Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure
engineering software company, today announced results for the
quarter ended June 30, 2024.
Second Quarter 2024 Results
- Total revenues were $330.3 million, up 11.3% or 11.9% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $297.4 million, up 14.7% or 15.3%
on a constant currency basis, year-over-year;
- Annualized Recurring Revenues (“ARR”) was $1,215.9 million as
of June 30, 2024, compared to $1,105.9 million as of June 30, 2023,
representing a constant currency ARR growth rate of 11%;
- Last twelve-month recurring revenues dollar-based net retention
rate was 108%, compared to 110% for the same period last year;
- Operating income margin was 24.3%, compared to 18.0% for the
same period last year;
- Adjusted operating income inclusive of stock-based compensation
expense (“Adjusted OI w/SBC”) margin was 28.8%, compared to 24.7%
for the same period last year;
- Net income per diluted share was $0.22, compared to $0.15 for
the same period last year;
- Adjusted net income per diluted share (“Adjusted EPS”) was
$0.31, compared to $0.24 for the same period last year; and
- Cash flows from operations was $62.6 million, compared to $80.6
million for the same period last year.
Six Months Ended June 30, 2024 Results
- Total revenues were $668.1 million, up 9.3% or 9.5% on a
constant currency basis, year-over-year;
- Subscriptions revenues were $604.5 million, up 12.6% or 12.7%
on a constant currency basis, year-over-year;
- Operating income margin was 25.8%, compared to 19.5% for the
same period last year;
- Adjusted OI w/SBC margin was 31.1%, compared to 26.8% for the
same period last year;
- Net income per diluted share was $0.44, compared to $0.29 for
the same period last year;
- Adjusted EPS was $0.62, compared to $0.49 for the same period
last year; and
- Cash flows from operations was $267.6 million, compared to
$256.8 million for the same period last year.
Executive Chair Greg Bentley said, “We are pleased to report
broadly favorable operating results for 24Q2. Our confidence in
sustaining commendable performance is reinforced by the
enduring—and if anything, broadening— vitality of our
infrastructure engineering end markets, met with BSY’s competitive
advantages and reliably efficient execution. But to me, the
long-term potential of initiatives being explored and developed
under our new generation of executive leadership seems even more
auspicious!”
CEO Nicholas Cumins said, “Our performance in 24Q2 and the first
half provides a solid foundation for the full year, with very
positive end-market and operational momentum. Our year-over-year
ARR growth of 11% on a constant currency basis (11.5% excluding
China) is consistent with the previous quarter. Public Works /
Utilities and North America remained the main growth drivers, and
we continued to add new small- and medium-sized accounts at a rapid
pace, reflecting healthy market conditions.
The traction we are generating with our AI-based solutions for
asset analytics is worth noting. AI is going to become a major
driver of our business, to help owner-operators improve the
performance of their assets and make infrastructure more resilient,
as well as to help engineering services firms increase their
productivity and bridge the widening engineering resources capacity
gap.”
CFO Werner Andre said, “24Q2 financial performance positions us
solidly within our annual outlook range for ARR growth,
profitability, and operating cash flow. While our mainstay
subscription revenues are exceeding expectations, year-over-year
growth in total revenues is being impacted by the expected
prevalence of lower non-recurring professional services for our
Cohesive digital integrator. Continued strong margins and operating
cash flows throughout the first half, net of dividends and stock
repurchases, further enhanced our balance sheet and acquisition
flexibility.”
Recent Developments
Effective July 1, 2024, Greg Bentley transitioned from Chief
Executive Officer to Executive Chair of the Board of Directors and
Nicholas Cumins was promoted from Chief Operating Officer to Chief
Executive Officer.
Call Details
Bentley Systems will host a live Zoom video webinar on August 6,
2024 at 8:15 a.m. Eastern time to discuss results for its second
quarter ended June 30, 2024.
Those wishing to participate should access the live Zoom video
webinar of the event through a direct registration link at
https://us06web.zoom.us/webinar/register/WN_y6GttyVAR8amDwrlXVo1DA#/registration.
Alternatively, the event can be accessed from the Events &
Presentations page on Bentley Systems’ Investor Relations website
at https://investors.bentley.com. In addition, a replay and
transcript will be available after the conclusion of the live event
on Bentley Systems’ Investor Relations website for one year.
