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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number: 001-38263

 

ALTAIR ENGINEERING INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

38-2591828

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

1820 East Big Beaver Road, Troy, Michigan

 

48083

(Address of principal executive offices)

 

(Zip Code)

(248) 614-2400

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock $0.0001 par value per share

ALTR

The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

On October 21, 2019 there were 40,473,100 shares of the registrant’s Class A common stock outstanding and 31,300,732 shares of the registrant’s Class B common stock outstanding.

 

  

 

 


ALTAIR ENGINEERING INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2019

INDEX

 

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

Item 1.

 

Financial Statements – Unaudited

 

3

 

 

 

 

 

 

 

 

 

 

 

a)

 

Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

 

 

 

 

b)

 

Consolidated Statements of Operations

 

4

 

 

 

 

 

 

 

 

 

 

 

c)

 

Consolidated Statements of Comprehensive Income (Loss)

 

5

 

 

 

 

 

 

 

 

 

 

 

d)

 

Consolidated Statements of Changes in Stockholders’ Equity

 

6

 

 

 

 

 

 

 

 

 

 

 

e)

 

Consolidated Statements of Cash Flows

 

8

 

 

 

 

 

 

 

 

 

 

 

f)

 

Notes to Consolidated Financial Statements

 

9

 

 

 

 

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

33

 

 

 

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

 

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

52

 

 

 

 

 

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

 

 

 

 

 

 

 

 

 

Item 1A.

 

Risk Factors

 

53

 

 

 

 

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

56

 

 

 

 

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

56

 

 

 

 

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

56

 

 

 

 

 

 

 

 

 

Item 5.

 

Other Information

 

56

 

 

 

 

 

 

 

 

 

Item 6.

 

Exhibits

 

57

 

 

 

 

 

 

 

 

SIGNATURES

 

 

 

 

 

58

 

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

September 30, 2019

 

 

December 31, 2018

 

(In thousands)

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

246,937

 

 

$

35,345

 

Accounts receivable, net

 

 

84,062

 

 

 

96,803

 

Income tax receivable

 

 

11,551

 

 

 

4,431

 

Prepaid expenses and other current assets

 

 

18,398

 

 

 

17,455

 

Total current assets

 

 

360,948

 

 

 

154,034

 

Property and equipment, net

 

 

33,720

 

 

 

30,153

 

Operating lease right of use assets

 

 

26,507

 

 

 

 

Goodwill

 

 

210,500

 

 

 

210,532

 

Other intangible assets, net

 

 

60,956

 

 

 

69,836

 

Deferred tax assets

 

 

5,870

 

 

 

5,354

 

Other long-term assets

 

 

18,199

 

 

 

17,288

 

TOTAL ASSETS

 

$

716,700

 

 

$

487,197

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

437

 

 

$

331

 

Accounts payable

 

 

8,286

 

 

 

8,357

 

Accrued compensation and benefits

 

 

28,839

 

 

 

31,740

 

Current portion of operating lease liabilities

 

 

8,891

 

 

 

 

Other accrued expenses and current liabilities

 

 

27,426

 

 

 

27,039

 

Deferred revenue

 

 

69,377

 

 

 

59,765

 

Total current liabilities

 

 

143,256

 

 

 

127,232

 

Long-term debt, net of current portion

 

 

175,624

 

 

 

31,417

 

Operating lease liabilities, net of current portion

 

 

18,831

 

 

 

 

Deferred revenue, non-current

 

 

7,666

 

 

 

6,754

 

Other long-term liabilities

 

 

25,630

 

 

 

25,756

 

TOTAL LIABILITIES

 

 

371,007

 

 

 

191,159

 

Commitments and contingencies

 

 

 

 

 

 

 

 

MEZZANINE EQUITY

 

 

2,352

 

 

 

2,352

 

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 40,354

   and 38,349 shares as of September 30, 2019 and December 31, 2018, respectively

 

 

4

 

 

 

4

 

Class B common stock, authorized 41,203 shares, issued and outstanding 31,391

   and 32,171 shares as of September 30, 2019 and December 31, 2018, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

436,197

 

 

 

379,832

 

Accumulated deficit

 

 

(80,903

)

 

 

(74,863

)

Accumulated other comprehensive loss

 

 

(11,960

)

 

 

(11,290

)

TOTAL STOCKHOLDERS’ EQUITY

 

 

343,341

 

 

 

293,686

 

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

 

$

716,700

 

 

$

487,197

 

 

See accompanying notes to consolidated financial statements.

