Wall Street analysts expect Bentley Systems, Incorporated (BSY) to post quarterly earnings of $0.19 per share in its upcoming report, which indicates no change from the year-ago quarter. Revenues are expected to be $313.7 million, up 9.3% from the year-ago quarter.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Ahead of a company's ear ...

EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, will release its fourth quarter and full year 2023 results before the market opens on Tuesday, February 27, 2024. Senior management will host a webcast to discuss the company’s results at 8:15 a.m. ET. The results press release and link to the webcast will be available prior to the start of the webcast on the company’s investor relations website at https://investors.bentley.com Webcast ...

Bentley Systems, Incorporated (NASDAQ:BSY) Q3 2023 Results Conference Call November 7, 2023 8:15 AM ET Company Participants Eric Boyer - Investor Relations Greg Bentley - Chief Executive Officer Nicholas Cumins - Chief Operating Officer Werner Andre - Chief Financial Officer Conference Call Participants Matthew Hedberg - RBC Joe Vruwink - Robert Baird Kristen Owen - Oppenheimer Jason Celino - KeyBanc Michael Funk - Bank of America Matthew Broome - Mizuho Joshua Tilton - Wolfe Research Warren Meyers - Griffi ...

Stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period, which is generally the vesting period. Specifically for performance‑based RSUs, stock‑based compensation expense is measured at the grant date fair value of the award and is recognized ratably over the requisite service period based on the number of awards expected to vest at each reporting date. The Company accounts for forfeitures of equity awards as those for ...

Bentley Systems, Incorporated (NASDAQ:BSY) Q2 2023 Earnings Conference Call August 8, 2023 8:15 AM ET Company Participants Sandra-Ann Morency - Investor Communications Manager Greg Bentley - CEO Werner Andre - CFO Nicholas Cumins - COO Conference Call Participants Matthew Broome - Mizuho Group Joe Verwing - Robert W Baird Matt Hedberg - RBC Devin Au - KeyBanc Joshua Tilton - Wolfe Andrew DeGasperi - Berenberg Capital Markets Jay Vleeschhouwer - Griffin Securities Kristen Owen - Oppenheimer Michael Funk - Ba ...

| --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|-------|-----------------|-------|---------------------| | Credit facility: | | June 30, 2023 | | December 31, 2022 | | Revolving loan facility due November 2025 | $ | 201,245 | $ | 345,597 | | Term loan due November 2025 | | 192,500 | | 195,000 | | Convertible senior notes due January 2026 (the "2026 Notes") | | 687,830 | | 687,830 | | Convertible senior notes due July 2027 (the "2027 Notes") | | ...

