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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.31% | 48.52 | 47.49 | 50.38 | 49.60 | 48.15 | 48.60 | 700,277 | 05:00:11 |
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, 2020, and 2021 financial outlook.
Fourth Quarter 2020 Financial Results:
Full Year 2020 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.”
“The fourth quarter and full-year 2020 concluded to our general satisfaction, given the enduring pandemic conditions in most of the world. Our overall application usage and new business generation essentially rebounded by year end to pre-pandemic levels, and our growth in ARR and especially recurring revenues underscore our long-term momentum and predictability. The commercial / facilities and industrial / resources sectors remain weaker, but on balance we believe we are well positioned, by our diversification and market-leading emphasis on public works / utilities, for 2021’s broadly anticipated infrastructure investment resurgence,” said Greg Bentley, CEO.
Mr. Bentley continued, “While we expect that 2020’s evident acceleration in “going digital” for infrastructure engineering will continue, our first-ever annual financial outlook naturally reflects conservative assumptions about the timing of cyclical economic recovery. While we are prepared and inclined to invest resolutely in the “generational” opportunity for infrastructure digital twins, our 2021 plans and outlook nevertheless give appropriate precedence to our commitment and ability to steadily improve our sustainable operating margins, indefinitely.”
Fourth Quarter 2020 Financial Developments:
Recent Financial Developments:
2021 Financial Outlook
The Company is providing the following outlook for the year ending December 31, 2021. The 2021 guidance herein is premised on COVID-19 pandemic-related business impacts generally abating gradually by year end, however, the ultimate impacts of COVID-19 on the Company's financial outlook remain uncertain.
The Company does not provide quarterly guidance, but will update its full-year financial outlook when announcing quarterly operating results during 2021 to the extent expectations materially change.
The 2021 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 2021 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, the Company’s results may not fall within the ranges contained in its outlook. The Company uses these forward-looking measures to evaluate its ongoing operations and for internal planning and forecasting purposes.
Earnings Call Details
Bentley Systems will host a live Zoom Video Webinar on March 2, 2021 at 8:30 a.m. Eastern Time to discuss financial and operating results for its fourth quarter and full year ended December 31, 2020, and 2021 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_i4XEjuozSPicl1dXJtnsCg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. Presentation materials will be posted prior to the webinar on Bentley Systems' Investor Relations website. 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.
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, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $800 million in 172 countries. www.bentley.com.
© 2021 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, E7, iTwin, MicroStation, ProjectWise, 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.
Forward-Looking Statements
The forward-looking statements contained in this earnings release reflect Bentley Systems’ expectations as of today’s date. Given the number of risk factors, uncertainties, and assumptions discussed below, actual results may differ materially.
Any statements made in this earnings release that are not statements of historical fact, including statements about our 2021 financial outlook and our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, business plans, and strategies. Forward-looking statements are based on Bentley Systems management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited, to macroeconomic conditions, pandemic consequences, and other factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC on their respective websites. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.
Definitions of Certain Key Business Metrics
Definitions of the non‑GAAP financial measures used in this earnings 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-plane 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 and liquidity. 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, prospects, and liquidity 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 SEC.
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.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
122,006
$
121,101
Accounts receivable
195,782
