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
Sector
Industry (SIC)
Microsoft • Oracle • NortonLifeLock • BlackBerry • Activision Blizzard • Vmware • Adobe • Ceridian HCM Holding • McAfee • Electronic Arts ...
SEC CIK
Corporate docs
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
News
Mizuho Maintains Buy on Bentley Systems, Raises Price Target to $46
10 Aug 22
Bentley Systems Announces Its Bentley Acceleration Initiatives Fund Acquires of eagle.io
9 Aug 22
Bentley Systems' Cohesive Announces Acquisition Of MaximoCon, Technical Maximo Consultancy; Terms Not Disclosed
9 Aug 22
Bentley Systems: Q2 Earnings Insights
9 Aug 22
Bentley Systems Q2 Adj. EPS $0.22 Beats $0.18 Estimate, Sales $268.30M Beat $267.77M Estimate
9 Aug 22
Press releases
Teralytics Boosts North American Presence and Global Reach through the Acquisition of Streetlytics from Bentley Systems
26 Jul 22
Managing More than 80,000 Miles of Roads, Texas DOT Implements a Digital Delivery Initiative for New Bridge Projects
20 Jul 22
Bentley Systems to Announce Second Quarter 2022 Operating Results; Presenting at Upcoming Investor Conferences
19 Jul 22
Bentley Systems, Incorporated Declares Second Quarter 2022 Dividend
26 May 22
Analyst ratings and price targets
Current price
Average target
$43.00
Low target
$40.00
High target
$46.00
Mizuho
Maintains
$46.00
Oppenheimer
Initiated
$40.00
Calendar
9 May 22
12 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Mar 21 | Dec 20 | |
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
33.2% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 251 |
Opened positions | 41 |
Closed positions | 39 |
Increased positions | 112 |
Reduced positions | 62 |
13F shares | Current |
---|---|
Total value | 5.01B |
Total shares | 91.47M |
Total puts | 23.3K |
Total calls | 47.77K |
Total put/call ratio | 0.5 |
Largest owners | Shares | Value |
---|---|---|
Invest Management Sarl SPT | 18.17M | $802.74M |
Vanguard | 17.72M | $783.05M |
Kayne Anderson Rudnick Investment Management | 9.64M | $425.85M |
BLK Blackrock | 9.23M | $407.61M |
STT State Street | 3.38M | $149.12M |
Geode Capital Management | 2.41M | $106.17M |
Siemens Fonds Invest GmbH | 2.01M | $88.96M |
Artisan Partners Limited Partnership | 2.01M | $88.64M |
WFC Wells Fargo & Co. | 1.72M | $75.95M |
Capital Research Global Investors | 1.54M | $67.99M |
Financial report summary
?Competition
AutodeskRisks
- 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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H.S. sophomore Avg
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Current reports
8-K
Bentley Systems Announces Operating Results for the Second Quarter of 2022
9 Aug 22
8-K
Bentley Systems, Incorporated Declares Second Quarter 2022 Dividend
27 May 22
8-K
Bentley Systems Announces BSY Stock Repurchase Program
11 May 22
8-K
Bentley Systems Announces Operating Results for the First Quarter of 2022
10 May 22
8-K
Departure of Directors or Certain Officers
23 Mar 22
8-K
Results of Operations and Financial Condition
1 Mar 22
8-K
Bentley Systems, Incorporated Declares First Quarter 2022 Dividend
25 Feb 22
8-K
Entry into a Material Definitive Agreement
29 Dec 21
8-K
Bentley Systems, Incorporated Declares Fourth Quarter 2021 Dividend
22 Nov 21
8-K
Unregistered Sales of Equity Securities
17 Nov 21
Registration and prospectus
S-3ASR
Automatic shelf registration
1 Oct 21
424B4
Prospectus supplement with pricing info
15 Nov 20
S-1
IPO registration
9 Nov 20
DRS
Draft registration statement
22 Oct 20
424B4
Prospectus supplement with pricing info
