Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems”
or the “Company”), the infrastructure engineering software company,
today announced operating results for its second quarter and six
months ended June 30, 2022.
Second Quarter 2022 Financial Results
- Total revenues were $268.3 million, up 19.8% or 26.2% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $232.2 million, up 24.5% or 31.3%
on a constant currency basis, year-over-year;
- Last twelve-month recurring revenues were $930.8 million, up
24.6% year-over-year;
- Last twelve-month recurring revenues dollar-based net retention
rate was 109%, compared to 106% for the same period last year;
- Last twelve-month account retention rate was 98%, consistent
with the same period last year;
- Annualized Recurring Revenue (“ARR”) was $971.9 million as of
June 30, 2022, representing an ARR growth rate of 14% from June 30,
2021;
- GAAP operating income was $55.7 million, compared to $33.2
million for the same period last year;
- GAAP net income was $55.7 million, compared to $45.6 million
for the same period last year. GAAP net income per diluted share
was $0.17, compared to $0.14 for the same period last year; GAAP
net income margin was 20.8%, compared to 20.4% for the same period
last year;
- Adjusted Net Income was $73.8 million, compared to $74.5
million for the same period last year. Adjusted Net Income per
diluted share was $0.22 compared to $0.23 for the same period last
year;
- Adjusted EBITDA was $86.5 million, compared to $69.3 million
for the same period last year. Adjusted EBITDA margin was 32.2%,
compared to 31.0% for the same period last year; and
- Cash flow from operations was $67.0 million, compared to $16.2
million for the same period last year.
Six Months Ended June 30, 2022 Financial Results
- Total revenues were $543.8 million, up 21.9% or 26.9% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $473.4 million, up 26.4% or 31.6%
on a constant currency basis, year-over-year;
- GAAP operating income was $112.3 million, compared to $88.9
million for the same period last year;
- GAAP net income was $112.1 million, compared to $102.6 million
for the same period last year. GAAP net income per diluted share
was $0.35, compared to $0.32 for the same period last year. GAAP
net income margin was 20.6%, compared to 23.0% for the same period
last year;
- Adjusted Net Income was $153.4 million, compared to $138.6
million for the same period last year. Adjusted Net Income per
diluted share was $0.46 compared to $0.43 for the same period last
year;
- Adjusted EBITDA was $184.1 million, compared to $152.3 million
for the same period last year. Adjusted EBITDA margin was 33.9%,
compared to 34.2% for the same period last year; and
- Cash flow from operations was $168.7 million, compared to
$149.0 million for the same period last year.
Definitions of the non‑GAAP financial measures used in this
press release and reconciliations of such measures to the most
comparable GAAP financial measures are included below under the
heading “Use and Reconciliation of Non‑GAAP Financial
Measures.”
CEO Greg Bentley said, “I am pleased to report that Bentley
Systems’ operating performance continues to accord with our annual
financial outlook for 2022, abstracting from foreign exchange
fluctuations. While exchange rates obviously affect reported
revenues, our adjusted EBITDA margin is substantially naturally
hedged. In constant currency, most importantly, the quarter’s
year‑over‑year business performance ARR growth rate of 11.5%, which
includes the write‑down in 22Q2 of the remaining half (0.5%) of our
ARR in Russia, remains consistent with our expectations for the
year. The 22Q1 acquisition of Power Line Systems contributed, as
expected, a further 2.5% in ARR growth rate.”
Mr. Bentley continued, “As to further ‘macro’ concerns, new
business in China stabilized after 22Q1’s ‘counter‑globalism’
setback, and new business in Central Europe and Southern Europe
improved. Beyond infrastructure engineering’s intrinsic resilience
even with respect to currently forecasted slowdowns in major
economies, Bentley Systems’ second half of 2022 is poised to
benefit from our flourishing platform acquisitions for
environmental opportunities (Seequent) and grid opportunities
(Power Line Systems). I believe that investing in going digital for
infrastructure engineering will prove an enduring global
imperative.”
CFO Werner Andre said, “To quantify the currency headwinds from
the dollar strengthening during the quarter, our 22Q2 reported GAAP
total revenues of $268.3 million would have been $275.4 million, if
the exchange rates used in our annual financial outlook had
remained in effect.
