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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bentley Systems Inc | NASDAQ:BSY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.52 | 46.90 | 50.95 | 0 | 09:35:49 |
Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its fourth quarter and full year ended December 31, 2021, and its financial outlook for 2022.
Fourth Quarter 2021 Financial Results:
Full Year 2021 Financial Results:
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, “Our fourth quarter of 2021 capped a year of consistently and increasingly improving tone of business and operating metrics, and we enter 2022 on an unprecedented high note in terms of business confidence. From a long-term standpoint, BSY management takes pride in having responsibly completed our first full year as a public company. Our quarterly reporting tends to focus on milestones in operations and acquisitions, but I think our notable headway in per-share earnings measures is representative of the conscientious stewardship to which we hold ourselves accountable. Our many established competitive advantages as the infrastructure engineering software company make us confident in predictably achieving advancements in both growth and financial performance, including from generationally compelling opportunities for digital twin cloud services to advance infrastructure resilience.”
Mr. Bentley continued, “Our 2022 outlook, together with reliably strong 2020 and 2021 results, demonstrates our resolute commitment to deliberately expand our adjusted operating margins (normalized for nonrecurring pandemic-related savings) annually. At the same time, responding to strong market demand, we continue to expand resource initiatives for our user organizations’ success and for further SMB penetration, sustaining our compounded gains in ARR growth from pre-pandemic (and pre-IPO) levels. While we acknowledge that geopolitical complications are adding uncertainties, BSY is now more globally diversified than ever, especially by virtue of our complementary and high-performing Seequent acquisition. In January, 2022 we closed the Power Line Systems acquisition to complete our market-leading grid integration portfolio for energy transmission and distribution— signifying our proactivity in advancing infrastructure engineering, going digital, to enable our world’s sustainable development goals.”
Recent Financial Developments:
2022 Financial Outlook
The Company is sharing the following outlook for the year ending December 31, 2022.
(1)
The outlook for constant currency ARR growth rate includes growth of 2.5% from the initial inclusion of Power Line Systems, and growth of 11.5% to 13.5% from business performance.
The Company does not provide quarterly guidance, but to the extent expectations materially change we will update our full-year financial outlook when announcing subsequent quarterly operating results.
The 2022 outlook information provided above includes Constant currency ARR growth rate, Adjusted EBITDA, and Adjusted EBITDA margin guidance, which are non-GAAP financial measures management uses in measuring performance. The Company is unable to reconcile these forward-looking non-GAAP measures to GAAP without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of certain items and unanticipated events, including stock-based compensation charges, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items, which would be included in GAAP results. The impact of such items and unanticipated events could be potentially significant.
The 2022 outlook is forward-looking, subject to significant business, economic, regulatory, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and those variations may be material. As such, our results may not fall within the ranges contained in this outlook. The Company uses these forward-looking measures to evaluate its ongoing operations and for internal planning and forecasting purposes.
Operating Results Call Details
Bentley Systems will host a live Zoom video webinar on March 1, 2022 at 8:15 a.m. EST to discuss operating results for its fourth quarter and full year ended December 31, 2021, and 2022 financial outlook.
Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://zoom.us/webinar/register/WN_rP8Uv_28Q3GEOkkAFHwBGg. 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.” Certain non-GAAP measures included in our financial outlook are not being reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected for these periods not to impact the non-GAAP measures, but would impact GAAP measures. Such unavailable information, which could have a significant impact on the Company’s GAAP financial results, may include stock-based compensation charges, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items.
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.
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.
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, Adjusted Net Income per diluted share, Adjusted EBITDA, and Adjusted EBITDA margin, 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 Annual Report on Form 10-K to be filed with the United States Securities and Exchange Commission.
We calculate these non-GAAP financial measures as follows:
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 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 and amounts for all periods herein reflect application of the modified definition.
