Slide 1: © 2021 Bentley Systems, Incorporated
1 | © 2021 Bentley Systems, Incorporated
Slide 2: Disclaimer
Disclaimer The forward-looking statements contained in this presentation reflect Bentley Systems’ expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Any statements made in this presentation that are
Slide 3: Corporate Developments
Corporate Developments Greg Bentley, CEO 3 | © 2021 Bentley Systems, Incorporated
Slide 4: IPO on September 23, Opening Bell September 24
IPO on September 23 Opening Bell September 24 4 | © 2021 Bentley Systems, Incorporated
Slide 5: Infrastructure Yearbook
www.bentley.com/en/infrastructure-yearbook 5 | © 2021 Bentley Systems, Incorporated
Slide 6: © 2021 Bentley Systems, Incorporated
6 | © 2021 Bentley Systems, Incorporated
Slide 7: © 2021 Bentley Systems, Incorporated
7 | © 2021 Bentley Systems, Incorporated
Slide 8: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Programmatic and opportunistic acquisitions 8 | © 2021 Bentley Systems, Incorporated
Slide 9: SRO Solutions
SRO Solutions 9 | © 2021 Bentley Systems, Incorporated
Slide 10: E7
E7 10 | © 2021 Bentley Systems, Incorporated
Slide 11: Exiting 2020…
Exiting 2020… Greg Bentley, CEO 11 | © 2021 Bentley Systems, Incorporated
Slide 12: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources EPCs Public Works/Utilities (Engineering/Procurement/Construction) 12 | © 2021 Bentley Systems, Incorporated
Slide 13: ARR by Consumption Model
ARR by Consumption Model EPCs (Engineering/Procurement/Construction) Daily (E365) Daily (E365) Monthly and Quarterly Terms Annual Term As of June 30, 2020 13 | © 2021 Bentley Systems, Incorporated
Slide 14: ARR by Consumption Model: (Exiting 2020…)
ARR by Consumption Model: (Exiting 2020…) Added E365 volatility with “collars” Daily (E365) Daily (E365) Monthly and Quarterly Terms Annual Term As of June 30, 2020 14 | © 2021 Bentley Systems, Incorporated
Slide 15: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources EPCs Public Works/Utilities (Engineering/Procurement/Construction) 15 | © 2021 Bentley Systems, Incorporated
Slide 16: 2020 to Date… (Exiting 2020)
2020 to Date… (Exiting 2020) EPCs (Engineering/Procurement/Construction) 16 | © 2021 Bentley Systems, Incorporated
Slide 17: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources EPCs Public Works/Utilities (Engineering/Procurement/Construction) 17 | © 2021 Bentley Systems, Incorporated
Slide 18: Revenues by Infrastructure Sector and Discipline
Revenues by Infrastructure Sector and Discipline Water and Commercial / Rail and Waste Facililties Transit Municipal / Mapping Geotechnical Industrial / Resources T&D Utilities Public Works / Utilities Roads and Bridges We believe we are the market leader in these sectors and disciplines of infrastr
Slide 19: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources Public Works/Utilities 19 | © 2021 Bentley Systems, Incorporated
Slide 20: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenFlows OpenUtilities S
Slide 21: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenFlows OpenUtilities S
Slide 22: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources Public Works/Utilities 22 | © 2021 Bentley Systems, Incorporated
Slide 23: 2020 to Date… (20Q4)
2020 to Date… (20Q4) Commercial/ Facilities Industrial/ Resources Public Works/Utilities 23 | © 2021 Bentley Systems, Incorporated
Slide 24: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenFlows OpenUtilities S
Slide 25: Revenues by Infrastructure Lifecycle (Commercial / Facilities Products)
Revenues by Infrastructure Lifecycle (Commercial / Facilities Products) AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNC
Slide 26: 2020 to Date…
2020 to Date… Commercial/ Facilities Industrial/ Resources Public Works/Utilities 26 | © 2021 Bentley Systems, Incorporated
