Bentley(BSY)2022-02-28 16:00Revenue Growth - Total recurring revenues for the last twelve months reached $834,150,000, an increase of 31% from $696,662,000 in the previous year[330]. - The annualized recurring revenues (ARR) growth rate was 26%, compared to 8% in the prior year[330]. - The recurring revenues dollar-based net retention rate improved to 109%, up from 107% in the previous year[330]. - Subscriptions accounted for 84% of total revenues, with recurring revenues making up 86% of total revenues[313]. - Total revenues increased by $163,502, or 20.4%, to $965,046 for the year ended December 31, 2021, primarily driven by improvements in business performance and acquisitions[400]. - Subscription revenues reached $812,807, an increase of $133,534 or 19.7% compared to the previous year[400]. - Service revenues grew by 52.8% to $99,159, reflecting strong demand and positive foreign currency effects[400]. Account Retention and Diversification - The account retention rate remained high at 98% for the last twelve months[330]. - The company has a highly diversified account base, with the largest account contributing no more than 2.5% of total revenues[313]. - The recurring revenues dollar-based net retention rate for the year ended December 31, 2021, was 86%, highlighting the company's success in growing revenues within existing accounts[338]. Research and Development - The company continues to invest significantly in research and development to enhance existing offerings and develop new technologies[310]. - Research and development expenses increased to $220,915, up from $185,515 in 2020, indicating continued investment in innovation[397]. - Research and development expenses increased by $35,400, or 19.1%, for the year ended December 31, 2021, with a constant currency increase of 16.5%[418]. Financial Performance - Adjusted EBITDA for the year ended December 31, 2021, was $324.948 million, an increase of 22% from $266.376 million in 2020[342]. - Adjusted Net Income for the year ended December 31, 2021, was $266.940 million, compared to $192.812 million in 2020, reflecting a significant increase[343]. - For the year ended December 31, 2021, net income decreased by $33,329 to $93,192 compared to $126,521 in 2020[433]. - Adjusted EBITDA for the year ended December 31, 2021 increased by $58,572 to $324,948, representing 33.7% of total revenues[434]. - Adjusted Net Income for the year ended December 31, 2021 increased by $74,128 to $266,940, accounting for 27.7% of total revenues[435]. Acquisitions - The company completed the acquisition of Seequent for approximately $883.336 million in cash and stock, incurring $16.557 million in related expenses[358]. - The company completed 13 acquisitions in 2021, compared to six in 2020, indicating a strategy of growth through acquisitions[364]. - The company plans to selectively acquire adjacent software solutions and new technologies to enhance its existing portfolio[364]. Expenses and Costs - Total cost of revenues was $216,539, up from $167,155 in 2020, with costs of subscriptions and licenses at $124,321 and costs of services at $92,218[397]. - Selling and marketing expenses rose to $162,240, reflecting strategic investments in global business systems[397]. - General and administrative expenses increased to $150,116, with expectations of continued growth as a public company[387]. - Total operating expenses for the year ended December 31, 2021, were $653,918, an increase of $169,679, or 35.0%[418]. - Cost of revenues increased by $49,384, or 29.5%, for the year ended December 31, 2021, with a constant currency increase of 26.1%[414]. Cash and Financing - As of December 31, 2021, total cash and cash equivalents amounted to $329,337 million, a significant increase from $122,006 million in 2020[477]. - The Credit Facility was increased from $500,000 million to $850,000 million, with a maturity date extended to November 15, 2025[478]. - A new $200,000 million senior secured term loan was established with a maturity of November 15, 2025, requiring quarterly principal repayments starting at $1,250[480]. - The company incurred $15,065 million in expenses related to the 2027 Notes offering, using $536,062 million to repay outstanding indebtedness under the Credit Facility[492]. - As of December 31, 2021, the company had $849,850 million available under the Credit Facility[484]. Currency Impact - In 2021, 47% of total revenues and 42% of total operating expenses were denominated in various foreign currencies, impacting financial results due to exchange rate fluctuations[361].