Slide 1: Bentley Systems' 22Q1 Operating Results
Bentley Systems’ 22Q1 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer © 2022 Bentley Systems, Incorporated
Slide 2: Disclaimer
Disclaimer • This presentation includes forward-looking statements regarding the future results of operations and financial position, business strategy and plans and objectives for future operations of Bentley Systems, Incorporated (the “Company”, “we”, “us” and words of similar import). All such st
Slide 3: Agenda
Agenda Tone of Business (Greg) Operational Perspectives (Nicholas) Corporate Developments (Greg) BSY Investments (David) 22Q1 Financial Performance (Werner)
Slide 4: Tone of Business
Tone of Business Greg Bentley, Chief Executive Officer 4 | © 2022 Bentley Systems, Incorporated
Slide 5: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems CEO Greg Bentley said, “Against this quarter’s backdrop of compounding global concerns, I am pleased that we are reporting overall resilience, starting with strong operating results, consistent with our established financi
Slide 6: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 7: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 8: Comprehensiveness Across Geographies: Notable New Business Growth
Comprehensiveness Across Geographies: Notable New Business Growth 8 | © 2022 Bentley Systems, Incorporated
Slide 9: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 10: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 11: Historical ARR Growth and Net Retention Growth
Historical ARR4 Growth and Net Retention3 Growth 14% 112% 111% NRR (Constant Currency Business Performance) 12% 110% 109% ARR Growth LTM NRR ARR Growth 108% 10% (Constant Currency Business Performance) 107% 8% 106% 105% 6% 104% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 11 | © 2022
Slide 12: Historical ARR Growth and Net Retention Growth
Historical ARR4 Growth and Net Retention3 Growth 14% 112% 111% NRR (Constant Currency Business Performance) 12% 110% 109% ARR Growth LTM NRR ARR Growth 108% 10% (Constant Currency Business Performance) 107% 8% 106% 105% 6% 104% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 12 | © 2022
Slide 13: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 14: Application Usage Trends by Infrastructure Sector
Application Usage Trends by Infrastructure Sector Commercial /Facilities Industrial/ Resources Public Works/Utilities Note: Chart segment sizing corresponds to underlying % of 2020 ASC 606 Revenue. 14 | © 2022 Bentley Systems, Incorporated
Slide 15: Application Usage Trends by Infrastructure Sector
Application Usage Trends by Infrastructure Sector Commercial /Facilities Industrial/ Resources Public Works/Utilities Note: Chart segment sizing corresponds to underlying % of 2020 ASC 606 Revenue. 15 | © 2022 Bentley Systems, Incorporated
Slide 16: ARR by Commercial Model
ARR by Commercial Model E365 SMB E365 Prospects (>$100K ARR) As of December 31, 2021 16 | © 2022 Bentley Systems, Incorporated
Slide 17: ARR by Commercial Model
ARR by Commercial Model 22Q1 E365 SMB E365 E365 Prospects Prospect 17 | © 2022 Bentley Systems, Incorporated
Slide 18: ARR by Commercial Model
ARR by Commercial Model 22Q1 E365 SMB EPC E365 Prospects 18 | © 2022 Bentley Systems, Incorporated
Slide 19: Virtuosity NBG (New Business Growth)
Virtuosity NBG (New Business Growth) 21Q1 21Q2 21Q3 21Q4 19 | © 2022 Bentley Systems, Incorporated
Slide 20: Virtuosity New Business
Virtuosity New Business 21Q1 22Q1 21Q2 21Q3 21Q4 20 | © 2022 Bentley Systems, Incorporated
Slide 21: Tone of Business
Tone of Business Greg Bentley, Chief Executive Officer 21 | © 2022 Bentley Systems, Incorporated
Slide 22: Operational Perspectives
Operational Perspectives Nicholas Cumins, Chief Operating Officer 22 | © 2022 Bentley Systems, Incorporated
Slide 23: Notable Developments in New Business Across Geographies
Notable Developments in New Business Across Geographies 23 | © 2022 Bentley Systems, Incorporated
Slide 24: Notable Developments in New Business Across Products
