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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, 2022 |
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 class | | Trading Symbol | | Name of each exchange on which registered |
Class B Common Stock, par value $0.01 per share | | BSY | | 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 2, 2022, the registrant had 11,601,757 shares of Class A and 276,774,655 shares of Class B Common Stock outstanding.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
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, 2022 | | December 31, 2021 |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 93,411 | | | $ | 329,337 | |
Accounts receivable | | 218,775 | | | 241,807 | |
Allowance for doubtful accounts | | (9,053) | | | (6,541) | |
Prepaid income taxes | | 17,641 | | | 16,880 | |
Prepaid and other current assets | | 34,717 | | | 34,348 | |
Total current assets | | 355,491 | | | 615,831 | |
Property and equipment, net | | 29,603 | | | 31,823 | |
Operating lease right-of-use assets | | 45,124 | | | 50,818 | |
Intangible assets, net | | 316,258 | | | 245,834 | |
Goodwill | | 2,215,909 | | | 1,588,477 | |
Investments | | 10,666 | | | 6,438 | |
Deferred income taxes | | 62,473 | | | 71,376 | |
Other assets | | 64,085 | | | 48,646 | |
Total assets | | $ | 3,099,609 | | | $ | 2,659,243 | |
Liabilities and Stockholders’ Equity | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 16,395 | | | $ | 16,483 | |
Accruals and other current liabilities | | 339,395 | | | 323,603 | |
Deferred revenues | | 201,598 | | | 224,610 | |
Operating lease liabilities | | 16,595 | | | 17,482 | |
Income taxes payable | | 12,431 | | | 6,696 | |
Current portion of long-term debt | | 5,000 | | | 5,000 | |
Total current liabilities | | 591,414 | | | 593,874 | |
Long-term debt | | 1,825,505 | | | 1,430,992 | |
Deferred compensation plan liabilities | | 75,525 | | | 94,890 | |
Long-term operating lease liabilities | | 31,024 | | | 35,274 | |
Deferred revenues | | 13,216 | | | 7,983 | |
Deferred income taxes | | 49,490 | | | 65,014 | |
Income taxes payable | | 7,433 | | | 7,725 | |
Other liabilities | | 9,009 | | | 14,269 | |
Total liabilities | | 2,602,616 | | | 2,250,021 | |
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, 2022 and December 31, 2021 | | — | | | — | |
Class A Common Stock, $0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,601,757 shares as of June 30, 2022 and December 31, 2021, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 276,552,402 and 270,924,962 shares as of June 30, 2022 and December 31, 2021, respectively | | 2,882 | | | 2,825 | |
Additional paid-in capital | | 981,203 | | | 937,805 | |
Accumulated other comprehensive loss | | (89,131) | | | (91,774) | |
Accumulated deficit | | (397,961) | | | (439,634) | |
Total stockholders’ equity | | 496,993 | | | 409,222 | |
Total liabilities and stockholders’ equity | | $ | 3,099,609 | | | $ | 2,659,243 | |
See accompanying notes to consolidated financial statements.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
Revenues: | | | | | | | | |
Subscriptions | | $ | 232,191 | | | $ | 186,442 | | | $ | 473,424 | | | $ | 374,567 | |
Perpetual licenses | | 11,548 | | | 11,391 | | | 21,753 | | | 21,507 | |
Subscriptions and licenses | | 243,739 | | | 197,833 | | | 495,177 | | | 396,074 | |
