EXTON, Pa., May 7, 2024 (BUSINESS WIRE) --
Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced results for its first quarter ended March 31, 2024.
First Quarter 2024 Results
Total revenues were $337.8 million, up 7.4% or 7.2% on a constant currency basis, year-over-year;
Subscriptions revenues were $307.1 million, up 10.5% or 10.3% on a constant currency basis, year-over-year;
Annualized Recurring Revenues ("ARR") was $1,186.5 million as of March 31, 2024, compared to $1,071.0 million as of March 31, 2023, representing a constant currency ARR growth rate of 11%;
Last twelve-month recurring revenues dollar-based net retention rate was 108%, compared to 110% for the same period last year;
Operating income margin was 27.2%, compared to 20.9% for the same period last year;
Adjusted operating income inclusive of stock-based compensation expense ("Adjusted OI w/SBC") margin was 33.3%, compared to 28.8% for the same period last year;
Net income per diluted share was $0.22, compared to $0.14 for the same period last year;
Adjusted net income per diluted share ("Adjusted EPS") was $0.31, compared to $0.25 for the same period last year; and
Cash flows from operations was $205.0 million, compared to $176.2 million for the same period last year.
CEO Greg Bentley said, "We are pleased with our 24Q1 performance, as year-over-year ARR growth of 11% (excluding China, 11.5%) is consistent with our recent financial outlook range for 2024. Profitability and operating cash flow started the year ahead of our expected pace, with subscription revenues (91% of total) fully on pace, although our digital integrator Cohesive's professional services business unrelated to Bentley Systems software has declined significantly from 2023.
"Coinciding with our 40th anniversary observance, on March 21st in London we announced that COO Nicholas Cumins will succeed me as CEO on July 1st, as I take up the new role of Executive Chair. Through this generational transition we can perpetuate our characteristic steadiness, while cognizant that unprecedented opportunities presented by infrastructure digital twins could springboard, for Bentley Systems, transformative growth."
COO Nicholas Cumins said, "I again thank the Board of Directors for entrusting me with the responsibility of following in Greg's footsteps as CEO. With our singular focus on helping users improve infrastructure delivery and performance, Bentley is well positioned to address the infrastructure sectors' biggest challenges, including the widening gap in engineering resource capacity. Our 24Q1 results are consistent with the trends we have seen in previous quarters, led by strong growth in Public Works / Utilities, and solid growth in Resources."
CFO Werner Andre said, "We are pleased with the strong start to the year, which puts us in a good position to achieve our full-year outlook. Our strong 24Q1 operating margin and cash flow performance enabled us to de-lever by 0.5 times Adjusted EBITDA in the quarter, and by 1.7 times since the beginning of 2023. With all remaining debt protected from high or rising interest rates through very low fixed coupons on our convertible notes and our interest rate swap, we are well positioned to maintain our dividend, share repurchases, and programmatic M&A readiness."
Call Details
Bentley Systems will host a live Zoom video webinar on May 7, 2024 at 8:15 a.m. Eastern time to discuss results for its first quarter ended March 31, 2024.
Those wishing to participate should access the live Zoom video webinar of the event through a direct registration link at https://us06web.zoom.us/webinar/register/WN_uHLOUkDdTKm5dDkkZl4lyg#/registration. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems' Investor Relations website at https://investors.bentley.com. In addition, a replay and transcript will be available after the conclusion of the live event on Bentley Systems' Investor Relations website for one year.
Non-GAAP Financial Measures
In this press release, we sometimes refer to financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain of these measures are considered non-GAAP financial measures under the United States Securities and Exchange Commission ("SEC") regulations. Those rules require the supplemental explanations and reconciliations that are in Bentley Systems' Form 8-K (Quarterly Earnings Release) furnished to the SEC.
