Bentley Systems Inc - Understand $bsy stock

$BSY Market Cap: $14.54 Billion

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Financial Snapshot

Revenue

$1.314B

TTM

Gross Margin

80.35%

TTM

Net Earnings

$364.3M

TTM

Current Assets

$403.8M

Q3 2024

Current Liabilities

$782.2M

Q3 2024

Current Ratio

51.62%

Q3 2024

Total Assets

$3.396B

Q3 2024

Total Liabilities

$2.362B

Q3 2024

Book Value

$1.034B

Q3 2024

Cash

$72.18M

Q3 2024

P/E

39.90

Nov 14, 2024 EST

Free Cash Flow

$426.1M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2001	2000	1999	1998	1997
Revenue	$1.228B	$1.099B	$965.0M	$801.5M	$734.8M	$691.7M	$628.9M	$202.6M	$180.2M	$182.2M	$172.6M	$156.8M
YoY Change	11.77%	13.89%	20.4%	9.08%	6.24%	9.99%		12.43%	-1.1%	5.56%	10.08%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2001	2000	1999	1998	1997
Revenue	$1.228B	$1.099B	$965.0M	$801.5M	$734.8M	$691.7M	$628.9M	$202.6M	$180.2M	$182.2M	$172.6M	$156.8M
Cost Of Revenue	$266.1M	$237.0M	$216.5M	$167.2M	$144.2M	$131.3M	$120.6M	$54.70M	$59.60M	$63.40M	$72.10M	$49.80M
Gross Profit	$962.3M	$862.1M	$748.5M	$634.4M	$592.5M	$560.4M	$508.3M	$147.9M	$120.6M	$118.8M	$100.6M	$107.0M
Gross Profit Margin	78.34%	78.44%	77.56%	79.15%	80.63%	81.01%	80.82%	73.0%	66.93%	65.2%	58.29%	68.24%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2001	2000	1999	1998	1997
Selling, General & Admin	$405.1M	$370.3M	$312.4M	$257.1M	$252.5M	$250.0M	$226.7M	$90.90M	$81.50M	$83.10M	$83.90M	$74.50M
YoY Change	9.4%	18.54%	21.51%	1.82%	1.0%	10.26%		11.53%	-1.93%	-0.95%	12.62%
% of Gross Profit	42.09%	42.95%	41.73%	40.52%	42.61%	44.61%	44.6%	61.46%	67.58%	69.95%	83.4%	69.63%
Research & Development	$274.6M	$257.9M	$220.9M	$185.5M	$183.6M	$175.0M	$151.2M	$40.50M	$35.30M	$34.00M	$32.10M	$25.20M
YoY Change	6.5%	16.72%	19.08%	1.07%	4.87%	15.76%		14.73%	3.82%	5.92%	27.38%
% of Gross Profit	28.54%	29.91%	29.51%	29.24%	30.98%	31.23%	29.75%	27.38%	29.27%	28.62%	31.91%	23.55%
Depreciation & Amortization	$71.86M	$71.54M	$52.79M	$36.12M	$32.16M	$29.20M	$9.000M	$14.60M	$11.20M	$11.60M	$2.500M	$4.100M
YoY Change	0.45%	35.5%	46.17%	12.3%	10.14%	224.44%		30.36%	-3.45%	364.0%	-39.02%
% of Gross Profit	7.47%	8.3%	7.05%	5.69%	5.43%	5.21%	1.77%	9.87%	9.29%	9.76%	2.49%	3.83%
Operating Expenses	$731.8M	$653.5M	$653.9M	$484.2M	$450.6M	$439.0M	$386.9M	$137.9M	$119.5M	$119.6M	$118.6M	$103.8M
YoY Change	11.99%	-0.07%	35.04%	7.46%	2.65%	13.46%		15.4%	-0.08%	0.84%	14.26%
Operating Profit	$230.5M	$208.6M	$94.59M	$150.2M	$141.9M	$121.4M	$121.4M	$10.00M	$1.100M	-$800.0K	-$18.00M	$3.200M
YoY Change	10.51%	120.55%	-37.0%	5.84%	16.87%	-0.01%		809.09%	-237.5%	-95.56%	-662.5%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2001	2000	1999	1998	1997
