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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 September 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 November 2, 2021, the registrant had 11,601,757 shares of Class A and 270,744,044 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)

September 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents$155,755 $122,006 
Accounts receivable194,682 195,782 
Allowance for doubtful accounts(6,355)(5,759)
Prepaid income taxes20,958 3,535 
Prepaid and other current assets35,062 24,694 
Total current assets400,102 340,258 
Property and equipment, net31,103 28,414 
Operating lease right-of-use assets48,642 46,128 
Intangible assets, net251,467 45,627 
Goodwill1,592,399 581,174 
Investments5,429 5,691 
Deferred income taxes77,418 39,224 
Other assets47,523 39,519 
Total assets$2,454,083 $1,126,035 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$12,502 $16,492 
Accruals and other current liabilities317,271 226,793 
Deferred revenues189,683 202,294 
Operating lease liabilities18,003 16,610 
Income taxes payable11,974 3,366 
Total current liabilities549,433 465,555 
Long-term debt1,302,845 246,000 
Deferred compensation plan liabilities89,174 2,422 
Long-term operating lease liabilities32,583 31,767 
Deferred revenues6,614 7,020 
Deferred income taxes69,471 10,849 
Income taxes payable7,613 7,883 
Other liabilities17,352 12,940 
Total liabilities2,075,085 784,436 
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of September 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 September 30, 2021 and December 31, 2020, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 270,436,807 and 260,552,747 shares as of September 30, 2021 and December 31, 2020, respectively
2,820 2,722 
Additional paid-in capital921,410 741,113 
Accumulated other comprehensive loss
(81,880)(26,233)
Accumulated deficit(463,352)(376,003)
Total stockholders’ equity378,998 341,599 
Total liabilities and stockholders’ equity
$2,454,083 $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 EndedNine Months Ended
September 30,September 30,
2021202020212020
Revenues:
Subscriptions$212,227 $173,174 $585,804 $501,011 
Perpetual licenses11,866 12,827 33,373 36,020 
Subscriptions and licenses224,093 186,001 619,177 537,031 
Services24,387 16,996 74,239 44,946 
Total revenues248,480 202,997 693,416 581,977 
Cost of revenues:
Cost of subscriptions and licenses31,056 23,338 89,882 66,466 
Cost of services23,176 19,290 67,090 50,126 
Total cost of revenues54,232 42,628 156,972 116,592 
Gross profit194,248 160,369 536,444 465,385 
Operating expense (income):
Research and development57,334 50,217 157,913 139,570 
Selling and marketing44,392 41,824 114,846 107,551 
General and administrative35,329 32,956 110,233 85,390 
Deferred compensation plan88,965 50 89,327 (115)
Amortization of purchased intangibles8,676 3,869 16,703 10,984 
Expenses associated with initial public offering
 26,130  26,130 
Total operating expenses234,696 155,046 489,022 369,510 
(Loss) income from operations
(40,448)5,323 47,422 95,875 
Interest expense, net(3,836)(1,934)(8,608)(4,450)
Other (expense) income, net
(957)13,741 9,748 6,756 
(Loss) income before income taxes
(45,241)17,130 48,562 98,181 
(Provision) benefit for income taxes
(4,223)(10,705)6,165 (22,145)
Loss from investment accounted for using the equity method, net of tax
(664)(581)(2,939)(1,447)
Net (loss) income
(50,128)5,844 51,788 74,589 
Less: Net (loss) income attributable to participating securities
(3)(4)(6)(4)
Net (loss) income attributable to Class A and Class B common stockholders
$(50,131)$5,840 $51,782 $74,585 
Per share information:
Net (loss) income per share, basic
$(0.16)$0.02 $0.17 $0.26 
Net (loss) income per share, diluted
$(0.16)$0.02 $0.16 $0.25 
Weighted average shares, basic308,195,379 289,318,391 305,119,985 287,063,892 
Weighted average shares, diluted308,195,379 299,634,961 314,658,136 297,251,349 

