Firma GEPRO v posledních letech uvádí nové verze svých softwarů vždy na podzim, u příležitosti setkání zákazníků. Tentokrát se setkání z očividných důvodů (covid-19) nekonalo, proto se uvedení nových verzí konalo bez podrobnějšího představení. S verzemi 15 přichází nový způsob kontroly licence. Na přehledu změn v nových verzích MISYS, KOKEŠ, PROLAND i Geoportálu Gepro je vidět, že je neustále možné […]
The post Patnácté verze softwarů MISYS včetně pasportů, KOKEŠ, PROLAND a Geoportál GEPRO přinášejí i nadále nové funkce appeared first on Zeměměřič.
Lunar exploration relies on the extensive expertise that is on hand across ESA. As a new lunar economy emerges, it will create new opportunities involving robots, habitats and transportation. Missions to the Moon share similar communication and navigation needs that could be satisfied using a constellation of lunar satellites.
Under the agency’s "Moonlight" initiative, ESA is exploring with industry the necessary technical solutions along with delivery models for the provision of lunar telecommunication and navigation services.
Read the background article on Moonlight to learn more about the initiative.
Lunar exploration relies on the extensive expertise that is on hand across ESA. As a new lunar economy emerges, it will create new opportunities involving robots, habitats and transportation. Missions to the Moon share similar communication and navigation needs that could be satisfied using a constellation of lunar satellites.
Under the agency’s "Moonlight" initiative, ESA is exploring with industry the necessary technical solutions along with delivery models for the provision of lunar telecommunication and navigation services.
Watch the launch of SEOSAT-Ingenio, the Spanish high-resolution land imaging mission, on ESA Web TV on Tuesday 17 November from 02:30 CET (16 November 22:30 local time in Kourou).
Update: Trajectory degraded on VV17 after first ignition of the Avum engine. Investigations on the anomaly ongoing. More to come shortly.
Watch the launch of SEOSAT-Ingenio, the Spanish high-resolution land imaging mission, on ESA Web TV on Tuesday 17 November from 02:30 CET (16 November 22:30 local time in Kourou).
Watch the launch of SEOSAT-Ingenio, the Spanish high-resolution land imaging mission, on ESA Web TV on Tuesday 17 November from 02:30 CET (16 November 22:30 local time in Kourou).
A day of ferry trips between Finland and Estonia became some of the best documented voyages in maritime history. Cameras, sensors, radio and satellite navigation receivers and even microphones recorded every instant of the crossings over the Baltic, gathering raw data for a new ESA-led project applying AI to the situational awareness of shipping – as an important step to full autonomy.
The European GNSS Agency, together with the European Helicopter Association (EHA), is organizing a joint workshop on the use of EGNOS for Helicopter Emergency Medical Services (HEMS). The online panel discussion, scheduled for Wednesday 18 November 2020 at 14:00 (CET), is open to private and public health organisations, HEMS operators, pilots, and relevant healthcare stakeholders.
Air medical services are crucial in times of crisis and emergencies,and are an integral part of many healthcare systems across the globe. Oftentimes, adverse weather conditions or other factors such as smoke cause helicopters to divert or abort landings. In addition, many hospitals lack costly ground-based helicopter navigation equipment to provide guidance in bad weather, which may lead to significant delays when time is of the essence.
Today, thanks to EGNOS, the European Satellite-Based Augmentation System, pilots can navigate through the clouds and fog, and land safely. With over 700 EGNOS-based procedures at 367 airports and helipads, the system increases safety, accessibility and efficiency for operators and pilots approaching airport and helipads in Europe.
Read this: EGNOS key for emergency and medical operations in EU COVID-19 response
With a unique lineup of EGNOS and HEMS experts, operators and service providers, the workshop, powered by the GSA and EHA, intends to familiarize attendees with the process of implementing EGNOS-based approaches for HEMS, while promoting the success-stories of EGNOS-aided HEMS operations across Europe. Participants will hear from experienced helicopter pilots explaining how to land with the enhanced vertical precision and integrity provided by the EU SBAS. Stakeholders, ranging from operators to manufacturers and instrument flight procedures designers, will complement the discussion with precious insights on the best practices and benefits deriving from implementing EGNOS procedures for hospital heliports.
This workshop is of particular interest to organisations considering the implementation of new routes or flight procedures based on EGNOS for HEMS. Participants will have the opportunity to interact with the speakers through a Q&A. To join us online, click here!