Interest Expense	-$39.79M	$35.06M	$12.80M	$7.913M	$9.731M	$9.607M	-$10.30M	-$3.500M	-$1.500M	-$1.900M	-$2.800M	-$1.300M
YoY Change	-213.51%	173.94%	61.72%	-18.68%	1.29%	-193.27%		133.33%	-21.05%	-32.14%	115.38%
% of Operating Profit	-17.26%	16.8%	13.53%	5.27%	6.86%	7.91%	-8.48%	-35.0%	-136.36%			-40.63%
Other Income/Expense, Net	-$7.222M	$24.30M	$11.23M	$24.95M	-$5.557M	$236.0K	-$5.800M	$200.0K	$0.00	$14.30M	-$900.0K	$1.400M
YoY Change	-129.72%	116.35%	-54.98%	-548.91%	-2454.66%	-104.07%			-100.0%	-1688.89%	-164.29%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2001	2000	1999	1998	1997
Pretax Income	$16.65M	$98.19M	-$14.54M	$61.47M	$61.69M	$56.43M	$105.3M	$6.700M	-$300.0K	$11.60M	-$21.70M	$3.300M
YoY Change	-83.04%	-775.11%	-123.66%	-0.36%	9.33%	-46.41%		-2333.33%	-102.59%	-153.46%	-757.58%
Income Tax	-$143.2M	$21.28M	-$3.448M	$38.63M	$23.74M	-$29.25M	$46.10M	$2.600M	$900.0K	$4.200M	-$7.400M	$1.100M
% Of Pretax Income	-860.2%	21.68%		62.84%	38.48%	-51.84%	43.78%	38.81%		36.21%		33.33%
Net Earnings	$326.8M	$174.8M	$93.19M	$126.5M	$103.1M	$142.1M	$59.20M	$4.100M	-$1.200M	$7.400M	-$14.30M	$2.200M
YoY Change	86.97%	87.55%	-26.34%	22.72%	-27.45%	140.05%		-441.67%	-116.22%	-151.75%	-750.0%
Net Earnings / Revenue	26.6%	15.9%	9.66%	15.78%	14.03%	20.55%	9.41%	2.02%	-0.67%	4.06%	-8.29%	1.4%
Basic Earnings Per Share	$1.05	$0.57	$0.30	$0.44	$0.36	$0.50
Diluted Earnings Per Share	$1.00	$0.55	$0.30	$0.42	$0.35	$0.49	$226.6K	$176.7K	-$52.17K	$323.1K	-$624.5K	$100.5K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2001	2000
Cash & Short-Term Investments	$68.41M	$71.68M	$329.3M	$122.0M	$121.1M	$81.20M	$13.00M	$6.400M
YoY Change	-4.56%	-78.23%	169.95%	0.74%	49.14%		103.13%
Cash & Equivalents	$68.41M	$71.68M	$329.3M	$122.0M	$121.1M	$81.20M	$13.00M	$6.400M
Short-Term Investments
Other Short-Term Assets	$57.61M	$57.14M	$51.23M	$28.20M	$28.00M	$17.50M	$10.50M	$13.20M
YoY Change	0.82%	11.54%	81.66%	0.71%	60.0%		-20.45%
Inventory
Prepaid Expenses
Receivables	$293.5M	$287.1M	$235.3M	$190.0M	$204.5M	$184.6M	$62.20M	$61.50M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.000M	$2.300M
Total Short-Term Assets	$419.6M	$415.9M	$615.8M	$340.3M	$353.6M	$283.2M	$87.70M	$83.50M
YoY Change	0.88%	-32.47%	80.97%	-3.76%	24.86%		5.03%
Property, Plant & Equipment	$78.58M	$72.50M	$82.64M	$74.50M	$29.60M	$29.40M	$19.70M	$20.80M
YoY Change	8.38%	-12.27%	10.93%	151.69%	0.68%		-5.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$23.48M	$22.27M	$6.438M	$5.700M	$1.700M	$0.00	$2.100M	$2.400M
YoY Change	5.43%	245.91%	12.95%	235.29%			-12.5%
Other Assets	$280.1M	$124.9M	$120.0M	$78.70M	$83.30M	$110.7M	$2.500M	$2.100M
YoY Change	124.3%	4.05%	52.51%	-5.52%	-24.75%		19.05%
Total Long-Term Assets	$2.900B	$2.749B	$2.043B	$785.7M	$641.0M	$640.4M	$74.00M	$57.00M
