$ALTR
Altair Engineering Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024119474 Filed on October 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $151.5M
YoY Change 13.02%
Cost Of Revenue $30.02M
YoY Change 3.19%
Gross Profit $121.4M
YoY Change 15.74%
Gross Profit Margin 80.18%
Selling, General & Admin $63.06M
YoY Change 2.89%
% of Gross Profit 51.93%
Research & Development $56.11M
YoY Change 8.75%
% of Gross Profit 46.21%
Depreciation & Amortization $11.56M
YoY Change 18.19%
% of Gross Profit 9.52%
Operating Expenses $125.7M
YoY Change 8.23%
Operating Profit -$4.312M
YoY Change -61.72%
Interest Expense $1.317M
YoY Change -13.87%
% of Operating Profit
Other Income/Expense, Net $10.76M
YoY Change 469.21%
Pretax Income $5.129M
YoY Change -147.04%
Income Tax $3.350M
% Of Pretax Income 65.31%
Net Earnings $1.779M
YoY Change -140.78%
Net Earnings / Revenue 1.17%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 84.84M
Diluted Shares Outstanding 88.43M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $513.4M
YoY Change 19.06%
Cash & Equivalents $513.4M
Short-Term Investments
Other Short-Term Assets $31.49M
YoY Change 55.12%
Inventory
Prepaid Expenses
Receivables $121.3M
Other Receivables $20.79M
Total Short-Term Assets $687.0M
YoY Change 16.05%
LONG-TERM ASSETS
Property, Plant & Equipment $40.91M
YoY Change 7.18%
Goodwill $476.2M
YoY Change 5.16%
Intangibles $84.90M
YoY Change -1.83%
Long-Term Investments
YoY Change
Other Assets $47.33M
YoY Change 11.82%
Total Long-Term Assets $690.9M
YoY Change 4.68%
TOTAL ASSETS
Total Short-Term Assets $687.0M
Total Long-Term Assets $690.9M
Total Assets $1.378B
YoY Change 10.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.607M
YoY Change -30.08%
Accrued Expenses $91.98M
YoY Change 43.04%
Deferred Revenue $114.5M
YoY Change 3.32%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $210.1M
YoY Change -29.24%
LONG-TERM LIABILITIES
Long-Term Debt $226.8M
YoY Change 0.54%
Other Long-Term Liabilities $53.25M
YoY Change 21.42%
Total Long-Term Liabilities $53.25M
YoY Change 21.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.1M
Total Long-Term Liabilities $53.25M
Total Liabilities $541.0M
YoY Change -12.45%
SHAREHOLDERS EQUITY
Retained Earnings -$117.3M
YoY Change -21.88%
Common Stock $971.8M
YoY Change 19.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $836.9M
YoY Change
Total Liabilities & Shareholders Equity $1.378B
YoY Change 10.05%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $1.779M
YoY Change -140.78%
Depreciation, Depletion And Amortization $11.56M
YoY Change 18.19%
Cash From Operating Activities $14.55M
YoY Change -11.84%
INVESTING ACTIVITIES
Capital Expenditures $4.735M
YoY Change 178.53%
Acquisitions
YoY Change
Other Investing Activities -$16.53M
YoY Change 372.37%
Cash From Investing Activities -$21.27M
YoY Change 309.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.243M
YoY Change 131.08%
NET CHANGE
Cash From Operating Activities 14.55M
Cash From Investing Activities -21.27M
Cash From Financing Activities 9.243M
Net Change In Cash 2.522M
YoY Change -83.52%
FREE CASH FLOW
Cash From Operating Activities $14.55M
Capital Expenditures $4.735M
Free Cash Flow $9.812M
YoY Change -33.7%

Facts In Submission

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ALTAIR ENGINEERING INC.
