Bentley Systems

I Financial Statements II Valuation Models

Income Statement DDM

Balance Sheet Calculating WACC

Cashflow Statement DCF

`
Bentley Systems (BSY) Company
Revenue Model Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 YTD 23 Growth
Actual Actual Actual Actual Actual Projected Projected Projected

Reported Segment: globally within one operating segment, the development and marketing of computer software and related services << AR2022 P61/175

By Geography
Americas - 356,331 395,746 483,087 584,794 680,677 808,394 975,837
Growth (%) - - 11.1% 22.1% 21.1% 16.4% 18.8% 20.7%
% of segment - - 49.4% 50.1% 53.2% 54.0% 55.0% 56.0%
EMEA - 236,602 254,036 300,123 312,804 365,549 433,886 505,231
Growth (%) - - 7.4% 18.1% 4.2% 16.9% 18.7% 16.4%
% of segment - - 31.7% 31.1% 28.5% 29.0% 29.5% 29.0%
APAC - 143,721 151,762 181,836 201,484 214,287 227,527 261,499
Growth (%) - - 5.6% 19.8% 10.8% 6.4% 6.2% 14.9%
% of segment - - 18.9% 18.8% 18.3% 17.0% 15.5% 15.0%
Total - 736,654 801,544 965,046 1,099,082 1,260,513 1,469,808 1,742,566
Check 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Check ok ok ok

By Product Category YTD 23 Growth Step

Subscriptions 557,421 608,300 679,273 812,807 960,220 1,113,700 1,313,987 1,576,572 <<AR2022 P66/175
Constant Currency Growth % 11.0% 17.6% 24.3% 16.0% 18.0% 20.0% 14.0% 2.0%
% of total 80.6% 82.6% 84.7% 84.2% 87.4% 88.4% 89.4% 90.5%

Breakdown 557,421 608,300 679,273 812,807 960,220 1,113,700 1,313,987 1,576,572

Enterprise subscription 182,816 184,833 221,524 290,097 345,678 413,103 494,394 591,253
% growth 1% 20% 31% 19% 20% 20% 20%
SELECT subscription 273,745 267,249 270,749 269,283 264,308 256,379 248,687 241,227
% growth -2% 1% -1% -2% -3% -3% -3%
Term License subscriptio 100,860 156,218 187,000 253,427 350,234 444,218 570,906 744,092
% growth 55% 20% 36% 38% 27% 29% 30%

Perpetual Licenses 61,065 59,693 57,382 53,080 43,337 44,644 45,990 47,376
Constant Currency Growth % -4.6% -8.9% -12.1% 3.0% 3.0% 3.0% 2.9%
% of total 8.8% 8.1% 7.2% 5.5% 3.9% 3.5% 3.1% 2.7%

Services 73,224 68,661 64,889 99,159 95,485 102,169 109,832 118,618

Constant Currency Growth % -5.7% 48.6% 0.4% 7.0% 7.5% 8.0% 6.4% 0.5%
% of total 10.6% 9.3% 8.1% 10.3% 8.7% 8.1% 7.5% 6.8%

Breakdown 73,224 68,661 64,889 99,159 95,485 102,169 109,832 118,618

Recurring 25,981 22,797 17,389 21,343 17,804 16,477 15,446 15,154
% growth -12% -24% 23% -17% -7% -6% -2%
Non-Recurring 47,243 45,864 47,500 77,816 77,681 85,692 94,386 103,464
% growth -3% 4% 64% -0.2% 10% 10% 10%

Total 691,710 736,654 801,544 965,046 1,099,042 1,260,513 1,469,808 1,742,566

Segment Share
Subscriptions 80.6% 82.6% 84.7% 84.2% 87.4% 88.4% 89.4% 90.5%
Perpetual Licenses 8.8% 8.1% 7.2% 5.5% 3.9% 3.5% 3.1% 2.7%
Services 10.6% 9.3% 8.1% 10.3% 8.7% 8.1% 7.5% 6.8%

Recurring Revenue Breakdown

Total Recurring 86.9% 86.4% 89.0% 89.0% 90.0% 91.0% 87.4% 1%
Total Non-recurring 13.1% 13.6% 11.0% 11.0% 10.0% 9.0% 12.6%

ARR further analysis constant currency basis

Ann Recurring Revenue (A - - 752,697 921,218 1,036,548 - - - 1,124,774
LTM recurring revenue - 631097 696,662 834,150 978,024 1,121,714.92 1,322,662.09 1,585,539.73 1,076,434
12months ended constant currency
ARR growth rate - 12% 8% 26% 15% - - - 13%
Bentley Systems (BSY) Company
Income Statement Dec-18 Dec-19 Dec-20 Dec-21
Last Last Last Last
Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

$millions Actual Actual Actual Actual

Sales/Revenue 692 737 802 965
% growth 6% 9% 20%
Cost of Revenue (Excluding D&A) -131 -144 -167 -217
Gross Income 560 593 634 749
% margin 81% 80% 79% 78%
SG&A Expense -250 -253 -257 -312
Other Operating Expense -175 -184 -186 -221
EBITDA 135 156 192 215
% margin 20% 21% 24% 22%
Depreciation & Amortization -14 -14 -15 -26
EBIT (Operating Income) 121 142 176 190
% margin 18% 19% 22% 20%
Nonoperating Income (Expense) 0 0 22 -61
Interest Expense / Income 0 0 -7 -12
Unusual Expense -9 -14 25 11
Pretax Income 113 128 215 128
% margin 16% 17% 27% 13%
Income Taxes 29 -24 -46 -2
Minority Interest Expense 0 0 0 0
Net Income 142 104 169 126
% growth -27% 62% -26%
% margin 21% 14% 21% 13%
Preferred Dividends 0 0 0 0
Net Income available to Common 142 104 169 126

