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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 expects substantially all actions related to the strategic realignment program to be completed by the beginning of 2021.
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’ Adjusted EBITDA for the quarter ended 2020-09-30 was $73.6 million, compared to $52,800,000 for the same period last year.
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 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.
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’ 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 projected constant currency growth in ARR for the full year of 2020 in the range of 7.5% to 9.0%.
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’ Adjusted Net Income for the quarter ended 2020-09-30 was $51.4 million, compared to $39,300,000 for the same period last year.
Bentley Systems’ last twelve-month recurring revenues were $682,700,000 for the period ending 2020-09-30, up 11.0% year-over-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’ GAAP operating income for the quarter ended 2020-09-30 was $5.3 million, compared to $41,400,000 for the same period last year.
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 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 completed its initial public offering of Class B common stock in September 2020 at a price of $22.00 per share.
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.