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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________

FORM 10-Q
___________________________________

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to

Commission File Number: 001-39548
___________________________________

BENTLEY SYSTEMS, INCORPORATED
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
95-3936623
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
685 Stockton Drive
Exton, Pennsylvania
19341
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (610) 458-5000
___________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Class B Common Stock, par value $0.01 per shareBSY
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes   No 

As of August 3, 2021, the registrant had 11,601,757 shares of Class A and 270,068,341 shares of Class B Common Stock, par value $0.01 per share, outstanding.



BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS

Page

2



PART I. FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

June 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents$131,154 $122,006 
Accounts receivable221,764 195,782 
Allowance for doubtful accounts(6,396)(5,759)
Prepaid income taxes32,108 3,535 
Prepaid and other current assets26,864 24,694 
Total current assets405,494 340,258 
Property and equipment, net31,439 28,414 
Operating lease right-of-use assets52,599 46,128 
Intangible assets, net262,234 45,627 
Goodwill1,593,670 581,174 
Investments6,870 5,691 
Deferred income taxes54,705 39,224 
Other assets47,104 39,519 
Total assets$2,454,115 $1,126,035 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$14,891 $16,492 
Accruals and other current liabilities314,529 226,793 
Deferred revenues215,678 202,294 
Operating lease liabilities18,694 16,610 
Income taxes payable5,761 3,366 
Total current liabilities569,553 465,555 
Long-term debt1,269,842 246,000 
Long-term operating lease liabilities35,968 31,767 
Deferred revenues7,308 7,020 
Deferred income taxes70,683 10,849 
Income taxes payable7,613 7,883 
Other liabilities21,334 15,362 
Total liabilities1,982,301 784,436 
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of June 30, 2021 and December 31, 2020
  
Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,601,757 shares as of June 30, 2021 and December 31, 2020, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 269,587,370 and 260,552,747 shares as of June 30, 2021 and December 31, 2020, respectively
2,812 2,722 
Additional paid-in capital910,951 741,113 
Accumulated other comprehensive loss
(54,886)(26,233)
Accumulated deficit(387,063)(376,003)
Total stockholders’ equity471,814 341,599 
Total liabilities and stockholders’ equity
$2,454,115 $1,126,035 

See accompanying notes to consolidated financial statements.
3



BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenues:
Subscriptions$185,452 $157,655 $373,577 $327,837 
Perpetual licenses11,391 12,379 21,507 23,193 
Subscriptions and licenses196,843 170,034 395,084 351,030 
Services26,088 14,256 49,852 27,950 
Total revenues222,931 184,290 444,936 378,980 
Cost of revenues:
Cost of subscriptions and licenses29,881 21,801 58,826 43,128 
Cost of services23,570 14,904 43,914 30,836 
Total cost of revenues53,451 36,705 102,740 73,964 
Gross profit169,480 147,585 342,196 305,016 
Operating expenses:
Research and development52,776 44,218 100,579 89,353 
Selling and marketing38,014 29,632 70,454 65,727 
General and administrative41,878 25,465 75,266 52,269 
Amortization of purchased intangibles4,589 3,679 8,027 7,115 
Total operating expenses137,257 102,994 254,326 214,464 
Income from operations32,223 44,591 87,870 90,552 
Interest expense, net(2,453)(1,128)(4,772)(2,516)
Other (expense) income, net
(3,777)405 10,705 (6,985)
Income before income taxes25,993 43,868 93,803 81,051 
Benefit (provision) for income taxes
20,746 (4,264)10,388 (11,440)
Loss from investment accounted for using the equity method, net of tax
(1,829)(528)(2,275)(866)
Net income44,910 39,076 101,916 68,745 
Less: Net income attributable to participating securities(3) (3) 
Net income attributable to Class A and Class B common stockholders$44,907 $39,076 $101,913 $68,745 
Per share information:
Net income per share, basic$0.15 $0.14 $0.34 $0.24 
Net income per share, diluted$0.14 $0.13 $0.32 $0.23 
Weighted average shares, basic304,066,038 286,945,592 303,311,423 286,068,766 
Weighted average shares, diluted324,478,086 295,187,194 323,094,045 295,595,234 

See accompanying notes to consolidated financial statements.
4


BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income$44,910 $39,076 $101,916 $68,745 
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments(19,513)582 (28,695)(4,503)
Actuarial gain on retirement plan, net of tax effect of $(9), $(8), $(17), and $(15), respectively
21 17 42 26 
Total other comprehensive (loss) income, net of taxes
(19,492)599 (28,653)(4,477)
Comprehensive income$25,418 $39,675 $73,263 $64,268 