EGNOS is Europe's regional satellite-based augmentation system (SBAS) that is used to improve the performance of Global Navigation Satellite Systems (GNSSs), such as GPS and in the future Galileo. EGNOS has been deployed to provide safety of life navigation services to aviation, maritime and land-based users over most of Europe.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
Dňa 18. novembra, celosvetovo oslavujeme medzinárodný deň geografických informačných systémov – GIS day. Ide o popularizačnú akciu, ktorej cieľom je priblížiť širokej verejnosti GIS a ich význam v bežnom živote človeka. Po minuloročnej úspešnej akcii si pre nás organizátori GIS day na Stavebnej fakulte STU v Bratislave (Katedra geodetických základov, Katedra vodného hospodárstva krajiny) pripravili online podujatie, ktorého program […]
The post Pozvánka na online GIS day na Stavebnej fakulte STU appeared first on GISportal.cz.
Tento víkend se konal ve 40ti zemích světa mezinárodní hackathon Actinspace, kde Aliance byla partnerem českého kola. V českém kole nechyběly zajímavé nápady a týmy, vše v rámci nabitého Czech Space Week, jehož součástí měla být i konference Aliance pro bezpilotní letecký průmysl. Gratulujeme vítězům. Více zde: https://www.facebook.com/ESABICPrague/posts/1223398828032007
The post Konal se mezinárodní hackathon Act in Space a Aliance byla partnerem českého kola appeared first on UAV Aliance pro bezpilotní letecký průmysl.
Ve středu 18.11. proběhne od 10:00 do 12:00 druhý Den s INSPIRE na téma Harmonizace dat. Jak harmonizovat data pomocí programu HALE studio – praktická ukázka včetně představení návodu (CENIA).
The post 2. den s INSPIRE 2020 (pozvánka) appeared first on GISportal.cz.
EXTON, PA – November 13, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that Greg Bentley, Bentley Systems’ chief executive officer, will present virtually at the RBC Global Technology, Internet, Media & Telecom Conference on Tuesday, November 17, 2020 at approximately 4:00 p.m. Eastern time.
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.
Today, ESA signed contracts with Thales Alenia Space in France and in Italy, and Airbus in Spain to build three of the new high-priority Copernicus satellite missions: CHIME, CIMR and LSTM, respectively. Each mission is set to help address different major environmental challenges such as sustainable agriculture management, food security, the monitoring of polar ice supporting the EU Integrated Policy for the Arctic, and all will be used to understand climate change.
The GSA Executive Director, Rodrigo da Costa, joined the Czech Space Week to welcome the participants attending this year’s online edition. The Czech Republic is an active member of the EU Space community, and with EU Space technologies growing at an unprecedented pace, the future looks bright.
The Czech Space Week 2020 celebrates space science and technology attracting young professionals, students and space enthusiasts supported by aerospace companies, schools, museums, planetaria across the country.
The contribution of the Czech Republic to Europe’s space achievements is well-known. From Europe’s first cosmonaut -Vladimir Remek- orbiting the Earth, to becoming the hosting country of the European GNSS Agency in 2012, the Czech Republic has a long-standing history in space, leveraging #EUSpace technology to improve infrastructure, stimulate innovation, create jobs and ensure the well-being of citizens.
On the occasion of the Czech Space Week, it is worthwhile to focus on four ways, out of many, the Czech Republic is making great use of Galileo and EGNOS:
‘’The GSA’s core mission is to ensure that European citizens make the most of the European Union Space Programme. By having users in the driver seat, the agency has been able to deliver state of the art, secure satellite-based services to respond to user needs’’ says Rodrigo da Costa, GSA Executive Director.
‘’2021 will mark an important evolution for the EU Space Programme with the transformation of the GSA into the European Union Space Programme Agency, bringing new opportunities. I am sure the Czech Republic will continue to fly the EU Space Programme flag high.’’ da Costa concludes.
If you are keen on satellite navigation, Earth Observation, governmental satellite communications or simply are working in a market that can benefit from the EU Space Programme, join the European Space Week 2020. This year, the top EU space event is brought to your screens from 7th until the 11th December 2020.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The GSA Executive Director, Rodrigo da Costa, joined the Czech Space Week to welcome the participants attending this year’s online edition. The Czech Republic is an active member of the EU Space community, and with EU Space technologies growing at an unprecedented pace, the future looks bright.
The Czech Space Week 2020 celebrates space science and technology attracting young professionals, students and space enthusiasts supported by aerospace companies, schools, museums, planetaria across the country.
The contribution of the Czech Republic to Europe’s space achievements is well-known. From Europe’s first cosmonaut -Vladimir Remek- orbiting the Earth, to becoming the hosting country of the European GNSS Agency in 2012, the Czech Republic has a long-standing history in space, leveraging #EUSpace technology to improve infrastructure, stimulate innovation, create jobs and ensure the well-being of citizens.
