Altair Announces Fourth Quarter 2020 Financial Results


*   Amounts include stock-based compensation expense as follows (in thousands):

   
 (Unaudited) 
  Three Months Ended
December 31,
   Twelve Months Ended
December 31,
 
  2020   2019   2020   2019 
Cost of revenue-software$871  $342  $2,473  $1,069 
Research and development 2,686   1,306   8,372   2,917 
Sales and marketing 2,474   688   6,423   2,250 
General and administrative 1,385   608   4,087   2,292 
Total stock-based compensation expense$7,416  $2,944  $21,355  $8,528 

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

  Year Ended December 31,
(in thousands) 2020   2019 
OPERATING ACTIVITIES:             
Net loss $ (10,500 )   $ (7,542 )
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization   23,806       21,522  
Provision for credit loss   1,259       671  
Amortization of debt discount and issuance costs   10,829       5,663  
Stock-based compensation expense   21,355       8,528  
Deferred income taxes   (10,350 )     (950 )
Other, net   118       6  
Changes in assets and liabilities:              
Accounts receivable   (11,032 )     (7,901 )
Prepaid expenses and other current assets   (2,131 )     (2,396 )
Other long-term assets   (4,527 )     (2,591 )
Accounts payable   (1,839 )     (426 )
Accrued compensation and benefits   1,985       (1,232 )
Other accrued expenses and current liabilities   5,771       513  
Operating lease right of use assets and liabilities, net   (142 )     102  
Deferred revenue   8,280       17,426  
Net cash provided by operating activities   32,882       31,393  
INVESTING ACTIVITIES:              
Payments for acquisition of businesses, net of cash acquired   (41,028 )     (25,720 )
Capital expenditures   (6,093 )     (9,660 )
Payments for acquisition of developed technology   (2,133 )     (473 )
Other investing activities, net   162       14  
Net cash used in investing activities   (49,092 )     (35,839 )
FINANCING ACTIVITIES:              
Borrowings under revolving commitment   30,000       96,992  
Proceeds from the exercise of stock options   1,710       1,510  
Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions         223,101  
Payments on revolving commitment         (127,941 )
Payments for issuance costs of convertible senior notes         (1,233 )
Other financing activities   (460 )     (513 )
Net cash provided by financing activities   31,250       191,916  
Effect of exchange rate changes on cash, cash equivalents and restricted cash   3,010       342  
Net increase in cash, cash equivalents and restricted cash   18,050       187,812  
Cash, cash equivalents and restricted cash at beginning of year   223,497       35,685  
Cash, cash equivalents and restricted cash at end of period $ 241,547     $ 223,497  
Supplemental disclosures of cash flow:              
Interest paid $ 731     $ 664  
Income taxes paid $ 12,666     $ 7,686  
Supplemental disclosure of non-cash investing and financing activities:              
Issuance of common stock in connection with acquisitions $ 3,504     $ 7,637  
Promissory notes issued and deferred payment obligations for acquisitions $ 1,266     $ 497  
Finance leases $ 118     $ 632  
Property and equipment in accounts payable and other current liabilities $ 1,671     $ 259  
               

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