24 Sep 20
S-8
Registration of securities for employees
24 Sep 20
8-A12B
Registration of securities on exchange
23 Sep 20
S-1/A
IPO registration (amended)
15 Sep 20
Other
EFFECT
Notice of effectiveness
13 Nov 20
CORRESP
Correspondence with SEC
9 Nov 20
CORRESP
Correspondence with SEC
9 Nov 20
CORRESP
Correspondence with SEC
9 Nov 20
UPLOAD
Letter from SEC
25 Oct 20
CERT
Certification of approval for exchange listing
23 Sep 20
EFFECT
Notice of effectiveness
23 Sep 20
CORRESP
Correspondence with SEC
17 Sep 20
CORRESP
Correspondence with SEC
17 Sep 20
CORRESP
Correspondence with SEC
17 Sep 20
Ownership
4
BENTLEY SYSTEMS / David J. Hollister ownership change
12 Aug 22
4
BENTLEY SYSTEMS / Werner Andre ownership change
22 Jul 22
4
BENTLEY SYSTEMS / GREGORY S BENTLEY ownership change
21 Jul 22
4
BENTLEY SYSTEMS / David J. Hollister ownership change
21 Jul 22
4
BENTLEY SYSTEMS / Keith A. Bentley ownership change
21 Jul 22
4
BENTLEY SYSTEMS / Gus Bergsma ownership change
12 Jul 22
4
BENTLEY SYSTEMS / David R. Shaman ownership change
12 Jul 22
4
BENTLEY SYSTEMS / Werner Andre ownership change
27 Jun 22
4
BENTLEY SYSTEMS / Raymond B. Bentley ownership change
27 Jun 22
4
BENTLEY SYSTEMS / Nicholas Cumins ownership change
27 Jun 22
Patents
Utility
Techniques for alignment of source infrastructure data with a BIS conceptual schema
19 Jul 22
In one embodiment, techniques are provided for aligning source infrastructure data to be compatible with a conceptual schema (e.g., BIS) implemented through an underlying database schema (e.g., DgnDb).
Utility
Efficient Refinement of Tiles of a Hlod Tree
2 Jun 22
In example embodiments, techniques are provided for refining tiles of an HLOD tree representing a model in order to display a view.
Utility
Uncertainty display for a multi-dimensional mesh
26 Apr 22
In various example embodiments, techniques are provided for representing uncertainty when displaying a rendered view of a multi-dimensional mesh (e.g., created by SfM photogrammetry) in a user interface by applying a real-time, obfuscation filter that modifies the rendered view based on uncertainty in screen space.
Utility
Method and Apparatus for Visually Comparing Geo-spatially Aligned Digital Content According to Time
21 Apr 22
In example embodiments, techniques are provided for visually comparing digital content for an infrastructure project according to time using 4-D construction modeling software.
Utility
Automatic Identification of Misclassified Elements of an Infrastructure Model
21 Apr 22
In example embodiments, techniques are provided to automatically identify misclassified elements of an infrastructure model using machine learning.
Transcripts
2022 Q2
Earnings call transcript
9 Aug 22
2022 Q1
Earnings call transcript
10 May 22
2021 Q4
Earnings call transcript
1 Mar 22
2021 Q3
Earnings call transcript
9 Nov 21
2021 Q2
Earnings call transcript
10 Aug 21
2021 Q1
Earnings call transcript
11 May 21
2020 Q4
Earnings call transcript
2 Mar 21
2020 Q3
Earnings call transcript
11 Nov 20
Reddit threads
Daily Discussion Thread - August 9th, 2022
9 Aug 22
Daily Discussion Thread - June 8th, 2022
8 Jun 22
Daily Discussion Thread - June 7th, 2022
7 Jun 22
Daily Discussion Thread - June 6th, 2022
6 Jun 22
Daily Discussion Thread - May 10th, 2022
10 May 22
Daily Discussion Thread - May 9th, 2022
9 May 22
Daily Discussion Thread - March 7th, 2022
7 Mar 22
Daily Discussion Thread - March 4th, 2022
4 Mar 22
Daily Discussion Thread - March 1st, 2022
1 Mar 22
Daily Discussion Thread - February 28th, 2022
28 Feb 22