Forward-Looking Statements
This press release includes forward-looking statements regarding the future results of operations and financial condition, business strategy, and plans and objectives for future operations of Bentley Systems, Incorporated (the "Company," "we," "us," and words of similar import). All such statements contained in this press release, other than statements of historical facts, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations, projections, and assumptions about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, and there are a significant number of factors that could cause actual results to differ materially from statements made in this press release including: adverse changes in global economic and/or political conditions; the impact of current and future sanctions, embargoes and other similar laws at the state and/or federal level that impose restrictions on our counterparties or upon our ability to operate our business within the subject jurisdictions; political, economic, regulatory and public health and safety risks and uncertainties in the countries and regions in which we operate; failure to retain personnel necessary for the operation of our business or those that we acquire; failure to effectively manage succession; changes in the industries in which our accounts operate; the competitive environment in which we operate; the quality of our products; our ability to develop and market new products to address our accounts' rapidly changing technological needs; changes in capital markets and our ability to access financing on terms satisfactory to us or at all; the impact of changing or uncertain interest rates on us and on the industries we serve; our ability to integrate acquired businesses successfully; and our ability to identify and consummate future investments and/or acquisitions on terms satisfactory to us or at all.
Further information on potential factors that could affect the financial results of the Company are included in the Company's Form 10'K and subsequent Form 10'Qs, which are on file with the SEC. The Company disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world's infrastructure - sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings, powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent's software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Bentley Systems' 5,200 colleagues generate annual revenues of more than $1 billion in 194 countries.
www.bentley.com
(C) 2024 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, Bentley Infrastructure Cloud, Bentley Open, Cohesive, iTwin, MicroStation, ProjectWise, Seequent, and SYNCHRO are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.
BENTLEY SYSTEMS, INCORPORATED
Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
2024 2023
------------------------------------------------- -------------------------------------------------
Assets
Current assets:
$ 141,601 $ 68,412
Cash and cash equivalents
284,200 302,501
Accounts receivable
(9,723 ) (8,965 )
Allowance for doubtful accounts
10,891 12,812
Prepaid income taxes
46,716 44,797
Prepaid and other current assets
-------------------- --------- -------------------- -------------------- --------- --------------------
473,685 419,557
Total current assets
Property and equipment, net 38,563 40,100
Operating lease right-of-use assets 36,454 38,476
Intangible assets, net 236,402 248,787
Goodwill 2,261,190 2,269,336
Investments 23,641 23,480
Deferred income taxes 208,152 212,831
Other assets 75,681 67,283
-------------------- --------- -------------------- -------------------- --------- --------------------
$ 3,353,768 $ 3,319,850
Total assets
==================== ========= ==================== ==================== ========= ====================
Liabilities and Stockholders' Equity
Current liabilities:
$ 23,568 $ 18,094
Accounts payable
539,775 457,348
Accruals and other current liabilities
242,037 253,785
Deferred revenues
11,178 11,645
Operating lease liabilities
11,275 9,491
Income taxes payable
10,000 10,000
Current portion of long-term debt
-------------------- --------- -------------------- -------------------- --------- --------------------
837,833 760,363
Total current liabilities
Long-term debt 1,425,445 1,518,403
Deferred compensation plan liabilities 93,402 88,181
Long-term operating lease liabilities 28,812 30,626
Deferred revenues 15,206 15,862
Deferred income taxes 10,391 9,718
Income taxes payable 7,337 7,337
Other liabilities 2,735 5,378
-------------------- --------- -------------------- -------------------- --------- --------------------
2,421,161 2,435,868
Total liabilities
-------------------- --------- -------------------- -------------------- --------- --------------------
Stockholders' equity:
2,980 2,963
Common stock
1,154,137 1,127,234
Additional paid-in capital
(92,619 ) (84,987 )
Accumulated other comprehensive loss
(132,595 ) (161,932 )
Accumulated deficit
704 704
Non-controlling interest
-------------------- --------- -------------------- -------------------- --------- --------------------
932,607 883,982
Total stockholders' equity
-------------------- --------- -------------------- -------------------- --------- --------------------
BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
March 31,
-----------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ----------- -------------------- -------------------- -------------- --------------------
Revenues:
$ 307,089 $ 277,845
Subscriptions
9,512 9,547
Perpetual licenses
-------------------- ----------- -------------------- -------------------- -------------- --------------------
316,601 287,392
Subscriptions and licenses
21,162 27,019
Services
