| (Unaudited) | ||||||||||||||||
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, | |||||||||||||||
| (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Employee stock-based compensation plans | $ | 15,933 | $ | 11,792 | $ | 59,555 | $ | 40,801 | ||||||||
| Post combination expense in connection with acquisitions | 6,330 | 1,528 | 25,232 | 3,748 | ||||||||||||
| Total stock-based compensation expense | $ | 22,263 | $ | 13,320 | $ | 84,787 | $ | 44,549 | ||||||||
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| Year Ended December 31, | ||||||||
| (in thousands) | 2022 | 2021 | ||||||
| OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (43,429 | ) | $ | (8,794 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 35,504 | 25,644 | ||||||
| Amortization of debt discount and issuance costs | 1,792 | 11,428 | ||||||
| Stock-based compensation expense | 84,787 | 44,549 | ||||||
| Deferred income taxes | (4,164 | ) | (1,502 | ) | ||||
| Gain on mark-to-market adjustment of contingent consideration | (7,153 | ) | — | |||||
| Expense on repurchase of convertible senior notes | 16,621 | — | ||||||
| Other, net | 387 | 1,271 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (34,175 | ) | (15,645 | ) | ||||
| Prepaid expenses and other current assets | 1,014 | (9,026 | ) | |||||
| Other long-term assets | 2,852 | (6,682 | ) | |||||
| Accounts payable | 3,771 | (3,857 | ) | |||||
| Accrued compensation and benefits | 280 | 7,761 | ||||||
| Other accrued expenses and current liabilities | (59,463 | ) | 6,365 | |||||
| Deferred revenue | 40,946 | 10,111 | ||||||
| Net cash provided by operating activities | 39,570 | 61,623 | ||||||
| INVESTING ACTIVITIES: | ||||||||
| Payments for acquisition of businesses, net of cash acquired | (134,541 | ) | (53,983 | ) | ||||
| Capital expenditures | (9,648 | ) | (7,849 | ) | ||||
| Other investing activities, net | (10,322 | ) | (650 | ) | ||||
| Net cash used in investing activities | (154,511 | ) | (62,482 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions | 224,265 | — | ||||||
| Repurchase of convertible senior notes | (192,422 | ) | — | |||||
| Repurchase and retirement of common stock | (19,659 | ) | — | |||||
| Proceeds from employee stock purchase plan contributions | 8,976 | 4,222 | ||||||
| Proceeds from the exercise of common stock options | 3,577 | 2,262 | ||||||
| Payments for issuance costs of convertible senior notes | (1,523 | ) | — | |||||
| Proceeds from private placement of common stock | — | 200,000 | ||||||
| Payments on revolving commitment | — | (30,000 | ) | |||||
| Other financing activities | (233 | ) | (537 | ) | ||||
| Net cash provided by financing activities | 22,981 | 175,947 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,094 | ) | (2,623 | ) | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (97,054 | ) | 172,465 | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 414,012 | 241,547 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 316,958 | $ | 414,012 | ||||
Financial Results