“Although our 2022 financial outlook has not materially changed
(including after netting year‑to‑date acquisitions and
divestitures, and discontinuation of our business operations in
Russia): if recent exchange rates would prevail for the remainder
of the year, our 2022 full year total revenues as reported would be
negatively impacted by about $25 million, relative to the revenues
based on the exchange rates in effect when we determined our full
year 2022 outlook at the beginning of the year, with adjusted
EBITDA margin still approximately 33%.”
Second Quarter 2022 Financial Developments
On May 11, 2022, we announced that our board of directors
approved the BSY Stock Repurchase Program authorizing us to
repurchase up to $200 million of the Company’s Class B Common Stock
through June 30, 2024. The BSY Stock Repurchase Program is used to
offset dilution from the issuance of the Company’s Class B Common
Stock under our stock-based plans to enhance stockholder value. For
the six months ended June 30, 2022, we repurchased 463,001 shares
for $13.2 million.
Operating Results Call Details
Bentley Systems will host a live Zoom video webinar on August 9,
2022 at 8:15 a.m. Eastern time to discuss operating results for its
second quarter and six months ended June 30, 2022.
Those wishing to participate should access the live Zoom video
webinar of the event through a direct registration link at
https://us06web.zoom.us/webinar/register/WN_AVJPJDHBReGQNwGMtyVR0g.
Alternatively, the event can be accessed from the Events &
Presentations page on Bentley Systems’ Investor Relations website
at https://investors.bentley.com. In addition, a replay and
transcript will be available after the conclusion of the live event
on Bentley Systems’ Investor Relations website for one year.
Definitions of Certain Key Business Metrics
Definitions of the non‑GAAP financial measures used in this
operating results press release and reconciliations of such
measures to their nearest GAAP equivalents are included below under
“Use and Reconciliation of Non‑GAAP Financial Measures.”
- Last twelve-month recurring revenues are calculated as
recurring revenues recognized over the preceding twelve-month
period. We define recurring revenues as subscription revenues that
recur monthly, quarterly, or annually with specific or automatic
renewal clauses and professional services revenues in which the
underlying contract is based on a fixed fee and contains automatic
annual renewal provisions;
- ARR is defined as the sum of the annualized value of our
portfolio of contracts that produce recurring revenues as of the
last day of the reporting period, and the annualized value of the
last three months of recognized revenues for our contractually
recurring consumption-based software subscriptions with consumption
measurement durations of less than one year, calculated using the
spot foreign exchange rates;
- Business performance is defined as organic growth results
inclusive of the impact from the ARR onboarding of certain
programmatic acquisitions, which generally are immaterial,
individually and in the aggregate, and is exclusive of the ARR
onboarding of our Seequent and Power Line Systems platform
acquisitions;
- GAAP net income margin is determined by dividing GAAP net
income by total revenues;
- Adjusted EBITDA margin is determined by dividing Adjusted
EBITDA by total revenues; and
- Adjusted Net Income per diluted share is determined by dividing
Adjusted Net Income by the weighted average diluted shares.
Constant Currency Metrics
In reporting period-over-period results, we calculate the
effects of foreign currency fluctuations and constant currency
information by translating current period results using prior
period average foreign currency exchange rates. Our definition of
constant currency may differ from other companies reporting
similarly named measures, and these constant currency performance
measures should be viewed in addition to, and not as a substitute
for, our operating performance measures calculated in accordance
with GAAP.
- Our last twelve-month recurring revenues dollar-based net
retention rate is calculated, using the average exchange rates for
the prior period, as follows: the recurring revenues for the
current period, including any growth or reductions from accounts
with recurring revenues in the prior period (“existing accounts”),
but excluding recurring revenues from any new accounts added during
the current period, divided by the total recurring revenues from
all accounts during the prior period. A period is defined as any
trailing twelve months;
- Our last twelve-month account retention rate for any given
twelve-month period is calculated using the average currency
exchange rates for the prior period, as follows: the prior period
recurring revenues from all accounts with recurring revenues in the
current and prior period, divided by total recurring revenues from
all accounts during the prior period; and
- Our ARR growth rate is the growth rate of our ARR, measured on
a constant currency basis.
Use and Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we have calculated Adjusted cost of subscriptions and licenses,
Adjusted cost of services, Adjusted research and development,
Adjusted selling and marketing, Adjusted general and
administrative, Adjusted income from operations, Adjusted Net
Income, and Adjusted EBITDA, each of which are non‑GAAP financial
measures. We have provided tabular reconciliations of each of these
non‑GAAP financial measures to such measure’s most directly
comparable GAAP financial measure.
