UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

            
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2015

            
ALTERA CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
 
0-16617
 
77-0016691
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
101 Innovation Drive, San Jose, California
 
95134
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code: (408) 544-7000

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))













Item 2.02. Results of Operations and Financial Condition.
On July 23, 2015, Altera Corporation (the "Company") issued a press release announcing its financial results for the second quarter of 2015. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 8.01. Other Events.
On July 20, 2015, the Company's board of directors declared a quarterly cash dividend of $0.18 per common share. The quarterly dividend will be paid on September 1, 2015 to stockholders of record on August 10, 2015.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
 

99.1 Press release dated July 23, 2015





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALTERA CORPORATION
 
/s/ RONALD J. PASEK

Ronald J. Pasek
Senior Vice President, Finance and Chief Financial Officer
Dated: July 23, 2015




EXHIBIT INDEX 
 
Exhibit No.       Description 
99.1 
Press release dated July 23, 2015















INVESTOR CONTACT
 
MEDIA CONTACT
Scott Wylie - Vice President
 
Sue Martenson - Senior Manager
Investor Relations
 
Public Relations
(408) 544-6996
 
(408) 544-8158
swylie@altera.com
 
newsroom@altera.com


ALTERA ANNOUNCES SECOND QUARTER RESULTS


San Jose, Calif., July 23, 2015 — Altera Corporation (NASDAQ: ALTR) today announced second quarter sales of $414.2 million, down 5 percent from the first quarter of 2015 and down 16 percent from the second quarter of 2014. Second quarter net income was $70.3 million, $0.23 per diluted share, compared with net income of $94.9 million, $0.31 per diluted share, in the first quarter of 2015 and $127.0 million, $0.41 per diluted share, in the second quarter of 2014.

Year-to-date cash flow from operating activities was $225.9 million. Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on September 1, 2015 to shareholders of record on August 10, 2015.

"Our wireless customers reduced demand on us this quarter, as expected, in reaction to continuing adverse market conditions. This pause in wireless spend more than offset growth across many of our vertical markets," said John Daane, president, chief executive officer, and chairman of the board. "The most important news for the second quarter was the June 1st announcement of an agreement for Intel to acquire Altera. Over the past several years we have worked closely with Intel, the world's largest semiconductor company and a proven technology leader. Through that interaction, we understand well the benefits this transaction will bring to our customers through development of innovative market-leading FPGAs and SoCs that will be enabled by Intel and Altera joining forces."


 



1



Second Quarter Business Summary

As previously forecasted, Altera's sales declined sequentially with Telecom and Wireless sales down sharply, attributable in large measure to the company's wireless business. With a few exceptions, there was broad growth across the remainder of the company. Gross margin was 69.4%, significantly improved from first quarter levels, as a result of favorable vertical market mix. Operating expense increased sequentially, largely the result of $18.5 million in merger-related expenses. The company's tax rate was 17.7%, higher than anticipated, largely due to adverse geographic mix of earnings. Altera did not repurchase any of its shares during the quarter.

In light of the company's pending acquisition by Intel, Altera will no longer provide forward-looking guidance.

Recent accomplishments mark Altera's continuing progress:

•
Altera has revealed architectural and product details of its Stratix® 10 FPGAs and SoCs, the next generation of high-end programmable logic devices, delivering breakthrough levels of performance, integration, density and security.
◦
Stratix 10 FPGAs and SoCs leverage Altera’s revolutionary HyperFlex™ FPGA fabric architecture, the FPGA industry’s most significant fabric architecture innovation in over a decade. The HyperFlex fabric and Altera's use of Intel's® 14 nm Tri-Gate process, with its full process node advantage, provides 2X higher core performance over Altera's previous high-end family.
◦
All members of the Stratix 10 FPGA and SoC family leverage heterogeneous 3D SiP (System in Package) integration to efficiently and economically integrate a high-density monolithic FPGA core fabric (up to 5.5M logic elements) with other advanced components, thereby increasing the scalability and flexibility of Stratix 10 FPGAs and SoCs. Altera’s heterogeneous SiP integration is enabled through the use of Intel’s proprietary EMIB (Embedded Multi-die Interconnect Bridge) technology, which provides higher performance, reduced complexity, lower cost and enhanced signal integrity compared with interposer-based approaches.
◦
All densities in the Stratix 10 family will also be available with an integrated 64-bit ARM® quad-core CortexTM-A53 hard processor system. With these Stratix10 SoCs, Altera will extend its industry leadership position as the only vendor to offer high-end SoC FPGAs.


•
Altera has announced its Spectra-Q™ engine, a new technology at the heart of the company’s proven Quartus® II software, to improve design productivity and time-to-market for next-generation programmable devices. As FPGAs and SoCs deliver dramatically increased capabilities with multi-million logic element devices, the Spectra-Q engine is a combination of software technologies that dramatically accelerate the design process by reducing design iterations, while continuing to deliver the industry's fastest compile times. The Spectra-Q engine features faster algorithms and allows for incremental design changes without needing to perform a full design compile. Built on top of the Spectra-Q engine is an industry-first platform design tool called BluePrint that allows designers to assign interfaces with greater efficiency. This tool reduces design iterations by 10X compared to the number of design iterations without the use of this tool by allowing designers to explore and create legal IO placements up-front with real-time fitter-checking. The Spectra-Q engine is available today to early access customers.