Non-GAAP Financial Measures
In this press release, we sometimes refer to financial measures
that are not presented in accordance with U.S. generally accepted
accounting principles (“GAAP”). Certain of these measures are
considered non-GAAP financial measures under the United States
Securities and Exchange Commission (“SEC”) regulations. Those rules
require the supplemental explanations and reconciliations that are
in Bentley Systems’ Form 8-K (Quarterly Earnings Release) furnished
to the SEC.
Forward-Looking Statements
This press release includes forward-looking statements regarding
the future results of operations and financial condition, business
strategy, and plans and objectives for future operations of Bentley
Systems, Incorporated (the “Company,” “we,” “us,” and words of
similar import). All such statements contained in this press
release, other than statements of historical facts, are
forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” and
similar expressions are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations, projections, and assumptions about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, and there are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release
including: adverse changes in global economic and/or political
conditions; the impact of current and future sanctions, embargoes
and other similar laws at the state and/or federal level that
impose restrictions on our counterparties or upon our ability to
operate our business within the subject jurisdictions; political,
economic, regulatory and public health and safety risks and
uncertainties in the countries and regions in which we operate;
failure to retain personnel necessary for the operation of our
business or those that we acquire; failure to effectively manage
succession; changes in the industries in which our accounts
operate; the competitive environment in which we operate; the
quality of our products; our ability to develop and market new
products to address our accounts’ rapidly changing technological
needs; changes in capital markets and our ability to access
financing on terms satisfactory to us or at all; the impact of
changing or uncertain interest rates on us and on the industries we
serve; our ability to integrate acquired businesses successfully;
and our ability to identify and consummate future investments
and/or acquisitions on terms satisfactory to us or at all.
Further information on potential factors that could affect the
financial results of the Company are included in the Company’s Form
10‑K and subsequent Form 10‑Qs, which are on file with the SEC. The
Company disclaims any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering
software company. We provide innovative software to advance the
world’s infrastructure – sustaining both the global economy and
environment. Our industry-leading software solutions are used by
professionals, and organizations of every size, for the design,
construction, and operations of roads and bridges, rail and
transit, water and wastewater, public works and utilities,
buildings and campuses, mining, and industrial facilities. Our
offerings, powered by the iTwin Platform for infrastructure digital
twins, include MicroStation and Bentley Open applications for
modeling and simulation, Seequent’s software for geoprofessionals,
and Bentley Infrastructure Cloud encompassing ProjectWise for
project delivery, SYNCHRO for construction management, and
AssetWise for asset operations. Bentley Systems’ 5,200 colleagues
generate annual revenues of more than $1 billion in 194
countries.
www.bentley.com
© 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo,
AssetWise, Bentley Infrastructure Cloud, Bentley Open, Cohesive,
iTwin, MicroStation, ProjectWise, Seequent, and SYNCHRO are either
registered or unregistered trademarks or service marks of Bentley
Systems, Incorporated or one of its direct or indirect wholly owned
subsidiaries. All other brands and product names are trademarks of
their respective owners.