© 2023 Bentley Systems, Incorporated 27 | of Transportation (MnDOT) Image courtesy of WSB Image courtesy of Ferrovial Construction and Alamo Nex Construction Image courtesy of NYSDOT IH35 Nex Central Section San Antonio, Texas, United States East 138th Street over the Major Deegan Expressway New York City, New York, United States NYSDOT used Bentley applications to create a digital twin as the primary contract document that helped identify and resolve costly issues prior to construction. © 2023 Bentley Syst ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Unaudited Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Consolidated%20Financial%20Statements) This section presents Bentley Systems' unaudited consolidated financial statements for the quarter ended March 31, 2023, including balance sheets, income statements, and cash flows, showing revenue growth, decreased net income, and increased operating cash flow [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets increased slightly to **$3.19 billion**, total liabilities decreased to **$2.57 billion**, and total stockholders' equity grew to **$614.2 million** Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$3,188,022** | **$3,165,005** | | Cash and cash equivalents | $93,567 | $71,684 | | Goodwill | $2,247,797 | $2,237,184 | | **Total Liabilities** | **$2,573,832** | **$2,591,551** | | Long-term debt | $1,668,781 | $1,775,696 | | **Total Stockholders' Equity** | **$614,190** | **$573,454** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2023, total revenues increased **14.1%** to **$314.4 million**, but higher operating expenses and interest led to a **19.3%** decrease in net income to **$45.5 million** Q1 2023 vs. Q1 2022 Statement of Operations (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$314,411** | **$275,517** | **+14.1%** | | Subscriptions | $277,845 | $241,233 | +15.2% | | Gross Profit | $247,227 | $219,732 | +12.5% | | Income from Operations | $65,785 | $56,592 | +16.2% | | **Net Income** | **$45,490** | **$56,388** | **-19.3%** | | Net Income per Share, diluted | $0.14 | $0.18 | -22.2% | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to **$176.2 million** in Q1 2023, while investing activities decreased sharply due to lower acquisition spending, and financing activities shifted to net cash used Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $176,223 | $101,731 | | Net cash used in investing activities | ($20,761) | ($700,575) | | Net cash (used in) provided by financing activities | ($134,241) | $399,931 | | **Increase (decrease) in cash** | **$21,883** | **($199,720)** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes disclose revenue disaggregation by type and region, acquisition details, debt structure, and stock-based compensation, providing context for the financial statements Revenue by Type (in thousands) | Revenue Type | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Enterprise subscriptions | $103,904 | $81,827 | | SELECT subscriptions | $63,343 | $66,598 | | Term license subscriptions | $110,598 | $92,808 | | **Total Subscriptions** | **$277,845** | **$241,233** | | Perpetual licenses | $9,547 | $10,205 | | Services | $27,019 | $24,079 | Revenue by Geographic Region (in thousands) | Region | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Americas | $168,345 | $154,260 | | EMEA | $92,832 | $77,480 | | APAC | $53,234 | $43,777 | | **Total Revenues** | **$314,411** | **$275,517** | - The company completed one acquisition in Q1 2023 for net cash paid of **$10.3 million**, compared to one acquisition in Q1 2022 for **$696.0 million** (Power Line Systems)[63](index=63&type=chunk)[64](index=64&type=chunk) - Total stock-based compensation expense was **$19.5 million** in Q1 2023, up from **$15.1 million** in Q1 2022[120](index=120&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results, highlighting a **14.1%** revenue increase driven by subscription growth, detailing changes in costs and expenses, and confirming strong liquidity and positive business metrics [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Total revenues grew **14.1%** (**17.1%** constant currency) driven by subscription and services growth across all regions, while operating expenses increased due to headcount-related costs, partially offset by lower acquisition expenses Revenue Growth by Type (YoY) | Revenue Type | Growth (%) | Constant Currency Growth (%) | | :--- | :--- | :--- | | Subscriptions | 15.2% | 18.0% | | Perpetual licenses | (6.4%) | (3.1%) | | Services | 12.2% | 17.3% | | **Total Revenues** | **14.1%** | **17.1%** | Revenue Growth by Region (YoY) | Region | Growth (%) | Constant Currency Growth (%) | | :--- | :--- | :--- | | Americas | 9.1% | 9.5% | | EMEA | 19.8% | 26.3% | | APAC | 21.6% | 27.8% | - General and administrative expenses decreased by **8.5%**, primarily due to lower acquisition expenses of approximately **$5.4 million** compared to the prior year period[133](index=133&type=chunk)[195](index=195&type=chunk) - Interest expense, net, increased **64.4%** to **$11.1 million**, primarily due to a higher weighted average interest rate on borrowings[134](index=134&type=chunk)[196](index=196&type=chunk) [Key Business Metrics](index=39&type=section&id=Key%20Business%20Metrics) Key business metrics show strong performance with Annualized Recurring Revenue (ARR) reaching **$1.07 billion** (**13%** constant currency growth) and the recurring revenues dollar-based net retention rate improving to **110%** Key Business Metrics Comparison | Metric | As of March 31, 2023 | As of March 31, 2022 | | :--- | :--- | :--- | | ARR | $1,070,955 thousand | $962,550 thousand | | Last twelve-months recurring revenues | $1,014,113 thousand | $885,882 thousand | | Twelve-months ended constant currency ARR growth rate | 13% | 27% | | Account retention rate | 98% | 98% | | Recurring revenues dollar-based net retention rate | 110% | 108% | - Recurring revenues represented **89%** of total revenues for the twelve months ended March 31, 2023, up from **87%** for the same period in 2022[218](index=218&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$93.6 million** in cash and **$610.2 million** available credit, supported by a **73%** increase in operating cash flow, sufficient for future needs Cash Flow Activity Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Cash Provided By Operating Activities | $176,223 | $101,731 | | Net Cash Used In Investing Activities | ($20,761) | ($700,575) | | Net Cash (Used In) Provided By Financing Activities | ($134,241) | $399,931 | - As of March 31, 2023, the company had **$1.675 billion** in total debt, down from **$1.781 billion** at year-end 2022[249](index=249&type=chunk) - The company has a stock repurchase program authorizing up to **$200 million** in repurchases of Class B Common Stock and/or convertible senior notes, with **$169.8 million** remaining available as of March 31, 2023[103](index=103&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risk exposure from what was disclosed in its 2022 Annual Report on Form 10-K - There have been no material changes in market risk exposure as described in the 2022 Annual Report on Form 10‑K[241](index=241&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[243](index=243&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[252](index=252&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently involved in any material legal proceedings and does not expect ordinary course claims to materially affect its financial condition - The company does not believe it has any material litigation pending and does not expect the outcome of ordinary course legal actions to have a material adverse effect on its financial position, results of operations, or cash flows[254](index=254&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - No material changes have occurred from the risk factors previously disclosed in the 2022 Annual Report on Form 10‑K[255](index=255&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company issued **1,052,738** shares of Class B Common Stock related to Deferred Compensation Plan distributions, deemed exempt from registration under Rule 701 - From January 1, 2023, to March 31, 2023, the company issued **1,052,738** shares of Class B Common Stock related to distributions from its Deferred Compensation Plan (DCP)[264](index=264&type=chunk) - The sales of these securities were considered exempt from registration under the Securities Act, relying on Rule 701 as transactions pursuant to employee benefit plans[265](index=265&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The report includes standard exhibits such as CEO/CFO certifications (Exhibits 31.1, 31.2, 32) and Inline XBRL data files (Exhibits 101 and 104)[268](index=268&type=chunk)