See accompanying notes to consolidated financial statements.
5


BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
(unaudited)

Three Months Ended June 30, 2021
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, March 31, 2021273,722,483 $2,737 $732,635 $(35,394)$(345,981)$353,997 
Net income— — — — 44,910 44,910 
Other comprehensive loss
— — — (19,492)— (19,492)
Shares issued related to acquisition3,141,342 31 182,359 — — 182,390 
Purchase of capped call options, net of tax of $6,334
— — (19,591)— — (19,591)
Dividends declared— — — — (8,372)(8,372)
Shares issued in connection with deferred compensation plan, net1,862,576 19 — — (53,072)(53,053)
Deferred compensation plan voluntary contributions— — 639 — — 639 
Shares issued in connection with Executive Bonus Plan, net69,486 1 6,148 — (2,679)3,470 
Stock option exercises, net2,393,937 24 2,549 — (21,869)(19,296)
Shares issued for stock grants, net7,824 — 450 — — 450 
Stock-based compensation expense— — 5,762 — — 5,762 
Shares related to restricted stock, net(8,521) — —   
Balance, June 30, 2021281,189,127 $2,812 $910,951 $(54,886)$(387,063)$471,814 

Six Months Ended June 30, 2021
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, December 31, 2020272,154,504 $2,722 $741,113 $(26,233)$(376,003)$341,599 
Net income— — — — 101,916 101,916 
Other comprehensive loss
— — — (28,653)— (28,653)
Shares issued related to acquisition3,141,342 31 182,359 — — 182,390 
Purchase of capped call options, net of tax of $12,584
— — (39,021)— — (39,021)
Dividends declared— — — — (16,591)(16,591)
Shares issued in connection with deferred compensation plan, net2,202,079 22 — — (61,934)(61,912)
Deferred compensation plan voluntary contributions— — 1,493 — — 1,493 
Shares issued in connection with Executive Bonus Plan, net149,447 2 11,721 — (4,716)7,007 
Stock option exercises, net3,657,058 36 4,288 — (29,027)(24,703)
Shares issued for stock grants, net7,824 — 450 — — 450 
Stock-based compensation expense— — 8,548 — — 8,548 
Shares related to restricted stock, net(123,127)(1)— — (708)(709)
Balance, June 30, 2021281,189,127 $2,812 $910,951 $(54,886)$(387,063)$471,814 

See accompanying notes to consolidated financial statements.
6


BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
(unaudited)

Three Months Ended June 30, 2020
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, March 31, 2020255,725,201 $2,556 $412,038 $(29,003)$(34,581)$351,010 
Net income— — — — 39,076 39,076 
Other comprehensive income
— — — 599 — 599 
Dividends declared— — — — (7,771)(7,771)
Profit‑sharing plan shares, net(198,853)(2)— — (2,576)(2,578)
Shares issued in connection with deferred compensation plan, net2,276,659 23 — — (1,552)(1,529)
Deferred compensation plan voluntary contributions— — 795 — — 795 
Payment of shareholder Put and Call rights(90,306)(1)— — (1,151)(1,152)
Common Stock Purchase Agreement, net169 — — — (57)(57)
Stock option exercises, net1,486,795 16 1,491 — (1,716)(209)
Shares issued for stock grants6,460 — 100 — — 100 
Stock-based compensation expense— — 1,340 — — 1,340 
Shares related to restricted stock, net3,230 — 119 — 1 120 
Balance, June 30, 2020259,209,355 $2,592 $415,883 $(28,404)$(10,327)$379,744 

Six Months Ended June 30, 2020
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, December 31, 2019254,842,949 $2,548 $408,667 $(23,927)$(52,669)$334,619 
Net income— — — — 68,745 68,745 
Other comprehensive loss
— — — (4,477)— (4,477)
Dividends declared— — — — (15,437)(15,437)
Profit‑sharing plan shares, net(385,568)(4)— — (4,424)(4,428)
Shares issued in connection with deferred compensation plan, net2,959,731 30 — — (1,860)(1,830)
Deferred compensation plan voluntary contributions— — 1,798 — — 1,798 
Payment of shareholder Put and Call rights(128,176)(1)— — (1,453)(1,454)
Common Stock Purchase Agreement, net169 — — — (57)(57)
Stock option exercises, net2,184,628 22 2,203 — (3,052)(827)
Shares issued for stock grants17,411 — 219 — — 219 
Stock-based compensation expense— — 2,993 — — 2,993 
Shares related to restricted stock, net(281,789)(3)3 — (120)(120)
Balance, June 30, 2020259,209,355 $2,592 $415,883 $(28,404)$(10,327)$379,744 

