(in thousands)
(unaudited)
|
|
Six Months Ended |
||||||
|
|
June 30, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
94,175 |
|
|
$ |
112,061 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
35,304 |
|
|
|
35,730 |
|
Deferred income taxes |
|
|
(28,935 |
) |
|
|
(16,806 |
) |
Stock-based compensation expense |
|
|
37,588 |
|
|
|
32,568 |
|
Deferred compensation plan |
|
|
7,923 |
|
|
|
(17,297 |
) |
Amortization of deferred debt issuance costs |
|
|
3,646 |
|
|
|
3,646 |
|
Change in fair value of derivative |
|
|
663 |
|
|
|
(19,490 |
) |
Foreign currency remeasurement (gain) loss |
|
|
(144 |
) |
|
|
5,748 |
|
| Other non-cash items, net |
|
|
3,530 |
|
|
|
3,315 |
|
| Changes in assets and liabilities, net of effect from acquisitions: |
|
|
|
|
||||
| Accounts receivable |
|
|
49,171 |
|
|
|
15,581 |
|
| Prepaid and other assets |
|
|
(364 |
) |
|
|
3,325 |
|
| Accounts payable, accruals, and other liabilities |
|
|
41,969 |
|
|
|
25,683 |
|
| Deferred revenues |
|
|
(1,792 |
) |
|
|
(20,292 |
) |
| Income taxes payable, net of prepaid income taxes |
|
|
14,085 |
|
|
|
4,958 |
|
| Net cash provided by operating activities |
|
|
256,819 |
|
|
|
168,730 |
|
| Cash flows from investing activities: |
|
|
|
|
||||
| Purchases of property and equipment and investment in capitalized software |
|
|
(11,253 |
) |
|
|
(6,589 |
) |
| Proceeds from sale of aircraft |
|
|
— |
|
|
|
2,380 |
|
| Acquisitions, net of cash acquired |
|
|
(10,299 |
) |
|
|
(714,197 |
) |
| Purchases of investments |
|
|
(8,200 |
) |
|
|
(5,561 |
) |
| Net cash used in investing activities |
|
|
(29,752 |
) |
|
|
(723,967 |
) |
| Cash flows from financing activities: |
|
|
|
|
||||
| Proceeds from credit facilities |
|
|
288,387 |
|
|
|
657,981 |
|
| Payments of credit facilities |
|
|
(432,739 |
) |
|
|
(264,107 |
) |
| Repayments of term loan |
|
|
(2,500 |
) |
|
|
(2,500 |
) |
| Payments of contingent and non-contingent consideration |
|
|
(2,860 |
) |
|
|
(5,059 |
) |
| Payments of dividends |
|
|
(29,224 |
) |
|
|
(17,163 |
) |
| Proceeds from stock purchases under employee stock purchase plan |
|
|
4,557 |
|
|
|
4,611 |
|
| Proceeds from exercise of stock options |
|
|
9,700 |
|
|
|
5,861 |
|
| Payments for shares acquired including shares withheld for taxes |
|
|
(51,202 |
) |
|
|
(40,520 |
) |
| Repurchase of Class B Common Stock under approved program |
|
|
— |
|
|
|
(13,242 |
) |
| Other financing activities |
|
|
(95 |
) |
|
|
(89 |
) |
| Net cash (used in) provided by financing activities |
|
|
(215,976 |
) |
|
|
325,773 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(59 |
) |
|
|
(6,462 |
) |
| Increase (decrease) in cash and cash equivalents |
|
|
11,032 |
|
|
|
(235,926 |
) |
| Cash and cash equivalents, beginning of year |
|
|
71,684 |
|
|
|
329,337 |
|
| Cash and cash equivalents, end of period |
|
$ |
82,716 |
|
|
$ |
93,411 |
|
BENTLEY SYSTEMS, INCORPORATED
