Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems”
or the “Company”), the infrastructure engineering software company,
today announced operating results for its quarter ended March 31,
2021.
First Quarter 2021 Financial Results:
- Total revenues were $222.0 million, up 14.0%
year-over-year;
- Subscriptions revenues were $188.1 million, up 10.5%
year-over-year;
- Last twelve-month recurring revenues were $716.9 million, up
10.7% year-over-year;
- Last twelve-month recurring revenues dollar-based net retention
rate was 107% (calculated under Topic 606), compared to 109%
(calculated under Topic 605) for the same period last year;
- Last twelve-month account retention rate was 98% (calculated
under Topic 606), compared to 98% (calculated under Topic 605) for
the same period last year;
- Annualized Recurring Revenue (“ARR”) was $760.2 million as of
March 31, 2021, representing a constant currency ARR growth rate of
10% from March 31, 2020;
- GAAP operating income was $55.6 million, compared to $46.0
million for the same period last year;
- GAAP net income was $57.0 million, compared to $29.7 million
for the same period last year. GAAP net income per diluted share
was $0.18, compared to $0.10 for the same period last year;
- Adjusted Net Income was $64.0 million, compared to $43.2
million for the same period last year. Adjusted Net Income per
diluted share was $0.20 compared to $0.15 for the same period last
year;
- Adjusted EBITDA was $82.8 million, compared to $57.9 million
for the same period last year. Adjusted EBITDA margin was 37.3%,
compared to 29.8% for the same period last year;
- Cash flow from operations was $132.8 million, compared to $72.6
million for the same period last year.
Definitions of the non‑GAAP financial measures used in this
press release and reconciliations of such measures to the most
comparable GAAP financial measures are included below under the
heading “Use and Reconciliation of Non‑GAAP Financial
Measures.”
“Our first quarter operating results were broadly consistent
with the progression of the same mildly improving application usage
trends we reported earlier this year, with our established
quarterly seasonalization, and with the outlook we have previously
expressed for the unfolding of full-year 2021. On the other hand,
the quarter’s unprecedented operating margins and operating cash
flows benefited from circumstances likely unique to this unusual
year. Of note, we are pleased by the indicated market demand for
our applications within our newly-targeted ‘SMB’ prospects— our
Virtuosity subscriptions have attracted over a thousand accounts
new to Bentley Systems, since inception less than a year ago,” said
Greg Bentley, CEO.
“I believe the long-term potential of infrastructure digital
twins will be accelerated by the ‘programmatic’ acquisitions we
announced last month, of INRO to add multi-modal and dynamic
simulation capabilities for mobility digital twins, and of
sensemetrics and Vista Data Vision to extend our iTwin platform for
infrastructure IoT. Anticipating the closing later in this quarter
of our largest acquisition to date, Seequent, subject to the
completion of regulatory review, when we announce our second
quarter operating results we will update our financial outlook for
2021 to reflect acquisition impacts,” concluded Mr. Bentley.
First Quarter 2021 Financial Developments:
- In January 2021, we entered into the Second Amendment to the
Amended and Restated Credit Agreement dated December 19, 2017,
which increased the senior secured revolving loan facility from
$500.0 million to $850.0 million and extended the maturity date
from December 18, 2022 to November 15, 2025.
- In January 2021, we completed a private offering of $690.0
million of 0.125% convertible senior notes due 2026 (the “2026
Notes”). We incurred $18.1 million of expenses in connection with
the 2026 Notes offering consisting of the payment of initial
purchasers’ discounts and commissions, professional fees, and other
expenses (“transaction costs”). Transaction costs were recorded as
a direct deduction from the related debt liability in the
consolidated balance sheet and are amortized to interest expense
using the effective interest method over the term of the 2026
Notes.
- In connection with the pricing of the 2026 Notes, we entered
into capped call options with certain of the initial purchasers or
their respective affiliates and certain other financial
institutions. The capped call options are expected to reduce
potential dilution to our Class B Common Stock upon any conversion
of 2026 Notes and/or offset any cash payments we are required to
make in excess of the principal amount of converted notes, as the
case may be, with such reduction and/or offset subject to a cap. We
paid premiums of $25.5 million in connection with the capped call
options and they have been included as a net reduction to
Additional paid-in capital in the consolidated balance sheet.