Management uses these non‑GAAP financial measures to understand
and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, and to evaluate
financial performance. Our non‑GAAP financial measures are
presented as supplemental disclosure as we believe they provide
useful information to investors and others in understanding and
evaluating our results and prospects period-over-period without the
impact of certain items that do not directly correlate to our
operating performance and that may vary significantly from period
to period for reasons unrelated to our operating performance, as
well as to compare our financial results to those of other
companies. Our definitions of these non‑GAAP financial measures may
differ from similarly titled measures presented by other companies
and therefore comparability may be limited. In addition, other
companies may not publish these or similar metrics. Thus, our
non‑GAAP financial measures should be considered in addition to,
not as a substitute for, or in isolation from, the financial
information prepared in accordance with GAAP, and should be read in
conjunction with the financial statements included in our Quarterly
Report on Form 10-Q to be filed with the United States Securities
and Exchange Commission.
We calculate these non‑GAAP financial measures as follows:
- Adjusted cost of subscriptions and licenses is determined by
adding back to GAAP cost of subscriptions and licenses,
amortization of purchased intangibles and developed technologies,
stock-based compensation, acquisition expenses, and realignment
expenses, for the respective periods;
- Adjusted cost of services is determined by adding back to GAAP
cost of services, stock-based compensation, acquisition expenses,
and realignment expenses, for the respective periods;
- Adjusted research and development is determined by adding back
to GAAP research and development, stock-based compensation and
acquisition expenses, for the respective periods;
- Adjusted selling and marketing is determined by adding back to
GAAP selling and marketing, stock-based compensation, acquisition
expenses, and realignment expenses, for the respective
periods;
- Adjusted general and administrative is determined by adding
back to GAAP general and administrative, stock-based compensation,
acquisition expenses, and realignment expenses, for the respective
periods;
- Adjusted income from operations is determined by adding back to
GAAP operating income, amortization of purchased intangibles and
developed technologies, stock-based compensation, expense (income)
relating to deferred compensation plan liabilities, acquisition
expenses, and realignment expenses, for the respective
periods;
- Adjusted Net Income is defined as net income adjusted for the
following: amortization of purchased intangibles and developed
technologies, stock-based compensation, expense (income) relating
to deferred compensation plan liabilities, acquisition expenses,
realignment expenses, other non-operating (income) expense, net,
the tax effect of the above adjustments to net income, and (income)
loss from investment accounted for using the equity method, net of
tax. The income tax effect of non‑GAAP adjustments was determined
using the applicable rates in the taxing jurisdictions in which
income or expense occurred, and represent both current and deferred
income tax expense or benefit based on the nature of the non‑GAAP
adjustments, including the tax effects of non-cash stock-based
compensation expense; and
- Adjusted EBITDA is defined as net income adjusted for interest
expense, net, provision (benefit) for income taxes, depreciation
and amortization, stock-based compensation, expense (income)
relating to deferred compensation plan liabilities, acquisition
expenses, realignment expenses, other non-operating (income)
expense, net, and (income) loss from investment accounted for using
the equity method, net of tax.
We encourage investors and others to review our financial
information in its entirety, not to rely on any single financial
measure, and to view these non‑GAAP financial measures in
conjunction with the related GAAP financial measures. During the
second quarter of 2022, the Company modified its definitions of
Adjusted EBITDA and Adjusted Net Income to adjust for realignment
expenses relating to our wind down of business in, and exit from,
the Russian market. These realignment expenses are comprised of
termination benefits for colleagues whose positions were eliminated
and corresponding asset impairments. During the third quarter of
2021, the Company modified its definitions of Adjusted EBITDA and
Adjusted Net Income to adjust for expense (income) relating to
deferred compensation plan liabilities. Amounts for all periods
herein reflect application of the aforementioned definition
modifications.
During the fourth quarter of 2021, we early adopted Accounting
Standards Update No. 2021-08, Business Combinations (Topic 805):
Accounting for Contract Assets and Contract Liabilities from
Contracts with Customers, effective January 1, 2021 and
retrospectively recasted interim prior period amounts presented in
this press release.