See accompanying notes to consolidated financial statements.
4


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

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net (loss) income
$(50,128)$5,844 $51,788 $74,589 
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments(27,014)(812)(55,709)(5,315)
Actuarial gain on retirement plan, net of tax effect of $(8), $(6), $(25), and $(21), respectively
20 5 62 31 
Total other comprehensive loss, net of taxes
(26,994)(807)(55,647)(5,284)
Comprehensive (loss) income
$(77,122)$5,037 $(3,859)$69,305 

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 September 30, 2021
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, June 30, 2021281,189,127 $2,812 $910,951 $(54,886)$(387,063)$471,814 
Net loss
— — — — (50,128)(50,128)
Other comprehensive loss
— — — (26,994)— (26,994)
Dividends declared— — — — (8,485)(8,485)
Shares issued in connection with deferred compensation plan, net88,920 1 — — (3,773)(3,772)
Deferred compensation plan elective participant deferrals— — 527 — — 527 
Deferred compensation plan modification— — (4,739)— — (4,739)
Shares issued in connection with Executive Bonus Plan, net41,172 — 4,292 — (1,870)2,422 
Shares issued in connection with employee stock purchase plan104,716 1 3,845 — (438)3,408 
Stock option exercises, net612,277 6 699 — (5,951)(5,246)
Stock-based compensation expense— — 5,835 — — 5,835 
Shares related to restricted stock, net2,352 — — — (5,644)(5,644)
Balance, September 30, 2021282,038,564 $2,820 $921,410 $(81,880)$(463,352)$378,998 

Nine Months Ended September 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
— — — — 51,788 51,788 
Other comprehensive loss
— — — (55,647)— (55,647)
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— — — — (25,076)(25,076)
Shares issued in connection with deferred compensation plan, net2,290,999 23 — — (65,707)(65,684)
Deferred compensation plan elective participant deferrals— — 2,020 — — 2,020 
Deferred compensation plan modification— — (4,739)— — (4,739)
Shares issued in connection with Executive Bonus Plan, net190,619 2 16,013 — (6,586)9,429 
Shares issued in connection with employee stock purchase plan104,716 1 3,845 — (438)3,408 
Stock option exercises, net4,269,335 42 4,987 — (34,978)(29,949)
Shares issued for stock grants, net7,824 — 450 — — 450 
Stock-based compensation expense— — 14,383 — — 14,383 
Shares related to restricted stock, net(120,775)(1)— — (6,352)(6,353)
Balance, September 30, 2021282,038,564 $2,820 $921,410 $(81,880)$(463,352)$378,998 

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 September 30, 2020
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, June 30, 2020259,209,355 $2,592 $415,883 $(28,404)$(10,327)$379,744 
Net income
— — — — 5,844 5,844 
Other comprehensive loss
— — — (807)— (807)
Dividends declared— — — — (400,311)(400,311)
Profit‑sharing plan shares, net(164,266)(1)— — (2,541)(2,542)
Shares issued in connection with deferred compensation plan, net24,800 — — — (47)(47)
Deferred compensation plan elective participant deferrals— — 804 — — 804 
Stock option exercises, net1,321,475 13 5,538 — (566)4,985 
Stock-based compensation expense— — 19,517 — — 19,517 
Shares related to restricted stock, net1,835,672 18 (19)— (13)(14)
Balance, September 30, 2020262,227,036 $2,622 $441,723 $(29,211)$(407,961)$7,173 

Nine Months Ended September 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
— — — — 74,589 74,589 
Other comprehensive loss
— — — (5,284)— (5,284)
Dividends declared— — — — (415,748)(415,748)
Profit‑sharing plan shares, net(549,834)(5)— — (6,965)(6,970)
Shares issued in connection with deferred compensation plan, net2,984,531 30 — — (1,907)(1,877)
Deferred compensation plan elective participant deferrals— — 2,602 — — 2,602 
Payment of shareholder Put and Call rights(128,176)(1)— — (1,453)(1,454)
Common Stock Purchase Agreement, net169 — — — (57)(57)
Stock option exercises, net3,506,103 35 7,741 — (3,618)4,158 
Shares issued for stock grants17,411 — 219 — — 219 
Stock-based compensation expense— — 22,510 — — 22,510 
Shares related to restricted stock, net1,553,883 15 (16)— (133)(134)
Balance, September 30, 2020262,227,036 $2,622 $441,723 $(29,211)$(407,961)$7,173 

