zprávy

Eos Positioning Systems announces ability to consume Arrow GNSS location data in multiple Esri apps concurrently

13.11.2020 9:00   GISCafe.com Webcasts-Webinars   NOVEMBER 2020, MONTREAL, CANADA — Eos Positioning Systems (Eos), the Canadian manufacturer of the leading high-accuracy Arrow …

Scottish Government extends viaEuropa web services agreement

13.11.2020 9:00   GISCafe.com Webcasts-Webinars   Europa Technologies is pleased to announce that the Scottish Government has extended its agreement for the use of viaEuropa web services for an …

Bylo vydáno nové sestavení GEU

13.11.2020 8:47   GEUSware  
Bylo vydáno nové sestavení GEUS 24.0.6.279, ve kterém byl upraven vzorec pro "výběrovou střední chybu" (Sxy). Všem uživatelům doporučujeme toto sestavení nainstalovat.

GaKO 11/2020

13.11.2020 7:54   GaKO   GaKO 11/2020 KUBÍČEK, P.–SNOPKOVÁ, D.–STACHOŇ, Z.–UHLÍK, O.–JUŘÍK, V.–UGWITZ, P.–ŠAŠINKA, Č.–OKŘINOVÁ, P.–APELTAUER, J.–APELTAUER, T.: Využití prostorové syntaxe pro formalizaci pohybu osob CHUDÁ, J.: Ručné mobilné laserové skenovanie a technológia SLAM v lesnom prostredí – posúdenie polohovej presnosti objektov a využiteľnosti technológie

Bentley Systems Announces Pricing of Public Offering of Common Stock

13.11.2020 2:17   Bentley Systems   EXTON, Pa., U.S.A. – November 12, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the pricing of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley, at a price to the public of $32.00 per share. Bentley granted the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities.  Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the offering. Mizuho Securities is acting as a co-manager for the offering.

A registration statement on Form S-1 relating to the offering has been filed with, and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering, when available, may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Konference “See the Future” – 17. a 18. listopadu 2020 [Knihovna geografie, byTopic]

13.11.2020 0:00   Katedra aplikované geoinformatiky a kartografie Přf UK   Ve dnech 17. a 18. listopadu se koná online konference “See the Future“ společnosti Enago na téma „Budoucnost výzkumu a vysokoškolského vzdělávání.“
Mezi vystupujícími uvidíte např. laureáta Nobelovy ceny za medicínu (hlavní projev) nebo osobnosti z top managementu největších světových vydavatelství v oboru STM (Elsevier, Wiley, American Chemical Society) včetně předního vydavatele open access titulů (Hindawi).

GAF AG and BKG intensify their cooperation regarding the provision of multi-source remote sensing data

12.11.2020 23:26   GISCafe.com Webcasts-Webinars   ( München, 11.11.20 ) GAF AG, one of the largest European providers of geographic information services with a focus on earth observation, has …

Targa Telematics Awards TomTom Multiyear Contract

12.11.2020 16:50   GISCafe.com Webcasts-Webinars   AMSTERDAM, The Netherlands, Nov. 12, 2020 (GLOBE NEWSWIRE) -- TomTom (TOM2), the location technology specialist, and Targa Telematics, an …

Illinois Institute of Technology to Establish Trimble Technology Lab for Civil, Architectural, and Environmental Engineering

12.11.2020 16:50   GISCafe.com Webcasts-Webinars   SUNNYVALE, Calif., and CHICAGO, Nov. 12, 2020 — (PRNewswire) —  Illinois Institute of Technology has received a gift from Trimble …

Re:Earth, a web service that allows anyone to publish their archives digitally, has been launched!

12.11.2020 16:49   GISCafe.com Webcasts-Webinars   TOKYO, JAPAN, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Re:Earth supports a wide variety of visualization techniques and digital archiving for companies, …

TravelTime Hosts ArcGIS Network Analysis Workshop For GIS Day

12.11.2020 16:47   GISCafe.com Webcasts-Webinars   The TravelTime workshop on 18 November will help ArcGIS users make better business decisions with public transport data 
London, UK, November …

Kongsberg Geospatial and Unifly partner to provide integrated Urban Situational Awareness for drones

12.11.2020 16:46   GISCafe.com Webcasts-Webinars   Kongsberg Geospatial and Unifly enable real-time drone monitoring in urban airspaces over LTE wireless broadband networks
OTTAWA, Ontario, Nov. 12, …

Proběhl první seminář (METADATA) v rámci Dne s INSPIRE

12.11.2020 15:09   CENIA - národní geoportál INSPIRE   Dne 10. 11. 2020 proběhl první seminář v rámci Dne s INSPIRE organizovaný CENIA, českou informační agenturou životního prostředí. Tento seminář se zaměřil na METADATA. Jednotlivé prezentace, včetně videozáznamů, si můžete prohlédnout zde. Děkujeme Všem účastníkům za zájem a připomínáme, že máte stále možnost se registrovat na další dva připravované termíny: TERMÍN 18. 11. 2020 (10:00–12:00) –...

Nové návody na Národním geoportálu INSPIRE

12.11.2020 14:53   CENIA - národní geoportál INSPIRE   Na Národním geoportálu INSPIRE v sekci (INSPIRE – Legislativa EU) byly přidány nové šedé rozklikávací záložky s metadatovým profilem ČR, návodem k novému metadatovému editoru a návody na harmonizaci dat pomocí programu Hale studio.

Sentinel data enables new system for agricultural monitoring in Poland

12.11.2020 14:00   ESA Observing the Earth  

Data from the Copernicus Sentinel satellites are enabling the national monitoring of agricultural activity in Poland – a colossal task that will support the efforts of key national agencies to assess a country’s cropland, productivity, and food security, as well as the implementation of the EU Common Agricultural Policy in years to come.

Coastal observations boosted by new reference satellite

12.11.2020 10:15   ESA Observing the Earth  

As global temperatures continue to rise, coastal areas will increasingly bear the brunt of storm surges and more frequent, intense weather events. Sea level is rising at 3.6 centimetres per decade and this trend is accelerating, compounding the threats faced by coastal communities: with every centimetre another three million people are put at risk of annual coastal flooding. Scheduled to be launched on 21 November, the Copernicus Sentinel-6 Michael Freilich satellite is set to continue the long-term record of sea-level measurements that are needed for protect our coasts.

Už víte co koupit geografického pod stromeček?

12.11.2020 9:19   GISportal.cz  

Za 42! dní, tedy přesně za 6 týdnů, jsou tu Vánoce 🙂 Pokud přemýšlíte, co byste mohli pořídit milovníkovi/vnici map, tak se můžete inspirovat např. v produktech nové české firmy Mapisimo, která si klade za cíl přiblížit krásu klasických map jejich netradičním zpracováním. Mapisimo je přidružený projekt redaktorů z české firmy Kartografie Praha. Nápad vytvořit Mapisimo se […]

The post Už víte co koupit geografického pod stromeček? appeared first on GISportal.cz.

SESAR publikoval nový report k U-Space

12.11.2020 8:47   UAVA  

SESAR publikoval nový report k U-Space a postupu výzkumných projektů a inovací. Více informací a stažení je možné zde: https://www.sesarju.eu/node/3691

The post SESAR publikoval nový report k U-Space appeared first on UAV Aliance pro bezpilotní letecký průmysl.

NV5 Announces Record Third Quarter Results; Exceeds Analysts' Expectations

12.11.2020 3:15   GISCafe.com Webcasts-Webinars   HOLLYWOOD, Fla., Nov. 11, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (Nasdaq: NVEE) ("NV5" or the "Company"), a leading provider of compliance, …

Bentley Systems Announces Pricing of Public Offering of Common Stock

12.11.2020 2:17   Bentley Systems   EXTON, Pa., U.S.A. – November 12, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the pricing of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley, at a price to the public of $32.00 per share. Bentley granted the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities.  Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the offering. Mizuho Securities is acting as a co-manager for the offering.

A registration statement on Form S-1 relating to the offering has been filed with, and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering, when available, may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Nová funkční rozšíření pro Fusion 360

12.11.2020 1:00   CAD Studio   Autodesk upravil a rozšířil svou nabídku funkčních rozšíření (extensions) pro Fusion 360, které vám díky speciální certifikaci CAD Studia můžeme nabídnout. Na první pohled by se mohlo zdát zbytečné doplňovat jakákoli rozšíření, protože Autodesk Fusion ...

Více

Zhlédněte ve dnech 16. až 22.1

12.11.2020 0:00   SolidVision   Zhlédněte ve dnech 16. až 22.11. devět video prezentací novinek SOLIDWORKS 2021

Knihovna geografie ve dnech 16. a 17.11.2020 [Knihovna geografie, byTopic]

12.11.2020 0:00   Katedra aplikované geoinformatiky a kartografie Přf UK   Ve dnech 16. listopadu (na základě rozhodnutí rektorátu UK) a 17. listopadu 2020 (státní svátek ČR) je knihovna zcela uzavřena a neposkytuje své služby ani v omezeném režimu (příprava výpůjček apod.).

