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Read the articleWill strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
Will strengthen Cohesive Companies in the global maritime and resources industries
EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.
Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.
“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”
SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.
“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”
About The Cohesive Companies
The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).
The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies 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.
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Read the articleEXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.
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.
This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
EXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.
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.
This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
EXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.
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.
This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.
Wins for “Risk and Resilience Assessment Isn’t Optional Anymore” and for Co-authoring “Pressure-dependent Demand under Pressure-deficient Conditions”
EXTON, Pa. – November 19, 2020 – Bentley Systems, Incorporated, (Nasdaq: BSY), the infrastructure engineering software company, has announced that the American Water Works Association (AWWA) has awarded Bentley Fellow and Senior Product Manager Thomas Walski, Ph.D., P.E., with the AWWA 2020 Opflow Publications Award and the Division Best Paper Award in Engineering & Construction. The Opflow Publications Award recognizes the contribution of information directed at operating personnel of water utility systems in the areas of science, technology, and water supply operations. The Division Best Paper Award annually recognizes an author or authors from each AWWA technical and education division published in either AWWA Water Science or Journal AWWA from January to December of the previous year.
Walski won the AWWA 2020 Opflow Publications Award for “Risk and Resilience Assessment Isn’t Optional Anymore.” The paper discusses how digital twins can help water system operators meet risk assessment and emergency planning standards mandated by America’s Water Infrastructure Act of 2018. Additionally, it demonstrates how digital twins can address pipe breaks, power outages, fires, and contamination within water systems.
Walski won the Division Best Paper Award in the Engineering & Construction category for “Pressure-dependent Demand under Pressure-deficient Conditions.” He co-authored the paper with Michael Havard, Bruce Yankelitis, and Jon Youells, former students at Wilkes University, and Brian Whitman, professor of environmental engineering at Wilkes University. The paper addresses how water systems behave when pressures become very low, such as during emergencies, and how to perform hydraulic analysis of those conditions using Bentley Systems’ WaterGEMS software.
James Cooper, vice-chair, AWWA Engineering & Construction Division, said, “Congratulations to Dr. Walski and the supporting authors as recipients of the ‘2020 Best Paper Award’ from the AWWA Engineering & Construction Division. This research improves our understanding and modeling of hydraulics and is the latest in a decades-long trend of work resulting in advancement of the water sector.”
“Tom’s research really clarifies how water distribution systems operate under dynamic conditions, which has implications on public health and asset management,” said Ken Mercer, editor-in-chief, AWWA Water Science and Journal AWWA, American Water Works Association. “As his group wrote, systems can be stressed during pipe breaks, fires, and major shutdowns or simply due to a lack of capacity. Tom’s research of the dynamics of water distribution systems furthers the water industry’s understanding and control of buried infrastructure that is vital to maintain public health and support community development.”
“Winning either of these prestigious awards is quite an accomplishment, but winning both in the same year is truly extraordinary,” said Gregg Herrin, vice president of water infrastructure at Bentley. “For his entire career, Tom has made tremendous contributions to the industry, and we are proud that he continues doing so as a Bentley colleague.”
Walski has worked at Bentley since 2000, and also serves as an adjunct faculty member at Wilkes University. He is currently a fellow of American Society of Civil Engineers, a lifetime member of American Water Works Association, and a member of the Water Environment Federation.
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
© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, ProjectWise, and WaterGEMS 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.
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Read the articleEXTON, 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.
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.
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:
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 |
|
|