See accompanying notes to consolidated financial statements.
7



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

Nine Months Ended
September 30,
20212020
Cash flows from operating activities:
Net income
$51,788 $74,589 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization35,946 25,836 
Bad debt allowance (recovery)
466 (541)
Deferred income taxes(17,788)7,853 
Stock-based compensation expense32,853 23,617 
Amortization and write-off of deferred debt issuance costs4,160 430 
Change in fair value of derivative(9,198)3,365 
Change in fair value of contingent consideration (1,340)
Foreign currency remeasurement loss (gain)
103 (9,067)
Loss from investment accounted for using the equity method, net of tax
2,939 1,447 
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable26,305 46,661 
Prepaid and other assets11,310 8,907 
Accounts payable, accruals, and other liabilities31,766 31,486 
Deferred compensation plan liabilities86,608 2,487 
Deferred revenues(36,598)(35,134)
Income taxes payable, net of prepaid income taxes(13,243)(4,571)
Net cash provided by operating activities
207,417 176,025 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(11,152)(13,533)
Acquisitions, net of cash acquired of $37,837 and $2,064, respectively
(1,033,695)(68,920)
Other investing activities(3,000)(6,355)
Net cash used in investing activities
(1,047,847)(88,808)
Cash flows from financing activities:
Proceeds from credit facilities682,083 432,375 
Payments of credit facilities(860,228)(201,125)
Proceeds from convertible senior notes, net of discounts and commissions1,233,377  
Payments of debt issuance costs(5,643)(432)
Purchase of capped call options(51,555) 
Proceeds from term loan 125,000 
Payments of financing leases(147)(141)
Payments of acquisition debt and other consideration(741)(2,034)
Payments of dividends(25,076)(412,852)
Payments for shares acquired including shares withheld for taxes(111,306)(72,476)
Proceeds from Common Stock Purchase Agreement 58,349 
Proceeds from stock purchases under employee stock purchase plan3,846  
Proceeds from exercise of stock options5,039 3,206 
Net cash provided by (used in) financing activities
869,649 (70,130)
Effect of exchange rate changes on cash and cash equivalents4,530 (590)
Increase in cash and cash equivalents
33,749 16,497 
Cash and cash equivalents, beginning of year122,006 121,101 
Cash and cash equivalents, end of period$155,755 $137,598 
8



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

Nine Months Ended
September 30,
20212020
Supplemental information:
Cash paid for income taxes$32,359 $17,338 
Income tax refunds7,820 1,630 
Interest paid3,281 4,658 
Non-cash investing and financing activities:
Shares issued related to acquisition182,390  
Contingent acquisition consideration5,581 1,902 
Deferred, non-contingent consideration, net10,081 (141)
Convertible senior notes expenses included in Accounts payable
375  
Capped call options expenses included in Accounts payable
50  
Share-settled Executive Bonus Plan awards16,015  
Deferred compensation plan elective participant deferrals2,020 2,602 

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 United States 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 conversion of 2027 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 $25,875 in connection with the capped call options (see Note 10).
10



Deferred Compensation — Under the Company’s unfunded Nonqualified Deferred Compensation Plan, as amended and restated, effective as of September 22, 2020 (the “DCP”), certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15).
In August 2021, the Company’s Board of Directors approved an amendment to the DCP, which offered to certain active executives in the DCP a one‑time, short‑term election to reallocate a limited portion of their DCP holdings from phantom shares of the Company’s Class B Common Stock into other DCP phantom investment funds. The offer to reallocate was subject to a proration mechanism which adjusted the aggregate elections to a maximum of 1,500,000 phantom shares of the Company’s Class B Common Stock. This resulted in a reduction of 1,500,000 shares in both the basic and diluted count of Company shares.
While DCP participants’ investments in phantom shares remain equity classified, as they will be settled in shares of Class B Common Stock upon eventual distribution, the amendment and elections resulted in a change to liability classification for the reallocated phantom investments, as they will be settled in cash upon eventual distribution. As a result, during the three and nine months ended September 30, 2021, the Company reclassified cumulative compensation cost of $4,739 from Additional paid-in capital to Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheet and recognized a compensation charge of $