Zhlédněte ve dnech 16. až 22.1

12.11.2020 0:00   SolidVision   Zhlédněte ve dnech 16. až 22.11. devět video prezentací novinek SOLIDWORKS 2021

Výzva k podání návrhu - Horní Benešov

12.11.2020 0:00   Státní pozemkový úřad   SPÚ vyhlašuje výzvu k podání návrhů na uzavření nájemní smlouvy - Horní Benešov

Explore AEC Industry Trends with Microsol Resources at Autodesk University 2020

11.11.2020 23:50   GISCafe.com Webcasts-Webinars   NEW YORK, Nov. 11, 2020 — (PRNewswire) —  Microsol Resources is exhibiting at Autodesk University (AU) 2020 on November 17-20. …

Satellogic successfully launches 10 new satellites expanding European Space Imaging’s satellite access portfolio

11.11.2020 23:26   GISCafe.com Webcasts-Webinars   On Friday 6 November, Satellogic, the first company to develop a scalable Earth observation platform with the ability to remap the entire planet at …

ISPRS e-Bulletin Issue No 4 – 2020

11.11.2020 22:33   Společnost pro fotogrammetrii a dálkový průzkum  

ISPRS e-bulletin: 2020 – Issue No.1 </obj

The post ISPRS e-Bulletin Issue No 4 – 2020 appeared first on SFDP.

Autonomous Drone Maker Skydio Appoints New VP of Channel and Alliances Adds New Sales Executives to The Federal Sales Team

11.11.2020 15:41   GISCafe.com Webcasts-Webinars   Skydio appoints Industry and Military Veterans Trent Hall as VP of Channel &amp; Alliances, and Federal Sales team additions Sai Williams and Ron &hellip;

Copernicus Sentinel-6 ready for launch

11.11.2020 14:00   ESA Observing the Earth   Video: 00:03:00

Final preparations are underway in California for the launch of Sentinel-6 Michael Freilich, a joint European and US satellite designed to take precise measurements of sea-level change. The satellite forms part of the European Union’s Copernicus Earth Observation programme and will employ a radar altimeter to map sea-surface topography. The satellite will provide fundamental data for climate science and policymaking, helping to protect the 600 million people who live in vulnerable coastal areas. It will also deliver near-realtime information for marine and weather forecasts.

The mission is a collaboration between ESA, the European Commission, EUMETSAT, NASA and NOAA, with support from the French space agency CNES. Scheduled for launch on 21 November on a SpaceX Falcon 9 rocket from the Vandenberg Air Force Base on the California coast, the satellite is named Michael Freilich after NASA’s former Director of Earth Science.

A-roll contains clean room images from Vandenberg and new interviews. B-roll includes clean room, nearby coast and soundbites in English, French and German.

20201111 Rada / odborný rada oddělení aktualizace KN

11.11.2020 13:35   ČÚZK   /Urady/Katastralni-urady/Katastralni-urady/Katastralni-urad-pro-Stredocesky-kraj/Katastralni-pracoviste/KP-Kolin/O-uradu/Aktuality/20190828-Odborny-rada-oddeleni-pravnich-vztahu-(1)

20201111 Rada / odborný rada oddělení aktualizace KN

11.11.2020 13:35   ČÚZK - předpisy a opatření   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Kolín Vyhlášení výběrového řízení: Rada / odborný rada oddělení aktualizace KN V části "Úřední deska", v sekci "Oznámení a jiná úřední sdělení" bylo vystaveno "Oznámení o vyhlášení výběrového řízení na obsazení služebního místa Rada / odborný rada oddělení aktualizace KN "

Rada / odborný rada oddělení aktualizace KN

11.11.2020 13:34   ČÚZK   /Urady/Katastralni-urady/Katastralni-urady/Katastralni-urad-pro-Stredocesky-kraj/Uredni-deska/Oznameni-a-jina-uredni-sdeleni/Volna-mista/Rada-odborny-rada-oddeleni-aktualizace-KN

Rada / odborný rada oddělení aktualizace KN

11.11.2020 13:34   ČÚZK - předpisy a opatření   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Kolín
vypisuje výběrové řízení na místo Rada / odborný rada oddělení aktualizace KN
Rada / odborný rada oddělení aktualizace KN

Rada / odborný rada oddělení aktualizace KN

11.11.2020 13:34   ČÚZK - volná místa   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Kolín vypisuje výběrové řízení na místo Rada / odborný rada oddělení aktualizace KN

Alstom pioneers the use of Galileo to help measure the location and speed of trains

11.11.2020 12:25   European GNSS Agency  

Alstom pioneers the use of Galileo to help measure the location and speed of trains

11.11.2020 12:25   European GNSS Agency  

Alstom pioneers the use of Galileo to help measure the location and speed of trains

11.11.2020 12:25   European GNSS Agency  

Výběrové řízení

11.11.2020 12:18   ČÚZK - předpisy a opatření   Katastrální úřad pro Plzeňský kraj - Katastrální pracoviště Plzeň-sever zveřejnil novou aktualitu: Ředitelka Katastrálního úřadu pro Plzeňský kraj vyhlašuje výběrové řízení na služební místo rada/odborný rada – kontrola listin určených k záznamu – KL1101, oddělení právních vztahů k nemovitostem, Katastrální úřad pro Plzeňský kraj, Katastrální pracoviště Plzeň-sever.

Oznámení o vyhlášení výběrového řízení na služební místo rada/odborný rada – kontrola listin určenýc

11.11.2020 12:13   ČÚZK   /Urady/Katastralni-urady/Katastralni-urady/Katastralni-urad-pro-Plzensky-kraj/Uredni-deska/Oznameni-a-jina-uredni-sdeleni/Volna-mista/DMS/Oznameni-o-vyhlaseni-vyberoveho-rizeni-na-sluzebni

Oznámení o vyhlášení výběrového řízení na služební místo rada/odborný rada – kontrola listin určenýc

11.11.2020 12:13   ČÚZK - předpisy a opatření   Katastrální úřad pro Plzeňský kraj Katastrální pracoviště Plzeň-sever
vypisuje výběrové řízení na místo
Oznámení o vyhlášení výběrového řízení na služební místo rada/odborný rada – kontrola listin určených k záznamu KL1101

Oznámení o vyhlášení výběrového řízení na služební místo rada/odborný rada – kontrola listin určenýc

11.11.2020 12:13   ČÚZK - volná místa   Katastrální úřad pro Plzeňský kraj Katastrální pracoviště Plzeň-sever vypisuje výběrové řízení na místo Oznámení o vyhlášení výběrového řízení na služební místo rada/odborný rada – kontrola listin určenýc

20201111 Odborný referent oddělení dokumentace KN

11.11.2020 12:00   ČÚZK   /Urady/Katastralni-urady/Katastralni-urady/Katastralni-urad-pro-Stredocesky-kraj/Katastralni-pracoviste/KP-Praha-zapad/O-uradu/Aktuality/20190828-Odborny-rada-oddeleni-pravnich-vztahu-(4)

20201111 Odborný referent oddělení dokumentace KN

11.11.2020 12:00   ČÚZK - předpisy a opatření   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Praha-západ Vyhlášení výběrového řízení: Odborný referent oddělení dokumentace KN V části "Úřední deska", v sekci "Oznámení a jiná úřední sdělení" bylo vystaveno "Oznámení o vyhlášení výběrového řízení na obsazení služebního místa Odborný referent oddělení dokumentace KN "

Odborný referent oddělení dokumentace KN

11.11.2020 11:53   ČÚZK   /Urady/Katastralni-urady/Katastralni-urady/Katastralni-urad-pro-Stredocesky-kraj/Uredni-deska/Oznameni-a-jina-uredni-sdeleni/Volna-mista/Odborny-referent-oddeleni-dokumentace-KN

Odborný referent oddělení dokumentace KN

11.11.2020 11:53   ČÚZK - volná místa   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Praha-západ vypisuje výběrové řízení na místo Odborný referent oddělení dokumentace KN

Odborný referent oddělení dokumentace KN

11.11.2020 11:53   ČÚZK - předpisy a opatření   Katastrální úřad pro Středočeský kraj - Katastrální pracoviště Praha-západ
vypisuje výběrové řízení na místo Odborný referent oddělení dokumentace KN
Odborný referent oddělení dokumentace KN

Současné fungování knihovny [Knihovna geografie, byTopic]

11.11.2020 11:15   Katedra aplikované geoinformatiky a kartografie Přf UK   Ačkoliv je Knihovna geografie od 21.10.2020 do odvolání pro veřejnost kvůli pandemické situaci uzavřena (přístup do studovny je zakázán, nelze používat počítače a tiskárny), půjčování a vracení dokumentů v omezeném režimu je stále možné! Zároveň kvůli prodloužení nouzového stavu do 12. prosince 2020 prodlužujeme našim čtenářům výpůjčky, které končí v intervalu 23.11.-1.12.2020, až do 4. ledna 2021!

