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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 second quarter and six months ended June 30, 2022.
Second Quarter 2022 Financial Results
Six Months Ended June 30, 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, “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.”
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 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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