Basic Shares Outstanding 286 285 290 306

Diluted Shares Outstanding 293 294 299 315

EPS Basic Shares Outstanding 0.50 0.36 0.57 0.40

EPS Diluted Shares Outstanding 0.49 0.35 0.55 0.39

EBITDA 135 156 192 215

EBITDA Margin 20% 21% 24% 22%

Cost of Revenue (Excluding D&A)

Gross Margin
SG&A Expense
Other Operating Expense
Depreciation & Amortization
Nonoperating Income (Expense)
Unusual Expense
Income Taxes

Historical : % of Sales
Last Last Last Last
Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

Cost of Good Sold (Excluding D&A) -19.0% -19.6% -20.9% -22.4%

SG&A Expense -36.1% -34.3% -32.1% -32.4%
Other Operating Expense -25.3% -24.9% -23.1% -22.9%
Depreciation & Amortization -2.0% -1.9% -1.9% -2.7%
Nonoperating Income (Expense) 0.0% 0.0% 2.7% -6.3%
Unusual Expense -1.2% -1.9% 3.1% 1.2%
Income Taxes 25.9% -18.5% -21.5% -1.4%
Minority Interest Expense 0.0% 0.0% 0.0% 0.0%
 Dec-22 Dec-23 Dec-24 Dec-25 YTD 23E
Last Pro forma Pro forma Pro forma
Reported Next Fiscal Next Fiscal Next Fiscal
Fiscal Year Year Year (+1) Year (+1)

Actual Projected Projected Projected

1,099 1,261 1,470 1,743
14% 15% 17% 19%
-237 -277 -309 -349 22%
862 983 1,161 1,394
78% 78% 79% 80%
-370 -397 -463 -549 31%
-258 -286 -323 -383 23%
234 300 375 462
21% 24% 26% 27%
-41 -38 -44 -52 3%
193 263 331 410
18% 21% 23% 24%
43 -10 -15 -26 1%
-35 -35 -35 -35 3.3%
24 0 0 0
226 218 282 349
21% 17% 19% 20%
-26 -28 -37 -45 13%
0 0 0 0
200 190 245 304
59% -5% 29% 24%
18% 15% 17% 17%
0 0 0 0
200 190 245 304

309 313 313 313 313.069132

332 333 333 333 332.825186

0.65 0.61 0.78 0.97

0.62 0.57 0.74 0.91

234 300 375 462

21% 24% 26% 27%

Projected
Dec-23 Dec-24 Dec-25
-22.0% -21.0% -20.0%
78.0% 79.0% 80.0%
-31.5% -31.5% -31.5%
-22.7% -22.0% -22.0%
 -3.0% -3.0% -3.0%
-0.8% -1.0% -1.5%
0.0% 0.0% 0.0%
-13.0% -13.0% -13.0%

% of Sales
Last Average
Reported
Fiscal Year

-21.6% -20.7%
-33.7% -33.7%
-23.5% -23.9%
-3.7% -2.5%
3.9% 0.1%
2.2% 0.7%
-11.3% -5.3%
0.0% 0.0%
<< As of Sept 2023
<< As of Sept 2023
Bentley Systems (BSY) Company
Income Statement Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Last Last Last Last Last
Reported Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

$millions Actual Actual Actual Actual Actual

Sales/Revenue 692 737 802 965 1,099
Cost of Revenue (Excluding D&A) -131 -144 -167 -217 -237
Gross Income 560 593 634 749 862
SG&A Expense -250 -253 -257 -312 -370
Other Operating Expense -175 -184 -186 -221 -258
EBITDA 135 156 192 215 234
Depreciation & Amortization -14 -14 -15 -26 -41
EBIT (Operating Income) 121 142 176 190 193
Nonoperating Income (Expense) 0 0 22 -61 43
Interest Expense / Income 0 0 -7 -12 -35
Unusual Expense -9 -14 25 11 24
Pretax Income 113 128 215 128 226
Income Taxes 29 -24 -46 -2 -26
Minority Interest Expense 0 0 0 0 0
Net Income 142 104 169 126 200
Preferred Dividends 0 0 0 0 0
Net Income available to Common 142 104 169 126 200

Basic Shares Outstanding 286 285 290 306 309

Diluted Shares Outstanding 293 294 299 315 332

EPS Basic Shares Outstanding 0.50 0.36 0.57 0.40 0.65

EPS Diluted Shares Outstanding 0.49 0.35 0.55 0.39 0.62

EBITDA 135 156 192 215 234

EBITDA Margin 20% 21% 24% 22% 21%

Cost of Revenue (Excluding D&A)

Gross Margin
SG&A Expense
Other Operating Expense
Depreciation & Amortization
Nonoperating Income (Expense)
Unusual Expense
Income Taxes

Historical : % of Sales
 Last Last Last Last Last
Reported Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