Současné fungování knihovny [Knihovna geografie, byTopic]

11.11.2020 11:15   Katedra aplikované geoinformatiky a kartografie Přf UK   Ačkoliv je Knihovna geografie od 21.10.2020 do odvolání pro veřejnost kvůli pandemické situaci uzavřena (přístup do studovny je zakázán, nelze používat počítače a tiskárny), půjčování a vracení dokumentů v omezeném režimu (bezkontaktně) je stále možné! Zároveň kvůli prodloužení nouzového stavu prodlužujeme našim čtenářům výpůjčky až do 21. ledna 2021!

Současné fungování knihovny [Knihovna geografie, byTopic]

11.11.2020 11:15   Katedra aplikované geoinformatiky a kartografie Přf UK   Ačkoliv je Knihovna geografie od 21.10.2020 do odvolání pro veřejnost kvůli pandemické situaci uzavřena (přístup do studovny je zakázán, nelze používat počítače a tiskárny), půjčování a vracení dokumentů v omezeném režimu je stále možné! Zároveň kvůli prodloužení nouzového stavu prodlužujeme našim čtenářům výpůjčky až do 4. ledna 2021!

Současné fungování knihovny [Knihovna geografie, byTopic]

11.11.2020 11:15   Katedra aplikované geoinformatiky a kartografie Přf UK   Ačkoliv je Knihovna geografie od 21.10.2020 do odvolání pro veřejnost kvůli pandemické situaci uzavřena (přístup do studovny je zakázán, nelze používat počítače a tiskárny), půjčování a vracení dokumentů v omezeném režimu je stále možné!

Současné fungování knihovny [Knihovna geografie, byTopic]

11.11.2020 11:15   Katedra aplikované geoinformatiky a kartografie Přf UK   Ačkoliv je Knihovna geografie od 21.10.2020 do odvolání pro veřejnost kvůli pandemické situaci uzavřena (přístup do studovny je zakázán, nelze používat počítače a tiskárny), půjčování a vracení dokumentů v omezeném režimu (bezkontaktně) je stále možné! Zároveň kvůli prodloužení nouzového stavu prodlužujeme našim čtenářům výpůjčky až do 1. března 2021!

Conference ENC 2020

11.11.2020 11:07   Satlab Geosolutions  

European Navigation Conference (ENC 2020) Event: European Navigation Conference (ENC 2020) Date: 23 – 24 November 2020, ONLINE Organizer : Deutsche Gesellschaft für Ortung und Navigation (DGON) -German Institute of Navigation The European Navigation Conference (ENC) is the scientific conference on navigation in Europe, which is organized by the German Institute of Navigation(DGON). It will take […]

The post Conference ENC 2020 appeared first on SatLab – Global Satellite Positioning Solutions.

ENC Conference 2020

11.11.2020 11:07   Satlab Geosolutions  

European Navigation Conference (ENC 2020) Event: Europe […]

The post ENC Conference 2020 appeared first on SatLab – Global Satellite Positioning Solutions.

ENC Conference 2020

11.11.2020 11:07   Satlab Geosolutions  

European Navigation Conference (ENC 2020) Event: European Navigation Conference (ENC 2020) Date: 23 – 24 November 2020, ONLINE Organizer : Deutsche Gesellschaft für Ortung und Navigation (DGON) -German Institute of Navigation The European Navigation Conference (ENC) is the scientific conference on navigation in Europe, which is organized by the German Institute of Navigation(DGON). It will take […]

The post ENC Conference 2020 appeared first on SatLab – Global Satellite Positioning Solutions.

Tvorba vlastního widgetu do ArcGIS Experience Builder (workshop)

11.11.2020 8:55   GISportal.cz  

V rámci letošní virtuální Konference GIS Esri v ČR proběhne online také několik workshopů. Druhý se bude konat ve čtvrtek 12. listopadu v čase 10.00 – 11.00. Workshopem Vás provede Jan Šarata ze společnosti ARCDATA PRAHA, s.r.o. Abstrakt workshopu: ArcGIS Experience Builder se neustále rozvíjí a funkcionalita, kterou disponuje, stále roste. Někdy ale přece jen […]

The post Tvorba vlastního widgetu do ArcGIS Experience Builder (workshop) appeared first on GISportal.cz.

Watch Now 2020 Q3 Earnings

11.11.2020 6:28   Bentley Systems  

New technology from Hexagon | NovAtel protects against interference, jamming and spoofing with advanced situational awareness

11.11.2020 0:25   GISCafe.com Webcasts-Webinars   Hexagon | NovAtel introduces GNSS Resilience and Integrity Technology (GRIT), a suite of firmware features enabling trusted situational awareness and &hellip;

Bentley Systems Announces Launch of Public Offering of Common Stock

10.11.2020 23:28   Bentley Systems  

EXTON, Pa., U.S.A. – November 10, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the launch of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley. Bentley expects to grant the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities. Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the proposed offering. Mizuho Securities is acting as a co-manager for the proposed offering.

A registration statement on Form S-1 relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the proposed public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the proposed public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Swift Navigation’s Precise Positioning Technology Improves the Accuracy of Single-Frequency GNSS Receivers

10.11.2020 19:48   GISCafe.com Webcasts-Webinars   SAN FRANCISCO, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Swift ​​Navigation​​, ​​a San Francisco-based tech firm redefining GNSS and precise &hellip;

Citadel Defense Accelerates Operator Response Times Against Drone Threats with Artificial Intelligence

10.11.2020 18:54   GISCafe.com Webcasts-Webinars   Hundreds of Titan C-sUAS systems receiving AI upgrades to counter the latest foreign-built drone threats
SAN DIEGO &mdash; (BUSINESS WIRE) &mdash; &hellip;

JobNimbus partners with EagleView to help contractors streamline their process

10.11.2020 18:53   GISCafe.com Webcasts-Webinars   JobNimbus announced today from its headquarters in Lehi, Utah, an expanded relationship with EagleView, the leading technology provider of aerial &hellip;

AerialSphere Announces Integration with Autodesk BIM 360®

10.11.2020 18:53   GISCafe.com Webcasts-Webinars   New software integration improves construction site productivity, efficiencies and safety
PHOENIX, Nov. 10, 2020 &mdash; (PRNewswire) &mdash; &hellip;

Holding Steady: Foreclosures Remain Low While Serious Delinquencies Continue to Build Up, CoreLogic Reports

10.11.2020 16:27   GISCafe.com Webcasts-Webinars   The U.S. 150-day delinquency rate reached its highest level since at least January 1999


Forbearance provisions have helped foreclosure rates &hellip;

Bentley Systems Announces Operating Results for Third Quarter 2020

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   EXTON, Pa. &mdash; (BUSINESS WIRE) &mdash; November 10, 2020 &mdash;

Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the &hellip;

AgEagle Aerial Systems Selected to Participate in the Unmanned Aircraft System Integration Pilot Program (IPP) in State of Kansas

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   WICHITA, Kan., Nov. 10, 2020 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS), an industry leading provider of unmanned aerial &hellip;

Bentley Systems Commits $100 Million of Venture Funding to Accelerate Infrastructure Digital Twins

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   Launches Bentley iTwin Ventures to co-invest in digital twin ecosystem
EXTON, Pa. &mdash; (BUSINESS WIRE) &mdash; November 10, 2020 &mdash;

Bentley &hellip;

Draganfly Signs Definitive Option to Acquire 100% of the Assets of the subsidiaries of Global UAV Technologies: Pioneer Aerial Surveys Ltd and High Eye Aerial Imaging Inc.

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   Vancouver, BC, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“Draganfly” or the “Company”), an &hellip;

HP Disrupts Print Industry with HP+, the Most Modern and Simple Printing Solution on the Market

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   News Highlights: Introduces HP+, a complete printing solution combining innovative hardware, Instant Ink and HP Smart App to deliver a simple, &hellip;

MicroVision, Inc. Announces Progress in Key Automotive Long Range Lidar Feature Development

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   REDMOND, Wash., Nov. 10, 2020 (GLOBE NEWSWIRE) -- MicroVision, Inc.&nbsp;(NASDAQ: MVIS), a leader in innovative laser beam scanning technology, &hellip;

SMBC Launches New Geospatial Data Service Powered by Orbital Insight

10.11.2020 16:21   GISCafe.com Webcasts-Webinars   The Japanese bank will help customers understand key social and economic activities using Orbital Insight's combination of satellite imagery, &hellip;

Bentley Systems Commits $100 Million of Venture Funding to Accelerate Infrastructure Digital Twins

10.11.2020 14:35   Bentley Systems  

Launches Bentley iTwin Ventures to co-invest in digital twin ecosystem

EXTON, Pa. – November 10, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced the establishment of Bentley iTwin Ventures to invest in promising technology companies addressing the emerging opportunity for infrastructure digital twin solutions for roadways, railways, waterways, bridges, utilities, industrial facilities, and other infrastructure assets.