Slide 27: 2020 to Date… (20Q4)
2020 to Date… (20Q4) Commercial/ Facilities Industrial/ Resources Public Works/Utilities 27 | © 2021 Bentley Systems, Incorporated
Slide 28: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenFlows OpenUtilities S
Slide 29: Revenues by Infrastructure Lifecycle (Industrial / Resources Products)
Revenues by Infrastructure Lifecycle (Industrial / Resources Products) AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCH
Slide 30: 2020 to Date… (20Q4)
2020 to Date… (20Q4) Commercial/ Facilities Industrial/ Resources Public Works/Utilities 30 | © 2021 Bentley Systems, Incorporated
Slide 31: Revenues by Infrastructure Lifecycle
Revenues by Infrastructure Lifecycle AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCHRO OpenFlows OpenUtilities S
Slide 32: Revenues by Infrastructure Lifecycle (Public Works / Utilities Products)
Revenues by Infrastructure Lifecycle (Public Works / Utilities Products) AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYN
Slide 33: Revenues by Infrastructure Lifecycle—(20Q4)
Revenues by Infrastructure Lifecycle—(20Q4) 33 | © 2021 Bentley Systems, Incorporated
Slide 34: Revenues by Infrastructure Lifecycle (2020 New Business Growth Leaders)
Revenues by Infrastructure Lifecycle (2020 New Busines Growth Leaders) AssetWise ALIM AssetWise 4D Analytics MicroStation AssetWise Asset Reliability AssetWise Linear Analytics OpenPlant SUPERLOAD OpenBuildings OpenRoads ProjectWise OpenRail ProjectWise 365 OpenSite SYNCH
Slide 35: New Business Growth…
New Business Growth… Chart Title $800 New Business $700 $600 $500 $400 $300 $200 New Account $100 Incremental Product Incumbent Product $0 Recurring Revenue 2016 2017 2018 2019 Note: Excludes the impact of changes in foreign currency exchange rates. The company’s 2019 budget exchange rates have been
Slide 36: New Business Growth: 2020 Application Mix Accretion
New Business Growth: 2020 Application Mix Accretion e.g. MicroStation ($) 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 perio
Slide 37: New Business Growth (Weighted)
New Business Growth (Weighted) PD/ANP/iTwin All Other Revenue Type/Component Revenue Assigned Brands Brands Perpetual License SELECT Re-Instatement Fees Included as Bentley License Sales 0.50X 0.50X NET USD Revenue Project Subscription PROJECT SERVICES Included as Bentley PS TRAINING 0.375X 0.375X N
Slide 38: Comprehensiveness Across Geographies
Comprehensiveness Across Geographies Countries where BSY Office BSY’s solutions are in use 170+ Countries of Usage 90+ Offices ~4,000 Colleagues Note: $ Amounts are revenues in millions, based on 2019 ASC 606. 38 | © 2021 Bentley Systems, Incorporated
Slide 39: Comprehensiveness Across Geographies: 2020 New Business Growth
Comprehensiveness Across Geographies: 2020 New Business Growth Note: $ Amounts are revenues in millions, based on 2019 ASC 606. 39 | © 2021 Bentley Systems, Incorporated
Slide 40: Comprehensiveness Across Geographies: 2020 New Business Growth
Comprehensiveness Across Geographies: 2020 New Business Growth Note: $ Amounts are revenues in millions, based on 2019 ASC 606. 40 | © 2021 Bentley Systems, Incorporated
Slide 41: New Business Growth
New Business Growth 2019 2020 2020 Actual Budget Actual 41 | © 2021 Bentley Systems, Incorporated
Slide 42: Revenues by Commercial Model
Revenues by Commercial Model Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Term Licenses Enterprise Subscriptions SELECT ELS Subscriptions E365 • for perpetual licenses • entitles license pooling • entitles “portfolio balancing” Note: Chart segment sizing
Slide 43: Revenues by Commercial Model: 2020 Improvement in Percentage Recurring