Cost of Good Sold (Excluding D&A) -19.0% -19.6% -20.9% -22.4% -21.6%
SG&A Expense -36.1% -34.3% -32.1% -32.4% -33.7%
Other Operating Expense -25.3% -24.9% -23.1% -22.9% -23.5%
Depreciation & Amortization -2.0% -1.9% -1.9% -2.7% -3.7%
Nonoperating Income (Expense) 0.0% 0.0% 2.7% -6.3% 3.9%
Unusual Expense -1.2% -1.9% 3.1% 1.2% 2.2%
Income Taxes 25.9% -18.5% -21.5% -1.4% -11.3%
Minority Interest Expense 0.0% 0.0% 0.0% 0.0% 0.0%
 Dec-23 Dec-24 Dec-25 YTD 23E
Pro forma Pro forma Pro forma
Next Fiscal Next Fiscal Next Fiscal
Year Year (+1) Year (+1)

Projected Projected Projected

1,261 1,470 1,743
-277 -309 -349 22%
983 1,161 1,394
-397 -463 -549 31%
-286 -323 -383 23%
300 375 462
-38 -44 -52 3%
263 331 410
-10 -15 -26 1%
-35 -35 -35 3.3%
0 0 0
218 282 349
-28 -37 -45 13%
0 0 0
190 245 304
0 0 0
190 245 304

313 313 313 313.069132 << As of Sept 2023

333 333 333 332.825186 << As of Sept 2023

0.61 0.78 0.97

0.57 0.74 0.91

300 375 462

24% 26% 27%
Projected
Dec-23 Dec-24 Dec-25
-22.0% -21.0% -20.0%
78.0% 79.0% 80.0%
-31.5% -31.5% -31.5%
-22.7% -22.0% -22.0%
-3.0% -3.0% -3.0%
-0.8% -1.0% -1.5%
0.0% 0.0% 0.0%
-13.0% -13.0% -13.0%
Average

-20.7%
-33.7%
-23.9%
-2.5%
0.1%
0.7%
-5.3%
0.0%
< As of Sept 2023
< As of Sept 2023
Bentley Systems (BSY) Company
Balance Sheet Dec-18 Dec-19 Dec-20
Last Last Last
Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr)
Actual Actual Actual
Assets
Cash & Equivalents (Cash & ST Investments) 81 121 122
Accounts Receivable 185 205 190
Inventories 0 0 0
Other Current Assets 17 28 28
Total Current Assets 283 354 340

Gross PP&E
Accumulated Depreciation
Net PP&E 29 30 75
Long-term Investments 0 2 6
Deferred Charges, LT 81 51 39
Other Long-Term Assets 530 559 666

Total Non-Current Assets 640 641 786

Total Assets 924 995 1,126

Liabilities & Shareholders' Equity

Short Term Debt 0 0 17
Accounts Payable 9 18 16
Income Tax Payable 3 2 3
Other Current Liabilities 424 373 429
Total Current Liabilities 436 392 466

Long-Term Debt 259 234 278

Unearned Revenue, Non-Current 50 8 7
Other Non-Current Liabilities 32 26 34

Total Non-current Liabilities 340 268 319

Total Liabilities 776 660 784

Preferred Stock 0 0 0
Stockholder's Equity 147 335 342
Total Shareholders' Equity 147 335 342
Accumulated Minority Interest 0 0 0
Total Equity 147 335 342

Total Liab. & Equity 924 995 1,126

Assets - Total Liab. & Equity 0.000 0.000 0.000

Days of Sales Outstanding (DSO) 97 96 90
Days of Inventory on Hand (DIO) #DIV/0! #DIV/0! #DIV/0!
Days of Payables Outstanding (DPO) -24 -33 -37

Balance Sheet Items Assumptions

Assets
Cash & Equivalents (Cash & ST Investments)
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets

Gross PP&E
Accumulated Depreciation
Net PP&E
Total Investments and Advances
Long-Term Note Receivable
Intangibles
Deferred Tax Assets
Other Assets
Total Non-Current Assets Net PP&E + Total Investments and Advances + Long-Term N
+ Other Assets
Total Assets

Liabilities & Shareholders' Equity

Short Term Debt
Accounts Payable
Income Tax Payable
Other Current Liabilities
Total Current Liabilities

Long Term Debt

Provision for Risks & Charges
Deferred Tax Liabilities
Other Liabilities
Total Non-current Liabilities

Total Liabilities

Preferred Stock
Stockholder's Equity Previous Year Stockholder's Equity + Current Year Net Income
Year Cash Dividends Paid from Cash Flow Statement
Total Shareholders' Equity
Accumulated Minority Interest
Total Equity

Total Liab. & Equity

Days of Sales Outstanding (DSO)

Days of Inventory on Hand (DIO)
Days of Payables Outstanding (DPO)
 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Last Last Pro forma Pro forma
Reported Reported Next Fiscal Next Fiscal
Fiscal Year Fiscal Year Year Year (+1)
(-1 yr)
Actual Actual Projected Projected Projected