Bentley iTwin Ventures is a $100 million corporate venture capital fund which fosters innovation by co-investing in startups and emerging companies that are strategically relevant to Bentley Systems’ objective of advancing infrastructure through going digital. The fund will target investments in transformational digital twin solutions supporting the design, simulation, construction, and/or operations of physical infrastructure.

Bentley iTwin Ventures will invest in early and mid-stage companies that demonstrate ability to develop applications and solutions that leverage and extend infrastructure digital twin opportunities, particularly in the public works and utilities, and industrial and resources, infrastructure sectors. The fund will invest in opportunities which can leverage Bentley’s iTwin Platform and open-source toolkits, supporting subject matter expertise, commercial teaming, and/or global reach and relationships within the infrastructure engineering community.

"Taking advantage of the momentum from Bentley Systems’ initial public offering, we are excited to expand our Acceleration Initiatives by formally launching the Bentley iTwin Ventures fund to support the growth of entrepreneurial companies dedicated to infrastructure digital twin solutions," said Greg Bentley, CEO of Bentley Systems. "Our iTwin Platform provides a scalable open-source foundation for technical and commercial innovation that will empower a vibrant ecosystem to creatively combine and connect what digital twins now make possible for infrastructure constituents. Proprietary analytics, data services, benchmarking, and infrastructure-as-a-service commercial models, for instance, are not in Bentley Systems’ direct scope, but we are glad to have a stake in bootstrapping these future successes. Here’s to the fullest going-digital ecosystem for infrastructure digital twins!”

Bentley Systems worked with corporate venture capital firm Touchdown Ventures to establish Bentley iTwin Ventures. An initial investment in FutureOn a.s. (www.futureon.com) was announced on October 16, 2020.

About Bentley iTwin Ventures
Bentley iTwin Ventures is a corporate venture capital fund sponsored by Bentley Systems, Incorporated. It invests in and helps catalyze the growth of companies developing innovative technologies, products, and services which intensify the infrastructure digital twin ecosystem. For more information, please visit www.BentleyiTwinVentures.com

About Bentley Systems’ Acceleration Initiatives
Bentley Systems’ Acceleration Initiatives was launched in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Initiative is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments through Bentley iTwin Ventures, and acquiring and expanding digital integrators. Wholly owned investments to date include Digital Water Works, Digital Construction Works (joint venture with Topcon Positioning Systems), Virtuosity, and The Cohesive Companies. Bentley iTwin Ventures is a $100 million corporate venture capital fund which co-invests in entrepreneurial companies that are leveraging and expanding the infrastructure digital twins ecosystem; co-investments to date include FutureOn. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.BentleyAccelerationInitiatives.com

About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries. www.bentley.com

--

Bentley, the Bentley logo, and Digital Construction Works (DCW) are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

New Galileo-inspired opportunities for Critical Infrastructures management presented at ITSF 2020

10.11.2020 14:14   European GNSS Agency  

New Galileo-inspired opportunities for Critical Infrastructures management presented at ITSF 2020

10.11.2020 14:14   European GNSS Agency  

New Galileo-inspired opportunities for Critical Infrastructures management presented at ITSF 2020

10.11.2020 14:14   European GNSS Agency  

New Galileo-inspired opportunities for Critical Infrastructures management presented at ITSF 2020

10.11.2020 14:14   European GNSS Agency  

HLEDÁME POSILU DO TÝMU: Systémový administrátor (HPP)

10.11.2020 14:13   TopGis   Hledáme novou posilu do našeho IT týmu. Jsme společnost s dlouholetou praxí v GIS oboru. Jak si Vás představujeme? Náplní Vaší práce bude: Co Vám nabízíme: Zaujala Vás naše nabídka? Ozvěte se nám! Pošlete prosím svůj životopis na kariera@topgis.cz nebo dejte vědět Vašim známým. Pro umožnění výběrového řízení na danou pracovní pozici bude TopGis, s.r.o.

HLEDÁME POSILU DO TÝMU: Systémový administrátor (HPP)

10.11.2020 14:13   TopGis   Hledáme novou posilu do našeho IT týmu. Jsme společnost s dlouholetou praxí v GIS oboru. Jak si Vás představujeme? Náplní Vaší práce bude: Co Vám nabízíme: Zaujala Vás naše nabídka? Ozvěte se nám! Pošlete prosím svůj životopis na kariera@topgis.cz nebo dejte vědět Vašim známým. Pro umožnění výběrového řízení na danou pracovní pozici bude TopGis, s.r.o.

Giant berg on collision course with South Georgia

10.11.2020 14:12   ESA Observing the Earth   Image: Giant berg on collision course with South Georgia

Bentley Systems Announces Operating Results for Third Quarter 2020

10.11.2020 13:08   Bentley Systems  

EXTON, Pa.--(BUSINESS WIRE)--Nov. 10, 2020-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its quarter ended September 30, 2020.

Third Quarter 2020 Financial Results:

• Total revenues were $203.0 million, up 8.8% year-over-year;
• Subscriptions revenues were $173.2 million, up 11.6% year-over-year;
• Last twelve-month recurring revenues were $682.7 million, up 11.0% year-over-year;
• Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 107% for the same period last year;
• Last twelve-month account retention rate was 98%, consistent with the same period last year;
• Annualized Recurring Revenue (“ARR”) was $715.3 million as of September 30, 2020, representing Constant currency growth in ARR of 9% over September 30, 2019;
• GAAP operating income was $5.3 million, compared to $41.4 million for the same period last year;
• GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. GAAP net income per diluted share was $0.02, compared to $0.07 for the same period last year;
• Adjusted Net Income was $51.4 million, compared to $39.3 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.14 for the same period last year;
• Adjusted EBITDA was $73.6 million, compared to $52.8 million for the same period last year. Adjusted EBITDA margin was 36.3%, compared to 28.3% for the same period last year;
• Cash flow from operations was $39.8 million, compared to $35.5 million for the same period last year.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”

“Our encouraging operating results for the third quarter of 2020 continue to reinforce the relative resilience of infrastructure engineering, and the priority placed by our user organizations this year on going digital, as they have resourcefully ‘virtualized’ their mission-critical work,” said  Greg Bentley , CEO. “2020’s inflection in their digital advancement is evidenced by the burgeoning use cases for infrastructure digital twins which our users and accounts showcased at our just-completed Year in Infrastructure 2020 Conference.”

Mr. Bentley  continued, “Although infrastructure investment at large-- and our predictable business model-- continues to demonstrate resilience, we have now discerned a change within our application usage trends. During the first half of 2020 we could see waves of pandemic-related lockdowns adversely impacting our days of usage by a few percent, and then abating progressively by region. Beginning in the third quarter, we’ve been observing global usage impacts that instead are primarily a function of infrastructure sector -- with the commercial / facilities sector most affected, and our mainstay public works and utilities sector least affected. In the industrial / resources sector, capital projects activity has now perceptibly declined, reducing consumption of our applications by those affected (‘EPC’ engineering / procurement / construction firms). EPC accounts tend to have been early adopters of our consumption-based E365 commercial model, so our ARR and revenue growth are being somewhat attenuated. Our usual visibility into ARR momentum is likely to remain obscured to this degree.”

“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer ( Nicholas Cumins ), inaugural Chief Success Officer ( Katriona Lord-Levins ), and new Chief Marketing Officer ( Chris Bradshaw ) bring us world-class public company experience in succession to many of our ‘foundation pillar’ executives whose retirements, upon our IPO after 36 years, have been anticipated. While maintaining our commitment to annual improvement in operating efficiency and margins, we are enthusiastically investing to accelerate accretion in our existing accounts, to better reach more small and mid-market prospects, to further enable our applications and systems through our iTwins Platform, and to develop our ecosystem of digital integrators to curate infrastructure digital twins.”

