Bentley Systems, Incorporated

BSY

BSYBentley Systems, Incorporated US flag

NASDAQ Global Select

32.35

USD

+0.01

- -

9.46BMarket Cap

Income Statement (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	692	737	802	965	1,099	1,228	1,353	1,502
+ Sales & Services Revenue	692	737	802	965	1,099	1,228	1,353	1,502
- Cost of Revenue	131	144	167	217	237	266	258	278
+ Cost of Goods & Services	131	144	167	217	237	266	258	278
Gross Profit	560	593	634	749	862	962	1,095	1,224
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	439	451	458	654	653	732	793	862
+ Selling, General & Admin	250	253	257	407	354	419	478	521
+ Research & Development	175	184	186	221	258	275	281	308
+ Other Operating Expense	14	14	15	26	41	39	34	33
Operating Income (Loss)	121	142	176	95	209	231	302	363
- Non-Operating (Income) Loss	9	14	9	1	10	47	9	12
+ Interest Expense, Net	9	8	7	11	35	40	22	12
+ Interest Expense	10	10	7	12	35	41	25	15
- Interest Income	1	2	- -	- -	- -	2	3	3
+ Other Non-Op (Income) Loss	- -	6	2	-10	-24	7	-13	-1
Pretax Income	113	128	168	93	198	184	293	351
- Income Tax Expense (Benefit)	-29	24	39	-3	21	-143	59	73
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	142	103	127	93	175	327	234	278
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	-1	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	-1	- -
Income (Loss) Incl. MI	142	103	127	93	175	327	235	278
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	142	103	127	93	175	327	235	278
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	142	103	127	93	175	327	235	278
EBIT	121	142	176	95	209	231	302	363
EBITDA	151	174	212	147	280	302	367	429
EBITDA Margin (%)	21.77	23.62	26.5	15.27	25.49	24.62	27.11	28.53
EBITA	121	142	176	95	209	231	302	363
Gross Margin (%)	81.01	80.43	79.15	77.56	78.44	78.34	80.95	81.52
Operating Margin (%)	17.55	19.26	21.99	9.8	18.98	18.77	22.33	24.15
Profit Margin (%)	20.55	14	15.78	9.66	15.9	26.6	17.35	18.5
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.08	0.1	1.46	0.11	0.11	0.19	0.23	0.27
Depreciation Expense	29	32	36	53	72	72	65	66
Basic Weighted Avg Shares	261	261	290	306	309	312	315	315
Basic EPS, GAAP	0.54	0.39	0.44	0.3	0.57	1.05	0.75	0.88
Basic EPS from Cont Ops	0.54	0.39	0.44	0.3	0.57	1.05	0.74	0.88
Diluted Weighted Avg Shares	261	261	299	315	332	333	334	333
Diluted EPS, GAAP	0.54	0.39	0.42	0.3	0.53	0.98	0.7	0.83
Diluted EPS from Cont Ops	0.54	0.39	0.42	0.3	0.53	0.98	0.7	0.83

Balance Sheet (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	283	354	340	616	416	420	442	539
+ Cash, Cash Equivalents & STI	81	121	122	329	72	68	64	123
+ Cash & Cash Equivalents	81	121	122	329	72	68	64	123
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	185	205	190	235	287	294	314	343
+ Accounts Receivable, Net	185	205	190	235	287	294	314	343
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	17	28	28	51	57	58	64	73
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	640	641	786	2,043	2,749	2,900	2,958	3,016
+ Property, Plant & Equip, Net	29	30	75	83	72	79	66	67
+ Property, Plant & Equip	96	98	143	155	150	130	128	144
- Accumulated Depreciation	67	69	69	72	78	52	62	77
+ LT Investments & Receivables	- -	2	6	6	22	23	26	28
+ LT Investments	- -	2	6	6	22	23	26	28
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	611	610	706	1,954	2,654	2,798	2,866	2,921
+ Total Intangible Assets	500	526	627	1,834	2,529	2,518	2,581	2,675
+ Goodwill	446	480	581	1,588	2,237	2,269	2,367	2,482
+ Other Intangible Assets	54	46	46	246	292	249	214	193
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	111	83	79	120	125	280	285	246
Total Assets	924	995	1,126	2,659	3,165	3,320	3,400	3,555
+ Payables & Accruals	38	47	51	66	71	84	102	114
+ Accounts Payable	9	18	16	16	15	18	16	27
+ Accrued Taxes	6	8	10	14	14	20	4	5
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	24	22	25	35	42	46	82	82
+ ST Debt	- -	- -	17	22	20	22	12	14
+ ST Borrowings	- -	- -	- -	5	5	10	- -	- -
+ ST Finance Leases	- -	- -	17	17	15	12	12	14
+ Other ST Liabilities	397	345	398	506	538	654	701	832
+ Deferred Revenue	296	214	212	237	241	271	613	742
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	101	131	186	268	297	384	88	91
Total Current Liabilities	436	392	466	594	628	760	814	960
+ LT Debt	259	234	278	1,466	1,803	1,549	1,415	1,271
+ LT Borrowings	259	234	246	1,431	1,776	1,518	1,388	1,249
+ LT Finance Leases	- -	- -	32	35	28	31	27	22
+ Other LT Liabilities	82	34	41	190	160	126	129	134
+ Accrued Liabilities	60	16	20	168	144	114	122	130
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	21	17	21	22	15	13	7	5
Total Noncurrent Liabilities	340	268	319	1,656	1,963	1,676	1,544	1,405
Total Liabilities	776	660	784	2,250	2,592	2,436	2,359	2,366
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	395	411	744	941	1,033	1,130	1,221	1,304
+ Common Stock	3	3	3	3	3	3	3	3
+ Additional Paid in Capital	393	409	741	938	1,030	1,127	1,218	1,301
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-219	-53	-376	-440	-371	-162	-76	-40
+ Other Equity	-29	-24	-26	-92	-90	-85	-104	-75
Equity Before Minority Interest	147	335	342	409	573	883	1,041	1,189
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	1	- -	- -
Total Equity	147	335	342	409	573	884	1,041	1,189
Total Liabilities & Equity	924	995	1,126	2,659	3,165	3,320	3,400	3,555
Shares Outstanding	261	261	272	283	289	296	302	302
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	48	53	42	42	39	36
Net Debt	178	113	124	1,107	1,709	1,460	1,324	1,126
Net Debt to Equity	120.44	33.66	36.3	270.43	298.02	165.16	127.18	94.63
Tangible Common Equity Ratio	-83.37	-40.95	-57.13	-172.75	-307.77	-203.83	-188.11	-168.83
Current Ratio	0.65	0.9	0.73	1.04	0.66	0.55	0.54	0.56
Cash Conversion Cycle	- -	63.17	52.53	52.63	62.36	63.44	57.53	51.3

