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Bentley Systems Announces BSY Stock Repurchase Program
EXTON, Pa.--(BUSINESS WIRE)-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software
About this update from Bentley Systems, Incorporated
[{"type":"text","content":" EXTON, Pa.--(BUSINESS WIRE)--\nBentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced its Board of Directors approved the BSY Stock Repurchase Program authorizing the Company to repurchase up to $200 million of BSY Class B common stock through June 30, 2024.\n\nThe Company traditionally repurchased BSY shares “de facto” by issuing its equity grants, and especially Deferred Compensation Plan distributions, on a net basis, holding back shares in consideration of remitting withholding taxes on behalf of recipients. This practice resulted in cash outlays for such de facto share repurchases of $120.5 million in 2021, and of $35.1 million in 22Q1. During 22Q2, the Company began to exercise its right to require that equity awardees instead receive gross quantities of BSY shares and promptly reimburse to the Company the cash required for their tax withholding amounts.\n\nGreg Bentley, CEO, said, “In contrast to our practice to date of de facto repurchases, the BSY Stock Repurchase Program enables us to consider market conditions in flexibly re-prioritizing the application of our robust cash generation, including savings from the switch to gross equity distributions, as between programmatic acquisitions, de-levering, and/or open-market stock repurchases to offset ongoing dilution from equity compensation. We will purchase shares opportunistically to enhance stockholder value.”\n\nThe shares proposed to be acquired in the BSY Stock Repurchase Program may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s shares, the market price of the Company’s Class B common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, and applicable legal requirements. The exact number of shares to be repurchased by the Compan...