- On March 11, 2021, we entered into a definitive agreement to
acquire Seequent, a leader in software for geological and
geophysical modeling, geotechnical stability, and cloud services
for geodata management and collaboration, for approximately $900.0
million in cash, net of cash acquired and subject to customary
adjustments, including for working capital, plus 3,141,361 shares
of our Class B Common Stock. Seequent is expected to deepen the
potential of our infrastructure digital twins offerings to help
understand and mitigate environmental risks, advancing resilience,
and sustainability. The transaction is subject to customary closing
conditions, including regulatory approvals, and is expected to
close during the second quarter of 2021. We expect to use readily
available cash, including a portion of the net proceeds from the
2026 Notes, and borrowings under our Credit Facility to fund the
cash component of the transaction. For the three months ended March
31, 2021, we incurred $6.7 million of expenses related to entering
into the definitive agreement to acquire Seequent.
- For the three months ended March 31, 2021, the Company reported
an effective tax rate of 15.3%. The unusually low effective tax
rate was primarily due to the tax benefit associated with
stock-based compensation, partially offset by the impact from
officer compensation limitation provisions.
Operating Results Call Details
Bentley Systems will host a live Zoom Video Webinar on May 11,
2021 at 8:30 a.m. Eastern Time to discuss financial and operating
results for its first quarter ended March 31, 2021.
Those wishing to participate should access the live Zoom Video
Webinar of the event through a direct registration link at
https://zoom.us/webinar/register/WN_XcHUVJklTrCeRvyQUGNxNg.
Alternatively, the event can be accessed from the Events &
Presentations page on Bentley Systems’ Investor Relations website
at https://investors.bentley.com. Presentation materials will be
posted prior to the webinar on Bentley Systems’ Investor Relations
website. In addition, a replay and transcript will be available
after the conclusion of the live event on Bentley Systems’ Investor
Relations website for one year.
Definitions of Certain Key Business Metrics
Definitions of the non‑GAAP financial measures used in this
earnings release and reconciliations of such measures to their
nearest GAAP equivalents are included below under “Use and
Reconciliation of Non‑GAAP Financial Measures.” Certain non‑GAAP
measures included in our financial outlook are not being reconciled
to the comparable GAAP financial measures because the GAAP measures
are not accessible on a forward-looking basis. The Company is
unable to reconcile these forward-looking non‑GAAP financial
measures to the most directly comparable GAAP measures without
unreasonable efforts because the Company is currently unable to
predict with a reasonable degree of certainty the type and extent
of certain items that would be expected for these periods not to
impact the non‑GAAP measures, but would impact GAAP measures. Such
unavailable information, which could have a significant impact on
the Company’s GAAP financial results, may include stock‑based
compensation charges, depreciation and amortization of capitalized
software costs and of acquired intangible assets, realignment
expenses, and other items.
Last twelve-month recurring revenues are calculated as recurring
revenues recognized over the preceding twelve-month period. We
define recurring revenues as subscription revenues that recur
monthly, quarterly, or annually with specific or automatic renewal
clauses and professional services revenues in which the underlying
contract is based on a fixed fee and contains automatic annual
renewal provisions.
Constant Currency Metrics
In reporting period-over-period results, we calculate the
effects of foreign currency fluctuations and constant currency
information by translating current period results using prior
period average foreign currency exchange rates. Our definition of
constant currency may differ from other companies reporting
similarly named measures, and these constant currency performance
measures should be viewed in addition to, and not as a substitute
for, our operating performance measures calculated in accordance
with GAAP.
- Our last twelve-month recurring revenues dollar-based net
retention rate is calculated, using the average exchange rates for
the prior period, as follows: the recurring revenues for the
current period, including any growth or reductions from accounts
with recurring revenues in the prior period (“existing accounts”),
but excluding recurring revenues from any new accounts added during
the current period, divided by the total recurring revenues from
all accounts during the prior period. A period is defined as any
trailing twelve months. Prior to the year ended December 31, 2020,
the recurring revenues dollar-based net retention rate was
calculated using revenues recognized pursuant to Topic 605 for all
periods in order to enhance comparability during our transition to
Topic 606 as we did not have all information that was necessary to
calculate account retention rate pursuant to Topic 606 for earlier
periods.
