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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.20% | 49.59 | 48.86 | 51.80 | 50.74 | 49.52 | 49.76 | 1,382,252 | 22:40:33 |
Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its first quarter ended March 31, 2022.
First Quarter 2022 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, “Against this quarter’s backdrop of compounding global concerns, I am pleased that we are reporting overall resilience, starting with strong operating results, consistent with our established financial outlook for 2022. Our 22Q1 results absorbed consequences directly related to Russia, including mandatory sanctions, our discretionary new business suspension there, and especially reductions in Russian ARR to reflect an estimation of recurrence probability. But we also absorbed a comparable amount of ARR attrition within China that I believe stems largely from indirectly related ‘counter-globalism.’ Net of these disruptions, we still achieved constant currency ARR growth, from a year ago, of 12% in business performance, plus 15% from platform acquisitions.”
Mr. Bentley continued, “To proactively enhance our business resilience with respect to counter-globalism, BSY Investments announced our first joint venture in China to ‘glocalize’ our platform within software and cloud service offerings being developed there to meet the Chinese government’s provenance requirements for critical infrastructure applications. Also on the investment front, our leadership in core structural and geotechnical engineering disciplines was augmented by our acquisition of ADINA to add advanced non-linear analyses across our simulation portfolio, to help in assessing and improving infrastructure asset resilience against increasingly prevalent environmental extremes.”
“And with respect to potential macroeconomic downturns, I consider that 22Q1’s impressive net momentum in our business corresponds with generally having become more resilient, even since going public in 2020. Notably, as we have extended our global leadership position in infrastructure engineering software and digital twins for mobility, our flourishing platform acquisitions for environmental opportunities (Seequent) and grid opportunities (Power Line Systems) have considerably reduced the significance of our comparatively minor exposure, within the commercial and industrial infrastructure sectors, to cyclically vulnerable CAPEX spending,” Mr. Bentley concluded.
First Quarter 2022 Financial Developments
On January 31, 2022, we completed the acquisition of Power Line Systems, a leader in software for the design of overhead electric power transmission lines and their structures, for $696.0 million in cash, net of cash acquired. We used available cash and borrowings under our bank credit facility to fund the transaction.
Operating Results Call Details
Bentley Systems will host a live Zoom video webinar on May 10, 2022 at 8:15 a.m. Eastern time to discuss operating results for its first quarter ended March 31, 2022.
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_4aR1BzzRQJCALyGU052TrQ. 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.”
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, 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:
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; 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, Power Line Systems, and ADINA 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)
March 31, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
129,617
$
329,337
Accounts receivable
233,032
241,807
Allowance for doubtful accounts
(7,486
)
(6,541
)
Prepaid income taxes
26,254
16,880
Prepaid and other current assets
32,644
34,348
Total current assets
414,061
615,831
Property and equipment, net
32,043
31,823
Operating lease right-of-use assets
49,432
50,818
Intangible assets, net
329,029
245,834
Goodwill
2,217,578
1,588,477
Investments
8,680
6,438
Deferred income taxes
47,683
71,376
Other assets
59,797
48,646
Total assets
$
3,158,303
$
2,659,243
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
19,058
$
16,483
Accruals and other current liabilities
351,273
323,603
Deferred revenues
215,448
224,610
Operating lease liabilities
16,963
17,482
Income taxes payable
5,048
6,696
Current portion of long-term debt
5,000
5,000
Total current liabilities
612,790
593,874
Long-term debt
1,871,527
1,430,992
Deferred compensation plan liabilities
89,282
94,890
Long-term operating lease liabilities
34,907
35,274
Deferred revenues
13,006
7,983
Deferred income taxes
58,316
65,014
Income taxes payable
7,718
7,725
Other liabilities
13,104
14,269
Total liabilities
2,700,650
2,250,021
Stockholders’ equity:
Common stock
2,851
2,825
Additional paid-in capital
957,498
937,805
Accumulated other comprehensive loss
(75,324
)
(91,774
)
Accumulated deficit
(427,372
)
(439,634
)
Total stockholders’ equity
457,653
409,222
Total liabilities and stockholders’ equity
$
3,158,303
$
2,659,243
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
March 31,
2022
2021
Revenues:
Subscriptions
$
241,233
$
188,125
Perpetual licenses
10,205
10,116
Subscriptions and licenses
251,438
198,241
Services
24,079
23,764
Total revenues
275,517
222,005
Cost of revenues:
Cost of subscriptions and licenses
33,727
28,945
Cost of services
22,058
20,344
Total cost of revenues
55,785
49,289
Gross profit
219,732
172,716
Operating expense (income):
Research and development
61,273
47,803
Selling and marketing
45,945
32,440
General and administrative
51,154
33,221
Deferred compensation plan
(5,138
)
167
Amortization of purchased intangibles
9,906
3,438
Total operating expenses
163,140
117,069
