Bentley Systems Announces Third Quarter 2024 Results

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 Form 10-Qs, which are on file with the SEC. 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, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems’ 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.

© 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo, 3D Tiles, AssetWise, Bentley Infrastructure Cloud, Bentley Open, Cesium, Cohesive, iTwin, MicroStation, ProjectWise, Seequent, and SYNCHRO 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

Consolidated Balance Sheets

(in thousands)

(unaudited)

         

 

 

September 30, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

72,175

 

 

$

68,412

 

Accounts receivable

 

 

271,689

 

 

 

302,501

 

Allowance for doubtful accounts

 

 

(8,846

)

 

 

(8,965

)

Prepaid income taxes

 

 

15,846

 

 

 

12,812

 

Prepaid and other current assets

 

 

52,955

 

 

 

44,797

 

Total current assets

 

 

403,819

 

 

 

419,557

 

Property and equipment, net

 

 

34,533

 

 

 

40,100

 

Operating lease right-of-use assets

 

 

36,425

 

 

 

38,476

 

Intangible assets, net

 

 

225,788

 

 

 

248,787

 

Goodwill

 

 

2,390,392

 

 

 

2,269,336

 

Investments

 

 

24,724

 

 

 

23,480

 

Deferred income taxes

 

 

207,821

 

 

 

212,831

 

Other assets

 

 

72,985

 

 

 

67,283

 

Total assets

 

$

3,396,487

 

 

$

3,319,850

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

30,514

 

 

$

18,094

 

Accruals and other current liabilities

 

 

494,911

 

 

 

457,348

 

Deferred revenues

 

 

225,291

 

 

 

253,785

 

Operating lease liabilities

 

 

12,079

 

 

 

11,645

 

Income taxes payable

 

 

19,434

 

 

 

9,491

 

Current portion of long-term debt

 

 

 

 

 

10,000

 

Total current liabilities

 

 

782,229

 

 

 

760,363

 

Long-term debt

 

 

1,418,870

 

 

 

1,518,403

 

Deferred compensation plan liabilities

 

 

97,932

 

 

 

88,181

 

Long-term operating lease liabilities

 

 

27,954

 

 

 

30,626

 

Deferred revenues

 

 

15,820

 

 

 

15,862

 

Deferred income taxes

 

 

11,815

 

 

 

9,718

 

Income taxes payable

 

 

3,615

 

 

 

7,337

 

Other liabilities

 

 

4,242

 

 

 

5,378

 

Total liabilities

 

 

2,362,477

 

 

 

2,435,868

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

3,020

 

 

 

2,963

 

Additional paid-in capital

 

 

1,201,442

 

 

 

1,127,234

 

Accumulated other comprehensive loss

 

 

(82,959

)

 

 

(84,987

)

Accumulated deficit

 

 

(88,197

)

 

 

(161,932

)

Non-controlling interest

 

 

704

 

 

 

704

 

Total stockholders’ equity

 

 

1,034,010

 

 

 

883,982

 

Total liabilities and stockholders’ equity

 

$

3,396,487

 

 

$

3,319,850

 

BENTLEY SYSTEMS, INCORPORATED

Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

         

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues:

 

 

 

 

 

 

 

 

Subscriptions

 

$

303,239

 

 

$

270,751

 

 

$

907,772

 

 

$

807,839

 

Perpetual licenses

 

 

11,274

 

 

 

11,887

 

 

 

31,649

 

 

 

33,152

 

Subscriptions and licenses

 

 

314,513

 

 

 

282,638

 

 

 

939,421

 

 

 

840,991

 

Services

 

 

20,660

 

 

 

23,974

 

 

 

63,852

 

 

 

76,781

 

Total revenues

 

 

335,173

 

 

 

306,612

 

 

 

1,003,273

 

 

 

917,772

 

Cost of revenues:

 

 

 

 

 

 

 

 

Cost of subscriptions and licenses

 

 

44,220

 

 

 

42,088

 

 

 

126,870

 

 

 

124,175

 

Cost of services

 

 

20,612

 

 

 

22,588

 

 

 

62,985

 