Cash Flow Statement (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	142	103	127	93	175	327	234	278
+ Depreciation & Amortization	29	32	36	53	72	72	65	66
+ Non-Cash Items	-46	17	25	126	43	-79	114	135
+ Stock-Based Compensation	8	8	32	49	75	73	74	73
+ Deferred Income Taxes	-60	1	16	-20	-5	-199	13	24
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	6	8	-24	97	-27	47	27	39
+ Chg in Non-Cash Work Cap	36	18	71	16	-15	97	23	59
+ (Inc) Dec in Accts Receiv	-42	-21	12	-36	-61	-5	-32	-19
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	3	-1	12	14	14	82	86	88
+ Inc (Dec) in Accts Payable	54	37	47	32	30	1	-29	-29
+ Inc (Dec) in Other	21	4	-1	5	2	20	-2	19
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	161	171	258	288	274	417	435	538
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	2	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	2	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-19	-17	-16	-18	-19	-25	-14	-18
+ Acq of Fixed Prod Assets	-19	-17	-16	-18	-19	-25	-14	-18
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-30	-20	270	-121	-72	-59	-77	-157
+ Increase in Capital Stock	16	5	354	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-46	-24	-84	-121	-72	-59	-77	-157
+ Net Change in LT Investment	- -	- -	- -	-4	-11	-9	-1	-1
+ Dec in LT Investment	- -	- -	- -	- -	- -	2	- -	- -
+ Inc in LT Investment	- -	- -	- -	-4	-11	-12	-1	-1
+ Net Cash From Acq & Div	-135	-34	-93	-1,035	-743	-26	-130	-93
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-135	-34	-93	-1,035	-743	-26	-130	-93
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-1	-3	-8	- -	- -	- -	3	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-155	-54	-117	-1,057	-770	-61	-143	-112
+ Dividends Paid	-20	-25	-423	-33	-34	-59	-72	-85
+ Net Cash From Debt	-22	-61	21	941	339	-259	-147	-145
+ Cash From Debt	296	382	1,227	2,924	833	588	518	290
+ Repayments of Debt	-319	-444	-1,206	-1,983	-495	-847	-664	-435
+ Other Financing Activities	14	29	-5	196	11	17	6	11
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-59	-77	-137	983	243	-359	-290	-376
Effect of Foreign Exchange Rates	-1	- -	-4	-7	-5	- -	-7	9
Net Changes in Cash	-52	40	4	214	-253	-3	2	50
EBITDA	151	174	212	147	280	302	367	429
EBITDA Margin (%)	21.77	23.62	26.5	15.27	25.49	24.62	27.11	28.53
Free Cash Flow	143	154	242	270	256	392	421	520
Net Cash Paid for Acquisitions	135	34	93	1,035	743	26	130	93
Free Cash Flow to Firm	- -	162	247	- -	287	- -	441	532
Free Cash Flow to Equity	- -	93	263	1,211	597	133	275	375
Free Cash Flow per Basic Share	0.55	0.59	0.83	0.88	0.83	1.25	1.34	1.65
Price/Free Cash Flow	- -	- -	44.13	49.76	41.87	39.28	34.69	22.84
Cash Flow to Net Income	1.14	1.66	2.04	3.09	1.57	1.28	1.85	1.94
Capital Expenditures	-19	-17	-16	-18	-19	-25	-14	-18