Altair Announces Third Quarter 2022 Financial Results


  (Unaudited) 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2022   2021   2022   2021 
Employee stock-based compensation plans $15,490  $10,194  $43,622  $29,009 
Equity issued in connection with acquisitions  7,220   739   18,902   2,220 
Total stock-based compensation expense $22,710  $10,933  $62,524  $31,229 


 
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
   Nine Months Ended September 30, 
(In thousands)  2022   2021 
OPERATING ACTIVITIES:      
Net loss  $ (55,494 )   $ (7,397 )
Adjustments to reconcile net loss to net cash provided by operating activities:            
Depreciation and amortization     24,092       19,355  
Provision for credit loss     183       330  
Amortization of debt discount and issuance costs     1,330       8,513  
Stock-based compensation expense     62,524       31,229  
Deferred income taxes     4       (510 )
Gain on mark-to-market adjustment of contingent consideration     (7,482 )      
Expense on repurchase of convertible senior notes     16,621        
Other, net     153       40  
Changes in assets and liabilities:            
Accounts receivable     13,859       26,770  
Prepaid expenses and other current assets     1,906       (7,612 )
Other long-term assets     3,134       (5,018 )
Accounts payable     (270 )     (2,432 )
Accrued compensation and benefits     (3,639 )     481  
Other accrued expenses and current liabilities     (48,698 )     483  
Deferred revenue     18,311       (8,638 )
Net cash provided by operating activities     26,534       55,594  
INVESTING ACTIVITIES:            
Payments for acquisition of businesses, net of cash acquired     (134,130 )     (5,472 )
Capital expenditures     (6,721 )     (6,811 )
Other investing activities, net     (10,322 )     (628 )
Net cash used in investing activities     (151,173 )     (12,911 )
FINANCING ACTIVITIES:            
Proceeds from issuance of convertible senior notes, net of discounts and commissions     224,265        
Repurchase of convertible senior notes     (192,422 )      
Proceeds from employee stock purchase plan contributions     6,549       2,110  
Repurchase and retirement of common stock     (4,387 )      
Proceeds from the exercise of common stock options     2,840       2,059  
Payments of debt issuance costs     (1,523 )      
Proceeds from private placement of common stock           200,000  
Payments on revolving commitment           (30,000 )
Other financing activities     (170 )     (434 )
Net cash provided by financing activities     35,152       173,735  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (12,142 )     (1,951 )
Net (decrease) increase in cash, cash equivalents and restricted cash     (101,629 )     214,467  
Cash, cash equivalents and restricted cash at beginning of year     414,012       241,547  
Cash, cash equivalents and restricted cash at end of period   $ 312,383     $ 456,014  
Supplemental disclosure of cash flow:            
Interest paid   $ 296     $ 344  
Income taxes paid   $ 6,818     $ 8,077  
Supplemental disclosure of non-cash investing and financing activities:            
Property and equipment in accounts payable, other current liabilities and other liabilities   $ 707     $ 480  
                 

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