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; 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)
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
329,337
$
122,006
Accounts receivable
241,807
195,782
Allowance for doubtful accounts
(6,541
)
(5,759
)
Prepaid income taxes
16,880
3,535
Prepaid and other current assets
34,348
24,694
Total current assets
615,831
340,258
Property and equipment, net
31,823
28,414
Operating lease right-of-use assets
50,818
46,128
Intangible assets, net
245,834
45,627
Goodwill
1,588,477
581,174
Investments
6,438
5,691
Deferred income taxes
71,376
39,224
Other assets
48,646
39,519
Total assets
$
2,659,243
$
1,126,035
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
16,483
$
16,492
Accruals and other current liabilities
323,603
226,793
Deferred revenues
224,610
202,294
Operating lease liabilities
17,482
16,610
Income taxes payable
6,696
3,366
Current portion of long-term debt
5,000
—
Total current liabilities
593,874
465,555
Long-term debt
1,430,992
246,000
Deferred compensation plan liabilities
94,890
2,422
Long-term operating lease liabilities
35,274
31,767
Deferred revenues
7,983
7,020
Deferred income taxes
65,014
10,849
Income taxes payable
7,725
7,883
Other liabilities
14,269
12,940
Total liabilities
2,250,021
784,436
Stockholders’ equity:
Common stock
2,825
2,722
Additional paid-in capital
937,805
741,113
Accumulated other comprehensive loss
(91,774
)
(26,233
)
Accumulated deficit
(439,634
)
(376,003
)
Total stockholders’ equity
409,222
341,599
Total liabilities and stockholders’ equity
$
2,659,243
$
1,126,035
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Revenues:
Subscriptions
$
223,105
$
178,262
$
812,807
$
679,273
Perpetual licenses
19,707
21,362
53,080
57,382
Subscriptions and licenses
242,812
199,624
865,887
736,655
Services
24,920
19,943
99,159
64,889
Total revenues
267,732
219,567
965,046
801,544
Cost of revenues:
Cost of subscriptions and licenses
34,439
29,337
124,321
95,803
Cost of services
25,128
21,226
92,218
71,352
Total cost of revenues
59,567
50,563
216,539
167,155
Gross profit
208,165
169,004
748,507
634,389
Operating expenses:
Research and development
63,002
45,945
220,915
185,515
Selling and marketing
47,394
36,240
162,240
143,791
General and administrative
39,883
27,884
150,116
113,274
Deferred compensation plan
5,719
292
95,046
177
Amortization of purchased intangibles
8,898
4,368
25,601
15,352
Expenses associated with initial public offering
—
—
—
26,130
Total operating expenses
164,896
114,729
653,918
484,239
Income from operations
43,269
54,275
94,589
150,150
Interest expense, net
(3,883
)
(3,026
)
(12,491
)
(7,476
)
Other income, net
1,483
18,190
11,231
24,946
Income before income taxes
40,869
69,439
93,329
167,620
(Provision) benefit for income taxes
(1,642
)
(16,480
)
3,448
(38,625
)
Loss from investment accounted for using the equity method, net of tax
(646
)
(1,027
)
(3,585
)
(2,474
)
Net income
38,581
51,932
93,192
126,521
Less: Net income attributable to participating securities
(3
)
(230
)
(9
)
(234
)
Net income attributable to Class A and Class B common stockholders
$
38,578
$
51,702
$
93,183
$
126,287
Per share information:
Net income per share, basic
$
0.13
$
0.17
$
0.30
$
0.44
Net income per share, diluted
$
0.12
$
0.17
$
0.30
$
0.42
Weighted average shares, basic
307,447,788
297,192,775
305,711,345
289,863,272
Weighted average shares, diluted
314,782,892
309,096,405
314,610,814
299,371,129
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended
December 31,
2021
2020
Cash flows from operating activities:
Net income
$
93,192
$
126,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
52,793
36,117
Bad debt allowance (recovery)
1,203
(1,000
)
Deferred income taxes
(19,745
)
16,246
Stock-based compensation expense
49,045
32,114
Amortization and write-off of deferred debt issuance costs
5,955
985
Change in fair value of derivative
(9,770
)
(347
)
Change in fair value of contingent consideration
550
(1,340
)
Foreign currency remeasurement loss (gain)
64
(24,502
)
Loss from investment accounted for using the equity method, net of tax
3,585
2,474
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable
(35,519
)
12,388
Prepaid and other assets
14,260
11,705
Accounts payable, accruals, and other liabilities
50,077
47,656
Deferred compensation plan liabilities
92,926
3,706
Deferred revenues
5,340
(565
)
Income taxes payable, net of prepaid income taxes
(15,932
)
(3,818
)
Net cash provided by operating activities
288,024
258,340
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software
(17,539
)
(16,447
)
Acquisitions, net of cash acquired
(1,034,983
)
(93,032
)
Other investing activities
(4,081
)
(7,854
)
Net cash used in investing activities
(1,056,603
)
(117,333
)
Cash flows from financing activities:
Proceeds from credit facilities
745,310
550,875
Payments of credit facilities
(991,310
)
(538,625
)
Proceeds from convertible senior notes, net of discounts and commissions
