LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt
$ 394
$ 30,384
Accounts payable
6,671
8,594
Accrued compensation and benefits
36,785
34,772
Current portion of operating lease liabilities
10,471
10,331
Other accrued expenses and current liabilities
32,238
30,982
Deferred revenue
81,737
85,691
Convertible senior notes, net
191,094
-
Total current liabilities
359,390
200,754
Long-term debt, net of current portion
258
353
Convertible senior notes, net
-
188,300
Operating lease liabilities, net of current portion
24,319
24,323
Deferred revenue, non-current
8,992
9,388
Other long-term liabilities
25,141
27,414
TOTAL LIABILITIES
418,100
450,532
Commitments and contingencies
MEZZANINE EQUITY
784
784
STOCKHOLDERS' EQUITY:
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding
-
-
Common stock ($0.0001 par value)
Class A common stock, authorized 513,797 shares, issued and outstanding 45,494 and 44,216 shares as of March 31, 2021, and December 31, 2020, respectively
4
4
Class B common stock, authorized 41,203 shares, issued and outstanding 29,601 and 30,111 shares as of March 31, 2021, and December 31, 2020, respectively
3
3
Additional paid-in capital
484,584
474,669
Accumulated deficit
(78,933)
(93,293)
Accumulated other comprehensive loss
(6,629)
(2,797)
TOTAL STOCKHOLDERS' EQUITY
399,029
378,586
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
$ 817,913
$ 829,902
Statements_Of_Operation
Three Months Ended March 31,
(in thousands, except per share data)
2021
2020
Revenue
License
$ 96,395
$ 77,543
Maintenance and other services
33,146
30,900
Total software
129,541
108,443
Software related services
8,098
6,934
Total software and related services
137,639
115,377
Client engineering services
10,677
13,878
Other
1,847
2,208
Total revenue
150,163
131,463
Cost of revenue
License
5,395
5,523
Maintenance and other services
11,555
10,455
Total software *
16,950
15,978
Software related services
6,122
5,489
Total software and related services
23,072
21,467
Client engineering services
8,888
11,318
Other
1,462
1,712
Total cost of revenue
33,422
34,497
Gross profit
116,741
96,966
Operating expenses:
Research and development *
38,276
31,467
Sales and marketing *
32,070
28,099
General and administrative *
23,926
22,346
Amortization of intangible assets
4,877
3,840
Other operating income, net
(617)
(891)
Total operating expenses
98,532
84,861
Operating income
18,209
12,105
Interest expense
2,973
2,813
Other expense (income), net
835
(1,390)
Income before income taxes
14,401
10,682
Income tax expense
41
4,652
Net income
$ 14,360
$ 6,030
Income per share:
Net income per share attributable to common stockholders, basic
$ 0.19
$ 0.08
Net income per share attributable to common stockholders, diluted
$ 0.18
$ 0.08
Weighted average shares outstanding:
Weighted average number of shares used in computing net income per share, basic
74,651
72,623
Weighted average number of shares used in computing net income per share, diluted
79,295
77,004
(Unaudited)
Three Months Ended March 31,
2021
2020
Cost of revenue - software
$ 1,158
$ 366
Research and development
3,186
1,428
Sales and marketing
3,468
727
General and administrative
1,836
650
Total stock-based compensation expense
$ 9,648
$ 3,171
Cash_Flow
Three Months Ended March 31,
(In thousands)
2021
2020
OPERATING ACTIVITIES:
Net income
$ 14,360
$ 6,030
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
6,686
5,660
Provision for credit loss
89
338
Amortization of debt discount and issuance costs
2,800
2,653
Stock-based compensation expense
9,648
3,171
Deferred income taxes
(687)
(6,001)
Other, net
(18)
7
Changes in assets and liabilities:
Accounts receivable
8,768
14,463
Prepaid expenses and other current assets
(805)
1,184
Other long-term assets
(3,628)
(321)
Accounts payable
(767)
(3,001)
Accrued compensation and benefits
2,626
(2,581)
Other accrued expenses and current liabilities
183
8,580
Operating lease right-of-use assets and liabilities, net
126
(17)
Deferred revenue
(2,810)
(2,129)
Net cash provided by operating activities
36,571
28,036
INVESTING ACTIVITIES:
Capital expenditures
(3,039)
(1,644)
Payments for acquisition of developed technology
(344)
(433)
Other investing activities, net
