Altair Announces Fourth Quarter 2019 Financial Results


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

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