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Founder

Filed under:

• NBA

Bill Simmons’s ranking of the best assets in the NBA is back, and there’s a brand-new no. 1

By

Bill Simmons

June 16

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• The Bill Simmons Podcast

Bill breaks down his latest Trade Value List, including dishonorable mentions, notable omissions, and more

By

Bill Simmons and Joe House

June 16

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• The Rewatchables

Bill and Chris rewatch the 2006 political action thriller directed by Edward Zwick

By

Bill Simmons and Chris Ryan

June 14

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• The Bill Simmons Podcast

The Ringer’s Bill Simmons is joined by NBA champion head coach Doc Rivers to recap the Denver Nuggets’ first title win in franchise history, over the Miami Heat in five games

By

Bill Simmons

June 13

Filed under:

• The Bill Simmons Podcast

Bill and Ryen discuss the Nuggets’ impressive Game 4 showing and whether Jamal Murray’s ACL injury prevented them from potentially winning a championship sooner

By

Bill Simmons and Ryen Russillo

June 12

Filed under:

• The Rewatchables

Bill Simmons is joined by Jennifer Lawrence in the Shaggin’ Wagon with Lloyd and Harry as they rewatch ‘Dumb and Dumber’

By

Bill Simmons

June 9

Filed under:

• The Bill Simmons Podcast

Bill, Kevin Wildes, and David Jacoby discuss the Denver Nuggets’ dominating win over the Miami Heat in Game 3 of the 2023 NBA Finals, Nikola Jokic becoming the indisputable best player in the league, and the road map for Miami

By

Bill Simmons, David Jacoby, and 1 more

June 8

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• The Bill Simmons Podcast

Bill, House, and Hubbard break down the major golf news and discuss whether other sports could face a similar situation

By

Bill Simmons, Joe House, and 2 more

June 7

Filed under:

• The Bill Simmons Podcast

Discussing Jimmy Butler and Nikola Jokic’s place in history

By

Bill Simmons and Ryen Russillo

June 5

Filed under:

• The Rewatchables

The three revisit the first installment in the ‘James Bond’ franchise, ‘Casino Royale, starring Daniel Craig, Mads Mikkelsen, and Eva Green

By

Bill Simmons, Amanda Dobbins, and 1 more

June 2

‎The Bill Simmons Podcast on Apple Podcasts

1,149 episodes

HBO and The Ringer’s Bill Simmons hosts the most downloaded sports podcast of all time, with a rotating crew of celebrities, athletes, and media staples, as well as mainstays like Cousin Sal, Joe House, and a slew of other friends and family members who always happen to be suspiciously available.

1. A Summer NBA Trade Value List, Plus Beal Trades and a U.S. Open Report With Joe House

   A Summer NBA Trade Value List, Plus Beal Trades and a U.S. Open Report With Joe House

   The Ringer’s Bill Simmons is joined by Joe House to discuss the buzz around a potential Bradley Beal trade and the possible suitors (1:36), before Bill reveals his updated NBA Trade Value List, complete with dishonorable mentions, toughest omissions, and the top 65 trade-value players in the NBA (24:00). Then, House describes his day on LACC at the U.S. Open, some updated odds, and more (1:05:35).

   Host: Bill Simmons
   Guest: Joe House
   Producer: Kyle Crichton
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2. Doc Rivers on Denver’s First Title, the Zombie Heat, Jokic Vs. the Greats, and Why It Wasn’t Philly

   Doc Rivers on Denver’s First Title, the Zombie Heat, Jokic Vs. the Greats, and Why It Wasn’t Philly

   The Ringer’s Bill Simmons is joined by NBA champion head coach Doc Rivers to recap the Denver Nuggets’ first title win in franchise history over the Miami Heat in five games. They talk about what made this Nuggets team so special, including Nikola Jokic’s historic playoff run, Jamal Murray’s growth as a player, and more. Then, they discuss Doc’s final year in Philly, his thoughts on what it will take for Joel Embiid to win a title, what it’s like coaching James Harden, what happened in Game 6 against Boston in the second round, and more (45:06).
   The Ringer is committed to responsible gaming. Please check out http://theringer.com/RG to find out more or listen to the end of the episode for additional details.
   Host: Bill Simmons
   Guest: Doc Rivers
   Producers: Isaiah Blakely and Steve Ceruti
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3. The Jokic Effect, a Murray What-If Game, a Most-Likely-to-Be-Traded Draft, and Kyle’s Wedding With Ryen Russillo