-------------------- ----------- -------------------- -------------------- -------------- --------------------
337,763 314,411
Total revenues
-------------------- ----------- -------------------- -------------------- -------------- --------------------
Cost of revenues:
40,218 40,931
Cost of subscriptions and licenses
21,612 26,253
Cost of services
-------------------- ----------- -------------------- -------------------- -------------- --------------------
61,830 67,184
Total cost of revenues
-------------------- ----------- -------------------- -------------------- -------------- --------------------
275,933 247,227
Gross profit
-------------------- ----------- -------------------- -------------------- -------------- --------------------
Operating expenses:
68,371 67,800
Research and development
54,386 52,141
Selling and marketing
46,482 46,807
General and administrative
5,799 4,146
Deferred compensation plan
8,964 10,548
Amortization of purchased intangibles
-------------------- ----------- -------------------- -------------------- -------------- --------------------
184,002 181,442
Total operating expenses
-------------------- ----------- -------------------- -------------------- -------------- --------------------
91,931 65,785
Income from operations
Interest expense, net (6,520 ) (11,092 )
Other income, net 7,137 289
-------------------- ----------- -------------------- -------------------- -------------- --------------------
92,548 54,982
Income before income taxes
Provision for income taxes (22,247 ) (9,492 )
Equity in net income of investees, net of tax 9 --
-------------------- ----------- -------------------- -------------------- -------------- --------------------
$ 70,310 $ 45,490
Net income
==================== =========== ==================== ==================== ============== ====================
Per share information:
$ 0.22 $ 0.15
Net income per share, basic
==================== =========== ==================== ==================== ============== ====================
$ 0.22 $ 0.14
Net income per share, diluted
==================== =========== ==================== ==================== ============== ====================
314,295,102 310,758,802
Weighted average shares, basic
==================== =========== ==================== ==================== ============== ====================
BENTLEY SYSTEMS, INCORPORATED
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from operating activities:
$ 70,310 $ 45,490
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
16,385 18,057
Depreciation and amortization
5,302 (4,178 )
Deferred income taxes
19,658 19,484
Stock-based compensation expense
5,799 4,146
Deferred compensation plan
1,823 1,823
Amortization of deferred debt issuance costs
(2,790 ) 4,489
Change in fair value of derivative
(1,744 ) 1,018
Foreign currency remeasurement (gain) loss
1,099 (4,411 )
Other
Changes in assets and liabilities, net of effect from acquisitions:
14,508 15,420
Accounts receivable
(5,321 ) 12,137
Prepaid and other assets
85,071 53,127
Accounts payable, accruals, and other liabilities
(9,257 ) 1,942
Deferred revenues
4,126 7,679
Income taxes payable, net of prepaid income taxes
-------------------- -------------- -------------------- -------------------- -------------- --------------------
204,969 176,223
Net cash provided by operating activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:
(3,599 ) (4,284 )
Purchases of property and equipment and investment in capitalized software
-- (10,299 )
Acquisitions, net of cash acquired
(250 ) (6,178 )
Purchases of investments
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(3,849 ) (20,761 )
Net cash used in investing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:
39,838 117,139
Proceeds from credit facilities
(131,866 ) (223,124 )
Payments of credit facilities
(2,500 ) (1,250 )
Repayments of term loan
(451 ) (249 )
Payments of contingent and non-contingent consideration
(17,871 ) (14,522 )
Payments of dividends
5,560 4,557
Proceeds from stock purchases under employee stock purchase plan
4,007 4,202
Proceeds from exercise of stock options
(8,099 ) (20,948 )
Payments for shares acquired including shares withheld for taxes
(15,006 ) --
Repurchases of Class B common stock under approved program
(47 ) (46 )
Other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(126,435 ) (134,241 )
Net cash used in financing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Effect of exchange rate changes on cash and cash equivalents (1,496 ) 662
-------------------- -------------- -------------------- -------------------- -------------- --------------------
73,189 21,883
Increase in cash and cash equivalents
Cash and cash equivalents, beginning of year 68,412 71,684
-------------------- -------------- -------------------- -------------------- -------------- --------------------
BENTLEY SYSTEMS, INCORPORATED
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share and per share data)
(unaudited)
Reconciliation of operating income to Adjusted OI w/SBC and to Adjusted operating income:
Three Months Ended
March 31,
----------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------- -------------------------------------------------
Operating income $ 91,931 $ 65,785
Amortization of purchased intangibles 12,190 13,735
Deferred compensation plan 5,799 4,146
Acquisition expenses 2,359 8,777
Realignment expenses (income) 66 (1,979 )
-------------------- --------- -------------------- -------------------- --------- --------------------
Adjusted OI w/SBC 112,345 90,464
Stock-based compensation expense 19,337 19,198
-------------------- --------- -------------------- -------------------- --------- --------------------