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dei Security12b Title
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altr Loss Gain On Mark To Market Adjustment Of Contingent Consideration
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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25575000
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3235000
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-40350000
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Convertible Debt
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us-gaap Repayments Of Convertible Debt
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Plans
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altr Cash Paid For Repurchase And Retirement Of Common Stock
CashPaidForRepurchaseAndRetirementOfCommonStock
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altr Cash Paid For Repurchase And Retirement Of Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Payments For Other Financing Activities
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-73000
us-gaap Net Cash Provided By Used In Financing Activities
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-30896000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
24970000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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554000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
467576000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
316958000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
513438000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
431416000
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
2124000
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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altr Deferred Payment Obligations For Acquisitions
DeferredPaymentObligationsForAcquisitions
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altr Deferred Payment Obligations For Acquisitions
DeferredPaymentObligationsForAcquisitions
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us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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us-gaap Nature Of Operations
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<div class="item-list-element-wrapper" style="display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:3.333%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Organization and description of business</span></div></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Altair Engineering Inc. (“Altair” or the “Company”) is incorporated in the state of Delaware. The Company is a global leader in computational intelligence enabling organizations across broad industry segments to drive smarter decisions in an increasingly connected world. Altair delivers software and cloud solutions in the areas of simulation, high-performance computing (“HPC”), data analytics, and artificial intelligence (“AI”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Altair’s products and services leverage computational science to drive innovation and intelligent decisions for a more connected, safe, and sustainable future. The Company is headquartered in Troy, Michigan.</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of presentation</span></p></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, the accompanying statements do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements (and notes thereto) for the year ended December 31, 2023, included in the most recent Annual Report on Form 10-K filed with the SEC.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, management evaluates its significant estimates including the stand alone selling price, or SSP, for each distinct performance obligation included in customer contracts with multiple performance obligations, valuation of acquired intangible assets in business combinations, the incremental borrowing rate used in the valuation of lease liabilities, the determination of the period of benefit for capitalized costs to obtain a contract, fair value of convertible senior notes, provision for credit loss, tax valuation allowances, liabilities for uncertain tax provisions, impairment of goodwill and intangible assets, useful lives of intangible assets, and stock-based compensation. Actual results could differ from those estimates.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Significant accounting policies</span></p></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">There have been no material changes to our significant accounting policies as of and for the nine months ended September 30, 2024, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2023.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Change in Presentation of Revenue and Cost of Revenue</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue, or total cost of revenue amounts previously reported or have any effect on segment reporting.</span></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, management evaluates its significant estimates including the stand alone selling price, or SSP, for each distinct performance obligation included in customer contracts with multiple performance obligations, valuation of acquired intangible assets in business combinations, the incremental borrowing rate used in the valuation of lease liabilities, the determination of the period of benefit for capitalized costs to obtain a contract, fair value of convertible senior notes, provision for credit loss, tax valuation allowances, liabilities for uncertain tax provisions, impairment of goodwill and intangible assets, useful lives of intangible assets, and stock-based compensation. Actual results could differ from those estimates.</span></p>
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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altr Percentage Of Net Revenues Through Indirect Channels
PercentageOfNetRevenuesThroughIndirectChannels
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54561000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2024Q3 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
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CY2023Q4 us-gaap Accrued Income Taxes Current
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CY2024Q3 altr Accrued Obligations For Acquisition Of Businesses
AccruedObligationsForAcquisitionOfBusinesses
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CY2023Q4 altr Accrued Obligations For Acquisition Of Businesses
AccruedObligationsForAcquisitionOfBusinesses
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CY2024Q3 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2023Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
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CY2023Q4 altr Employee Stock Purchase Plan Liabilities
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CY2023Q4 us-gaap Accrued Professional Fees Current
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AccruedRoyaltiesCurrent
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CY2023Q4 us-gaap Accrued Royalties Current
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CY2023Q4 us-gaap Contract With Customer Refund Liability Current
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2385000
CY2024Q3 altr Accrued Defined Contribution Plan Liabilities Current
AccruedDefinedContributionPlanLiabilitiesCurrent
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CY2023Q4 altr Accrued Defined Contribution Plan Liabilities Current
AccruedDefinedContributionPlanLiabilitiesCurrent
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DepositLiabilitiesAccruedInterest
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CY2023Q4 us-gaap Deposit Liabilities Accrued Interest
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CY2024Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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2473000
CY2024Q3 us-gaap Other Sundry Liabilities Current
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CY2023Q4 us-gaap Other Sundry Liabilities Current
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CY2024Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2024Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
17720000
CY2023Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
15815000
CY2024Q3 altr Income Tax Reserves
IncomeTaxReserves
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CY2023Q4 altr Income Tax Reserves
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CY2024Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
14166000
CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
12870000
CY2024Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
4762000
CY2023Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
2212000
CY2024Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
53254000
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
47151000
CY2024Q3 altr Interest Income And Other
InterestIncomeAndOther
5902000
CY2023Q3 altr Interest Income And Other
InterestIncomeAndOther
4823000
altr Interest Income And Other
InterestIncomeAndOther
17520000
altr Interest Income And Other
InterestIncomeAndOther
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CY2024Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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altr Incremental Common Shares Attributable To Dilutive Shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 us-gaap Income Tax Expense Benefit
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altr Effective Income Tax Rate Reconciliation Reconciling Items Discrete Benefits Amount
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us-gaap Number Of Reportable Segments
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CY2024Q3 altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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CY2024Q3 altr Special Adjustments Interest Income And Other
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CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q3 us-gaap Interest And Other Income
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CY2024Q3 altr Currency Gains On Acquisition Related Intercompany Loans
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CY2023Q3 altr Currency Gains On Acquisition Related Intercompany Loans
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us-gaap Interest And Other Income
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altr Currency Losses On Acquisition Related Intercompany Loans
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us-gaap Interest And Other Income
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altr Currency Losses On Acquisition Related Intercompany Loans
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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