 

 

 

3


 

 

ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except per share data)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

 

$

46,853

 

 

$

40,880

 

 

$

180,127

 

 

$

154,515

 

Maintenance and other services

 

 

30,963

 

 

 

23,302

 

 

 

85,388

 

 

 

69,943

 

Total software

 

 

77,816

 

 

 

64,182

 

 

 

265,515

 

 

 

224,458

 

Software related services

 

 

7,956

 

 

 

8,692

 

 

 

25,635

 

 

 

26,872

 

Total software and related services

 

 

85,772

 

 

 

72,874

 

 

 

291,150

 

 

 

251,330

 

Client engineering services

 

 

12,803

 

 

 

12,155

 

 

 

37,265

 

 

 

36,652

 

Other

 

 

1,831

 

 

 

1,722

 

 

 

6,623

 

 

 

5,386

 

Total revenue

 

 

100,406

 

 

 

86,751

 

 

 

335,038

 

 

 

293,368

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License

 

 

4,371

 

 

 

2,736

 

 

 

13,146

 

 

 

10,534

 

Maintenance and other services

 

 

9,548

 

 

 

7,095

 

 

 

27,509

 

 

 

22,202

 

Total software

 

 

13,919

 

 

 

9,831

 

 

 

40,655

 

 

 

32,736

 

Software related services

 

 

6,013

 

 

 

6,352

 

 

 

19,143

 

 

 

19,573

 

Total software and related services

 

 

19,932

 

 

 

16,183

 

 

 

59,798

 

 

 

52,309

 

Client engineering services

 

 

10,160

 

 

 

9,817

 

 

 

29,993

 

 

 

29,977

 

Other

 

 

1,649

 

 

 

1,204

 

 

 

5,858

 

 

 

3,416

 

Total cost of revenue

 

 

31,741

 

 

 

27,204

 

 

 

95,649

 

 

 

85,702

 

Gross profit

 

 

68,665

 

 

 

59,547

 

 

 

239,389

 

 

 

207,666

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

29,667

 

 

 

24,301

 

 

 

87,012

 

 

 

71,748

 

Sales and marketing

 

 

25,790

 

 

 

19,243

 

 

 

78,462

 

 

 

57,849

 

General and administrative

 

 

20,706

 

 

 

17,234

 

 

 

60,886

 

 

 

51,636

 

Amortization of intangible assets

 

 

3,545

 

 

 

1,739

 

 

 

10,673

 

 

 

5,665

 

Other operating income, net

 

 

(536

)

 

 

(4,850

)

 

 

(1,702

)

 

 

(7,433

)

Total operating expenses

 

 

79,172

 

 

 

57,667

 

 

 

235,331

 

 

 

179,465

 

Operating (loss) income

 

 

(10,507

)

 

 

1,880

 

 

 

4,058

 

 

 

28,201

 

Interest expense

 

 

2,726

 

 

 

31

 

 

 

3,586

 

 

 

92

 

Other income, net

 

 

(588

)

 

 

(970

)

 

 

(703

)

 

 

(2,046

)

(Loss) income before income taxes

 

 

(12,645

)

 

 

2,819

 

 

 

1,175

 

 

 

30,155

 

Income tax expense

 

 

3,294

 

 

 

1,885

 

 

 

7,215

 

 

 

5,617

 

Net (loss) income

 

$

(15,939

)

 

$

934

 

 

$

(6,040

)

 

$

24,538

 

Income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to common

  stockholders, basic

 

$

(0.22

)

 

$

0.01

 

 

$

(0.08

)

 

$

0.37

 

Net (loss) income per share attributable to common

  stockholders, diluted

 

$

(0.22

)

 

$

0.01

 

 

$

(0.08

)

 

$

0.33

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing

  net (loss) income per share, basic

 

 

71,770

 

 

 

70,001

 

 

 

71,313

 

 

 

66,429

 

Weighted average number of shares used in computing

  net (loss) income per share, diluted

 

 

71,770

 

 

 

76,709

 

 

 

71,313

 

 

 

74,182

 

 

See accompanying notes to consolidated financial statements.

 

 

4


 

ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (loss) income

 

$

(15,939

)

 

$

934

 

 

$

(6,040

)

 

$

24,538

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (net of tax effect of $0 for

   all periods)

 

 

(2,988

)

 

 

(1,149

)

 

 

(1,046

)

 

 

(4,161

)

Retirement related benefit plans (net of tax effect of $0

  $(9), $0 and $(16), respectively)

 

 

132

 

 

 

36

 

 

 

376

 

 

 

142

 

Total other comprehensive loss

 

 

(2,856

)

 

 

(1,113

)

 

 

(670

)

 

 

(4,019

)

Comprehensive (loss) income

 

$

(18,795

)

 

$

(179

)

 

$

(6,710

)

 

$

20,519

 

 

See accompanying notes to consolidated financial statements.

 

 

 

5


 

ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Common stock

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

 

 

Class A

 

 

Class B

 

 

paid-in

 

 

Accumulated

 

 

comprehensive

 

 

stockholders’

 

(in thousands)

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

loss

 

 

equity

 

Balance at January 1, 2019

 

 

38,349

 

 

$

4

 

 

 

32,171

 

 

$

3

 

 

$

379,832

 

 

$

(74,863

)

 

$

(11,290

)

 

$

293,686

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,019

 

 

 

 

 

 

13,019

 

Exercise of stock options

 

 

397

 

 

 

 

 

 

 

 

 

 

 

 

458

 

 

 

 

 

 

 

 

 

458

 

Vesting of restricted stock

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

869

 

 

 

 

 

 

 

 

 

869

 

Foreign currency translation, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

337

 

 

 

337

 

Retirement related benefit plans, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228

 

 

 

228

 

Balance at March 31, 2019

 

 

38,760

 

 

 

4

 

 

 

32,171

 

 

 

3

 

 

 

381,159

 

 

 

(61,844

)

 

 

(10,725

)

 

 

308,597

 

Net loss