Forward-Looking Statements
This press release includes forward-looking statements regarding
the future results of operations and financial position, business
strategy, and plans and objectives for future operations of Bentley
Systems, Incorporated (the “Company,” “we,” “us,” and words of
similar import). All such statements contained in this press
release, other than statements of historical facts, are
forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” and
similar expressions are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations, projections, and assumptions about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, and there are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release
including: current and potential future impacts of the COVID-19
pandemic on the global economy and our business, and consolidated
financial statements; adverse changes in global economic and/or
political conditions; the impact of current and future sanctions,
embargoes and other similar laws at the state and/or federal level
that impose restrictions on our counterparties or upon our ability
to operate our business within the subject jurisdictions;
political, economic, regulatory and public health and safety risks
and uncertainties in the countries and regions in which we operate;
failure to retain personnel necessary for the operation of our
business or those that we acquire; changes in the industries in
which our accounts operate; the competitive environment in which we
operate; the quality of our products; our ability to develop and
market new products to address our accounts’ rapidly changing
technological needs; changes in capital markets and our ability to
access financing on terms satisfactory to us or at all; and our
ability to integrate acquired businesses successfully.
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 Forms 10-Q, which are on file with the United
States Securities and Exchange Commission. 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 include MicroStation-based applications for modeling and
simulation, ProjectWise for project delivery, AssetWise for asset
and network performance, Seequent’s leading geoprofessional
software portfolio, and the iTwin platform for infrastructure
digital twins. Bentley Systems employs more than 4,500 colleagues
and generates annual revenues of approximately $1 billion in 186
countries. www.bentley.com
© 2022 Bentley Systems, Incorporated. Bentley, the Bentley logo,
AssetWise, iTwin, MicroStation, ProjectWise, Seequent, and Power
Line Systems 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 AND
SUBSIDIARIES Consolidated Balance Sheets (in
thousands) (unaudited)
June 30, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
93,411
$
329,337
Accounts receivable
218,775
241,807
Allowance for doubtful accounts
(9,053
)
(6,541
)
Prepaid income taxes
17,641
16,880
Prepaid and other current assets
34,717
34,348
Total current assets
355,491
615,831
Property and equipment, net
29,603
31,823
Operating lease right-of-use assets
45,124
50,818
Intangible assets, net
316,258
245,834
Goodwill
2,215,909
1,588,477
Investments
10,666
6,438
Deferred income taxes
62,473
71,376
Other assets
64,085
48,646
Total assets
$
3,099,609
$
2,659,243
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
16,395
$
16,483
Accruals and other current liabilities
339,395
323,603
Deferred revenues
201,598
224,610
Operating lease liabilities
16,595
17,482
Income taxes payable
12,431
6,696
Current portion of long-term debt
5,000
5,000
Total current liabilities
591,414
593,874
Long-term debt
1,825,505
1,430,992
Deferred compensation plan liabilities
75,525
94,890
Long-term operating lease liabilities
31,024
35,274
Deferred revenues
13,216
7,983
Deferred income taxes
49,490
65,014
Income taxes payable
7,433
7,725
Other liabilities
9,009
14,269
Total liabilities
2,602,616
2,250,021
Stockholders’ equity:
Common stock
2,882
2,825
Additional paid-in capital
981,203
937,805
Accumulated other comprehensive loss
(89,131
)
(91,774
)
Accumulated deficit
(397,961
)
(439,634
)
Total stockholders’ equity
496,993
409,222
Total liabilities and stockholders’
equity
$
3,099,609
$
2,659,243
BENTLEY SYSTEMS, INCORPORATED AND
