Bentley Systems, Incorporated · NASDAQ:BSY

Bentley Systems — Q2 2021 Earnings Presentation

85 slides from Bentley Systems's earnings presentation, Aug 10, 2021

Slide 1: Bentley Systems' 21Q2 Operating Results
Bentley Systems’ 21Q2 Operating Results Greg Bentley, CEO David Hollister, CFO 1 | © 2021 Bentley Systems, Incorporated © 2021 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: 21Q2 Operating Results…
21Q2 Operating Results… Greg Bentley, CEO August 10, 2021 3 | © 2021 Bentley Systems, Incorporated INDEX
Slide 4: Agenda
Agenda • Tone of Business • Corporate Developments • BSY’s Seequent Business • The Digital Twins Imperative • 21Q2 Financial Performance… 4 | © 2021 Bentley Systems, Incorporated
Slide 5: Press Release: Second Quarter 2021 Operating Results
Press Release Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 Financial Outlook EXT
Slide 7: 2021 to Date…
2021 to Date… Commercial/ Commercial/ Facilities Facilities Industrial/ Industrial/ Resources Resources Public Public Works/Utilities Works/Utilities Note: Chart segment sizing corresponds to underlying % of 2020 ASC 606 Revenue . 7 | © 2021 Bentley Systems, Incorporated INDEX
Slide 8: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT Subscriptions E365 Enterprise ELS Subscriptions Note: Chart segment sizing corresponds to underlying % of Q1 2021 ASC 606 Revenue. 8 | © 2021 Bentley Systems,
Slide 9: 2021 to Date…
2021 to Date… Commercial/ Commercial/ Facilities Facilities Industrial/ Industrial/ Resources Resources Public Public Works/Utilities Works/Utilities Note: Chart segment sizing corresponds to underlying % of 2020 ASC 606 Revenue . 9 | © 2021 Bentley Systems, Incorporated INDEX
Slide 10: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT Subscriptions E365 Enterprise ELS Subscriptions Note: Chart segment sizing corresponds to underlying % of Q1 2021 ASC 606 Revenue. 10 | © 2021 Bentley Systems,
Slide 11: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT Subscriptions E365 Enterprise ELS Subscriptions Note: Chart segment sizing corresponds to underlying % of Q2 2021 ASC 606 Revenue. 12 | © 2021 Bentley Systems,
Slide 12: 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 . 13 | © 2021 Bentley Systems, Incorporated INDEX
Slide 13: New Business Growth
New Business Growth e.g. MicroStation ($$) to OpenRoads ($$$$) “upsell” New Account Incremental Product Incumbent Product Note: Excludes the impact of changes in foreign currency exchange rates. The company’s 2019 budget exchange rates have been a pplied for all periods. 14 | © 2021 Bentley Systems,
Slide 14: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT Subscriptions E365 Enterprise ELS Subscriptions Note: Chart segment sizing corresponds to underlying % of Q2 2021 ASC 606 Revenue. 15 | © 2021 Bentley Systems,
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 . 16 | © 2021 Bentley Systems, Incorporated INDEX
Slide 18: 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 . 19 | © 2021 Bentley Systems, Incorporated INDEX
Slide 19: 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 . 20 | © 2021 Bentley Systems, Incorporated INDEX
Slide 20: Press Release: Six Months Ended June 30, 2021 Results
Press Release Six Months Ended June 30, 2021 Financial Results: Investor Contact: • Total revenues were $444.9 million, up 17.4% Ankit Hira year-over-year; or Ed Yuen Solebury Trout for Bentley Systems • Subscriptions revenues were $373.6 million, up 14.0% year-over-year; ir@bentley.com 1-610-458-27
Slide 21: Press Release: Second Quarter 2021 Operating Results
Press Release Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 Media Contact: Carey Mann carey.mann@bentley.com 1-610-458-3170 Bentley Systems Announces Operating Results for the Second Quarter of 2021 and Updates Its 2021 Financial Outlook EXT
Slide 22: Comprehensiveness Across Geographies: Notable New Business Growth
Comprehensiveness Across Geographies : Notable New Business Growth Note: $ Amounts are revenues in millions, based on 2019 ASC 606. 23 | © 2021 Bentley Systems, Incorporated INDEX
Slide 23: Press Release: Six Months Ended June 30, 2021 Results
Press Release Six Months Ended June 30, 2021 Financial Results: Investor Contact: • Total revenues were $444.9 million, up 17.4% Ankit Hira year-over-year; or Ed Yuen Solebury Trout for Bentley Systems • Subscriptions revenues were $373.6 million, up 14.0% year-over-year; ir@bentley.com 1-610-458-27
