Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure
engineering software company, today announced operating results for
its second quarter and six months ended June 30, 2023.
Second Quarter 2023 Operating Results
- Total revenues were $296.7 million, up 10.6% or 10.1% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $259.2 million, up 11.7% or 10.9%
on a constant currency basis, year-over-year;
- Annualized Recurring Revenues (“ARR”) was $1,105.9 million as
of June 30, 2023, compared to $971.9 million as of June 30, 2022,
representing a constant currency ARR growth rate of 13%;
- Last twelve-month recurring revenues dollar-based net retention
rate was 110%, compared to 109% for the same period last year;
- Operating income margin was 18.0%, compared to 20.8% for the
same period last year;
- Adjusted operating income inclusive of stock-based compensation
expense (“Adjusted OI w/SBC”) margin was 24.7%, compared to 24.0%
for the same period last year;
- Net income per diluted share was $0.15, compared to $0.17 for
the same period last year;
- Adjusted net income per diluted share (“Adjusted EPS”) was
$0.24, compared to $0.23 for the same period last year; and
- Cash flow from operations was $80.6 million, compared to $67.0
million for the same period last year.
Six Months Ended June 30, 2023 Operating Results
- Total revenues were $611.2 million, up 12.4% or 13.6% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $537.1 million, up 13.4% or 14.5%
on a constant currency basis, year-over-year;
- Operating income margin was 19.5%, compared to 20.7% for the
same period last year;
- Adjusted OI w/SBC margin was 26.8%, compared to 26.2% for the
same period last year;
- Net income per diluted share was $0.29, compared to $0.35 for
the same period last year;
- Adjusted EPS was $0.49, compared to $0.47 for the same period
last year; and
- Cash flow from operations was $256.8 million, compared to
$168.7 million for the same period last year.
CEO Greg Bentley said, “I am pleased to again report strong
operating results this quarter, driven perhaps equally by 2023’s
favorable end market conditions and by our teams’ strong
operational execution. We are sustaining robust ARR growth of 13%
(year-over-year constant currency business performance) with
directionally broader balance across the board. Our E365 growth
initiative for enterprise accounts, and our Virtuosity growth
initiative for SMB accounts and prospects, are each contributing at
continuously greater levels.
“We are narrowing our 2023 ARR growth outlook (constant currency
business performance) to a range of 12% to 13% by virtue of the
momentum underlying our strong first half, offset by lower
expectations for programmatic acquisition contributions this year,
and particularly by the business model shift in China (from ARR)
due to prevailing geopolitical concerns.”
COO Nicholas Cumins commented, “Our 23Q2 operating results
reflect our strong performance across the board. ARR growth by
region was led by continued very solid growth in North America and
Asia-Pacific and steady growth in Europe. By sector, growth in
Public Works / Utilities remained strong while growth in Industrial
improved, offset somewhat by growth in Resources normalizing from
record levels and continued softness in Commercial / Facilities. We
believe we are strongly positioned to benefit from the long-term
investments in civil infrastructure globally, and the increasing
priority our accounts are placing on going digital.”
CFO Werner Andre said, “In 23Q2 BSY delivered financial results
that met or surpassed our expectations in all key metrics,
including ARR growth, revenues, recurring revenues dollar-based net
retention rate, Adjusted operating income inclusive of stock-based
compensation expense margin, and operating cash flows. Although we
have narrowed our range of expectations for the year’s ARR growth
(constant currency business performance), we are maintaining our
financial outlook for the other metrics.
“Along with relatively light acquisition and investment
expenditures, during the first half of 2023 we paid $29 million in
dividends, effectively repurchased $51 million of shares to offset
dilution from stock-based compensation, and repaid $147 million of
net bank borrowings.”
Operating Results Call Details
Bentley Systems will host a live Zoom video webinar on August 8,
2023 at 8:15 a.m. Eastern time to discuss operating results for its
second quarter ended June 30, 2023.