On the occasion of the Czech Space Week, it is worthwhile to focus on four ways, out of many, the Czech Republic is making great use of Galileo and EGNOS:
‘’The GSA’s core mission is to ensure that European citizens make the most of the European Union Space Programme. By having users in the driver seat, the agency has been able to deliver state of the art, secure satellite-based services to respond to user needs’’ says Rodrigo da Costa, GSA Executive Director.
‘’2021 will mark an important evolution for the EU Space Programme with the transformation of the GSA into the European Union Space Programme Agency, bringing new opportunities. I am sure the Czech Republic will continue to fly the EU Space Programme flag high.’’ da Costa concludes.
You can read here the czech version of the news.
Českou verzi článku si můžete přečíst zde.
If you are keen on satellite navigation, Earth Observation, governmental satellite communications or simply are working in a market that can benefit from the EU Space Programme, join the European Space Week 2020. This year, the top EU space event is brought to your screens from 7th until the 11th December 2020.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The GSA Executive Director, Rodrigo da Costa, joined the Czech Space Week to welcome the participants attending this year’s online edition. The Czech Republic is an active member of the EU Space community, and with EU Space technologies growing at an unprecedented pace, the future looks bright.
The Czech Space Week 2020 celebrates space science and technology attracting young professionals, students and space enthusiasts supported by aerospace companies, schools, museums, planetaria across the country.
The contribution of the Czech Republic to Europe’s space achievements is well-known. From Europe’s first cosmonaut -Vladimir Remek- orbiting the Earth, to becoming the hosting country of the European GNSS Agency in 2012, the Czech Republic has a long-standing history in space, leveraging #EUSpace technology to improve infrastructure, stimulate innovation, create jobs and ensure the well-being of citizens.
On the occasion of the Czech Space Week, it is worthwhile to focus on four ways, out of many, the Czech Republic is making great use of Galileo and EGNOS:
‘’The GSA’s core mission is to ensure that European citizens make the most of the European Union Space Programme. By having users in the driver seat, the agency has been able to deliver state of the art, secure satellite-based services to respond to user needs’’ says Rodrigo da Costa, GSA Executive Director.
‘’2021 will mark an important evolution for the EU Space Programme with the transformation of the GSA into the European Union Space Programme Agency, bringing new opportunities. I am sure the Czech Republic will continue to fly the EU Space Programme flag high.’’ da Costa concludes.
If you are keen on satellite navigation, Earth Observation, governmental satellite communications or simply are working in a market that can benefit from the EU Space Programme, join the European Space Week 2020. This year, the top EU space event is brought to your screens from 7th until the 11th December 2020.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The GSA Executive Director, Rodrigo da Costa, joined the Czech Space Week to welcome the participants attending this year’s online edition. The Czech Republic is an active member of the EU Space community, and with EU Space technologies growing at an unprecedented pace, the future looks bright.
The Czech Space Week 2020 celebrates space science and technology attracting young professionals, students and space enthusiasts supported by aerospace companies, schools, museums, planetaria across the country.
The contribution of the Czech Republic to Europe’s space achievements is well-known. From Europe’s first cosmonaut -Vladimir Remek- orbiting the Earth, to becoming the hosting country of the European GNSS Agency in 2012, the Czech Republic has a long-standing history in space, leveraging #EUSpace technology to improve infrastructure, stimulate innovation, create jobs and ensure the well-being of citizens.
At the occasion of the Czech Space Week, it is worthwhile to focus on four ways, out of many, the Czech Republic is making great use of Galileo and EGNOS:
‘’The GSA’s core mission is to ensure that European citizens make the most of the European Union Space Programme. By having users in the driver seat, the agency has been able to deliver state of the art, secure satellite-based services to respond to user needs’’ says Rodrigo da Costa, GSA Executive Director.
‘’2021 will mark an important evolution for the EU Space Programme with the transformation of the GSA into the European Union Space Programme Agency, bringing new opportunities. I am sure the Czech Republic will continue to fly the EU Space Programme flag high.’’ da Costa concludes.
If you are keen on satellite navigation, Earth Observation, governmental satellite communications or simply are working in a market that can benefit from the EU Space Programme, join the European Space Week 2020. This year, the top EU space event is brought to your screens from 7th until the 11th December 2020.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The GSA Executive Director, Rodrigo da Costa, joined the Czech Space Week to welcome the participants attending this year’s online edition. The Czech Republic is an active member of the EU Space community, and with EU Space technologies growing at an unprecedented pace, the future looks bright.