Financial Developments:

• In August 2020, Bentley Systems declared a special dividend of $1.50 per share ($392.5 million in the aggregate) and used its bank credit facility to fund the special dividend.
• In September 2020, Bentley Systems completed its initial public offering (“IPO”) of its Class B common stock at a price of $22.00 per share. Selling stockholders completed the sale of 12.4 million shares, including 1.6 million shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders in the IPO. For the three and nine months ended September 30, 2020, the Company recorded in its consolidated statement of operations $26.1 million in expenses associated with its IPO. Expenses associated with the IPO include certain non‐recurring costs consisting of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.
• During the third quarter of 2020, the Company initiated a strategic realignment program to better align talent resources with the evolving needs of the business. The Company incurred realignment costs related to this program of $10.0 million for the three and nine months ended September 30, 2020, representing termination benefits for colleagues whose positions were eliminated. These realignment activities have been broadly implemented across the company with substantially all actions expected to be completed by the beginning of 2021.
• For the three and nine months ended September 30, 2020, the Company reported an effective tax rate of 62.5% and 22.6% respectively. The unusually high effective tax rate, especially in the third quarter, is primarily due to officer compensation limitation provisions resulting from the Company’s IPO and the non‑deductibility of expenses associated with the Company’s IPO, partially offset by increased tax benefits from stock‑based compensation.

2020 Financial Outlook

For the full year of 2020, the Company currently expects:

• Total revenues in the range of $790 million to $800 million, representing growth of 7.2% to 8.6%;
• Constant currency growth in ARR of 7.5% to 9.0%;
• Adjusted EBITDA in the range of $250 million to $265 million, representing growth of 33% to 41%, including the impact of transitioning approximately $7.5 million of quarterly executive compensation from cash-based incentives to stock-based incentives for the fourth quarter of 2020;
• Its effective tax rate for 2020 to be 23% to 25%. However, normalized for the unusual IPO-related activity in the third quarter of 2020, the effective tax rate is expected to be approximately 19% to 21%.

Bentley Systems is not providing a quantitative reconciliation of its Non-GAAP financial outlook to the corresponding GAAP information because the GAAP measures that it excludes from its Non-GAAP outlook are not available without unreasonable effort on a forward-looking basis due to their unpredictability, high variability, complexity and low visibility.

Earnings Call Details

Bentley Systems will host a live Zoom Video Webinar on November 10, 2020 at 8:30 a.m. Eastern Time to discuss the financial results for the third quarter of 2020.

Those wishing to participate should access the live Zoom Video Webinar of the event through a direct registration link at https://zoom.us/webinar/register/WN_MIBAJ7xHTN-cmp5KHRA-Fg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. A replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries. www.bentley.com.

Forward-Looking Statements

The foregoing forward-looking statements reflect Bentley Systems’ expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Any statements made in this earnings release that are not statements of historical fact, including statements about our financial outlook and our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, business plans, and strategies. Forward-looking statements are based on Bentley Systems management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited, to macroeconomic conditions, pandemic consequences, and other factors described under the heading “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission (“SEC”) on September 24, 2020, and in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Definitions of the non-GAAP financial measures used in this earnings release and reconciliations of such measures to their nearest GAAP equivalents are included below under “Use and Reconciliation of Non-GAAP Financial Measures.” Certain non-GAAP measures included in our financial outlook are not being reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The Company is unable to reconcile these forward looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected for these periods not to impact the non-GAAP measures, but would impact GAAP measures. Such unavailable information, which could have a significant impact on the Company’s GAAP financial results, may include stock-based compensation charges, expenses associated with the IPO, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items.

Last twelve-month recurring revenues are calculated as recurring revenues recognized over the preceding twelve-month period. We define recurring revenues as subscription revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses, and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.

Constant Currency Metrics

In reporting period-over-period results, we calculate the effects of foreign currency fluctuations and constant currency information by translating current period results using prior period average foreign currency exchange rates. Our definition of constant currency may differ from other companies reporting similarly named measures, and these constant currency performance measures should be viewed in addition to, and not as a substitute for, our operating performance measures calculated in accordance with U.S. GAAP.

• Our last twelve-month recurring revenues dollar-based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from accounts with recurring revenues in the prior period (“existing accounts”), but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. The recurring revenues dollar‑based net retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present recurring revenues dollar‑based net retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
• Our last twelve-month account retention rate for any given twelve-month period is calculated using the average currency exchange rates for the prior period, as follows: the prior period recurring revenues from all accounts with recurring revenues in the current and prior period, divided by total recurring revenues from all accounts during the prior period. The account retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present account retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
• Our Constant currency ARR growth rate is the growth rate of our ARR, measured on a constant currency basis. Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenue as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption‑based software subscriptions with consumption measurement durations of less than one year.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we have calculated adjusted cost of subscriptions and licenses, adjusted cost of services, adjusted research and development, adjusted selling and marketing, adjusted general and administrative, adjusted income from operations, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted EBITDA, and Adjusted EBITDA margin, each of which are non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non‑GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as to compare our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

• Adjusted cost of subscriptions and licenses is determined by adding back to GAAP cost of subscriptions and licenses, amortization of purchased intangibles and developed technologies, equity‑based compensation, and realignment expenses, for the respective periods;
• Adjusted cost of services is determined by adding back to GAAP cost of services, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted research and development is determined by adding back to GAAP research and development, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted selling and marketing is determined by adding back to GAAP selling and marketing, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted general and administrative is determined by adding back to GAAP general and administrative, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted income from operations is determined by adding back to GAAP operating income, amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, and expenses associated with IPO for the respective periods;
• Adjusted Net Income is defined as net income adjusted for the following: amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, the tax effect of the above adjustments to net income, non‑recurring income tax expense and benefit, and loss from investment accounted for using the equity method, net of tax. The tax effect of adjustments to net income is based on the estimated marginal effective tax rates in the jurisdictions impacted by such adjustments;
• Adjusted Net Income per diluted share is determined by dividing adjusted net income by the weighted average diluted shares outstanding;
• Adjusted EBITDA is defined as net income adjusted for interest expense, net, provision for income taxes, depreciation and amortization, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, and loss from investment accounted for using the equity method, net of tax;
• Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues.

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited)
		September 30,				December 31,
		2020				2019
Assets
Current assets:
Cash and cash equivalents		$	137,598			$	121,101
Accounts receivable			172,600				211,775
Allowance for doubtful accounts			(6,492)				(7,274)
Prepaid income taxes			7,307				4,543
Prepaid and other current assets			27,897				23,413
Total current assets			338,910				353,558
Property and equipment, net			29,332				29,632
Operating lease right-of-use assets			46,006				—
Intangible assets, net			46,560				46,313
Goodwill			542,239				480,065
Investments			5,218				1,725
Deferred income taxes			44,543				51,068
Other assets			37,689				32,238
Total assets		$	1,090,497			$	994,599
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	15,086			$	17,669
Accruals and other current liabilities			212,866				167,517
Deferred revenues			173,578				204,991
Operating lease liabilities			15,629				—
Income taxes payable			5,100				2,236
Total current liabilities			422,259				392,413
Long-term debt			589,583				233,750
Long-term operating lease liabilities			32,555				—
Deferred revenues			6,322				8,154
Deferred income taxes			9,502				8,260
Income taxes payable			7,874				8,140
Other liabilities			15,229				9,263
Total liabilities			1,083,324				659,980
Stockholders’ equity:
Common stock			2,622				2,548
Additional paid-in capital			441,723				408,667
Accumulated other comprehensive loss			(29,211)				(23,927)
Accumulated deficit			(407,961)				(52,669)
Total stockholders’ equity			7,173				334,619
Total liabilities and stockholders’ equity		$	1,090,497			$	994,599

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2020				2019				2020				2019
Revenues:
Subscriptions			$	173,174			$	155,191			$	501,011			$	445,338
Perpetual licenses				12,827				13,787				36,020				38,255
Subscriptions and licenses				186,001				168,978				537,031				483,593
Services				16,996				17,610				44,946				50,139
Total revenues				202,997				186,588				581,977				533,732
Cost of revenues:
Cost of subscriptions and licenses				23,338				17,370				66,466				48,201
Cost of services				19,290				17,681				50,126				56,048
Total cost of revenues				42,628				35,051				116,592				104,249
Gross profit				160,369				151,537				465,385				429,483
Operating expenses:
Research and development				50,217				44,756				139,570				136,617
Selling and marketing				41,824				36,721				107,551				111,889
General and administrative				33,006				25,108				85,275				71,415
Amortization of purchased intangibles				3,869				3,550				10,984				10,402
Expenses associated with initial public offering				26,130				—				26,130				—
Total operating expenses				155,046				110,135				369,510				330,323
Income from operations				5,323				41,402				95,875				99,160
Interest expense, net				(1,934)				(2,029)				(4,450)				(6,503)
Other income (expense), net				13,741				(12,306)				6,756				(14,053)
Income before income taxes				17,130				27,067				98,181				78,604
Provision for income taxes				(10,705)				(6,640)				(22,145)				(11,759)
Loss from investment accounted for using the equity method, net of tax				(581)				—				(1,447)				—
Net income				5,844				20,427				74,589				66,845
Less: Net income attributable to participating securities				(4)				(10)				(4)				(10)
Net income attributable to Class A and Class B common stockholders			$	5,840			$	20,417			$	74,585			$	66,835
Per share information:
Net income per share, basic			$	0.02			$	0.07			$	0.26			$	0.23
Net income per share, diluted			$	0.02			$	0.07			$	0.25			$	0.23
Weighted average shares outstanding, basic				289,318,391				286,075,323				287,063,892				286,024,263
Weighted average shares outstanding, diluted				299,634,961				289,629,555				297,251,349				294,586,354

