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Bentley Systems (BSY)

Bentley Systems, Incorporated provides software solutions. The Company offers software for bridge analysis, construction, simulation and analysis, modeling, and geotechnical engineering. Bentley Systems serves customers worldwide.

Company profile

Ticker
BSY
Exchange
Website
CEO
Gregory Bentley
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
AarhusGeosoftware ApS • Bentley Canada Inc. • Bentley Engineering Software Systems (Shanghai) Co. Ltd. • Bentley Engineering Software Systems (Shanghai) Co. • Bentley Engineering Software Systems (Shanghai) Co., Limited • Bentley Engineering Software Systems (Shanghai) Co. • Bentley Software International, Ltd. • Bentley Software Solutions Philippines Inc. • Bentley Software, Inc. • Bentley Systems (Beijing) Co., Ltd ...

BSY stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$43.00
Low target
$40.00
High target
$46.00
Mizuho
Maintains
Buy
$46.00
10 Aug 22
Oppenheimer
Initiated
Outperform
$40.00
20 May 22

Calendar

9 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 129.62M 129.62M 129.62M 129.62M 129.62M 129.62M
Cash burn (monthly) 66.57M 36.66M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 294M 161.89M n/a n/a n/a n/a
Cash remaining -164.38M -32.28M n/a n/a n/a n/a
Runway (months of cash) -2.5 -0.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 David J. Hollister Class B Common Stock Sell Dispose S No No 41.12 200,000 8.22M 2,105,519
21 Jul 22 Andre Werner Class B Common Stock Payment of exercise Dispose F No No 37.44 855 32.01K 177,223
19 Jul 22 David J. Hollister Class B Common Stock Grant Acquire A No No 35.28 31,093 1.1M 2,305,519
19 Jul 22 Keith A. Bentley Class B Common Stock Grant Acquire A No No 35.28 48,020 1.69M 16,689,972
19 Jul 22 Keith A. Bentley Class B Common Stock Grant Acquire A No No 35.28 11,455 404.13K 16,641,952
19 Jul 22 Gregory S Bentley Class B Common Stock Grant Acquire A No No 35.28 77,175 2.72M 8,808,390
33.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 251 249 +0.8%
Opened positions 41 51 -19.6%
Closed positions 39 59 -33.9%
Increased positions 112 97 +15.5%
Reduced positions 62 69 -10.1%
13F shares Current Prev Q Change
Total value 5.01B 8.98B -44.2%
Total shares 91.47M 91.36M +0.1%
Total puts 23.3K 6.6K +253.0%
Total calls 47.77K 108.7K -56.1%
Total put/call ratio 0.5 0.1 +703.3%
Largest owners Shares Value Change
Invest Management Sarl SPT 18.17M $802.74M 0.0%
Vanguard 17.72M $783.05M +1.0%
Kayne Anderson Rudnick Investment Management 9.64M $425.85M +32.3%
BLK Blackrock 9.23M $407.61M +4.3%
STT State Street 3.38M $149.12M -0.1%
Geode Capital Management 2.41M $106.17M -0.7%
Siemens Fonds Invest GmbH 2.01M $88.96M -56.5%
Artisan Partners Limited Partnership 2.01M $88.64M +10.2%
WFC Wells Fargo & Co. 1.72M $75.95M +123.8%
Capital Research Global Investors 1.54M $67.99M -4.1%
Largest transactions Shares Bought/sold Change
Siemens Fonds Invest GmbH 2.01M -2.62M -56.5%
Kayne Anderson Rudnick Investment Management 9.64M +2.35M +32.3%
WFC Wells Fargo & Co. 1.72M +950.97K +123.8%
Manufacturers Life Insurance Company, The 9.75K -875.81K -98.9%
Echo Street Capital Management 0 -500.79K EXIT
FHI Federated Hermes 48.93K -499.01K -91.1%
AXAHF Axa 436.89K +436.89K NEW
Citadel Advisors 200.4K -415.01K -67.4%
BLK Blackrock 9.23M +380.69K +4.3%
MS Morgan Stanley 531.02K -330.87K -38.4%

