Altair Announces Third Quarter 2019 Financial Results


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

    Nine Months Ended September 30,  
(In thousands)   2019     2018  
OPERATING ACTIVITIES:        
Net (loss) income $(6,040) $24,538 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depreciation and amortization  15,836   10,895 
Provision for bad debt  472   455 
Amortization of debt discount and issuance costs  3,044   18 
Stock-based compensation expense  5,584   1,213 
Gain on sale of assets held for sale and other     (4,544)
Impairment of intangibles     608 
Deferred income taxes    (741 )     706  
Other, net     (16 )     (134 )
Changes in assets and liabilities:                
Accounts receivable     10,185       15,674  
Prepaid expenses and other current assets     (8,718 )     (6,821 )
Other long-term assets     (1,443 )     44  
Accounts payable     (420 )     796  
Accrued compensation and benefits     (2,111 )     2,650  
Other accrued expenses and current liabilities     2,110       (4,781 )
Operating lease right-of-use assets and liabilities, net     188        
Deferred revenue     12,075       (895 )
Net cash provided by operating activities     30,005       40,422  
INVESTING ACTIVITIES:                
Capital expenditures     (8,120 )     (5,333 )
Payments for acquisition of developed technology     (473 )     (2,738 )
Payments for acquisition of businesses, net of cash acquired     (709 )     (15,950 )
Proceeds from the sale of assets held for sale and other           6,613  
Other investing activities, net     16        
Net cash used in investing activities     (9,286 )     (17,408 )
FINANCING ACTIVITIES:                
Proceeds from issuance of convertible senior notes, net of underwriters'
  discount and commissions
    223,101        
Payments on revolving commitment     (127,941 )      
Borrowings under revolving commitment     96,991        
Proceeds from the exercise of stock options     1,441       1,929  
Payments for issuance costs of convertible senior notes     (1,233 )      
Payments for follow-on public offering and initial public offering costs           (541 )
Proceeds from issuance of Class A common stock in follow-on public offering,
  net of underwriters' discounts and commissions
          135,572  
Other financing activities     (399 )     (446 )
Net cash provided by financing activities     191,960       136,514  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (1,065 )     (1,354 )
Net increase in cash, cash equivalents and restricted cash     211,614       158,174  
Cash, cash equivalents and restricted cash at beginning of year     35,685       39,578  
Cash, cash equivalents and restricted cash at end of period   $ 247,299     $ 197,752  
Supplemental disclosure of cash flow:                
Interest paid   $ 385     $ 70  
Income taxes paid   $ 7,163     $ 5,900  
Supplemental disclosure of non-cash investing and financing activities:                
Finance leases   $ 588     $ 995  
Property and equipment in accounts payable, other current liabilities
  and other liabilities
  $ 1,827     $ 228  
Follow-on public offering costs in accounts payable   $     $ 15  
Promissory notes issued and deferred payment obligations for acquisitions   $     $ 278  

Financial Results

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