   The Jokic Effect, a Murray What-If Game, a Most-Likely-to-Be-Traded Draft, and Kyle’s Wedding With Ryen Russillo

   The Ringer’s Bill Simmons is joined by Ryen Russillo, and they start by talking about Nikola Jokic and the Denver Nuggets’ impressive play to take a 3-1 lead. They also discuss whether the Nuggets would have been in a position to win a championship sooner if Jamal Murray hadn’t injured his ACL (29:50). Later, Bill and Ryen draft guys they could see on a different team by the start of next season, and Bill tells some stories from Kyle’s wedding (1:17:07).
   The Ringer is committed to responsible gaming. Please check out http://theringer.com/RG to find out more or listen to the end of the episode for additional details.Host: Bill Simmons
   Guest: Ryen Russillo
   Producers: Isaiah Blakely and Steve Ceruti
   Learn more about your ad choices. Visit podcastchoices.com/adchoices

4. Joker’s Wild in Miami, CP3’s Future, CNN Turmoil, and Streaming TV Chaos With Kevin Wildes, Dave Jacoby, and Matt Belloni

   Joker’s Wild in Miami, CP3’s Future, CNN Turmoil, and Streaming TV Chaos With Kevin Wildes, Dave Jacoby, and Matt Belloni

   The Ringer’s Bill Simmons is joined by David Jacoby and Kevin Wildes to talk about Denver’s dominating win over the Heat in Game 3 of the NBA Finals, Nikola Jokic ascending to the indisputable best player in the league, and the road map for Miami to still win this series before predicting tomorrow morning’s headlines. Later, they discuss the rumor that Phoenix will waive Chris Paul, what’s next for Bob Myers, and a wild day on social media for Zion Williamson (1:10). Then, Bill is joined by Matt Belloni from Puck to discuss Chris Licht’s failure at CNN, how the network can pick up the pieces, and which cable entities can survive the 2020s. They also discuss the current state of media and if the streaming bubble is starting to burst (67:20).

   The Ringer is committed to responsible gaming. Please check out ringer.com/RG to find out more or listen to the end of the episode for additional details

   Host: Bill Simmons

   Guests: David Jacoby, Kevin Wildes, and Matt Belloni

   Producer: Craig Horlbeck
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5. The Unfathomable LIV-PGA Merger, Miami’s Special Sauce, and Butler’s Unusual Superstardom With Joe House, Nathan Hubbard, and Raja Bell

   The Unfathomable LIV-PGA Merger, Miami’s Special Sauce, and Butler’s Unusual Superstardom With Joe House, Nathan Hubbard, and Raja Bell

   The Ringer’s Bill Simmons is joined by Joe House and Nathan Hubbard to discuss the abrupt PGA Tour–LIV Golf merger. Was this the endgame for LIV all along? What about the players who never left? Could this happen again with other sports like tennis? And more (1:49). Then, Bill talks with Raja Bell about the Heat’s improbable playoff run, Denver’s need to “fight back” vs. Miami’s aggressive play, Jimmy Butler’s unique career arc, Game 3 thoughts, and more (44:44).

   Host: Bill Simmons
   Guests: Joe House, Nathan Hubbard, and Raja Bell
   Producer: Kyle Crichton
   Learn more about your ad choices. Visit podcastchoices.com/adchoices

6. Miami’s Zombies Do It Again, Portland’s Dilemma, Ja’s Future, and Worst GM Jobs With Ryen Russillo

   Miami’s Zombies Do It Again, Portland’s Dilemma, Ja’s Future, and Worst GM Jobs With Ryen Russillo

   The Ringer’s Bill Simmons is joined by Ryen Russillo to discuss the Heat’s Game 2 road win over the Nuggets, Game 3 thoughts, where Jimmy Butler and Nikola Jokic rank among all-time players, and Pat Riley’s legend continuing to grow (1:39), before discussing what the Trail Blazers’ offseason should look like (46:55), Adam Silver’s comments about the Ja Morant situation (55:16), drafting the worst GM jobs in the NBA, and more (1:06:51).