Financial report summary

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Competition
Autodesk
Risks
  • Demand for our software solutions is subject to volatility in our accounts’ underlying businesses, which includes infrastructure projects that typically have long timelines.
  • The ongoing global coronavirus outbreak could materially and adversely affect our business.
  • The majority of our revenues and an increasing percentage of our operations are attributable to operations outside the U.S., and our results of operations therefore may be materially affected by the legal, regulatory, social, political, economic, and other risks of foreign operations.
  • Decreased investment by APAC, including China, may have a negative effect on our business.
  • We are exposed to fluctuations in currency exchange rates that could negatively impact our financial results and cash flows.
  • We may not be able to increase the number of new subscription‑based accounts or cause existing accounts to renew their subscriptions, which could have a negative impact on our future revenues and results of operations.
  • Consolidation among our accounts and other enterprises in the markets in which we operate may result in a loss of business.
  • We have in the past and expect to continue in the future to seek to grow our business through acquisitions of or investments in new or complementary businesses, software solutions, or technologies, and the failure to manage acquisitions or investments, or the failure to integrate them with our existing platform and business, could harm us.
  • Quality problems, defects, errors, failures, or vulnerabilities in our software solutions or services could harm our reputation and adversely affect our business, financial condition, results of operations, and prospects.
  • Our business, financial condition, results of operations, and prospects may be harmed if we are unable to cross‑sell our solutions.
  • There are significant costs and restrictions associated with the repatriation of cash from our non-U.S. operations.
  • From time to time we realign or introduce new business initiatives, including reorganizing our sales and marketing, research and development, and administrative functions; if we fail to successfully execute and manage these initiatives, our results of operations could be negatively impacted.
  • A portion of our revenues are from sales by our channel partners and we could be subject to loss or liability based on their actions.
  • Interruptions in the availability of server systems or communications with Internet, third‑party hosting facilities or cloud‑based services, or failure to maintain the security, confidentiality, accessibility, or integrity of data stored on such systems, could harm our business or impair the delivery of our managed services.
  • If our security measures or those of our third‑party cloud data hosts, cloud computing platform providers, or third‑party service partners, are breached, and unauthorized access is obtained to an account’s data, our data or our IT systems, our services may be perceived as not being secure, accounts may curtail or stop using our services, and we may incur significant legal and financial exposure and liabilities.
  • Failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • Increasingly stringent and growing data protection and privacy laws with respect to cloud computing, cross‑border data transfer restrictions, and other restrictions may apply to our business and non‑compliance with such rules may limit the use and adoption of our services, adversely affect our business, or expose us to increased liability.
  • We license third‑party technologies for the development of certain of our software solutions, and, in some instances, we incorporate third‑party technologies, including open source software, into our software solutions. If we fail to maintain these licenses or are unable to secure alternative licenses on reasonable terms, our business could be adversely affected.
  • Assertions by third parties of infringement or other violations by us of their intellectual property rights could result in significant costs and harm our business and results of operations.
  • Recent and potential tariffs imposed by the U.S. government or a global trade war could increase the cost of our products and services and the cost of conducting our business, which could harm our business, financial condition, and results of operations.
  • The withdrawal by the United Kingdom (“U.K.”) from the E.U. may have a negative effect on global economic conditions, financial markets, and our business.
  • We are subject to legal proceedings and regulatory inquiries, and we may be named in additional legal proceedings or become involved in regulatory inquiries in the future, any of which may be costly, distracting to our core business and could result in an unfavorable outcome, or harm on our business, financial condition, results of operations, cash flows, or the trading price for our securities.
  • Failure to comply with the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar anti‑bribery and anti‑corruption laws associated with our activities outside the U.S. could subject us to penalties and other adverse consequences.
  • We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls.
  • We may face exposure to product or professional liability claims that could cause us to be liable for damages.
  • The phase‑out of LIBOR could affect interest rates under our Credit Facility.
  • We may incur substantial additional debt, which could exacerbate the risks described above.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
  • We issued convertible notes that have rights senior to our Class B Common Stock.
  • The accounting method for convertible debt securities that may be settled in cash, such as the 2026 Notes and 2027 Notes, could have a material effect on our reported financial condition and results.
  • The conditional conversion feature of the 2026 Notes and 2027 Notes may adversely affect our financial condition and operating results.
  • Conversion of the 2026 Notes and/or the 2027 Notes will dilute the ownership interest of existing stockholders, including holders who had previously converted their 2026 Notes and/or their 2027 Notes, or may otherwise depress the price of our Class B Common Stock.
  • The capped call transactions entered into when we issued the 2026 Notes and 2027 Notes may affect the value of our common stock.
  • The choice of forum provision in our amended and restated certificate of incorporation could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or colleagues.
  • Global economic conditions may negatively impact our business, financial condition, and results of operations.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • All amounts presented in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, except share and per share amounts, are presented in thousands. Additionally, many of the amounts and percentages have been rounded for convenience of presentation.
  • We are a leading global provider of software for infrastructure engineering, enabling the work of civil, structural, geoprofessional, and plant engineering practitioners, their project delivery enterprises, and owner‑operators of infrastructure assets. We were founded in 1984 by the Bentley brothers and on September 25, 2020, we completed our IPO.

Content analysis

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