Those wishing to participate should access the live Zoom video
webinar of the event through a direct registration link at
https://us06web.zoom.us/webinar/register/WN_vGAVc0NyRy-CbB4PTe33Gg#/registration.
Alternatively, the event can be accessed from the Events &
Presentations page on Bentley Systems’ Investor Relations website
at https://investors.bentley.com. 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.
Non-GAAP Financial Measures
In this operating results press release, we sometimes refer to
financial measures that are not presented in accordance with U.S.
generally accepted accounting principles (“GAAP”). Certain of these
measures are considered non-GAAP financial measures under the
United States Securities and Exchange Commission (“SEC”)
regulations. Those rules require the supplemental explanations and
reconciliations that are in Bentley Systems’ Form 8-K (Quarterly
Earnings Release) furnished to the SEC.
Forward-Looking Statements
This press release includes forward-looking statements regarding
the future results of operations and financial position, business
strategy, and plans and objectives for future operations of Bentley
Systems, Incorporated (the “Company,” “we,” “us,” and words of
similar import). All such statements contained in this press
release, other than statements of historical facts, are
forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” and
similar expressions are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations, projections, and assumptions about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, and there are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release
including: adverse changes in global economic and/or political
conditions; the impact of current and future sanctions, embargoes
and other similar laws at the state and/or federal level that
impose restrictions on our counterparties or upon our ability to
operate our business within the subject jurisdictions; political,
economic, regulatory and public health and safety risks and
uncertainties in the countries and regions in which we operate;
failure to retain personnel necessary for the operation of our
business or those that we acquire; changes in the industries in
which our accounts operate; the competitive environment in which we
operate; the quality of our products; our ability to develop and
market new products to address our accounts’ rapidly changing
technological needs; changes in capital markets and our ability to
access financing on terms satisfactory to us or at all; the impact
of changing or uncertain interest rates on us and on the industries
we serve; our ability to integrate acquired businesses
successfully; and our ability to identify and consummate future
investments on terms satisfactory to us or at all.
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’ 5,000 colleagues
generate annual revenues of more than $1 billion in 194
countries.
www.bentley.com
© 2023 Bentley Systems, Incorporated. Bentley, the Bentley logo,
AssetWise, Bentley Infrastructure Cloud, Bentley Open, iTwin,
MicroStation, ProjectWise, Seequent, SYNCHRO, and Virtuosity 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)
June 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
82,716
$
71,684
Accounts receivable
252,863
296,376
Allowance for doubtful accounts
(8,656
)
(9,303
)
Prepaid income taxes
20,491
18,406
Prepaid and other current assets
44,043
38,732
Total current assets
391,457
415,895
Property and equipment, net
35,520
32,251
Operating lease right-of-use assets
43,248
40,249
Intangible assets, net
271,639
292,271
Goodwill
2,252,832
2,237,184
Investments
26,997
22,270
Deferred income taxes
68,681
52,636
Other assets
73,553
72,249
Total assets
$
3,163,927
$
3,165,005
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
37,423
$
15,176
Accruals and other current liabilities
398,883
362,048
Deferred revenues
231,473
226,955
Operating lease liabilities
12,533
14,672
Income taxes payable
21,383
4,507
Current portion of long-term debt
7,500
5,000
Total current liabilities
709,195
628,358
Long-term debt
1,629,483
1,775,696
Deferred compensation plan liabilities
82,641
77,014
Long-term operating lease liabilities
32,273
27,670
Deferred revenues
16,282
16,118
Deferred income taxes
37,773
51,235
Income taxes payable
