ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
|
Year Ended December 31,
| ||||||||
| (in thousands) | 2019 | 2018 | ||||||
| OPERATING ACTIVITIES: | ||||||||
| Net (loss) income | $ | (7,542 | ) | $ | 15,535 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 21,522 | 14,734 | ||||||
| Provision for bad debt | 671 | 394 | ||||||
| Amortization of debt discount and issuance costs | 5,663 | 23 | ||||||
| Stock-based compensation expense | 8,528 | 3,339 | ||||||
| Loss (gain) on sale of assets held for sale and other | 6 | (4,503 | ) | |||||
| Impairment of intangible assets | — | 608 | ||||||
| Deferred income taxes | (950 | ) | (1,057 | ) | ||||
| Other, net | — | (206 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (7,901 | ) | (1,394 | ) | ||||
| Prepaid expenses and other current assets | (2,396 | ) | 204 | |||||
| Other long-term assets | (2,591 | ) | (1,660 | ) | ||||
| Accounts payable | (426 | ) | 1,647 | |||||
| Accrued compensation and benefits | (1,232 | ) | 5,678 | |||||
| Other accrued expenses and current liabilities | 513 | (6,667 | ) | |||||
| Operating lease right of use assets and liabilities, net | 102 | — | ||||||
| Deferred revenue | 17,426 | 9,555 | ||||||
| Net cash provided by operating activities | 31,393 | 36,230 | ||||||
| INVESTING ACTIVITIES: | ||||||||
| Payments for acquisition of businesses, net of cash acquired | (25,720 | ) | (203,438 | ) | ||||
| Capital expenditures | (9,660 | ) | (6,659 | ) | ||||
| Proceeds from sale of assets held for sale and other | — | 6,614 | ||||||
| Payments for acquisition of developed technology | (473 | ) | (2,727 | ) | ||||
| Other investing activities, net | 14 | — | ||||||
| Net cash used in investing activities | (35,839 | ) | (206,210 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions | 223,101 | — | ||||||
| Proceeds from issuance of Class A common stock in follow-on public offering, net of underwriters' discounts and commissions | — | 135,572 | ||||||
| Borrowings under revolving commitment | 96,992 | 37,041 | ||||||
| Payments on revolving commitment | (127,941 | ) | (6,091 | ) | ||||
| Proceeds from issuance of common stock | 1,510 | 2,077 | ||||||
| Payments for issuance costs of convertible senior notes | (1,233 | ) | — | |||||
| Payments for follow-on public offering and IPO offering costs | — | (556 | ) | |||||
| Principal payments on long-term debt | — | (126 | ) | |||||
| Payments for redemption of common stock | — | (119 | ) | |||||
| Other financing activities | (513 | ) | (268 | ) | ||||
| Net cash provided by financing activities | 191,916 | 167,530 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 342 | (1,443 | ) | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 187,812 | (3,893 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 35,685 | 39,578 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 223,497 | $ | 35,685 | ||||
| Supplemental disclosures of cash flow: | ||||||||
| Interest paid | $ | 664 | $ | 223 | ||||
| Income taxes paid | $ | 7,686 | $ | 6,735 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Issuance of common stock in connection with acquisitions | $ | 7,637 | $ | 8,681 | ||||
| Promissory notes issued and deferred payment obligations for acquisitions | $ | 497 | $ | 1,729 | ||||
| Finance leases | $ | 632 | $ | 895 | ||||
| Property and equipment in accounts payable, other accrued expenses and current liabilities, and other liabilities | $ | 259 | $ | 330 | ||||
Financial Results