The Czech Space Week 2020 celebrates space science and technology attracting young professionals, students and space enthusiasts supported by aerospace companies, schools, museums, planetaria across the country.
The contribution of the Czech Republic to Europe’s space achievements is well-known. From Europe’s first cosmonaut -Vladimir Remek- orbiting the Earth, to becoming the hosting country of the European GNSS Agency in 2012, the Czech Republic has a long-standing history in space, leveraging #EUSpace technology to improve infrastructure, stimulate innovation, create jobs and ensure the well-being of citizens.
On the occasion of the Czech Space Week, it is worthwhile to focus on four ways, out of many, the Czech Republic is making great use of Galileo and EGNOS:
‘’The GSA’s core mission is to ensure that European citizens make the most of the European Union Space Programme. By having users in the driver seat, the agency has been able to deliver state of the art, secure satellite-based services to respond to user needs’’ says Rodrigo da Costa, GSA Executive Director.
‘’2021 will mark an important evolution for the EU Space Programme with the transformation of the GSA into the European Union Space Programme Agency, bringing new opportunities. I am sure the Czech Republic will continue to fly the EU Space Programme flag high.’’ da Costa concludes.
You can read here the czech version of the news.
If you are keen on satellite navigation, Earth Observation, governmental satellite communications or simply are working in a market that can benefit from the EU Space Programme, join the European Space Week 2020. This year, the top EU space event is brought to your screens from 7th until the 11th December 2020.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
Připravili jsme pro vás nové verze 15 našich produktů. Výběr z hlavních novinek, které jsme pro vás nachystali, si můžete prohlédnout v následujících odkazech:
Přehled změn:
… >>Připravili jsme pro vás nové verze 15 našich produktů. Výběr z hlavních novinek, které jsme pro vás nachystali, si můžete prohlédnout v následujících odkazech:
Přehled změn:
O novou verzi 15 si napište na gepro@gepro.cz… >>
Teams at ESA's mission control centre are getting ready to ensure a new Earth observation mission safely begins its life in space. The SEOSAT-Ingenio mission will provide high-resolution images of Earth’s surface, providing crucial data to better understand our environment and for land, water and risk management and security.
In this week's edition of the Earth from Space programme, the Copernicus Sentinel-2 mission takes us over Darmstadt, Germany, home to ESA’s European Space Operations Centre,
See also Darmstadt, Germany to download the image.
Ahead of its liftoff, scheduled on Tuesday 17 November 2020 at 02:52 CET (16 November 22:52 local time in Kourou), the SEOSAT-Ingenio satellite sealed in the rocket fairing has been hoisted into the Vega launch tower at Europe’s Spaceport in Kourou, French Guiana.
Ahead of its liftoff, scheduled for on Tuesday 17 November 2020 at 02:52 CET (16 November 22:52 local time in Kourou), the SEOSAT-Ingenio satellite sealed in the rocket fairing has been hoisted into the Vega launch tower at Europe’s Spaceport in Kourou, French Guiana.
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.
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.
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 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.
ISPRS e-bulletin: 2020 – Issue No.1 </obj
The post ISPRS e-Bulletin Issue No 4 – 2020 appeared first on SFDP.
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.
In June 2020, Alstom became the first railway manufacturer to integrate certified data fusion algorithms for fail-safe train localization, using position and speed of trains based on GNSS data coming from multiple constellations including Galileo, the European Union navigation satellite system.
The added-value of Galileo and EGNOS, the European Union Global Navigation Satellite System (EGNSS) in the European railway sector is widely known, especially when it comes to non-safety applications, such asset management and passenger information services. In recent years, however, with multi-constellation becoming the norm and multifrequency receivers being adopted rapidly, rail stakeholders view GNSS-based solutions as game-changers for the future of European Train Control System (ETCS).
A recent example of E-GNSS adoption in rail operations is the innovative odometry solution deployed by Alstom to measure the location and speed of its trains. The French rolling stock manufacturer introduced a new sensor type, with a hybridisation of satellite information and inertial sensors. The solution is primarily using GNSS Doppler information, derived from Galileo, GPS and GLONASS constellations (configurable). Such use allows to improve the overall confidence in the resulting speed, along with specific algorithms to master the resulting location accuracy. The GNSS receiver is an automotive grade receiver manufactured by u-blox. The Inertial Measurement Unit (IMU) used to supplement information in case of GNSS loss is based on enhanced micro-electromechanical systems (MEMS) technology, with temperature compensation. The new odometry system based on data fusion, which Alstom is currently implementing in Norway, is applicable to all types of trains and all environments, including the harshest weather conditions. It is estimated that by 2026, 450 trains will be equipped with this new feature across Norway.