Slide 24: 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 . 25 | © 2021 Bentley Systems, Incorporated INDEX
Slide 25: Revenues by Infrastructure Lifecycle: Notable New Business Growth
Revenues by Infrastructure Lifecycle : Notable New Business Growth  AssetWise ALIM  AssetWise 4D Analytics  MicroStation  AssetWise Asset Reliability  AssetWise Linear Analytics  OpenPlant  SUPERLOAD  OpenBuildings  OpenRoads  ProjectWise  OpenRail  ProjectWise 365  OpenSite  SYNCHRO 
Slide 26: Comprehensiveness Across Geographies: Notable New Business Growth
Comprehensiveness Across Geographies : Notable New Business Growth Note: $ Amounts are revenues in millions, based on 2019 ASC 606. 27 | © 2021 Bentley Systems, Incorporated INDEX
Slide 30: Market Check
Market Check Asset Reliability Software & Services December 2019 Engineering Design #1 Overall in Software Software and BIM #1 in Electric Power T&D Market Analysis July 2021 #1 in Oil & Gas #1 in Collaborative BIM #1 in Transportation ProjectWise is used by 43 of the Top 50 Engineering News Record
Slide 31: Revenues by Infrastructure Lifecycle: Notable New Business Growth
Revenues by Infrastructure Lifecycle : Notable New Business Growth  AssetWise ALIM  AssetWise 4D Analytics  MicroStation  AssetWise Asset Reliability  AssetWise Linear Analytics  OpenPlant  SUPERLOAD  OpenBuildings  OpenRoads  ProjectWise  OpenRail  ProjectWise 365  OpenSite  SYNCHRO 
Slide 33: Market Check
Market Check Asset Reliability Software & Services December 2019 Engineering Design #1 Overall in Software Software and BIM #1 in Electric Power T&D Market Analysis July 2021 #1 in Oil & Gas #1 in Collaborative BIM #1 in Transportation ProjectWise is used by 43 of the Top 50 Engineering News Record
Slide 35: "TAM" (Total Addressable Market)
“TAM” (Total Addressable Market) Infrastructure Engineering Product Engineering Total Addressable Market for Infrastructure Engineering Software 22,515,000 $1,250 Spend per Seat on $29.2B Infrastructure Engineers & Engineering Technicians Engineering Software (2018) “TAM” $8.3B $13.9B Product Engine
Slide 36: $575,000,000 Convertible Notes Offering
$575,000,000 Convertible Notes Offering Due June 24, 2027 0.375% Coupon June, 2021 37 | © 2021 Bentley Systems, Incorporated INDEX
Slide 38: Deepening the Potential of Infrastructure Digital Twins
Deepening the Potential of Infrastructure Digital Twins Bentley is now in a unique position to give the most complete picture above and below the ground Seequent led a paradigm shift in the understanding of the subsurface 39 | © 2021 Bentley Systems, Incorporated
Slide 39: Leadership of Seequent, a Bentley Company
Leadership of Seequent, a Bentley Company Bringing world-class talent to Bentley NZ NZ NZ CA CEO, Graham Grant CFO, Phillip Keith CRO, Daniel Wallace CTO, James Lawton Proven track record in M&A and go-to-market execution Culturally aligned in our commitment to sustaining the economy and NZ CA CA NZ
Slide 40: Seequent Team Around the World
Seequent Team Around the World A global footprint, complementary to Bentley MOSCOW CALGARY NAM VANCOUVER LONDON +430 colleagues at time of close DENVER TORONTO EMEA Aligning geosciences with infrastructure engineering APAC Executing a growth playbook and LIMA BELO HORIZONTE expanding into new market
Slide 41: Geotechnical Powerhouse
Geotechnical Powerhouse Aarhus GeoSoftware A better understanding of the earth creates a better world for all OpenGround Central Oasis Montaj Cloud Largest geotech software portfolio Lower risk, more resilient infrastructure MODEL MANAGEMENT AND COLLABORATION PLAXIS Leapfrog Foundations & tunnels Ge
Slide 42: Acquisition of Imago
Acquisition of Imago A better understanding of the earth requires a range of specialized and complementary capabilities Image capture Catalog and access Machine learning 43 | © 2021 Bentley Systems, Incorporated
Slide 43: Acquisition of Aarhus GeoSoftware
Acquisition of Aarhus GeoSoftware A better understanding of the earth requires a range of specialized and complementary capabilities Remote sensing of geo-attributes Large scale (aircraft) Focused (on ground) 44 | © 2021 Bentley Systems, Incorporated
