BENTLEY SYSTEMS INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
BSY$45.40+1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $326,787 | $174,780 | $93,192 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization, and impairment | 71,861 | 71,537 | 52,793 |
| Deferred income taxes | (198,878) | (5,126) | (19,745) |
| Stock-based compensation expense | 72,972 | 75,206 | 49,045 |
| Deferred compensation plan | 13,580 | (15,782) | 95,046 |
| Amortization and write-off of deferred debt issuance costs | 7,291 | 7,291 | 5,955 |
| Change in fair value of derivative | 5,038 | (27,083) | (9,770) |
| Foreign currency remeasurement (gain) loss | (452) | 6,000 | 64 |
| Other | 21,047 | 2,593 | 5,338 |
| Changes in assets and liabilities, net of effect from acquisitions: | |||
| Accounts receivable | (5,180) | (60,938) | (35,519) |
| Prepaid and other assets | 4,112 | 14,053 | 14,260 |
| Accounts payable, accruals, and other liabilities | 68,733 | 29,181 | 47,957 |
| Deferred revenues | 19,933 | 2,292 | 5,340 |
| Income taxes payable, net of prepaid income taxes | 9,852 | 320 | (15,932) |
| Net cash provided by operating activities | 416,696 | 274,324 | 288,024 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment and investment in capitalized software | (25,002) | (18,546) | (17,539) |
| Proceeds from sale of aircraft | — | 2,380 | — |
| Acquisitions, net of cash acquired | (26,023) | (743,007) | (1,034,983) |
| Purchases of investments | (11,602) | (10,954) | (4,081) |
| Proceeds from investments | 2,123 | — | — |
| Net cash used in investing activities | (60,504) | (770,127) | (1,056,603) |
| Cash flows from financing activities: | |||
| Proceeds from credit facilities | 588,154 | 833,292 | 745,310 |
| Payments of credit facilities | (841,723) | (487,694) | (991,310) |
| Proceeds from convertible senior notes, net of discounts and commissions | — | — | 1,233,377 |
| Payments of debt issuance costs | — | — | (5,643) |
| Purchase of capped call options | — | — | (51,605) |
| Settlement of convertible senior notes | — | (1,998) | — |
| Proceeds from term loan | — | — | 199,505 |
| Repayments of term loan | (5,000) | (5,000) | — |
| Payments of contingent and non-contingent consideration | (4,324) | (8,460) | (2,371) |
| Payments of dividends | (58,756) | (34,493) | (33,396) |
| Proceeds from stock purchases under employee stock purchase plan | 9,988 | 10,335 | 3,846 |
| Proceeds from exercise of stock options | 11,715 | 8,338 | 5,605 |
| Payments for shares acquired including shares withheld for taxes | (58,937) | (43,561) | (120,539) |
| Repurchases of Class B common stock under approved program | — | (28,250) | — |
| Other | (191) | 525 | (197) |
| Net cash (used in) provided by financing activities | (359,074) | 243,034 | 982,582 |
| Effect of exchange rate changes on cash and cash equivalents | (390) | (4,884) | (6,672) |
| (Decrease) increase in cash and cash equivalents | (3,272) | (257,653) | 207,331 |
| Cash and cash equivalents, beginning of year | 71,684 | 329,337 | 122,006 |
| Cash and cash equivalents, end of year | $68,412 | $71,684 | $329,337 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental information: | |||
| Cash paid for income taxes | $43,619 | $29,478 | $40,203 |
| Income tax refunds | 1,188 | 3,588 | 9,372 |
| Interest paid | 37,389 | 26,581 | 4,631 |
| Non-cash investing and financing activities: | |||
| Cost method investment | 3,500 | 5,936 | — |
| Shares issued related to acquisition | — | — | 182,390 |
| Contingent acquisition consideration | — | 1,390 | 4,544 |
| Deferred, non-contingent consideration, net | 525 | 749 | 10,090 |
| Term loan expenses included in Accruals and other current liabilities | — | — | 45 |
| Share-settled Bonus Plan awards | 16,791 | 21,925 | 20,953 |
| DCP elective participant deferrals | 1,765 | 6,580 | 2,619 |
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