Services | | 24,546 | | | 26,088 | | | 48,625 | | | 49,852 | |
Total revenues | | 268,285 | | | 223,921 | | | 543,802 | | | 445,926 | |
Cost of revenues: | | | | | | | | |
Cost of subscriptions and licenses | | 36,806 | | | 29,881 | | | 70,533 | | | 58,826 | |
Cost of services | | 22,888 | | | 23,570 | | | 44,946 | | | 43,914 | |
Total cost of revenues | | 59,694 | | | 53,451 | | | 115,479 | | | 102,740 | |
Gross profit | | 208,591 | | | 170,470 | | | 428,323 | | | 343,186 | |
Operating expense (income): | | | | | | | | |
Research and development | | 64,866 | | | 52,776 | | | 126,139 | | | 100,579 | |
Selling and marketing | | 49,617 | | | 38,014 | | | 95,562 | | | 70,454 | |
General and administrative | | 40,033 | | | 41,683 | | | 91,187 | | | 74,904 | |
Deferred compensation plan | | (12,159) | | | 195 | | | (17,297) | | | 362 | |
Amortization of purchased intangibles | | 10,517 | | | 4,589 | | | 20,423 | | | 8,027 | |
Total operating expenses | | 152,874 | | | 137,257 | | | 316,014 | | | 254,326 | |
Income from operations | | 55,717 | | | 33,213 | | | 112,309 | | | 88,860 | |
Interest expense, net | | (7,622) | | | (2,453) | | | (14,664) | | | (4,772) | |
Other income (expense), net | | 3,497 | | | (3,777) | | | 14,138 | | | 10,705 | |
Income before income taxes | | 51,592 | | | 26,983 | | | 111,783 | | | 94,793 | |
Benefit for income taxes | | 4,674 | | | 20,473 | | | 1,443 | | | 10,115 | |
Loss from investment accounted for using the equity method, net of tax | | (593) | | | (1,829) | | | (1,165) | | | (2,275) | |
Net income | | 55,673 | | | 45,627 | | | 112,061 | | | 102,633 | |
Less: Net income attributable to participating securities | | (11) | | | (3) | | | (20) | | | (3) | |
Net income attributable to Class A and Class B common stockholders | | $ | 55,662 | | | $ | 45,624 | | | $ | 112,041 | | | $ | 102,630 | |
Per share information: | | | | | | | | |
Net income per share, basic | | $ | 0.18 | | | $ | 0.15 | | | $ | 0.36 | | | $ | 0.34 | |
Net income per share, diluted | | $ | 0.17 | | | $ | 0.14 | | | $ | 0.35 | | | $ | 0.32 | |
Weighted average shares, basic | | 308,244,778 | | | 304,066,038 | | | 308,512,924 | | | 303,311,423 | |
Weighted average shares, diluted | | 332,275,216 | | | 324,478,086 | | | 332,208,435 | | | 323,094,045 | |
| | | | | | | | |
See accompanying notes to consolidated financial statements.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
Net income | | $ | 55,673 | | | $ | 45,627 | | | $ | 112,061 | | | $ | 102,633 | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | |
Foreign currency translation adjustments | | (13,820) | | | (19,513) | | | 2,617 | | | (28,695) | |
Actuarial gain on retirement plan, net of tax effect of $(5), $(9), $(10), and $(17), respectively | | 13 | | | 21 | | | 26 | | | 42 | |
Total other comprehensive (loss) income, net of taxes | | (13,807) | | | (19,492) | | | 2,643 | | | (28,653) | |
Comprehensive income | | $ | 41,866 | | | $ | 26,135 | | | $ | 114,704 | | | $ | 73,980 | |
See accompanying notes to consolidated financial statements.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2022 |
| | | | | | | Accumulated | | | | |
| Class A and Class B | | Additional | | Other | | | | Total |
| Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ |
| Shares | | Par Value | | Capital | | Loss | | Deficit | | Equity |
