| (Unaudited) | ||||||||||||||||
|
Three Months Ended
June 30, |
Six Months Ended
June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Cost of revenue – software | $ | 1,222 | $ | 552 | $ | 2,380 | $ | 918 | ||||||||
| Research and development | 4,143 | 1,830 | 7,329 | 3,258 | ||||||||||||
| Sales and marketing | 3,659 | 1,273 | 7,127 | 2,000 | ||||||||||||
| General and administrative | 1,624 | 879 | 3,460 | 1,529 | ||||||||||||
| Total stock-based compensation expense | $ | 10,648 | $ | 4,534 | $ | 20,296 | $ | 7,705 | ||||||||
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| Six Months Ended June 30, | ||||||||
| (In thousands) | 2021 | 2020 | ||||||
| OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | 712 | $ | (4,193 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 13,180 | 11,293 | ||||||
| Provision for credit loss | 205 | 589 | ||||||
| Amortization of debt discount and issuance costs | 5,631 | 5,342 | ||||||
| Stock-based compensation expense | 20,296 | 7,705 | ||||||
| Deferred income taxes | (1 | ) | (5,961 | ) | ||||
| Other, net | 34 | 3 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 24,852 | 23,264 | ||||||
| Prepaid expenses and other current assets | (3,367 | ) | 1,817 | |||||
| Other long-term assets | (5,067 | ) | (960 | ) | ||||
| Accounts payable | (967 | ) | (3,841 | ) | ||||
| Accrued compensation and benefits | 1,548 | 497 | ||||||
| Other accrued expenses and current liabilities | 2,999 | 161 | ||||||
| Deferred revenue | (5,333 | ) | (2,315 | ) | ||||
| Net cash provided by operating activities | 54,722 | 33,401 | ||||||
| INVESTING ACTIVITIES: | ||||||||
| Capital expenditures | (5,391 | ) | (2,530 | ) | ||||
| Payments for acquisition of developed technology | (344 | ) | (433 | ) | ||||
| Payments for acquisition of businesses, net of cash acquired | — | (2,270 | ) | |||||
| Other investing activities, net | (45 | ) | 142 | |||||
| Net cash used in investing activities | (5,780 | ) | (5,091 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Payments on revolving commitment | (30,000 | ) | — | |||||
| Proceeds from the exercise of stock options | 885 | 477 | ||||||
| Other financing activities | (206 | ) | (210 | ) | ||||
| Net cash (used in) provided by financing activities | (29,321 | ) | 267 | |||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (847 | ) | (1,148 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 18,774 | 27,429 | ||||||
| Cash, cash equivalents and restricted cash at beginning of year | 241,547 | 223,497 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 260,321 | $ | 250,926 | ||||
| Supplemental disclosure of cash flow: | ||||||||
| Interest paid | $ | 339 | $ | 306 | ||||
| Income taxes paid | $ | 3,744 | $ | 9,491 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Finance leases | $ | — | $ | 100 | ||||
| Property and equipment in accounts payable, other current liabilities
and other liabilities | $ | 631 | $ | 343 | ||||