Wheel slipping and sliding especially during demanding weather conditions can affect the odometer accuracy and the proper functioning of the different sensors involved. By incorporating Galileo signals as an extra layer of accuracy, Alstom managed to create a system that is capable of providing a more robust speed and location estimate. This space data fusion approach -certified by Belgorail- minimizes the need for the costly external radar components for localisation and speed measurement currently used.
“Industry embedding Galileo in their solutions is the proof that we are on the right path to ensure the market uptake of the EU Space Programme technology. This is a recognition of the capability of EGNSS to reduce the need for infrastructure and related cost, while maintaining the operational safety of ETCS.” Declared Rodrigo da Costa, GSA Executive Director.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
In June 2020, Alstom became the first railway manufacturer to integrate certified data fusion algorithms for fail-safe train localization, using position and speed of trains based on GNSS data coming from multiple constellations notably Galileo, the European Union navigation satellite system.
The added-value of Galileo and EGNOS, the European Union Global Navigation Satellite System (EGNSS) in the European railway sector when it comes to non-safety applications, such asset management and passenger information services is widely known. In recent years, however, with multi-constellation being the norm and multifrequency receivers being adopted rapidly, rail stakeholders view GNSS-based solutions as game changers for the future of European Train Control System (ETCS).
A recent example of E-GNSS adoption in rail operations is the innovative odometry solution deployed by Alstom to measure the location and speed of its trains. The French rail product manufacturer introduced a new sensor type, with a hybridisation of satellite information and inertial sensors (IMU). The solution is primarily using GNSS Doppler information, derived from Galileo, GPS and GLONASS constellations (configurable). Such use allows to improve the overall confidence in the resulting speed, along with specific algorithms to master the resulting location accuracy. The GNSS receiver is an automotive grade receiver manufactured by Ublox. The IMU used to supplement information in case of GNSS loss is based on enhanced MEMS technology, with temperature compensation. The new odometry system based on data fusion, which Alstom is currently implementing in Norway, is applicable to all types of trains and all environments, including the harshest weather conditions. It is estimated that by 2026, 450 trains will be equipped with this new feature across Norway.
Wheel slipping and sliding especially during demanding weather conditions can affect the odometer accuracy and the proper functioning of the different sensors involved. By incorporating Galileo signals as an extra layer of accuracy, Alstom managed to create a system that is capable of providing a more robust speed and location estimate. This space data fusion approach -certified by Belgorail- minimizes the need for the costly external radar components for localisation and speed measurement that are used today.
“Industry embedding Galileo in their solutions is the proof that we are on the right path to ensure the market uptake of the EU Space Programme technology. This is a recognition of the capability of EGNSS to reduce the need for infrastructure and related cost, while maintaining the operational safety of ETCS.” Declared Rodrigo da Costa, GSA Executive Director.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
In June 2020, Alstom became the first railway manufacturer to integrate certified data fusion algorithms for fail-safe train localization, using position and speed of trains based on GNSS data coming from multiple constellations notably Galileo, the European Union navigation satellite system.
The added-value of Galileo and EGNOS, the European Union Global Navigation Satellite System (EGNSS) in the European railway sector when it comes to non-safety applications, such asset management and passenger information services is widely known. In recent years, however, with multi-constellation being the norm and multifrequency receivers being adopted rapidly, rail stakeholders view GNSS-based solutions as game changers for the future of European Train Control System (ETCS).
A recent example of E-GNSS adoption in rail operations is the innovative odometry solution deployed by Alstom to measure the location and speed of its trains. The French rail product manufacturer introduced a new sensor type, with a hybridisation of satellite information and inertial sensors (IMU). The solution is primarily using GNSS Doppler information, derived from Galileo, GPS and GLONASS constellations (configurable). Such use allows to improve the overall confidence in the resulting speed, along with specific algorithms to master the resulting location accuracy. The GNSS receiver is an automotive grade receiver manufactured by Ublox. The IMU used to supplement information in case of GNSS loss is based on enhanced MEMS technology, with temperature compensation. The new odometry system based on data fusion, which Alstom is currently implementing in Norway, is applicable to all types of trains and all environments, including the harshest weather conditions. It is estimated that by 2026, 450 trains will be equipped with this new feature across Norway.
Wheel slipping and sliding especially during demanding weather conditions can affect the odometer accuracy and the proper functioning of the different sensors involved. By incorporating Galileo signals as an extra layer of accuracy, Alstom managed to create a system that is capable of providing a more robust speed and location estimate. This space data fusion approach -certified by Belgorail- minimizes the need for the costly external radar components for localisation and speed measurement that are used today.