Balance, March 31, 2022 | 285,134,093 | | | $ | 2,851 | | | $ | 957,498 | | | $ | (75,324) | | | $ | (427,372) | | | $ | 457,653 | |
Net income | — | | | — | | | — | | | — | | | 55,673 | | | 55,673 | |
Other comprehensive loss | — | | | — | | | — | | | (13,807) | | | — | | | (13,807) | |
Dividends declared | — | | | — | | | — | | | — | | | (8,678) | | | (8,678) | |
Shares issued in connection with deferred compensation plan | 2,616,044 | | | 26 | | | (26) | | | — | | | — | | | — | |
Deferred compensation plan elective participant deferrals | — | | | — | | | 2,439 | | | — | | | — | | | 2,439 | |
Shares issued in connection with Executive Bonus Plan, net | 87,692 | | | 1 | | | 6,896 | | | — | | | (3,005) | | | 3,892 | |
| | | | | | | | | | | |
Stock option exercises, net | 653,336 | | | 7 | | | 3,086 | | | — | | | (749) | | | 2,344 | |
Acquisition option exercises, net | 35,323 | | | 1 | | | (1) | | | — | | | — | | | — | |
Shares issued for stock grants, net | 13,632 | | | — | | | 450 | | | — | | | — | | | 450 | |
Stock-based compensation expense | — | | | — | | | 10,862 | | | — | | | — | | | 10,862 | |
Shares related to restricted stock, net | 77,040 | | | 1 | | | (1) | | | — | | | (593) | | | (593) | |
Repurchase of Class B Common Stock under approved program | (463,001) | | | (5) | | | — | | | — | | | (13,237) | | | (13,242) | |
Balance, June 30, 2022 | 288,154,159 | | | $ | 2,882 | | | $ | 981,203 | | | $ | (89,131) | | | $ | (397,961) | | | $ | 496,993 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2022 |
| | | | | | | Accumulated | | | | |
| Class A and Class B | | Additional | | Other | | | | Total |
| Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ |
| Shares | | Par Value | | Capital | | Loss | | Deficit | | Equity |
Balance, December 31, 2021 | 282,526,719 | | | $ | 2,825 | | | $ | 937,805 | | | $ | (91,774) | | | $ | (439,634) | | | $ | 409,222 | |
Net income | — | | | — | | | — | | | — | | | 112,061 | | | 112,061 | |
Other comprehensive income | — | | | — | | | — | | | 2,643 | | | — | | | 2,643 | |
Dividends declared | — | | | — | | | — | | | — | | | (17,031) | | | (17,031) | |
Shares issued in connection with deferred compensation plan, net | 3,425,795 | | | 34 | | | (26) | | | — | | | (24,254) | | | (24,246) | |
Deferred compensation plan elective participant deferrals | — | | | — | | | 3,108 | | | — | | | — | | | 3,108 | |
Shares issued in connection with Executive Bonus Plan, net | 159,797 | | | 2 | | | 11,891 | | | — | | | (5,197) | | | 6,696 | |
Shares issued in connection with employee stock purchase plan | 109,749 | | | 1 | | | 4,610 | | | — | | | (121) | | | 4,490 | |
Stock option exercises, net | 2,054,585 | | | 21 | | | 5,840 | | | — | | | (8,400) | | | (2,539) | |
Acquisition option exercises, net | 185,178 | | | 2 | | | (2) | | | — | | | — | | | — | |
Shares issued for stock grants, net | 13,632 | | | — | | | 450 | | | — | | | — | | | 450 | |
Stock-based compensation expense | — | | | — | | | 17,529 | | | — | | | — | | | 17,529 | |
Shares related to restricted stock, net | 141,705 | | | 2 | | | (2) | | | — | | | (2,148) | | | (2,148) | |
Repurchase of Class B Common Stock under approved program | (463,001) | | | (5) | | | — | | | — | | | (13,237) | | | (13,242) | |
Balance, June 30, 2022 | 288,154,159 | | | $ | 2,882 | | | $ | 981,203 | | | $ | (89,131) | | | $ | (397,961) | | | $ | 496,993 | |
See accompanying notes to consolidated financial statements.
