Slide 1: Bentley Systems' 21Q4 Operating Results
CONFIDENTIAL Bentley Systems’ 21Q4 Operating Results Greg Bentley Nicholas Cumins David Hollister Werner Andre Chief Executive Officer Chief Operating Officer Chief Investment Officer Chief Financial Officer 1 | © 2022 Bentley Systems, Incorporated © 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) 21Q4 Financial Performance and 2022 Outlook (Werner) 3 | © 2022 Bentley Systems, Incorporated
Slide 4: Tone of Business
Tone of Business Greg Bentley, Chief Executive Officer 4 | © 2022 Bentley Systems, Incorporated
Slide 5: Bentley Systems Announces 21Q4 and 2021 Operating Results, and its 2022 Financial Outlook
Press Release Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com Full Year 2021 Financial Results: 1-610-458-2777 March 1, 2022 | Media Contact: • Total revenues were $965.0 million, up 20.4% year-over-year; Carey Mann carey.mann@bentley.com • Subscriptions rev
Slide 6: 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.” 6 | © 2022 Bentley Systems, Incorporated
Slide 7: 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 7 | © 2022 Bentle
Slide 8: ARR by Consumption Model
ARR by Consumption Model Daily (E365) Annual Term Monthly and Quarterly Terms As of September 30, 2021 8 | © 2022 Bentley Systems, Incorporated
Slide 9: ARR by Consumption Model
ARR by Consumption Model Daily (E365) Annual Term Monthly and Quarterly Terms As of December 31, 2021 9 | © 2022 Bentley Systems, Incorporated
Slide 10: ARR by Commercial Model
ARR by Commercial Model E365 Non E365 As of December 31, 2021 10 | © 2022 Bentley Systems, Incorporated
Slide 11: ARR by Commercial Model
ARR by Commercial Model E365 SMB E365 Prospects (>$100K ARR) As of December 31, 2021 11 | © 2022 Bentley Systems, Incorporated
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 12 | © 2022 Bentl
Slide 13: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings +131% OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenBridge OpenFlows
Slide 14: Application Mix Accretion
Application Mix Accretion 4% 3,5% 3% 2,5% 2% 1% 0% 2020 2021 14 | © 2022 Bentley Systems, Incorporated
Slide 15: User Success Colleagues
User Success Colleagues Incremental Hiring 562 575 148 102 21Q1 21Q2 21Q3 21Q4 15 | © 2022 Bentley Systems, Incorporated
Slide 16: ARR by Commercial Model
ARR by Commercial Model E365 Non E365 As of December 31, 2021 16 | © 2022 Bentley Systems, Incorporated
Slide 17: Application Mix Accretion
Application Mix Accretion E365 Non E365 As of December 31, 2021 17 | © 2022 Bentley Systems, Incorporated
Slide 18: Application Usage Growth Since 2019
Application Usage Growth Since 2019 E365 * Non E365 *excludes EPCs As of December 31, 2021 18 | © 2022 Bentley Systems, Incorporated
Slide 19: Account Sentiment Improvement
Account Sentiment Improvement E365 Non E365 As of December 31, 2021 19 | © 2022 Bentley Systems, Incorporated
Slide 20: "SAM" (Serviceable Addressable Market)
“SAM” (Serviceable Addressable Market) Project Delivery $ 6.1B Owner-Operators $ 3.4B Total $ 9.5B $ 1.8B $ 1.6B $ 2.7B 66% (est.) of BSY SAM is in existing accounts $ 3.4B Project Delivery Firms Owner-Operators Large Firms 1 Other Firms Top 500 Owners Other Total Serviceable 2 Infrastructure Addres
Slide 21: 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) 21 | © 2022 Bentley Systems, Incorporated
Slide 22: "SAM" (Serviceable Addressable Market)