“Industry embedding Galileo in their solutions is the proof that we are on the right path to ensure the market uptake of the EU Space Programme technology. This is a recognition of the capability of EGNSS to reduce the need for infrastructure and related cost, while maintaining the operational safety of ETCS.” Declared Rodrigo da Costa, GSA Executive Director.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
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.
European Navigation Conference (ENC 2020) Event: Europe […]
The post ENC Conference 2020 appeared first on SatLab – Global Satellite Positioning Solutions.
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 […]
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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 […]
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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.
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.
The European GNSS Agency joined the global timing and sync community at the International Timing and Sync Forum (ITSF) 2020 to share Galileo-based applications for Critical Infrastructures.
The International Timing and Sync Forum (ITSF) is the largest time and synchronisation conferences showcasing solutions for 4G/5G, Finance, Broadcast, Automotive, Smart Grids, IoT, Distributed Datacentres, and Transport and Defence. The European GNSS Agency joined virtually this three-day event to discuss the latest trends in Timing and Synchronisation and present the accurate and cost-effective solutions Galileo can offer to Critical Infrastructures users through newly designed services.
With only 0,7% of the overall GNSS market, the Critical Infrastructures (CI) segment, is driven by its strategic importance rather than its size. Currently, telecommunications represent 90% of the overall CI market and with the arrival of 5G, shipments of GNSS devices are expected to soar. What’s more, new regulations require financial institutions to trace operations within a consistent and accurate time scale, while smart grids are replacing traditional solutions in the field of Energy. Built around these developments, Valeria Catalano, GSA’s Time and Synchronisation expert delivered a presentation highlighting the positive impact of Galileo in the market.
With GNSS taking center stage in the rapid evolutions of this market, and Galileo demonstrating superior performance in comparison to other GNSS constellations, the European GNSS Agency has been investing in Research and Development, and monitoring applications based on Galileo’s robust signals.
Through its Fundamental Elements R&D instrument, the GSA has been developing receivers, antennas and related technology to support the Galileo uptake. GIANO and GEARS are two Fundamental Elements funded projects that are developing Galileo-enabled timing receivers.
Protecting CI and their major components is essential to maintain vital societal functions. With this in mind, the GSA analysed the importance of the following categories of Timing Services based on the achievement of the H2020 DEMETRA project. The applications are of particular interest to Critical Infrastructures user as well as laboratories.
According to the GSA GNSS 2019 Market Report the resilience of the timing functionality is paramount in order to ensure service continuity in CI. Galileo’s Open Service Navigation Message Authentication (OSNMA) will be particularly relevant to Critical Infrastructures’ operators to improve trustability, resilience and ease of traceability.
In addition, Galileo’s High Accuracy Service will provide network operators with a very high level of Timing accuracy, improving Timing stability. This could ease the deployment challenges and allow the development of new value-added services. To find out more about the Galileo High Accuracy Service (HAS) stay tuned for the upcoming Info Note.
Interested in knowing more about how Galileo’s T&S capabilities benefit Critical Infrastructures? Join us at the 2020 User Consultation Platform (UCP). 1-2 December 2020. The UCP - part of the EU Space Week 2020 - serves as forum where a wide range of users from 12 different market segments meet to confer on the requirements of location, navigation, timing and Earth observation services. Click here to register.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The European GNSS Agency joined the global timing and sync community at the International Timing and Sync Forum (ITSF) 2020 to share Galileo-based applications for Critical Infrastructures.
The International Timing and Sync Forum (ITSF) is one of the largest time and synchronisation conferences showcasing solutions for 4G/5G, Finance, Broadcast, Automotive, Smart Grids, IoT, Distributed Datacentres, and Transport and Defence. The European GNSS Agency joined virtually this three-day event to discuss the latest trends in Timing and Synchronisation and present the accurate and cost-effective solutions Galileo can offer to Critical Infrastructures users through newly designed services.
With only 0,7% of the overall GNSS market, the Critical Infrastructures (CI) segment, is driven by its strategic importance rather than its size. Currently, telecommunications represent 90% of the overall CI market and with the arrival of 5G, shipments of GNSS devices are expected to soar. What’s more, new regulations require financial institutions to trace operations within a consistent and accurate time scale, while smart grids are replacing traditional solutions in the field of Energy. Built around these developments, Valeria Catalano, GSA’s Time and Synchronisation expert delivered a presentation highlighting the positive impact of Galileo in the market.
