(in thousands, except share and per share data)
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Subscriptions |
|
$ |
259,243 |
|
|
$ |
232,191 |
|
|
$ |
537,088 |
|
|
$ |
473,424 |
|
Perpetual licenses |
|
|
11,718 |
|
|
|
11,548 |
|
|
|
21,265 |
|
|
|
21,753 |
|
Subscriptions and licenses |
|
|
270,961 |
|
|
|
243,739 |
|
|
|
558,353 |
|
|
|
495,177 |
|
Services |
|
|
25,788 |
|
|
|
24,546 |
|
|
|
52,807 |
|
|
|
48,625 |
|
| Total revenues |
|
|
296,749 |
|
|
|
268,285 |
|
|
|
611,160 |
|
|
|
543,802 |
|
| Cost of revenues: |
|
|
|
|
|
|
|
|
||||||||
| Cost of subscriptions and licenses |
|
|
41,156 |
|
|
|
36,806 |
|
|
|
82,087 |
|
|
|
70,533 |
|
| Cost of services |
|
|
25,270 |
|
|
|
22,888 |
|
|
|
51,523 |
|
|
|
44,946 |
|
| Total cost of revenues |
|
|
66,426 |
|
|
|
59,694 |
|
|
|
133,610 |
|
|
|
115,479 |
|
| Gross profit |
|
|
230,323 |
|
|
|
208,591 |
|
|
|
477,550 |
|
|
|
428,323 |
|
| Operating expense (income): |
|
|
|
|
|
|
|
|
||||||||
| Research and development |
|
|
70,117 |
|
|
|
64,866 |
|
|
|
137,917 |
|
|
|
126,139 |
|
| Selling and marketing |
|
|
54,364 |
|
|
|
49,617 |
|
|
|
106,505 |
|
|
|
95,562 |
|
| General and administrative |
|
|
39,258 |
|
|
|
40,033 |
|
|
|
86,065 |
|
|
|
91,187 |
|
| Deferred compensation plan |
|
|
3,777 |
|
|
|
(12,159 |
) |
|
|
7,923 |
|
|
|
(17,297 |
) |
| Amortization of purchased intangibles |
|
|
9,502 |
|
|
|
10,517 |
|
|
|
20,050 |
|
|
|
20,423 |
|
| Total operating expenses |
|
|
177,018 |
|
|
|
152,874 |
|
|
|
358,460 |
|
|
|
316,014 |
|
| Income from operations |
|
|
53,305 |
|
|
|
55,717 |
|
|
|
119,090 |
|
|
|
112,309 |
|
| Interest expense, net |
|
|
(9,484 |
) |
|
|
(7,639 |
) |
|
|
(20,576 |
) |
|
|
(14,387 |
) |
| Other income, net |
|
|
965 |
|
|
|
3,514 |
|
|
|
1,254 |
|
|
|
13,861 |
|
| Income before income taxes |
|
|
44,786 |
|
|
|
51,592 |
|
|
|
99,768 |
|
|
|
111,783 |
|
| Benefit (provision) for income taxes |
|
|
3,899 |
|
|
|
4,674 |
|
|
|
(5,593 |
) |
|
|
1,443 |
|
| Loss from investments accounted for using the equity method, net of tax |
|
|
— |
|
|
|
(593 |
) |
|
|
— |
|
|
|
(1,165 |
) |
| Net income |
|
$ |
48,685 |
|
|
$ |
55,673 |
|
|
$ |
94,175 |
|
|
$ |
112,061 |
|
| Per share information: |
|
|
|
|
|
|
|
|
||||||||
| Net income per share, basic |
|
$ |
0.16 |
|
|
$ |
0.18 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
| Net income per share, diluted |
|
$ |
0.15 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
|
$ |
0.35 |
|
| Weighted average shares, basic |
|
|
311,914,602 |
|
|
|
308,244,778 |
|
|
|
311,366,371 |
|
|
|
308,512,924 |
|
| Weighted average shares, diluted |
|
|
332,352,725 |
|
|
|
332,275,216 |
|
|
|
331,831,973 |
|
|
|
332,208,435 |
|
BENTLEY SYSTEMS, INCORPORATED