Notable Developments in New Business Across Products APPLICATIONS ENGINEERING APPLICATIONS GEOPROFESSIONAL APPLICATIONS - MicroStation - ADINA - AGS Workbench - MX Deposit - OpenBridge - CUBE - GeoStudio - Oasis montaj - OpenBuildings - DYNAMEQ - Imago - OpenGround - OpenFlows - EMME - Leapfrog - PL
Slide 25: Comprehensiveness of Product Advancement: ADINA
Comprehensiveness of Product Advancement: ADINA DOMAINS Structural Analysis Offshore Analysis Pipe Stress & Vessel Analysis Geotechnical Analysis SIMULATION APPLICATIONS STAAD RAM SACS MAXSURF MOSES AutoPIPE PLAXIS 25 | © 2022 Bentley Systems, Incorporated
Slide 26: Corporate Developments
Corporate Developments Greg Bentley, Chief Executive Officer 26 | © 2022 Bentley Systems, Incorporated
Slide 27: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 28: 2022 Outlook: Compounding Growth
Compounding Growth… $M USD 1988 1996 2001 2009 2014 2017 1985 1986 1987 1989 1990 1991 1992 1993 1994 1995 1997 1998 1999 2000 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2015 2016 2018 2019 2020 2021 2022 Outlook Revenue Recurring Revenue1 Adjusted EBITDA5 1 See Appendix, footnote 1 and
Slide 29: ARR by Consumption Model
ARR4 by Consumption Model 2019 Y/E Daily (E365) Monthly and Quarterly Terms Annual Term 29 | © 2022 Bentley Systems, Incorporated
Slide 30: ARR by Consumption Model
ARR4 by Consumption Model 22Q1 Daily (E365) Annual Term Monthly and Quarterly Terms As of March 31, 2022 30 | © 2022 Bentley Systems, Incorporated
Slide 31: ARR by Consumption Model
ARR4 by Consumption Model 2019 Y/E 22Q1 Daily (E365) Daily (E365) Monthly Daily (E365) and Quarterly Terms Annual Term Annual Term Monthly Monthly and and Quarterly Quarterly Terms Terms 31 | © 2022 Bentley Systems, Incorporated
Slide 32: ARR by Commercial Model
ARR4 by Commercial Model 22Q1 E365 SMB E365 Prospects 32 | © 2022 Bentley Systems, Incorporated
Slide 33: Professionals in "AEC" Firms
Professionals in “AEC” Firms SMB <50 Professionals Germany Japan South Korea UK US TOTAL Enterprise >50 Professionals 33 | © 2022 Bentley Systems, Incorporated
Slide 34: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 35: ARR by Geography
ARR4 by Geography 2019 Y/E EMEA Americas APAC 35 | © 2022 Bentley Systems, Incorporated
Slide 36: ARR by Geography
ARR4 by Geography 22Q1 EMEA Americas APAC 36 | © 2022 Bentley Systems, Incorporated
Slide 37: ARR by Geography
ARR4 by Geography 2019 Y/E 22Q1 EMEA EMEA Americas Americas APAC APAC Note: inclusive of Seequent and PLS 37 | © 2022 Bentley Systems, Incorporated
Slide 38: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenBridge OpenFlows STAA
Slide 39: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle 39 | © 2022 Bentley Systems, Incorporated
Slide 40: ARR by Account Type
ARR4 by Account Type 2019 Y/E Owner- Operator Contractors 40 | © 2022 Bentley Systems, Incorporated
Slide 41: ARR by Account Type
ARR4 by Account Type 2019 Y/E Asset Reliability Software and Services Owner- January 2022 Operator Contractors #1 Software - #1 Electric Power T&D - #1 Oil & Gas - #1 Transportation & Logistics - #1 Water/Waste Water #1 Cloud 41 | © 2022 Bentley Systems, Incorporated
Slide 42: Bentley Infrastructure Top Owners: BSY Runrate
Bentley Infrastructure Top Owners: BSY Runrate $ 250M $ 200M $ 150M $ 100M $ 50M https://www.bentley.com/en/top-infrastructure-owners $0 2019 2020 2021 BSY Runrate (ARR + License Sales + Services) 42 | © 2022 Bentley Systems, Incorporated
Slide 43: ARR by Account Type
ARR4 by Account Type 2019 Y/E Owner- Operator Contractors 43 | © 2022 Bentley Systems, Incorporated
Slide 44: ARR by Account Type
ARR4 by Account Type 22Q1 Owner-Operator Contractors 44 | © 2022 Bentley Systems, Incorporated
Slide 45: ARR by Account Type
ARR4 by Account Type 2019 Y/E 22Q1 Owner- Operator Contractors Owner-Operator Contractors 45 | © 2022 Bentley Systems, Incorporated
Slide 46: ARR by Infrastructure Sector
ARR4 by Infrastructure Sector 2019 Y/E Commercial / Facililties Industrial Public Geoprofessional Works / Utilities Resources 46 | © 2022 Bentley Systems, Incorporated
Slide 47: ARR by Infrastructure Sector
ARR4 by Infrastructure Sector 2019 Y/E Commercial / Facililties Industrial Public Geoprofessional Works / Utilities Resources 47 | © 2022 Bentley Systems, Incorporated