BENTLEY SYSTEMS,
INCORPORATED
Consolidated Balance
Sheets
(in thousands)
(unaudited)
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
51,278
$
68,412
Accounts receivable
282,918
302,501
Allowance for doubtful accounts
(9,099
)
(8,965
)
Prepaid income taxes
18,487
12,812
Prepaid and other current assets
43,101
44,797
Total current assets
386,685
419,557
Property and equipment, net
36,756
40,100
Operating lease right-of-use assets
34,868
38,476
Intangible assets, net
225,539
248,787
Goodwill
2,265,174
2,269,336
Investments
24,258
23,480
Deferred income taxes
206,259
212,831
Other assets
77,641
67,283
Total assets
$
3,257,180
$
3,319,850
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
23,901
$
18,094
Accruals and other current liabilities
500,007
457,348
Deferred revenues
236,624
253,785
Operating lease liabilities
11,429
11,645
Income taxes payable
13,817
9,491
Current portion of long-term debt
—
10,000
Total current liabilities
785,778
760,363
Long-term debt
1,334,618
1,518,403
Deferred compensation plan liabilities
91,172
88,181
Long-term operating lease liabilities
26,950
30,626
Deferred revenues
15,259
15,862
Deferred income taxes
11,899
9,718
Income taxes payable
3,615
7,337
Other liabilities
3,383
5,378
Total liabilities
2,272,674
2,435,868
Stockholders’ equity:
Common stock
2,997
2,963
Additional paid-in capital
1,176,630
1,127,234
Accumulated other comprehensive loss
(93,264
)
(84,987
)
Accumulated deficit
(102,561
)
(161,932
)
Non-controlling interest
704
704
Total stockholders’ equity
984,506
883,982
Total liabilities and stockholders’
equity
$
3,257,180
$
3,319,850
BENTLEY SYSTEMS,
INCORPORATED
Consolidated Statements of
Operations
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Revenues:
Subscriptions
$
297,444
$
259,243
$
604,533
$
537,088
Perpetual licenses
10,863
11,718
20,375
21,265
Subscriptions and licenses
308,307
270,961
624,908
558,353
Services
22,030
25,788
43,192
52,807
Total revenues
330,337
296,749
668,100
611,160
Cost of revenues:
Cost of subscriptions and licenses
42,432
41,156
82,650
82,087
Cost of services
20,761
25,270
42,373
51,523
Total cost of revenues
63,193
66,426
125,023
133,610
Gross profit
267,144
230,323
543,077
477,550
Operating expenses:
Research and development
65,709
70,117
134,080
137,917
Selling and marketing
57,129
54,364
111,515
106,505
General and administrative
54,854
39,258
101,336
86,065
Deferred compensation plan
883
3,777
6,682
7,923
Amortization of purchased intangibles
8,392
9,502
17,356
20,050
Total operating expenses
186,967
177,018
370,969
358,460
Income from operations
80,177
53,305
172,108
119,090
Interest expense, net
(5,100
)
(9,484
)
(11,620
)
(20,576
)
Other income, net
2,280
965
9,417
1,254
Income before income taxes
77,357
44,786
169,905
99,768
(Provision) benefit for income taxes
(5,330
)
3,899
(27,577
)
(5,593
)
Equity in net income of investees, net of
tax
19
—
28
—
Net income
$
72,046
$
48,685
$
142,356
$
94,175
Per share information:
Net income per share, basic
$
0.23
$
0.16
$
0.45
$
0.30
Net income per share, diluted
$
0.22
$
0.15
$
0.44
$
0.29
Weighted average shares, basic
314,980,580
311,914,602
314,660,906
311,366,371
Weighted average shares, diluted
333,780,984
332,352,725
333,725,315
331,831,973
BENTLEY SYSTEMS,
INCORPORATED
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Six Months Ended
June 30,
2024
2023
Cash flows from operating activities:
Net income
$
142,356
$
94,175
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
32,367
35,304
Deferred income taxes
8,666
(28,935
)
Stock-based compensation expense
41,759
37,588
Deferred compensation plan
6,682
7,923
Amortization of deferred debt issuance
costs
3,750
3,646
Change in fair value of derivative
(2,361
)
663
Foreign currency remeasurement loss
(gain)
502
(144
)
Other
(1,715
)
3,530
Changes in assets and liabilities, net of
effect from acquisitions:
Accounts receivable
14,330
49,171
Prepaid and other assets
(585
)
(364
)
Accounts payable, accruals, and other
liabilities
41,622
41,969
Deferred revenues
(14,888
)
(1,792
)
Income taxes payable, net of prepaid
income taxes
(4,930
)
14,085
Net cash provided by operating
activities
267,555
256,819
Cash flows from investing activities:
Purchases of property and equipment and
