Bentley Systems

Bentley Systems projected its effective tax rate for the full year of 2020 to be 23% to 25%, and normalized for unusual IPO-related activity the effective tax rate was expected to be approximately 19% to 21%.

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’ total revenues for the quarter ended 2020-09-30 were $203.0 million, up 8.8% year-over-year.

Bentley Systems’ cash flow from operations for the quarter ended 2020-09-30 was $39.8 million, compared to $35,500,000 for the same period last 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 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.

Selling stockholders in Bentley Systems’ September 2020 IPO sold 12.4 million shares, including 1.6 million shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares.

Bentley Systems projected Adjusted EBITDA for the full year of 2020 in the range of $250,000,000 to $265 million, representing growth of 33% to 41%.

Bentley Systems’ Annualized Recurring Revenue (ARR) was $715,300,000 as of 2020-09-30, representing constant currency growth in ARR of 9% over 2019-09-30.

Bentley Systems expects substantially all actions related to the strategic realignment program to be completed by the beginning of 2021.

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’ subscriptions revenues for the quarter ended 2020-09-30 were $173.2 million, up 11.6% 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 incurred $10,000,000 of realignment costs for the three and nine months ended 2020-09-30 representing termination benefits for colleagues whose positions were eliminated.

Bentley Systems’ Adjusted EBITDA margin for the quarter ended 2020-09-30 was 36.3%, compared to 28.3% for the same period last year.

Bentley Systems’ GAAP net income per diluted share for the quarter ended 2020-09-30 was $0.02, compared to $0.07 for the same period last year.

Bentley Systems’ last twelve-month recurring revenues dollar-based net retention rate was 110% for the period ending 2020-09-30, compared to 107% for the same period last year.

Bentley Systems launched a proposed public offering of 10,000,000 shares of its Class B common stock.

Bentley Systems expects to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Class B common stock from Bentley Systems.

Bentley Systems reported an effective tax rate of 62.5% for the three months ended 2020-09-30 and 22.6% for the nine months ended 2020-09-30.