Income from operations
56,592
55,647
Interest expense, net
(7,042
)
(2,319
)
Other income, net
10,641
14,482
Income before income taxes
60,191
67,810
Provision for income taxes
(3,231
)
(10,358
)
Loss from investment accounted for using the equity method, net of tax
(572
)
(446
)
Net income
56,388
57,006
Less: Net income attributable to participating securities
(9
)
—
Net income attributable to Class A and Class B common stockholders
$
56,379
$
57,006
Per share information:
Net income per share, basic
$
0.18
$
0.19
Net income per share, diluted
$
0.18
$
0.18
Weighted average shares, basic
307,969,672
302,583,452
Weighted average shares, diluted
331,330,256
321,736,649
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
2022
2021
Cash flows from operating activities:
Net income
$
56,388
$
57,006
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
17,212
8,993
Bad debt allowance
955
746
Deferred income taxes
9,042
966
Stock-based compensation expense
15,099
8,913
Deferred compensation plan
(5,138
)
1,021
Amortization and write-off of deferred debt issuance costs
1,778
1,229
Change in fair value of derivative
(12,084
)
(13,661
)
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)
1,677
(583
)
Loss from investment accounted for using the equity method, net of tax
572
446
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable
8,691
14,903
Prepaid and other assets
5,718
8,257
Accounts payable, accruals, and other liabilities
26,791
54,977
Deferred revenues
(12,515
)
(21,889
)
Income taxes payable, net of prepaid income taxes
(10,814
)
11,474
Net cash provided by operating activities
101,731
132,798
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software
(4,176
)
(2,655
)
Proceeds from sale of aircraft
2,380
—
Acquisitions, net of cash acquired
(695,968
)
(57,975
)
Other investing activities
(2,811
)
—
Net cash used in investing activities
(700,575
)
(60,630
)
Cash flows from financing activities:
Proceeds from credit facilities
563,912
16,000
Payments of credit facilities
(123,696
)
(262,000
)
Proceeds from convertible senior notes, net of discounts and commissions
—
672,750
Payments of debt issuance costs
—
(3,777
)
Purchase of capped call options
—
(25,530
)
Repayment of term loan
(1,250
)
—
Payments of financing leases
(48
)
(50
)
Payments of acquisition debt and other consideration
(2,721
)
(25
)
Payments of dividends
(8,528
)
(8,219
)
Payments for shares acquired including shares withheld for taxes
(35,117
)
(18,763
)
Proceeds from stock purchases under employee stock purchase plan
4,611
—
Proceeds from exercise of stock options
2,768
1,751
Net cash provided by financing activities
399,931
372,137
Effect of exchange rate changes on cash and cash equivalents
(807
)
3,225
(Decrease) increase in cash and cash equivalents
(199,720
)
447,530
Cash and cash equivalents, beginning of year
329,337
122,006
Cash and cash equivalents, end of period
$
129,617
$
569,536
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Measures
For the Three Months Ended March 31, 2022 and 2021
(in thousands)
(unaudited)
Reconciliation of net income to Adjusted EBITDA:
Three Months Ended
March 31,
2022
2021
Net income
$
56,388
$
57,006
Interest expense, net
7,042
2,319
Provision for income taxes
3,231
10,358
Depreciation and amortization
17,212
8,993
Stock-based compensation
14,953
8,913
Deferred compensation plan
(5,138
)
167
Acquisition expenses
13,997
9,256
Other income, net
(10,641
)
(14,482
)
Loss from investment accounted for using the equity method, net of tax
572
446
Adjusted EBITDA
$
97,616
$
82,976
Reconciliation of net income to Adjusted Net Income:
Three Months Ended
March 31,
2022
2021
Net income
$
56,388
$
57,006
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies
12,928
4,683
Stock-based compensation
14,953
8,913
Deferred compensation plan
(5,138
)
167
Acquisition expenses
13,997
9,256
Other income, net
(10,641
)
(14,482
)
Total non-GAAP adjustments, prior to income taxes
26,099
8,537
Income tax effect of non-GAAP adjustments
(3,503
)
(1,859
)
Loss from investment accounted for using the equity method, net of tax
572
446
Adjusted Net Income
$
79,556
$
64,130
Reconciliation of GAAP Financial Statement Line Items to Non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
March 31,
2022
2021
Cost of subscriptions and licenses
$
33,727
$
28,945
Amortization of purchased intangibles and developed technologies
(3,022
)
(1,245
)
Stock-based compensation
(380
)
(86
)
Adjusted cost of subscriptions and licenses
$
30,325
$
27,614
Cost of services
$
22,058
$
20,344
Stock-based compensation
(371
)
(235
)
Acquisition expenses
(1,324
)
(966
)
Adjusted cost of services
$
20,363
$
19,143
Research and development
$
61,273
$
47,803
Stock-based compensation
(5,349
)
(3,909
)
Acquisition expenses
(1,651
)
(1,374
)
Adjusted research and development
$
54,273
$
42,520
Selling and marketing
$
45,945
$
32,440
Stock-based compensation
(1,371
)
(690
)
Acquisition expenses
(423
)
(44
)
Adjusted selling and marketing
$
44,151
$
31,706
General and administrative
$
51,154
$
33,221
Stock-based compensation
(7,482
)
(3,993
)
Acquisition expenses
(10,599
)
(6,860
)
Adjusted general and administrative
$
33,073
$
22,368
Income from operations
$
56,592
$
55,647
Amortization of purchased intangibles and developed technologies
12,928
4,683
Stock-based compensation
14,953
8,913
Deferred compensation plan
(5,138
)
167
Acquisition expenses
13,997
9,256
Adjusted income from operations
$
93,332
$
78,666
View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005161/en/
Investor Contact: Ankit Hira 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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