Slide 1: Bentley Systems' 21Q3 Operating Results
Bentley Systems’ 21Q3 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: 21Q3 Operating Results…
21Q3 Operating Results… Greg Bentley, CEO November 9, 2021 3 | © 2021 Bentley Systems, Incorporated
Slide 4: Agenda
Agenda Tone of Business Corporate Developments 21Q3 Financial Performance 4 | © 2021 Bentley Systems, Incorporated
Slide 5: Bentley Systems Announces Operating Results for the Third Quarter of 2021
Press Release Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 November 9, 2021 | Media Contact: Carey Mann Bentley Systems Announces Operating Results carey.mann@bentley.com 1-610-458-3170 for the Third Quarter of 2021 EXTON, Pa. – November 9,
Slide 6: Tone of Business
Tone of Business 6 | © 2021 Bentley Systems, Incorporated
Slide 7: Third Quarter 2021 Operating Results Press Release
Media Contact: Carey Mann Press Release carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems Definitions of the non-GAAP financial measures used in this press release and ir@bentley.com 1-610-458-2777 November 9, 2021 | r
Slide 8: 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.” 8 | © 2021 Bentley Systems, Incorporated
Slide 9: 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.” 9 | © 2021 Bentley Systems, Incorporated
Slide 10: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 11: 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.” 11 | © 2021 Bentley Systems, Incorporated
Slide 12: ARR by Infrastructure Sector and Discipline (Including Seequent)
ARR by Infrastructure Sector and Discipline (Including Seequent) Water Rail and Commercial / and Waste Facilities Transit Municipal Industrial Energy Geosciences Grids Resources Roads and Bridges 12 | © 2021 Bentley Systems, Incorporated Note: Chart segment sizing corresponds to underlying % of ARR
Slide 13: ARR by Infrastructure Sector and Discipline (Including Seequent)
ARR by Infrastructure Sector and Discipline (Including Seequent) Water Rail and Commercial / and Waste Facilities Transit Municipal Industrial Energy Geosciences Grids Resources Roads and Bridges 13 | © 2021 Bentley Systems, Incorporated Note: Chart segment sizing corresponds to underlying % of ARR
Slide 14: Bentley Systems Announces Seequent's Acquisition of Minalytix
Press Release Press Contact: Christine Byrne +1 203 805 0432 Christine.Byrne@bentley.com Follow us on Twitter: September 14, 2021 | @BentleySystems Bentley Systems Announces Seequent’s Acquisition of Minalytix Integrating Cloud-based Drill Hole and Sample Data Platform with Geophysics and Geology Da
Slide 15: ARR by Infrastructure Sector and Discipline (Including Seequent)
ARR by Infrastructure Sector and Discipline (Including Seequent) Water Rail and Commercial / and Waste Facilities Transit Municipal Industrial Energy Geosciences Grids Resources Roads and Bridges 15 | © 2021 Bentley Systems, Incorporated Note: Chart segment sizing corresponds to underlying % of ARR
Slide 16: 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
Slide 17: Bentley Systems Announces Operating Results for the Third Quarter of 2021
Press Release Investor Contact: Ankit Hira or Ed Yuen Solebury Trout for Bentley Systems ir@bentley.com 1-610-458-2777 November 9, 2021 | Media Contact: Carey Mann Bentley Systems Announces Operating Results carey.mann@bentley.com 1-610-458-3170 for the Third Quarter of 2021 EXTON, Pa. – November 9,
Slide 18: 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 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.” 19 | © 2021 Bentley Systems, Incorporated
Slide 20: 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 21: Comprehensiveness Across Geographies
Comprehensiveness Across Geographies 21 | © 2021 Bentley Systems, Incorporated
Slide 22: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 23: Comprehensiveness Across Geographies: Notable New Business Growth
Comprehensiveness Across Geographies: Notable New Business Growth 23 | © 2021 Bentley Systems, Incorporated
Slide 24: Comprehensiveness Across Geographies: New Business Growth
Comprehensiveness Across Geographies: New Business Growth 24 | © 2021 Bentley Systems, Incorporated
Slide 25: Comprehensiveness Across Geographies: New Business Growth