   Host: Bill Simmons
   Guest: Ryen Russillo
   Producer: Kyle Crichton
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Customer Reviews

27.7K Ratings

Doc

I’ve always sports hated Doc. As a Lakers fan just didn’t like him. Former Knick player, coached the Celtics clippers and 76ers all teams I don’t like.

But he was super engaging with Bill. I can see how he connects with people and players so easily. Great basketball conversation.

Hypocrital nepotism

Calls out belichick for hiring his son yet he hires his unqualified nephews to be producers and editors, makes his dad an analyst, gives his daughter a pop culture segment and brings up his brat son 24/7…. .

And Joe House is a butt kissing doofus

Mailbag

Mailbag – What could San Antonio get back if they traded the #1 pick? Not saying they should do it of course, but how huge would the trade haul be? Does Wemby currently have the highest trade value of any player ever?

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about the company, financial indicators, forecast of shares and whether they are worth buying

Investment investigations

06/30/21

Sergey Solodukha

private investor

Bentley Systems (NASDAQ: BSY) is an industrial design software provider. The company listed its shares on NASDAQ in September last year. On the first day of trading, the growth was 42%. Let’s take a closer look at BS, which has been mastering the Russian market for more than a year.

What’s going on here

Readers have been asking us for a long time to start looking into the accounts and business foundations of foreign issuers. Suggest in the comments the companies whose analysis you would like to read.

The overview contains a screenshot with a table from the report. To make it more convenient to use, we transferred it to a Google spreadsheet and translated it into Russian. Please note that companies round some numbers in their reports, so totals in graphs and tables may not add up.

Download table from report

About

Bentley Systems is a digital twin creator for infrastructure management. BS develops and maintains software for any infrastructure facilities at the design, construction and operational stages of development. The company offers customers a complete integrated solution for the automation of any project: from a small private company to city-forming giants in the field of industry and construction.

Headquartered in Exton, Pennsylvania, USA. There are more than 4,000 employees in ninety representative offices of the company.

Financial indicators

At the end of 2020, the company’s revenue growth compared to 2019 was 8.8%: the company earned $801.5 million.

The main source of income is the sale of software by subscription. Thanks to this form of agreements with partners, BS revenue is replenished quarterly throughout the year. Subscription revenue in 2020 was $679.3 million, up 11.7% from the previous year.

GAAP operating profit of $150.2 million vs. $141.9million for the same period in 2019.

GAAP net income of $126.5 million vs. $103.1 million last year. Adjusted net income is 192.7 million, and for 2019 it was 135 million dollars. Net income for 2020 was $126.5 million, up 20% from 2019.

This is the first public reporting by BS since going public. Until 2020, the company did not practice transparent reporting for investors and limited itself to disclosing only some financial indicators.

Over the period 2017-2020, the company did not show explosive growth, but grew steadily. Average revenue growth rates, as in the 2020 financial statements, are at the level of 11-12%.

Financial indicators. Source: businesswire.com Source: sec.report, page 73 Source: sec.report, page 73 2015

According to analysts, the growth trend will continue in the next 4 years, but there are more ambitious forecasts.

The global market for business software and services in 2020 was estimated at $389.86 billion. GVR estimates a compound annual growth rate (CAGR) of 11.3% from 2021 to 2028.

The effectiveness of human resource management in the future will become one of the main criteria for the growth in demand for software publishers’ products. And this applies not only to the corporate interests of large companies, but also to the lobbies of state structures that are interested in digitalizing the interaction between government and the population.

Source: grandviewresearch. com Source: grandviewresearch.com

Why stocks could go up

According to ENR, at the time of its 2020 IPO, Bentley Systems served 225 of the 250 largest engineering companies.

GVR’s assessment of the software market outlook to 2028 is partly confirmed by Bentley Systems’ 2020 bottom line.