investment in capitalized software
(6,689
)
(11,253
)
Acquisitions, net of cash acquired
(5,000
)
(10,299
)
Purchases of investments
(557
)
(8,200
)
Other
1,300
—
Net cash used in investing activities
(10,946
)
(29,752
)
Cash flows from financing activities:
Proceeds from credit facilities
51,724
288,387
Payments of credit facilities
(143,752
)
(432,739
)
Repayments of term loan
(105,000
)
(2,500
)
Payments of contingent and non-contingent
consideration
(451
)
(2,860
)
Payments of dividends
(35,851
)
(29,224
)
Proceeds from stock purchases under
employee stock purchase plan
5,560
4,557
Proceeds from exercise of stock
options
4,007
9,700
Payments for shares acquired including
shares withheld for taxes
(9,626
)
(51,202
)
Repurchases of Class B common stock under
approved program
(37,515
)
—
Other
(95
)
(95
)
Net cash used in financing activities
(270,999
)
(215,976
)
Effect of exchange rate changes on cash
and cash equivalents
(2,744
)
(59
)
(Decrease) increase in cash and cash
equivalents
(17,134
)
11,032
Cash and cash equivalents, beginning of
year
68,412
71,684
Cash and cash equivalents, end of
period
$
51,278
$
82,716
BENTLEY SYSTEMS,
INCORPORATED
Reconciliation of GAAP to
Non-GAAP Financial Measures
(in thousands, except share
and per share data)
(unaudited)
Reconciliation of operating income to
Adjusted OI w/SBC and to Adjusted operating income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Operating income
$
80,177
$
53,305
$
172,108
$
119,090
Amortization of purchased intangibles
11,521
12,625
23,711
26,360
Deferred compensation plan
883
3,777
6,682
7,923
Acquisition expenses
1,969
3,521
4,328
12,298
Realignment expenses (income)
743
29
809
(1,950
)
Adjusted OI w/SBC
95,293
73,257
207,638
163,721
Stock-based compensation expense
21,856
17,670
41,193
36,868
Adjusted operating income
$
117,149
$
90,927
$
248,831
$
200,589
Reconciliation of net income to Adjusted net income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
$
EPS(1)
$
EPS(1)
$
EPS(1)
$
EPS(1)
Net income
$
72,046
$
0.22
$
48,685
$
0.15
$
142,356
$
0.44
$
94,175
$
0.29
Non-GAAP adjustments, prior to income
taxes:
Amortization of purchased intangibles
11,521
0.03
12,625
0.04
23,711
0.07
26,360
0.08
Stock-based compensation expense
21,856
0.07
17,670
0.05
41,193
0.12
36,868
0.11
Deferred compensation plan
883
—
3,777
0.01
6,682
0.02
7,923
0.02
Acquisition expenses
1,969
0.01
3,521
0.01
4,328
0.01
12,298
0.04
Realignment expenses (income)
743
—
29
—
809
—
(1,950
)
(0.01
)
Other income, net
(2,280
)
(0.01
)
(965
)
—
(9,417
)
(0.03
)
(1,254
)
—
Total non-GAAP adjustments, prior to
income taxes
34,692
0.10
36,657
0.11
67,306
0.20
80,245
0.24
Income tax effect of non-GAAP
adjustments
(4,844
)
(0.01
)
(6,608
)
(0.02
)
(4,844
)
(0.01
)
(13,997
)
(0.04
)
Equity in net income of investees, net of
tax
(19
)
—
—
—
(28
)
—
—
—
Adjusted net income(2)
$
101,875
$
0.31
$
78,734
$
0.24
$
204,790
$
0.62
$
160,423
$
0.49
Adjusted weighted average shares,
diluted
333,780,984
332,352,725
333,725,315
331,831,973
_________________________________
(1)
Adjusted EPS was computed independently
for each reconciling item presented; therefore, the sum of Adjusted
EPS for each line item may not equal total Adjusted EPS due to
rounding.
(2)
Adjusted EPS numerator includes $1,717 and
$1,723 for the three months ended June 30, 2024 and 2023,
respectively, and $3,440 for the six months ended June 30, 2024 and
2023 related to interest expense, net of tax, attributable to the
convertible senior notes using the if‑converted method.
Reconciliation of cash flow from operations to Adjusted
EBITDA:
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Cash flow from operations
$
62,586
$
80,596
$
267,555
$
256,819
Cash interest
3,449
8,909
8,706
19,382
Cash taxes
11,304
11,966
22,847
17,999
Cash deferred compensation plan
distributions
1,963
1,704
2,436
2,125
Cash acquisition expenses
1,935
4,237
3,742
15,290
Cash realignment costs
3,971
—
11,488
—
Changes in operating assets and
liabilities
38,813
(9,699
)
(54,519
)
(97,998
)
Other(1)
(2,411
)
(2,164
)
(4,768
)
(4,084
)
Adjusted EBITDA
$
121,610
$
95,549
$
257,487
$
209,533
_________________________________
(1)
Includes receipts related to interest rate
swap.