2


•
Altera has joined the Industrial Internet Consortium, a collaborative industry organization facilitating development of a global ecosystem for the Internet of Things (IoT). Founded by AT&T, Cisco, General Electric, IBM and Intel in March 2014, the Industrial Internet Consortium catalyzes and coordinates the priorities and enabling technologies of the Industrial Internet. Altera FPGA, SoC and power products already play a significant role in enabling connectivity in RF wireless systems and machine-to-machine communication networks. Programmable logic is applied extensively in factory automation and smart grid applications, supporting high-performance control and analytics that enhance the efficiency, safety and security in advanced manufacturing and power systems. FPGAs are also being deployed in next-generation automotive and medical IoT systems, and in smart city applications, such as intelligent lighting and traffic management systems that incorporate high-performance embedded vision and video analytics capabilities.

















3


SELECTED SECOND QUARTER RATIOS AND RELATED RESULTS


($ in thousands) Key Ratios & Information
 
June 26, 2015
 
March 27, 2015
Current Ratio
 
5:1

 
5:1

Liabilities/Equity
 
3:4

 
3:4

Quarterly Operating Cash Flows
 
$
89,220

 
$
136,633

TTM Return on Equity
 
12
%
 
13
%
Quarterly Depreciation Expense
 
$
11,985

 
$
12,777

Quarterly Capital Expenditures
 
$
7,696

 
$
33,245

Inventory MSOH (1): Altera
 
4.2

 
3.0

Inventory MSOH (1): Distribution
 
0.7

 
0.7

Cash Conversion Cycle (Days)
 
162

 
149

Turns
 
46
%
 
41
%
Book to Bill
 
<1.0

 
<1.0

 
 
 
 
 
Note (1): MSOH: Months Supply On Hand
 
 
 
 

                



4



ALTERA CORPORATION
NET SALES SUMMARY
(Unaudited)

 
Three Months Ended
 
Quarterly Growth Rate
 
June 26,
2015
 
March 27,
2015
 
June 27,
2014
 
Sequential Change
 
Year-
Over-Year
Change
Geography
 
 
 
 
 
 
 
 
 
Americas
20
%
 
17
%
 
16
%
 
10
 %
 
6
 %
Asia Pacific
41
%
 
45
%
 
43
%
 
(11
)%
 
(18
)%
EMEA
27
%
 
27
%
 
27
%
 
(7
)%
 
(17
)%
Japan
12
%
 
11
%
 
14
%
 
3
 %
 
(28
)%
Net Sales
100
%
 
100
%
 
100
%
 
(5
)%
 
(16
)%
Product Category
 
 
 
 
 
 
 
 
 
New
53
%
 
59
%
 
53
%
 
(14
)%
 
(14
)%
Mainstream
23
%
 
19
%
 
21
%
 
13
 %
 
(11
)%
Mature and Other
24
%
 
22
%
 
26
%
 
5
 %
 
(22
)%
Net Sales
100
%
 
100
%
 
100
%
 
(5
)%
 
(16
)%
Vertical Market
 
 
 
 
 
 
 
 
 
Telecom & Wireless
31
%
 
42
%
 
46
%
 
(31
)%
 
(44
)%
Industrial Automation, Military & Automotive
27
%
 
21
%
 
21
%
 
22
 %
 
10
 %
Networking, Computer & Storage
18
%
 
17
%
 
15
%
 
3
 %
 
4
 %
Other
24
%
 
20
%
 
18
%
 
15
 %
 
11
 %
Net Sales
100
%
 
100
%
 
100
%
 
(5
)%
 
(16
)%
FPGAs and CPLDs
 
 
 
 
 
 
 
 
 
FPGA
83
%
 
84
%
 
84
%
 
(7
)%
 
(17
)%
CPLD
11
%
 
8
%
 
8
%
 
23
 %
 
11
 %
Other Products
6
%
 
8
%
 
8
%
 
(17
)%
 
(31
)%
Net Sales
100
%
 
100
%
 
100
%
 
(5
)%
 
(16
)%

Product Category Description

•
New Products include the Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II, Cyclone® V, Cyclone IV, MAX® 10, MAX V, HardCopy® IV devices and Enpirion PowerSoCs.

•
Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.

•
Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.




5


Forward-Looking Statements
 
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding absolute and relative product performance and features, Stratix® 10 FPGA competitive advantages and market expansion potential, future product availability, and the potential benefits that may be delivered through the pending acquisition of Altera by Intel. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, the risk that the acquisition of Altera by Intel will not be completed, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® 10, Arria V, Arria II, Stratix V, Stratix IV, MAX® 10 FPGAs, MAX V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

About Altera
 
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGA, SoC, CPLD products, and complementary technologies, such as power solutions, to provide high-value solutions to customers worldwide. Visit www.altera.com.
 