7,316
8,105
Other liabilities
5,192
7,355
Total liabilities
2,520,155
2,591,551
Stockholders’ equity:
Common stock
2,947
2,890
Additional paid-in capital
1,085,066
1,030,466
Accumulated other comprehensive loss
(87,828
)
(89,740
)
Accumulated deficit
(357,117
)
(370,866
)
Non-controlling interest
704
704
Total stockholders’ equity
643,772
573,454
Total liabilities and stockholders’
equity
$
3,163,927
$
3,165,005
BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Operations (in thousands,
except share and per share data) (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenues:
Subscriptions
$
259,243
$
232,191
$
537,088
$
473,424
Perpetual licenses
11,718
11,548
21,265
21,753
Subscriptions and licenses
270,961
243,739
558,353
495,177
Services
25,788
24,546
52,807
48,625
Total revenues
296,749
268,285
611,160
543,802
Cost of revenues:
Cost of subscriptions and licenses
41,156
36,806
82,087
70,533
Cost of services
25,270
22,888
51,523
44,946
Total cost of revenues
66,426
59,694
133,610
115,479
Gross profit
230,323
208,591
477,550
428,323
Operating expense (income):
Research and development
70,117
64,866
137,917
126,139
Selling and marketing
54,364
49,617
106,505
95,562
General and administrative
39,258
40,033
86,065
91,187
Deferred compensation plan
3,777
(12,159
)
7,923
(17,297
)
Amortization of purchased intangibles
9,502
10,517
20,050
20,423
Total operating expenses
177,018
152,874
358,460
316,014
Income from operations
53,305
55,717
119,090
112,309
Interest expense, net
(9,484
)
(7,639
)
(20,576
)
(14,387
)
Other income, net
965
3,514
1,254
13,861
Income before income taxes
44,786
51,592
99,768
111,783
Benefit (provision) for income taxes
3,899
4,674
(5,593
)
1,443
Loss from investments accounted for using
the equity method, net of tax
—
(593
)
—
(1,165
)
Net income
$
48,685
$
55,673
$
94,175
$
112,061
Per share information:
Net income per share, basic
$
0.16
$
0.18
$
0.30
$
0.36
Net income per share, diluted
$
0.15
$
0.17
$
0.29
$
0.35
Weighted average shares, basic
311,914,602
308,244,778
311,366,371
308,512,924
Weighted average shares, diluted
332,352,725
332,275,216
331,831,973
332,208,435
BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Cash Flows (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
Reconciliation of GAAP to Non-GAAP 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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Operating income
$
53,305
$
55,717
$
119,090
$
112,309
Amortization of purchased intangibles
12,625
13,671
26,360
26,599
Deferred compensation plan
3,777
(12,159
)
7,923
(17,297
)
Acquisition expenses
3,521
3,856
12,298
17,853
Realignment expenses (income)
29
3,194
(1,950
)
3,194
Adjusted OI w/SBC
73,257
64,279
163,721
142,658
Stock-based compensation expense
17,670
17,395
36,868
32,348
Adjusted operating income
$
90,927
$
81,674
$
200,589
$
175,006
Reconciliation of net income to Adjusted net income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
$
EPS(1)
$
EPS(1)
$
EPS(1)
$
EPS(1)
Net income
$
48,685
$
0.15
$
55,673
$
0.17
$
94,175
$
0.29
$
112,061
$
0.35
Non-GAAP adjustments, prior to income
taxes:
Amortization of purchased intangibles
12,625
0.04
13,671
0.04
26,360
0.08
26,599
0.08
Stock-based compensation expense
17,670
0.05
17,395
0.05
36,868
0.11
32,348
0.10
Deferred compensation plan
3,777
0.01
(12,159
)
(0.04
)
7,923
0.02
(17,297
)
(0.05
)
Acquisition expenses
3,521
0.01
3,856
0.01
12,298
0.04
17,853
0.05
Realignment expenses (income)
29
—
3,194
0.01
(1,950
)
(0.01
)
3,194
0.01
Other income, net
(965
)
—
(3,514
)
(0.01
)
(1,254
)
—
(13,861
)
(0.04
)
Total non-GAAP adjustments, prior to
income taxes
36,657
0.11
22,443
0.07
80,245
0.24
48,836
0.15
Income tax effect of non-GAAP
adjustments
(6,608
)
(0.02
)
(4,913
)
(0.01
)
(13,997
)
(0.04
)
(8,490
)
(0.03
)
Loss from investments accounted for using
the equity method, net of tax
—
—
593
—
—
—
1,165
—
Adjusted net income(2)(3)
$
78,734
$
0.24
$
73,796
$
0.23
$
160,423
$
0.49
$
153,572
$
0.47
Adjusted weighted average shares,
diluted
332,352,725
332,275,216
331,831,973
332,208,435
________________________
(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)
Total Adjusted EPS for the three and six
months ended June 30, 2022 have been corrected to reflect the
dilutive effect of convertible senior notes.
