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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 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 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

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, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$93,411 $329,337 
Accounts receivable218,775 241,807 
Allowance for doubtful accounts(9,053)(6,541)
Prepaid income taxes17,641 16,880 
Prepaid and other current assets34,717 34,348 
Total current assets355,491 615,831 
Property and equipment, net29,603 31,823 
Operating lease right-of-use assets45,124 50,818 
Intangible assets, net316,258 245,834 
Goodwill2,215,909 1,588,477 
Investments10,666 6,438 
Deferred income taxes62,473 71,376 
Other assets64,085 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 liabilities339,395 323,603 
Deferred revenues201,598 224,610 
Operating lease liabilities16,595 17,482 
Income taxes payable12,431 6,696 
Current portion of long-term debt5,000 5,000 
Total current liabilities591,414 593,874 
Long-term debt1,825,505 1,430,992 
Deferred compensation plan liabilities75,525 94,890 
Long-term operating lease liabilities31,024 35,274 
Deferred revenues13,216 7,983 
Deferred income taxes49,490 65,014 
Income taxes payable7,433 7,725 
Other liabilities9,009 14,269 
Total liabilities2,602,616 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 capital981,203 937,805 
Accumulated other comprehensive loss
(89,131)(91,774)
Accumulated deficit(397,961)(439,634)
Total stockholders’ equity496,993 409,222 
Total liabilities and stockholders’ equity
$3,099,609 $2,659,243 

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,
2022202120222021
Revenues:
Subscriptions$232,191 $186,442 $473,424 $374,567 
Perpetual licenses11,548 11,391 21,753 21,507 
Subscriptions and licenses243,739 197,833 495,177 396,074 
Services24,546 26,088 48,625 49,852 
Total revenues268,285 223,921 543,802 445,926 
Cost of revenues:
Cost of subscriptions and licenses36,806 29,881 70,533 58,826 
Cost of services22,888 23,570 44,946 43,914 
Total cost of revenues59,694 53,451 115,479 102,740 
Gross profit208,591 170,470 428,323 343,186 
Operating expense (income):
Research and development64,866 52,776 126,139 100,579 
Selling and marketing49,617 38,014 95,562 70,454 
General and administrative40,033 41,683 91,187 74,904 
Deferred compensation plan(12,159)195 (17,297)362 
Amortization of purchased intangibles10,517 4,589 20,423 8,027 
Total operating expenses152,874 137,257 316,014 254,326 
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, basic308,244,778 304,066,038 308,512,924 303,311,423 
Weighted average shares, diluted332,275,216 324,478,086 332,208,435 323,094,045 

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,
2022202120222021
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.
5


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 BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, March 31, 2022285,134,093 $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 plan2,616,044 26 (26)— —  
Deferred compensation plan elective participant deferrals— — 2,439 — — 2,439 
Shares issued in connection with Executive Bonus Plan, net87,692 1 6,896 — (3,005)3,892 
Stock option exercises, net653,336 7 3,086 — (749)2,344 
Acquisition option exercises, net35,323 1 (1)— —  
Shares issued for stock grants, net13,632 — 450 — — 450 
Stock-based compensation expense— — 10,862 — — 10,862 
Shares related to restricted stock, net77,040 1 (1)— (593)(593)
Repurchase of Class B Common Stock under approved program(463,001)(5)— — (13,237)(13,242)
Balance, June 30, 2022288,154,159 $2,882 $981,203 $(89,131)$(397,961)$496,993 

Six Months Ended June 30, 2022
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, December 31, 2021282,526,719 $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, net3,425,795 34 (26)— (24,254)(24,246)
Deferred compensation plan elective participant deferrals— — 3,108 — — 3,108 
Shares issued in connection with Executive Bonus Plan, net159,797 2 11,891 — (5,197)6,696 
Shares issued in connection with employee stock purchase plan109,749 1 4,610 — (121)4,490 
Stock option exercises, net2,054,585 21 5,840 — (8,400)(2,539)
Acquisition option exercises, net185,178 2 (2)— —  
Shares issued for stock grants, net13,632 — 450 — — 450 
Stock-based compensation expense— — 17,529 — — 17,529 
Shares related to restricted stock, net141,705 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, 2022288,154,159 $2,882 $981,203 $(89,131)$(397,961)$496,993 

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, 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
— — — — 45,627 45,627 
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 elective participant deferrals— — 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 grants7,824 — 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 $(54,886)$(386,346)$472,531 

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
— — — — 102,633 102,633 
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 elective participant deferrals— — 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 grants7,824 — 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 $(54,886)$(386,346)$472,531 