YoY Change	5.5%	34.54%	160.08%	22.57%	0.09%		29.82%
Total Assets	$3.320B	$3.165B	$2.659B	$1.126B	$994.6M	$923.6M	$161.7M	$140.5M
YoY Change
Accounts Payable	$18.09M	$15.18M	$16.48M	$16.50M	$17.70M	$8.600M	$8.300M	$6.400M
YoY Change	19.23%	-7.93%	-0.1%	-6.78%	105.81%		29.69%
Accrued Expenses	$160.6M	$142.0M	$153.5M	$112.2M	$156.1M	$127.0M	$19.30M	$18.90M
YoY Change	13.12%	-7.49%	36.82%	-28.12%	22.91%		2.12%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$400.0K	$17.60M
YoY Change							-97.73%
Long-Term Debt Due	$10.00M	$5.000M	$5.098M	$200.0K			$9.800M	$5.100M
YoY Change	100.0%	-1.92%	2449.0%				92.16%
Total Short-Term Liabilities	$760.4M	$628.4M	$593.9M	$465.6M	$392.4M	$435.7M	$96.90M	$93.40M
YoY Change	21.01%	5.81%	27.55%	18.65%	-9.94%		3.75%
Long-Term Debt	$1.518B	$1.776B	$1.431B	$246.1M	$233.8M	$258.8M	$14.40M	$13.60M
YoY Change	-14.49%	24.09%	481.47%	5.26%	-9.66%		5.88%
Other Long-Term Liabilities	$147.4M	$136.3M	$160.1M	$61.90M	$25.60M	$71.20M	$49.40M	$29.20M
YoY Change	8.16%	-14.91%	158.71%	141.8%	-64.04%		69.18%
Total Long-Term Liabilities	$1.666B	$1.912B	$1.591B	$308.0M	$259.4M	$330.0M	$63.80M	$42.80M
YoY Change	-12.88%	20.16%	416.6%	18.74%	-21.39%		49.07%
Total Liabilities	$2.437B	$2.592B	$2.250B	$784.4M	$660.0M	$776.2M	$161.5M	$136.8M
YoY Change	-6.01%	15.21%	186.85%	18.85%	-14.97%		18.06%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018
Basic Shares Outstanding	312.4M shares	309.2M shares	305.7M shares	289.9M shares	284.6M shares	285.8M shares
Diluted Shares Outstanding	332.5M shares	331.8M shares	314.6M shares	299.4M shares	293.8M shares	292.6M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $14.535 Billion

About Bentley Systems Inc

Bentley Systems, Inc. engages in the provision of software solutions for infrastructure engineering, enabling the work of civil, structural, geotechnical, plant engineering practitioners, project delivery enterprises, and owner-operators of infrastructure assets. The company is headquartered in Exton, Pennsylvania and currently employs 5,200 full-time employees. The company went IPO on 2020-09-23. The firm offers solutions for enterprises and professionals across the infrastructure lifecycle. Its software enables digital workflows across engineering disciplines, across distributed project teams, and from offices to the field. Its offerings are powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Its engineering and geoprofessional applications are primarily cloud-connected desktop modeling and simulation applications. Its software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, and water and wastewater, others.

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