15

 

 

$

55,673

 

 

$

0.17

 

 

$

94,175

 

 

$

0.29

 

 

$

112,061

 

 

$

0.35

 

Non-GAAP adjustments, prior to income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

12,625

 

 

 

0.04

 

 

 

13,671

 

 

 

0.04

 

 

 

26,360

 

 

 

0.08

 

 

 

26,599

 

 

 

0.08

 

Stock-based compensation expense

 

17,670

 

 

 

0.05

 

 

 

17,395

 

 

 

0.05

 

 

 

36,868

 

 

 

0.11

 

 

 

32,348

 

 

 

0.10

 

Deferred compensation plan

 

3,777

 

 

 

0.01

 

 

 

(12,159

)

 

 

(0.04

)

 

 

7,923

 

 

 

0.02

 

 

 

(17,297

)

 

 

(0.05

)

Acquisition expenses

 

3,521

 

 

 

0.01

 

 

 

3,856

 

 

 

0.01

 

 

 

12,298

 

 

 

0.04

 

 

 

17,853

 

 

 

0.05

 

Realignment expenses (income)

 

29

 

 

 

 

 

 

3,194

 

 

 

0.01

 

 

 

(1,950

)

 

 

(0.01

)

 

 

3,194

 

 

 

0.01

 

Other income, net

 

(965

)

 

 

 

 

 

(3,514

)

 

 

(0.01

)

 

 

(1,254

)

 

 

 

 

 

(13,861

)

 

 

(0.04

)

Total non-GAAP adjustments, prior to income taxes

 

36,657

 

 

 

0.11

 

 

 

22,443

 

 

 

0.07

 

 

 

80,245

 

 

 

0.24

 

 

 

48,836

 

 

 

0.15

 

Income tax effect of non-GAAP adjustments

 

(6,608

)

 

 

(0.02

)

 

 

(4,913

)

 

 

(0.01

)

 

 

(13,997

)

 

 

(0.04

)

 

 

(8,490

)

 

 

(0.03

)

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

 

 

 

 

 

 

 

593

 

 

 

 

 

 

 

 

 

 

 

 

1,165

 

 

 

 

Adjusted net income (2)(3)

$

78,734

 

 

$

0.24

 

 

$

73,796

 

 

$

0.23

 

 

$

160,423

 

 

$

0.49

 

 

$

153,572

 

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares, diluted

332,352,725

 

332,275,216

 

331,831,973

 

332,208,435

________________________

(1)

Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.

(2)

Total Adjusted EPS for the three and six months ended June 30, 2022 have been corrected to reflect the dilutive effect of convertible senior notes.

(3)

Adjusted EPS numerator includes $1,723 and $1,705 for the three months ended June 30, 2023 and 2022, respectively, and $3,440 and $3,400 for the six months ended June 30, 2023 and 2022, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if‑converted method.


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