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,
20222021
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 amortization35,730 19,280 
Bad debt allowance
3,791 291 
Deferred income taxes(16,806)(915)
Stock-based compensation expense32,568 20,598 
Deferred compensation plan(17,297)1,855 
Amortization and write-off of deferred debt issuance costs3,646 2,371 
Change in fair value of derivative(19,490)(7,735)
Change in fair value of contingent consideration500  
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 receivable15,581 (4,665)
Prepaid and other assets3,325 10,485 
Accounts payable, accruals, and other liabilities25,683 37,623 
Deferred revenues(20,292)(5,746)
Income taxes payable, net of prepaid income taxes4,958 (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 aircraft2,380  
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 facilities657,981 581,233 
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 plan4,611  
Proceeds from exercise of stock options5,861 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 year329,337 122,006 
Cash and cash equivalents, end of period
$93,411 $131,154 
8



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

Six Months Ended
June 30,
20222021
Supplemental information:
Cash paid for income taxes$11,606 $25,109 
Income tax refunds1,076 5,895 
Interest paid10,528 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 awards11,893 11,723 
Deferred compensation plan elective participant deferrals3,108 1,493 

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 2021 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 materially from those estimates. The December 31, 2021 consolidated balance sheet included herein is derived from the Company’s audited consolidated financial statements.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Business Combinations — On January 31, 2022, the Company completed the acquisition of Power Line Systems, a leader in software for the design of overhead electric power transmission lines and their structures, for $695,968 in cash, net of cash acquired. 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 $883,336 in cash, net of cash acquired, plus 3,141,342 shares of the Company’s Class B Common Stock (see Note 4).
Note 2: Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020‑04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020‑04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020‑04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform between March 12, 2020 and December 31, 2022. The expedients and exceptions provided by ASU 2020‑04 do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company had no transactions that were impacted by ASU 2020‑04 during the six months ended June 30, 2022.
10



Recently Adopted Accounting Guidance
In October 2021, the FASB issued ASU No. 2021‑08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021‑08”), which improves the comparability of accounting for acquired revenue contracts with customers in a business combination. The new guidance is meant to reduce diversity in practice and inconsistencies related to recognition of an acquired contract liability and revenue contract payment terms and their effect on subsequent revenue recognized by the acquirer. During the fourth quarter of 2021, the Company early adopted the ASU effective January 1, 2021 using the modified retrospective method of adoption and retrospectively recasted interim prior period amounts presented in the accompanying unaudited consolidated financial statements for acquisitions subsequent to January 1, 2021. The adoption of this ASU did not have a material impact on the accompanying unaudited consolidated financial statements.
Note 3: Revenue from Contracts with Customers
Nature of Products and Services
The Company generates revenues from subscriptions, perpetual licenses, and services.
Subscriptions
SELECT subscriptions — The Company provides prepaid annual recurring subscriptions that accounts (which are based on distinct contractual and billing relationships with the Company, where affiliated entities of a single parent company may each have an independent account with the Company) can elect to add to a new or previously purchased perpetual license. SELECT provides accounts with benefits, including upgrades, comprehensive technical support, pooled licensing benefits, annual portfolio balancing exchange rights, learning benefits, certain Azure‑based cloud collaboration services, mobility advantages, and access to other available benefits. SELECT subscriptions revenues are recognized as distinct performance obligations are satisfied. The performance obligations within the SELECT offering, outside of the portfolio balancing exchange right, are concurrently delivered and have the same pattern of recognition. These performance obligations are accounted for ratably over the term as a single performance obligation.
Enterprise subscriptions — The Company also provides enterprise subscription offerings, which provide its largest accounts with complete and unlimited global access to the Company’s comprehensive portfolio of solutions. Enterprise License Subscriptions (“ELS”) provide access for a prepaid fee, which is based on the account’s usage of software in the preceding year, to effectively create a fee‑certain consumption‑based arrangement. ELS contain a term license component, SELECT maintenance and support, and performance consulting days. The SELECT maintenance and support benefits under ELS do not include a portfolio balancing performance obligation. Revenue is allocated to the various performance obligations based on their respective standalone selling price (“SSP”). Revenue allocated to the term license component is recognized upon delivery at the start of the subscription term while revenues for the SELECT maintenance and support and the performance consulting days are recognized as delivered over the subscription term. Billings in advance are recorded as Deferred revenues in the consolidated balance sheets.
Enterprise 365 (“E365”) subscriptions provide unrestricted access to the Company’s comprehensive software portfolio, similar to ELS, however, the accounts are charged based upon daily usage. The daily usage fee also includes a term license component, SELECT maintenance and support, hosting, and Success Blueprints, which are designed to achieve business outcomes through more efficient and effective use of the Company’s software. E365 revenues are recognized based upon usage incurred by the account. Usage is defined as distinct user access on a daily basis. E365 subscriptions can contain quarterly usage floors or collars as accounts transition to the usage model or for accounts within the public sector. The term of E365 subscriptions aligns with calendar quarters and revenue is recognized based on actual usage.
11



Term license subscriptions — The Company provides annual, quarterly, and monthly term licenses for its software products. Term license subscriptions contain a term license component and SELECT maintenance and support. Revenue is allocated to the various performance obligations based on their SSP. Annual term licenses (“ATL”) are generally prepaid annually for named user access to specific products and include the Company’s Virtuoso subscriptions sold via the Company’s Virtuosity eStore for practitioner l