- Our last twelve-month account retention rate for any given
twelve-month period is calculated using the average currency
exchange rates for the prior period, as follows: the prior period
recurring revenues from all accounts with recurring revenues in the
current and prior period, divided by total recurring revenues from
all accounts during the prior period. Prior to the year ended
December 31, 2020, the account retention rate was calculated using
revenues recognized pursuant to Topic 605 for all periods in order
to enhance comparability during our transition to Topic 606 as we
did not have all information that was necessary to calculate
account retention rate pursuant to Topic 606 for earlier
periods.
- Our constant currency ARR growth rate is the growth rate of our
ARR, measured on a constant currency basis. Our ARR is defined as
the sum of the annualized value of our portfolio of contracts that
produce recurring revenue as of the last day of the reporting
period, and the annualized value of the last three months of
recognized revenues for our contractually recurring
consumption-based software subscriptions with consumption
measurement durations of less than one year.
Use and Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we have calculated adjusted cost of subscriptions and licenses,
adjusted cost of services, adjusted research and development,
adjusted selling and marketing, adjusted general and
administrative, adjusted income from operations, Adjusted Net
Income, Adjusted Net Income per diluted share, Adjusted EBITDA, and
Adjusted EBITDA margin, each of which are non‑GAAP financial
measures. We have provided tabular reconciliations of each of these
non‑GAAP financial measures to such measure’s most directly
comparable GAAP financial measure.
Management uses these non‑GAAP financial measures to understand
and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, and to evaluate
financial performance and liquidity. Our non‑GAAP financial
measures are presented as supplemental disclosure as we believe
they provide useful information to investors and others in
understanding and evaluating our results, prospects, and liquidity
period-over-period without the impact of certain items that do not
directly correlate to our operating performance and that may vary
significantly from period to period for reasons unrelated to our
operating performance, as well as to compare our financial results
to those of other companies. Our definitions of these non‑GAAP
financial measures may differ from similarly titled measures
presented by other companies and therefore comparability may be
limited. In addition, other companies may not publish these or
similar metrics. Thus, our non‑GAAP financial measures should be
considered in addition to, not as a substitute for, or in isolation
from, the financial information prepared in accordance with GAAP,
and should be read in conjunction with the financial statements
included in our Quarterly Report on Form 10-Q to be filed with the
U.S. Securities and Exchange Commission (“SEC”).
We calculate these non‑GAAP financial measures as follows:
- Adjusted cost of subscriptions and licenses is determined by
adding back to GAAP cost of subscriptions and licenses,
amortization of purchased intangibles and developed technologies,
stock-based compensation, and realignment expenses, for the
respective periods;
- Adjusted cost of services is determined by adding back to GAAP
cost of services, stock‑based compensation, acquisition expenses,
and realignment expenses, for the respective periods;
- Adjusted research and development is determined by adding back
to GAAP research and development, stock‑based compensation,
acquisition expenses, and realignment expenses, for the respective
periods;
- Adjusted selling and marketing is determined by adding back to
GAAP selling and marketing, stock‑based compensation, acquisition
expenses, and realignment expenses, for the respective
periods;
- Adjusted general and administrative is determined by adding
back to GAAP general and administrative, stock‑based compensation,
acquisition expenses, and realignment expenses, for the respective
periods;
- Adjusted income from operations is determined by adding back to
GAAP operating income, amortization of purchased intangibles and
developed technologies, stock-based compensation, acquisition
expenses, and realignment expenses for the respective periods;
- Adjusted Net Income is defined as net income adjusted for the
following: amortization of purchased intangibles and developed
technologies, stock‑based compensation, acquisition expenses,
realignment expenses, other non-operating income and expense
(primarily foreign exchange gain (loss)), net, the tax effect of
the above adjustments to net income, and loss from investment
accounted for using the equity method, net of tax. The tax effect
of adjustments to net income is based on the estimated marginal
effective tax rates in the jurisdictions impacted by such
adjustments;
- Adjusted Net Income per diluted share is determined by dividing
Adjusted Net Income by the weighted average diluted shares;
- Adjusted EBITDA is defined as net income adjusted for interest
expense, net, provision for income taxes, depreciation and
amortization, stock‑based compensation, acquisition expenses,
realignment expenses, other non-operating income and expense
(primarily foreign exchange gain (loss)), net, and loss from
investment accounted for using the equity method, net of tax;
- Adjusted EBITDA margin is determined by dividing Adjusted
EBITDA by total revenues.
