Bentley Systems is an infrastructure engineering software company providing comprehensive software solutions for the design, construction, and operation of infrastructure assets. Their software is used across various industries, including space, for digital twins, reality modeling, and project delivery. Bentley's iTwin platform and recent acquisition of Cesium further enhance their capabilities in 3D geospatial data integration for infrastructure projects from space to deep below the Earth's surface.
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Bentley Systems’ Adjusted Net Income per diluted share for the quarter ended 2020-09-30 was $0.17, compared to $0.14 for the same period last year.
Bentley Systems projected constant currency growth in ARR for the full year of 2020 in the range of 7.5% to 9.0%.
Bentley Systems recorded $26,100,000 in expenses associated with its IPO in its consolidated statement of operations for the three and nine months ended 2020-09-30.
Bentley Systems’ GAAP net income for the quarter ended 2020-09-30 was $5.8 million, compared to $20,400,000 for the same period last year.
Bentley Systems’ total revenues for the quarter ended 2020-09-30 were $203.0 million, up 8.8% year-over-year.
Bentley Systems did not receive any proceeds from the sale of shares of common stock by the selling stockholders in the September 2020 IPO.
Bentley Systems’ subscriptions revenues for the quarter ended 2020-09-30 were $173.2 million, up 11.6% year-over-year.
Bentley Systems’ 2020 Adjusted EBITDA projection includes the impact of transitioning approximately $7,500,000 of quarterly executive compensation from cash-based incentives to stock-based incentives for the fourth quarter of 2020.
Bentley Systems projected total revenues for the full year of 2020 in the range of $790,000,000 to $800 million, representing growth of 7.2% to 8.6%.
Bentley Systems established Bentley iTwin Ventures to invest in technology companies addressing infrastructure digital twin solutions for roadways, railways, waterways, bridges, utilities, industrial facilities, and other infrastructure assets.
Bhupinder Singh retired from Bentley Systems after 26 years.
Bentley Systems and Microsoft expanded a strategic alliance to advance infrastructure for smart city urban planning and smart construction in 2020.
The IPO will raise Bentley Systems' public profile and improve the company's marketing as a public company.
Bentley Systems launched an initial public offering of 10,750,000 shares of its Class B common stock.
Siemens and Bentley Systems entered into a strategic alliance in 2016 to develop commercial initiatives and renewed the pact in 2018.
The strategic alliance between Siemens and Bentley Systems had €100 million ($118,000,000) pledged to the venture.