“SAM” (Serviceable Addressable Market) Project Delivery $ 6.1B Owner-Operators $ 3.4B Total $ 9.5B $ 1.8B $ 1.6B $ 2.7B 66% (est.) of BSY SAM is in existing accounts $ 3.4B Project Delivery Firms Owner-Operators Large Firms 1 Other Firms Top 500 Owners Other Total Serviceable 2 Infrastructure Addres
Slide 23: ENR Top Design Firms: BSY Runrate
ENR Top Design Firms: BSY Runrate $ 300M $ 250M $ 200M $ 150M $ 100M $ 50M $0 2019 2020 2021 2022 BSY Runrate (ARR + License Sales + Services) 23 | © 2022 Bentley Systems, Incorporated
Slide 24: ARR by Commercial Model
ARR by Commercial Model E365 Non E365 As of December 31, 2021 24 | © 2022 Bentley Systems, Incorporated
Slide 25: ARR by Commercial Model
ARR by Commercial Model E365 SMB E365 Prospects (>$100K ARR) As of December 31, 2021 25 | © 2022 Bentley Systems, Incorporated
Slide 26: Professionals in "AEC" Firms
Professionals in “AEC” Firms SMB <50 Professionals Germany Japan South Korea UK US TOTAL Enterprise >50 Professionals 26 | © 2022 Bentley Systems, Incorporated
Slide 27: Virtuosity Colleagues
Virtuosity Colleagues 169 150 121 70 21Q1 21Q2 21Q3 21Q4 27 | © 2022 Bentley Systems, Incorporated
Slide 28: Virtuosity NBG (New Business Growth)
Virtuosity NBG (New Business Growth) 21Q1 21Q2 21Q3 21Q4 28 | © 2022 Bentley Systems, Incorporated
Slide 29: Virtuosity NBG Overlap Quarter on the Resources
Virtuosity NBG Overlap Quarter on the Resources 169 150 121 70 21Q1 21Q2 21Q3 21Q4 29 | © 2022 Bentley Systems, Incorporated
Slide 30: SMB NBG
SMB NBG 41% 59,7 22% 23% 33,4 35,3 2019 2020 2021 % total NBG 30 | © 2022 Bentley Systems, Incorporated
Slide 31: Professionals in "AEC" Firms
Professionals in “AEC” Firms SMB <50 Professionals Germany Japan South Korea UK US TOTAL Enterprise >50 Professionals 31 | © 2022 Bentley Systems, Incorporated
Slide 32: Operational Perspectives
Operational Perspectives Nicholas Cumins, Chief Operating Officer 32 | © 2022 Bentley Systems, Incorporated
Slide 33: Comprehensive Product Advancement
Comprehensive Product Advancement APPLICATIONS ENGINEERING APPLICATIONS GEOPROFESSIONAL APPLICATIONS - MicroStation - AutoPIPE - AGS Workbench - MX Deposit - OpenBridge - CUBE - GeoStudio - Oasis montaj - OpenBuildings - DYNAMEQ - Imago - OpenGround - OpenFlows - EMME - Leapfrog - PLAXIS - OpenPlant
Slide 34: SYNCHRO NBG
SYNCHRO NBG 8,1 GREEN CONTRACTORS 58 OF THE ENR GLOBAL 100 TOP CONTRACTORS 3,2 0,5 2019 2020 2021 34 | © 2022 Bentley Systems, Incorporated
Slide 35: Infrastructure 2021 Winners
2021 WINNERS BRIDGES BUILDINGS AND CAMPUSES DIGITAL CONSTRUCTION INFRASTRUCTURE East 138th Street over the High-tech SeaTac Airport Major Deegan Expressway Multifunctional Medical International Arrivals Complex Facility Crediting SYNCHRO New York State Department of Transportation Volgogradnefteproe
Slide 36: East 138th St. over the Major Deegan Expressway — New York State DOT
East 138th St. over the Major Deegan Expressway — New York State DOT Project Playbook: iTwin Design Review, MicroStation, OpenBridge Designer, OpenBridge Modeler, OpenRoads Designer, ProjectWise, ProStructures, SYNCHRO 4D WINNER 36 | © 2022 Bentley Systems, Incorporated
Slide 37: East 138th St. over the Major Deegan Expressway — New York State DOT
East 138th St. over the Major Deegan Expressway — New York State DOT 37 | © 2022 Bentley Systems, Incorporated
Slide 38: Comprehensiveness Across Geographies: Notable New Business Growth