 

 

74,111

 

Total cost of revenues

 

 

64,832

 

 

 

64,676

 

 

 

189,855

 

 

 

198,286

 

Gross profit

 

 

270,341

 

 

 

241,936

 

 

 

813,418

 

 

 

719,486

 

Operating expense (income):

 

 

 

 

 

 

 

 

Research and development

 

 

70,068

 

 

 

65,465

 

 

 

204,148

 

 

 

203,382

 

Selling and marketing

 

 

64,940

 

 

 

53,757

 

 

 

176,455

 

 

 

160,262

 

General and administrative

 

 

51,359

 

 

 

42,678

 

 

 

152,695

 

 

 

128,743

 

Deferred compensation plan

 

 

6,983

 

 

 

(3,160

)

 

 

13,665

 

 

 

4,763

 

Amortization of purchased intangibles

 

 

8,361

 

 

 

9,517

 

 

 

25,717

 

 

 

29,567

 

Total operating expenses

 

 

201,711

 

 

 

168,257

 

 

 

572,680

 

 

 

526,717

 

Income from operations

 

 

68,630

 

 

 

73,679

 

 

 

240,738

 

 

 

192,769

 

Interest expense, net

 

 

(4,669

)

 

 

(10,047

)

 

 

(16,289

)

 

 

(30,623

)

Other (expense) income, net

 

 

(5,087

)

 

 

5,953

 

 

 

4,330

 

 

 

7,207

 

Income before income taxes

 

 

58,874

 

 

 

69,585

 

 

 

228,779

 

 

 

169,353

 

Provision for income taxes

 

 

(16,522

)

 

 

(16,514

)

 

 

(44,099

)

 

 

(22,107

)

Equity in net (losses) income of investees, net of tax

 

 

(14

)

 

 

(44

)

 

 

14

 

 

 

(44

)

Net income

 

$

42,338

 

 

$

53,027

 

 

$

184,694

 

 

$

147,202

 

Per share information:

 

 

 

 

 

 

 

 

Net income per share, basic

 

$

0.13

 

 

$

0.17

 

 

$

0.59

 

 

$

0.47

 

Net income per share, diluted

 

$

0.13

 

 

$

0.16

 

 

$

0.57

 

 

$

0.46

 

Weighted average shares, basic

 

 

315,207,216

 

 

 

313,069,132

 

 

 

314,820,679

 

 

 

311,915,808

 

Weighted average shares, diluted

 

 

333,789,636

 

 

 

332,825,186

 

 

 

333,724,425

 

 

 

332,144,893

 

BENTLEY SYSTEMS, INCORPORATED

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

     

 

 

Nine Months Ended

 

 

September 30,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

 

Net income

 

$

184,694

 

 

$

147,202

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

48,397

 

 

 

52,787

 

Deferred income taxes

 

 

7,056

 

 

 

(14,632

)

Stock-based compensation expense

 

 

57,856

 

 

 

56,092

 

Deferred compensation plan

 

 

13,665

 

 

 

4,763

 

Amortization of deferred debt issuance costs

 

 

5,554

 

 

 

5,469

 

Change in fair value of derivative

 

 

5,570

 

 

 

(4,102

)

Foreign currency remeasurement (gain) loss

 

 

(126

)

 

 

3,198

 

Other

 

 

(1,733

)

 

 

2,464

 

Changes in assets and liabilities, net of effect from acquisitions:

 

 

 

 

Accounts receivable

 

 

34,588

 

 

 

56,065

 

Prepaid and other assets

 

 

(9,952

)

 

 

(1,246

)

Accounts payable, accruals, and other liabilities

 

 

36,356

 

 

 

33,437

 

Deferred revenues

 

 

(31,512

)

 

 

(17,688

)

Income taxes payable, net of prepaid income taxes

 

 

3,247

 

 

 

5,834

 

Net cash provided by operating activities

 

 

353,660

 

 

 

329,643

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment and investment in capitalized software

 

 

(8,499

)

 

 

(18,906

)

Acquisitions, net of cash acquired

 

 

(128,774

)

 

 

(23,110

)

