Altair Announces First Quarter 2020 Financial Results

  (Unaudited) 
    Three Months Ended March 31,  
    2020     2019  
Cost of revenue – software $366  $64 
Research and development  1,428   358 
Sales and marketing  727   462 
General and administrative  650   328 
Total stock-based compensation expense $3,171  $1,212 


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

    Three Months Ended March 31,  
(In thousands)   2020     2019  
OPERATING ACTIVITIES:        
Net income $6,030  $13,019 
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization     5,660       5,194  
Provision for credit loss     338       120  
Amortization of debt discount and issuance costs     2,653       4  
Stock-based compensation expense     3,171       1,212  
Deferred income taxes     (6,001 )     (654 )
Other, net     7        
Changes in assets and liabilities:                
Accounts receivable     14,463       7,678  
Prepaid expenses and other current assets     1,184       (5,755 )
Other long-term assets     (321 )     (1,516 )
Accounts payable     (3,001 )     (1,792 )
Accrued compensation and benefits     (2,581 )     (2,815 )
Other accrued expenses and current liabilities     8,580       4,093  
Operating lease right-of-use assets and liabilities, net     (17 )     286  
Deferred revenue     (2,129 )     6,241  
Net cash provided by operating activities     28,036       25,315  
INVESTING ACTIVITIES:                
Capital expenditures     (1,644 )     (4,583 )
Payments for acquisition of developed technology     (433 )     (344 )
Other investing activities, net     62       2  
Net cash used in investing activities     (2,015 )     (4,925 )
FINANCING ACTIVITIES:                
Payments on revolving commitment           (68,395 )
Borrowings under revolving commitment           52,289  
Proceeds from the exercise of stock options     194       458  
Other financing activities     (118 )     (119 )
Net cash provided by (used in) financing activities     76       (15,767 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (2,113 )     (176 )
Net increase in cash, cash equivalents and restricted cash     23,984       4,447  
Cash, cash equivalents and restricted cash at beginning of year     223,497       35,685  
Cash, cash equivalents and restricted cash at end of period   $ 247,481     $ 40,132  
Supplemental disclosure of cash flow:                
Interest paid   $ 15     $ 225  
Income taxes paid   $ 1,831     $ 2,327  
Supplemental disclosure of non-cash investing and financing activities:                
Finance leases   $ 29     $ 488  
Property and equipment in accounts payable, other current liabilities
  and other liabilities
  $ 382     $ 295  



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