Comprehensiveness Across Geographies: Notable New Business Growth 38 | © 2022 Bentley Systems, Incorporated
Slide 39: Greater China NBG
Greater China NBG 15,5 16,5 9 Q1 Q2 Q3 Q4 2019 2020 2021 Greater China NBG by Quarter for 2021 Greater China NBG by Year 39 | © 2022 Bentley Systems, Incorporated
Slide 40: Infrastructure China 2021 Winners
2021 WINNERS DIGITAL CITIES GEOTECHNICAL ENGINEERING LAND AND SITE DEVELOPMENT Ezhou Huahu Airport Geological Survey of Water Dongtaizi Reservoir INFRASTRUCTURE Conservancy and Hydropower Project Engineering Project Hubei International Logistics Airport Co., Ltd., Liaoning Water Conservancy and Chin
Slide 41: Comprehensiveness Across Geographies: Seequent
Comprehensiveness Across Geographies: Seequent 41 | © 2022 Bentley Systems, Incorporated
Slide 42: Comprehensive Product Portfolio for Geoprofessionals
Comprehensive Product Portfolio for Geoprofessionals PRODUCT CATEGORY Model Management Geological Modeling Geostatistical Modeling Geophysical Analysis Geotechnical Analysis Data Management and Collaboration PRODUCT FAMILY OpenGround EDGE AR2TECH Workbench PLAXIS 42 | © 2022 Bentley Systems, Incorpo
Slide 43: PLAXIS
EDGE PLAXIS PHOTO: Hernán Valdez Gutiérrez 43 | © 2022 Bentley Systems, Incorporated
Slide 44: Corporate Developments
Corporate Developments Greg Bentley, Chief Executive Officer 44 | © 2022 Bentley Systems, Incorporated
Slide 45: bentley.com/esg
bentley.com/esg 45 | © 2022 Bentley Systems, Incorporated
Slide 46: UN Sustainable Development Goals: SDG
UN Sustainable Development Goals: SDG Environment, Social, and Governance: ESG 46 | © 2022 Bentley Systems, Incorporated
Slide 47: 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! 47 | © 2022 Bentley Systems, Incorporated
Slide 48: © 2022 Bentley Systems, Incorporated
48 | © 2022 Bentley Systems, Incorporated
Slide 49: ES(D)G Priorities
ES(D)G Priorities MOBILITY ENVIRONMENT GRIDS 49 | © 2022 Bentley Systems, Incorporated
Slide 50: 2021 Infrastructure Yearbook
2021 Infrastructure Yearbook https://www.bentley.com/publications/2021-infrastructure-yearbook/ www.bentley.com/en/infrastructure-yearbook 50 | © 2022 Bentley Systems, Incorporated
Slide 51: ES(D)G Priorities
ES(D)G Priorities MOBILITY 51 | © 2022 Bentley Systems, Incorporated
Slide 52: Infrastructure Sectors
Rail Water and and Commercial / Transit Waste Facililties Municipal Industrial Geosciences Energy Grids Resources Roads and Bridges 52 | © 2022 Bentley Systems, Incorporated
Slide 53: Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals
Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals .0 Water Carbon capture utilization storage and Commercial / Telecom Electrification Rail and Waste Annual investment required, 2020s (US tn) Energy efficiency Transit Facililties ydrogen end use Rail Renewables end us
Slide 54: Infrastructure Investment and Jobs Act
Infrastructure Investment and Jobs Act Water and Commercial / Rail and Waste Facililties Roads and Bridges $110B Transit Rail and Transit Municipal Industrial Passenger and Freight Rail $66B Municipal Energy Geosciences Grids High-speed Internet $65B Power Infrastructure $65B Resources Public Transi
Slide 55: ES(D)G in Mobility: 2021 Winners
2021 WINNERS BRIDGES DIGITAL CITIES DIGITAL CONSTRUCTION ES(D)G IN MOBILITY East 138th Street over the Ezhou Huahu Airport SeaTac Airport Major Deegan Expressway Project International Arrivals New York State Department of Hubei International Logistics Airport Co., Ltd., Facility Shenzhen S.F. Taisen
