$ALTR
Altair Engineering Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018021098 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $95.57M $81.65M
YoY Change 17.05% 5.33%
Cost Of Revenue $29.46M $26.92M
YoY Change 9.43% 6.4%
Gross Profit $63.90M $54.73M
YoY Change 16.77% 4.9%
Gross Profit Margin 66.87% 67.03%
Selling, General & Admin $37.39M $40.63M
YoY Change -7.97% 32.77%
% of Gross Profit 58.51% 74.24%
Research & Development $24.74M $22.84M
YoY Change 8.35% 27.59%
% of Gross Profit 38.72% 41.73%
Depreciation & Amortization $3.982M $1.500M
YoY Change 165.47% -41.86%
% of Gross Profit 6.23% 2.74%
Operating Expenses $63.73M $61.89M
YoY Change 2.98% 27.34%
Operating Profit $175.0K -$7.158M
YoY Change -102.44% -298.01%
Interest Expense $45.00K $548.0K
YoY Change -91.79% -374.0%
% of Operating Profit 25.71%
Other Income/Expense, Net $176.0K -$427.0K
YoY Change -141.22%
Pretax Income $306.0K -$8.133M
YoY Change -103.76% -332.37%
Income Tax $1.386M -$887.0K
% Of Pretax Income 452.94%
Net Earnings -$1.080M -$7.246M
YoY Change -85.1% -393.12%
Net Earnings / Revenue -1.13% -8.87%
Basic Earnings Per Share -$0.02 -$0.14
Diluted Earnings Per Share -$0.02 -$0.14
COMMON SHARES
Basic Shares Outstanding 65.58M
Diluted Shares Outstanding 65.58M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $199.2M $17.40M
YoY Change 1044.83%
Cash & Equivalents $199.6M $17.69M
Short-Term Investments
Other Short-Term Assets $13.30M $10.00M
YoY Change 33.0%
Inventory $1.800M $1.700M
Prepaid Expenses
Receivables $73.80M $61.50M
Other Receivables $7.300M $12.00M
Total Short-Term Assets $295.4M $102.6M
YoY Change 187.91%
LONG-TERM ASSETS
Property, Plant & Equipment $30.10M $29.40M
YoY Change 2.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $500.0K
YoY Change
Other Assets $23.70M $73.90M
YoY Change -67.93%
Total Long-Term Assets $142.4M $163.0M
YoY Change -12.64%
TOTAL ASSETS
Total Short-Term Assets $295.4M $102.6M
Total Long-Term Assets $142.4M $163.0M
Total Assets $437.8M $265.6M
YoY Change 64.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.000M $6.400M
YoY Change -6.25%
Accrued Expenses $37.80M $34.10M
YoY Change 10.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $10.60M
YoY Change -96.23%
Total Short-Term Liabilities $210.3M $181.9M
YoY Change 15.61%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $60.50M
YoY Change -98.84%
Other Long-Term Liabilities $20.90M $62.00M
YoY Change -66.29%
Total Long-Term Liabilities $21.60M $122.5M
YoY Change -82.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.3M $181.9M
Total Long-Term Liabilities $21.60M $122.5M
Total Liabilities $233.7M $304.7M
YoY Change -23.3%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $294.8M -$39.10M
YoY Change
Total Liabilities & Shareholders Equity $437.8M $265.6M
YoY Change 64.83%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.080M -$7.246M
YoY Change -85.1% -393.12%
Depreciation, Depletion And Amortization $3.982M $1.500M
YoY Change 165.47% -41.86%
Cash From Operating Activities $10.62M $6.920M
YoY Change 53.47% 126.14%
INVESTING ACTIVITIES
Capital Expenditures -$3.830M -$3.370M
YoY Change 13.65% 58.22%
Acquisitions
YoY Change
Other Investing Activities -$5.810M -$5.330M
YoY Change 9.01% 46.83%
Cash From Investing Activities -$9.650M -$8.690M
YoY Change 11.05% 50.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 136.4M 2.160M
YoY Change 6215.74% -60.0%
NET CHANGE
Cash From Operating Activities 10.62M 6.920M
Cash From Investing Activities -9.650M -8.690M
Cash From Financing Activities 136.4M 2.160M
Net Change In Cash 137.4M 390.0K
YoY Change 35128.21% -85.56%
FREE CASH FLOW
Cash From Operating Activities $10.62M $6.920M
Capital Expenditures -$3.830M -$3.370M
Free Cash Flow $14.45M $10.29M
YoY Change 40.43% 98.27%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.47%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;text-transform:none;font-weight:bold;font-family:Times New Roman;font-style:normal;font-variant: normal;"><font style="font-size:10pt;text-transform:none;font-weight:bold;font-family:Times New Roman;font-style:normal;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;text-transform:none;font-weight:bold;font-style:normal;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Organization and description of business</p></td></tr></table></div> <p style="text-align:left;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Altair Engineering Inc. (&#8220;Altair&#8221; or the &#8220;Company&#8221;) is incorporated in the state of Delaware. The Company is a provider of enterprise-class engineering software enabling innovation across the entire product lifecycle from concept design to in-service operation. <font style="color:#000000;">Altair transforms design and decision making by applying simulation, machine learning, and optimization throughout product lifecycles.</font> The Company is headquartered in Troy, Michigan.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Follow-on public offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2018, the Company closed its follow-on public offering (the &#8220;Offering&#8221;), in which the Company issued and sold 4,056,004 shares of Class A common stock (inclusive of 763,424 shares sold upon the exercise by the underwriters of their option to purchase additional shares of our Class A common stock). The price per share to the public was $35.00. The Company received aggregate proceeds of $135.6 million from the Offering, net of underwriters&#8217; discounts and commissions, before deducting offering costs of approximately $0.4 million. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Offering also included the sale of 2,307,420 shares of Class A common stock by selling stockholders, giving effect to the conversion of 1,675,420 shares of the Company&#8217;s Class B common stock into an equivalent number of shares of Class A common stock and the exercise of 257,000 options to purchase Class A common stock. The Company did not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders other than the $0.5 million in proceeds from exercises of stock options by certain selling stockholders.&nbsp;&nbsp;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></div>
us-gaap Goodwill Acquired During Period
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CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
69105000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
68500000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38993000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
37054000
CY2018Q2 us-gaap Depreciation
Depreciation
2000000
CY2017Q2 us-gaap Depreciation
Depreciation
1500000
us-gaap Depreciation
Depreciation
3600000
us-gaap Depreciation
Depreciation
3000000
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