At the end of 2020, the company’s revenue growth compared to 2019 was 8.8%. Software subscription revenue is the main source of income in 2020 compared to 2019grew by 11.7%.

Cision PR Newswire’s forecast for software market growth in the Construction sector is more modest. According to this analyst, the average annual growth will be about 7%. Approximately at the same level, analysts from Statista evaluate the prospects for the “Corporate Software” sector. According to their assessment, the annual growth rate of this sector will be 7.4%.

Cloud-based business model (SaaS) growth through 2025 is estimated by Cision PR Newswire to be at least 11%.

The global construction management software market is expected to grow by $508. 33 million between now and 2024, averaging around 7%. Forecast for the software (SaaS) market until 2025 – growth by 9$9.99 million, which is about 12% on average.

The size of the world market for construction management software. Source: prnewswire.com Forecast for the software (SaaS) market until 2025. Source: prnewswire.com

Competitors

Bentley Systems’ main competitors are Dassault Systemes and Autodesk. Bentley Systems’ P/S multiple prior to its public offering in September 2020 was at 6.3. Dassault Systemes scores 10.5, Autodesk scores 14.1.

In our case, Bentley Systems looks like the best asset compared to competitors.

Risks

Bentley Systems looks stable. The growth of shares on the first day of trading after the IPO amounted to 42%. On June 2, 2021, the shares traded at +100% – $59.4 – from the price at the start of the public offering in September 2020.

The average price forecast for June 2022 is not lower than $50 per share, which is 9. 46% less than the current price. This is the most pessimistic forecast of the five leading analytical companies and the most significant risk for investors.

Total

Analyst recommendation for Bentley Systems stock is to actively buy. There are objective reasons for such a recommendation, besides the forecast for the annual growth of the subscription software market until 2028 by an average of 10-12%.

Strategic partnership. Back in November 2016, BS and Siemens entered into a strategic partnership to create a unified data environment through the cloud. This has brought companies closer together to share digital models. Prior to the IPO in September 2020, BS received an offer from Siemens to merge financial assets. Discussions about a financial merger continue. According to Greg Bentley, even if this merger does not take place in the near future, the mutual benefits of the partnership between BS and Siemens cannot be overestimated.

Purchase Seequent. In March of this year, Bentley Systems announced the acquisition of Seequent, a leader in geological modeling software and cloud services for geology and geophysics. The amount of the transaction is about a billion dollars. In the long term, this acquisition will add at least 10% to each of Bentley Systems’ key financial indicators: EBITDA, revenue, profit. The company will continue to successfully expand the opportunities for creating digital twins of infrastructure facilities in various areas – this will not only have a positive impact on the capitalization of Bentley Systems, but will also contribute to global decarbonization and mitigation of environmental risks.

“Avoid the words ‘debit’ and ‘credit’ when talking to the owner.”

Prepare a financial report every month, but no one reads it? Many financiers step on such a rake, who, before analyzing the numbers, do not ask themselves what all this is for and what benefits it will bring to the business.

Together with Svetlana Kibenko — Head of Finance at Reckitt Benckiser Ukraine (Durex, Nurofen, Strepsils, Gaviscon, etc.) — we analyze the most common problems faced by financiers and businesses.

Learn more about how to decipher financial statements and find understandable answers to the questions of a company owner in Svetlana’s course “Financial Analysis”, which will soon start at Laba.

Problem #1

Your business is about a year old. But you still don’t understand how much money you earn “net”, how much you can withdraw in the form of dividends, and how much you can reinvest. What is the problem and how to solve it?

The problem is that accounting is not fully configured. It must be conducted, regardless of the size of the business, in order to understand how much the company earns and how much it spends. Analyze all expenses and income for the year. One of the easiest ways is to write out expenses in the right column, and income in the left column. And see what’s left after the calculations.

Even if you have a small business, keep all income and expenses in a separate bank account. Then it is easier to understand how much you have earned. And if you take money from a business account, you need to post it as a payment to the owner. First, it will be transparent. Secondly, at any time it will allow you to understand how much money you have.