Slide 56: ES(D)G in Mobility: Founders' Honorees
FOUNDERS' HONOREES 4D DESIGN REVIEW DIGITAL ADAPTATION COMPREHENSIVE PROJECT DT ES(D)G IN MOBILITY MRT Jakarta Phase II East Link Application of BIM Technology in the Design of Xi'an-Shiyan High-Speed Railway PT MRT JAKARTA (Perseroda) AFRY & Tyréns Consortium China Railway First Survey and Design I
Slide 57: ES(D)G Priorities
ES(D)G Priorities MOBILITY ENVIRONMENT 57 | © 2022 Bentley Systems, Incorporated
Slide 58: Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals
Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals .0 Water Carbon capture utilization storage and Commercial / Telecom Electrification Rail and Waste Annual investment required, 2020s (US tn) Energy efficiency Transit Facililties ydrogen end use Rail Renewables end us
Slide 59: Infrastructure Investment and Jobs Act
Infrastructure Investment and Jobs Act Water and Commercial / Rail and Waste Facililties Roads and Bridges $110B Transit Rail and Transit Municipal Industrial Passenger and Freight Rail $66B Municipal Energy Geosciences Grids High-speed Internet $65B Power Infrastructure $65B Resources Resources Pub
Slide 60: ES(D)G in Environment: Dongtaizi Reservoir Project
2021 WINNERS GEOTECHNICAL ENGINEERING LAND AND SITE DEVELOPMENT ES(D)G IN ENVIRONMENT Geological Survey of Water Dongtaizi Reservoir Conservancy and Hydropower Project Engineering China Water Resources Beifang Investigation, Liaoning Water Conservancy and Hydropower Design and Research Co. Ltd. Surv
Slide 61: ES(D)G in Environment: Founders' Honorees
FOUNDERS' HONOREES CLIMATE ACTION NATIONAL DIGITAL TWIN Pumping energy Advancing Singapore National ES(D)G IN ENVIRONMENT optimization and CO2 3D Reality Mapping for a reduction Evides case study Changing World Evides NV Singapore Land Authority Netherlands Singapore SUSTAINABLE CITIES AND COMMUNITI
Slide 62: Social Impact Recognition Award Winner
and Bentley recognized as Asia Pacific Region Social Impact Recognition Award Winner for Sustainability Changemaker 2021 https://customers.microsoft.com/en-us/story/848311-doosan-manufacturing-azure-digital-twins 62 | © 2022 Bentley Systems, Incorporated
Slide 63: Doosan Azure Digital Twins testimonial
With Azure Digital Twins, IoT Hub, and the Bentley iTwin digital visualization model, we could take advantage of ready-to-use building blocks to quickly build the wind farm model, and we now use it to create new technical innovations and business opportunities. —Seiyoung Jang, General Manager of Str
Slide 64: ES(D)G Priorities
ES(D)G Priorities MOBILITY ENVIRONMENT GRIDS 64 | © 2022 Bentley Systems, Incorporated
Slide 65: Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals
Annual Green Capex to Meet Global Net Zero, Infrastructure, and Clean Water Goals .0 Water Carbon capture utilization storage and Commercial / Energy Telecom Electrification Rail and Waste Annual investment required, 2020s (US tn) Energy efficiency TransitGrids Facililties ydrogen end use Rail Renew
Slide 66: Infrastructure Investment and Jobs Act
Infrastructure Investment and Jobs Act Water and Commercial / Energy Rail and Waste Facililties Roads and Bridges $110B TransitGrids Rail and Transit Municipal Industrial Passenger and Freight Rail $66B Municipal Energy Geosciences Grids High-speed Internet $65B Power Infrastructure $65B Resources R
