Bentley Systems Announces Second Quarter 2024 Results

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’ 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.

www.bentley.com

© 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, Bentley Infrastructure Cloud, Bentley Open, Cohesive, iTwin, MicroStation, ProjectWise, Seequent, and SYNCHRO 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, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

51,278

 

 

$

68,412

 

Accounts receivable

 

 

282,918

 

 

 

302,501

 

Allowance for doubtful accounts

 

 

(9,099

)

 

 

(8,965

)

Prepaid income taxes

 

 

18,487

 

 

 

12,812

 

Prepaid and other current assets

 

 

43,101

 

 

 

44,797

 

Total current assets

 

 

386,685

 

 

 

419,557

 

Property and equipment, net

 

 

36,756

 

 

 

40,100

 

Operating lease right-of-use assets

 

 

34,868

 

 

 

38,476

 

Intangible assets, net

 

 

225,539

 

 

 

248,787

 

Goodwill

 

 

2,265,174

 

 

 

2,269,336

 

Investments

 

 

24,258

 

 

 

23,480

 

Deferred income taxes

 

 

206,259

 

 

 

212,831

 

Other assets

 

 

77,641

 

 

 

67,283

 

Total assets

 

$

3,257,180

 

 

$

3,319,850

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

23,901

 

 

$

18,094

 

Accruals and other current liabilities

 

 

500,007

 

 

 

457,348

 

Deferred revenues

 

 

236,624

 

 

 

253,785

 

Operating lease liabilities

 

 

11,429

 

 

 

11,645

 

Income taxes payable

 

 

13,817

 

 

 

9,491

 

Current portion of long-term debt

 

 

 

 

 

10,000

 

Total current liabilities

 

 

785,778

 

 

 

760,363

 

Long-term debt

 

 

1,334,618

 

 

 

1,518,403

 

Deferred compensation plan liabilities

 

 

91,172

 

 

 

88,181

 

Long-term operating lease liabilities

 

 

26,950

 

 

 

30,626

 

Deferred revenues

 

 

15,259

 

 

 

15,862

 

Deferred income taxes

 

 

11,899

 

 

 

9,718

 

Income taxes payable

 

 

3,615

 

 

 

7,337

 

Other liabilities

 

 

3,383

 

 

 

5,378

 

Total liabilities

 

 

2,272,674

 

 

 

2,435,868

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

2,997

 

 

 

2,963

 

Additional paid-in capital

 

 

1,176,630

 

 

 

1,127,234

 

Accumulated other comprehensive loss

 

 

(93,264

)

 

 

(84,987

)

Accumulated deficit

 

 

(102,561

)

 

 

(161,932

)

Non-controlling interest

 

 

704

 

 

 

704

 

Total stockholders’ equity

 

 

984,506

 

 

 

883,982

 

Total liabilities and stockholders’ equity

 

$

3,257,180

 

 

$

3,319,850

 

BENTLEY SYSTEMS, INCORPORATED

Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues:

 

 

 

 

 

 

 

 

Subscriptions

 

$

297,444

 

 

$

259,243

 

 

$

604,533

 

 

$

537,088

 

Perpetual licenses

 

 

10,863

 

 

 

11,718

 

 

 

20,375

 

 

 

21,265

 

Subscriptions and licenses

 

 

308,307

 

 

 

270,961

 

 

 

624,908

 

 

 

558,353

 

Services

 

 

22,030

 

 

 

25,788

 

 

 

43,192

 

 

 

52,807

 

Total revenues

 

 

330,337

 

 

 

296,749

 

 

 

668,100

 

 

 

611,160

 

Cost of revenues:

 

 

 

 

 

 

 

 

Cost of subscriptions and licenses

 

 

42,432

 

 

 

41,156

 

 

 

82,650

 

 

 

82,087

 

Cost of services

 

 

20,761

 

 

 

25,270

 

 

 

42,373

 

 

 

51,523

 

Total cost of revenues

 

 

63,193

 

 

 

66,426

 

 

 

125,023

 

 

 

133,610

 

Gross profit

 

 

267,144

 

 

 

230,323

 

 

 

543,077

 

 

 

477,550

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

 

65,709

 

 

 

70,117

 

 

 

134,080

 

 

 

137,917

 

Selling and marketing

 

 

57,129

 

 

 

54,364

 

 

 

111,515

 

 

 

106,505

 

General and administrative

 

 

54,854

 

 

 

39,258

 

 

 

101,336

 

 

 

86,065

 

Deferred compensation plan

 

 

883

 

 

 

3,777

 

 

 

6,682

 

 

 

7,923

 

Amortization of purchased intangibles

 

 

8,392

 

 

 

9,502

 

 

 

17,356

 

 

 

20,050

 

Total operating expenses

 

 

186,967

 

 

 

177,018

 

 

 

370,969

 

 

 

358,460

 

Income from operations

 

 

80,177

 

 

 

53,305

 

 

 

172,108

 

 

 

119,090

 

Interest expense, net

 

 

(5,100

)

 

 

(9,484

)

 

 

(11,620

)

 

 

(20,576

)

Other income, net

 

 

2,280

 

 

 

965

 

 

 

9,417

 

