Bentley Systems, Incorporated · NASDAQ:BSY
Bentley Systems — Q3 2022 Earnings Presentation
99 slides from Bentley Systems's earnings presentation, November 2022
Slide 1: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer November 2022 | © 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 stat
Slide 3: Agenda
Agenda Tone of Business (Greg) Operational Perspectives (Nicholas, Katriona) Corporate Developments (Greg, David) Financial Performance (Werner, Simon)
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 Third Quarter of 2022
Press Release Investor Contact: Ankit Hira Solebury Strategic Communications for Bentley Systems ir@bentley.com 1-610-458-2777 Media Contact: Chris Bradshaw chris.bradshaw@bentley.com 1-610-321-6307 Bentley Systems Announces Operating Results for the Third Quarter of 2022 EXTON, Pa. – November 8, 20
Slide 6: Operating performance continues toward established financial outlook range
Bentley Systems Announces We are pleased to report that Bentley Systems’ Operating Results for the Third Quarter of 2022 operating performance continues dependably toward our established financial outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 7: Reaffirming 2022 full year financial outlook range
Bentley Systems Announces As the net favorable directions of business Operating Results for the Third Quarter of 2022 performance which Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year annual financial outlook in constant currency metr
Slide 8: ARR growth rate remained 11.5%
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 9: Outlook range for full-year 2022
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 10: Bentley Systems Announces Operating Results for the Third Quarter of 2022
Bentley Systems Announces As the net favorable directions of business performance that Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year Operating Results for the annual financial outlook in constant currency metrics. This includes tota
Slide 11: Bentley Systems Announces Operating Results for the Third Quarter of 2022
Bentley Systems Announces As the net favorable directions of business performance that Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year annual Operating Results for the financial outlook in constant currency metrics. This includes tota
Slide 12: Bentley Systems Announces Operating Results for the Third Quarter of 2022
Bentley Systems Announces As the net favorable directions of business performance that Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year annual Operating Results for the financial outlook in constant currency metrics. This includes tota
Slide 13: Year-over-year business performance in constant currency
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 14: ARR growth including first-half write-down of Russia ARR
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 15: ARR growth including first-half write-down
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 16: ARR in Russia excluding Power Line Systems acquisition
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 17: Tone of Business
Tone of Business Greg Bentley, Chief Executive Officer 17 © 2022 Bentley Systems, Incorporated |
Slide 18: Constant currency ARR growth rate remained 11.5%
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 19: Historical ARR Growth
Historical ARR Growth Constant Currency Business Performance 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 19 © 2022 Bentley Systems, Incorporated |
Slide 20: Programmatic Acquisitions…
Programmatic Acquisitions… 2010-2014 2015-2019 2020-2022… 20 © 2022 Bentley Systems, Incorporated |
Slide 21: Primary growth initiatives bearing fruit
Bentley Systems Announces Significantly, each of our primary growth initiatives is bearing fruit as Operating Results for the intended in terms of business performance ARR growth, serving Third Quarter of 2022 to make up for circumstantially fewer programmatic acquisitions during 2022 to date. Our e