329 72 223 399 621

235 287 311 362 430
0 0 0 0 0
51 57 57 57 57
616 416 591 818 1,108

83 73 60 45 28
6 22 22 22 22
71 53 72 75 75
1,883 2,602 2,602 2,602 2,602

2,043 2,749 2,756 2,745 2,727

2,659 3,165 3,346 3,563 3,835

23 20 20 20 20
16 15 22 25 28
7 5 5 5 5
548 589 589 559 524
594 628 636 608 576

1,466 1,803 1,803 1,803 1,803

8 16 0 0 0
182 144 144 144 144
0 0 0
1,656 1,963 1,947 1,947 1,947

2,250 2,592 2,583 2,555 2,523

0 0 0 0 0
409 573 762 1,007 1,311
409 573 762 1,007 1,311
0 1 1 1 1
409 573 763 1,008 1,312

2,659 3,165 3,346 3,563 3,835

0.000 0.000 0.000 0.000 0.000

 80 87 90 90 90
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-28 -24 -29 -29 -29

ents and Advances + Long-Term Note Receivable + Intangibles + Deferred Tax Assets

s Equity + Current Year Net Income available to Common from Income Statement + Current
from Cash Flow Statement
Bentley Systems (BSY) Company
Statement of Cash Flows Dec-18 Dec-19 Dec-20
Last Last Last
Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr)
Actual Actual Actual
Operating Activities
Net Income 142 104 169
Depreciation, Depletion & Amortization 29 32 36
Other non cash exp -46 21 29
Other Funds
Funds from Operations 126 158 234

Change in Receivables (Previous FY - Current FY)

Change in Inventories (Previous FY - Current FY)
Change in Accounts Payable (Current FY - Previous FY)
Other Assets/Liabilities
Changes in Working Capital 36 14 67

Net Operating Cash Flow 161 172 302

Investing Activities
Capital Expenditures -19 -16 -15
Net Assets from Acquisitions
Sale of Fixed Assets & Businesses 0 0 0
Purchase/Sale of Investments
Other Funds -136 -38 -102
Net Investing Cash Flow -155 -54 -117

Financing Activities
Change in Current Debt 0 0 0
Change in Long-Term Debt -11 -36 9
Issuance/Reduction of Debt, Net -11 -36 9

Preferred Dividends -20 -25 -423

Common Dividends
Cash Dividends Paid
Interest paid 0 0 -7
Change in Capital Stock -27 -16 -16
Other Funds -1 0 290
Net Financing Cash Flow -60 -77 -148

Net Change in Cash -53 41 37

Cash Flow Statement Items Assumptions

Operating Activities
Net Income Current Year Net Income available to Common from In
Depreciation, Depletion & Amortization Current Year Depreciation & Amortization from Income
Deferred Taxes & Investment Tax Credit Assume Zero
Other Funds Assume Zero
Funds from Operations Net Income + Depreciation, Depletion & Amortizatio

Change in Receivables (Previous FY - Current FY) Previous Year Accounts Receivable - Current Year Ac
 Change in Inventories (Previous FY - Current FY) Previous Year Accounts Inventories - Current Year Acc
Change in Accounts Payable (Current FY - Previous FY) Current Year Accounts Payable - Previous Year Accou
Changes in Working Capital Change in Receivables + Change in Inventories + Cha

Net Operating Cash Flow Funds from Operations + Changes in Working Cap

Investing Activities
Capital Expenditures Last 5 yrs % of sales
Net Assets from Acquisitions Assume zero & unless otherwise indicated by compan
Sale of Fixed Assets & Businesses Assume zero & unless otherwise indicated by compan
Purchase/Sale of Investments Assume zero & unless otherwise indicated by compan
Other Funds Assume zero & unless otherwise indicated by compan
Net Investing Cash Flow Capital Expenditures + Net Assets from Acquisition
Other Funds
Financing Activities
Change in Current Debt Assume zero & unless otherwise indicated by compan
Change in Long-Term Debt Assume zero & unless otherwise indicated by compan
Issuance/Reduction of Debt, Net Change in Current Debt + Change in Long-Term Debt

Preferred Dividends Current Preferred Dividends from Income Statement *

Common Dividends Assume previous year's Dividend Payout Ratio: Previo
from Income Statement * Current Year Net Income ava
Cash Dividends Paid Preferred Dividends + Common Dividends

Change in Capital Stock Assume zero & unless otherwise indicated by compan
Other Funds Assume zero & unless otherwise indicated by compan
Net Financing Cash Flow Issuance/Reduction of Debt, Net + Cash Dividends

Net Change in Cash Net Operating Cash Flow + Net Investing Cash Flow

% of Sales
Last Last Last
Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr)

Capital Expenditures -2.7% -2.1% -1.9%

 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Last Last Pro forma Pro forma
Reported Reported Next Fiscal Next Fiscal
Fiscal Year Fiscal Year Year Year (+1)
(-1 yr)
Actual Actual Projected Projected Projected

126 200 190 245 304

53 72 38 44 52
124 43 0 0 0

303 315 228 289 356

-24 -52 -67

0 0 0
7 3 3
0 0 0
18 -15 -17 -49 -64

321 300 211 240 292

-18 -19 -25 -29 -35

0 0 0
0 2 0 0 0
0 0 0
-1,039 -754 0 0 0
-1,057 -770 -25 -29 -35

0 0 0 0 0
1,184 332 0 0 0
1,184 332 0 0 0

-33 -34 0 0 0

-12 -35 -35 -35 -35

-115 -53 0 0 0
-60 -6 0 0 0
963 204 -35 -35 -35

228 -267 151 176 222

vailable to Common from Income Statement

& Amortization from Income Statement

n, Depletion & Amortization + Deferred Taxes & Investment Tax Credit + Other Funds

eceivable - Current Year Accounts Receivable from Balance Sheet

ventories - Current Year Accounts Inventories from Balance Sheet
able - Previous Year Accounts Payable from Balance Sheet
hange in Inventories + Change in Accounts Payable