Reconciliation of total revenues and subscriptions revenues to
total revenues and subscriptions revenues in constant currency:
Three Months Ended June 30,
2024
Three Months Ended June 30,
2023
Actual
Impact of Foreign Exchange at
2023 Rates
Constant Currency
Actual
Impact of Foreign Exchange at
2023 Rates
Constant Currency
Total revenues
$
330,337
$
1,271
$
331,608
$
296,749
$
(354
)
$
296,395
Subscriptions revenues
$
297,444
$
1,077
$
298,521
$
259,243
$
(331
)
$
258,912
Six Months Ended June 30,
2024
Six Months Ended June 30,
2023
Actual
Impact of Foreign Exchange at
2023 Rates
Constant Currency
Actual
Impact of Foreign Exchange at
2023 Rates
Constant Currency
Total revenues
$
668,100
$
428
$
668,528
$
611,160
$
(479
)
$
610,681
Subscriptions revenues
$
604,533
$
316
$
604,849
$
537,088
$
(473
)
$
536,615
Explanation of Non-GAAP and Other Financial Measures
Constant currency
Constant currency and constant currency growth rates are
non-GAAP financial measures that present our results of operations
excluding the estimated effects of foreign currency exchange rate
fluctuations. A significant amount of our operations is conducted
in foreign currencies. As a result, the comparability of the
financial results reported in U.S. dollars is affected by changes
in foreign currency exchange rates. We use constant currency and
constant currency growth rates to evaluate the underlying
performance of the business, and we believe it is helpful for
investors to present operating results on a comparable basis period
over period to evaluate its underlying performance.
In reporting period‑over‑period results, except for ARR as
discussed further below, we calculate the effects of foreign
currency fluctuations and constant currency information by
translating current and prior period results on a transactional
basis to our reporting currency using prior period average foreign
currency exchange rates in which the transactions occurred.
Recurring revenues
Recurring revenues are the basis for our other revenue-related
key business metrics. We believe this measure is useful in
evaluating our ability to consistently retain and grow our revenues
from accounts with revenues in the prior period (“existing
accounts”).
Recurring revenues are subscriptions revenues that recur
monthly, quarterly, or annually with specific or automatic renewal
clauses and professional services revenues in which the underlying
contract is based on a fixed fee and contains automatic annual
renewal provisions.
Annualized recurring revenues
(“ARR”)
ARR is a key business metric that we believe is useful in
evaluating the scale and growth of our business as well as to
assist in the evaluation of underlying trends in our business.
Furthermore, we believe ARR, considered in connection with our last
twelve‑month recurring revenues dollar‑based net retention rate, is
a leading indicator of revenue growth.
ARR is defined as the sum of the annualized value of our
portfolio of contracts that produce recurring revenues as of the
last day of the reporting period, and the annualized value of the
last three months of recognized revenues for our contractually
recurring consumption‑based software subscriptions with consumption
measurement durations of less than one year, calculated using the
spot foreign currency exchange rates. We believe that the last
three months of recognized revenues, on an annualized basis, for
our recurring software subscriptions with consumption measurement
period durations of less than one year is a reasonable estimate of
the annual revenues, given our consistently high retention rate and
stability of usage under such subscriptions.
Constant currency ARR growth rate is the growth rate of ARR
measured on a constant currency basis. In reporting
period‑over‑period ARR growth rates in constant currency, we
calculate constant currency growth rates by translating current and
prior period ARR on a transactional basis to our reporting currency
using current year budget exchange rates. Constant currency ARR
growth rate from business performance excludes the ARR onboarding
of our platform acquisitions and includes the impact from the ARR
onboarding of programmatic acquisitions, which generally are
immaterial, individually and in the aggregate. We believe these ARR
growth rates are important metrics indicating the scale and growth
of our business.
Last twelve‑month recurring revenues
dollar‑based net retention rate
Last twelve‑month recurring revenues dollar‑based net retention
rate is a key business metric that we believe is useful in
evaluating our ability to consistently retain and grow our
recurring revenues.
Last twelve‑month recurring revenues dollar‑based net retention
rate is calculated, using the average exchange rates for the prior
period, as follows: the recurring revenues for the current period,
including any growth or reductions from existing accounts, but
excluding recurring revenues from any new accounts added during the
current period, divided by the total recurring revenues from all
accounts during the prior period. A period is defined as any
trailing twelve months. Related to our platform acquisitions,
recurring revenues into new accounts will be captured as existing
accounts starting with the second anniversary of the acquisition
when such data conforms to the calculation methodology. This may
cause variability in the comparison.