(3)
Adjusted EPS numerator includes $1,723 and
$1,705 for the three months ended June 30, 2023 and 2022,
respectively, and $3,440 and $3,400 for the six months ended June
30, 2023 and 2022, 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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Cash flow from operations
$
80,596
$
66,999
$
256,819
$
168,730
Cash interest
8,909
5,232
19,382
10,528
Cash taxes
11,966
4,562
17,999
10,530
Cash deferred compensation plan
distributions
1,704
7,336
2,125
7,336
Cash acquisition expenses
4,237
5,283
15,290
22,749
Changes in operating assets and
liabilities
(9,699
)
(2,874
)
(97,998
)
(36,013
)
Other(1)
(2,164
)
(17
)
(4,084
)
277
Adjusted EBITDA
$
95,549
$
86,521
$
209,533
$
184,137
_______________________
(1)
Includes (receipts) payments related to
interest rate swap.
Explanation of Non-GAAP and Other Financial Measures
Constant currency
Constant currency and constant currency growth rates are
non-GAAP financial measures that present our results of operations
excluding the estimated effects of foreign currency exchange rate
fluctuations. We have operations outside the United States that are
conducted in local currencies. As a result, the comparability of
the financial results reported in U.S. dollars is affected by
changes in foreign currency exchange rates. We use constant
currency and constant currency growth rates to evaluate the
underlying performance of the business, and we believe it is
helpful for investors to present operating results on a comparable
basis period over period to evaluate its underlying
performance.
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.
Recurring revenues
Recurring revenues are the basis for our other revenue-related
key business metrics. We believe this measure is useful in
evaluating our ability to consistently retain and grow our revenues
from accounts with revenues in the prior period (“existing
accounts”).
Recurring revenues are subscriptions 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.
Annualized recurring revenues
(“ARR”)
ARR is a key business metric that we believe is useful in
evaluating the scale and growth of our business as well as to
assist in the evaluation of underlying trends in our business.
Furthermore, we believe ARR, considered in connection with our last
twelve‑month recurring revenues dollar‑based net retention rate, is
a leading indicator of revenue growth.
ARR is defined as the sum of the annualized value of our
portfolio of contracts that produce recurring revenues 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, calculated using the
spot foreign exchange rates. We believe that the last three months
of recognized revenues, on an annualized basis, for our recurring
software subscriptions with consumption measurement period
durations of less than one year is a reasonable estimate of the
annual revenues, given our consistently high retention rate and
stability of usage under such subscriptions.
Constant currency ARR growth rate is the growth rate of ARR
measured on a constant currency basis. Constant currency ARR growth
rate from business performance excludes the ARR onboarding of our
platform acquisitions and includes the impact from the ARR
onboarding of programmatic acquisitions, which generally are
immaterial, individually and in the aggregate. We believe these ARR
growth rates are important metrics indicating the scale and growth
of our business.
Last twelve‑month recurring revenues
dollar‑based net retention rate
Last twelve‑month recurring revenues dollar‑based net retention
rate is a key business metric that we believe is useful in
evaluating our ability to consistently retain and grow our
recurring revenues.
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 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. Related to our platform acquisitions,
recurring revenues into new accounts will be captured as existing
accounts starting with the second anniversary of the acquisition
when such data conforms to the calculation methodology. This may
cause variability in the comparison.