211,775
Allowance for doubtful accounts
(5,759
)
(7,274
)
Prepaid income taxes
3,535
4,543
Prepaid and other current assets
24,694
23,413
Total current assets
340,258
353,558
Property and equipment, net
28,414
29,632
Operating lease right-of-use assets
46,128
—
Intangible assets, net
45,627
46,313
Goodwill
581,174
480,065
Investments
5,691
1,725
Deferred income taxes
39,224
51,068
Other assets
39,519
32,238
Total assets
$
1,126,035
$
994,599
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
16,492
$
17,669
Accruals and other current liabilities
226,793
167,517
Deferred revenues
202,294
204,991
Operating lease liabilities
16,610
—
Income taxes payable
3,366
2,236
Total current liabilities
465,555
392,413
Long-term debt
246,000
233,750
Long-term operating lease liabilities
31,767
—
Deferred revenues
7,020
8,154
Deferred income taxes
10,849
8,260
Income taxes payable
7,883
8,140
Other liabilities
15,362
9,263
Total liabilities
784,436
659,980
Stockholders’ equity:
Common stock
2,722
2,548
Additional paid-in capital
741,113
408,667
Accumulated other comprehensive loss
(26,233
)
(23,927
)
Accumulated deficit
(376,003
)
(52,669
)
Total stockholders’ equity
341,599
334,619
Total liabilities and stockholders’ equity
$
1,126,035
$
994,599
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,
2020
2019
2020
2019
Revenues:
Subscriptions
$
178,262
$
162,962
$
679,273
$
608,300
Perpetual licenses
21,362
21,438
57,382
59,693
Subscriptions and licenses
199,624
184,400
736,655
667,993
Services
19,943
18,522
64,889
68,661
Total revenues
219,567
202,922
801,544
736,654
Cost of revenues:
Cost of subscriptions and licenses
29,337
23,377
95,803
71,578
Cost of services
21,226
16,524
71,352
72,572
Total cost of revenues
50,563
39,901
167,155
144,150
Gross profit
169,004
163,021
634,389
592,504
Operating expenses:
Research and development
45,945
46,935
185,515
183,552
Selling and marketing
36,240
43,405
143,791
155,294
General and administrative
28,176
26,165
113,451
97,580
Amortization of purchased intangibles
4,368
3,811
15,352
14,213
Expenses associated with initial public offering
—
—
26,130
—
Total operating expenses
114,729
120,316
484,239
450,639
Income from operations
54,275
42,705
150,150
141,865
Interest expense, net
(3,026
)
(1,696
)
(7,476
)
(8,199
)
Other income (expense), net
18,190
8,496
24,946
(5,557
)
Income before income taxes
69,439
49,505
167,620
128,109
Provision for income taxes
(16,480
)
(11,979
)
(38,625
)
(23,738
)
Loss from investment accounted for using the equity method, net of tax
(1,027
)
(1,275
)
(2,474
)
(1,275
)
Net income
51,932
36,251
126,521
103,096
Less: Net income attributable to participating securities
(230
)
2
(234
)
(8
)
Net income attributable to Class A and Class B common stockholders
$
51,702
$
36,253
$
126,287
$
103,088
Per share information:
Net income per share, basic
$
0.17
$
0.13
$
0.44
$
0.36
Net income per share, diluted
$
0.17
$
0.13
$
0.42
$
0.35
Weighted average shares outstanding, basic
297,192,775
285,349,414
289,863,272
284,625,642
Weighted average shares outstanding, diluted
309,096,405
289,242,127
299,371,129
293,796,707
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Year Ended December 31,
2020
2019
Cash flows from operating activities:
Net income
$
126,521
$
103,096
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
36,117
32,160
Bad debt (recovery) allowance
(1,000
)
862
Deferred income taxes
16,246
732
Deferred compensation plan activity
3,706
3,994
Stock-based compensation expense
32,114
8,091
Amortization and write-off of deferred debt issuance costs
985
553
Change in fair value of derivative
(347
)
159
Change in fair value of contingent consideration
(1,340
)
62
Foreign currency remeasurement (gain) loss
(24,502
)
5,311
Loss from investment accounted for using the equity method, net of tax
2,474
1,275
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable
12,388
(21,152
)
Prepaid and other assets
11,705
(668
)
Accounts payable, accruals and other liabilities
47,656
41,880
Deferred revenues
(565
)
(268
)
Income taxes payable
(3,818
)
(5,314
)
Net cash provided by operating activities
258,340
170,773
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software
(15,496
)
(15,804
)
Capitalization of costs to translate software products into foreign languages
(951
)
(835
)
Acquisitions, net of cash acquired of $5,266 and $2,523, respectively
(93,032
)
(34,054
)
Other investing activities
(7,854
)
(3,000
)
Net cash used in investing activities
(117,333
)
(53,693
)
Cash flows from financing activities:
Proceeds from credit facilities
550,875
191,250
Payments of credit facilities
(538,625
)
(216,250
)
Proceeds from term loan
125,000
—
Repayment of term loan
(125,000
)
—
Payments of debt issuance costs
(432
)
—