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 B | | Additional | | Other | | | | Total |
| Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ |
| Shares | | Par Value | | Capital | | Loss | | Deficit | | Equity |
Balance, March 31, 2021 | 273,722,483 | | | $ | 2,737 | | | $ | 732,635 | | | $ | (35,394) | | | $ | (345,981) | | | $ | 353,997 | |
Net income | — | | | — | | | — | | | — | | | 45,627 | | | 45,627 | |
Other comprehensive loss | — | | | — | | | — | | | (19,492) | | | — | | | (19,492) | |
Shares issued related to acquisition | 3,141,342 | | | 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, net | 1,862,576 | | | 19 | | | — | | | — | | | (53,072) | | | (53,053) | |
Deferred compensation plan elective participant deferrals | — | | | — | | | 639 | | | — | | | — | | | 639 | |
| | | | | | | | | | | |
Shares issued in connection with Executive Bonus Plan, net | 69,486 | | | 1 | | | 6,148 | | | — | | | (2,679) | | | 3,470 | |
| | | | | | | | | | | |
Stock option exercises, net | 2,393,937 | | | 24 | | | 2,549 | | | — | | | (21,869) | | | (19,296) | |
Shares issued for stock grants | 7,824 | | | — | | | 450 | | | — | | | — | | | 450 | |
Stock-based compensation expense | — | | | — | | | 5,762 | | | — | | | — | | | 5,762 | |
Shares related to restricted stock, net | (8,521) | | | — | | | — | | | — | | | — | | | — | |
Balance, June 30, 2021 | 281,189,127 | | | $ | 2,812 | | | $ | 910,951 | | | $ | (54,886) | | | $ | (386,346) | | | $ | 472,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2021 |
| | | | | | | Accumulated | | | | |
| Class A and Class B | | Additional | | Other | | | | Total |
| Common Stock | | Paid-in | | Comprehensive | | Accumulated | | Stockholders’ |
| Shares | | Par Value | | Capital | | Loss | | Deficit | | Equity |
Balance, December 31, 2020 | 272,154,504 | | | $ | 2,722 | | | $ | 741,113 | | | $ | (26,233) | | | $ | (376,003) | | | $ | 341,599 | |
Net income | — | | | — | | | — | | | — | | | 102,633 | | | 102,633 | |
Other comprehensive loss | — | | | — | | | — | | | (28,653) | | | — | | | (28,653) | |
Shares issued related to acquisition | 3,141,342 | | | 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, net | 2,202,079 | | | 22 | | | — | | | — | | | (61,934) | | | (61,912) | |
Deferred compensation plan elective participant deferrals | — | | | — | | | 1,493 | | | — | | | — | | | 1,493 | |
| | | | | | | | | | | |
Shares issued in connection with Executive Bonus Plan, net | 149,447 | | | 2 | | | 11,721 | | | — | | | (4,716) | | | 7,007 | |
| | | | | | | | | | | |
Stock option exercises, net | 3,657,058 | | | 36 | | | 4,288 | | | — | | | (29,027) | | | (24,703) | |
Shares issued for stock grants | 7,824 | | | — | | | 450 | | | — | | | — | | | 450 | |
Stock-based compensation expense | — | | | — | | | 8,548 | | | — | | | — | | | 8,548 | |
Shares related to restricted stock, net | (123,127) | | | (1) | | | — | | | — | | | (708) | | | (709) | |
Balance, June 30, 2021 | 281,189,127 | | | $ | 2,812 | | | $ | 910,951 | | | $ | (54,886) | | | $ | (386,346) | | | $ | 472,531 | |
See accompanying notes to consolidated financial statements.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | | | | | | | | |
| | Six Months Ended |
| | June 30, |
| | 2022 | | 2021 |
Cash flows from operating activities: | | | | |
Net income | | $ | 112,061 | | | $ | 102,633 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 35,730 | | | 19,280 | |
Bad debt allowance | | 3,791 | | | 291 | |
Deferred income taxes | | (16,806) | | | (915) | |
Stock-based compensation expense | | 32,568 | | | 20,598 | |
Deferred compensation plan | | (17,297) | | | 1,855 | |