Adjusted operating income inclusive of
stock-based compensation expense (“Adjusted OI w/SBC”)
Adjusted OI w/SBC is a non-GAAP financial measure and is used to
measure the operational strength and performance of our business,
as well as to assist in the evaluation of underlying trends in our
business.
Adjusted OI w/SBC is our primary performance measure, which
excludes certain expenses and charges, including the non-cash
amortization expense resulting from the acquisition of intangible
assets, as we believe these may not be indicative of the Company’s
core business operating results. We intentionally include
stock-based compensation expense in this measure as we believe it
better captures the economic costs of our business.
Management uses this non-GAAP financial measure to understand
and compare operating results across accounting periods, for
internal budgeting and forecasting purposes, to evaluate financial
performance, and in our comparison of our financial results to
those of other companies. It is also a significant performance
measure in certain of our executive incentive compensation
programs.
Adjusted OI w/SBC is defined as operating income adjusted for
the following: amortization of purchased intangibles, expense
(income) relating to deferred compensation plan liabilities,
acquisition expenses, and realignment expenses (income), for the
respective periods.
Adjusted OI w/SBC margin is calculated by dividing Adjusted OI
w/SBC by total revenues.
Adjusted operating income
Adjusted operating income is a non-GAAP financial measure that
we believe is useful to investors in making comparisons to other
companies, although this measure may not be directly comparable to
similar measures used by other companies.
Adjusted operating income is defined as operating income
adjusted for the following: amortization of purchased intangibles,
expense (income) relating to deferred compensation plan
liabilities, acquisition expenses, realignment expenses (income),
and stock‑based compensation expense, for the respective
periods.
Adjusted net income and Adjusted
EPS
Adjusted net income and Adjusted EPS are non-GAAP financial
measures presenting the earnings generated by our ongoing
operations that we believe is useful to investors in making
meaningful comparisons to other companies, although these measures
may not be directly comparable to similar measures used by other
companies, and period-over-period comparisons.
Adjusted net income is defined as net income adjusted for the
following: amortization of purchased intangibles, stock‑based
compensation expense, expense (income) relating to deferred
compensation plan liabilities, acquisition expenses, realignment
expenses (income), other non‑operating (income) expense, net, the
tax effect of the above adjustments to net income, and equity in
net (income) losses of investees, net of tax, for the respective
periods. The income tax effect of non‑GAAP adjustments was
determined using the applicable rates in the taxing jurisdictions
in which income or expense occurred, and represent both current and
deferred income tax expense or benefit based on the nature of the
non‑GAAP adjustments, including the tax effects of non‑cash
stock‑based compensation expense.
Adjusted EPS is calculated as Adjusted net income, less net
income attributable to participating securities, plus interest
expense, net of tax, attributable to the convertible senior notes
using the if‑converted method, if applicable, (numerator) divided
by Adjusted weighted average shares, diluted (denominator).
Adjusted weighted average shares, diluted is calculated by adding
incremental shares related to the dilutive effect of convertible
senior notes using the if‑converted method, if applicable, to
weighted average shares, diluted.
Adjusted EBITDA
Adjusted EBITDA is our liquidity measure in the context of
conversion of Adjusted EBITDA to cash flow from operations (i.e.,
the ratio of GAAP cash flow from operations to Adjusted EBITDA). We
believe this non-GAAP financial measure provides a meaningful
measure of liquidity and a useful basis for assessing our ability
to repay debt, make strategic acquisitions and investments, and
return capital to investors.
Adjusted EBITDA is defined as cash flow from operations adjusted
for the following: cash interest, cash taxes, cash deferred
compensation plan distributions, cash acquisition expenses, cash
realignment costs, changes in operating assets and liabilities, and
other cash items (such as those related to our interest rate swap).
From time to time, we may exclude from Adjusted EBITDA the impact
of certain cash receipts or payments that affect period-to-period
comparability.
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version on businesswire.com: https://www.businesswire.com/news/home/20240806008554/en/
BSY Investor Contact: Eric Boyer Investor Relations
Officer ir@bentley.com
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