SUBSIDIARIES Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Revenues:
Subscriptions
$
232,191
$
186,442
$
473,424
$
374,567
Perpetual licenses
11,548
11,391
21,753
21,507
Subscriptions and licenses
243,739
197,833
495,177
396,074
Services
24,546
26,088
48,625
49,852
Total revenues
268,285
223,921
543,802
445,926
Cost of revenues:
Cost of subscriptions and licenses
36,806
29,881
70,533
58,826
Cost of services
22,888
23,570
44,946
43,914
Total cost of revenues
59,694
53,451
115,479
102,740
Gross profit
208,591
170,470
428,323
343,186
Operating expense (income):
Research and development
64,866
52,776
126,139
100,579
Selling and marketing
49,617
38,014
95,562
70,454
General and administrative
40,033
41,683
91,187
74,904
Deferred compensation plan
(12,159
)
195
(17,297
)
362
Amortization of purchased intangibles
10,517
4,589
20,423
8,027
Total operating expenses
152,874
137,257
316,014
254,326
Income from operations
55,717
33,213
112,309
88,860
Interest expense, net
(7,622
)
(2,453
)
(14,664
)
(4,772
)
Other income (expense), net
3,497
(3,777
)
14,138
10,705
Income before income taxes
51,592
26,983
111,783
94,793
Benefit for income taxes
4,674
20,473
1,443
10,115
Loss from investment accounted for using
the equity method, net of tax
(593
)
(1,829
)
(1,165
)
(2,275
)
Net income
55,673
45,627
112,061
102,633
Less: Net income attributable to
participating securities
(11
)
(3
)
(20
)
(3
)
Net income attributable to Class A and
Class B common stockholders
$
55,662
$
45,624
$
112,041
$
102,630
Per share information:
Net income per share, basic
$
0.18
$
0.15
$
0.36
$
0.34
Net income per share, diluted
$
0.17
$
0.14
$
0.35
$
0.32
Weighted average shares, basic
308,244,778
304,066,038
308,512,924
303,311,423
Weighted average shares, diluted
332,275,216
324,478,086
332,208,435
323,094,045
BENTLEY SYSTEMS, INCORPORATED AND
SUBSIDIARIES Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Six Months Ended
June 30,
2022
2021
Cash flows from operating activities:
Net income
$
112,061
$
102,633
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
35,730
19,280
Bad debt allowance
3,791
291
Deferred income taxes
(16,806
)
(915
)
Stock-based compensation expense
32,568
20,598
Deferred compensation plan
(17,297
)
1,855
Amortization and write-off of deferred
debt issuance costs
3,646
2,371
Change in fair value of derivative
(19,490
)
(7,735
)
Change in fair value of contingent
consideration
500
—
Change on fair value of investments
(112
)
—
Gain on sale of aircraft
(2,029
)
—
Foreign currency remeasurement loss
(gain)
5,748
(2,371
)
Loss from investment accounted for using
the equity method, net of tax
1,165
2,275
Changes in assets and liabilities, net of
effect from acquisitions:
Accounts receivable
15,581
(4,665
)
Prepaid and other assets
3,325
10,485
Accounts payable, accruals, and other
liabilities
25,683
37,623
Deferred revenues
(20,292
)
(5,746
)
Income taxes payable, net of prepaid
income taxes
4,958
(26,957
)
Net cash provided by operating
activities
168,730
149,022
Cash flows from investing activities:
Purchases of property and equipment and
investment in capitalized software
(6,589
)
(4,750
)
Proceeds from sale of aircraft
2,380
—
Acquisitions, net of cash acquired
(714,197
)
(1,002,551
)
Other investing activities
(5,561
)
(700
)
Net cash used in investing activities
(723,967
)
(1,008,001
)
Cash flows from financing activities:
Proceeds from credit facilities
657,981
581,233
Payments of credit facilities
(264,107
)
(790,846
)
Proceeds from convertible senior notes,
net of discounts and commissions
—
1,233,377
Payments of debt issuance costs
—
(4,951
)
Purchase of capped call options
—
(51,555
)
Repayment of term loan
(2,500
)
—
Payments of financing leases
(89
)
(101
)
Payments of acquisition debt and other
consideration
(5,059
)
(544
)
Payments of dividends
(17,163
)
(16,591
)
Proceeds from stock purchases under
employee stock purchase plan
4,611
—
Proceeds from exercise of stock
options
5,861
4,324
Payments for shares acquired including
shares withheld for taxes
(40,520
)
(87,836
)
Repurchase of Class B Common Stock under
approved program
(13,242
)
—
Net cash provided by financing
activities
325,773
866,510
Effect of exchange rate changes on cash
