Guidance_summary
(in millions) Second Quarter 2021 Full Year 2021
Software Product Revenue $92.0 to $95.0 $425.0 to $433.0
Total Revenue $111.0 $114.0 $504.0 $512.0
Net Loss ($23.7) ($21.8) ($37.6) ($29.8)
Non-GAAP Net Income $0.1 $1.6 $38.0 $44.0
Adjusted EBITDA $2.0 $4.0 $59.0 $67.0
Balance_Sheet
March 31, 2021 December 31, 2020
(In thousands) (Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 243,364 $ 241,221
Accounts receivable, net 107,112 117,878
Income tax receivable 5,985 6,736
Prepaid expenses and other current assets 22,295 21,100
Total current assets 378,756 386,935
Property and equipment, net 39,143 36,332
Operating lease right of use assets 33,568 33,526
Goodwill 262,090 264,481
Other intangible assets, net 70,912 76,114
Deferred tax assets 8,476 7,125
Other long-term assets 24,968 25,389
TOTAL ASSETS $ 817,913 $ 829,902
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.