We encourage investors and others to review our financial
information in its entirety, not to rely on any single financial
measure, and to view these non‑GAAP financial measures in
conjunction with the related GAAP financial measures.
Forward-Looking Statements
The forward-looking statements contained in this earnings
release reflect Bentley Systems’ expectations as of today’s date.
Given the number of risk factors, uncertainties, and assumptions
discussed below, actual results may differ materially.
Any statements made in this earnings release that are not
statements of historical fact, including statements about our 2021
financial outlook and our beliefs and expectations, the planned
acquisition of Seequent and the timing thereof, the impact of the
acquisition on Bentley’s financial condition and results of
operations and the products, services, and business relationships
of each of Bentley and Seequent, are forward-looking statements and
should be evaluated as such. Forward-looking statements include
information concerning possible or assumed future results of
operations, business plans, pending acquisitions and/or the
integration of completed acquisitions, and business strategies.
Forward-looking statements are based on Bentley Systems
management’s beliefs, as well as assumptions made by, and
information currently available to, them. Because such statements
are based on expectations as to future financial and operating
results and are not statements of fact, actual results may differ
materially from those projected. Factors which may cause actual
results to differ materially from current expectations include, but
are not limited, to macroeconomic conditions, pandemic
consequences, Bentley’s ability to successfully integrate or
operate Seequent’s business, any costs or delays attributable to
obtaining required regulatory approvals for the acquisition, costs
related to the acquisition, adverse changes in the capital markets
environment and Bentley’s ability to access additional financing on
terms acceptable to it or at all, changes in Seequent’s customer
base or geographic footprint, failure to retain personnel necessary
for the operation or integration of Seequent’s business, changes in
the industries in which Seequent’s customers operate, the
competitive environment in which both Bentley and Seequent operate
and competitive responses to the acquisition, Bentley and
Seequent’s ability to innovate, develop new products or modify
existing products, general economic, market, and business
conditions, unanticipated impact of accounting for acquisitions,
and the ability to satisfy the conditions to the completion of the
acquisition on the anticipated schedule, or at all.
Further information on factors which may cause actual results to
differ materially from current expectations include, but are not
limited, those described under the heading “Risk Factors” in the
Company’s 2020 Annual Report on Form 10-K, and the Company’s
subsequent filings with the SEC. Copies of each filing may be
obtained from the Company or the SEC on their respective websites.
All forward-looking statements reflect our beliefs and assumptions
only as of the date of this press release. We undertake no
obligation to update forward-looking statements to reflect future
events or circumstances.
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, and industrial facilities. Our offerings
include MicroStation-based applications for modeling and
simulation, ProjectWise for project delivery, AssetWise for asset
and network performance, and the iTwin platform for infrastructure
digital twins. Bentley Systems employs more than 4,000 colleagues
and generates annual revenues of more than $800 million in 172
countries. www.bentley.com.
© 2021 Bentley Systems, Incorporated. Bentley, the Bentley logo,
AssetWise, INRO, iTwin, MicroStation, ProjectWise, and Vista Data
Vision are either registered or unregistered trademarks or service
marks of Bentley Systems, Incorporated or one of its direct or
indirect wholly owned subsidiaries. sensemetrics is a registered
trademark of sensemetrics Inc. All other brands and product names
are trademarks of their respective owners.