Adjusted operating income inclusive of
stock-based compensation expense (“Adjusted OI w/SBC”)
Adjusted OI w/SBC is a non-GAAP financial measure and is used to
measure the operational strength and performance of our business,
as well as to assist in the evaluation of underlying trends in our
business.
Adjusted OI w/SBC is our primary performance measure, which
excludes certain expenses and charges, including the non-cash
amortization expense resulting from the acquisition of intangible
assets, as we believe these may not be indicative of the Company’s
core business operating results. We intentionally include
stock-based compensation expense in this measure as we believe it
better captures the economic costs of our business.
Management uses this non-GAAP financial measure to understand
and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, to evaluate financial
performance, and in our comparison of our financial results to
those of other companies. It is also a significant performance
measure in certain of our executive incentive compensation
programs.
Adjusted OI w/SBC is defined as operating income adjusted for
the following: amortization of purchased intangibles, expense
(income) relating to deferred compensation plan liabilities,
acquisition expenses, and realignment expenses (income), for the
respective periods.
Adjusted OI w/SBC margin is calculated by dividing Adjusted OI
w/SBC by total revenues.
Adjusted operating income
Adjusted operating income is a non-GAAP financial measure that
we believe is useful to investors in making comparisons to other
companies, although this measure may not be directly comparable to
similar measures used by other companies.
Adjusted operating income is defined as operating income
adjusted for the following: amortization of purchased intangibles,
expense (income) relating to deferred compensation plan
liabilities, acquisition expenses, realignment expenses (income),
and stock‑based compensation expense, for the respective
periods.
Adjusted net income and Adjusted
EPS
Adjusted net income and Adjusted EPS are non-GAAP financial
measures presenting the earnings generated by our ongoing
operations that we believe is useful to investors in making
meaningful comparisons to other companies, although these measures
may not be directly comparable to similar measures used by other
companies, and period-over-period comparisons.
Adjusted net income is defined as net income adjusted for the
following: amortization of purchased intangibles, stock‑based
compensation expense, expense (income) relating to deferred
compensation plan liabilities, acquisition expenses, realignment
expenses (income), other non‑operating (income) expense, net, the
tax effect of the above adjustments to net income, and (income)
loss from investments accounted for using the equity method, net of
tax, for the respective periods. The income tax effect of non‑GAAP
adjustments was determined using the applicable rates in the taxing
jurisdictions in which income or expense occurred, and represent
both current and deferred income tax expense or benefit based on
the nature of the non‑GAAP adjustments, including the tax effects
of non‑cash stock‑based compensation expense.
Adjusted EPS is calculated as Adjusted net income, less net
income attributable to participating securities, plus interest
expense, net of tax, attributable to the convertible senior notes
using the if‑converted method, if applicable, (numerator) divided
by Adjusted weighted average shares, diluted (denominator).
Adjusted weighted average shares, diluted is calculated by adding
incremental shares related to the dilutive effect of convertible
senior notes using the if‑converted method, if applicable, to
weighted average shares, diluted.
Adjusted EBITDA
Adjusted EBITDA is our liquidity measure in the context of
conversion of Adjusted EBITDA to cash flow from operations (i.e.,
the ratio of GAAP cash flow from operations to Adjusted EBITDA). We
believe this non-GAAP financial measure provides a meaningful
measure of liquidity and a useful basis for assessing our ability
to repay debt, make strategic acquisitions and investments, and
return capital to investors.
Adjusted EBITDA is defined as cash flow from operations adjusted
for the following: cash interest, cash taxes, cash deferred
compensation plan distributions, cash acquisition expenses, changes
in operating assets and liabilities, and other cash items (such as
those related to our interest rate swap). From time to time, we may
exclude from Adjusted EBITDA the impact of certain cash receipts or
payments that affect period-to-period comparability.
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version on businesswire.com: https://www.businesswire.com/news/home/20230808115249/en/
BSY Investors: Eric Boyer Investor Relations Officer
ir@bentley.com
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