Altair Announces Second Quarter 2022 Financial Results

  (Unaudited) 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands)  2022   2021   2022   2021 
Cost of revenue – software $2,030  $1,222  $3,933  $2,380 
Research and development  8,979   4,143   16,337   7,329 
Sales and marketing  7,664   3,659   14,699   7,127 
General and administrative  2,527   1,624   4,845   3,460 
Total stock-based compensation expense $21,200  $10,648  $39,814  $20,296 



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

   Six Months Ended June 30,  
(In thousands)   2022     2021  
OPERATING ACTIVITIES:            
Net (loss) income   $ (22,246 )   $ 712  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:            
Depreciation and amortization     15,819       13,180  
Provision for credit loss     114       205  
Amortization of debt discount and issuance costs     829       5,631  
Stock-based compensation expense     39,814       20,296  
Deferred income taxes     (64 )     (1 )
Gain on mark-to-market adjustment of contingent consideration     (5,304 )      
Expense on repurchase of convertible senior notes     16,621        
Other, net     115       34  
Changes in assets and liabilities:            
Accounts receivable     29,270       24,852  
Prepaid expenses and other current assets     2,056       (3,367 )
Other long-term assets     4,397       (5,067 )
Accounts payable     (2,070 )     (967 )
Accrued compensation and benefits     (9,742 )     1,548  
Other accrued expenses and current liabilities     (61,648 )     2,999  
Deferred revenue     10,080       (5,333 )
Net cash provided by operating activities     18,041       54,722  
INVESTING ACTIVITIES:            
Payments for acquisition of businesses, net of cash acquired     (37,660 )      
Capital expenditures     (3,457 )     (5,391 )
Other investing activities, net     (322 )     (389 )
Net cash used in investing activities     (41,439 )     (5,780 )
FINANCING ACTIVITIES:            
Proceeds from issuance of convertible senior notes,
net of discounts and commissions
    224,265        
Repurchase of convertible senior notes     (192,792 )      
Proceeds from employee stock purchase plan contributions     4,431        
Repurchase and retirement of common stock     (4,387 )      
Proceeds from the exercise of common stock options     1,689       885  
Payments of debt issuance costs     (1,157 )      
Payments on revolving commitment           (30,000 )
Other financing activities     (131 )     (206 )
Net cash provided by (used in) financing activities     31,918       (29,321 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (6,226 )     (847 )
Net increase in cash, cash equivalents and restricted cash     2,294       18,774  
Cash, cash equivalents and restricted cash at beginning of year     414,012       241,547  
Cash, cash equivalents and restricted cash at end of period   $ 416,306     $ 260,321  
Supplemental disclosure of cash flow:            
Interest paid   $ 289     $ 339  
Income taxes paid   $ 4,891     $ 3,744  
Supplemental disclosure of non-cash investing and financing activities:            
Property and equipment in accounts payable, other current liabilities
and other liabilities
  $ 1,530     $ 631  

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