| (Unaudited) | ||||||||||||||||
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Cost of revenue-software | $ | 1,828 | $ | 871 | $ | 5,619 | $ | 2,473 | ||||||||
| Research and development | 5,338 | 2,686 | 16,561 | 8,372 | ||||||||||||
| Sales and marketing | 4,244 | 2,474 | 15,044 | 6,423 | ||||||||||||
| General and administrative | 1,910 | 1,385 | 7,325 | 4,087 | ||||||||||||
| Total stock-based compensation expense | $ | 13,320 | $ | 7,416 | $ | 44,549 | $ | 21,355 | ||||||||
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| Year Ended December 31, | ||||||||
| (in thousands) | 2021 | 2020 | ||||||
| OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (8,794 | ) | $ | (10,500 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 25,644 | 23,806 | ||||||
| Provision for credit loss | 514 | 1,259 | ||||||
| Amortization of debt discount and issuance costs | 11,428 | 10,829 | ||||||
| Stock-based compensation expense | 44,549 | 21,355 | ||||||
| Deferred income taxes | (1,502 | ) | (10,350 | ) | ||||
| Other, net | 757 | 118 | ||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (15,645 | ) | (11,032 | ) | ||||
| Prepaid expenses and other current assets | (9,026 | ) | (2,131 | ) | ||||
| Other long-term assets | (6,682 | ) | (4,527 | ) | ||||
| Accounts payable | (3,857 | ) | (1,839 | ) | ||||
| Accrued compensation and benefits | 7,761 | 1,985 | ||||||
| Other accrued expenses and current liabilities | 6,365 | 5,629 | ||||||
| Deferred revenue | 10,111 | 8,280 | ||||||
| Net cash provided by operating activities | 61,623 | 32,882 | ||||||
| INVESTING ACTIVITIES: | ||||||||
| Payments for acquisition of businesses, net of cash acquired | (53,983 | ) | (41,028 | ) | ||||
| Capital expenditures | (7,849 | ) | (6,093 | ) | ||||
| Payments for acquisition of developed technology | (344 | ) | (2,133 | ) | ||||
| Other investing activities, net | (306 | ) | 162 | |||||
| Net cash used in investing activities | (62,482 | ) | (49,092 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Proceeds from private placement of common stock | 200,000 | — | ||||||
| Payments on revolving commitment | (30,000 | ) | — | |||||
| Proceeds from employee stock purchase plan contributions | 4,222 | — | ||||||
| Proceeds from the exercise of common stock options | 2,262 | 1,710 | ||||||
| Borrowings under revolving commitment | — | 30,000 | ||||||
| Other financing activities | (537 | ) | (460 | ) | ||||
| Net cash provided by financing activities | 175,947 | 31,250 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,623 | ) | 3,010 | |||||
| Net increase in cash, cash equivalents and restricted cash | 172,465 | 18,050 | ||||||
| Cash, cash equivalents and restricted cash at beginning of year | 241,547 | 223,497 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 414,012 | $ | 241,547 | ||||
| Supplemental disclosures of cash flow: | ||||||||
| Interest paid | $ | 633 | $ | 731 | ||||
| Income taxes paid | $ | 9,168 | $ | 12,666 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Issuance of common stock in connection with acquisitions | $ | 3,690 | $ | 3,504 | ||||
| Promissory notes issued and deferred payment obligations for acquisitions | $ | 86,936 | $ | 1,266 | ||||
| Finance leases | $ | 9 | $ | 118 | ||||
| Property and equipment in accounts payable and other current liabilities | $ | 1,056 | $ | 1,671 | ||||
