BENTLEY SYSTEMS INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
BSY$45.24-0.4%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $184,694 | $147,202 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 48,397 | 52,787 |
| Deferred income taxes | 7,056 | (14,632) |
| Stock-based compensation expense | 57,856 | 56,092 |
| Deferred compensation plan | 13,665 | 4,763 |
| Amortization of deferred debt issuance costs | 5,554 | 5,469 |
| Change in fair value of derivative | 5,570 | (4,102) |
| Foreign currency remeasurement (gain) loss | (126) | 3,198 |
| Other | (1,733) | 2,464 |
| Changes in assets and liabilities, net of effect from acquisitions: | ||
| Accounts receivable | 34,588 | 56,065 |
| Prepaid and other assets | (9,952) | (1,246) |
| Accounts payable, accruals, and other liabilities | 36,356 | 33,437 |
| Deferred revenues | (31,512) | (17,688) |
| Income taxes payable, net of prepaid income taxes | 3,247 | 5,834 |
| Net cash provided by operating activities | 353,660 | 329,643 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment and investment in capitalized software | (8,499) | (18,906) |
| Acquisitions, net of cash acquired | (128,774) | (23,110) |
| Purchases of investments | (807) | (11,352) |
| Proceeds from investments | — | 2,123 |
| Other | 2,400 | — |
| Net cash used in investing activities | (135,680) | (51,245) |
| Cash flows from financing activities: | ||
| Proceeds from credit facilities | 233,281 | 442,566 |
| Payments of credit facilities | (207,608) | (634,718) |
| Repayments of term loan | (140,000) | (3,750) |
| Payments of contingent and non-contingent consideration | (3,022) | (3,039) |
| Payments of dividends | (53,985) | (43,992) |
| Proceeds from stock purchases under employee stock purchase plan | 11,228 | 9,988 |
| Proceeds from exercise of stock options | 4,007 | 10,590 |
| Payments for shares acquired including shares withheld for taxes | (11,199) | (57,527) |
| Repurchases of Class B common stock under approved program | (45,769) | — |
| Other | (151) | (137) |
| Net cash used in financing activities | (213,218) | (280,019) |
| Effect of exchange rate changes on cash and cash equivalents | (999) | (3,100) |
| Increase (decrease) in cash and cash equivalents | 3,763 | (4,721) |
| Cash and cash equivalents, beginning of year | 68,412 | 71,684 |
| Cash and cash equivalents, end of period | $72,175 | $66,963 |
Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Supplemental information: | ||
| Cash paid for income taxes | $33,948 | $29,467 |
| Income tax refunds | 925 | 764 |
| Interest paid | 12,130 | 29,370 |
| Non-cash investing and financing activities: | ||
| Cost method investment | — | 3,500 |
| Deferred, non-contingent consideration, net | — | 525 |
| Share-settled executive bonus plan awards | 13,199 | 13,057 |
| Deferred compensation plan elective participant deferrals | 144 | 1,712 |
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