Payments of financing leases
(189
)
—
Payments of acquisition debt and other consideration
(3,425
)
(11,029
)
Proceeds from Class B Common Stock follow-on offering, net of underwriters’ discounts and commissions
295,802
—
Payments of Class B Common Stock follow-on offering expenses
(1,373
)
—
Payments of dividends
(422,646
)
(24,989
)
Payments for shares acquired including shares withheld for taxes
(83,975
)
(24,166
)
Proceeds from Common Stock Purchase Agreement
58,349
4,510
Proceeds from exercise of stock options
9,128
3,626
Net cash used in financing activities
(136,511
)
(77,048
)
Effect of exchange rate changes on cash and cash equivalents
(3,591
)
(114
)
Increase in cash and cash equivalents
905
39,918
Cash and cash equivalents, beginning of year
121,101
81,183
Cash and cash equivalents, end of year
$
122,006
$
121,101
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Measures
For the Three Months and Year Ended December 31, 2020 and 2019
(in thousands)
(unaudited)
Reconciliation of net income to Adjusted EBITDA:
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net income
$
51,932
$
36,251
$
126,521
$
103,096
Interest expense, net
3,026
1,696
7,476
8,199
Provision for income taxes
16,480
11,979
38,625
23,738
Depreciation and amortization
10,281
8,826
36,117
32,160
Stock-based compensation
9,354
2,040
32,114
8,091
Acquisition expenses
3,168
2,494
11,666
6,597
Realignment expenses
10
(92
)
10,022
(584
)
Expenses associated with IPO
—
—
26,130
—
Other (income) expense, net
(18,190
)
(8,496
)
(24,946
)
5,557
Loss from investment accounted for using the equity method, net of tax
1,027
1,275
2,474
1,275
Adjusted EBITDA
$
77,088
$
55,973
$
266,199
$
188,129
Reconciliation of net income to Adjusted Net Income:
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net income
$
51,932
$
36,251
$
126,521
$
103,096
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies
6,027
5,032
20,721
18,731
Stock-based compensation
9,354
2,040
32,114
8,091
Acquisition expenses
3,168
2,494
11,666
6,597
Realignment expenses
10
(92
)
10,022
(584
)
Expenses associated with IPO
—
—
26,130
—
Other (income) expense, net
(18,190
)
(8,496
)
(24,946
)
5,557
Total non-GAAP adjustments, prior to income taxes
369
978
75,707
38,392
Income tax effect of non-GAAP adjustments
(1,239
)
(2,733
)
(12,024
)
(7,714
)
Loss from investment accounted for using the equity method, net of tax
1,027
1,275
2,474
1,275
Adjusted Net Income
$
52,089
$
35,771
$
192,678
$
135,049
Reconciliation of GAAP Financial Statement Line Items to Non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
Year Ended
December 31
December 31
2020
2019
2020
2019
Cost of subscriptions and licenses
$
29,337
$
23,377
$
95,803
$
71,578
Amortization of purchased intangibles and developed technologies
(1,659
)
(1,221
)
(5,369
)
(4,518
)
Stock-based compensation
(17
)
(55
)
(925
)
(115
)
Realignment expenses
8
—
(42
)
51
Adjusted cost of subscriptions and licenses
$
27,669
$
22,101
$
89,467
$
66,996
Cost of services
$
21,226
$
16,524
$
71,352
$
72,572
Stock-based compensation
(156
)
(159
)
(2,857
)
(522
)
Acquisition expenses
(866
)
(22
)
(1,916
)
(22
)
Realignment expenses
126
—
(1,422
)
185
Adjusted cost of services
$
20,330
$
16,343
$
65,157
$
72,213
Research and development
$
45,945
$
46,935
$
185,515
$
183,552
Stock-based compensation
(3,951
)
(801
)
(11,769
)
(3,107
)
Acquisition expenses
(1,492
)
(1,653
)
(6,605
)
(4,736
)
Realignment expenses
62
92
(848
)
171
Adjusted research and development
$
40,564
$
44,573
$
166,293
$
175,880
Selling and marketing
$
36,240
$
43,405
$
143,791
$
155,294
Stock-based compensation
(652
)
(453
)
(6,259
)
(2,210
)
Acquisition expenses
(75
)
(76
)
(318
)
(240
)
Realignment expenses
(762
)
—
(5,945
)
263
Adjusted selling and marketing
$
34,751
$
42,876
$
131,269
$
153,107
General and administrative
$
28,176
$
26,165
$
113,451
$
97,580
Stock-based compensation
(4,578
)
(572
)
(10,304
)
(2,137
)
Acquisition expenses
(617
)
(501
)
(2,228
)
(1,047
)
Realignment expenses
556
—
(1,765
)
(86
)
Adjusted general and administrative
$
23,537
$
25,092
$
99,154
$
94,310
Income from operations
$
54,275
$
42,705
$
150,150
$
141,865
Amortization of purchased intangibles and developed technologies
6,027
5,032
20,721
18,731
Stock-based compensation
9,354
2,040
32,114
8,091
Acquisition expenses
3,168
2,494
11,666
6,597
Realignment expenses
10
(92
)
10,022
(584
)
Expenses associated with IPO
—
—
26,130
—
Adjusted income from operations
$
72,834
$
52,179
$
250,803
$
174,700
View source version on businesswire.com: https://www.businesswire.com/news/home/20210302005366/en/
Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777
Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170
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