Altair Announces First Quarter 2019 Financial Results


*Amounts include stock-based compensation expense as follows (in thousands):   
     
  (Unaudited)
   Three Months Ended
March 31,
    2019   2018
Cost of revenue – software $  64 $  8
Research and development    358    47
Sales and marketing    462    41
General and administrative    328    120
Total stock-based compensation expense $  1,212 $  216
     


Altair Engineering Inc. and Subsidiaries 
Consolidated Statements of Cash Flows 
(Unaudited) 
      
   Three Months Ended
March 31,
 
(In thousands)   2019    2018  
OPERATING ACTIVITIES:     
Net income $  13,019  $  24,684  
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation and amortization    5,194     3,543  
Provision for bad debt    120     65  
Stock-based compensation expense    1,212     216  
Deferred income taxes    (654)    271  
Other, net    4     (7) 
Changes in assets and liabilities:     
Accounts receivable    7,678     4,492  
Prepaid expenses and other current assets    (5,755)    (1,091) 
Other long-term assets    (1,516)       116    
Accounts payable       (1,792 )       510    
Accrued compensation and benefits       (2,815 )       (1,560 )  
Other accrued expenses and current liabilities       4,093         (3,545 )  
Operating lease right-of-use assets and liabilities, net       286         -    
Deferred revenue       6,241         (1,005 )  
    Net cash provided by operating activities       25,315         26,689    
INVESTING ACTIVITIES:          
Capital expenditures       (4,583 )       (1,684 )  
Payments for acquisition of developed technology       (344 )       (353 )  
Payments for acquisition of businesses, net of cash acquired       —         (1,199 )  
Other investing activities, net       2         23    
    Net cash used in investing activities       (4,925 )       (3,213 )  
FINANCING ACTIVITIES:          
Payments on revolving commitment       (68,395 )       —    
Borrowings under revolving commitment       52,289         —    
Proceeds from the exercise of stock options       458         302    
Payments for initial public offering costs       —         (186 )  
Other financing activities       (119 )       (111 )  
    Net cash (used in) provided by financing activities       (15,767 )       5    
Effect of exchange rate changes on cash, cash equivalents and restricted cash       (176 )       495    
Net increase in cash, cash equivalents and restricted cash       4,447         23,976    
Cash, cash equivalents and restricted cash at beginning of year       35,685         39,578    
Cash, cash equivalents and restricted cash at end of period   $   40,132     $   63,554    
Supplemental disclosure of cash flow:          
Interest paid   $   225     $   10    
Income taxes paid   $   2,327     $   2,143    
Supplemental disclosure of non-cash investing and financing activities:          
Finance leases   $   488     $   565    
Property and equipment in accounts payable   $   295     $   736    
           

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