Revenues by Commercial Model: 2020 Improvement in Percentage Recurring Perpetual License Sales Professional Services (episodic) Professional Services (recurring) Note: Chart segment sizing corresponds to underlying % of 2019 ASC 606 Revenue. 43 | © 2021 Bentley Systems, Incorporated
Slide 44: Entering 2021…
Entering 2021… Greg Bentley, CEO 44 | © 2021 Bentley Systems, Incorporated
Slide 45: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 45 | © 2021 Bentley Systems, Incorporated
Slide 46: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 46 | © 2021 Bentley Systems, Incorporated
Slide 47: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 47 | © 2021 Bentley Systems, Incorporated
Slide 48: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 48 | © 2021 Bentley Systems, Incorporated
Slide 49: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 49 | © 2021 Bentley Systems, Incorporated
Slide 50: Going Digital—2020s Growth Initiatives
Going Digital— 2020s Growth Initiatives… • Success programs to accelerate accretion • Direct (digital) engagement for SMB expansion • Digital Twin mainstreaming • Programmatic and opportunistic acquisitions 50 | © 2021 Bentley Systems, Incorporated
Slide 51: Exiting 2020 and Entering 2021…
Exiting 2020 and Entering 2021… David Hollister, CFO 51 | © 2021 Bentley Systems, Incorporated
Slide 52: Revenue Performance
Revenue Performance Fourth Quarter Full Year $ in millions $ in millions $801.5 +8.8% $736.7 64.9 -5.5% 68.7 57.4 -3.9% 59.7 $219.6 +8.2% $202.9 679.3 +11.7% 19.9 +7.7% 18.5 21.4 608.3 21.4 163.0 178.3 +9.4% 2019 2020 2019 2020 Subscriptions Licenses Services Subscriptions Licenses Services 52 | © 2
Slide 53: Recurring Revenue Performance
Recurring Revenue Performance ARR: 8% 2020 constant currency growth $752.7 million at 12/31/2020 spot Recurring Revenues1 Recurring Revenue Retention $ in millions 108% 107% 108% 105% $696.7 +10.4% 10.0 10.0 7.0 9.0 $631.1 98% 98% 98% 98% LTM Q419 LTM Q420 2017 2018 2019 2020 Account Retention (Doll
Slide 54: Profitability Performance
Profitability Performance GAAP Operating Income Adjusted EBITDA4 $ in millions $ in millions $150.2 $141.9 $266.2 +41% $188.1 $54.3 $42.7 $77.1 $56.0 +38% Q419 Q420 FY 2019 FY 2020 Q419 Q420 FY 2019 FY 2020 Footnotes: 4 – See appendix for KPI and non-GAAP definitions and reconciliations 54 | © 2021
Slide 55: Adjusted EBITDA and margin normalization
Adjusted EBITDA4 and margin5 normalization $ in millions $285 to $295 31.8% 33.2% to 30.9% 32.1% 29.6% 25.5% 2019 SBC v. Cash6 2019 2020 SBC v. Cash6 Normalize 2020 2021 Exec. Comp. Normalized Exec. Comp. Expenses Normalized Guidance Footnotes: 4, 5, 6 – See appendix for non-GAAP definitions and rec
Slide 56: Full Year 2021 Financial Outlook
Full Year 2021 Financial Outlook Financial Metrics Guidance Total Revenues $895 million to $920 million increase of 11.7% to 14.8% ARR Growth (constant currency) 8% to 10% Adjusted EBITDA4 $285 million to $295 million approximately 32% Margin5 Additional expectations to support financial modeling •
Slide 57: Liquidity and Capital Structure
Liquidity and Capital Structure GAAP Operating Cash Flows January 2021 Financing Transactions Fourth Quarter Full Year • $850 million Senior Secured Revolver due 2025 $ in millions • Refinanced existing revolver; $3.7 million fees 258.3 +51% • Retained $200 million swap paying fixed .73% 170.8 • $69
Slide 58: Long term financial model targets
Long term financial model targets Financial Metrics Targets Comments Historical growth trends inflected for Total Revenues ~10% per year growth initiatives and subject to pace and scale of acquisitions Subject to modest dilution from Adjusted EBITDA Margin5 ~100BPS accretion per year Digital Integra
Slide 59: Q&A
Q&A 59 | © 2021 Bentley Systems, Incorporated
Slide 60: Thank You
Thank You 60 | © 2021 Bentley Systems, Incorporated