With GNSS taking center stage in the rapid evolutions of this market, and Galileo demonstrating superior performance in comparison to other GNSS constellations, the European GNSS Agency has been investing in Research and Development, and monitoring applications based on Galileo’s robust signals.
Through its Fundamental Elements R&D instrument, the GSA has been developing receivers, antennas and related technology to support the Galileo uptake. GIANO and GEARS are two Fundamental Elements funded projects that are developing Galileo-enabled timing receivers.
Protecting CI and their major components is essential to maintain vital societal functions. With this in mind, the GSA analysed the importance of the following categories of Timing Services based on the achievement of the H2020 DEMETRA project. The applications are of particular interest to Critical Infrastructures user as well as laboratories.
According to the GSA GNSS 2019 Market Report the resilience of the timing functionality is paramount in order to ensure service continuity in CI. Galileo’s Open Service Navigation Message Authentication (OSNMA) will be particularly relevant to Critical Infrastructures’ operators to improve trustability, resilience and ease of traceability.
In addition, Galileo’s High Accuracy Service will provide network operators with a very high level of Timing accuracy, improving Timing stability. This could ease the deployment challenges and allow the development of new value-added services. To find out more about the Galileo High Accuracy Service (HAS) stay tuned for the upcoming Info Note.
Interested in knowing more about how Galileo’s T&S capabilities benefit Critical Infrastructures? Join us at the 2020 User Consultation Platform (UCP). 1-2 December 2020. The UCP - part of the EU Space Week 2020 - serves as forum where a wide range of users from 12 different market segments meet to confer on the requirements of location, navigation, timing and Earth observation services. Click here to register.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The European GNSS Agency joined the global timing and sync community at the International Timing and Sync Forum (ITSF) 2020 to share Galileo-based applications for Critical Infrastructures.
The International Timing and Sync Forum (ITSF) is the largest time and synchronisation conference showcasing solutions for 4G/5G, Finance, Broadcast, Automotive, Smart Grids, IoT, Distributed Datacentres, and Transport and Defence. The European GNSS Agency joined virtually this three-day event to discuss the latest trends in Timing and Synchronisation and present the accurate and cost-effective solutions Galileo can offer to Critical Infrastructures users through newly designed services.
With only 0,7% of the overall GNSS market, the Critical Infrastructures (CI) segment, is driven by its strategic importance rather than its size. Currently, telecommunications represent 90% of the overall CI market and with the arrival of 5G, shipments of GNSS devices are expected to soar. What’s more, new regulations require financial institutions to trace operations within a consistent and accurate time scale, while smart grids are replacing traditional solutions in the field of Energy. Built around these developments, Valeria Catalano, GSA’s Time and Synchronisation expert delivered a presentation highlighting the positive impact of Galileo in the market.
With GNSS taking center stage in the rapid evolutions of this market, and Galileo demonstrating superior performance in comparison to other GNSS constellations, the European GNSS Agency has been investing in Research and Development, and monitoring applications based on Galileo’s robust signals.
Through its Fundamental Elements R&D instrument, the GSA has been developing receivers, antennas and related technology to support the Galileo uptake. GIANO and GEARS are two Fundamental Elements funded projects that are developing Galileo-enabled timing receivers.
Protecting CI and their major components is essential to maintain vital societal functions. With this in mind, the GSA analysed the importance of the following categories of Timing Services based on the achievement of the H2020 DEMETRA project. The applications are of particular interest to Critical Infrastructures user as well as laboratories.
According to the GSA GNSS 2019 Market Report the resilience of the timing functionality is paramount in order to ensure service continuity in CI. Galileo’s Open Service Navigation Message Authentication (OSNMA) will be particularly relevant to Critical Infrastructures’ operators to improve trustability, resilience and ease of traceability.
In addition, Galileo’s High Accuracy Service will provide network operators with a very high level of Timing accuracy, improving Timing stability. This could ease the deployment challenges and allow the development of new value-added services. To find out more about the Galileo High Accuracy Service (HAS) stay tuned for the upcoming Info Note.
Interested in knowing more about how Galileo’s T&S capabilities benefit Critical Infrastructures? Join us at the 2020 User Consultation Platform (UCP). 1-2 December 2020. The UCP - part of the EU Space Week 2020 - serves as forum where a wide range of users from 12 different market segments meet to confer on the requirements of location, navigation, timing and Earth observation services. Click here to register.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
The European GNSS Agency joined the global timing and sync community at the International Timing and Sync Forum (ITSF) 2020 to share Galileo-based applications for Critical Infrastructures.