Slide 44: Strategic Objectives of Bentley + Seequent
Strategic Objectives of Bentley + Seequent 1 2 3 Ensure economic performance Ensure long-term sustainability Accelerate environmental of infrastructure projects of infrastructure assets sustainability 45 | © 2021 Bentley Systems, Incorporated
Slide 45: Infrastructure Project Performance: HS2
Infrastructure Project Performance: HS2 Live updates of the shared ground model allow for iterative design saving time and money Over 80 geoscientists Just-in-time data updates Accelerated delivery and risk reduction https://www.hs2.org.uk/what-is-hs2/phase-one-london-west-midlands/ 46 | © 2021 Bent
Slide 46: Long-Term Infrastructure Sustainability: Upper Chelburn Reservoir
Long-Term Infrastructure Sustainability: Upper Chelburn Reservoir 3D geological modeling for the risk reduction of an early 19th century reservoir Historic records blended with LiDAR Highly targeted improvement works Reduced overall remediation costs 47 | © 2021 Bentley Systems, Incorporated
Slide 47: All Things Sustainable: Environment
All Things Sustainable: Environment We are seeing a vast, emerging business opportunity to apply geosciences to long-term sustainability Saltwater intrusion Contamination Unexploded ordnance Clean water 48 | © 2021 Bentley Systems, Incorporated
Slide 48: All Things Sustainable: Energy
All Things Sustainable: Energy We are seeing a vast, emerging business opportunity to apply geosciences to long-term sustainability Energy transition Sustainable minerals Clean energy 49 | © 2021 Bentley Systems, Incorporated
Slide 49: Accelerating Energy Transition: Utah FORGE
Accelerating Energy Transition: Utah FORGE We are uniquely positioned to underpin the energy transition Test bed for geothermal energy Funded by US Department of Energy Top of the Granitoid Earth model design and communication Fracture network 50 | © 2021 Bentley Systems, Incorporated
Slide 50: TOGETHER we can understand the full geosciences picture
TOGETHER we can understand the full geosciences picture as we head TOWARDS a more resilient, connected and sustainable TOMORROW 1 global event - September 22 4 regional events - September 23-30 51 | © 2021 Bentley Systems, Incorporated
Slide 51: Deepening the Potential of Infrastructure Digital Twins
Deepening the Potential of Infrastructure Digital Twins Bentley is now in a unique position to give the most complete picture above and below the ground Seequent led a paradigm shift in the understanding of the subsurface 52 | © 2021 Bentley Systems, Incorporated
Slide 53: UN Sustainable Development Goals: SDG; Environment, Social, and Governance: ESG
UN Sustainable Development Goals: SDG Environment, Social, and Governance: ESG 54 | © 2021 Bentley Systems, Incorporated
Slide 54: ES(D)G: Empowering Sustainable Development Goals!
To remind us throughout Bentley Systems of our quite unique capabilities, and hence imperatives, in… ES(D)G: Empowering Sustainable Development Goals! 55 | © 2021 Bentley Systems, Incorporated
Slide 56: BSY's Footprint BSY's Handprint
BSY’s Footprint BSY’s Handprint The sustainability of The sustainability our operations impact of engineers using our products 57 | © 2021 Bentley Systems, Incorporated INDEX
Slide 57: BSY's Footprint BSY's Handprint
BSY’s Footprint BSY’s Handprint The sustainability of The sustainability our operations impact of engineers using our products 58 | © 2021 Bentley Systems, Incorporated INDEX
Slide 60: Going Digital Awards: Nomination Trends for 2021
Going Digital Awards: Nomination Trends for 2021 Nominees crediting ContextCapture Nominees crediting iModels Nominees crediting iTwin Cloud Services, iModel.js and/or iModelHub 35% 35% 35% 30% 30% 30% 25% 25% 25% 20% 20% 20% 2021 15% 15% 15% 2020 10% 10% 10% 2021 5% 5% 2020 5% 2021 2020 0% 0% 0% 61
Slide 62: and OpenRail Overhead Line Designer
and OpenRail Overhead Line Designer We in the Siemens Mobility electrification group are market leaders in rail electrification, and by combining our long-lasting experience with our high-end-technology, we are using our new jointly developed product OpenRail OverheadLine Designer for significant pr
Slide 63: Revenues by Infrastructure Lifecycle: Notable New Business Growth