Slide 67: ES(D)G in Grids: 2021 Winners
2021 WINNERS POWER GENERATION REALITY MODELING UTILITIES AND COMMUNICATIONS ES(D)G IN GRIDS The World’s First 0MW Subcritical Diablo Dam Digital Twin Suixian & Guangshui 80MWp Blast Furnace Gas Power Generation Modeling Ground-Based Photovoltaic Power Project Project of Hubei Energy Group Capital En
Slide 68: ES(D)G in Grids: Founders' Honorees
FOUNDERS' HONOREES DIGITAL TWINS R&D AFFORDABLE AND CLEAN ENERGY VIRTUOSO INVENTION ES(D)G IN GRIDS Application of Digital Twin Fujian Changle Zone C Hydraulic Trashrack Cleaning Technology in the Full Lifecycle Machine (TRCM) Customized of Offshore Wind Power Projects Offshore Wind Farm to Remove S
Slide 69: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Comprehensive Global Dependable for 37 Years Portfolio Maturity Growth $802M 87% 55% of Revenues >30% Revenues Recurring Revenues 1 from accounts > Adjusted EBITDA Margin 2 (2020) $250K/yr Note: All figures as of December 31, 2020 unle
Slide 70: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Comprehensive Global Dependable for 38 Years Portfolio Maturity Growth $802M 87% 1 55% of Revenues >30% Revenues Recurring Revenues from accounts > Adjusted EBITDA Margin 2 (2020) $250K/yr Note: All figures as of December 31, 2020 unle
Slide 71: iTwin
Water and Waste Commercial / Rail and Facililties Transit Municipal Industrial MicroStation Geosciences Energy Grids AssetWise ProjectWise iTwin Platform Resources Roads and Bridges 71 | © 2022 Bentley Systems, Incorporated
Slide 72: Portfolio by infrastructure sector
Water and Waste Commercial / Rail and Facililties Transit Rail and Transit Municipal Industrial MicroStation Municipal Geosciences Energy Grids AssetWise ProjectWise CUBE iTwin Platform Resources EMME OpenRoads DYNAMEQ OpenRail Roads and Bridges SYNCHRO OpenBridge SUPERLOAD 72 | © 20
Slide 73: Portfolio by infrastructure sector
Water and Waste Commercial / Rail and Facililties Transit Rail and Transit Municipal Industrial MicroStation Municipal Geosciences Energy Grids AssetWise ProjectWise CUBE iTwin Platform Resources EMME OpenRoads Resources DYNAMEQ OpenRail Water Roads and Bridges SYNCHRO OpenBridge and W
Slide 74: Portfolio by infrastructure sector
Water and Waste Commercial / Energy Rail and Facililties Grids Transit Rail and Transit Municipal Industrial MicroStation Municipal Geosciences Energy Grids AssetWise ProjectWise CUBE iTwin Platform Resources EMME OpenRoads Resources DYNAMEQ OpenRail Water Roads and Bridges SYNCHRO Ope
Slide 75: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Comprehensive Platform Global Dependable for 38 Years Portfolio Acquisitions Maturity Diversification Growth $802M 87% 55% of Revenues >30% Revenues Recurring Revenues 1 from accounts > Adjusted EBITDA Margin 2 (2020) $250K/yr Note: Al
Slide 76: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating Dependable for 38 Years Acquisitions Diversification Growth $802M 87% 55% of Revenues >30% 2 Revenues Recurring Revenues 1 from accounts > Adjusted EBITDA Margin 2 (2020) $250K/yr Note: All figures as of De
Slide 77: 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 77 | © 2022 Bentl
Slide 78: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating for 38 Years Acquisitions Diversification Growth ~$1.125B $802M 87% 55% of Revenues >30% 2 Revenues Recurring Revenues 1 from accounts > Adjusted EBITDA Margin 2 (2022 Outlook) (2020) $250K/yr Note: All fig
