|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Cost of subscriptions and licenses |
|
$ |
36,806 |
|
|
$ |
29,881 |
|
|
$ |
70,533 |
|
|
$ |
58,826 |
|
|
Amortization of purchased intangibles and developed technologies |
|
|
(3,154 |
) |
|
|
(1,192 |
) |
|
|
(6,176 |
) |
|
|
(2,437 |
) |
|
Stock-based compensation |
|
|
(781 |
) |
|
|
(403 |
) |
|
|
(1,161 |
) |
|
|
(489 |
) |
|
Realignment expenses |
|
|
(39 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
Adjusted cost of subscriptions and licenses |
|
$ |
32,832 |
|
|
$ |
28,286 |
|
|
$ |
63,157 |
|
|
$ |
55,900 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of services |
|
$ |
22,888 |
|
|
$ |
23,570 |
|
|
$ |
44,946 |
|
|
$ |
43,914 |
|
|
Stock-based compensation |
|
|
(548 |
) |
|
|
(153 |
) |
|
|
(919 |
) |
|
|
(388 |
) |
|
Acquisition expenses |
|
|
(1,293 |
) |
|
|
(1,579 |
) |
|
|
(2,617 |
) |
|
|
(2,545 |
) |
|
Realignment expenses |
|
|
(33 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
Adjusted cost of services |
|
$ |
21,014 |
|
|
$ |
21,838 |
|
|
$ |
41,377 |
|
|
$ |
40,981 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
$ |
64,866 |
|
|
$ |
52,776 |
|
|
$ |
126,139 |
|
|
$ |
100,579 |
|
|
Stock-based compensation |
|
|
(5,520 |
) |
|
|
(4,806 |
) |
|
|
(10,869 |
) |
|
|
(8,715 |
) |
|
Acquisition expenses |
|
|
(1,545 |
) |
|
|
(1,971 |
) |
|
|
(3,196 |
) |
|
|
(3,345 |
) |
|
Adjusted research and development |
|
$ |
57,801 |
|
|
$ |
45,999 |
|
|
$ |
112,074 |
|
|
$ |
88,519 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Selling and marketing |
|
$ |
49,617 |
|
|
$ |
38,014 |
|
|
$ |
95,562 |
|
|
$ |
70,454 |
|
|
Stock-based compensation |
|
|
(2,160 |
) |
|
|
(1,313 |
) |
|
|
(3,531 |
) |
|
|
(2,003 |
) |
|
Acquisition expenses |
|
|
(322 |
) |
|
|
(138 |
) |
|
|
(745 |
) |
|
|
(182 |
) |
|
Realignment expenses |
|
|
(1,949 |
) |
|
|
— |
|
|
|
(1,949 |
) |
|
|
— |
|
|
Adjusted selling and marketing |
|
$ |
45,186 |
|
|
$ |
36,563 |
|
|
$ |
89,337 |
|
|
$ |
68,269 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
General and administrative |
|
$ |
40,033 |
|
|
$ |
41,683 |
|
|
$ |
91,187 |
|
|
$ |
74,904 |
|
|
Stock-based compensation |
|
|
(8,386 |
) |
|
|
(5,010 |
) |
|
|
(15,868 |
) |
|
|
(9,003 |
) |
|
Acquisition expenses |
|
|
(696 |
) |
|
|
(10,258 |
) |
|
|
(11,295 |
) |
|
|
(17,118 |
) |
|
Realignment expenses |
|
|
(1,173 |
) |
|
|
— |
|
|
|
(1,173 |
) |
|
|
— |
|
|
Adjusted general and administrative |
|
$ |
29,778 |
|
|
$ |
26,415 |
|
|
$ |
62,851 |
|
|
$ |
48,783 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income from operations |
|
$ |
55,717 |
|
|
$ |
33,213 |
|
|
$ |
112,309 |
|
|
$ |
88,860 |
|
|
Amortization of purchased intangibles and developed technologies |
|
|
13,671 |
|
|
|
5,781 |
|
|
|
26,599 |
|
|
|
10,464 |
|
|
Stock-based compensation |
|
|
17,395 |
|
|
|
11,685 |
|
|
|
32,348 |
|
|
|
20,598 |
|
|
Deferred compensation plan |
|
|
(12,159 |
) |
|
|
195 |
|
|
|
(17,297 |
) |
|
|
362 |
|
|
Acquisition expenses |
|
|
3,856 |
|
|
|
13,954 |
|
|
|
17,853 |
|
|
|
23,210 |
|
|
Realignment expenses |
|
|
3,194 |
|
|
|
— |
|
|
|
3,194 |
|
|
|
— |
|
|
Adjusted income from operations |
|
$ |
81,674 |
|
|
$ |
64,828 |
|
|
$ |
175,006 |
|
|
$ |
143,494 |
|
|
Bentley Systems Announces Operating Results for the Second Quarter of 2022
Reconciliation of GAAP Financial Statement Line Items to Non-GAAP Adjusted Financial Statement Line Items:
|
|
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|
|
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|
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