Bentley Systems Q3 2024 10-Q Filed

TL;DR

Bentley Systems filed its Q3 2024 10-Q, showing updated financials and operations.

AI Summary

Bentley Systems Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial metrics and business segments are presented, reflecting the company's ongoing activities in the software services sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Bentley Systems, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the inherent risks of the software and technology sector, along with specific company performance, contribute to a medium risk level.

Key Numbers

• Q3 2024 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• BENTLEY SYSTEMS INC (company) — Filer of the 10-Q
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• 6104585000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

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

Filing Documents

• bsy-20240930.htm (10-Q) — 1935KB
• a24q3exhibit311.htm (EX-31.1) — 10KB
• a24q3exhibit312.htm (EX-31.2) — 10KB
• a24q3exhibit32.htm (EX-32) — 7KB
• 0001031308-24-000012.txt ( ) — 10500KB
• bsy-20240930.xsd (EX-101.SCH) — 73KB
• bsy-20240930_cal.xml (EX-101.CAL) — 107KB
• bsy-20240930_def.xml (EX-101.DEF) — 448KB
• bsy-20240930_lab.xml (EX-101.LAB) — 852KB
• bsy-20240930_pre.xml (EX-101.PRE) — 656KB
• bsy-20240930_htm.xml (XML) — 1618KB

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 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11

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 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 51 SIGNATURE 52 2 EXPLANATORY NOTE This Quarterly Report on Form 10Q is for the three and nine months ended September 30, 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 f

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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 72,175 $ 68,412 Accounts receivable 271,689 302,501 Allowance for doubtful accounts ( 8,846 ) ( 8,965 ) Prepaid income taxes 15,846 12,812 Prepaid and other current assets 52,955 44,797 Total current assets 403,819 419,557 Property and equipment, net 34,533 40,100 Operating lease right-of-use assets 36,425 38,476 Intangible assets, net 225,788 248,787 Goodwill 2,390,392 2,269,336 Investments 24,724 23,480 Deferred income taxes 207,821 212,831 Other assets 72,985 67,283 Total assets $ 3,396,487 $ 3,319,850 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 30,514 $ 18,094 Accruals and other current liabilities 494,911 457,348 Deferred revenues 225,291 253,785 Operating lease liabilities 12,079 11,645 Income taxes payable 19,434 9,491 Current portion of long-term debt — 10,000 Total current liabilities 782,229 760,363 Long-term debt 1,418,870 1,518,403 Deferred compensation plan liabilities 97,932 88,181 Long-term operating lease liabilities 27,954 30,626 Deferred revenues 15,820 15,862 Deferred income taxes 11,815 9,718 Income taxes payable 3,615 7,337 Other liabilities 4,242 5,378 Total liabilities 2,362,477 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 September 30, 2024 and December 31, 2023 — — Class A common stock, $ 0.01 par value, authorized 100,000,000 shares; issued and outstanding 11,537,627 shares as of September 30, 2024 and December 31, 2023 115 115 Class B common stock, $ 0.01 par value, authorized 1,800,000,000 shares; issued and outstanding 290,505,175 and 284,728,210 shares as of September 30, 2024 and D

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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