Changes in Working Capital

rwise indicated by company management

rwise indicated by company management
rwise indicated by company management
rwise indicated by company management
et Assets from Acquisitions + Sale of Fixed Assets & Businesses + Purchase/Sale of Investments +

rwise indicated by company management

rwise indicated by company management
Change in Long-Term Debt

s from Income Statement * -1, Note: Change of Sign to Represent Cash Outflow
vidend Payout Ratio: Previous Year Common Dividends / Previous Year Net Income available to Common
urrent Year Net Income available to Common from Income Statement
mon Dividends

rwise indicated by company management

rwise indicated by company management
ebt, Net + Cash Dividends Paid + Change in Capital Stock + Other Funds

+ Net Investing Cash Flow + Net Financing Cash Flow

% of Sales
Last Last Average FY23E FY24E FY25E
Reported Reported
Fiscal Year Fiscal Year
(-1 yr)

-1.8% -1.7% -2.1% -2.0% -2.0% -2.0%

P/E

FY 25E EPS ($)

Target Multiple (x)
Target Price ($)
EV/EBITDA

FY 25E EBITDA
Target Multiple (x)
Target EV
Less Net Debt
Equity Value
FDSO
Share Price
Current Price ($)
Upside / (downside) from current share pri

Average Target Price 11/26/2023

Avg TP ($) 56.79

Current Price ($) 52.26
Upside 9%

FY 25E EPS ($)

Upside 0.91
Downside 0.91

24E PE
Current PE 71.01
25E PE
57.29
LTM PE
84.30
 0.91 << From Projected Income Statement
60 << Based on competitor profile
54.73 << Product of above

in $m except per share data

462
45
20,788
1,202
19,586
332.83
58.85
52.26
12.6%

Target Multiple (x) Target Price ($) % from CP % from TP

65 59.29 13% 4%
55 50.17 -4% -12%

24E P/S
11.834
25E P/S
9.982
Current P/S Price / EBITDA EV/EBITDA
15.78 0.22 53.06
 Peers PE
ANSS 32.2
ALTR 68.3
ADSK 27.2
CCCS 36.2

11.60172
Charts

Recurring Revenue

AR 2022 page 51/175

segment wise breakdown
egment wise breakdown
 Ticker BSY US Accounting US Currency USD
Period Annuals Consolidated Yes

Income Statement FY 2000 FY 2001 FY 2011 FY 2012 FY 2013 FY 2014 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
12/31/2000 12/31/2001 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Revenue 180.2 202.6 - - - - 630.6 677.0 744.2 912.0 1,055.7
Other Revenue - - - - - - 61.1 59.7 57.4 53.1 43.4
Total Revenue 180.2 202.6 - - - - 691.7 736.7 801.5 965.0 1,099.1

Cost Of Goods Sold 59.6 54.7 - - - - 131.3 144.2 167.2 216.5 237.0
Gross Profit 120.6 147.9 - - - - 560.4 592.5 634.4 748.5 862.1

Selling General & Admin Exp. - - - - - - 250.0 252.9 257.2 312.4 370.3
R & D Exp. 35.3 40.5 - - - - 175.0 183.6 185.5 220.9 257.9
Depreciation & Amort. - - - - - - 14.0 14.2 15.4 25.6 41.1
Other Operating Expense/(Income) 84.2 97.4 - - - - - - (21.7) 60.7 (43.3)
Operating Expense., Total 119.5 138.0 - - - - 439.0 450.6 436.4 619.6 626.0

Operating Income 1.2 10.0 - - - - 121.4 141.9 198.0 129.0 236.1

Interest Expense 1.5 3.5 - - - - - - 7.9 12.8 35.1

Interest Income - - - - - - - - 0.4 0.3 0.4
Net Interest Exp. 1.5 3.5 - - - - - - 7.5 12.5 34.6

Currency Exchange (Gains) Loss - - - - - - - - (22.9) (0.8) 9.9

Other Non-Operating Exp. (Inc) - (0.2) - - - - 8.5 13.8 (2.0) (10.4) (34.2)
EBT Excl. Unusual Items (0.3) 6.7 - - - - 112.9 128.1 215.4 127.7 225.8

Impairment of Goodwill - - - - - - - - - - -
Gain (Loss) On Sale Of Assets - - - - - - - - - - -
Asset Writedown - - - - - - - - - - -
Legal Settlements - - - - - - - - - - -
Other Unusual Items - - - - - - - - - - -
EBT Incl. Unusual Items (0.3) 6.7 - - - - 112.9 128.1 215.4 127.7 225.8

Income Tax Expense 0.9 2.6 - - - - (29.3) 23.7 46.2 1.7 25.6
Earnings from Cont. Ops. (1.2) 4.1 - - - - 142.1 104.4 169.2 126.0 200.2

