Bentley Systems Inc. Files 10-Q for Q1 2024

TL;DR

<b>Bentley Systems Inc. has filed its Q1 2024 10-Q report, providing financial details and segment information.</b>

AI Summary

BENTLEY SYSTEMS INC (BSY) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Bentley Systems Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data from previous periods (2023-12-31, 2022-12-31, 2023-03-31) are referenced. The report details various revenue segments including SubscriptionAndCirculation, PerpetualLicenses, SubscriptionsAndLicenses, Service, EnterpriseLicenseSubscriptions, SELECTSubscriptions, and TermLicenseSubscriptions. The company's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking BENTLEY SYSTEMS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational details of Bentley Systems Inc. The detailed breakdown of revenue segments offers insight into the company's primary income streams and growth areas.

Risk Assessment

Risk Level: low — BENTLEY SYSTEMS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for trends in revenue segments and any changes in financial performance compared to prior periods.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-07 — Filing Date (Date the report was filed)
• 12/31 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• BENTLEY SYSTEMS INC (company) — Filer name
• BSY (company) — Ticker symbol
• 2024-05-07T00:00:00.000Z (date) — Filing date
• 2024-03-31 (date) — Period of report
• 2024-01-01 (date) — Quarter start date
• DE (jurisdiction) — State of incorporation
• 6104585000 (phone) — Business phone number

FAQ

Industry Context

Bentley Systems Inc. operates in the software industry, providing engineering and infrastructure software solutions.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue trends and profitability.
2. Analyze the performance of different revenue segments (e.g., SubscriptionAndCirculation, PerpetualLicenses) to understand growth drivers.
3. Compare the Q1 2024 results with Q1 2023 and the full year 2023 data for year-over-year and sequential performance analysis.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's quarterly reports and the most recent annual report.

Key Financial Figures

• $0.01 — which registered Class B Common Stock, $0.01 Par Value BSY The Nasdaq Stock Market L

Filing Documents

• bsy-20240331.htm (10-Q) — 1347KB
• a24q1exhibit311.htm (EX-31.1) — 10KB
• a24q1exhibit312.htm (EX-31.2) — 10KB
• a24q1exhibit32.htm (EX-32) — 7KB
• 0001031308-24-000004.txt (&nbsp;) — 8730KB
• bsy-20240331.xsd (EX-101.SCH) — 70KB
• bsy-20240331_cal.xml (EX-101.CAL) — 105KB
• bsy-20240331_def.xml (EX-101.DEF) — 428KB
• bsy-20240331_lab.xml (EX-101.LAB) — 786KB
• bsy-20240331_pre.xml (EX-101.PRE) — 609KB
• bsy-20240331_htm.xml (XML) — 1211KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Consolidated Financial Statements

Item 1. Unaudited Consolidated Financial Statements Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Stockholders' Equity 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 44 SIGNATURE 45 2 EXPLANATORY NOTE This Quarterly Report on Form 10Q is for the three months ended March 31, 2024. This Quarterly Report on Form 10Q modifies and supersedes documents filed before it. The United States ("U.S.") Securities and Exchange Commission ("SEC") allows us to "incorporate by reference" information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10Q, we refer to Bentley Systems, Incorporated and its consolidated subsidiaries, as "Bentley Systems," "Bentley," the "Company," "we," "us," and "our." This Quarterly Report on Form 10Q contains trademarks, service marks, brands, or product names owned by us, as well as those owned by others. Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10Q includes forwardlooking statements. All statements contained in this Quarterly Report on Form 10Q other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy, and plans and our objectives for future operations, are forwardlooking statements. The words "believe," "may," "will," "could," "would," "seeks," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions, as well as statements regarding our focus for the future, are intended to identify forwardlooking statements. We have based these forwardlooking

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Consolidated Financial Statements

Item 1. Unaudited Consolidated Financial Statements BENTLEY SYSTEMS, INCORPORATED Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 141,601 $ 68,412 Accounts receivable 284,200 302,501 Allowance for doubtful accounts ( 9,723 ) ( 8,965 ) Prepaid income taxes 10,891 12,812 Prepaid and other current assets 46,716 44,797 Total current assets 473,685 419,557 Property and equipment, net 38,563 40,100 Operating lease right-of-use assets 36,454 38,476 Intangible assets, net 236,402 248,787 Goodwill 2,261,190 2,269,336 Investments 23,641 23,480 Deferred income taxes 208,152 212,831 Other assets 75,681 67,283 Total assets $ 3,353,768 $ 3,319,850 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 23,568 $ 18,094 Accruals and other current liabilities 539,775 457,348 Deferred revenues 242,037 253,785 Operating lease liabilities 11,178 11,645 Income taxes payable 11,275 9,491 Current portion of long-term debt 10,000 10,000 Total current liabilities 837,833 760,363 Long-term debt 1,425,445 1,518,403 Deferred compensation plan liabilities 93,402 88,181 Long-term operating lease liabilities 28,812 30,626 Deferred revenues 15,206 15,862 Deferred income taxes 10,391 9,718 Income taxes payable 7,337 7,337 Other liabilities 2,735 5,378 Total liabilities 2,421,161 2,435,868 Commitments and contingencies (Note 18) Stockholders' equity: Preferred stock, $ 0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of March 31, 2024 and December 31, 2023 — — Class A common stock, $ 0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,537,627 and 11,537,627 shares as of March 31, 2024 and December 31, 2023, respectively 115 115 Class B common stock, $ 0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 286,477,055 and 284,728,210 shares as of M

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (in thousands, except share and per share data) (unaudited) Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements have been prepared in U.S. dollars, and in accordance with U.S. generally accepted accounting principles ("GAAP") and the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all the information and notes required by 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 the Company's 2023 Annual Report on Form 10 K. 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 as of the dates and for the periods indicated. The preparation of financial statements in conformity with 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, 2023 consolidated balance sheet included herein is derived from the Company's audited consolidated financial statements. Note 2: Recent Accounting Pronouncements In March 2024, the SEC adopted the final rule under SEC Release No. 3311275, The Enhancement and Standardization of ClimateRelated Disclosures for Investors . The final rule requires registrants to disclose certain climaterelated information in registration statements and annual reports. The final rule disclosure requirements will begin phasing in prospectivel

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View this 10-Q filing on SEC EDGAR