$ALTR
Altair Engineering Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021054530 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $121.3M $106.5M $98.56M
YoY Change 13.95% 6.03% -7.69%
Cost Of Revenue $31.47M $29.00M $25.10M
YoY Change 8.5% -8.64% -19.09%
Gross Profit $89.84M $77.40M $73.50M
YoY Change 16.07% 12.72% -2.97%
Gross Profit Margin 74.06% 72.71% 74.57%
Selling, General & Admin $52.88M $47.90M $46.10M
YoY Change 10.39% 3.02% 0.06%
% of Gross Profit 58.85% 61.89% 62.72%
Research & Development $35.86M $30.70M $29.00M
YoY Change 16.82% 3.48% -2.78%
% of Gross Profit 39.92% 39.66% 39.46%
Depreciation & Amortization $6.175M $5.623M $5.633M
YoY Change 9.82% 4.75% 6.81%
% of Gross Profit 6.87% 7.26% 7.66%
Operating Expenses $91.85M $80.90M $77.80M
YoY Change 13.53% 2.18% -1.46%
Operating Profit -$2.004M -$3.500M -$4.300M
YoY Change -42.74% -66.69% 34.29%
Interest Expense $3.037M $2.934M $2.843M
YoY Change 3.51% 7.63% 381.86%
% of Operating Profit
Other Income/Expense, Net -$124.0K $782.0K -$320.0K
YoY Change -115.86% 32.99% -163.37%
Pretax Income -$5.087M -$5.575M -$7.455M
YoY Change -8.75% -55.91% 126.8%
Income Tax $3.022M $2.930M $2.768M
% Of Pretax Income
Net Earnings -$8.109M -$8.505M -$10.22M
YoY Change -4.66% -46.64% 227.66%
Net Earnings / Revenue -6.68% -7.99% -10.37%
Basic Earnings Per Share -$0.11 -$0.12 -$0.14
Diluted Earnings Per Share -$0.11 -$0.12 -$0.14
COMMON SHARES
Basic Shares Outstanding 75.75M 73.31M 73.00M
Diluted Shares Outstanding 75.75M 73.31M 73.00M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $455.9M $245.4M $250.5M
YoY Change 85.76% -0.61% -0.52%
Cash & Equivalents $455.9M $245.4M $250.5M
Short-Term Investments
Other Short-Term Assets $26.02M $18.80M $16.50M
YoY Change 38.39% 2.17% -9.84%
Inventory $2.700M $2.800M
Prepaid Expenses
Receivables $88.70M $88.50M $79.20M
Other Receivables $8.929M $7.100M $5.700M
Total Short-Term Assets $579.5M $359.8M $352.0M
YoY Change 61.06% -0.32% -3.39%
LONG-TERM ASSETS
Property, Plant & Equipment $38.71M $34.40M $34.46M
YoY Change 12.53% 2.02% 1.19%
Goodwill $268.9M $270.7M $233.5M
YoY Change -0.65% 28.58% 10.09%
Intangibles $61.54M $56.74M $58.18M
YoY Change 8.46% -6.91% -10.32%
Long-Term Investments
YoY Change
Other Assets $34.92M $24.80M $26.20M
YoY Change 40.82% 36.27% 33.9%
Total Long-Term Assets $435.0M $419.9M $384.8M
YoY Change 3.59% 18.03% 5.32%
TOTAL ASSETS
Total Short-Term Assets $579.5M $359.8M $352.0M
Total Long-Term Assets $435.0M $419.9M $384.8M
Total Assets $1.014B $779.7M $736.8M
YoY Change 30.11% 8.79% 0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $5.400M $4.800M
YoY Change -9.26% -34.83% -25.72%
Accrued Expenses $57.37M $56.10M $52.60M
YoY Change 2.27% 14.02% 2.33%
Deferred Revenue $73.06M
YoY Change 8.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $196.8M $400.0K $500.0K
YoY Change 49099.0% 0.0% 0.0%
Total Short-Term Liabilities $347.9M $149.5M $146.1M
YoY Change 132.71% 4.36% 3.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $215.9M $183.4M
YoY Change -100.0% 22.95% 5.89%
Other Long-Term Liabilities $32.64M $21.12M $19.99M
YoY Change 54.53% -17.58% -24.17%
Total Long-Term Liabilities $32.64M $21.12M $19.99M
YoY Change 54.53% -17.58% -24.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.9M $149.5M $146.1M
Total Long-Term Liabilities $32.64M $21.12M $19.99M
Total Liabilities $411.4M $419.5M $166.1M
YoY Change -1.92% 13.07% -54.82%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7M
YoY Change
Common Stock $711.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $602.3M $359.5M $355.0M
YoY Change
Total Liabilities & Shareholders Equity $1.014B $779.7M $736.8M
YoY Change 30.11% 8.79% 0.97%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$8.109M -$8.505M -$10.22M
YoY Change -4.66% -46.64% 227.66%
Depreciation, Depletion And Amortization $6.175M $5.623M $5.633M
YoY Change 9.82% 4.75% 6.81%
Cash From Operating Activities $872.0K -$6.020M $5.360M
YoY Change -114.49% 223.66% -18.17%
INVESTING ACTIVITIES
Capital Expenditures -$1.420M -$1.480M -$880.0K
YoY Change -4.05% -6.33% -57.69%
Acquisitions
YoY Change
Other Investing Activities -$5.711M -$30.00M -$2.190M
YoY Change -80.96% 217.39%
Cash From Investing Activities -$7.131M -$31.48M -$3.070M
YoY Change -77.35% 1879.87% 10.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 203.1M 30.42M 190.0K
YoY Change 567.51% -17000.0% -99.91%
NET CHANGE
Cash From Operating Activities 872.0K -6.020M 5.360M
Cash From Investing Activities -7.131M -31.48M -3.070M
Cash From Financing Activities 203.1M 30.42M 190.0K
Net Change In Cash 196.8M -7.080M 2.480M
YoY Change -2879.62% 95.04% -98.83%
FREE CASH FLOW
Cash From Operating Activities $872.0K -$6.020M $5.360M
Capital Expenditures -$1.420M -$1.480M -$880.0K
Free Cash Flow $2.292M -$4.540M $6.240M
YoY Change -150.48% 1521.43% -27.69%