Extraord. Item & Account. Change - - - - - - - - - - -

Minority Int. in Earnings - - - - - - 0.0 0.0 0.2 0.0 0.0
Net Income (1.2) 4.1 - - - - 142.1 104.4 169.0 126.0 200.2

Pref. Dividends 2.4 9.3 - - - - - - - - -

Other Adj - - - - - - - - 2.5 - (2.2)

NI to Common Incl Extra Items (3.6) (5.2) - - - - 142.1 104.4 166.5 126.0 202.4
Abnormal Losses (Gains) - - - - - - - - 47.8 34.4 27.5
Tax Effect on Abnormal Items - - - - - - - - (7.6) (5.2) (4.3)
NI to Common Excl. Extra Items (3.6) (5.2) - - - - 142.1 104.4 206.7 155.2 225.6

Per Share Items

Basic EPS (0.15) (0.23) - - - - 0.50 0.36 0.57 0.40 0.65
Basic EPS Excl. Extra Items (0.15) (0.23) - - - - 0.50 0.36 0.44 0.30 0.57
Weighted Avg. Basic Shares Out. 23 23 - - - - 286 285 290 306 309

Diluted EPS (0.15) (0.23) - - - - 0.49 0.35 0.55 0.39 0.62

Diluted EPS Excl. Extra Items (0.15) (0.23) - - - - 0.49 0.35 0.42 0.30 0.55
Weighted Avg. Diluted Shares Out. 23 23 - - - - 293 294 299 315 332

Normalized Basic EPS - - - - - - - - 0.54 - 0.85

Normalized Diluted EPS (0.15) (0.23) - - - - 0.49 0.35 0.55 0.39 0.62

Dividends per Share - - - - - - 0.1 0.1 1.6 0.1 0.1

Payout Ratio % - - - - - - 14.1 27.6 286.3 30.0 18.5

Supplemental Items
EBITA 6.3 18.1 - - - - 135.4 156.1 242.1 182.4 310.5
EBIT 1.2 10.0 - - - - 121.4 141.9 198.0 129.0 236.1
As Reported Total Revenue* - - - - - - 691.7 736.7 801.5 965.0 1,099.1
Effective Tax Rate % - 39.0 - - - - - 18.5 21.5 1.4 11.3

Normalized Net Income (3.6) (5.2) - - - - 142.1 103.1 164.0 122.4 200.2
Interest Capitalized - - - - - - - - - - -

Supplemental Operating Expense Items

Net Rental Exp. - - - - - - - - - - -

Stock-Based Comp., Unallocated - - - - - - 7.9 8.1 32.1 49.0 75.2

Stock-Based Comp., Total - - - - - - 7.9 8.1 32.1 49.0 75.2
 Ticker BSY US Accounting US Currency USD
Period Annuals Consolidated Yes

Balance Sheet FY 2000 FY 2001 FY 2011 FY 2012 FY 2013 FY 2014 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
12/31/2000 12/31/2001 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
ASSETS
Cash And Equivalents 6.4 13.0 - - - - 81.2 121.1 122.0 329.3 71.7
Short Term Investments - - - - - - - - - - -
Total Cash & ST Investments 6.4 13.0 - - - - 81.2 121.1 122.0 329.3 71.7
Accounts & Notes Receivable 61.5 62.2 - - - - 184.6 204.5 190.0 235.3 287.1
Total Receivables 61.5 62.2 - - - - 184.6 204.5 190.0 235.3 287.1

Inventories - - - - - - - - - - -
Prepaid Exp. - - - - - - - - - - -
Restricted Cash - - - - - - - - - - -
Other Current Assets 15.5 12.6 - - - - 17.5 28.0 28.2 51.2 57.1
Total Current Assets 83.5 87.7 - - - - 283.2 353.6 340.3 615.8 415.9

Net Property, Plant & Equipment 20.8 19.7 - - - - 29.4 29.6 74.5 82.6 72.5

Long-term Investments - - - - - - - 1.7 5.7 6.4 22.3

Deferred Charges, LT - - - - - - 81.1 51.1 39.2 71.4 52.6
Other Long-Term Assets 36.2 54.3 - - - - 529.9 558.6 666.3 1,883.0 2,601.7
Total Assets 140.5 161.7 - - - - 923.6 994.6 1,126.0 2,659.2 3,165.0

LIABILITIES
Accrued Exp. - - - - - - - - - - -
Short-term Borrowings 22.7 10.1 - - - - - - 16.9 22.6 19.7
Accounts Payable 6.4 8.3 - - - - 8.6 17.7 16.5 16.5 15.2
Curr. Income Taxes Payable - - - - - - 2.8 2.2 3.4 6.7 4.5
Other Current Liabilities 64.3 78.5 - - - - 424.4 372.5 428.8 548.1 589.0
Total Current Liabilities 93.4 96.9 - - - - 435.7 392.4 465.6 593.9 628.4

Long-Term Debt 13.6 14.4 - - - - 258.8 233.8 277.8 1,466.3 1,803.4

Unearned Revenue, Non-Current - - - - - - 49.8 8.2 7.0 8.0 16.1
Other Non-Current Liabilities 6.2 9.1 - - - - 31.9 25.7 34.1 181.9 143.7
Total Liabilities 113.2 120.4 - - - - 776.2 660.0 784.4 2,250.0 2,591.6