1,233,377
—
Payments of debt issuance costs
(5,643
)
(432
)
Purchase of capped call options
(51,605
)
—
Proceeds from term loans
199,505
125,000
Payments of financing leases
(197
)
(189
)
Payments of acquisition debt and other consideration
(2,371
)
(3,425
)
Payments of dividends
(33,396
)
(422,646
)
Payments for shares acquired including shares withheld for taxes
(120,539
)
(83,975
)
Proceeds from Common Stock Purchase Agreement
—
58,349
Proceeds from stock purchases under employee stock purchase plan
3,846
—
Proceeds from exercise of stock options
5,605
9,128
Net cash provided by (used in) financing activities
982,582
(136,511
)
Effect of exchange rate changes on cash and cash equivalents
(6,672
)
(3,591
)
Increase in cash and cash equivalents
207,331
905
Cash and cash equivalents, beginning of year
122,006
121,101
Cash and cash equivalents, end of year
$
329,337
$
122,006
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Measures
For the Three Months and Year Ended December 31, 2021 and 2020
(in thousands)
(unaudited)
Reconciliation of net income to Adjusted EBITDA:
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income
$
38,581
$
51,932
$
93,192
$
126,521
Interest expense, net
3,883
3,026
12,491
7,476
Provision (benefit) for income taxes
1,642
16,480
(3,448
)
38,625
Depreciation and amortization
16,847
10,281
52,793
36,117
Stock-based compensation
15,966
9,354
48,152
32,114
Deferred compensation plan
5,719
292
95,046
177
Acquisition expenses
6,369
3,168
34,368
11,666
Realignment expenses
—
10
—
10,022
Expenses associated with IPO
—
—
—
26,130
Other income, net
(1,483
)
(18,190
)
(11,231
)
(24,946
)
Loss from investment accounted for using the equity method, net of tax
646
1,027
3,585
2,474
Adjusted EBITDA
$
88,170
$
77,380
$
324,948
$
266,376
Reconciliation of net income to Adjusted Net Income:
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Net income
$
38,581
$
51,932
$
93,192
$
126,521
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies
11,998
6,027
34,001
20,721
Stock-based compensation
15,966
9,354
48,152
32,114
Deferred compensation plan
5,719
292
95,046
177
Acquisition expenses
6,369
3,168
34,368
11,666
Realignment expenses
—
10
—
10,022
Expenses associated with IPO
—
—
—
26,130
Other income, net
(1,483
)
(18,190
)
(11,231
)
(24,946
)
Total non-GAAP adjustments, prior to income taxes
38,569
661
200,336
75,884
Income tax effect of non-GAAP adjustments
(5,827
)
(1,310
)
(30,173
)
(12,067
)
Loss from investment accounted for using the equity method, net of tax
646
1,027
3,585
2,474
Adjusted Net Income
$
71,969
$
52,310
$
266,940
$
192,812
Reconciliation of GAAP Financial Statement Line Items to Non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Cost of subscriptions and licenses
$
34,439
$
29,337
$
124,321
$
95,803
Amortization of purchased intangibles and developed technologies
(3,100
)
(1,659
)
(8,400
)
(5,369
)
Stock-based compensation
(608
)
(17
)
(1,417
)
(925
)
Acquisition expenses
(26
)
—
(33
)
—
Realignment expenses
—
8
—
(42
)
Adjusted cost of subscriptions and licenses
$
30,705
$
27,669
$
114,471
$
89,467
Cost of services
$
25,128
$
21,226
$
92,218
$
71,352
Stock-based compensation
(529
)
(156
)
(1,144
)
(2,857
)
Acquisition expenses
(1,466
)
(866
)
(5,846
)
(1,916
)
Realignment expenses
—
126
—
(1,422
)
Adjusted cost of services
$
23,133
$
20,330
$
85,228
$
65,157
Research and development
$
63,002
$
45,945
$
220,915
$
185,515
Stock-based compensation
(5,617
)
(3,952
)
(19,510
)
(11,769
)
Acquisition expenses
(1,900
)
(1,493
)
(6,782
)
(6,605
)
Realignment expenses
—
62
—
(848
)
Adjusted research and development
$
55,485
$
40,562
$
194,623
$
166,293
Selling and marketing
$
47,394
$
36,240
$
162,240
$
143,791
Stock-based compensation
(1,977
)
(652
)
(5,461
)
(6,259
)
Acquisition expenses
(463
)
(75
)
(1,066
)
(318
)
Realignment expenses
—
(762
)
—
(5,945
)
Adjusted selling and marketing
$
44,954
$
34,751
$
155,713
$
131,269
General and administrative
$
39,883
$
27,884
$
150,116
$
113,274
Stock-based compensation
(7,235
)
(4,577
)
(20,620
)
(10,304
)
Acquisition expenses
(2,508
)
(618
)
(20,609
)
(2,228
)
Realignment expenses
—
556
—
(1,765
)
Adjusted general and administrative
$
30,140
$
23,245
$
108,887
$
98,977
Income from operations
$
43,269
$
54,275
$
94,589
$
150,150
Amortization of purchased intangibles and developed technologies
11,998
6,027
34,001
20,721
Stock-based compensation
15,966
9,354
48,152
32,114
Deferred compensation plan
5,719
292
95,046
177
Acquisition expenses
6,369
3,168
34,368
11,666
Realignment expenses
—
10
—
10,022
Expenses associated with IPO
—
—
—
26,130
Adjusted income from operations
$
83,321
$
73,126
$
306,156
$
250,980
View source version on businesswire.com: https://www.businesswire.com/news/home/20220228006184/en/
Investor: Ankit Hira or Ed Yuen 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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