Purchases of investments

 

 

(807

)

 

 

(11,352

)

Proceeds from investments

 

 

 

 

 

2,123

 

Other

 

 

2,400

 

 

 

 

Net cash used in investing activities

 

 

(135,680

)

 

 

(51,245

)

Cash flows from financing activities:

 

 

 

 

Proceeds from credit facilities

 

 

233,281

 

 

 

442,566

 

Payments of credit facilities

 

 

(207,608

)

 

 

(634,718

)

Repayments of term loan

 

 

(140,000

)

 

 

(3,750

)

Payments of contingent and non-contingent consideration

 

 

(3,022

)

 

 

(3,039

)

Payments of dividends

 

 

(53,985

)

 

 

(43,992

)

Proceeds from stock purchases under employee stock purchase plan

 

 

11,228

 

 

 

9,988

 

Proceeds from exercise of stock options

 

 

4,007

 

 

 

10,590

 

Payments for shares acquired including shares withheld for taxes

 

 

(11,199

)

 

 

(57,527

)

Repurchases of Class B common stock under approved program

 

 

(45,769

)

 

 

 

Other

 

 

(151

)

 

 

(137

)

Net cash used in financing activities

 

 

(213,218

)

 

 

(280,019

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(999

)

 

 

(3,100

)

Increase (decrease) in cash and cash equivalents

 

 

3,763

 

 

 

(4,721

)

Cash and cash equivalents, beginning of year

 

 

68,412

 

 

 

71,684

 

Cash and cash equivalents, end of period

 

$

72,175

 

 

$

66,963

 

BENTLEY SYSTEMS, INCORPORATED

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except share and per share data)

(unaudited)

 

Reconciliation of operating income to Adjusted OI w/SBC and to Adjusted operating income:

         

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

Operating income

 

$

68,630

 

$

73,679

 

 

$

240,738

 

$

192,769

 

Amortization of purchased intangibles

 

 

11,448

 

 

12,678

 

 

 

35,159

 

 

39,038

 

Deferred compensation plan

 

 

6,983

 

 

(3,160

)

 

 

13,665

 

 

4,763

 

Acquisition expenses

 

 

2,454

 

 

2,980

 

 

 

6,782

 

 

15,278

 

Realignment expenses (income)

 

 

9

 

 

150

 

 

 

818

 

 

(1,800

)

Adjusted OI w/SBC

 

 

89,524

 

 

86,327

 

 

 

297,162

 

 

250,048

 

Stock-based compensation expense

 

 

15,895

 

 

18,039

 

 

 

57,088

 

 

54,907

 

Adjusted operating income

 

$

105,419

 

$

104,366

 

 

$

354,250

 

$

304,955

 

Reconciliation of net income to Adjusted net income:

         
   

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

$

 

EPS (1)

 

$

 

EPS (1)

 

$

 

EPS (1)

 

$

 

EPS (1)

Net income

 

$

42,338

 

 

$

0.13

 

 

$

53,027

 

 

$

0.16

 

 

$

184,694

 

 

$

0.57

 

 

$

147,202

 

 

$

0.46

 

Non-GAAP adjustments, prior to income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

 

11,448

 

 

 

0.03

 

 

 

12,678

 

 

 

0.04

 

 

 

35,159

 

 

 

0.11

 

 

 

39,038

 

 

 

0.12

 

Stock-based compensation expense

 

 

15,895

 

 

 

0.05

 

 

 

18,039

 

 

 

0.05

 

 

 

57,088

 

 

 

0.17

 

 

 

54,907

 

 

 

0.17

 

Deferred compensation plan

 

 

6,983

 

 

 

0.02

 

 

 

(3,160

)

 

 

(0.01

)

 

 

13,665

 

 

 

0.04

 

 

 

4,763

 

 

 

0.01

 

Acquisition expenses

 

 

2,454

 

 

 

0.01

 

 

 

2,980

 

 

 

0.01

 

 

 

6,782

 

 

 

0.02

 

 

 

15,278

 

 

 

0.05

 

Realignment expenses (income)

 

 

9

 

 

 

 

 

 