Comprehensiveness Across Geographies: New Business Growth 25 | © 2021 Bentley Systems, Incorporated
Slide 26: 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.” 26 | © 2021 Bentley Systems, Incorporated
Slide 27: 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.” 27 | © 2021 Bentley Systems, Incorporated
Slide 28: 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 29: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 30: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 31: User Success Force
User Success Force 31 | © 2021 Bentley Systems, Incorporated
Slide 32: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT E365 Subscriptions Enterprise ELS Subscriptions Note: Chart segment sizing corresponds to underlying % of Q2 2021 ASC 606 Revenue. 32 | © 2021 Bentley Systems,
Slide 33: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses SELECT Subscriptions E365 Enterprise Subscriptions ELS Note: Chart segment sizing corresponds to underlying % of Q3 2021 ASC 606 Revenue. 33 | © 2021 Bentley Systems,
Slide 34: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 35: Virtuosity.com
Virtuosity.com 35 | © 2021 Bentley Systems, Incorporated
Slide 36: CEO Commentary on Third-Quarter Results
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to the most comparable GAAP financial measures are included below under the heading “Use and Reconciliatio
Slide 37: 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 38: SYNCHRO YII Trend
SYNCHRO YII Trend 38 | © 2021 Bentley Systems, Incorporated
Slide 39: Revenues by Infrastructure Lifecycle - (Mainstreaming Digital Twins)
Revenues by Infrastructure Lifecycle - (Mainstreaming Digital Twins) Asset Performance Digital Twins 4D Construction Project Digital Twins Digital Twins 39 | © 2021 Bentley Systems, Incorporated
Slide 40: iTwin Platform YII Trend
iTwin Platform YII Trend 40 | © 2021 Bentley Systems, Incorporated
Slide 41: Corporate Developments
Corporate Developments 41 | © 2021 Bentley Systems, Incorporated
Slide 42: 2021 Going Digital Awards in Infrastructure finalist presentations
Starting November 1, join us each week to watch the 2021 Going Digital Awards in Infrastructure finalist presentations in these categories! 42 | © 2021 Bentley Systems, Incorporated
Slide 43: Bentley Systems Announces Finalists for the 2021 Going Digital Awards in Infrastructure
Press Release Press Contact: Christine Byrne +1 203 805 0432 Christine.Byrne@bentley.com Follow us on Twitter: September 20, 2021 | @BentleySystems Bentley Systems Announces Finalists for the 2021 Going Digital Awards in Infrastructure Finalists Also Announced for the Student Future Infrastructure S
Slide 44: Congratulations to the Finalists in the Mobility Categories!
Congratulations to the Finalists in the Mobility Categories! Bridges Rail and Transit Road and Rail Asset Roads and Highways Structural Engineering Performance CCCC Third Harbor Network Rail + Jacobs Larsen and Toubro – Arab Engineering Bureau Engineering Co., Ltd. United Kingdom Wisconsin Departmen
Slide 45: Congratulations to the Finalists in the Project Delivery Categories!
Congratulations to the Finalists in the Project Delivery Categories! Digital Construction Geotechnical Engineering Manufacturing Project Delivery Information Clark Construction Group, LLC China Water Resources Dow Chemical Management United States of America Beifang Investigation, United States of A
Slide 46: Congratulations to the Finalists in the Cities Categories!
Congratulations to the Finalists in the Cities Categories! Buildings Digital Cities Land and Site Reality Modeling and Campuses Development Hubei International Logistics HDR Arab Engineering Bureau Airport Co., Ltd., Shenzhen S.F. Korea Land and Housing United States of America Qatar Taisen Holdings
Slide 47: Congratulations to the Finalists in the Energy Categories!
Congratulations to the Finalists in the Energy Categories! Mining and Offshore Power Generation Utilities and Utilities and Industrial Engineering Communications Asset Performance Capital Engineering and CNOOC Energy Development Research Incorporation Ltd. Mott MacDonald Itafos Conda LLC Design and
Slide 48: Congratulations to the Finalists in the Water Categories!