The International Timing and Sync Forum (ITSF) is the largest time and synchronisation conference showcasing solutions for 4G/5G, Finance, Broadcast, Automotive, Smart Grids, IoT, Distributed Datacentres, and Transport and Defence. The European GNSS Agency joined virtually this three-day event to discuss the latest trends in Timing and Synchronisation and present the accurate and cost-effective solutions Galileo can offer to Critical Infrastructures users through newly designed services.
With only 0,7% of the overall GNSS market, the Critical Infrastructures (CI) segment, is driven by its strategic importance rather than its size. Currently, telecommunications represent 90% of the overall CI market and with the arrival of 5G, shipments of GNSS devices are expected to soar. What’s more, new regulations require financial institutions to trace operations within a consistent and accurate time scale, while smart grids are replacing traditional solutions in the field of Energy. Built around these developments, Valeria Catalano, GSA’s Time and Synchronisation expert delivered a presentation highlighting the positive impact of Galileo in the market.
With GNSS taking center stage in the rapid evolutions of this market, and Galileo demonstrating superior performance in comparison to other GNSS constellations, the European GNSS Agency has been investing in Research and Development, and monitoring applications based on Galileo’s robust signals.
Through its Fundamental Elements R&D instrument, the GSA has been developing receivers, antennas and related technology to support the Galileo uptake. GIANO and GEARS are two Fundamental Elements funded projects that are developing Galileo-enabled timing receivers.
Protecting CI and their major components is essential to maintain vital societal functions. With this in mind, the GSA analysed the importance of the following categories of Timing Services based on the achievement of the H2020 DEMETRA project. The applications are of particular interest to Critical Infrastructures user as well as laboratories.
According to the GSA GNSS 2019 Market Report the resilience of the timing functionality is paramount in order to ensure service continuity in CI. Galileo’s Open Service Navigation Message Authentication (OSNMA) will be particularly relevant to Critical Infrastructures’ operators to improve trustability, resilience and ease of traceability.
In addition, Galileo’s High Accuracy Service will provide network operators with a very high level of Timing accuracy, improving Timing stability. This could ease the deployment challenges and allow the development of new value-added services. To find out more about the Galileo High Accuracy Service (HAS) stay tuned for the upcoming Info Note.
Interested in knowing more about how Galileo’s T&S capabilities benefit Critical Infrastructures? Join us at the 2020 User Consultation Platform (UCP). 1-2 December 2020. The UCP - part of the EU Space Week 2020 - serves as forum where a wide range of users from 12 different market segments meet to confer on the requirements of location, navigation, timing and Earth observation services. Click here to register.
Media note: This feature can be republished without charge provided the European GNSS Agency (GSA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the GSA website (http://www.gsa.europa.eu).
Third Quarter 2020 Financial Results:
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
“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer (
Financial Developments:
2020 Financial Outlook
For the full year of 2020, the Company currently expects:
Earnings Call Details
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
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
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
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
We calculate these non-GAAP financial measures as follows:
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.
|
||||||||
|
|
|||||||
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 |
|
|
|
|
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 |
|
|
|||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||
|
|
||||||||||||||||
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 |
|
|
|||||||
Nine Months Ended |
|||||||
|
|||||||
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 |
|
(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 |
|
|
|||||||||||||||
Reconciliation of net income to Adjusted EBITDA: |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
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 |
|||||||||||||
|
|
|
|
|||||||||||||
|
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 |
|||||||||||||||||
|
|
|||||||||||||||||
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 |
|
Third Quarter 2020 Financial Results:
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
“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer (
Financial Developments:
2020 Financial Outlook
For the full year of 2020, the Company currently expects:
Earnings Call Details
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
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
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
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
We calculate these non-GAAP financial measures as follows:
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.
|
||||||||
|
|
|||||||
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 |
|
|
|
|
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 |
|
|
|||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||
|
|
||||||||||||||||
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 |
|
|
|||||||
Nine Months Ended |
|||||||
|
|||||||
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 |
|
(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 |
|
|
|||||||||||||||
Reconciliation of net income to Adjusted EBITDA: |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
|
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 |
|||||||||||||
|
|
|
|
|||||||||||||
|
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 |
|||||||||||||||||
|
|
|||||||||||||||||
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:
Solebury Trout for
ir@bentley.com
1-610-458-2777
Media Contact:
As preparations for the launch of SEOSAT-Ingenio continue on schedule, the team at Europe’s spaceport in Kourou have bid farewell to the satellite as it was sealed inside the rocket fairing over the weekend. The spacecraft is currently scheduled to launch on the evening of Monday 16 November/morning of Tuesday 17 November.