Slide 79: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating for 38 Years Acquisitions Diversification Growth ~$1.125B >87% 87% 55% of Revenues >30% Revenues Recurring Revenues 1 from accounts > Adjusted EBITDA Margin 2 (2022 Outlook) (2022 Outlook) $250K/yr Note: Al
Slide 80: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating for 38 Years Acquisitions Diversification Growth ~$1.125B >87% 55% 41%of of Revenues NBG >30% Revenues Recurring Revenues 1 fromfrom accounts SMB > Adjusted EBITDA Margin 2 (2022 Outlook) (2022 Outlook) $25
Slide 81: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating for 38 Years Acquisitions Diversification Growth ~$1.125B >87% 41% of NBG >30% >33% Revenues Recurring Revenues 1 from SMB Adjusted EBITDA Margin 2 (2022 Outlook) (2022 Outlook) (2021) (2022 Outlook) Note:
Slide 82: User Success Colleagues
User Success Colleagues 562 575 148 102 21Q1 21Q2 21Q3 21Q4 2022 82 | © 2022 Bentley Systems, Incorporated
Slide 83: Virtuosity Colleagues
Virtuosity Colleagues 57 169 150 121 70 21Q1 21Q2 21Q3 21Q4 2022 83 | © 2022 Bentley Systems, Incorporated
Slide 84: (Going Digital) Experience
(Going Digital) Experience 2019 2021 2022 84 | © 2022 Bentley Systems, Incorporated
Slide 85: BSY: The Infrastructure Engineering Software Company
BSY: The Infrastructure Engineering Software Company Founder-Led Platform Global Accelerating for 38 Years Acquisitions Diversification Growth ~$1.125B >87% 41% of NBG >33% Revenues Recurring Revenues 1 from SMB Adjusted EBITDA Margin 2 (2022 Outlook) (2022 Outlook) (2021) (2022 Outlook) Note: All f
Slide 86: BSY Investments
BSY Investments David Hollister, Chief Investment Officer 86 | © 2022 Bentley Systems, Incorporated
Slide 87: BSY Investments: Portfolio Development
BSY Investments INVESTING IN BUSINESSES, ENTREPRENEURS AND AN ECOSYSTEM FOR INFRASTRUCTURE DIGITAL TWIN ADOPTION Portfolio Development (M&A) www.bentleyitwinventures.com Digital Integrators www.cohesivegroup.com www.bentleyaccelerationinitiatives.com www.digitalconstructionworks.com 87 | © 2022 Bent
Slide 88: The Year in Acquisitions
The Year in Acquisitions AR2TECH FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2021 2022 88 | © 2022 Bentley Systems, Incorporated
Slide 89: The Year in Acquisitions
The Year in Acquisitions PROGRAMMATIC PLATFORM/SCALE AR2TECH FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2021 2022 89 | © 2022 Bentley Systems, Incorporated
Slide 90: ES(D)G Priorities
ES(D)G Priorities MOBILITY ENVIRONMENT GRIDS AR2TECH 90 | © 2022 Bentley Systems, Incorporated
Slide 91: BSY Investments: Pre-Seed to Maturity
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 91 | © 2022 Bentley Sy
Slide 92: 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 93: Cohesive Significant New Business in 21H2 & 22Q1
Cohesive LIFECYCLE DIGITAL INTEGRATOR Significant New Business in 21H2 & 22Q1 DELIVERING TRANSFORMATIONAL OUTCOMES THROUGH THE BUILT AND NATURAL ENVIRONMENT Multi Phase Design and Delivery of Maximo across the nuclear and non nuclear asset base Recurring relationship drove new 8-figure contract win
Slide 94: Cohesive - a vector for iTwin digital twin pull-through
Cohesive - a vector for iTwin digital twin pull-through UK National Highways – Smart Motorways Programme elivery of the Enterprise Wide “Business Information Framework” (BIF) Integrated Asset Management, Digital By Default, powered by iTwin technology UK - High Speed Two 330 Miles Long – London to M