Slide 22: Historical ARR Growth
Historical ARR Growth Constant Currency Business Performance 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22 © 2022 Bentley Systems, Incorporated |
Slide 23: Historical ARR Growth
Historical ARR Growth Constant Currency Business Performance 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 23 © 2022 Bentley Systems, Incorporated |
Slide 24: Historical ARR Growth
Historical ARR Growth Excluding Russia exit and 22Q1’s coincident Constant Currency Business Performance China attrition 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 24 © 2022 Bentley Systems, Incorporated |
Slide 25: Historical ARR Growth
Historical ARR Growth Excluding Russia exit and 22Q1’s coincident Constant Currency Business Performance China attrition 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 25 © 2022 Bentley Systems, Incorporated |
Slide 26: Historical ARR Growth
Historical ARR Growth Excluding Russia exit and 22Q1’s coincident Constant Currency Business Performance China attrition 14% 12% ARR ARR4 Growth 10% 8% 6% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 26 © 2022 Bentley Systems, Incorporated |
Slide 27: Bentley Systems Announces Operating Results for the Third Quarter of 2022
Bentley Systems Announces As the net favorable directions of business performance that Greg enumerated are serving to offset losses from Russia, we continue to reaffirm the range of our 2022 full year Operating Results for the annual financial outlook in constant currency metrics. This includes tota
Slide 28: New business accelerating in the U.S. and for civil engineering
Bentley Systems Announces We are pleased to report that Bentley Systems’ operating Operating Results for the performance continues dependably toward our established financial Third Quarter of 2022 outlook range for full-year 2022, albeit with reported revenues subject to this year’s foreign exchange
Slide 29: Ratio of Current to Ideal Backlog for Civil Engineers
Ratio of Current to Ideal Backlog for Civil Engineers 135 Q2 2022 114 Q1 2022 85 Q4 2021 101 Q3 2021 https://www.construction.com/toolkit/reports/The-Civil-Quarterly-2022-Issue-3 Ideal Backlog Source: Dodge Construction Network. Q2 2022 Quarterly Report 29 © 2022 Bentley Systems, Incorporated |
Slide 30: Ratio of Current to Ideal Backlog for Civil Engineers
Ratio of Current to Ideal Backlog for Civil Engineers 150 Q3 2022 135 Q2 2022 114 Q1 2022 85 Q4 2021 101 Q3 2021 https://www.construction.com/toolkit/reports/The-Civil-Quarterly-Issue-4-2022 Ideal Backlog Source: Dodge Construction Network. Q3 2022 Quarterly Report 30 © 2022 Bentley Systems, Incorpo
Slide 31: Current Backlog
Current Backlog 41% 31% 18% 8% 1% 1% https://programs.acec.org/impact-report-21/ 2022 Q3 (n=563) Source: ACEC Research Institute Engineering Business Sentiment © | 2022 Q3 31 © 2022 Bentley Systems, Incorporated |
Slide 32: Backlog 12 Months from Now vs Last Quarter
Backlog 12 Months from Now vs Last Quarter https://programs.acec.org/impact-report-21/ 2022 Q3 (n=554) Source: ACEC Research Institute Engineering Business Sentiment © | 2022 Q3 32 © 2022 Bentley Systems, Incorporated |
Slide 33: Current Economic Sentiment vs. Last Quarter
Current Economic Sentiment vs. Last Quarter Condition of the Condition of the engineering Condition of your firm’s U.S. Economy and design services industry overall finances +100 +88 +84 +82 +80 +83 +80 +75 +60 +40 +40 +29 +20 +13 0 2021 Q4 2022 Q1 2022 Q2 Source: ACEC Research Institute Engineering
Slide 34: Current Economic Sentiment vs. Last Quarter
Current Economic Sentiment vs. Last Quarter Condition of the Condition of the engineering Condition of your firm’s U.S. Economy and design services industry overall finances +100 +88 +84 +82 +80 +80 +83 +84 +80 +75 +60 +40 +40 +29 +20 +13 0 -15 2021 Q4 2022 Q1 2022 Q2 2022 Q3 Source: ACEC Research I
Slide 35: New Business Confidence: Next 24 Months
