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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, 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 November 1, 2022, the registrant had 11,601,757 shares of Class A and 276,790,956 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)

September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$72,856 $329,337 
Accounts receivable214,459 241,807 
Allowance for doubtful accounts(10,802)(6,541)
Prepaid income taxes17,414 16,880 
Prepaid and other current assets32,224 34,348 
Total current assets326,151 615,831 
Property and equipment, net30,753 31,823 
Operating lease right-of-use assets41,499 50,818 
Intangible assets, net301,173 245,834 
Goodwill2,193,053 1,588,477 
Investments21,690 6,438 
Deferred income taxes52,751 71,376 
Other assets74,367 48,646 
Total assets$3,041,437 $2,659,243 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$16,860 $16,483 
Accruals and other current liabilities337,442 323,603 
Deferred revenues186,358 224,610 
Operating lease liabilities15,078 17,482 
Income taxes payable8,405 6,696 
Current portion of long-term debt5,000 5,000 
Total current liabilities569,143 593,874 
Long-term debt1,776,610 1,430,992 
Deferred compensation plan liabilities71,013 94,890 
Long-term operating lease liabilities28,776 35,274 
Deferred revenues15,252 7,983 
Deferred income taxes43,817 65,014 
Income taxes payable8,893 7,725 
Other liabilities7,734 14,269 
Total liabilities2,521,238 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 September 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 September 30, 2022 and December 31, 2021, and Class B Common Stock, $0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 276,816,008 and 270,924,962 shares as of September 30, 2022 and December 31, 2021, respectively
2,884 2,825 
Additional paid-in capital1,005,075 937,805 
Accumulated other comprehensive loss
(101,929)(91,774)
Accumulated deficit(385,831)(439,634)
Total stockholders’ equity520,199 409,222 
Total liabilities and stockholders’ equity
$3,041,437 $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 EndedNine Months Ended
September 30,September 30,
2022202120222021
Revenues:
Subscriptions$235,307 $215,135 $708,731 $589,702 
Perpetual licenses9,460 11,866 31,213 33,373 
Subscriptions and licenses244,767 227,001 739,944 623,075 
Services23,565 24,387 72,190 74,239 
Total revenues268,332 251,388 812,134 697,314 
Cost of revenues:
Cost of subscriptions and licenses37,371 31,056 107,904 89,882 
Cost of services21,812 23,176 66,758 67,090 
Total cost of revenues59,183 54,232 174,662 156,972 
Gross profit209,149 197,156 637,472 540,342 
Operating expense (income):
Research and development63,827 57,334 189,966 157,913 
Selling and marketing46,114 44,392 141,676 114,846 
General and administrative37,794 35,329 128,981 110,233 
Deferred compensation plan(4,576)88,965 (21,873)89,327 
Amortization of purchased intangibles10,446 8,676 30,869 16,703 
Total operating expenses153,605 234,696 469,619 489,022 
Income (loss) from operations
55,544 (37,540)167,853 51,320 
Interest expense, net(8,382)(3,836)(23,046)(8,608)
Other income (expense), net
180 (957)14,318 9,748 
Income (loss) before income taxes
47,342 (42,333)159,125 52,460 
(Provision) benefit for income taxes
(9,664)(5,025)(8,221)5,090 
Loss from investment accounted for using the equity method, net of tax
(681)(664)(1,846)(2,939)
Net income (loss)
36,997 (48,022)149,058 54,611 
Less: Net income (loss) attributable to participating securities
(11)(3)(31)(6)
Net income (loss) attributable to Class A and Class B common stockholders
$36,986 $(48,025)$149,027 $54,605 
Per share information:
Net income (loss) per share, basic
$0.12 $(0.16)$0.48 $0.18 
Net income (loss) per share, diluted
$0.12 $(0.16)$0.46 $0.17 
Weighted average shares, basic310,116,104 308,195,379 308,959,801 305,119,985 
Weighted average shares, diluted325,170,383 308,195,379 332,077,834 314,658,136 

See accompanying notes to consolidated financial statements.
4



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

Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net income (loss)
$36,997 $(48,022)$149,058 $54,611 
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments(12,809)(27,014)(10,192)(55,709)
Actuarial gain on retirement plan, net of tax effect of $(5), $(8), $(15), and $(25), respectively
11 20 37 62 
Total other comprehensive loss, net of taxes
(12,798)(26,994)(10,155)(55,647)
Comprehensive income (loss)
$24,199 $(75,016)$138,903 $(1,036)

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, 2022
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, June 30, 2022288,154,159 $2,882 $981,203 $(89,131)$(397,961)$496,993 
Net income
— — — — 36,997 36,997 
Other comprehensive loss
— — — (12,798)— (12,798)
Dividends declared— — — — (8,592)(8,592)
Shares issued in connection with deferred compensation plan97,591 1 (1)— —  
Deferred compensation plan elective participant deferrals— — 1,586 — — 1,586 
Shares issued in connection with Executive Bonus Plan125,195 1 4,416 —  4,417 
Shares issued in connection with employee stock purchase plan197,657 2 5,722 — (152)5,572 
Stock option exercises, net218,018 2 992 — (59)935 
Stock-based compensation expense— — 11,158 — — 11,158 
Shares related to restricted stock, net58,270 — (1)— (1,060)(1,061)
Repurchase of Class B Common Stock under approved program(433,125)(4)— — (15,004)(15,008)
Balance, September 30, 2022288,417,765 $2,884 $1,005,075 $(101,929)$(385,831)$520,199 