 

 

1,254

 

Income before income taxes

 

 

77,357

 

 

 

44,786

 

 

 

169,905

 

 

 

99,768

 

(Provision) benefit for income taxes

 

 

(5,330

)

 

 

3,899

 

 

 

(27,577

)

 

 

(5,593

)

Equity in net income of investees, net of tax

 

 

19

 

 

 

 

 

 

28

 

 

 

 

Net income

 

$

72,046

 

 

$

48,685

 

 

$

142,356

 

 

$

94,175

 

Per share information:

 

 

 

 

 

 

 

 

Net income per share, basic

 

$

0.23

 

 

$

0.16

 

 

$

0.45

 

 

$

0.30

 

Net income per share, diluted

 

$

0.22

 

 

$

0.15

 

 

$

0.44

 

 

$

0.29

 

Weighted average shares, basic

 

 

314,980,580

 

 

 

311,914,602

 

 

 

314,660,906

 

 

 

311,366,371

 

Weighted average shares, diluted

 

 

333,780,984

 

 

 

332,352,725

 

 

 

333,725,315

 

 

 

331,831,973

 

BENTLEY SYSTEMS, INCORPORATED

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Six Months Ended

 

 

June 30,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

 

Net income

 

$

142,356

 

 

$

94,175

 

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

 

 

 

 

Depreciation and amortization

 

 

32,367

 

 

 

35,304

 

Deferred income taxes

 

 

8,666

 

 

 

(28,935

)

Stock-based compensation expense

 

 

41,759

 

 

 

37,588

 

Deferred compensation plan

 

 

6,682

 

 

 

7,923

 

Amortization of deferred debt issuance costs

 

 

3,750

 

 

 

3,646

 

Change in fair value of derivative

 

 

(2,361

)

 

 

663

 

Foreign currency remeasurement loss (gain)

 

 

502

 

 

 

(144

)

Other

 

 

(1,715

)

 

 

3,530

 

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

 

 

 

 

Accounts receivable

 

 

14,330

 

 

 

49,171

 

Prepaid and other assets

 

 

(585

)

 

 

(364

)

Accounts payable, accruals, and other liabilities

 

 

41,622

 

 

 

41,969

 

Deferred revenues

 

 

(14,888

)

 

 

(1,792

)

Income taxes payable, net of prepaid income taxes

 

 

(4,930

)

 

 

14,085

 

Net cash provided by operating activities

 

 

267,555

 

 

 

256,819

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment and investment in capitalized software

 

 

(6,689

)

 

 

(11,253

)

Acquisitions, net of cash acquired

 

 

(5,000

)

 

 

(10,299

)

Purchases of investments

 

 

(557

)

 

 

(8,200

)

Other

 

 

1,300

 

 

 

 

Net cash used in investing activities

 

 

(10,946

)

 

 

(29,752

)

Cash flows from financing activities:

 

 

 

 

Proceeds from credit facilities

 

 

51,724

 

 

 

288,387

 

Payments of credit facilities

 

 

(143,752

)

 

 

(432,739

)

Repayments of term loan

 

 

(105,000

)

 

 

(2,500

)

Payments of contingent and non-contingent consideration

 

 

(451

)

 

 

(2,860

)

Payments of dividends

 

 

(35,851

)

 

 

(29,224

)

Proceeds from stock purchases under employee stock purchase plan

 

 

5,560

 

 

 

4,557

 

Proceeds from exercise of stock options

 

 

4,007

 

 

 

9,700

 

Payments for shares acquired including shares withheld for taxes

 

 

(9,626

)

 

 

(51,202

)

Repurchases of Class B common stock under approved program

 

 

(37,515

)

 

 

 

Other

 

 

(95

)

 

 

(95

)

Net cash used in financing activities

 

 

(270,999

)

 

 

(215,976

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(2,744

)

 

 

(59

)

(Decrease) increase in cash and cash equivalents

 

 

(17,134

)

 

 

11,032

 

Cash and cash equivalents, beginning of year

 

 

68,412

 

 

 

71,684

 

Cash and cash equivalents, end of period

 

$

51,278

 

 

$

82,716

 

BENTLEY SYSTEMS, INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except share and per share data)

(unaudited)

 

Reconciliation of operating income to Adjusted OI w/SBC and to Adjusted operating income:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Operating income

 

$

80,177

 

$

53,305

 

$

172,108

 

$

119,090

 

Amortization of purchased intangibles

 

 

11,521

 

 

12,625

 

 

23,711

 

 

26,360

 

Deferred compensation plan

 

 

883

 

 

3,777

 

 

6,682

 

 

7,923

 

Acquisition expenses

 

 

1,969

 

 

3,521

 

 

4,328

 

 

12,298

 

Realignment expenses (income)

 

 

743

 

 

29

 

 

809

 

 

(1,950

)

Adjusted OI w/SBC

 

 

95,293

 

 

73,257

 

 

207,638

 

 

163,721

 

Stock-based compensation expense

 

 

21,856

 

 

17,670

 

 

41,193

 

 

36,868

 

Adjusted operating income

 

$

117,149

 

$

90,927

 

$

248,831

 

$

200,589

 


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