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:2.5%;white-space:nowrap" valign="top"> <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;"><span style="font-size:10pt;text-transform:none;font-weight:bold;font-family:Times New Roman;font-style:normal;font-variant: normal;">1.</span></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. (“Altair” or the “Company”) is incorporated in the state of Delaware. The Company is a global technology company providing software and cloud solutions in the areas of simulation, high-performance computing (“HPC”), data analytics, and artificial intelligence (“AI”). <span style="color:#000000;">Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future.</span> The Company is headquartered in Troy, Michigan.</p> <p style="margin-top:18pt;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;">Basis of presentation</p> <p style="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;">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, 2020, included in the most recent Annual Report on Form 10-K filed with the SEC. </p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, retirement obligations, useful lives of intangible assets, revenue for fixed price contracts, and stock-based compensation. Actual results could differ from those estimates.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Significant accounting policies</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There have been no material changes to our significant accounting policies as of and for the nine months ended September 30, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2020. </p>
CY2020Q3 altr Revenue Remaining Performance Obligation Expected To Be Recognized Percentage
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0.83
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, retirement obligations, useful lives of intangible assets, revenue for fixed price contracts, and stock-based compensation. Actual results could differ from those estimates.</p>
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RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligationExpectedToBeRecognizedPercentage
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Goodwill
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us-gaap Goodwill Acquired During Period
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altr Goodwill Effect Of Foreign Currency Translation Gain Loss And Other
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CY2021Q3 us-gaap Goodwill
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CY2021Q3 us-gaap Finite Lived Intangible Assets Net
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CY2021Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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IntangibleAssetsNetExcludingGoodwill
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FiniteLivedIntangibleAssetsGross
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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NetIncomeLoss
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DebtInstrumentUnamortizedDiscount
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CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3588000
CY2020Q4 us-gaap Deferred Finance Costs Net
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CY2021Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
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ShareBasedCompensation
10933000
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6234000
us-gaap Share Based Compensation
ShareBasedCompensation
31229000
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ShareBasedCompensation
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NetIncomeLoss
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NetIncomeLoss
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75226000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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EffectiveIncomeTaxRateContinuingOperations
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EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Tax Adjustments Settlements And Unusual Provisions
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Number Of Reportable Segments
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CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2021Q3 altr Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2021Q3 us-gaap Share Based Compensation
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ShareBasedCompensation
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ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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InterestExpense
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InterestExpense
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InterestExpense
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InterestExpense
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DepreciationDepletionAndAmortization
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CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5623000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19355000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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RestructuringCharges
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us-gaap Restructuring Charges
RestructuringCharges
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CY2021Q3 altr Interest Income And Other
InterestIncomeAndOther
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CY2020Q3 altr Interest Income And Other
InterestIncomeAndOther
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altr Interest Income And Other
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altr Interest Income And Other
InterestIncomeAndOther
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CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020Q3 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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-2973000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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1000000.0
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1000000.0
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SeveranceCosts1
600000

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