Revenues by Infrastructure Lifecycle : Notable New Business Growth  AssetWise ALIM  AssetWise 4D Analytics  MicroStation  AssetWise Asset Reliability  AssetWise Linear Analytics  OpenPlant  SUPERLOAD  OpenBuildings  OpenRoads  ProjectWise  OpenRail  ProjectWise 365  OpenSite  SYNCHRO 
Slide 64: OpenWindPower Floating Platform
OpenWindPower Floating Platform 65 | © 2021 Bentley Systems, Incorporated INDEX
Slide 65: Bentley selected as Microsoft Sustainability Partner
and Bentley selected as Microsoft Sustainability Partner 66 | © 2021 Bentley Systems, Incorporated INDEX
Slide 66: Bentley recognized as MSUS 2021 US Partner Award Winner
and Bentley recognized as MSUS 2021 US Partner Award Winner for Azure Mixed Reality Featured in the launch of Microsoft Mesh at Microsoft Ignite Conference March 2, 2021 Watch on YouTube: https://youtu.be/fobTaQx8wIQ 67 | © 2021 Bentley Systems, Incorporated INDEX
Slide 69: (U.S.) Environmental Vulnerability
(U.S.) Environmental Vulnerability Surfside Condo Collapse Buildings are concentrated in places that are likely to be hit by a disaster such as a hurricane, flood or wildfire, researchers found. That includes both urban and rural hotspots. Image courtesy of Miami Dade Fire Department via Reuters 70
Slide 70: Singapore infrastructure investment
With the government set to continue to invest in the development of the country’s infrastructure, particularly its transport networks, Singapore will remain a world leader in the quality of its infrastructure, according to GlobalData. In total, GlobalData is tracking infrastructure projects in Singa
Slide 73: 21Q2 Financial Performance…
21Q2 Financial Performance… David Hollister, CFO 74 | © 2021 Bentley Systems, Incorporated INDEX
Slide 74: Revenue Performance
Revenue Performance Second Quarter First Half $ in millions $ in millions $444.9 +17.4% +78.4% 49,9 $379.0 -7.3% 21,5 28.0 23,2 +21.0% $222.9 $184.3 26,1 +83.0% 373,6 +14.0% 11,4 -8.0% 327,8 14.2 12,4 +17.6% 185,5 157,7 2020 2021 2020 2021 Subscriptions Licenses Services Subscriptions Licenses Servi
Slide 75: Recurring Revenue Performance
ARR: 23% Y-o-Y constant currency growth Recurring Revenue Performance $882.4 million at 6/30/2021 spot Recurring Revenues1 Recurring Revenue Retention Annual Recurring Revenue (ARR) $ in millions Constant Currency growth v prior year 23% 107% 108% 108% 106% $746,2 9,0 10,0 10,0 8,0 $665,7 +12.1% 13%
Slide 76: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA4 $ in millions $ in millions 34.1% Adj. EBITDA Margin5 $151,9 $90,6 $87,9 30.5% Adj. EBITDA Margin5 +31.5% $115,5 $44,6 $69,1 $57,6 $32,2 +20.1% Q220 Q221 1H 2020 1H 2021 Q220 Q221 1H 2020 1H 2021 Footnotes: 4, 5 – See appendix for KPI
Slide 77: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows Major Transactions in Q2 2021 $ in millions • $575 million Convertible Notes due 2027; 3/8% coupon First Half 2021 Last Twelve Months • Proceeds net of $15.1 million fees and expenses • Proceeds net of $25.9 million capped call purchase • Con
Slide 78: Revenue Outlook Bridge
Revenue Outlook Bridge $ in millions $895 to $920 $945 to $960 Seequent Seasonality Profile Q1 Q2 Q3 Q4 Revenue 31% 23% 23% 23% Adj EBITDA 45% 22% 18% 15% 2021 Fx Impact Seequent Seequent Business 2021 Initial 2H 2021 Def Rev Performance Updated Outlook “Haircut” Outlook 79 | © 2021 Bentley Systems,
Slide 79: Full Year 2021 Updated Financial Outlook
Full Year 2021 Updated Financial Outlook Financial Metrics Initial Outlook Updated Outlook Total Revenues $895 million to $920 million $945 million to $960 milliona increase of 11.7% to 14.8% increase of 17.9% to 19.8% ARR Growth (constant currency) 8% to 10% 22% to 24%b Adjusted EBITDA4 $285 millio
Slide 81: Bentley Systems' 21Q2 Operating Results
Bentley Systems’ 21Q2 Operating Results Greg Bentley, CEO David Hollister, CFO 82 | © 2021 Bentley Systems, Incorporated © 2021 Bentley Systems, Incorporated
Slide 83: 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 84: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net Income $ 44,910 $ 39,076 $ 101,916 $ 68,745 Interest expense, net 2,453 1,128 4,772 2,516 Provision for income taxes (20,746) 4,264 (10,388) 11,440 Depreciation and amortization 10,
Slide 85: INDEX
INDEX • Tone of Business • Corporate Developments • BSY’s Seequent Update • The Digital Twins Imperative • 21Q2 Financial Performance • Appendix 86 | © 2021 Bentley Systems, Incorporated