Congratulations to the Finalists in the Water Categories! Water and Wastewater Water, Wastewater, and Treatment Plants Stormwater Networks Brown and Caldwell ATLC Infraconsultants United States of America Pvt. Ltd India Jacobs Engineering United States of America Companhia Águas de Joinville (CAJ) L
Slide 49: Building Infrastructure Better
Building Infrastructure Better Advancing our Projects Through Digital Technologies December 2 We will focus on how going digital advances our projects and skillsets, including by presenting the much-anticipated 2021 Going Digital Awards in Infrastructure. Join us as we recognize the outstanding proj
Slide 50: Building Better Infrastructure
Building Better Infrastructure Advancing our Organizations and Infrastructure Assets December 1 We will focus on how going digital advances the resilience and adaptation of our organizations and infrastructure assets. We will recognize Founders Honorees whose projects represent advancements in susta
Slide 51: Your Guide to The Year in Infrastructure 2021
Your Guide to The Year in Infrastructure 2021 Join Carey Mann, VP Investor Relations, and Shannon Clemons, VP Engagement Marketing for a detailed overview of The Year in Infrastructure 2021 November 29 You’ll learn about the keynotes and each of the tracks that celebrate the extraordinary work behin
Slide 52: Announcing Early Access Bentley iTwin for NVIDIA Omniverse
Announcing Early Access Bentley iTwin for NVIDIA Omniverse Physically accurate 4D visualization of infrastructure digital twins Supports 4D design review and construction simulation Early access now available from Bentley Systems 52 | © 2021 Bentley Systems, Incorporated
Slide 53: © 2021 Bentley Systems, Incorporated
53 | © 2021 Bentley Systems, Incorporated
Slide 54: Announcing Early Access Bentley iTwin for NVIDIA Omniverse
The industry is moving in a positive direction toward more automated and sophisticated tools that improve client outcomes. Jacobs is proud to partner with Bentley in leveraging tools like iTwin linked with NVIDIA Omniverse to achieve strong results for our clients. - Donna DeMarco, Plant Information
Slide 55: 2021 AEC Going Digital CEO Sentiment Survey
2021 AEC Going Digital CEO Sentiment Survey October 2021 www.aecadvisors.com © Copyright 2021
Slide 56: Deliverables Prioritized by Clients: Today vs Three Years
Deliverables Prioritized by Clients: Today vs Three Years Today In Three Years Based on priority 1 rank Based on priority 1 rank Other Significant increase in the Infrastructure Digital Twins Infrastructure Digital Twins 6% need for infrastructure Simulation 1% 16% Results digital twins in the futur
Slide 57: Where Will Infrastructure Digital Twins Be Most Valuable?
Where Will Infrastructure Digital Twins Be Most Valuable? Firms who Ranked Digital Twins as a Priority in 3 Years Construction 6% Planning 26% Operations 47% Design and Engineering 21% Stakeholder Value: Growth/Investments | 57
Slide 58: Market Value Attributable to Digital Initiatives
Market Value Attributable to Digital Initiatives Gross Revenue Today 3 Years 10 Years Generation ($mm) >$500 10% 25% 43% 56% $100-500 8% 17% 28% 41% $25-100 7% 18% 33% 49% <$25 16% 23% 37% 47% Overall 10% 20% 34% 47% Stakeholder Value: Growth/Investments | 58
Slide 59: COP26 - Summit in Glasgow
“COP26“ - Summit in Glasgow 59 | © 2021 Bentley Systems, Incorporated
Slide 60: 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 $6.0 Net Zero Carbon 6 Carbon capture utilization storage Annual investment required, 2020s (US$ tn) Telecom Electrification Energy efficiency Hydrogen end use 5 Rail Renewables end use CO2 transport and storage Direct
Slide 61: 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 $6.0 6 Net Zero Carbon Water Carbon capture utilization storage Telecom Electrification Rail and Commercial / and Waste Annual investment required, 2020s (US$ tn) Energy efficiency Facilities 5 Hydrogen end use Transit
Slide 62: US Bipartisan Infrastructure Bill
US Bipartisan Infrastructure Bill $1.2T Total Investment $1.2T $650B $550B Incremental Transportation and Total Investment Other Infrastructure 62 | © 2021 Bentley Systems, Incorporated
Slide 63: US Bipartisan Infrastructure Bill
US Bipartisan Infrastructure Bill $550B in Incremental Investment Roads and Bridges $110B Passenger and Freight Rail $66B High-speed Internet $65B Power Infrastructure $65B Public Transit $39B Protection Against Climate Change $50B Airports $25B Environmental Remediation $21B Ports $17B (Pollution)
Slide 64: US Bipartisan Infrastructure Bill
US Bipartisan Infrastructure Bill $550B in Incremental Investment Water Rail and Commercial / Roads and Bridges $110B and Waste Facilities Transit Municipal Passenger and Freight Rail Industrial $66B Energy Geosciences High-speed Internet Grids $65B Power Infrastructure $65B Resources Public Transit
Slide 65: Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre
Press Release Investor Relation Contact: Carey Mann carey.mann@bentley.com Follow us on Twitter: @BentleySystems November 9, 2021 | Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre to become respectively COO and CFO, for 2022 David Hollister to Assume New Role as Ch
Slide 66: Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre
Press Release Investor Relation Contact: Carey Mann carey.mann@bentley.com Follow us on Twitter: @BentleySystems November 9, 2021 | Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre to become respectively COO and CFO, for 2022 David Hollister to Assume New Role as Ch
Slide 67: Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre
Press Release Investor Relation Contact: Carey Mann carey.mann@bentley.com Follow us on Twitter: @BentleySystems November 9, 2021 | Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre to become respectively COO and CFO, for 2022 David Hollister to Assume New Role as Ch
Slide 68: Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre
Press Release Investor Relation Contact: Carey Mann carey.mann@bentley.com Follow us on Twitter: @BentleySystems November 9, 2021 | Bentley Systems Announces Executive Promotions of Nicholas Cumins and Werner Andre to become respectively COO and CFO, for 2022 David Hollister to Assume New Role as Ch
Slide 69: The Cohesive Companies Expand with Acquisition of OXplus
Press Release Press Contact: Christine Byrne +1 203 805 0432 Christine.Byrne@bentley.com Follow us on Twitter: October 5, 2021 | @BentleySystems The Cohesive Companies Expand in Transportation Infrastructure Globally with Acquisition of OXplus and through Executive Succession Dr. Mark Bew MBE Appoin
Slide 70: SewerAI Acquires funding from Bentley iTwin Ventures
SewerAI Acquires funding from Bentley iTwin Ventures to Expand Digital Twin Capabilities in Wastewater Space Extending its commitment to continue advancing infrastructure maintenance and renewal through adoption of digital platforms WALNUT CREEK, Calif., Oct. 22, 2021 /PRNewswire/ -- SewerAI, a glob
Slide 71: Unearth Acquires Funding from Bentley iTwin Ventures
PRESS RELEASE Unearth, a Field Operations Platform, Acquires Funding from Bentley iTwin Ventures to Enhance Digital Twin Technology Empowering Field Workers and Asset Owners with Easy-to-Use Data Collection Tools and Unparalleled Visibility of Operations Tuesday, October 26th 2021, 11:29 AM PDT Spon
Slide 72: FutureOn signs digital twin partnership with Kongsberg Digital
Press release – for immediate release 9 November 2021 FutureOn signs digital twin partnership with Kongsberg Digital FutureOn, the global energy software company, has today announced a strategic partnership with Kongsberg Digital (KDI), the digital division of the Kongsberg Group, strengthening its
Slide 73: Third Quarter 2021 Financial Developments
Media Contact: Carey Mann carey.mann@bentley.com November 9, 2021 | 1-610-458-3170 Definitions of the non-GAAP financial measures used in this press release and Third Quarter 2021 Financial Developments: reconciliations of such measures to the most comparable GAAP financial measures are included bel
Slide 74: 21Q3 Financial Performance…
21Q3 Financial Performance… David Hollister, CFO 74 | © 2021 Bentley Systems, Incorporated
Slide 75: Revenue Performance
Revenue Performance Third Quarter September YTD $ in millions $ in millions Adj. Revenues6 ----- $697.3 +19.7% GAAP Revenues --- $693.4 +19.1% 74,2 +65.2% $582.0 33,4 -7.3% 44.9 36,0 Adj. Revenues6 ----- $251.4 +23.7% GAAP Revenues --- $248.5 +22.4% 24,4 +43.5% $203.0 11,9 -7.5% +16.9% 17.0 585,8 12
Slide 76: Recurring Revenue Performance
ARR4: 26% Y-o-Y constant currency growth Recurring Revenue Performance $903.8 million at 9/30/2021 spot LTM Recurring Revenues1 LTM Recurring Revenue Retention Annualized Recurring Revenue (ARR)4 $ in millions Constant Currency growth v prior year 107% 108% 108% 107% +15.1% 106% 106% 26% $786,1 9,0
Slide 77: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA5 $ in millions $ in millions 34.0% Adj. EBITDA Margin7 Includes ~$90M Deferred Compensation Plan one-time charge5 $236,8 32.4% Adj. EBITDA $95,9 Margin7 +25.3% $189,0 $47,4 $5,3 $84,5 $73,7 +14.7% Q320 Q321 Q3 YTD 2020 Q3 YTD 2021 -$40,
Slide 78: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows 9/30/2021 Credit Metrics $ in millions $ in millions Last Twelve Third Quarter Q3 YTD Months Cash $ 155.8 Debt1 $ 1,332.9 Net Debt1 $ 1,177.1 289,7 Net Debt Total Leverage1,2 3.4x +26.7% 2 228,6 Net Debt Senior Leverage 0.0x 207,4 176,0 +17.8
Slide 79: Q&A
Q&A 79 | © 2021 Bentley Systems, Incorporated
Slide 80: Bentley Systems' 21Q3 Operating Results
Bentley Systems’ 21Q3 Operating Results Greg Bentley, CEO David Hollister, CFO 80 | © 2021 Bentley Systems, Incorporated © 2021 Bentley Systems, Incorporated
Slide 81: Appendix
Appendix 81 | © 2021 Bentley Systems, Incorporated
Slide 82: 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 83: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income $ (50,128) $ 5,844 $ 51,788 $ 74,589 Interest expense, net 3,836 1,934 8,608 4,450 Provision for income taxes 4,223 10,705 (6,165) 22,145 Depreciation and amortiza