New Business Confidence: Next 24 Months According to Civil Engineers 0% 0% 12% 88% Low/ High/ Not sure No Confidence Neutral Very High onfidence Source: Dodge Construction Network. Q3 2022 Quarterly Report 35 © 2022 Bentley Systems, Incorporated |
Slide 36: New Business / ARR by Infrastructure Sector
New Business / ARR by Infrastructure Sector Commercial/Facilities Industrial Public Works/ Resources Utilities Note: Chart segment sizing corresponds to underlying % of 22Q2 ARR 36 © 2022 Bentley Systems, Incorporated |
Slide 37: New Business / ARR by Infrastructure Sector
New Business / ARR by Infrastructure Sector Commercial/Facilities Industrial Public Works/ Resources Utilities Note: Chart segment sizing corresponds to underlying % of 22Q3 ARR 37 © 2022 Bentley Systems, Incorporated |
Slide 38: New Business / ARR by Infrastructure Sector
New Business / ARR by Infrastructure Sector Commercial/Facilities Industrial Public Works/ Resources Utilities Note: Chart segment sizing corresponds to underlying % of 22Q3 ARR 38 © 2022 Bentley Systems, Incorporated |
Slide 39: New Business / ARR by Infrastructure Sector
New Business / ARR by Infrastructure Sector Commercial/Facilities Industrial Public Works/ Resources Utilities Note: Chart segment sizing corresponds to underlying % of 22Q3 ARR 39 © 2022 Bentley Systems, Incorporated |
Slide 40: E365 program and Virtuoso subscriptions growth
Bentley Systems Announces Significantly, each of our primary growth initiatives is bearing fruit as Operating Results for the intended in terms of business performance ARR growth, serving to Third Quarter of 2022 make up for circumstantially fewer programmatic acquisitions during 2022 to date. Our e
Slide 41: Virtuosity New Business
Virtuosity New Business 21Q1 22Q1 21Q2 22Q2 21Q3 22Q3 21Q4 41 © 2022 Bentley Systems, Incorporated |
Slide 42: Historical NRR Growth
Historical NRR Growth Constant Currency Business Performance 112% 111% NRR 110% LTM NRR3 109% 108% 107% 106% 105% 104% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 42 © 2022 Bentley Systems, Incorporated |
Slide 43: Historical NRR Growth
Historical NRR Growth Constant Currency Business Performance 112% 111% NRR 110% 109% LTM NRR3 108% 107% 106% 105% 104% 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 43 © 2022 Bentley Systems, Incorporated |
Slide 44: ARR by Commercial Model
ARR by Commercial Model 22Q2 E365 SMB E365 Prospects Note: Chart segment sizing corresponds to underlying % of 22Q2 ARR 44 © 2022 Bentley Systems, Incorporated |
Slide 45: ARR by Commercial Model
ARR by Commercial Model 22Q3 E365 SMB E365 Prospects Note: Chart segment sizing corresponds to underlying % of 22Q3 ARR 45 © 2022 Bentley Systems, Incorporated |
Slide 46: Enterprise success teams increasing ARR accretion in E365
Bentley Systems Announces Significantly, each of our primary growth initiatives is bearing fruit as Operating Results for the intended in terms of business performance ARR growth, serving to Third Quarter of 2022 make up for circumstantially fewer programmatic acquisitions during 2022 to date. Our e
Slide 47: ARR by Commercial Model
ARR by Commercial Model 22Q3 E365 SMB E365 Prospects Note: Chart segment sizing corresponds to underlying % of 22Q3 ARR 47 © 2022 Bentley Systems, Incorporated |
Slide 48: © 2022 Bentley Systems, Incorporated |
48 © 2022 Bentley Systems, Incorporated |
Slide 49: © 2022 Bentley Systems, Incorporated |
49 © 2022 Bentley Systems, Incorporated |
Slide 50: Objectives
Objectives Objectives of going digital today 100% Weighted 90% average score1 80% 6.5 6.7 #3 Top 70% 5.3 Objective 11% 60% 22% # 2 Top 50% 19% 24% Objective 40% 4.9 4.8 24% 30% 13% 4.2 24% 11% Listed # 1 Top 20% 40% 15% 10% 15% Objective 25% 10% 7% 2.4 11% 10% 8% 5% 0% Meet clients’ digital Increase
Slide 51: Objectives
Objectives Objectives of going digital today 100% Weighted 90% average score1 80% 6.5 6.7 #3 Top 70% 5.3 Objective 11% 60% 22% # 2 Top 50% 19% 24% Objective 40% 4.9 4.8 24% 30% 13% 4.2 24% 11% Listed # 1 Top 20% 40% 15% 10% 15% Objective 25% 10% 7% 2.4 11% 10% 8% 5% 0% Meet clients’ digital Increase