Small businesses with few employees do not need to develop custom reports. Usually this is the need of a large company. It is enough to form a small standard P&L in your own form to keep track of income and expenses.

Issue #2.

You have just started working as a financier, there are a lot of documents and figures – it is difficult for you to understand everything.

How to understand the structure and logic of each report?

Usually, the financier works with large reports already as an analyst. And all that a financial analyst should know is what the reports consist of and what he wants to get from them.

Standard P&L or BS is easy to understand. If we talk about specific reports of the company, then gradually you need to study what the business does and what this or that report demonstrates. Worth analyzing:

• whether a specific report is needed
• does it show what is required of it
• whether any accounting optimizations are possible

The only way to understand the structure and logic of financial analysis is to study. Any financial analyst who comes to the company feels like a newbie. Because every business is unique in its products and services. Therefore, it takes time to understand what data should be processed and how it is more convenient to do it.

For comparison, let’s take two companies – one provides legal services, and the second production.

In a legal organization, the income may be large, but the cost of the service may be insignificant in comparison. Then we get a high margin. But costs not directly related to the provision of legal services can be higher than those of a manufacturing company. Because she has most of the costs – this is the cost, and other costs are less.

If we want to understand the costs of a law firm, we analyze those that are not included in the cost price. Because the cost is the price for the time of the people who worked for the client. And expenses are the funds that were spent on these people, office, conferences, trainings and the like. When we analyze a manufacturing company, the first thing to look at is the cost, because this is the biggest expense in this case.

Another example is differences in analysis in terms of marginality. If we evaluate a company that sells chocolate, then the margin of the product will be low, because there is a lot of competition in this area.

And if we look at the jewelry business, the margin of the product is much higher here, despite strong competition, because jewelry is a status item, and most often people are willing to pay more for it.

Issue #3.

You are a beginner financier. You understand the main reports, but do not understand the relationships between them. For example, why in Cash Flow the purchase of a car is an investment expense, but in the balance sheet it is an increase in assets.

How to understand the relationships between reports?

We need to understand what each report consists of and accept some things as an axiom. For example, buying a car is an investment expense because it invests in the future of the company and therefore increases assets.

You need to delve into the reports gradually. We start by setting ourselves a task: what we want to understand and why we need it. And then we decompose what we are interested in into separate elements.

Finance is a science. Therefore, if a person wants to become a professional financier, first you need to figure out what each figure, a separate report and all reporting consists of. And also understand why we are doing all this.

In my practice, there were people who prepared a report because “it was always done”, but did not know what it was for and what it showed. It turned out that all colleagues received the document, but no one looked at it.

Classic reports for any business: P&L – profit and loss, CF – cash flow, BS – balance sheet . Also, the company can conduct analyzes of the cost and costs of departments.

Reports can be prepared for local or internal corporate accounting. Sometimes a company has three sets of reports:

– for internal needs

– for external needs

– for different owners

This may be necessary due to the difference in accounting – how certain expenses are interpreted by different laws, for example, in Ukraine and the United States.

All other reports, except for the classic ones, are customized, which decrypt data from P&L, CF and BS . They are aimed at ensuring that managers understand in detail how the business feels, and can make decisions based on this. These can be reports on production or sales for specific products, advertising costs for programs and promotions, the cost of raw materials from different suppliers, etc.

Issue #4.

You know how to prepare reports, but do not know how to explain to the owner in simple terms what the problem is and give recommendations for business.

What to do?

This is a difficulty for many financiers – they cannot explain in understandable words what is happening in the reporting. Therefore, we must learn to simplify.

What to do?

Firstly, in a conversation with the owner, avoid complex terminology like “debit” and “credit”, if he himself does not want it. A debit is an expense or asset, a credit is an income or liability.

Secondly, try to explain the situation in non-financial language so that anyone can understand. For example, I trained on my mother. When she talked about promotions, she didn’t talk about baseline, uplift, cannibalization, but that “I will sell so much more”, “I will spend so much” and “I will earn so much”.

Issue #5.

You have been in business for about a year. For the first time, we faced the fact that it is time to pay salaries to employees, and you have not yet received payment under the contract from the client, there is no free money.

