Bentley Systems Announces BSY Stock Repurchase Program
May 11 2022 - 2:16PM
Business Wire
Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems”
or the “Company”), the infrastructure engineering software company,
today announced its Board of Directors approved the BSY Stock
Repurchase Program authorizing the Company to repurchase up to $200
million of BSY Class B common stock through June 30, 2024.
The Company traditionally repurchased BSY shares “de facto” by
issuing its equity grants, and especially Deferred Compensation
Plan distributions, on a net basis, holding back shares in
consideration of remitting withholding taxes on behalf of
recipients. This practice resulted in cash outlays for such de
facto share repurchases of $120.5 million in 2021, and of $35.1
million in 22Q1. During 22Q2, the Company began to exercise its
right to require that equity awardees instead receive gross
quantities of BSY shares and promptly reimburse to the Company the
cash required for their tax withholding amounts.
Greg Bentley, CEO, said, “In contrast to our practice to date of
de facto repurchases, the BSY Stock Repurchase Program enables us
to consider market conditions in flexibly re-prioritizing the
application of our robust cash generation, including savings from
the switch to gross equity distributions, as between programmatic
acquisitions, de-levering, and/or open-market stock repurchases to
offset ongoing dilution from equity compensation. We will purchase
shares opportunistically to enhance stockholder value.”
The shares proposed to be acquired in the BSY Stock Repurchase
Program may be repurchased from time to time in open market
transactions, through privately negotiated transactions, or by
other means in accordance with federal securities laws. The Company
intends to fund repurchases from available working capital and cash
provided by operating activities. The timing, as well as the number
and value of shares repurchased under the program, will be
determined by the Company at its discretion and will depend on a
variety of factors, including management’s assessment of the
intrinsic value of the Company’s shares, the market price of the
Company’s Class B common stock, general market and economic
conditions, available liquidity, compliance with the Company’s debt
and other agreements, and applicable legal requirements. The exact
number of shares to be repurchased by the Company is not
guaranteed, and the program may be suspended, modified, or
discontinued at any time without prior notice.
Forward-Looking Statements
This press release includes forward-looking statements regarding
the future results of operations and financial position, business
strategy, and plans and objectives for future operations of Bentley
Systems, Incorporated (the “Company,” “we,” “us,” and words of
similar import). All such statements contained in this press
release, other than statements of historical facts, are
forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” and
similar expressions are intended to identify forward-looking
statements. We have based these forward-looking statements largely
on our current expectations, projections, and assumptions about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, and there are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release
including: current and potential future impacts of the COVID‑19
pandemic on the global economy and our business, and consolidated
financial statements; adverse changes in global economic and/or
political conditions; the impact of current and future sanctions,
embargoes and other similar laws at the state and/or federal level
that impose restrictions on our counterparties or upon our ability
to operate our business within the subject jurisdictions;
political, economic, regulatory and public health and safety risks
and uncertainties in the countries and regions in which we operate;
failure to retain personnel necessary for the operation of our
business or those that we acquire; changes in the industries in
which our accounts operate; the competitive environment in which we
operate; the quality of our products; our ability to develop and
market new products to address our accounts’ rapidly changing
technological needs; changes in capital markets and our ability to
access financing on terms satisfactory to us or at all; and our
ability to integrate acquired businesses successfully.
Further information on potential factors that could affect the
financial results of the Company are included in the Company’s Form
10‑K and subsequent Forms 10‑Q, which are on file with the United
States Securities and Exchange Commission. The Company disclaims
any obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the
date on which they were made.
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, mining, and industrial facilities. Our
offerings include MicroStation-based applications for modeling and
simulation, ProjectWise for project delivery, AssetWise for asset
and network performance, Seequent’s leading geoprofessional
software portfolio, and the iTwin platform for infrastructure
digital twins. Bentley Systems employs more than 4,500 colleagues
and generates annual revenues of approximately $1 billion in 186
countries. www.bentley.com
© 2022 Bentley Systems, Incorporated. Bentley, the Bentley logo,
AssetWise, iTwin, MicroStation, ProjectWise, and Seequent are
either registered or unregistered trademarks or service marks of
Bentley Systems, Incorporated or one of its direct or indirect
wholly owned subsidiaries.
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version on businesswire.com: https://www.businesswire.com/news/home/20220511005985/en/
Investor Contact: Ankit Hira Solebury Trout for Bentley Systems
ir@bentley.com 1-610-458-2777
Media Contact: Carey Mann carey.mann@bentley.com
1-610-458-3170
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