Slide 52: Client Priorities Today and in Three Years
Client Priorities Today and in Three Years Deliverables prioritized by your clients Today 41% 37% 9% 9% 4% 2D drawings 3D models Simulation results Infrastructure digital twins Other 52 © 2022 Bentley Systems, Incorporated |
Slide 53: Client Priorities Today and in Three Years
Client Priorities Today and in Three Years Deliverables prioritized by your clients Today In 3 Years 47% 41% 37% 22% 19% 8% 9% 9% 4% 5% 2D drawings 3D models Simulation results Infrastructure digital twins Other 53 © 2022 Bentley Systems, Incorporated |
Slide 54: Current Digital Investments
Current Digital Investments Which investments are underway as your firm now? 67% 66%65% 2022 Survey 2021 Survey 60% 59% 54% 50% 42% 44% 40% 38% 35% 34% 35% 29% 26% 23% 16% 15% 12% 10%11% Inhouse UAV Allocating Developing Dedicated Capitalizing Compiling “Branding” Establishing Acquisitions Minority
Slide 55: Current Digital Investments
Current Digital Investments Which investments are underway as your firm now? 67% 66%65% 2022 Survey 2021 Survey 60% 59% 54% 50% 42% 44% 40% 38% 35% 34% 35% 29% 26% 23% 16% 15% 12% 10%11% Inhouse UAV Allocating Developing Dedicated Capitalizing Compiling “Branding” Establishing Acquisitions Minority
Slide 56: Current Digital Investments
Current Digital Investments Which investments are underway as your firm now? With no capital constraints, would you invest in a 67% 66%65% 2022 Survey 2021 Survey digital AEC disruptor? 60% 59% 54% 50% Not Sure 44% 13% 42% 40% 38% 35% 34% 35% 29% 26% 23% 16% 15% Yes 12% 10%11% 50% No 38% Inhouse UAV
Slide 57: Current Digital Offerings
Current Digital Offerings What does your firm offer today? 2022 Survey 2021 Survey 58% 53% 49% 47% 45% 43%44% 41% 38% 37%38% 36% 38% 35% 34% 35% 33% 29% 27% 28% 26%26% 15%14% 14% 12% 10% 9% 5% 5% UAV-enabled 3D/4D Digital data Construction Proprietary Fixed-price Mixed-reality Creation and Infrastru
Slide 58: Current Digital Offerings
Current Digital Offerings What does your firm offer today? 2022 Survey 2021 Survey 58% 53% 49% 47% 45% 43%44% 41% 38% 37%38% 36% 38% 35% 34% 35% 33% 29% 27% 28% 26%26% 15%14% 14% 12% 10% 9% 5% 5% UAV-enabled 3D/4D Digital data Construction Proprietary Fixed-price Mixed-reality Creation and Infrastru
Slide 59: Market Value Attributable to Digital
Market Value Attributable to Digital What % of your firm’s market value do you think should be attributable to going digital initiatives? Digital Digital Digital Initiatives, Initiatives, Digital Initiatives, 9% 20% Initiatives, 36% 52% Last year’s analysis: 10% 20% 34% 47% 59 © 2022 Bentley Systems
Slide 60: © 2022 Bentley Systems, Incorporated |
60 © 2022 Bentley Systems, Incorporated |
Slide 61: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer November 2022 | © 2022 Bentley Systems, Incorporated
Slide 62: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer November 2022 | © 2022 Bentley Systems, Incorporated
Slide 63: Operational Perspectives
Operational Perspectives Nicholas Cumins, Chief Operating Officer Katriona Lord-Levins, Chief Success Officer 63 © 2022 Bentley Systems, Incorporated |
Slide 64: Notable Developments in New Business Across Geographies
Notable Developments in New Business Across Geographies 64 © 2022 Bentley Systems, Incorporated |
Slide 65: FUKUI COMPUTER Partners with Bentley Systems to Promote Digital Transformation in Japan
Press Release FUKUI COMPUTER Press Contact: Naoyuki Matsumoto FUKUI COMPUTER, Inc 5-6 Isobe Fukusho, Maruoka-cho, Sakai City, Fukui Prefecture URL: https://const.fukuicompu.co.jp/ Contact Form: https://hd.fukuicompu.co.jp/contact/general.php Bentley Systems Press Contact: Yifeng Matsukawa Yifeng.Mat
Slide 66: Outstanding track record in the construction industry
Outstanding track record in Civil Engineering Department 14,000 Introduced the construction industry. at companies Giving shape to progressive futures, ● Units supplied: 44,000 ● Products: EX-TREND Musashi, TREND-CORE, TREND-CORE VR, etc. ● Introduced at: Construction companies, construction consult