Bentley Systems, Incorporated (NASDAQ:BSY) Q4 2022 Earnings Conference Call February 28, 2023 8:15 AM ET Company Participants Eric Boyer – Investor Relations Officer Greg Bentley – Chief Executive Officer Keith Bentley – Chief Technology Officer David Hollister – Chief Investment Officer Werner Andre – Chief Financial Officer Nicholas Cumins – Chief Operating Officer Conference Call Participants Joe Vruwink – Baird Matt Hedberg – RBC Kristen Owen – Oppenheimer Andrew DeGasperi – Berenberg Matthew Broome – ...

Leadership Transition - Keith Bentley, the founder, will retire as Chief Technology Officer in April 2023 and become a Technology Advisor[1, 4, 206] - Julien Moutte will succeed Keith Bentley as Chief Technology Officer, joining from SAP in January 2021[2, 5, 207] - David Hollister, the former CFO, will retire as Chief Investment Officer on March 31, 2023, succeeded as CFO by Werner Andre at the beginning of 2022[1, 4, 188] - Brock Ballard has been promoted to Chief Revenue Officer, succeeding Gus Bergsma, and Eric Boyer has joined as Investor Relations Officer[17] Financial Performance and Outlook - The company's 2022 operating results met expectations despite challenges in Russia and China[29] - The company anticipates full year 2023 total revenues between $1.205 billion and $1.235 billion, representing a 9.5% to 12.5% increase[253] - The company projects ARR growth of 11.5% to 13.5% in constant currency for 2023[253] - The company expects an Adjusted Operating Income with Stock-Based Compensation (SBC) Margin of approximately 26% for 2023[177, 253] Business Growth and Strategy - The company's ARR growth rate was favorably impacted by the ARR onboarding from the platform acquisition of Power Line Systems by 2.5% for the year ended December 31, 2022[27] - The company's ARR growth rate was favorably impacted by the ARR onboarding from the platform acquisition of Seequent by 13% for the year ended December 31, 2021[27] - E365, E365 Prospects, and SMB accounted for 47% of overall New Business[112]