Slide 48: ARR by Infrastructure Sector
ARR4 by Infrastructure Sector 22Q1 Commercial / Facilities Industrial Public Geoprofessional Works / Utilities Resources Note: chart segment sizing corresponds to underlying % of 2022Q1 ARR 48 | © 2022 Bentley Systems, Incorporated
Slide 49: ARR by Infrastructure Sector
ARR4 by Infrastructure Sector 22Q1 Commercial / Facilities Industrial Public Geoprofessional Works / Utilities Resources Note: chart segment sizing corresponds to underlying % of 2022Q1 ARR 49 | © 2022 Bentley Systems, Incorporated
Slide 50: ARR by Infrastructure Sector and Disciplines
ARR4 by Infrastructure Sector and Disciplines 22Q1 Commercial / Grids Facilities Facilities Industrial Public Roads Geoprofessional and / Works Bridges Utilities Resources Rail and Water Transit and Municipal Waste Note: chart segment sizing corresponds to underlying % of 2022Q1 ARR 50 | © 2022 Bent
Slide 51: ARR by Infrastructure Sector and Disciplines
ARR4 by Infrastructure Sector and Disciplines 22Q1 Commercial / Grids Facilities Industrial Roads Geoprofessional and Bridges Resources Rail and Water Transit and Municipal Waste 51 | © 2022 Bentley Systems, Incorporated
Slide 52: ARR by Infrastructure Sector and Discipline
ARR4 by Infrastructure Sector and Discipline 22Q1 Commercial / Grids Facilities Industrial Roads Geoprofessional and Bridges Resources Rail and Water Transit and Municipal Waste 52 | © 2022 Bentley Systems, Incorporated
Slide 53: ARR by Infrastructure Sector and Disciplines
ARR4 by Infrastructure Sector and Disciplines 2019 Y/E 22Q1 Commercial / Grids Facilities Grids Commercial / Facililties Industrial Industrial Roads and Geoprofessional Roads Geoprofessional Bridges and Bridges Resources Resources Rail Water and and Rail Municipal Waste and Transit Water Transit and
Slide 54: ARR by Consumption Model
ARR4 by Consumption Model 2019 Y/E 22Q1 Daily (E365) Monthly Daily (E365) and Quarterly Terms Annual Term Annual Term Monthly and Quarterly Terms 54 | © 2022 Bentley Systems, Incorporated
Slide 55: ARR by Geography
ARR4 by Geography 2019 Y/E 22Q1 EMEA EMEA Americas Americas APAC APAC Note: inclusive of Seequent and PLS 55 | © 2022 Bentley Systems, Incorporated
Slide 56: ARR by Account Type
ARR4 by Account Type 2019 Y/E 22Q1 Owner- Operator Contractors Owner-Operator Contractors 56 | © 2022 Bentley Systems, Incorporated
Slide 57: ARR by Infrastructure Sector and Discipline
ARR4 by Infrastructure Sector and Discipline 22Q1 Commercial / Grids Facilities Industrial Roads Geoprofessional and Bridges Resources Rail and Water Transit and Municipal Waste 57 | © 2022 Bentley Systems, Incorporated
Slide 58: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 59: Bentley Systems Announces Operating Results for the First Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 May 10, 2022 | Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the First Quarter of 2022 CEO Greg Bentley said, “Against this qu
Slide 60: BSY Investments
BSY Investments David Hollister, Chief Investment Officer 60 | © 2022 Bentley Systems, Incorporated
Slide 61: The Year in Acquisitions
The Year in Acquisitions AR2TECH MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 2021 2022 61 | © 2022 Bentley Systems, Incorporated
Slide 62: Bentley Systems Announces Acquisition of ADINA
Press Release Press Contact: Christine Byrne +1 203 805 0432 Christine.Byrne@bentley.com Follow us on Twitter: April 7, 2022 | @BentleySystems Bentley Systems Announces Acquisition of ADINA to Extend Nonlinear Simulation throughout Infrastructure Engineering Digital Twins Will Benefit from Authorita
Slide 63: Comprehensiveness Across Geographies
Comprehensiveness Across Geographies Press Release Press Contact: Christine Byrne +1 203 805 0432 Christine.Byrne@bentley.com Follow us on Twitter: @BentleySystems Bentley 软件携手北京华维国芯成立创新企业，推进工程管理数字化 Bentley 软件公司和北京华维国芯公司签署合作协议， 共同投资开发国产化的基础设施数字信息管理软件平台 北 京及美国宾夕法尼亚州，埃克斯顿—2022 年 5 月 6日——基础设施工程软件公司Bent
Slide 64: China AEC Market – JV Purpose
