Altair Announces Third Quarter 2020 Financial Results

*	Amounts include stock-based compensation expense as follows (in thousands):

	(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of revenue – software	$	684	$	384	$	1,602	$	727
Research and development		2,428		674		5,686		1,611
Sales and marketing		1,949		625		3,949		1,562
General and administrative		1,173		609		2,702		1,684
Total stock-based compensation expense	$	6,234	$	2,292	$	13,939	$	5,584

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

	Nine Months Ended September 30,
(In thousands)	2020			2019
OPERATING ACTIVITIES:
Net loss	$	(12,698	)	$	(6,040	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		16,916			15,836
Provision for credit loss		930			472
Amortization of debt discount and issuance costs		8,067			3,044
Stock-based compensation expense		13,939			5,584
Deferred income taxes		(5,441	)		(741	)
Other, net		13			(16	)
Changes in assets and liabilities:
Accounts receivable		16,213			10,185
Prepaid expenses and other current assets		(1,055	)		(8,718	)
Other long-term assets		867			(1,443	)
Accounts payable		(3,321	)		(420	)
Accrued compensation and benefits		1,274			(2,111	)
Other accrued expenses and current liabilities		(5,847	)		2,110
Operating lease right-of-use assets and liabilities, net		(26	)		188
Deferred revenue		(2,452	)		12,075
Net cash provided by operating activities		27,379			30,005
INVESTING ACTIVITIES:
Payments for acquisition of businesses, net of cash acquired		(32,279	)		(709	)
Capital expenditures		(4,006	)		(8,120	)
Payments for acquisition of developed technology		(433	)		(473	)
Other investing activities, net		152			16
Net cash used in investing activities		(36,566	)		(9,286	)
FINANCING ACTIVITIES:
Borrowings under revolving commitment		30,000			96,991
Proceeds from the exercise of stock options		1,094			1,441
Proceeds from issuance of convertible senior notes, net of underwriters' discount and commissions		—			223,101
Payments on revolving commitment		—			(127,941	)
Payments for issuance costs of convertible senior notes		—			(1,233	)
Other financing activities		(401	)		(399	)
Net cash provided by financing activities		30,693			191,960
Effect of exchange rate changes on cash, cash equivalents and restricted cash		676			(1,065	)
Net increase in cash, cash equivalents and restricted cash		22,182			211,614
Cash, cash equivalents and restricted cash at beginning of year		223,497			35,685
Cash, cash equivalents and restricted cash at end of period	$	245,679		$	247,299
Supplemental disclosure of cash flow:
Interest paid	$	320		$	385
Income taxes paid	$	12,142		$	7,163
Supplemental disclosure of non-cash investing and financing activities:
Issuance of common stock in connection with acquisitions	$	1,638		$	—
Finance leases	$	117		$	588
Property and equipment in accounts payable, other current liabilities and other liabilities	$	208		$	1,827

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