Pref. Stock, Non-Redeem. 23.6 41.1 - - - - - - - - -

Total Pref. Equity 23.6 41.1 - - - - - - - - -

Minority Interest - - - - - - - - - - 0.7

Additional Paid In Capital 15.2 18.5 - - - - 395.4 411.2 743.8 940.6 1,033.4
Retained Earnings - - - - - - (218.6) (52.7) (376.0) (439.6) (370.9)
Treasury Stock - - - - - - - - - - -
Comprehensive Inc. and Other (11.5) (18.2) - - - - (29.4) (23.9) (26.2) (91.8) (89.7)
Total Common Equity 3.7 0.3 - - - - 147.4 334.6 341.6 409.2 573.5

Total Equity 27.3 41.4 - - - - 147.4 334.6 341.6 409.2 573.5

Total Liabilities And Equity 140.5 161.7 - - - - 923.6 994.6 1,126.0 2,659.2 3,165.0

Supplemental Items
Total Shares Out. on Filing Date 22.9 22.9 - - - - 250.3 254.8 302.7 282.5 289.0
Total Shares Out. on Balance Sheet Da 22.9 22.9 - - - - 250.3 254.8 302.7 282.5 289.0
Book Value/Share 0.2 0.0 - - - - 0.6 1.3 1.1 1.4 2.0
Tangible Book Value (28.0) (49.4) - - - - (352.9) (191.8) (285.2) (1,425.1) (1,956.7)
Tangible Book Value/Share (1.2) (2.2) - - - - (1.4) (0.8) (0.9) (5.0) (6.8)
Total Debt 36.3 24.5 - - - - 258.8 233.8 294.7 1,488.8 1,823.0
Net Debt 29.8 11.5 - - - - 177.6 112.6 172.7 1,159.5 1,751.4
Total Minority Interest - - - - - - - - - - 0.7
Inventory Method -- -- -- -- -- -- -- -- -- -- --
Raw Materials in Inventory - - - - - - - - - - -
Work in Progress Inventory - - - - - - - - - - -
Finished Goods Inventory - - - - - - - - - - -
Other Inventory Accounts - - - - - - - - - - -
Accum. Allowance for Doubtful Accts - - - - - - 7.6 7.3 5.8 6.5 9.3
Full Time Employees - 1,145 2,774 2,774 2,774 2,774 - - - - -
 Ticker BSY US Accounting US Currency USD
Period Annuals Consolidated Yes

Cash Flow FY 2000 FY 2001 FY 2011 FY 2012 FY 2013 FY 2014 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
12/31/2000 12/31/2001 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Net Income (1.2) 4.1 - - - - 142.1 103.1 126.3 93.2 174.7
Depreciation & Amort., Total 11.2 13.9 - - - - 29.2 32.2 36.1 52.8 71.5
Other Non-Cash Adj 3.3 3.0 - - - - (45.8) 21.0 28.6 123.8 43.1
Changes in Non-Cash Capital 4.5 14.7 - - - - 35.9 14.5 67.4 18.2 (15.1)
Cash from Ops. 17.8 35.7 - - - - 161.5 170.8 258.3 288.0 274.3

Capital Expenditure (7.8) (4.7) - - - - (18.6) (15.8) (15.5) (17.5) (18.5)

Sale of Property, Plant, and Equipmen - - - - - - - - - - 2.4
Cash Acquisitions - - - - - - - - - - -
Proceeds from Investment - - - - - - - - - - -
Divestitures - - - - - - - - - - -
Invest. in Marketable & Equity Securt. - - - - - - - - - - -
Other Investing Activities (17.1) (4.8) - - - - (136.1) (37.9) (101.8) (1,039.1) (754.0)
Cash from Investing (25.0) (9.5) - - - - (154.8) (53.7) (117.3) (1,056.6) (770.1)

Net Short Term Debt Issued/Repaid 6.3 (15.8) - - - - - - - - -

Long-Term Debt Issued 1.0 2.6 - - - - 148.3 191.3 675.9 2,178.2 833.3
Long-Term Debt Repaid (9.5) (2.0) - - - - (159.5) (227.3) (667.2) (993.9) (501.2)
Total Debt Issued/Repaid (2.2) (15.1) - - - - (11.3) (36.0) 8.6 1,184.3 332.1

Pref. Dividends Paid - (1.5) - - - - (20.1) (25.0) (422.6) (33.4) (34.5)

Total Dividends Paid - (1.5) - - - - (20.1) (25.0) (422.6) (33.4) (34.5)

Increase in CapItal Stocks 7.5 2.6 - - - - 19.0 8.1 67.5 5.6 18.7
Decrease in Capital Stocks - (0.3) - - - - (46.5) (24.2) (84.0) (120.5) (71.8)
Special Dividend Paid - - - - - - - - - - -
Incr(Decr) in Deposits - - - - - - - - - - -
Incr(Decr) Insurance Reserves - - - - - - - - - - -
Other Financing Activities (0.1) (5.4) - - - - (1.2) (0.1) 290.4 (60.1) (6.4)
Cash from Financing 5.2 (19.7) - - - - (60.0) (77.2) (140.1) 975.9 238.1

Net Change in Cash (2.0) 6.6 - - - - (53.3) 39.9 0.9 207.3 (257.7)