(68)
62
Net cash used in investing activities
(3,451)
(2,015)
FINANCING ACTIVITIES:
Payments on revolving commitment
(30,000)
-
Proceeds from the exercise of stock options
271
194
Other financing activities
(107)
(118)
Net cash (used in) provided by financing activities
(29,836)
76
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,331)
(2,113)
Net increase in cash, cash equivalents and restricted cash
1,953
23,984
Cash, cash equivalents and restricted cash at beginning of year
241,547
223,497
Cash, cash equivalents and restricted cash at end of period
$ 243,500
$ 247,481
Supplemental disclosure of cash flow:
Interest paid
$ 47
$ 15
Income taxes paid
$ 2,381
$ 1,831
Supplemental disclosure of non-cash investing and financing activities:
Finance leases
$ -
$ 29
Property and equipment in accounts payable, other current liabilities and other liabilities
$ 619
$ 382
Non_GAAP_NI
(Unaudited)
Three Months Ended March 31,
(in thousands, except per share amounts)
2021
2020
Net income
$ 14,360
$ 6,030
Stock-based compensation expense
9,648
3,171
Amortization of intangible assets
4,877
3,840
Non-cash interest expense
2,800
2,648
Restructuring expense
3,346
-
Impact of non-GAAP tax rate
(9,077)
(637)
Non-GAAP net income
$ 25,954
$ 15,052
Net income per share - diluted
$ 0.18
$ 0.08
Non-GAAP net income per share - diluted
$ 0.31
$ 0.19
GAAP diluted shares outstanding:
79,295
77,004
Non-GAAP diluted shares outstanding:
83,400
78,400
Adjusted EBITDA
(Unaudited)
Three Months Ended March 31,
(in thousands)
2021
2020
Net income
$ 14,360
$ 6,030
Income tax expense
41
4,652
Stock-based compensation expense
9,648
3,171
Interest expense
2,973
2,813
Depreciation and amortization
6,686
5,660
Restructuring expense
3,346
-
Special adjustments, interest income and other
(94)
(654)
Adjusted EBITDA
$ 36,960
$ 21,672
Free cash flow
(Unaudited)
Three Months Ended March 31,
(in thousands)
2021
2020
Net cash provided by operating activities
$ 36,571
$ 28,036
Capital expenditures
(3,039)
(1,644)
Free Cash Flow
$ 33,532
$ 26,392
Guidance Non-GAAP net income
(Unaudited)
Three Months Ending June 30, 2021
Year Ending December 31, 2021
(in thousands)
Low
High
Low
High
Net loss
$ (23,700)
$ (21,800)
$ (37,600)
$ (29,800)
Stock-based compensation expense
11,100
11,100
44,200
44,200
Amortization of intangible assets
4,700
4,700
17,700
17,700
Non-cash interest expense
2,800
2,800
11,400
11,400
Restructuring expense
2,000
2,000
5,300
5,300
Impact of non-GAAP tax rate
3,200
2,800
(3,000)
(4,800)
Non-GAAP net income
$ 100
$ 1,600
$ 38,000
$ 44,000
Guidance Adj. EBITDA
(Unaudited)
Three Months Ending June 30, 2021
Year Ending December 31, 2021
(in thousands)
Low
High
Low
High
Net loss
$ (23,700)
$ (21,800)
$ (37,600)
$ (29,800)
Income tax expense
3,200
3,300
10,400
10,600
Stock-based compensation expense
11,100
11,100
44,200
44,200
Interest expense
3,000
3,000
12,000
12,000
Depreciation and amortization
6,500
6,500
24,900
24,900
Restructuring expense
2,000
2,000
5,300
5,300
Special adjustments, interest income and other
(100)
(100)
(200)
(200)
Adjusted EBITDA
$ 2,000
$ 4,000
$ 59,000
$ 67,000
Attachments
Original document
Permalink
Disclaimer
Altair Engineering Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 14:51:00 UTC.
Altair Engineering Inc. is a computational science and artificial intelligence company. The Company provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and artificial intelligence (AI). The Company operates through two segments: Software and Client Engineering Services. The Software segment includes software, software services, and software-related services. The software component of this segment includes ITS portfolio of software products, including ITS solvers and optimization technology products, HPC software applications and hardware products, modeling and visualization tools, data analytics and analysis products, Internet of things (IoT) platform and analytics tools as well as support and the complementary software products that offer through its Altair Partner Alliance (APA). The Client Engineering Services segment provides client engineering services to support its customers with long-term, ongoing expertise.