Altair Announces Second Quarter 2019 Financial Results


     
    Three Months Ended June 30,   Six Months Ended June 30,
    2019   2018   2019   2018
Cost of revenue – software $279 $8 $343 $16
Research and development  579  108  937  155
Sales and marketing  475  134  937  175
General and administrative  747  184  1,075  304
Total stock-based compensation expense $2,080 $434 $3,292 $650
             


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
    Six Months Ended June 30,  
(In thousands)   2019     2018  
OPERATING ACTIVITIES:                
Net income   $ 9,899     $ 23,604  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     10,468       7,525  
Provision for bad debt     134       269  
Amortization of debt discount and issuance costs     459       12  
Stock-based compensation expense     3,292       650  
Deferred income taxes     (703 )     1,312  
Other, net     (17 )     (166 )
Changes in assets and liabilities:                
Accounts receivable     10,406       11,743  
Prepaid expenses and other current assets     (4,952 )     (3,454 )
Other long-term assets     (2,300 )     (276 )
Accounts payable     (2,187 )     335  
Accrued compensation and benefits     (2,455 )     73  
Other accrued expenses and current liabilities     1,887       (4,511 )
Operating lease right-of-use assets and liabilities, net     197        
Deferred revenue     7,740       197  
Net cash provided by operating activities     31,868       37,313  
INVESTING ACTIVITIES:                
Capital expenditures     (6,667 )     (3,130 )
Payments for acquisition of developed technology     (344 )     (2,738 )
Payments for acquisition of businesses, net of cash acquired     (709 )     (7,028 )
Other investing activities, net     16       38  
Net cash used in investing activities     (7,704 )     (12,858 )
FINANCING ACTIVITIES:                
Proceeds from issuance of convertible senior notes, net of underwriters'
  discount and commissions
    223,101        
Payments on revolving commitment     (127,941 )      
Borrowings under revolving commitment     96,991        
Proceeds from the exercise of stock options     1,270       1,668  
Payments for issuance costs of convertible senior notes     (1,018 )      
Payments for follow-on public offering and initial public offering costs           (468 )
Proceeds from issuance of Class A common stock in follow-on public offering,
  net of underwriters' discounts and commissions
          135,572  
Other financing activities     (259 )     (342 )
Net cash provided by financing activities     192,144       136,430  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     187       (877 )
Net increase in cash, cash equivalents and restricted cash     216,495       160,008  
Cash, cash equivalents and restricted cash at beginning of year     35,685       39,578  
Cash, cash equivalents and restricted cash at end of period   $ 252,180     $ 199,586  
Supplemental disclosure of cash flow:                
Interest paid   $ 362     $ 41  
Income taxes paid   $ 4,054     $ 3,660  
Supplemental disclosure of non-cash investing and financing activities:                
Finance leases   $ 566     $ 1,010  
Property and equipment in accounts payable   $ 417     $ 935  
Convertible senior notes issuance costs in accounts payable   $ 216     $  
Follow-on public offering costs in accounts payable   $     $ 88  
Promissory notes issued and deferred payment obligations for acquisitions   $     $ 278  
                 

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