Amortization and write-off of deferred debt issuance costs | | 3,646 | | | 2,371 | |
Change in fair value of derivative | | (19,490) | | | (7,735) | |
Change in fair value of contingent consideration | | 500 | | | — | |
Change on fair value of investments | | (112) | | | — | |
Gain on sale of aircraft | | (2,029) | | | — | |
Foreign currency remeasurement loss (gain) | | 5,748 | | | (2,371) | |
Loss from investment accounted for using the equity method, net of tax | | 1,165 | | | 2,275 | |
Changes in assets and liabilities, net of effect from acquisitions: | | | | |
Accounts receivable | | 15,581 | | | (4,665) | |
Prepaid and other assets | | 3,325 | | | 10,485 | |
Accounts payable, accruals, and other liabilities | | 25,683 | | | 37,623 | |
Deferred revenues | | (20,292) | | | (5,746) | |
Income taxes payable, net of prepaid income taxes | | 4,958 | | | (26,957) | |
Net cash provided by operating activities | | 168,730 | | | 149,022 | |
Cash flows from investing activities: | | | | |
Purchases of property and equipment and investment in capitalized software | | (6,589) | | | (4,750) | |
Proceeds from sale of aircraft | | 2,380 | | | — | |
Acquisitions, net of cash acquired | | (714,197) | | | (1,002,551) | |
Other investing activities | | (5,561) | | | (700) | |
Net cash used in investing activities | | (723,967) | | | (1,008,001) | |
Cash flows from financing activities: | | | | |
Proceeds from credit facilities | | 657,981 | | | 581,233 | |
Payments of credit facilities | | (264,107) | | | (790,846) | |
Proceeds from convertible senior notes, net of discounts and commissions | | — | | | 1,233,377 | |
Payments of debt issuance costs | | — | | | (4,951) | |
Purchase of capped call options | | — | | | (51,555) | |
| | | | |
Repayment of term loan | | (2,500) | | | — | |
Payments of financing leases | | (89) | | | (101) | |
Payments of acquisition debt and other consideration | | (5,059) | | | (544) | |
Payments of dividends | | (17,163) | | | (16,591) | |
Proceeds from stock purchases under employee stock purchase plan | | 4,611 | | | — | |
Proceeds from exercise of stock options | | 5,861 | | | 4,324 | |
Payments for shares acquired including shares withheld for taxes | | (40,520) | | | (87,836) | |
Repurchase of Class B Common Stock under approved program | | (13,242) | | | — | |
Net cash provided by financing activities | | 325,773 | | | 866,510 | |
Effect of exchange rate changes on cash and cash equivalents | | (6,462) | | | 1,617 | |
(Decrease) increase in cash and cash equivalents | | (235,926) | | | 9,148 | |
Cash and cash equivalents, beginning of year | | 329,337 | | | 122,006 | |
Cash and cash equivalents, end of period | | $ | 93,411 | | | $ | 131,154 | |
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | | | | | | | | |
| | Six Months Ended |
| | June 30, |
| | 2022 | | 2021 |
Supplemental information: | | | | |
Cash paid for income taxes | | $ | 11,606 | | | $ | 25,109 | |
Income tax refunds | | 1,076 | | | 5,895 | |
Interest paid | | 10,528 | | | 1,871 | |
Non-cash investing and financing activities: | | | | |
Shares issued related to acquisition | | — | | | 182,390 | |
Contingent acquisition consideration | | — | | | 4,991 | |
Deferred, non-contingent consideration, net | | — | | | 9,593 | |
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 awards | | 11,893 | | | 11,723 | |
Deferred compensation plan elective participant deferrals | | 3,108 | | | 1,493 | |
See accompanying notes to consolidated financial statements.
BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(in thousands, except share and per share data)
(unaudited)