(in thousands)
(unaudited)
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
45,490 |
|
|
$ |
56,388 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
18,057 |
|
|
|
17,212 |
|
Deferred income taxes |
|
|
(4,178 |
) |
|
|
9,042 |
|
Stock-based compensation expense |
|
|
19,484 |
|
|
|
15,099 |
|
Deferred compensation plan |
|
|
4,146 |
|
|
|
(5,138 |
) |
Amortization of deferred debt issuance costs |
|
|
1,823 |
|
|
|
1,778 |
|
Change in fair value of derivative |
|
|
4,489 |
|
|
|
(12,084 |
) |
Foreign currency remeasurement loss |
|
|
1,018 |
|
|
|
1,677 |
|
Other non-cash items, net |
|
|
(4,411 |
) |
|
|
(114 |
) |
| Changes in assets and liabilities, net of effect from acquisitions: |
|
|
|
|
||||
| Accounts receivable |
|
|
15,420 |
|
|
|
8,691 |
|
| Prepaid and other assets |
|
|
12,137 |
|
|
|
5,718 |
|
| Accounts payable, accruals, and other liabilities |
|
|
53,127 |
|
|
|
26,791 |
|
| Deferred revenues |
|
|
1,942 |
|
|
|
(12,515 |
) |
| Income taxes payable, net of prepaid income taxes |
|
|
7,679 |
|
|
|
(10,814 |
) |
| Net cash provided by operating activities |
|
|
176,223 |
|
|
|
101,731 |
|
| Cash flows from investing activities: |
|
|
|
|
||||
| Purchases of property and equipment and investment in capitalized software |
|
|
(4,284 |
) |
|
|
(4,176 |
) |
| Proceeds from sale of aircraft |
|
|
— |
|
|
|
2,380 |
|
| Acquisitions, net of cash acquired |
|
|
(10,299 |
) |
|
|
(695,968 |
) |
| Purchases of investments |
|
|
(6,178 |
) |
|
|
(2,811 |
) |
| Net cash used in investing activities |
|
|
(20,761 |
) |
|
|
(700,575 |
) |
| Cash flows from financing activities: |
|
|
|
|
||||
| Proceeds from credit facilities |
|
|
117,139 |
|
|
|
563,912 |
|
| Payments of credit facilities |
|
|
(223,124 |
) |
|
|
(123,696 |
) |
| Repayments from term loan |
|
|
(1,250 |
) |
|
|
(1,250 |
) |
| Payments of contingent and non-contingent consideration |
|
|
(249 |
) |
|
|
(2,721 |
) |
| Payments of dividends |
|
|
(14,522 |
) |
|
|
(8,528 |
) |
| Proceeds from stock purchases under employee stock purchase plan |
|
|
4,557 |
|
|
|
4,611 |
|
| Proceeds from exercise of stock options |
|
|
4,202 |
|
|
|
2,768 |
|
| Payments for shares acquired including shares withheld for taxes |
|
|
(20,948 |
) |
|
|
(35,117 |
) |
| Other financing activities |
|
|
(46 |
) |
|
|
(48 |
) |
| Net cash (used in) provided by financing activities |
|
|
(134,241 |
) |
|
|
399,931 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
662 |
|
|
|
(807 |
) |
| Increase (decrease) in cash and cash equivalents |
|
|
21,883 |
|
|
|
(199,720 |
) |
| Cash and cash equivalents, beginning of year |
|
|
71,684 |
|
|
|
329,337 |
|
| Cash and cash equivalents, end of period |
|
$ |
93,567 |
|
|
$ |
129,617 |
|
BENTLEY SYSTEMS, INCORPORATED