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Nine Months Ended
	September 30,
	2020				2019
Cash flows from operating activities:
Net income	$	74,589			$	66,845
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		25,836				23,334
Provision for accounts receivable allowance		(541)				2,109
Deferred income taxes		7,853				833
Deferred compensation plan activity		2,487				2,968
Stock-based compensation expense		23,617				6,046
Amortization of deferred debt issuance costs		430				415
Change in fair value of derivative		3,365				159
Change in fair value of contingent consideration		(1,340)				62
Foreign currency remeasurement (gain) loss		(9,067)				13,956
Loss from investment accounted for using the equity method, net of tax		1,447				—
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable		46,661				40,847
Prepaid and other assets		8,907				(6,505)
Accounts payable, accruals and other liabilities		31,486				18,545
Deferred revenues		(35,134)				(39,655)
Income taxes payable		(4,571)				(11,710)
Net cash provided by operating activities		176,025				118,249
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software		(12,805)				(11,622)
Capitalization of costs to translate software products into foreign languages		(728)				(553)
Acquisitions, net of cash acquired of$2,064and$980, respectively		(68,920)				(9,662)
Other investing activities		(6,355)				—
Net cash used in investing activities		(88,808)				(21,837)
Cash flows from financing activities:
Proceeds from credit facilities		432,375				136,750
Payments of credit facilities		(201,125)				(147,500)
Proceeds from term loan		125,000				—
Payments of debt issuance costs		(432)				—
Payments of financing leases		(141)				—
Payments of acquisition debt and other consideration		(2,034)				(9,878)
Payments of dividends		(412,852)				(18,830)
Payments for shares acquired including shares withheld for taxes		(72,476)				(18,417)
Proceeds from Common Stock Purchase Agreement		58,349				4,510
Net proceeds from exercise of common stock options and restricted stock		3,206				3,039
Net cash used in financing activities		(70,130)				(50,326)
Effect of exchange rate changes on cash and cash equivalents		(590)				(1,272)
Increase in cash and cash equivalents		16,497				44,814
Cash and cash equivalents, beginning of year		121,101				81,183
Cash and cash equivalents, end of period	$	137,598			$	125,997

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months EndedSeptember 30, 2020and 2019 (in thousands) (unaudited)
Reconciliation of net income to Adjusted EBITDA:
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020				2019
Net income	$	5,844			$	20,427			$	74,589			$	66,845
Interest expense, net	1,934				2,029				4,450				6,503
Provision for income taxes	10,705				6,640				22,145				11,759
Depreciation and amortization	9,172				7,968				25,836				23,334
Equity-based compensation	19,548				2,026				22,760				6,051
Acquisition expenses	3,489				1,425				8,498				4,103
Realignment expenses	9,943				(49)				10,012				(492)
Expenses associated with IPO	26,130				—				26,130				—
Other (income) expense, net	(13,741)				12,306				(6,756)				14,053
Loss from investment accounted for using the equity method, net of tax	581				—				1,447				—
Adjusted EBITDA	$	73,605			$	52,772			$	189,111			$	132,156

Reconciliation of net income to Adjusted Net Income:
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020					2019
Net income	$	5,844			$	20,427			$	74,589				$	66,845
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies	5,236				4,638				14,694					13,699
Equity-based compensation	19,548				2,026				22,760					6,051
Acquisition expenses	3,489				1,425				8,498					4,103
Realignment expenses	9,943				(49)				10,012					(492)
Expenses associated with IPO	26,130				—				26,130					—
Other (income) expense, net	(13,741)				12,306				(6,756)					14,053
Total non-GAAP adjustments, prior to income taxes	50,605				20,346				75,338					37,414
Income tax effect of non-GAAP adjustments	(5,644)				(1,473)				(10,785)					(4,981)
Loss from investment accounted for using the equity method, net of tax	581				—				1,447					—
Adjusted Net Income	$	51,386			$	39,300			$	140,589				$	99,278

Reconciliation of GAAP Financial Statement Line Items to non-GAAP Adjusted Financial Statement Line Items:
				Three Months Ended								Nine Months Ended
				September 30,								September 30,
				2020				2019				2020				2019
Cost of subscriptions and licenses				$	23,338			$	17,370			$	66,466			$	48,201
Amortization of purchased intangibles and developed technologies					(1,367)				(1,088)				(3,710)				(3,297)
Equity-based compensation					(861)				(27)				(908)				(60)
Realignment expenses					(50)				—				(50)				51
Adjusted cost of subscriptions and licenses				$	21,060			$	16,255			$	61,798			$	44,895
Cost of services				$	19,290			$	17,681			$	50,126			$	56,048
Equity-based compensation					(2,526)				(84)				(2,701)				(363)
Acquisition expenses					(615)				—				(1,050)				—
Realignment expenses					(1,548)				12				(1,548)				185
Adjusted cost of services				$	14,602			$	17,609			$	44,827			$	55,870
Research and development				$	50,217			$	44,756			$	139,570			$	136,617
Equity-based compensation					(6,661)				(749)				(7,817)				(2,306)
Acquisition expenses					(1,969)				(1,129)				(5,113)				(3,083)
Realignment expenses					(841)				37				(910)				79
Adjusted research and development				$	40,746			$	42,915			$	125,731			$	131,308
Selling and marketing				$	41,824			$	36,721			$	107,551			$	111,889
Equity-based compensation					(4,803)				(632)				(5,607)				(1,757)
Acquisition expenses					(86)				(61)				(243)				(164)
Realignment expenses					(5,183)				—				(5,183)				263
Adjusted selling and marketing				$	31,752			$	36,027			$	96,518			$	110,231
General and administrative				$	33,006			$	25,108			$	85,275			$	71,415
Equity-based compensation					(4,696)				(535)				(5,726)				(1,565)
Acquisition expenses					(532)				(199)				(1,611)				(546)
Realignment expenses					(2,321)				—				(2,321)				(86)
Adjusted general and administrative				$	25,456			$	24,374			$	75,617			$	69,217
Income from operations				$	5,323			$	41,402			$	95,875			$	99,160
Amortization of purchased intangibles and developed technologies					5,236				4,638				14,694				13,699
Equity-based compensation					19,548				2,026				22,760				6,051
Acquisition expenses					3,489				1,425				8,498				4,103
Realignment expenses					9,943				(49)				10,012				(492)
Expenses associated with IPO					26,130				—				26,130				—
Adjusted income from operations				$	69,669			$	49,443			$	177,968			$	122,520

Bentley Systems Announces Operating Results for Third Quarter 2020

10.11.2020 13:08   Bentley Systems  

EXTON, Pa.--(BUSINESS WIRE)--Nov. 10, 2020-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its quarter ended September 30, 2020.

Third Quarter 2020 Financial Results:

• Total revenues were $203.0 million, up 8.8% year-over-year;
• Subscriptions revenues were $173.2 million, up 11.6% year-over-year;
• Last twelve-month recurring revenues were $682.7 million, up 11.0% year-over-year;
• Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 107% for the same period last year;
• Last twelve-month account retention rate was 98%, consistent with the same period last year;
• Annualized Recurring Revenue (“ARR”) was $715.3 million as of September 30, 2020, representing Constant currency growth in ARR of 9% over September 30, 2019;
• GAAP operating income was $5.3 million, compared to $41.4 million for the same period last year;
• GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. GAAP net income per diluted share was $0.02, compared to $0.07 for the same period last year;
• Adjusted Net Income was $51.4 million, compared to $39.3 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.14 for the same period last year;
• Adjusted EBITDA was $73.6 million, compared to $52.8 million for the same period last year. Adjusted EBITDA margin was 36.3%, compared to 28.3% for the same period last year;
• Cash flow from operations was $39.8 million, compared to $35.5 million for the same period last year.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”

“Our encouraging operating results for the third quarter of 2020 continue to reinforce the relative resilience of infrastructure engineering, and the priority placed by our user organizations this year on going digital, as they have resourcefully ‘virtualized’ their mission-critical work,” said  Greg Bentley , CEO. “2020’s inflection in their digital advancement is evidenced by the burgeoning use cases for infrastructure digital twins which our users and accounts showcased at our just-completed Year in Infrastructure 2020 Conference.”

