$BSY
BENTLEY SYSTEMS INC
CIK:0001031308|SEC Filings
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Revenues: | ||||
| Total revenues | $ 410,727 | $ 364,106 | $ 834,908 | $ 734,648 |
| Cost of revenues: | ||||
| Total cost of revenues | 73,987 | 68,776 | 147,761 | 134,435 |
| Gross profit | 336,740 | 295,330 | 687,147 | 600,213 |
| Operating expenses: | ||||
| Research and development | 82,091 | 75,385 | 165,096 | 147,835 |
| Selling and marketing | 80,870 | 69,873 | 156,142 | 132,932 |
| General and administrative | 65,216 | 49,857 | 123,725 | 97,085 |
| Deferred compensation plan | 11,661 | 7,584 | 10,587 | 6,338 |
| Amortization of purchased intangibles | 8,294 | 8,201 | 16,729 | 16,409 |
| Total operating expenses | 248,132 | 210,900 | 472,279 | 400,599 |
| Income from operations | 88,608 | 84,430 | 214,868 | 199,614 |
| Interest expense, net | (9,103) | (3,519) | (17,303) | (7,327) |
| Other income (expense), net | 15,564 | (1,596) | 16,061 | (1,147) |
| Income before income taxes | 95,069 | 79,315 | 213,626 | 191,140 |
| Provision for income taxes | (16,609) | (8,876) | (39,764) | (29,364) |
| Equity in net income of investees, net of tax | 55 | 61 | 2 | 62 |
| Net income | 78,515 | 70,500 | 173,864 | 161,838 |
| Less: Net income (loss) attributable to noncontrolling interest | (58) | 18 | (95) | (12) |
| Net income attributable to Bentley Systems | $ 78,573 | $ 70,482 | $ 173,959 | $ 161,850 |
| Net income per share attributable to Bentley Systems stockholders: | ||||
| Basic (in USD per share) | $ 0.25 | $ 0.22 | $ 0.56 | $ 0.51 |
| Diluted (in USD per share) | $ 0.25 | $ 0.22 | $ 0.55 | $ 0.50 |
| Weighted average shares: | ||||
| Basic (in shares) | 311,784,740 | 314,622,491 | 312,227,764 | 314,894,050 |
| Diluted (in shares) | 318,957,692 | 332,824,020 | 320,435,795 | 333,150,282 |
| Subscriptions and licenses | ||||
| Revenues: | ||||
| Total revenues | $ 388,342 | $ 343,645 | $ 789,883 | $ 696,755 |
| Cost of revenues: | ||||
| Total cost of revenues | 54,027 | 47,758 | 107,125 | 94,256 |
| Subscriptions | ||||
| Revenues: | ||||
| Total revenues | 378,635 | 333,452 | 771,119 | 675,770 |
| Perpetual licenses | ||||
| Revenues: | ||||
| Total revenues | 9,707 | 10,193 | 18,764 | 20,985 |
| Services | ||||
| Revenues: | ||||
| Total revenues | 22,385 | 20,461 | 45,025 | 37,893 |
| Cost of revenues: | ||||
| Total cost of revenues | $ 19,960 | $ 21,018 | $ 40,636 | $ 40,179 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 146,981 | $ 123,278 |
| Accounts receivable | 368,136 | 350,299 |
| Allowance for credit losses | (8,957) | (7,609) |
| Prepaid income taxes | 25,115 | 19,805 |
| Prepaid and other current assets | 56,616 | 53,260 |
| Total current assets | 587,891 | 539,033 |
| Property and equipment, net | 42,373 | 36,031 |
| Operating lease right-of-use assets | 42,503 | 31,141 |
| Intangible assets, net | 168,956 | 193,018 |
| Goodwill | 2,469,001 | 2,482,154 |
| Investments | 41,915 | 27,920 |
| Deferred income taxes | 153,710 | 170,368 |
| Other assets | 76,555 | 75,502 |
| Total assets | 3,582,904 | 3,555,167 |
| Current liabilities: | ||
| Accounts payable | 22,792 | 26,952 |
| Accruals and other current liabilities | 182,034 | 173,255 |
| Cloud Services Subscription deposits | 496,322 | 463,312 |
| Deferred revenues | 263,154 | 278,244 |
| Operating lease liabilities | 12,568 | 13,669 |
| Income taxes payable | 4,394 | 4,778 |
| Current portion of long-term debt | 6,875 | 0 |
| Total current liabilities | 988,139 | 960,210 |
| Long-term debt | 1,210,305 | 1,248,912 |
| Deferred compensation plan liabilities | 112,736 | 106,831 |
| Long-term operating lease liabilities | 37,697 | 22,150 |
| Deferred revenues | 17,487 | 18,410 |
| Deferred income taxes | 4,942 | 4,368 |
| Other liabilities | 9,572 | 4,794 |
| Total liabilities | 2,380,878 | 2,365,675 |
| Commitments and contingencies (Note 18) | ||
| Equity: | ||
| Preferred stock, $0.01 par value, authorized 100,000,000 shares; none issued or outstanding as of June 30, 2026 and December 31, 2025 | 0 | 0 |
| Additional paid-in capital | 1,348,863 | 1,301,205 |
| Accumulated other comprehensive loss | (86,393) | (74,558) |
| Accumulated deficit | (63,446) | (40,258) |
| Total Bentley Systems stockholders’ equity | 1,202,042 | 1,189,413 |
| Noncontrolling interest | (16) | 79 |
| Total equity | 1,202,026 | 1,189,492 |
| Total liabilities and equity | 3,582,904 | 3,555,167 |
| Class A Common Stock | ||
| Equity: | ||
| Common stock | 115 | 115 |
| Class B Common Stock | ||
| Equity: | ||
| Common stock | $ 2,903 | $ 2,909 |