Slide 95: 21Q4 Financial Performance and 2022 Outlook
21Q4 Financial Performance and 2022 Outlook Werner Andre, Chief Financial Officer 95 | © 2022 Bentley Systems, Incorporated
Slide 96: Revenue Performance
Revenue Performance Fourth Quarter Full Year $ in millions $ in millions $965.0 +20.4% 99,2 +52.8% $801.5 53,1 -7.5% 64.9 57,4 $267.7 +21.9% 24,9 +25.0% $219.6 19,7 -7.7% 812,8 +19.7% 19.9 21,4 679,3 223,1 +25.2% 178,3 2020 2021 2020 2021 Subscriptions Licenses Services Subscriptions Licenses Servic
Slide 97: Recurring Revenue Performance
ARR4: 26% Y-o-Y constant currency growth Recurring Revenue Performance $921.2 million at 12/31/2021 spot LTM Recurring Revenues1 LTM Recurring Revenue Retention Annualized Recurring Revenue (ARR)4 $ in millions Constant Currency growth v. prior year 107% 108% 107% 107% 106% 106% 109% 26% 26% 9,0 10,
Slide 98: ARR Growth Performance and 2022 Outlook
ARR4 Growth Performance and 2022 Outlook 26% Seequent 13% 14% to 16% PLS 2.5% 11.5 % 9% 10% 12% 8% 13% to 13.5% 2017 2018 2019 2020 2021 Outlook 2022 Footnote 4: See appendix for KPI and non-GAAP definitions and reconciliations 98 | © 2022 Bentley Systems, Incorporated
Slide 99: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA5 $ in millions $ in millions 33.7% Adj. EBITDA Margin6 Includes $90.7 Deferred compensation plan one-time modification charge* 33.2% Adj. EBITDA $324,9 $150,2 Margin6 +22.0% $266,4 $94,6 $54,3 $43,3 $88,2 $77,4 +13.9% 20Q4 21Q4 FY 2020
Slide 100: Adjusted EBITDA & Margin Normalization and 2022 Outlook
Adjusted EBITDA5 & Margin6 Normalization and 2022 Outlook $370 to $ in millions $380 ~33% 33.7% 32.3% $247 33.2% 30.9% 29.6% 25.5% 2019 SBC v. Cash7 2019 2020 SBC v. Cash7 Normalize 2020 2021 Normalize 2021 2022 Actual Exec. Comp. Normalized Actual Exec. Comp. Expenses Normalized Actual Expenses Nor
Slide 101: Full Year 2022 Financial Outlook
Full Year 2022 Financial Outlook Financial Metrics Guidance Total Revenues $1,110 million to $1,140 milliona increase of 15.0% to 18.1% ARR4 Growth (constant currency) 14% to 16%b Adjusted EBITDA5 $370 million to $380 million approximately 33% Margin6 Footnote a: Revenue outlook is net of a ~$18.5 m
Slide 102: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows 12/31/2021 Credit Metrics Pro Forma for PLS Fourth Quarter Full Year $ in millions $ in millions 288,0 Cash $ 114.9 258,3 +11.5% Senior Debt $ 692.2 Net Senior Debt1 $ 577.3 Net Debt Senior Leverage2 1.6x -2.1% Available Revolver Credit Capac
Slide 103: Q&A
Q&A 103 | © 2022 Bentley Systems, Incorporated
Slide 104: Bentley Systems' 21Q4 Operating Results
CONFIDENTIAL Bentley Systems’ 21Q4 Operating Results Greg Bentley Nicholas Cumins David Hollister Werner Andre Chief Executive Officer Chief Operating Officer Chief Investment Officer Chief Financial Officer 104 | © 2022 Bentley Systems, Incorporated © 2022 Bentley Systems, Incorporated
Slide 105: Appendix
Appendix 105 | © 2022 Bentley Systems, Incorporated
Slide 106: 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 107: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA Three Months Ended Year Ended December 31 December 31 2021 2020 2021 2020 2020 Net Income $ 38,581 $ 51,932 $ 93,192 $ 126,521 Interest expense, net 3,883 3,026 12,491 7,476 Provision (benefit) for income taxes 1,642 16,480 (3,448) 38,625 Depreciation and amo