What to do?

Many small businesses face this problem. When they enter the market and want to work with large companies, it turns out that these organizations cannot pay quickly and on time. There are expenses, salaries need to be paid to people now, and we will receive the money in 30, 60 or even 90 days.

A simple example: I contact a recruiter to find me an employee in the company. And he finds, for example, in two months. Further, the specialist draws up an act of completed work, and according to the contract, I need to pay for his services from the date of the act in 60 days. That is, the recruiter worked for two months and he will wait for his earnings for another two months.

If a company lives from project to project, it is impossible to cope without credit funds. Therefore, a simple solution is to have a credit limit in the bank or the possibility of overdrafting the account to cover short-term money deficits.

Another option is to try to “build up” the stock of funds that would be in the current account and use it if necessary. It is expensive, because then money brings nothing but peace. And they must work.

Even large companies can face such a problem. For example, if the business depends on several distributors. You expect them to pay on the 25th, and on the 26th you will pay the employees. And the distributor has no money, and he says that he will pay in a week. Then you need to go to the bank to take out a loan for this period and pay off your current obligations.

This is a common situation, and there is no way out, except for loans or a financial cushion.

My first employer was on loans for the first 10 years of its existence. The business was profitable, but the funds were invested in development, so the company decided to live with loans. And only when there was more money than expenses, the loans were returned.

Issue #6.

Your business is developing: there are more customers, the average check is higher, demand is growing, but in fact there is no money – they are constantly leaving somewhere.

What could be the problem and how to solve it?

The problem may be that income does not cover expenses. For example, a group of people are developing a business and decide that their prices will be slightly lower than those of their competitors. But they also want to have staff, an office, a gym, etc. And here a problem arises – poor-quality analysis of income and expenses.

In accounting there is a principle of matching, or conformity – you need to compare income with the expenses that we incur in order to receive this income. With production or construction, it is easier, but with a restaurant, for example, it is more difficult, because it is difficult to calculate the cost of each serving. But you still need to try to understand whether income covers expenses. Because if you buy the highest quality meat, and put the price of a steak below the market, then the establishment will be unprofitable.

To solve the problem, it is necessary to make a qualitative analysis of income and expenses. You can even evaluate each day and see if it was profitable.

Issue #7.

You have the opportunity to invest in a large batch of hot goods, but you do not understand if you can afford it. It seems that there is “free” money, but in a week they need to be paid for rent.

How do you know how much “free” cash your company has?

Business exists to make money. In order to determine how to earn more, the company must make plans. Part of this process is planning for the receipt of money. But even some large organizations don’t have the resources to do it. Therefore, not everywhere there is an ideal planning of the cash flow statement.

What should be done in such a situation? Analyze how much money in the form of income will come in the next two weeks and how much will go to expenses, such as rent. And then to understand whether there is actually free money. Another option is to determine how long you can roll over the lease, for example, until you sell a product.

But there is a nuance – it is desirable to always keep a popular product in such quantity that can be sold within a short period of time. Before buying a batch of goods, it is necessary to analyze whether it will turn out that the products will remain in large volume and will either have to be written off or sold at a significant discount.

That is, to solve the problem, you need:

• understand how much free money you actually have and whether you can put aside something to buy a hot commodity
• find out if the company will receive income in the form of money that will cover the rent
• make an analysis whether a hot commodity is really needed

Issue #8.

You are the owner of a small agency and are considering a merger with another organization.

How to form a plan for the purchase of a new business?

The first thing to do is understand why you want to merge with another agency. Find out what will improve in your company – new customers will come or an attractive niche will open. So that it doesn’t happen that you pay big money, but you just get people who need to be paid a salary.

Usually, before buying any business, a Due Diligence assessment is made, in which we analyze what we are buying. For example, customer databases, contracts with suppliers, access to channels, people who test services. We evaluate everything and consider how much it would cost if we did it ourselves.

This step is necessary in order to understand how fair the value of the business you want to buy. For example, you figured that your company could do everything for $1 million, and the owner of another business wants $2 million. It is logical that this is not profitable.

I have seen different cases of company mergers.