(in thousands, except share and per share data)
(unaudited)
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2023 |
|
2022 |
||||
Revenues: |
|
|
|
|
||||
Subscriptions |
|
$ |
277,845 |
|
|
$ |
241,233 |
|
Perpetual licenses |
|
|
9,547 |
|
|
|
10,205 |
|
Subscriptions and licenses |
|
|
287,392 |
|
|
|
251,438 |
|
Services |
|
|
27,019 |
|
|
|
24,079 |
|
Total revenues |
|
|
314,411 |
|
|
|
275,517 |
|
Cost of revenues: |
|
|
|
|
||||
Cost of subscriptions and licenses |
|
|
40,931 |
|
|
|
33,727 |
|
Cost of services |
|
|
26,253 |
|
|
|
22,058 |
|
Total cost of revenues |
|
|
67,184 |
|
|
|
55,785 |
|
| Gross profit |
|
|
247,227 |
|
|
|
219,732 |
|
| Operating expense (income): |
|
|
|
|
||||
| Research and development |
|
|
67,800 |
|
|
|
61,273 |
|
| Selling and marketing |
|
|
52,141 |
|
|
|
45,945 |
|
| General and administrative |
|
|
46,807 |
|
|
|
51,154 |
|
| Deferred compensation plan |
|
|
4,146 |
|
|
|
(5,138 |
) |
| Amortization of purchased intangibles |
|
|
10,548 |
|
|
|
9,906 |
|
| Total operating expenses |
|
|
181,442 |
|
|
|
163,140 |
|
| Income from operations |
|
|
65,785 |
|
|
|
56,592 |
|
| Interest expense, net |
|
|
(11,092 |
) |
|
|
(6,748 |
) |
| Other income, net |
|
|
289 |
|
|
|
10,347 |
|
| Income before income taxes |
|
|
54,982 |
|
|
|
60,191 |
|
| Provision for income taxes |
|
|
(9,492 |
) |
|
|
(3,231 |
) |
| Loss from investments accounted for using the equity method, net of tax |
|
|
— |
|
|
|
(572 |
) |
| Net income |
|
$ |
45,490 |
|
|
$ |
56,388 |
|
| Per share information: |
|
|
|
|
||||
| Net income per share, basic |
|
$ |
0.15 |
|
|
$ |
0.18 |
|
| Net income per share, diluted |
|
$ |
0.14 |
|
|
$ |
0.18 |
|
| Weighted average shares, basic |
|
|
310,758,802 |
|
|
|
307,969,672 |
|
| Weighted average shares, diluted |
|
|
331,251,884 |
|
|
|
331,330,256 |
|
BENTLEY SYSTEMS, INCORPORATED