Reconciliation of net income to Adjusted net income:
Three Months Ended Three Months Ended
March 31, March 31,
-------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2024 2024 2023
-------------------- -------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------------
$ $ EPS(1) $ EPS(1)
-------------------- ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
Net income $ $ 70,310 $ 0.22 $ 45,490 $ 0.14
Non-GAAP adjustments, prior to income taxes:
12,190 0.04 13,735 0.04
Amortization of purchased intangibles
19,337 0.06 19,198 0.06
Stock-based compensation expense
5,799 0.02 4,146 0.01
Deferred compensation plan
2,359 0.01 8,777 0.03
Acquisition expenses
66 -- (1,979 ) (0.01 )
Realignment expenses (income)
(7,137 ) (0.02 ) (289 ) --
Other income, net
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Total non-GAAP adjustments, prior to income taxes 32,614 0.10 43,588 0.13
Income tax effect of non-GAAP adjustments -- -- (7,389 ) (0.02 )
Equity in net income of investees, net of tax (9 ) -- -- --
-------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted net income(2) $ $ 102,915 $ 0.31 $ 81,689 $ 0.25
==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ====================
____________________
(1) Adjusted EPS was computed independently for each reconciling item presented; therefore, the sum of Adjusted EPS for each line item may not equal total Adjusted EPS due to rounding.
Reconciliation of cash flow from operations to Adjusted EBITDA:
Three Months Ended Three Months Ended
March 31, March 31,
-------------------- -------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------------- ------- -------------------- -------------------- -------------- --------------------
Cash flow from operations $ $ 204,969 $ 176,223
Cash interest 5,257 10,473
Cash taxes 11,543 6,033
Cash deferred compensation plan distributions 473 421
Cash acquisition expenses 1,807 11,053
Cash realignment costs 7,517 --
Changes in operating assets and liabilities (93,332 ) (88,299 )
Other(1) (2,357 ) (1,920 )
-------------------- -------------------- ------- -------------------- -------------------- -------------- --------------------
____________________
Reconciliation of total revenues and subscriptions revenues to total revenues and subscriptions revenues in constant currency:
Three Months Ended March 31, 2024 Three Months Ended March 31, 2024 Three Months Ended March 31, 2023
--------------------------------- ------------------------------------------------------------------------------- -------------------------------------------------------------------------------
Actual Actual Impact of Constant Actual Impact of Constant
Foreign Currency Foreign Currency
Exchange at Exchange at
2023 Rates 2023 Rates
--------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Total revenues $ $ 337,763 $ (843 ) $ 336,920 $ 314,411 $ (125 ) $ 314,286
Explanation of Non-GAAP and Other Financial Measures
Constant currency
Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. A significant amount of our operations is conducted in foreign currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. We use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its underlying performance.
In reporting period'over'period results, except for ARR as discussed further below, we calculate the effects of foreign currency fluctuations and constant currency information by translating current and prior period results on a transactional basis to our reporting currency using prior period average foreign currency exchange rates in which the transactions occurred.
Recurring revenues
Recurring revenues are the basis for our other revenue-related key business metrics. We believe this measure is useful in evaluating our ability to consistently retain and grow our revenues from accounts with revenues in the prior period ("existing accounts").
Recurring revenues are subscriptions revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.
Annualized recurring revenues ("ARR")
ARR is a key business metric that we believe is useful in evaluating the scale and growth of our business as well as to assist in the evaluation of underlying trends in our business. Furthermore, we believe ARR, considered in connection with our last twelve'month recurring revenues dollar'based net retention rate, is a leading indicator of revenue growth.
ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenues as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption'based software subscriptions with consumption measurement durations of less than one year, calculated using the spot foreign currency exchange rates. We believe that the last three months of recognized revenues, on an annualized basis, for our recurring software subscriptions with consumption measurement period durations of less than one year is a reasonable estimate of the annual revenues, given our consistently high retention rate and stability of usage under such subscriptions.
Constant currency ARR growth rate is the growth rate of ARR measured on a constant currency basis. In reporting period'over'period ARR growth rates in constant currency, we calculate constant currency growth rates by translating current and prior period ARR on a transactional basis to our reporting currency using current year budget exchange rates. Constant currency ARR growth rate from business performance excludes the ARR onboarding of our platform acquisitions and includes the impact from the ARR onboarding of programmatic acquisitions, which generally are immaterial, individually and in the aggregate. We believe these ARR growth rates are important metrics indicating the scale and growth of our business.
