Altair Announces First Quarter 2022 Financial Results

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

  (Unaudited) 
   Three Months Ended
March 31,
 
   2022   2021 
Cost of revenue – software $1,903  $1,158 
Research and development  7,358   3,186 
Sales and marketing  7,035   3,468 
General and administrative  2,318   1,836 
Total stock-based compensation expense $18,614  $9,648 
         

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

   Three Months Ended March 31, 
(In thousands)  2022   2021 
OPERATING ACTIVITIES:        
Net income $11,528  $14,360 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  7,686    6,686  
Provision for credit loss     48       89  
Amortization of debt discount and issuance costs     418       2,800  
Stock-based compensation expense     18,614       9,648  
Deferred income taxes     (67 )     (687 )
Other, net     107       (18 )
Changes in assets and liabilities:                
Accounts receivable     21,735       8,768  
Prepaid expenses and other current assets     (138 )     (805 )
Other long-term assets     2,139       (3,628 )
Accounts payable     (302 )     (767 )
Accrued compensation and benefits     (6,896 )     2,626  
Other accrued expenses and current liabilities     (61,759 )     309  
Deferred revenue     12,673       (2,810 )
Net cash provided by operating activities     5,786       36,571  
INVESTING ACTIVITIES:                
Payments for acquisition of businesses, net of cash acquired     (12,971 )      
Capital expenditures     (2,190 )     (3,039 )
Other investing activities, net     (343 )     (412 )
Net cash used in investing activities     (15,504 )     (3,451 )
FINANCING ACTIVITIES:                
Proceeds from employee stock purchase plan contributions     2,362        
Proceeds from the exercise of common stock options     237       271  
Payments on revolving commitment           (30,000 )
Other financing activities     (90 )     (107 )
Net cash provided by (used in) financing activities     2,509       (29,836 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (970 )     (1,331 )
Net (decrease) increase in cash, cash equivalents and restricted cash     (8,179 )     1,953  
Cash, cash equivalents and restricted cash at beginning of year     414,012       241,547  
Cash, cash equivalents and restricted cash at end of period   $ 405,833     $ 243,500  
Supplemental disclosure of cash flow:                
Interest paid   $ 1     $ 47  
Income taxes paid   $ 3,187     $ 2,381  
Supplemental disclosure of non-cash investing and financing activities:                
Property and equipment in accounts payable, other current liabilities
and other liabilities
  $ 772     $ 619  
                 

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