150

 

 

 

 

 

 

818

 

 

 

 

 

 

(1,800

)

 

 

(0.01

)

Other expense (income), net

 

 

5,087

 

 

 

0.02

 

 

 

(5,953

)

 

 

(0.02

)

 

 

(4,330

)

 

 

(0.01

)

 

 

(7,207

)

 

 

(0.02

)

Total non-GAAP adjustments, prior to income taxes

 

 

41,876

 

 

 

0.13

 

 

 

24,734

 

 

 

0.07

 

 

 

109,182

 

 

 

0.33

 

 

 

104,979

 

 

 

0.32

 

Income tax effect of non-GAAP adjustments

 

 

(6,756

)

 

 

(0.02

)

 

 

(5,306

)

 

 

(0.02

)

 

 

(11,600

)

 

 

(0.03

)

 

 

(19,303

)

 

 

(0.06

)

Equity in net losses (income) of investees, net of tax

 

 

14

 

 

 

 

 

 

44

 

 

 

 

 

 

(14

)

 

 

 

 

 

44

 

 

 

 

Adjusted net income (2)

 

$

77,472

 

 

$

0.24

 

 

$

72,499

 

 

$

0.22

 

 

$

282,262

 

 

$

0.86

 

 

$

232,922

 

 

$

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average shares, diluted

 

333,789,636

 

332,825,186

 

333,724,425

 

332,144,893

_________________________

(1)

 

Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.

(2)

 

Adjusted EPS numerator includes $1,723 and $1,716 for the three months ended September 30, 2024 and 2023, respectively, and $5,164 and $5,157 for the nine months ended September 30, 2024 and 2023, respectively, related to interest expense, net of tax, attributable to the convertible senior notes using the if-converted method.

Reconciliation of cash flow from operations to Adjusted EBITDA:

         

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2024

 

2023

 

2024

 

2023

Cash flow from operations

 

$

86,105

 

 

$

72,824

 

 

$

353,660

 

 

$

329,643

 

Cash interest

 

 

3,424

 

 

 

9,988

 

 

 

12,130

 

 

 

29,370

 

Cash taxes

 

 

10,176

 

 

 

10,704

 

 

 

33,023

 

 

 

28,703

 

Cash deferred compensation plan distributions

 

 

 

 

 

 

 

 

2,436

 

 

 

2,125

 

Cash acquisition expenses

 

 

1,829

 

 

 

4,487

 

 

 

5,571

 

 

 

19,777

 

Cash realignment costs

 

 

1,118

 

 

 

 

 

 

12,606

 

 

 

 

Changes in operating assets and liabilities

 

 

9,801

 

 

 

13,504

 

 

 

(44,718

)

 

 

(84,494

)

Other (1)

 

 

(2,452

)

 

 

(2,336

)

 

 

(7,220

)

 

 

(6,420

)

Adjusted EBITDA

 

$

110,001

 

 

$

109,171

 

 

$

367,488

 

 

$

318,704

 

_________________________

(1)

 

Includes receipts related to interest rate swap.

Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:

         

 

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

 

Actual

 

Impact of
Foreign
Exchange at
2023 Rates

 

Constant
Currency

 

Actual

 

Impact of
Foreign
Exchange at
2023 Rates

 

Constant
Currency

Total revenues

 

$

335,173

 

$

(1,319

)

 

$

333,854

 

$

306,612

 

$

(535

)

 

$

306,077

Subscriptions revenues

 

$

303,239

 

$

(1,100

)

 

$

302,139

 

$

270,751

 

$

(569

)

 

$

270,182

 

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

 

Actual

 

Impact of
Foreign
Exchange at
2023 Rates

 

Constant
Currency

 

Actual

 

Impact of
Foreign
Exchange at
2023 Rates

 

Constant
Currency

Total revenues

 

$

1,003,273

 

$

(891

)

 

$

1,002,382

 

$

917,772

 

$

(1,014

)

 

$

916,758

Subscriptions revenues

 

$

907,772

 

$

(784

)

 

$

906,988

 

$

807,839

 

$

(1,042

)

 

$

806,797


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