Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure
engineering software company, today announced results for the
quarter ended September 30, 2024.
Third Quarter 2024 Results
- Total revenues were $335.2 million, up 9.3% or 9.1% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $303.2 million, up 12.0% or 11.8%
on a constant currency basis, year-over-year;
- Annualized Recurring Revenues (“ARR”) was $1,270.7 million as
of September 30, 2024, compared to $1,124.8 million as of September
30, 2023, representing a constant currency ARR growth rate of
12%;
- Last twelve-month recurring revenues dollar-based net retention
rate was 109%, compared to 110% for the same period last year;
- Operating income margin was 20.5%, compared to 24.0% for the
same period last year;
- Adjusted operating income inclusive of stock-based compensation
expense (“Adjusted OI w/SBC”) margin was 26.7%, compared to 28.2%
for the same period last year;
- Net income per diluted share was $0.13, compared to $0.16 for
the same period last year;
- Adjusted net income per diluted share (“Adjusted EPS”) was
$0.24, compared to $0.22 for the same period last year; and
- Cash flows from operations was $86.1 million, compared to $72.8
million for the same period last year.
Nine Months Ended September 30, 2024 Results
- Total revenues were $1,003.3 million, up 9.3% or 9.3% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $907.8 million, up 12.4% or 12.4%
on a constant currency basis, year-over-year;
- Operating income margin was 24.0%, compared to 21.0% for the
same period last year;
- Adjusted OI w/SBC margin was 29.6%, compared to 27.2% for the
same period last year;
- Net income per diluted share was $0.57, compared to $0.46 for
the same period last year;
- Adjusted EPS was $0.86, compared to $0.72 for the same period
last year; and
- Cash flows from operations was $353.7 million, compared to
$329.6 million for the same period last year.
Executive Chair Greg Bentley said, “The impressive inaugural
quarter since completing our generational succession underscores my
confidence in raising our sights broadly. The Company’s execution
is sustaining progress towards our annual ramp in ARR growth. The
Year in Infrastructure 2024 Conference showcased advancements in
going digital that are ever more effectively surmounting the
infrastructure engineering resource capacity gap. And our
strategically significant acquisition of Cesium, with the other
strategic initiatives Nicholas and his team have unveiled,
exemplifies our reinvigorated prioritization of compelling new
growth ambitions.”
CEO Nicholas Cumins said, “During my first 100 days as CEO, we
unveiled ambitious strategic moves that will help propel our future
growth: the acquisition of 3D geospatial company Cesium; a
strategic partnership with Google to integrate their geospatial
content; a new product portfolio for asset analytics and a new
generation of engineering applications, both leveraging AI and
digital twin technologies to improve the way infrastructure is
designed, built, and operated. At the same time, we delivered
strong quarterly operating results. Our year-over-year ARR growth
on a constant currency basis accelerated to 12% in 24Q3 (12.5%
excluding China). Strength was broad based across geographies and
sectors as we continued to operate at a high level of performance,
with favorable end-market conditions for the foreseeable
future.”
CFO Werner Andre said, “24Q3’s upward inflection in
year-over-year ARR growth is directionally consistent with our
expectations for this year’s second half, more than compensating
for attrition prevailing stubbornly in China. Growth in
subscriptions revenues (now 91% of total revenues) remains robust
at 12.4% year-to-date in constant currency, although total revenue
growth for 2024 is expected at the lower end of our annual outlook
range due to continued declines in Cohesive professional services
for Maximo. Profitability and cash flow in the quarter position us
well in relation to our profitability outlook and an increased cash
flow outlook for the year. In October we entered into a new
five-year $1.3 billion bank credit facility with a further $500
million ‘accordion’ feature.”
Recent Developments
- On October 18, 2024, we entered into a new five-year senior
secured credit agreement, which provides us with a $1.3 billion
revolving credit facility, as well as an incremental $500 million
“accordion” feature to increase the facility in the form of both
revolving indebtedness and incremental term loans. We used
borrowings under the revolving credit facility to repay all
indebtedness outstanding under our previous credit facility,
including our outstanding term loan;
- On October 9, 2024, we announced a strategic partnership with
Google to integrate Google's high-quality geospatial content with
Bentley's infrastructure engineering software and digital twin
platform to improve the ways infrastructure is designed, built, and
operated “in context”; and
- On September 6, 2024, we announced the acquisition of 3D
geospatial company Cesium. Cesium is recognized as the foundational
open platform for creating immersive 3D geospatial environments,
and its 3D Tiles open standard has been widely adopted by leading
enterprises, governments, and tens of thousands of application
developer teams globally.
Call Details
Bentley Systems will host a live Zoom video webinar on November
7, 2024 at 8:15 a.m. EST to discuss results for its third quarter
ended September 30, 2024.
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_ZlTBingnQoKzZgcRVSRB8w#/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 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 condition, 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; failure to effectively manage
succession; 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
and/or acquisitions 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’ 5,200 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
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. A significant amount of our operations is conducted
in foreign 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, except for ARR as
discussed further below, we calculate the effects of foreign
currency fluctuations and constant currency information by
translating current and prior period results on a transactional
basis to our reporting currency using prior period average foreign
currency exchange rates in which the transactions occurred.
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 currency 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. In reporting
period-over-period ARR growth rates in constant currency, we
calculate constant currency growth rates by translating current and
prior period ARR on a transactional basis to our reporting currency
using current year budget exchange rates. 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 equity in
net (income) losses of investees, 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, cash
realignment costs, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107704708/en/
Investors: Eric Boyer, IR@bentley.com
Bentley Systems (NASDAQ:BSY)
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Bentley Systems (NASDAQ:BSY)
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