and cash equivalents
(6,462
)
1,617
(Decrease) increase in cash and cash
equivalents
(235,926
)
9,148
Cash and cash equivalents, beginning of
year
329,337
122,006
Cash and cash equivalents, end of
period
$
93,411
$
131,154
BENTLEY SYSTEMS, INCORPORATED AND
SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Measures
For the Three and Six Months Ended June 30, 2022 and 2021
(in thousands) (unaudited)
Reconciliation of net income to Adjusted EBITDA:
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income
$
55,673
$
45,627
$
112,061
$
102,633
Interest expense, net
7,622
2,453
14,664
4,772
Benefit for income taxes
(4,674
)
(20,473
)
(1,443
)
(10,115
)
Depreciation and amortization
18,518
10,287
35,730
19,280
Stock-based compensation
17,395
11,685
32,348
20,598
Deferred compensation plan
(12,159
)
195
(17,297
)
362
Acquisition expenses
3,856
13,954
17,853
23,210
Realignment expenses
3,194
—
3,194
—
Other (income) expense, net
(3,497
)
3,777
(14,138
)
(10,705
)
Loss from investment accounted for using
the equity method, net of tax
593
1,829
1,165
2,275
Adjusted EBITDA
$
86,521
$
69,334
$
184,137
$
152,310
Reconciliation of net income to Adjusted Net Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net income
$
55,673
$
45,627
$
112,061
$
102,633
Non-GAAP adjustments, prior to income
taxes:
Amortization of purchased intangibles and
developed technologies
13,671
5,781
26,599
10,464
Stock-based compensation
17,395
11,685
32,348
20,598
Deferred compensation plan
(12,159
)
195
(17,297
)
362
Acquisition expenses
3,856
13,954
17,853
23,210
Realignment expenses
3,194
—
3,194
—
Other (income) expense, net
(3,497
)
3,777
(14,138
)
(10,705
)
Total non-GAAP adjustments, prior to
income taxes
22,460
35,392
48,559
43,929
Income tax effect of non-GAAP
adjustments
(4,918
)
(8,385
)
(8,421
)
(10,244
)
Loss from investment accounted for using
the equity method, net of tax
593
1,829
1,165
2,275
Adjusted Net Income
$
73,808
$
74,463
$
153,364
$
138,593
Reconciliation of GAAP Financial Statement Line Items to
Non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Cost of subscriptions and licenses
$
36,806
$
29,881
$
70,533
$
58,826
Amortization of purchased intangibles and
developed technologies
(3,154
)
(1,192
)
(6,176
)
(2,437
)
Stock-based compensation
(781
)
(403
)
(1,161
)
(489
)
Realignment expenses
(39
)
—
(39
)
—
Adjusted cost of subscriptions and
licenses
$
32,832
$
28,286
$
63,157
$
55,900
Cost of services
$
22,888
$
23,570
$
44,946
$
43,914
Stock-based compensation
(548
)
(153
)
(919
)
(388
)
Acquisition expenses
(1,293
)
(1,579
)
(2,617
)
(2,545
)
Realignment expenses
(33
)
—
(33
)
—
Adjusted cost of services
$
21,014
$
21,838
$
41,377
$
40,981
Research and development
$
64,866
$
52,776
$
126,139
$
100,579
Stock-based compensation
(5,520
)
(4,806
)
(10,869
)
(8,715
)
Acquisition expenses
(1,545
)
(1,971
)
(3,196
)
(3,345
)
Adjusted research and development
$
57,801
$
45,999
$
112,074
$
88,519
Selling and marketing
$
49,617
$
38,014
$
95,562
$
70,454
Stock-based compensation
(2,160
)
(1,313
)
(3,531
)
(2,003
)
Acquisition expenses
(322
)
(138
)
(745
)
(182
)
Realignment expenses
(1,949
)
—
(1,949
)
—
Adjusted selling and marketing
$
45,186
$
36,563
$
89,337
$
68,269
General and administrative
$
40,033
$
41,683
$
91,187
$
74,904
Stock-based compensation
(8,386
)
(5,010
)
(15,868
)
(9,003
)
Acquisition expenses
(696
)
(10,258
)
(11,295
)
(17,118
)
Realignment expenses
(1,173
)
—
(1,173
)
—
Adjusted general and administrative
$
29,778
$
26,415
$
62,851
$
48,783
Income from operations
$
55,717
$
33,213
$
112,309
$
88,860
Amortization of purchased intangibles and
developed technologies
13,671
5,781
26,599
10,464
Stock-based compensation
17,395
11,685
32,348
20,598
Deferred compensation plan
(12,159
)
195
(17,297
)
362
Acquisition expenses
3,856
13,954
17,853
23,210
Realignment expenses
3,194
—
3,194
—
Adjusted income from operations
$
81,674
$
64,828
$
175,006
$
143,494
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005082/en/
Investors: Ankit Hira Solebury Trout for Bentley Systems
ir@bentley.com 1-610-458-2777
Media: Carey Mann carey.mann@bentley.com 1-610-458-3170
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