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES
Consolidated Balance
Sheets
(in thousands)
(unaudited)
March 31, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
569,536
$
122,006
Accounts receivable
189,530
195,782
Allowance for doubtful
accounts
(6,370
)
(5,759
)
Prepaid income taxes
3,994
3,535
Prepaid and other current
assets
25,118
24,694
Total current assets
781,808
340,258
Property and equipment, net
27,767
28,414
Operating lease right-of-use
assets
41,691
46,128
Intangible assets, net
53,697
45,627
Goodwill
622,756
581,174
Investments
5,245
5,691
Deferred income taxes
42,133
39,224
Other assets
51,771
39,519
Total assets
$
1,626,868
$
1,126,035
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
15,947
$
16,492
Accruals and other current
liabilities
296,497
226,793
Deferred revenues
186,396
202,294
Operating lease liabilities
15,894
16,610
Income taxes payable
11,721
3,366
Total current liabilities
526,455
465,555
Long-term debt
672,599
246,000
Long-term operating lease
liabilities
27,861
31,767
Deferred revenues
7,108
7,020
Deferred income taxes
14,305
10,849
Income taxes payable
7,883
7,883
Other liabilities
16,660
15,362
Total liabilities
1,272,871
784,436
Stockholders’ equity:
Common stock
2,737
2,722
Additional paid-in capital
732,635
741,113
Accumulated other comprehensive
loss
(35,394
)
(26,233
)
Accumulated deficit
(345,981
)
(376,003
)
Total stockholders’ equity
353,997
341,599
Total liabilities and
stockholders’ equity
$
1,626,868
$
1,126,035
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES
Consolidated Statements of
Operations
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
March 31,
2021
2020
Revenues:
Subscriptions
$
188,125
$
170,182
Perpetual licenses
10,116
10,814
Subscriptions and licenses
198,241
180,996
Services
23,764
13,694
Total revenues
222,005
194,690
Cost of revenues:
Cost of subscriptions and licenses
28,945
21,327
Cost of services
20,344
15,932
Total cost of revenues
49,289
37,259
Gross profit
172,716
157,431
Operating expenses:
Research and development
47,803
45,135
Selling and marketing
32,440
36,095
General and administrative
33,388
26,804
Amortization of purchased intangibles
3,438
3,436
Total operating expenses
117,069
111,470
Income from operations
55,647
45,961
Interest expense, net
(2,319
)
(1,388
)
Other income (expense), net
14,482
(7,390
)
Income before income taxes
67,810
37,183
Provision for income taxes
(10,358
)
(7,176
)
Loss from investment accounted
for using the equity method, net of tax
(446
)
(338
)
Net income
57,006
29,669
Less: Net income attributable to
participating securities
—
—
Net income attributable to Class
A and Class B common stockholders
$
57,006
$
29,669
Per share information:
Net income per share, basic
$
0.19
$
0.10
Net income per share, diluted
$
0.18
$
0.10
Weighted average shares,
basic
302,583,452
285,486,972
Weighted average shares, diluted
321,736,649
292,378,627
BENTLEY SYSTEMS, INCORPORATED
AND SUBSIDIARIES
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
2021
2020
Cash flows from operating activities:
Net income
$
57,006
$
29,669
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
8,993
8,050
Bad debt allowance (recovery)
746
(256
)
Deferred income taxes
966
1,742
Deferred compensation plan activity
1,021
676
Stock-based compensation expense
8,913
1,653
Amortization and write-off of deferred
debt issuance costs
1,229
138
Change in fair value of derivative
(13,661
)
—
Change in fair value of contingent
consideration
—
(1,390
)
Foreign currency remeasurement (gain)
loss
(583
)
6,985
Loss from investment accounted for using
the equity method, net of tax
446
338
Changes in assets and liabilities, net of
effect from acquisitions:
Accounts receivable
14,903
38,273
Prepaid and other assets
8,257
5,653
Accounts payable, accruals and other
liabilities
54,977
6,778
Deferred revenues
(21,889
)
(28,247
)
Income taxes payable
11,474
2,550
Net cash provided by operating
activities
132,798
72,612
Cash flows from investing activities:
Purchases of property and equipment and