356000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
365000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7811000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8267000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9600000
CY2018Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1786000
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1980000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-2100000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-9400000
CY2018Q2 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
540000
CY2017Q4 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
832000
CY2018Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
202000
CY2017Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
119000
CY2018Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
4696000
CY2017Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
6029000
CY2018Q2 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
7676000
CY2017Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
7670000
CY2018Q2 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
1818000
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
1620000
CY2018Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
3980000
CY2017Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
8357000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
96000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1247000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
41616000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19380000
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
22236000
CY2018Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
44226000
CY2018Q2 altr Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
19380000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37884000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16161000
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
21723000
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
40622000
CY2017Q4 altr Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
16161000
CY2018Q2 altr Accrued Value Added Taxes
AccruedValueAddedTaxes
4048000
CY2017Q4 altr Accrued Value Added Taxes
AccruedValueAddedTaxes
3916000
CY2018Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
3395000
CY2017Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
2037000
CY2018Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2849000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2500000
CY2018Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1941000
CY2017Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3724000
CY2018Q2 altr Accrued Defined Contribution Plan Liabilities Current
AccruedDefinedContributionPlanLiabilitiesCurrent
1131000
CY2017Q4 altr Accrued Defined Contribution Plan Liabilities Current
AccruedDefinedContributionPlanLiabilitiesCurrent
1274000
CY2018Q2 altr Government Grants Current
GovernmentGrantsCurrent
829000
CY2017Q4 altr Government Grants Current
GovernmentGrantsCurrent
712000
CY2018Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
812000
CY2017Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
601000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
434000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11168000
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-217000
CY2017Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-473000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
580000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-917000
CY2018Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
393000
CY2017Q2 us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
46000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
496000
us-gaap Other Nonoperating Gains Losses
OtherNonoperatingGainsLosses
131000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.11
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.15
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-1000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-14900000
CY2018Q2 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
900000
us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
3100000
CY2017Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
7500000
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
9400000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-1769000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-40000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
7000
altr Receivable Eliminated Period
ReceivableEliminatedPeriod
2018-05
CY2014Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
400000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q2 altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
7305000
CY2017Q2 altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
4147000
altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
14979000
altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
7056000
CY2018Q2 altr Interest Income And Other
InterestIncomeAndOther
-536000
CY2017Q2 altr Interest Income And Other
InterestIncomeAndOther
2046000
altr Interest Income And Other
InterestIncomeAndOther
719000
altr Interest Income And Other
InterestIncomeAndOther
2131000
CY2018Q2 altr Depreciation Depletion And Amortization Expense Include Debt Issuance Costs Amortization
DepreciationDepletionAndAmortizationExpenseIncludeDebtIssuanceCostsAmortization
3982000
CY2017Q2 altr Depreciation Depletion And Amortization Expense Include Debt Issuance Costs Amortization
DepreciationDepletionAndAmortizationExpenseIncludeDebtIssuanceCostsAmortization
2610000
altr Depreciation Depletion And Amortization Expense Include Debt Issuance Costs Amortization
DepreciationDepletionAndAmortizationExpenseIncludeDebtIssuanceCostsAmortization
7525000
altr Depreciation Depletion And Amortization Expense Include Debt Issuance Costs Amortization
DepreciationDepletionAndAmortizationExpenseIncludeDebtIssuanceCostsAmortization
5084000
CY2018Q2 altr Impairment Charge Recognized In Nonrecurring Adjustmen For Royalty Contracts
ImpairmentChargeRecognizedInNonrecurringAdjustmenForRoyaltyContracts
900000
altr Impairment Charge Recognized In Nonrecurring Adjustmen For Royalty Contracts
ImpairmentChargeRecognizedInNonrecurringAdjustmenForRoyaltyContracts
1800000
altr Income Recognized In Nonrecurring Adjustment For Change In Estimated Legal Expenses
IncomeRecognizedInNonrecurringAdjustmentForChangeInEstimatedLegalExpenses
2000000
CY2017Q2 altr Income Recognized In Nonrecurring Adjustment For Change In Estimated Legal Expenses
IncomeRecognizedInNonrecurringAdjustmentForChangeInEstimatedLegalExpenses
2000000
altr Income Recognized In Nonrecurring Adjustment For Change In Estimated Legal Expenses
IncomeRecognizedInNonrecurringAdjustmentForChangeInEstimatedLegalExpenses
2000000

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