Bentley Systems — Q2 2021 Earnings Presentation on 6ix

Bentley Systems — Q2 2021 Earnings Presentation

Slide 1: Bentley Systems' 21Q2 Operating Results

Slide 2: Disclaimer

Slide 3: 21Q2 Operating Results…

Slide 4: Agenda

Slide 5: Press Release: Second Quarter 2021 Operating Results

Slide 6: Tone of Business

Slide 7: 2021 to Date…

Slide 8: Revenues by Commercial Model

Slide 9: 2021 to Date…

Slide 10: Revenues by Commercial Model

Slide 11: Revenues by Commercial Model

Slide 12: Application Usage Trends by Infrastructure Sector

Slide 13: New Business Growth

Slide 14: Revenues by Commercial Model

Slide 15: Application Usage Trends by Infrastructure Sector

Slide 16: © 2021 Bentley Systems, Incorporated

Slide 17: and Siemensstadt Square

Slide 18: Application Usage Trends by Infrastructure Sector

Slide 19: Application Usage Trends by Infrastructure Sector

Slide 20: Press Release: Six Months Ended June 30, 2021 Results

Slide 21: Press Release: Second Quarter 2021 Operating Results

Slide 22: Comprehensiveness Across Geographies: Notable New Business Growth

Slide 23: Press Release: Six Months Ended June 30, 2021 Results

Slide 24: Application Usage Trends by Infrastructure Sector

Slide 25: Revenues by Infrastructure Lifecycle: Notable New Business Growth

Slide 26: Comprehensiveness Across Geographies: Notable New Business Growth

Slide 27: Corporate Developments

Slide 28: and

Slide 29: Virtuosity.com

Slide 30: Market Check

Slide 31: Revenues by Infrastructure Lifecycle: Notable New Business Growth

Slide 32: INDEX

Slide 33: Market Check

Slide 34: and PlantSight

Slide 35: "TAM" (Total Addressable Market)

Slide 36: $575,000,000 Convertible Notes Offering

Slide 37: BSY's Seequent Business

Slide 38: Deepening the Potential of Infrastructure Digital Twins

Slide 39: Leadership of Seequent, a Bentley Company

Slide 40: Seequent Team Around the World

Slide 41: Geotechnical Powerhouse

Slide 42: Acquisition of Imago

Slide 43: Acquisition of Aarhus GeoSoftware

Slide 44: Strategic Objectives of Bentley + Seequent

Slide 45: Infrastructure Project Performance: HS2

Slide 46: Long-Term Infrastructure Sustainability: Upper Chelburn Reservoir

Slide 47: All Things Sustainable: Environment

Slide 48: All Things Sustainable: Energy

Slide 49: Accelerating Energy Transition: Utah FORGE

Slide 50: TOGETHER we can understand the full geosciences picture

Slide 51: Deepening the Potential of Infrastructure Digital Twins

Slide 52: The Digital Twins Imperative

Slide 53: UN Sustainable Development Goals: SDG; Environment, Social, and Governance: ESG

Slide 54: ES(D)G: Empowering Sustainable Development Goals!

Slide 55: INDEX

Slide 56: BSY's Footprint BSY's Handprint

Slide 57: BSY's Footprint BSY's Handprint

Slide 58: The Digital Twins Imperative

Slide 59: © 2021 Bentley Systems, Incorporated

Slide 60: Going Digital Awards: Nomination Trends for 2021

Slide 61: INDEX

Slide 62: and OpenRail Overhead Line Designer

Slide 63: Revenues by Infrastructure Lifecycle: Notable New Business Growth

Slide 64: OpenWindPower Floating Platform

Slide 65: Bentley selected as Microsoft Sustainability Partner

Slide 66: Bentley recognized as MSUS 2021 US Partner Award Winner

Slide 67: Mexico City: May 4, 2021

Slide 68: Infrastructure IoT

Slide 69: (U.S.) Environmental Vulnerability

Slide 70: Singapore infrastructure investment

Slide 71: INDEX

Slide 72: The Digital Twins Imperative

Slide 73: 21Q2 Financial Performance…

Slide 74: Revenue Performance

Slide 75: Recurring Revenue Performance

Slide 76: Profitability Performance

Slide 77: Liquidity and Capital Structure

Slide 78: Revenue Outlook Bridge

Slide 79: Full Year 2021 Updated Financial Outlook