Slide 67: Notable Developments in New Business Across Products
Notable Developments in New Business Across Products APPLICATIONS ENGINEERING APPLICATIONS GEOPROFESSIONAL APPLICATIONS - OpenBridge - AutoPIPE - AGS Workbench - MX Deposit - MicroStation - ADINA - GeoStudio - Oasis montaj - OpenBuildings - CUBE - Imago - OpenGround - OpenFlows - EMME - Leapfrog - P
Slide 68: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer November 2022 | © 2022 Bentley Systems, Incorporated
Slide 69: User Success Organization
User Success Organization Enterprise SMB Education and Learning Centers of Excellence Success Global User Enterprise Success Services Success Success Operations Global ProjectWise for Success Transportation for Voice of the Support User Success Communications User Success customer 69 © 2022 Bentley
Slide 70: Blueprint Engagement Model
Blueprint Engagement Model New business or contract renewal o Blueprint Library contains outcome- Review based solutions to common issues Needs o Repeatable services, not bespoke to a single account/user QBR / Identify Identify New Business Needs Blueprints o Library constantly evolving to meet user
Slide 71: Corporate Developments
Corporate Developments Greg Bentley, Chief Executive Officer David Hollister, Chief Investment Officer 71 © 2022 Bentley Systems, Incorporated |
Slide 72: Michael Campbell Joining as Chief Product Officer
PR Bentley Systems Announces EXTON, Pa. – Sept. 6, 2022 – Campbell joins Bentley from product Michael Campbell Joining as engineering software leader PTC Inc. (Nasdaq: PTC), where he has Chief Product Officer spent his whole career since earning his mechanical engineering degree from Boston Universi
Slide 73: Michael Campbell Joining as Chief Product Officer
PR Bentley Systems Announces EXTON, Pa. – Sept. 6, 2022 – Campbell joins Bentley from product Michael Campbell Joining as engineering software leader PTC Inc. (Nasdaq: PTC), where he has Chief Product Officer spent his whole career since earning his mechanical engineering degree from Boston Universi
Slide 74: Year in Infrastructure 2022 conference and Going Digital Awards
Bentley Systems Announces Significantly, each of our primary growth initiatives is bearing fruit as Operating Results for the intended in terms of business performance ARR growth, serving to Third Quarter of 2022 make up for circumstantially fewer programmatic acquisitions during 2022 to date. Our e
Slide 75: % of Finalists Crediting…
% of Finalists Crediting… PLAYBOOK 2022 2021 2020 ContextCapture 44% 36% 32% SYNCHRO 31% 29% 23% iTwin 42% 27% 19% 75 © 2022 Bentley Systems, Incorporated |
Slide 76: Inspiring Insights to Take Into 2023 and Beyond
INSPIRING INSIGHTS TO TAKE INTO 2023 AND BEYOND Join us live from london on Tuesday, November 15 REGISTER NOW AT YII.BENTLEY.COM 76 © 2022 Bentley Systems, Incorporated |
Slide 77: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer Simon Horsley Director, Investor Relations, UK & Europe Novemb
Slide 78: © 2022 Bentley Systems, Incorporated |
78 © 2022 Bentley Systems, Incorporated |
Slide 79: Source: Bloomberg
Source: Bloomberg 79 © 2022 Bentley Systems, Incorporated |
Slide 80: Source: Bloomberg
Source: Bloomberg 80 © 2022 Bentley Systems, Incorporated |
Slide 81: Bentley family beneficial ownership of Class B Common Stock
As of September 30, 2022, the Bentley family beneficially owned approximately 59% of the Company’s outstanding Class B Common Stock in the aggregate, comprising approximately 22% individually beneficially owned by the Bentley brothers (after giving effect to the conversion of all Class A Common Stoc
Slide 82: © 2022 Bentley Systems, Incorporated |
82 © 2022 Bentley Systems, Incorporated |
Slide 83: Bentley Systems' 22Q3 Operating Results