Supplemental Items
Cash Interest Paid - - - - - - 8.9 9.2 8.0 4.6 26.6
Cash Taxes Paid - - - - - - 25.8 27.9 29.0 40.2 29.5
Free Cash Flow 10.0 31.0 - - - - 142.8 155.0 242.8 270.5 255.8
Change in Net Working Capital - - - - - - - - - - -
Bentley Systems (BSY) Company
Income Statement Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
Last Last Last Last Last
Reported Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

Final Final Final Final Final

Sales/Revenue 692 737 802 965 1,099
Sales growth (%) - 6% 9% 20% 14%
Cost of Good Sold (Excluding D&A) -131 -144 -167 -217 -237
COGS growth (%) - 10% 16% 30% 9%
Gross Income 560 593 634 749 862
gross income growth (%) - 6% 7% 18% 15%
gross income margin (%) 81% 80% 79% 78% 78%

SG&A Expense -250 -253 -257 -312 -370

SGA growth (%) - 1% 2% 21% 19%
SGA to Sales (%) 36% 34% 32% 32% 34%
Other Operating Expense -175 -184 -186 -221 -258
EBITDA 135 156 192 215 234
Depreciation & Amortization -14 -14 -15 -26 -41
EBIT (Operating Income) 121 142 176 190 193
EBIT margin (%) 18% 19% 22% 20% 18%
Nonoperating Income (Expense) 0 0 22 -61 43
Interest Expense / Income 0 0 -7 -12 -35
Unusual Expense -9 -14 25 11 24
Pretax Income 113 128 215 128 226
Income Taxes 29 -24 -46 -2 -26
Minority Interest Expense 0 0 0 0 0
Net Income 142 104 169 126 200
Net income growth (%) - -27% 62% -26% 59%
Net margin (%) 21% 14% 21% 13% 18%
Preferred Dividends 0 0 0 0 0
Net Income available to Common 142 104 169 126 200

Basic Shares Outstanding 286 285 290 306 309

Diluted Shares Outstanding 293 294 299 315 332

EPS Basic Shares Outstanding 0.50 0.36 0.57 0.40 0.65

EPS Diluted Shares Outstanding 0.49 0.35 0.55 0.39 0.62

EBITDA ### 135.39 156.08 191.63 215.24 233.94

EBITDA growth (%) - 15% 23% 12% 9%
EBITDA margin (%) 20% 21% 24% 22% 21%

Income Statement Items Assumptions

Sales/Revenue Wall St Estimate for Next FY & Next FY (+1)
Cost of Good Sold (Excluding D&A) Last 5 yrs % of sales
Gross Income Sales/Revenue - Cost of Good Sold (Excluding D&A)
 SG&A Expense Last 5 yrs % of sales
Other Operating Expense Last 5 yrs % of sales
EBITDA Gross Income - SG&A Expense - Other Operating Expense
Depreciation & Amortization % of sales
EBIT (Operating Income) EBITDA - Depreciation & Amortization
Nonoperating Income (Expense) Last 5 yrs % of sales
Interest Expense Same as last reported
Unusual Expense Assume zero & unless otherwise indicated by company management
Pretax Income EBIT (Operating Income) + Nonoperating Income (Expense) - Interest Expe
Income Taxes Last 5 yrs % of sales
Minority Interest Expense Same as last reported
Net Income Pretax Income - Income Taxes - Minority Interest Expense
Preferred Dividends Same as last reported
Net Income available to Common Net Income - Preferred Dividends

Basic Shares Outstanding Same as last reported

Diluted Shares Outstanding Same as last reported

% of Sales
Last Last Last Last Last
Reported Reported Reported Reported Reported
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
(-4 yr) (-3 yr) (-2 yr) (-1 yr)

Cost of Good Sold (Excluding D&A) -19.0% -19.6% -20.9% -22.4% -21.6%
SG&A Expense -36.1% -34.3% -32.1% -32.4% -33.7%
Other Operating Expense -25.3% -24.9% -23.1% -22.9% -23.5%
Depreciation & Amortization -2.0% -1.9% -1.9% -2.7% -3.7%
Nonoperating Income (Expense) 0.0% 0.0% 2.7% -6.3% 3.9%
Unusual Expense -1.2% -1.9% 3.1% 1.2% 2.2%
Income Taxes 4.2% -3.2% -5.8% -0.2% -2.3%
Minority Interest Expense 0.0% 0.0% 0.0% 0.0% 0.0%
 Dec-23 Dec-24 Dec-25
Pro forma Pro forma Pro forma
Next Fiscal Next Fiscal Next Fiscal
Year Year (+1) Year (+1)

Pro-Forma Pro-Forma Pro-Forma

1,227 1,368
12% 24%
-254 -283
7% 19%
973 1,085
13% 26%
79% 79%

-414 -461
12% 25%
34% 34%
-294 -328
266 296
-30 -34
236 263
19% 19%
1 1
-35 -12
0 0
202 251
-18 -20
0 0
184 231
-8% 15%
15% 17%
0 0
184 231

309 306
332 315

0.60 0.76
0.55 0.74

265.66 296.19
14% 27%
22% 22%
y management
Expense) - Interest Expense - Unusual Expense

Average

-20.7%
-33.7%
-23.9%
-2.5%
0.1%
0.7%
-1.5%
0.0%