Mr. Bentley  continued, “Although infrastructure investment at large-- and our predictable business model-- continues to demonstrate resilience, we have now discerned a change within our application usage trends. During the first half of 2020 we could see waves of pandemic-related lockdowns adversely impacting our days of usage by a few percent, and then abating progressively by region. Beginning in the third quarter, we’ve been observing global usage impacts that instead are primarily a function of infrastructure sector -- with the commercial / facilities sector most affected, and our mainstay public works and utilities sector least affected. In the industrial / resources sector, capital projects activity has now perceptibly declined, reducing consumption of our applications by those affected (‘EPC’ engineering / procurement / construction firms). EPC accounts tend to have been early adopters of our consumption-based E365 commercial model, so our ARR and revenue growth are being somewhat attenuated. Our usual visibility into ARR momentum is likely to remain obscured to this degree.”

“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer ( Nicholas Cumins ), inaugural Chief Success Officer ( Katriona Lord-Levins ), and new Chief Marketing Officer ( Chris Bradshaw ) bring us world-class public company experience in succession to many of our ‘foundation pillar’ executives whose retirements, upon our IPO after 36 years, have been anticipated. While maintaining our commitment to annual improvement in operating efficiency and margins, we are enthusiastically investing to accelerate accretion in our existing accounts, to better reach more small and mid-market prospects, to further enable our applications and systems through our iTwins Platform, and to develop our ecosystem of digital integrators to curate infrastructure digital twins.”

Financial Developments:

• In August 2020, Bentley Systems declared a special dividend of $1.50 per share ($392.5 million in the aggregate) and used its bank credit facility to fund the special dividend.
• In September 2020, Bentley Systems completed its initial public offering (“IPO”) of its Class B common stock at a price of $22.00 per share. Selling stockholders completed the sale of 12.4 million shares, including 1.6 million shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders in the IPO. For the three and nine months ended September 30, 2020, the Company recorded in its consolidated statement of operations $26.1 million in expenses associated with its IPO. Expenses associated with the IPO include certain non‐recurring costs consisting of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.
• During the third quarter of 2020, the Company initiated a strategic realignment program to better align talent resources with the evolving needs of the business. The Company incurred realignment costs related to this program of $10.0 million for the three and nine months ended September 30, 2020, representing termination benefits for colleagues whose positions were eliminated. These realignment activities have been broadly implemented across the company with substantially all actions expected to be completed by the beginning of 2021.
• For the three and nine months ended September 30, 2020, the Company reported an effective tax rate of 62.5% and 22.6% respectively. The unusually high effective tax rate, especially in the third quarter, is primarily due to officer compensation limitation provisions resulting from the Company’s IPO and the non‑deductibility of expenses associated with the Company’s IPO, partially offset by increased tax benefits from stock‑based compensation.

2020 Financial Outlook

For the full year of 2020, the Company currently expects:

• Total revenues in the range of $790 million to $800 million, representing growth of 7.2% to 8.6%;
• Constant currency growth in ARR of 7.5% to 9.0%;
• Adjusted EBITDA in the range of $250 million to $265 million, representing growth of 33% to 41%, including the impact of transitioning approximately $7.5 million of quarterly executive compensation from cash-based incentives to stock-based incentives for the fourth quarter of 2020;
• Its effective tax rate for 2020 to be 23% to 25%. However, normalized for the unusual IPO-related activity in the third quarter of 2020, the effective tax rate is expected to be approximately 19% to 21%.

Bentley Systems is not providing a quantitative reconciliation of its Non-GAAP financial outlook to the corresponding GAAP information because the GAAP measures that it excludes from its Non-GAAP outlook are not available without unreasonable effort on a forward-looking basis due to their unpredictability, high variability, complexity and low visibility.

Earnings Call Details

Bentley Systems will host a live Zoom Video Webinar on November 10, 2020 at 8:30 a.m. Eastern Time to discuss the financial results for the third quarter of 2020.

Those wishing to participate should access the live Zoom Video Webinar of the event through a direct registration link at https://zoom.us/webinar/register/WN_MIBAJ7xHTN-cmp5KHRA-Fg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. A replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries. www.bentley.com.

Forward-Looking Statements

The foregoing forward-looking statements reflect Bentley Systems’ expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Any statements made in this earnings release that are not statements of historical fact, including statements about our financial outlook and our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, business plans, and strategies. Forward-looking statements are based on Bentley Systems management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited, to macroeconomic conditions, pandemic consequences, and other factors described under the heading “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission (“SEC”) on September 24, 2020, and in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Definitions of the non-GAAP financial measures used in this earnings release and reconciliations of such measures to their nearest GAAP equivalents are included below under “Use and Reconciliation of Non-GAAP Financial Measures.” Certain non-GAAP measures included in our financial outlook are not being reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The Company is unable to reconcile these forward looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected for these periods not to impact the non-GAAP measures, but would impact GAAP measures. Such unavailable information, which could have a significant impact on the Company’s GAAP financial results, may include stock-based compensation charges, expenses associated with the IPO, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items.

Last twelve-month recurring revenues are calculated as recurring revenues recognized over the preceding twelve-month period. We define recurring revenues as subscription revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses, and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.

Constant Currency Metrics

In reporting period-over-period results, we calculate the effects of foreign currency fluctuations and constant currency information by translating current period results using prior period average foreign currency exchange rates. Our definition of constant currency may differ from other companies reporting similarly named measures, and these constant currency performance measures should be viewed in addition to, and not as a substitute for, our operating performance measures calculated in accordance with U.S. GAAP.

• Our last twelve-month recurring revenues dollar-based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from accounts with recurring revenues in the prior period (“existing accounts”), but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. The recurring revenues dollar‑based net retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present recurring revenues dollar‑based net retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
• Our last twelve-month account retention rate for any given twelve-month period is calculated using the average currency exchange rates for the prior period, as follows: the prior period recurring revenues from all accounts with recurring revenues in the current and prior period, divided by total recurring revenues from all accounts during the prior period. The account retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present account retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
• Our Constant currency ARR growth rate is the growth rate of our ARR, measured on a constant currency basis. Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenue as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption‑based software subscriptions with consumption measurement durations of less than one year.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we have calculated adjusted cost of subscriptions and licenses, adjusted cost of services, adjusted research and development, adjusted selling and marketing, adjusted general and administrative, adjusted income from operations, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted EBITDA, and Adjusted EBITDA margin, each of which are non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non‑GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as to compare our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

• Adjusted cost of subscriptions and licenses is determined by adding back to GAAP cost of subscriptions and licenses, amortization of purchased intangibles and developed technologies, equity‑based compensation, and realignment expenses, for the respective periods;
• Adjusted cost of services is determined by adding back to GAAP cost of services, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted research and development is determined by adding back to GAAP research and development, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted selling and marketing is determined by adding back to GAAP selling and marketing, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted general and administrative is determined by adding back to GAAP general and administrative, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
• Adjusted income from operations is determined by adding back to GAAP operating income, amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, and expenses associated with IPO for the respective periods;
• Adjusted Net Income is defined as net income adjusted for the following: amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, the tax effect of the above adjustments to net income, non‑recurring income tax expense and benefit, and loss from investment accounted for using the equity method, net of tax. The tax effect of adjustments to net income is based on the estimated marginal effective tax rates in the jurisdictions impacted by such adjustments;
• Adjusted Net Income per diluted share is determined by dividing adjusted net income by the weighted average diluted shares outstanding;
• Adjusted EBITDA is defined as net income adjusted for interest expense, net, provision for income taxes, depreciation and amortization, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, and loss from investment accounted for using the equity method, net of tax;
• Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues.

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited)
		September 30,				December 31,
		2020				2019
Assets
Current assets:
Cash and cash equivalents		$	137,598			$	121,101
Accounts receivable			172,600				211,775
Allowance for doubtful accounts			(6,492)				(7,274)
Prepaid income taxes			7,307				4,543
Prepaid and other current assets			27,897				23,413
Total current assets			338,910				353,558
Property and equipment, net			29,332				29,632
Operating lease right-of-use assets			46,006				—
Intangible assets, net			46,560				46,313
Goodwill			542,239				480,065
Investments			5,218				1,725
Deferred income taxes			44,543				51,068
Other assets			37,689				32,238
Total assets		$	1,090,497			$	994,599
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	15,086			$	17,669
Accruals and other current liabilities			212,866				167,517
Deferred revenues			173,578				204,991
Operating lease liabilities			15,629				—
Income taxes payable			5,100				2,236
Total current liabilities			422,259				392,413
Long-term debt			589,583				233,750
Long-term operating lease liabilities			32,555				—
Deferred revenues			6,322				8,154
Deferred income taxes			9,502				8,260
Income taxes payable			7,874				8,140
Other liabilities			15,229				9,263
Total liabilities			1,083,324				659,980
Stockholders’ equity:
Common stock			2,622				2,548
Additional paid-in capital			441,723				408,667
Accumulated other comprehensive loss			(29,211)				(23,927)
Accumulated deficit			(407,961)				(52,669)
Total stockholders’ equity			7,173				334,619
Total liabilities and stockholders’ equity		$	1,090,497			$	994,599