China AEC Market – JV Purpose Digital Collaboration Workflow Large-medium sized BIM Design Collaboration -private deployed/installed, with MaS including hardware-software bundle (for engineers） -industry leader, in-house IT -engineering level data (LOD 300+) required Engineering and construction ind
Slide 65: PLS Transaction Overview
PLS Transaction Overview • Purchase price of approximately $700mm Terms & Valuation • Deal structure includes a tax-deductible step-up in basis that we present-value at approximately $90mm • Valuation in line with recent comparable transactions and industry peers Financing & • To be financed with ca
Slide 66: PLS Transaction Overview
PLS Transaction Overview • Purchase price of approximately $700mm Terms & Valuation • Deal structure includes a tax-deductible step-up in basis that we present-value at approximately $90mm • Valuation in line with recent comparable transactions and industry peers Financing & • To be financed with ca
Slide 67: Electric Grid Infrastructure is in a Perfect Storm
Electric Grid Infrastructure is in a Perfect Storm 67 | © 2022 Bentley Systems, Incorporated
Slide 68: Our Electric Grid Infrastructure is in a Perfect Storm
Our Electric Grid Infrastructure is in a Perfect Storm 68 | © 2022 Bentley Systems, Incorporated
Slide 69: Our Electric Grid Infrastructure is in a Perfect Storm
Our Electric Grid Infrastructure is in a Perfect Storm 69 | © 2022 Bentley Systems, Incorporated
Slide 70: Electric Grid Infrastructure is in a Perfect Storm
Electric Grid Infrastructure is in a Perfect Storm 70 | © 2022 Bentley Systems, Incorporated
Slide 71: Bentley's GIG Solutions are the Perfect Solution for this Perfect Storm
Bentley’s GIG Solutions are the Perfect Solution for this Perfect Storm 71 | © 2022 Bentley Systems, Incorporated
Slide 72: Federal Energy Regulatory Commission FERC 881
Federal Energy Regulatory Commission FERC 881 72 | © 2022 Bentley Systems, Incorporated
Slide 73: 22Q1 Financial Performance
22Q1 Financial Performance Werner Andre, Chief Financial Officer 73 | © 2022 Bentley Systems, Incorporated
Slide 74: Revenue Performance
Revenue Performance First Quarter Full Year $ in millions $ in millions $1,140 +18.1% $1,110 +15.0% $965.0 99.2 53.1 $275.5 +24.1% 24.1 +1.3% $222.0 10.2 +0.9% 23.8 10.1 812.8 241.2 +28.2% 188.1 2021 2022 2021 2022 FY Outlook Subscriptions Licenses Services Subscriptions Licenses Services Total Reve
Slide 75: Recurring Revenue Performance
ARR4: 27% Y-o-Y constant currency growth Recurring Revenue Performance $962.6 million at 03/31/2022 spot LTM Recurring Revenues1 LTM Recurring Revenue Retention Annualized Recurring Revenue (ARR)4 $ in millions Constant Currency growth v. prior year 107% 108% 107% 109% 107% 108% 27% 26% 26% 9,0 10,0
Slide 76: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA5 $ in millions $ in millions 35.4% Adj. EBITDA Margin6 37.4% Adj. EBITDA Margin6 $97.6 $55.6 $56.6 $83.0 +17.6% 21Q1 22Q1 21Q1 22Q1 Footnotes 5, 6: See appendix for KPI and non-GAAP definitions and reconciliations 76 | © 2022 Bentley Sy
Slide 77: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows 03/31/2022 Credit Metrics First Quarter Last Twelve Months $ in millions $ in millions 318.5 Cash Cash $ 129.6 129.6 257.0 Senior Senior Debt Debt $ 639.2 639.2 -19.3% Net Net Senior Debt11 Senior Debt $ 509.6 509.6 -23.4% 132.8 Net Debt N
Slide 78: Q&A
Q&A
Slide 79: Bentley Systems' 22Q1 Operating Results
Bentley Systems’ 22Q1 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer © 2022 Bentley Systems, Incorporated
Slide 80: Appendix
Appendix 80 | © 2022 Bentley Systems, Incorporated
Slide 81: KPI and Non-GAAP Definitions and Reconciliations
KPI and Non-GAAP Definitions and Reconciliations 1. Recurring revenues. Last twelve-months recurring revenues is calculated as recurring revenues recognized over the preceding twelve-month period. We define recurring revenues as subscriptions revenues that recur monthly, quarterly, or annually with
Slide 82: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA Three Months Ended March 31, 2022 2021 Net Income $ 56.388 $ 57.006 Interest expense, net 7.042 2.319 Provision (benefit) for income taxes 3.231 10.358 Depreciation and amortization 17.212 8.993 Stock-based compensation 14.953 8.913 Deferred compensation plan