Nine Months Ended September 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
— — — — 149,058 149,058 
Other comprehensive loss
— — — (10,155)— (10,155)
Dividends declared— — — — (25,623)(25,623)
Shares issued in connection with deferred compensation plan, net3,523,386 35 (27)— (24,254)(24,246)
Deferred compensation plan elective participant deferrals— — 4,694 — — 4,694 
Shares issued in connection with Executive Bonus Plan, net284,992 3 16,307 — (5,197)11,113 
Shares issued in connection with employee stock purchase plan307,406 3 10,332 — (273)10,062 
Stock option exercises, net2,272,603 23 6,832 — (8,459)(1,604)
Acquisition option exercises, net185,178 2 (2)— —  
Shares issued for stock grants, net13,632 — 450 — — 450 
Stock-based compensation expense— — 28,687 — — 28,687 
Shares related to restricted stock, net199,975 2 (3)— (3,208)(3,209)
Repurchase of Class B Common Stock under approved program(896,126)(9)— — (28,241)(28,250)
Balance, September 30, 2022288,417,765 $2,884 $1,005,075 $(101,929)$(385,831)$520,199 

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, 2021
Accumulated
Class A and Class BAdditionalOtherTotal
Common StockPaid-inComprehensiveAccumulatedStockholders’
SharesPar ValueCapitalLossDeficitEquity
Balance, June 30, 2021281,189,127 $2,812 $910,951 $(54,886)$(386,346)$472,531 
Net loss
— — — — (48,022)(48,022)
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 $(81,880)$(460,529)$381,821 

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
— — — — 54,611 54,611 
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 grants7,824 — 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 $(81,880)$(460,529)$381,821 

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,
20222021
Cash flows from operating activities:
Net income
$149,058 $54,611 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization53,644 35,946 
Bad debt allowance
5,199 466 
Deferred income taxes(13,670)(17,788)
Stock-based compensation expense51,359 32,853 
Deferred compensation plan(21,873)89,327 
Amortization and write-off of deferred debt issuance costs5,468 4,160 
Change in fair value of derivative(29,318)(9,198)
Foreign currency remeasurement loss
14,445 103 
Other non-cash items, net(1,006)2,939 
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable12,550 26,305 
Prepaid and other assets7,779 11,310 
Accounts payable, accruals, and other liabilities28,765 29,047 
Deferred revenues(26,725)(40,496)
Income taxes payable, net of prepaid income taxes2,523 (12,168)
Net cash provided by operating activities
238,198 207,417 
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software(12,982)(11,152)
Proceeds from sale of aircraft2,380  
Acquisitions, net of cash acquired (719,539)(1,033,695)
Other investing activities(10,304)(3,000)
Net cash used in investing activities
(740,445)(1,047,847)
Cash flows from financing activities:
Proceeds from credit facilities753,376 682,083 
Payments of credit facilities(408,714)(860,228)
Proceeds from convertible senior notes, net of discounts and commissions 1,233,377 
Payments of debt issuance costs (5,643)
Purchase of capped call options (51,555)
Repayment of term loan(3,750) 
Payments of financing leases(123)(147)
Payments of acquisition debt and other consideration(6,996)(741)
Payments of dividends(25,828)(25,076)
Proceeds from stock purchases under employee stock purchase plan10,335 3,846 
Proceeds from exercise of stock options6,855 5,039 
Payments for shares acquired including shares withheld for taxes(42,213)(111,306)
Repurchase of Class B Common Stock under approved program(28,250) 
Net cash provided by financing activities
254,692 869,649 
Effect of exchange rate changes on cash and cash equivalents(8,926)4,530 
(Decrease) increase in cash and cash equivalents
(256,481)33,749 
Cash and cash equivalents, beginning of year329,337 122,006 
Cash and cash equivalents, end of period
$72,856 $155,755 
8



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

Nine Months Ended
September 30,
20222021
Supplemental information:
Cash paid for income taxes$20,696 $32,359 
Income tax refunds2,194 7,820 
Interest paid17,647 3,281 
Non-cash investing and financing activities:
Cost method investment, non-cash exchange6,022  
Shares issued related to acquisition 182,390 
Contingent acquisition consideration 5,581 
Deferred, non-contingent consideration, net157 10,081 
Convertible senior notes expenses included in Accounts payable
 375 
Capped call options expenses included in Accounts payable
 50 
Share-settled Executive Bonus Plan awards16,310 16,015 
Deferred compensation plan elective participant deferrals4,694 2,020 

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).
Deferred Compensation — Under the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (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 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.
10



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 $