See accompanying notes to consolidated financial statements.
7



BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Six Months Ended
June 30,
20212020
Cash flows from operating activities:
Net income$101,916 $68,745 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization19,280 16,664 
Bad debt allowance
291 293 
Deferred income taxes(915)5,284 
Deferred compensation plan activity1,855 1,633 
Stock-based compensation expense20,598 3,212 
Amortization and write-off of deferred debt issuance costs2,371 277 
Change in fair value of derivative(7,735)4,174 
Change in fair value of contingent consideration (1,390)
Foreign currency remeasurement (gain) loss
(2,371)3,538 
Loss from investment accounted for using the equity method, net of tax
2,275 866 
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable(4,665)44,263 
Prepaid and other assets10,485 9,089 
Accounts payable, accruals, and other liabilities37,623 11,208 
Deferred revenues(4,756)(29,500)
Income taxes payable, net of prepaid income taxes(27,230)(2,174)
Net cash provided by operating activities
149,022 136,182 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(4,750)(9,970)
Acquisitions, net of cash acquired of $36,847 and $2,064, respectively
(1,002,551)(67,595)
Other investing activities(700)(1,414)
Net cash used in investing activities
(1,008,001)(78,979)
Cash flows from financing activities:
Proceeds from credit facilities581,233 164,375 
Payments of credit facilities(790,846)(191,125)
Proceeds from convertible senior notes, net of discounts and commissions1,233,377  
Payments of debt issuance costs(4,951) 
Purchase of capped call options(51,555) 
Payments of financing leases(101)(93)
Payments of acquisition debt and other consideration(544)(1,091)
Payments of dividends(16,591)(15,901)
Payments for shares acquired including shares withheld for taxes(87,836)(69,307)
Proceeds from Common Stock Purchase Agreement 58,349 
Proceeds from exercise of stock options4,324 2,237 
Net cash provided by (used in) financing activities
866,510 (52,556)
Effect of exchange rate changes on cash and cash equivalents1,617 (232)
Increase in cash and cash equivalents
9,148 4,415 
Cash and cash equivalents, beginning of year122,006 121,101 
Cash and cash equivalents, end of period$131,154 $125,516 
8



BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Six Months Ended
June 30,
20212020
Supplemental information:
Cash paid for income taxes$25,109 $7,180 
Income tax refunds5,895 298 
Interest paid1,871 3,162 
Non-cash investing and financing activities:
Shares issued related to acquisition182,390  
Contingent acquisition consideration4,991 1,706 
Deferred, non-contingent consideration, net9,593 1,069 
Convertible senior notes expenses included in Accounts payable and Accruals and other current liabilities
692  
Capped call options expenses included in Accounts payable and Accruals and other current liabilities
50  
Share-settled Executive Bonus Plan awards11,723  
Voluntary deferred compensation plan contributions1,493 1,798 

See accompanying notes to consolidated financial statements.
9


BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(in thousands, except share and per share data)
(unaudited)

Note 1: Basis of Presentation
Basis of Presentation — The accompanying unaudited consolidated financial statements include the accounts of Bentley Systems, Incorporated (“Bentley” or the “Company”) and its wholly-owned subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Part II, Item 8 of the Company’s 2020 Annual Report on Form 10K on file with the SEC. In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal, recurring and non-recurring adjustments) that were considered necessary for the fair statement of the Company’s financial position, results of operations, and cash flows at the dates and for the periods indicated. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. The December 31, 2020 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Seequent Acquisition — On June 17, 2021, the Company completed the acquisition of Seequent Holdings Limited (“Seequent”), a leader in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management and collaboration, for $910,997 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock (see Note 4).
Convertible Senior Notes — On January 26, 2021, the Company completed a private offering of $690,000 of 0.125% convertible senior notes due 2026 (the “2026 Notes”). The Company incurred $18,055 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”). In connection with the pricing of the 2026 Notes, the Company 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 the Company’s Class B Common Stock upon any conversion of 2026 Notes and/or offset any cash payments the Company is 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. The Company paid premiums of $25,530 in connection with the capped call options (see Note 10).
On June 28, 2021, the Company completed a private offering of $575,000 of 0.375% convertible senior notes due 2027 (the “2027 Notes”). The Company incurred $15,065 of expenses in connection with the 2027 Notes offering consisting of transaction costs. In connection with the pricing of the 2027 Notes, the Company 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 the Company’s Class B Common Stock upon any con