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
			2020				2019				2020				2019
Revenues:
Subscriptions			$	173,174			$	155,191			$	501,011			$	445,338
Perpetual licenses				12,827				13,787				36,020				38,255
Subscriptions and licenses				186,001				168,978				537,031				483,593
Services				16,996				17,610				44,946				50,139
Total revenues				202,997				186,588				581,977				533,732
Cost of revenues:
Cost of subscriptions and licenses				23,338				17,370				66,466				48,201
Cost of services				19,290				17,681				50,126				56,048
Total cost of revenues				42,628				35,051				116,592				104,249
Gross profit				160,369				151,537				465,385				429,483
Operating expenses:
Research and development				50,217				44,756				139,570				136,617
Selling and marketing				41,824				36,721				107,551				111,889
General and administrative				33,006				25,108				85,275				71,415
Amortization of purchased intangibles				3,869				3,550				10,984				10,402
Expenses associated with initial public offering				26,130				—				26,130				—
Total operating expenses				155,046				110,135				369,510				330,323
Income from operations				5,323				41,402				95,875				99,160
Interest expense, net				(1,934)				(2,029)				(4,450)				(6,503)
Other income (expense), net				13,741				(12,306)				6,756				(14,053)
Income before income taxes				17,130				27,067				98,181				78,604
Provision for income taxes				(10,705)				(6,640)				(22,145)				(11,759)
Loss from investment accounted for using the equity method, net of tax				(581)				—				(1,447)				—
Net income				5,844				20,427				74,589				66,845
Less: Net income attributable to participating securities				(4)				(10)				(4)				(10)
Net income attributable to Class A and Class B common stockholders			$	5,840			$	20,417			$	74,585			$	66,835
Per share information:
Net income per share, basic			$	0.02			$	0.07			$	0.26			$	0.23
Net income per share, diluted			$	0.02			$	0.07			$	0.25			$	0.23
Weighted average shares outstanding, basic				289,318,391				286,075,323				287,063,892				286,024,263
Weighted average shares outstanding, diluted				299,634,961				289,629,555				297,251,349				294,586,354

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Nine Months Ended
	September 30,
	2020				2019
Cash flows from operating activities:
Net income	$	74,589			$	66,845
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		25,836				23,334
Provision for accounts receivable allowance		(541)				2,109
Deferred income taxes		7,853				833
Deferred compensation plan activity		2,487				2,968
Stock-based compensation expense		23,617				6,046
Amortization of deferred debt issuance costs		430				415
Change in fair value of derivative		3,365				159
Change in fair value of contingent consideration		(1,340)				62
Foreign currency remeasurement (gain) loss		(9,067)				13,956
Loss from investment accounted for using the equity method, net of tax		1,447				—
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable		46,661				40,847
Prepaid and other assets		8,907				(6,505)
Accounts payable, accruals and other liabilities		31,486				18,545
Deferred revenues		(35,134)				(39,655)
Income taxes payable		(4,571)				(11,710)
Net cash provided by operating activities		176,025				118,249
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software		(12,805)				(11,622)
Capitalization of costs to translate software products into foreign languages		(728)				(553)
Acquisitions, net of cash acquired of$2,064and$980, respectively		(68,920)				(9,662)
Other investing activities		(6,355)				—
Net cash used in investing activities		(88,808)				(21,837)
Cash flows from financing activities:
Proceeds from credit facilities		432,375				136,750
Payments of credit facilities		(201,125)				(147,500)
Proceeds from term loan		125,000				—
Payments of debt issuance costs		(432)				—
Payments of financing leases		(141)				—
Payments of acquisition debt and other consideration		(2,034)				(9,878)
Payments of dividends		(412,852)				(18,830)
Payments for shares acquired including shares withheld for taxes		(72,476)				(18,417)
Proceeds from Common Stock Purchase Agreement		58,349				4,510
Net proceeds from exercise of common stock options and restricted stock		3,206				3,039
Net cash used in financing activities		(70,130)				(50,326)
Effect of exchange rate changes on cash and cash equivalents		(590)				(1,272)
Increase in cash and cash equivalents		16,497				44,814
Cash and cash equivalents, beginning of year		121,101				81,183
Cash and cash equivalents, end of period	$	137,598			$	125,997

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months EndedSeptember 30, 2020and 2019 (in thousands) (unaudited)
Reconciliation of net income to Adjusted EBITDA:
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020				2019
Net income	$	5,844			$	20,427			$	74,589			$	66,845
Interest expense, net	1,934				2,029				4,450				6,503
Provision for income taxes	10,705				6,640				22,145				11,759
Depreciation and amortization	9,172				7,968				25,836				23,334
Equity-based compensation	19,548				2,026				22,760				6,051
Acquisition expenses	3,489				1,425				8,498				4,103
Realignment expenses	9,943				(49)				10,012				(492)
Expenses associated with IPO	26,130				—				26,130				—
Other (income) expense, net	(13,741)				12,306				(6,756)				14,053
Loss from investment accounted for using the equity method, net of tax	581				—				1,447				—
Adjusted EBITDA	$	73,605			$	52,772			$	189,111			$	132,156

Reconciliation of net income to Adjusted Net Income:
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020					2019
Net income	$	5,844			$	20,427			$	74,589				$	66,845
Non-GAAP adjustments, prior to income taxes:
Amortization of purchased intangibles and developed technologies	5,236				4,638				14,694					13,699
Equity-based compensation	19,548				2,026				22,760					6,051
Acquisition expenses	3,489				1,425				8,498					4,103
Realignment expenses	9,943				(49)				10,012					(492)
Expenses associated with IPO	26,130				—				26,130					—
Other (income) expense, net	(13,741)				12,306				(6,756)					14,053
Total non-GAAP adjustments, prior to income taxes	50,605				20,346				75,338					37,414
Income tax effect of non-GAAP adjustments	(5,644)				(1,473)				(10,785)					(4,981)
Loss from investment accounted for using the equity method, net of tax	581				—				1,447					—
Adjusted Net Income	$	51,386			$	39,300			$	140,589				$	99,278

Reconciliation of GAAP Financial Statement Line Items to non-GAAP Adjusted Financial Statement Line Items:
				Three Months Ended								Nine Months Ended
				September 30,								September 30,
				2020				2019				2020				2019
Cost of subscriptions and licenses				$	23,338			$	17,370			$	66,466			$	48,201
Amortization of purchased intangibles and developed technologies					(1,367)				(1,088)				(3,710)				(3,297)
Equity-based compensation					(861)				(27)				(908)				(60)
Realignment expenses					(50)				—				(50)				51
Adjusted cost of subscriptions and licenses				$	21,060			$	16,255			$	61,798			$	44,895
Cost of services				$	19,290			$	17,681			$	50,126			$	56,048
Equity-based compensation					(2,526)				(84)				(2,701)				(363)
Acquisition expenses					(615)				—				(1,050)				—
Realignment expenses					(1,548)				12				(1,548)				185
Adjusted cost of services				$	14,602			$	17,609			$	44,827			$	55,870
Research and development				$	50,217			$	44,756			$	139,570			$	136,617
Equity-based compensation					(6,661)				(749)				(7,817)				(2,306)
Acquisition expenses					(1,969)				(1,129)				(5,113)				(3,083)
Realignment expenses					(841)				37				(910)				79
Adjusted research and development				$	40,746			$	42,915			$	125,731			$	131,308
Selling and marketing				$	41,824			$	36,721			$	107,551			$	111,889
Equity-based compensation					(4,803)				(632)				(5,607)				(1,757)
Acquisition expenses					(86)				(61)				(243)				(164)
Realignment expenses					(5,183)				—				(5,183)				263
Adjusted selling and marketing				$	31,752			$	36,027			$	96,518			$	110,231
General and administrative				$	33,006			$	25,108			$	85,275			$	71,415
Equity-based compensation					(4,696)				(535)				(5,726)				(1,565)
Acquisition expenses					(532)				(199)				(1,611)				(546)
Realignment expenses					(2,321)				—				(2,321)				(86)
Adjusted general and administrative				$	25,456			$	24,374			$	75,617			$	69,217
Income from operations				$	5,323			$	41,402			$	95,875			$	99,160
Amortization of purchased intangibles and developed technologies					5,236				4,638				14,694				13,699
Equity-based compensation					19,548				2,026				22,760				6,051
Acquisition expenses					3,489				1,425				8,498				4,103
Realignment expenses					9,943				(49)				10,012				(492)
Expenses associated with IPO					26,130				—				26,130				—
Adjusted income from operations				$	69,669			$	49,443			$	177,968			$	122,520

 

 

Investor Contact:
Ankit Hira  or  Ed Yuen
Solebury Trout for Bentley Systems
ir@bentley.com
1-610-458-2777

 

Media Contact:
Carey Mann
carey.mann@bentley.com