BENTLEY SYSTEMS INC

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

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FY2024 · Filed Feb 26, 2025

BSY$45.40+1.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Cash Flows F-

	Year Ended December 31,
	2024	2023	2022
Cash flows from operating activities:
Net income	$234,433	$326,787	$174,780
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and impairment	64,608	71,861	71,537
Deferred income taxes	12,571	(198,878)	(5,126)
Stock-based compensation expense	74,417	72,972	75,206
Deferred compensation plan	12,382	13,580	(15,782)
Amortization of deferred debt issuance costs	7,338	7,291	7,291
Change in fair value of derivative	(10)	5,038	(27,083)
Foreign currency remeasurement (gain) loss	(785)	(452)	6,000
Other	7,794	21,047	2,593
Changes in assets and liabilities, net of effect from acquisitions:
Accounts receivable	(32,064)	(5,180)	(60,938)
Prepaid and other assets	(6,006)	4,112	14,053
Accounts payable, accruals, and other liabilities	74,953	68,733	29,181
Deferred revenues	(1,789)	19,933	2,292
Income taxes payable, net of prepaid income taxes	(12,550)	9,852	320
Net cash provided by operating activities	435,292	416,696	274,324
Cash flows from investing activities:
Purchases of property and equipment and investment in capitalized software	(14,046)	(25,002)	(18,546)
Proceeds from sale of aircraft	—	—	2,380
Acquisitions, net of cash acquired	(130,407)	(26,023)	(743,007)
Purchases of investments	(1,435)	(11,602)	(10,954)
Proceeds from investments	—	2,123	—
Other	2,621	—	—
Net cash used in investing activities	(143,267)	(60,504)	(770,127)
Cash flows from financing activities:
Proceeds from credit facilities	517,643	588,154	833,292
Payments of credit facilities	(474,356)	(841,723)	(487,694)
Payments of debt issuance costs	(6,184)	—	—
Settlement of convertible senior notes	—	—	(1,998)
Repayments of term loan	(190,000)	(5,000)	(5,000)
Payments of contingent and non-contingent consideration	(3,022)	(4,324)	(8,460)
Payments of dividends	(72,115)	(58,756)	(34,493)
Proceeds from stock purchases under employee stock purchase plan	11,228	9,988	10,335
Proceeds from exercise of stock options	4,007	11,715	8,338
Payments for shares acquired including shares withheld for taxes	(12,504)	(58,937)	(43,561)
Repurchases of Class B common stock under approved program	(64,359)	—	(28,250)
Other	(188)	(191)	525
Net cash (used in) provided by financing activities	(289,850)	(359,074)	243,034
Effect of exchange rate changes on cash and cash equivalents	(6,578)	(390)	(4,884)
Decrease in cash and cash equivalents	(4,403)	(3,272)	(257,653)
Cash and cash equivalents, beginning of year	68,412	71,684	329,337
Cash and cash equivalents, end of year	$64,009	$68,412	$71,684

	Year Ended December 31,
	2024	2023	2022
Supplemental information:
Cash paid for income taxes	$59,745	$43,619	$29,478
Income tax refunds	2,219	1,188	3,588
Interest paid	17,202	37,389	26,581
Non-cash investing and financing activities:
Cost method investment	—	3,500	5,936
Contingent acquisition consideration	—	—	1,390
Deferred, non-contingent consideration, net	—	525	749
Share-settled Bonus Plan awards	14,476	16,791	21,925
DCP elective participant deferrals	188	1,765	6,580

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