Last twelve'month recurring revenues dollar'based net retention rate
Last twelve'month recurring revenues dollar'based net retention rate is a key business metric that we believe is useful in evaluating our ability to consistently retain and grow our recurring revenues.
Last twelve'month recurring revenues dollar'based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from existing accounts, but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. Related to our platform acquisitions, recurring revenues into new accounts will be captured as existing accounts starting with the second anniversary of the acquisition when such data conforms to the calculation methodology. This may cause variability in the comparison.
Adjusted operating income inclusive of stock-based compensation expense ("Adjusted OI w/SBC")
Adjusted OI w/SBC is a non-GAAP financial measure and is used to measure the operational strength and performance of our business, as well as to assist in the evaluation of underlying trends in our business.
Adjusted OI w/SBC is our primary performance measure, which excludes certain expenses and charges, including the non-cash amortization expense resulting from the acquisition of intangible assets, as we believe these may not be indicative of the Company's core business operating results. We intentionally include stock-based compensation expense in this measure as we believe it better captures the economic costs of our business.
Management uses this non-GAAP financial measure to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, to evaluate financial performance, and in our comparison of our financial results to those of other companies. It is also a significant performance measure in certain of our executive incentive compensation programs.
Adjusted OI w/SBC is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, and realignment expenses (income), for the respective periods.
Adjusted OI w/SBC margin is calculated by dividing Adjusted OI w/SBC by total revenues.
Adjusted operating income
Adjusted operating income is a non-GAAP financial measure that we believe is useful to investors in making comparisons to other companies, although this measure may not be directly comparable to similar measures used by other companies.
Adjusted operating income is defined as operating income adjusted for the following: amortization of purchased intangibles, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, realignment expenses (income), and stock'based compensation expense, for the respective periods.
Adjusted net income and Adjusted EPS
Adjusted net income and Adjusted EPS are non-GAAP financial measures presenting the earnings generated by our ongoing operations that we believe is useful to investors in making meaningful comparisons to other companies, although these measures may not be directly comparable to similar measures used by other companies, and period-over-period comparisons.
Adjusted net income is defined as net income adjusted for the following: amortization of purchased intangibles, stock'based compensation expense, expense (income) relating to deferred compensation plan liabilities, acquisition expenses, realignment expenses (income), other non'operating (income) expense, net, the tax effect of the above adjustments to net income, and equity in net (income) losses of investees, net of tax, for the respective periods. The income tax effect of non'GAAP adjustments was determined using the applicable rates in the taxing jurisdictions in which income or expense occurred, and represent both current and deferred income tax expense or benefit based on the nature of the non'GAAP adjustments, including the tax effects of non'cash stock'based compensation expense.
Adjusted EPS is calculated as Adjusted net income, less net income attributable to participating securities, plus interest expense, net of tax, attributable to the convertible senior notes using the if'converted method, if applicable, (numerator) divided by Adjusted weighted average shares, diluted (denominator). Adjusted weighted average shares, diluted is calculated by adding incremental shares related to the dilutive effect of convertible senior notes using the if'converted method, if applicable, to weighted average shares, diluted.
Adjusted EBITDA
Adjusted EBITDA is our liquidity measure in the context of conversion of Adjusted EBITDA to cash flow from operations (i.e., the ratio of GAAP cash flow from operations to Adjusted EBITDA). We believe this non-GAAP financial measure provides a meaningful measure of liquidity and a useful basis for assessing our ability to repay debt, make strategic acquisitions and investments, and return capital to investors.
Adjusted EBITDA is defined as cash flow from operations adjusted for the following: cash interest, cash taxes, cash deferred compensation plan distributions, cash acquisition expenses, changes in operating assets and liabilities, and other cash items (such as those related to our interest rate swap). From time to time, we may exclude from Adjusted EBITDA the impact of certain cash receipts or payments that affect period-to-period comparability.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507850727/en/
SOURCE: Bentley Systems, Incorporated
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240507850727r1&sid=cmtx6&distro=nx&lang=en" style="width:0;height:0" />
BSY Investor Contact:
Eric Boyer
Investor Relations Officer
ir@bentley.com
COMTEX_452004189/1006/2024-05-07T07:00:12
Copyright Business Wire 2024