Bentley Systems’ 22Q3 Operating Results Greg Bentley Chief Executive Officer Nicholas Cumins Chief Operating Officer Katriona Lord-Levins Chief Success Officer David Hollister Chief Investment Officer Werner Andre Chief Financial Officer November 2022 | © 2022 Bentley Systems, Incorporated
Slide 84: Corporate Developments
Corporate Developments David Hollister, Chief Investment Officer 84 © 2022 Bentley Systems, Incorporated |
Slide 85: BSY Investments
BSY Investments Pre-Seed Seed Early Growth Maturity i T w i n P l a t f o r m , P a r t n e r P r o g r a m s , D e v e l o p e r To o l s a n d S u p p o r t iTwin Ventures Ecosystem Sponsorship Program iTwin Ventures Portfolio Investments BSY Investments M&A and Acceleration 85 © 2022 Bentley Syst
Slide 86: BSY Investments
BSY Investments Pre-Seed Seed Early Growth Maturity i T w i n P l a t f o r m , P a r t n e r P r o g r a m s , D e v e l o p e r To o l s a n d S u p p o r t iTwin Ventures Ecosystem Sponsorship Program ActivateProgram 86 © 2022 Bentley Systems, Incorporated |
Slide 87: BSY Investments
BSY Investments Pre-Seed Seed Early Growth Maturity i T w i n P l a t f o r m , P a r t n e r P r o g r a m s , D e v e l o p e r To o l s a n d S u p p o r t iTwin Ventures Ecosystem Sponsorship Program iTwin Ventures Portfolio Investments ActivateProgram 87 © 2022 Bentley Systems, Incorporated |
Slide 88: BSY Investments
BSY Investments Pre-Seed Seed Early Growth Maturity i T w i n P l a t f o r m , P a r t n e r P r o g r a m s , D e v e l o p e r To o l s a n d S u p p o r t iTwin Ventures Ecosystem Sponsorship Program iTwin Ventures Portfolio Investments BSY Investments M&A and Acceleration ActivateProgram China
Slide 89: Programmatic Acquisitions… Platform Acquisitions…
Programmatic Acquisitions… 2010-2014 2015-2019 2020-2022… Platform Acquisitions… 89 © 2022 Bentley Systems, Incorporated |
Slide 90: 22Q3 Financial Performance
22Q3 Financial Performance Werner Andre, Chief Financial Officer 90 © 2022 Bentley Systems, Incorporated |
Slide 91: Revenue Performance
Revenue Performance Third Quarter September YTD $ in millions $ in millions CC constant currency CC constant currency $812.1 +16.5% (CC +22.6%) 72.2 -2.8% (CC +0.8%) $697.3 31.2 -6.5% (CC +0.4%) 74.2 33.4 $268.3 +6.7% (CC +14.7%) $251.4 -3.4% (CC +1.9%) 23.6 24.4 9.5 -20.3% (CC -12.6%) 11.9 708.7 +2
Slide 92: Recurring Revenue Performance
Recurring Revenue Performance LTM Recurring Revenue Retention ARR4 Growth LTM Recurring Revenues1 Constant Currency, YoY Constant Currency, YoY Actual Currency 107% 108% 107% 109% 106% 110% 26% 26% 27% $ in millions 9.0 10.0 9.0 11.0 8.0 11.0 $950.4 +20.3% 23% $790.0 13% 13% 15% Seequent 21Q2 to 22Q
Slide 93: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA5 $ in millions $ in millions 33.7% Adj. EBITDA Margin6 Includes ~ $91M Deferred compensation plan one-time charge7 34.0% Adj. EBITDA Margin6 $273.9 $167.9 +15.7% $236.8 33.4% Adj. EBITDA Margin6 $55.5 $51.3 33.6% Adj. EBITDA Margin6 $84
Slide 94: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows 09/30/2022 Credit Metrics Third Quarter Nine Months Last Twelve Months $ in millions $ in millions $318.8 Cash $ 72.9 $289.7 +10.0% Senior Debt $ 541.1 $238.2 $207.4 +14.8% Net Senior Debt1 $ 468.2 Net Debt Senior Leverage2 1.3x Available Rev
Slide 95: Upcoming Conferences
Upcoming Conferences J.P. Morgan: Digital Twin and Nasdaq 47th Investor Conference Berenberg European Conference Industrial Design Software Week December 6 - 7, 2022 December 5 - 8, 2022 November 7 - 11, 2022 J.P. Morgan: Digital Twin and Industrial Design Software Week Technology • Global • Novembe
Slide 96: Q&A
Q&A
Slide 97: Appendix
Appendix 97 © 2022 Bentley Systems, Incorporated |
Slide 98: 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 99: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA $ in thousands Three Months Ended Nine Months Ended September 30 September 30 2022 2021 2022 2021 Net Income $ 36,997 $ (48,022) $ 149,058 $ 54,611 Interest expense, net 8,382 3,836 23,046 8,608 Provision (benefit) for income taxes 9,664 5,025 8,221 (5,090) D