Altair Announces Third Quarter 2020 Financial Results


*Amounts include stock-based compensation expense as follows (in thousands):

    

 (Unaudited)
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2020  2019  2020  2019
Cost of revenue – software$684 $384 $1,602 $727
Research and development 2,428  674  5,686  1,611
Sales and marketing 1,949  625  3,949  1,562
General and administrative 1,173  609  2,702  1,684
Total stock-based compensation expense$6,234 $2,292 $13,939 $5,584


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

  Nine Months Ended September 30, 
(In thousands) 2020   2019 
OPERATING ACTIVITIES:              
Net loss $ (12,698 )   $ (6,040 )
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization   16,916       15,836  
Provision for credit loss   930       472  
Amortization of debt discount and issuance costs   8,067       3,044  
Stock-based compensation expense   13,939       5,584  
Deferred income taxes   (5,441 )     (741 )
Other, net   13       (16 )
Changes in assets and liabilities:              
Accounts receivable   16,213       10,185  
Prepaid expenses and other current assets   (1,055 )     (8,718 )
Other long-term assets   867       (1,443 )
Accounts payable   (3,321 )     (420 )
Accrued compensation and benefits   1,274       (2,111 )
Other accrued expenses and current liabilities   (5,847 )     2,110  
Operating lease right-of-use assets and liabilities, net   (26 )     188  
Deferred revenue   (2,452 )     12,075  
Net cash provided by operating activities   27,379       30,005  
INVESTING ACTIVITIES:              
Payments for acquisition of businesses, net of cash acquired   (32,279 )     (709 )
Capital expenditures   (4,006 )     (8,120 )
Payments for acquisition of developed technology   (433 )     (473 )
Other investing activities, net   152       16  
Net cash used in investing activities   (36,566 )     (9,286 )
FINANCING ACTIVITIES:              
Borrowings under revolving commitment   30,000       96,991  
Proceeds from the exercise of stock options   1,094       1,441  
Proceeds from issuance of convertible senior notes, net of underwriters' discount and commissions         223,101  
Payments on revolving commitment         (127,941 )
Payments for issuance costs of convertible senior notes         (1,233 )
Other financing activities   (401 )     (399 )
Net cash provided by financing activities   30,693       191,960  
Effect of exchange rate changes on cash, cash equivalents and restricted cash   676       (1,065 )
Net increase in cash, cash equivalents and restricted cash   22,182       211,614  
Cash, cash equivalents and restricted cash at beginning of year   223,497       35,685  
Cash, cash equivalents and restricted cash at end of period $ 245,679     $ 247,299  
Supplemental disclosure of cash flow:              
Interest paid $ 320     $ 385  
Income taxes paid $ 12,142     $ 7,163  
Supplemental disclosure of non-cash investing and financing activities:              
Issuance of common stock in connection with acquisitions $ 1,638     $  
Finance leases $ 117     $ 588  
Property and equipment in accounts payable, other current liabilities and other liabilities $ 208     $ 1,827  

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