investment in capitalized software
(2,655
)
(4,500
)
Acquisitions, net of cash acquired of
$1,326 and $1,986, respectively
(57,975
)
(39,329
)
Other investing activities
—
(1,414
)
Net cash used in investing activities
(60,630
)
(45,243
)
Cash flows from financing activities:
Proceeds from credit facilities
16,000
58,907
Payments of credit facilities
(262,000
)
(133,625
)
Proceeds from convertible senior notes,
net of discounts and commissions
672,750
—
Payments of debt issuance costs
(3,777
)
—
Purchase of capped call options
(25,530
)
—
Payments of financing leases
(50
)
(47
)
Payments of acquisition debt and other
consideration
(25
)
(127
)
Payments of dividends
(8,219
)
(7,802
)
Payments for shares acquired including
shares withheld for taxes
(18,763
)
(3,918
)
Proceeds from exercise of stock
options
1,751
724
Net cash provided by (used in) financing
activities
372,137
(85,888
)
Effect of exchange rate changes on cash
and cash equivalents
3,225
(2,293
)
Increase (decrease) in cash and cash
equivalents
447,530
(60,812
)
Cash and cash equivalents, beginning of
year
122,006
121,101
Cash and cash equivalents, end of
period
$
569,536
$
60,289
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Measures
For the Three Months Ended
March 31, 2021 and 2020
(in thousands)
(unaudited)
Reconciliation of net income to Adjusted
EBITDA:
Three Months Ended
March 31,
2021
2020
Net income
$
57,006
$
29,669
Interest expense, net
2,319
1,388
Provision for income taxes
10,358
7,176
Depreciation and amortization
8,993
8,050
Stock-based compensation
8,913
1,653
Acquisition expenses
9,256
2,275
Realignment expenses
—
(8
)
Other (income) expense, net
(14,482
)
7,390
Loss from investment accounted
for using the equity method, net of tax
446
338
Adjusted EBITDA
$
82,809
$
57,931
Reconciliation of net income to Adjusted
Net Income:
Three Months Ended
March 31,
2021
2020
Net income
$
57,006
$
29,669
Non-GAAP adjustments, prior to
income taxes:
Amortization of purchased
intangibles and developed technologies
4,683
4,539
Stock-based compensation
8,913
1,653
Acquisition expenses
9,256
2,275
Realignment expenses
—
(8
)
Other (income) expense, net
(14,482
)
7,390
Total non-GAAP adjustments, prior
to income taxes
8,370
15,849
Income tax effect of non-GAAP
adjustments
(1,818
)
(2,700
)
Loss from investment accounted
for using the equity method, net of tax
446
338
Adjusted Net Income
$
64,004
$
43,156
Reconciliation of GAAP Financial Statement
Line Items to Non-GAAP Adjusted Financial Statement Line Items:
Three Months Ended
March 31,
2021
2020
Cost of subscriptions and
licenses
$
28,945
$
21,327
Amortization of purchased
intangibles and developed technologies
(1,245
)
(1,103
)
Stock-based compensation
(86
)
(28
)
Adjusted cost of subscriptions
and licenses
$
27,614
$
20,196
Cost of services
$
20,344
$
15,932
Stock-based compensation
(235
)
(96
)
Acquisition expenses
(966
)
(20
)
Adjusted cost of services
$
19,143
$
15,816
Research and development
$
47,803
$
45,135
Stock-based compensation
(3,909
)
(619
)
Acquisition expenses
(1,374
)
(1,250
)
Realignment expenses
—
8
Adjusted research and
development
$
42,520
$
43,274
Selling and marketing
$
32,440
$
36,095
Stock-based compensation
(690
)
(400
)
Acquisition expenses
(44
)
(77
)
Adjusted selling and
marketing
$
31,706
$
35,618
General and administrative
$
33,388
$
26,804
Stock-based compensation
(3,993
)
(510
)
Acquisition expenses
(6,860
)
(812
)
Adjusted general and
administrative
$
22,535
$
25,482
Income from operations
$
55,647
$
45,961
Amortization of purchased
intangibles and developed technologies
4,683
4,539
Stock-based compensation
8,913
1,653
Acquisition expenses
9,256
2,275
Realignment expenses
—
(8
)
Adjusted income from
operations
$
78,499
$
54,420
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210511005362/en/
Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for
Bentley Systems ir@bentley.com 1-610-458-2777
Media Contact: Carey Mann carey.mann@bentley.com
1-610-458-3170
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