###
 
ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.





 
###

6


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
(In thousands, except per share amounts)
 
June 26,
2015
 
March 27,
2015
 
June 27,
2014
 
June 26,
2015
 
June 27,
2014
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
414,162

 
$
435,485

 
$
491,517

 
$
849,647

 
$
952,609

Cost of sales
 
126,590

 
156,263

 
162,391

 
282,853

 
314,259

Gross margin
 
287,572

 
279,222

 
329,126

 
566,794

 
638,350

Operating expense
 
 
 
 
 
 
 
 
 
 
Research and development expense
 
105,345

 
103,231

 
101,121

 
208,576

 
198,778

Selling, general, and administrative expense
 
75,011

 
70,506

 
78,974

 
145,517

 
153,481

Amortization of acquisition-related intangible assets
 
2,427

 
2,464

 
2,464

 
4,891

 
4,929

Merger expenses
 
18,458

 
—

 
—

 
18,458

 
—

Total operating expense
 
201,241

 
176,201

 
182,559

 
377,442

 
357,188

Operating margin (2)
 
86,331

 
103,021

 
146,567

 
189,352

 
281,162

Compensation expense — deferred compensation plan
 
2,732

 
27

 
3,126

 
2,759

 
4,580

Gain on deferred compensation plan securities
 
(2,732
)
 
(27
)
 
(3,126
)
 
(2,759
)
 
(4,580
)
Interest income and other
 
(8,495
)
 
(6,596
)
 
(7,819
)
 
(15,091
)
 
(13,804
)
Gain reclassified from other comprehensive income
 
(1,463
)
 
(2,506
)
 
(43
)
 
(3,969
)
 
(91
)
Interest expense
 
10,859

 
10,408

 
10,877

 
21,267

 
21,365

Income before income taxes
 
85,430

 
101,715

 
143,552

 
187,145

 
273,692

Income tax expense
 
15,091

 
6,863

 
16,548

 
21,954

 
30,174

Net income
 
70,339

 
94,852

 
127,004

 
165,191

 
243,518

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss)/income:
 
 
 
 
 
 
 
 
 
 
Unrealized (loss)/gain on investments:
 
 
 
 
 
 
 
 
 
 
Unrealized holding (loss)/gain on investments arising during period, net of tax of ($460), $41, $23, ($419) and $46
 
(24,805
)
 
16,785

 
14,471

 
(8,020
)
 
27,031

Less: Reclassification adjustments for gain on investments included in net income, net of tax of $9, $6, $6, $15 and $10
 
(1,454
)
 
(2,500
)
 
(37
)
 
(3,954
)
 
(81
)
Other comprehensive (loss)/income
 
(26,259
)
 
14,285

 
14,434

 
(11,974
)
 
26,950

Comprehensive income
 
$
44,080

 
$
109,137

 
$
141,438

 
$
153,217

 
$
270,468

 
 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.23

 
$
0.31

 
$
0.41

 
$
0.55

 
$
0.78

Diluted
 
$
0.23

 
$
0.31

 
$
0.41

 
$
0.54

 
$
0.77

 
 
 
 
 
 
 
 
 
 
 
Shares used in computing per share amounts:
 
 

 
 
 
 

 
 
 
 
Basic
 
301,799

 
301,308

 
311,000

 
301,561

 
313,713

Diluted
 
304,604

 
303,285

 
313,513

 
303,951

 
316,145

 
 
 
 
 
 
 
 
 
 
 
Dividends per common share
 
$
0.18

 
$
0.18

 
$
0.15

 
$
0.36

 
$
0.30

 
 
 
 
 
 
 
 
 
 
 
Tax rate
 
17.7
%
 
6.7
%
 
11.5
%
 
11.7
%
 
11.0
%
% of Net sales:
 
 
 
 
 
 
 
 
 
 
Gross margin
 
69.4
%
 
64.1
%
 
67.0
%
 
66.7
%
 
67.0
%
Research and development (1)
 
26.0
%
 
24.3
%
 
21.1
%
 
25.1
%
 
21.4
%
Selling, general, and administrative
 
18.1
%
 
16.2
%
 
16.1
%
 
17.1
%
 
16.1
%
Operating margin(2)
 
20.8
%
 
23.7
%
 
29.8
%
 
22.3
%
 
29.5
%
Net income
 
17.0
%
 
21.8
%
 
25.8
%
 
19.4
%
 
25.6
%


7


Notes:
 
 
 
 
 
 
 
 
 
 
(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.

(2) We define operating margin as gross margin less research and development expense, selling, general and administrative expense, amortization of acquisition-related intangible assets, and merger expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
(In thousands, except per share amounts)
 
June 26,
2015
 
March 27,
2015
 
June 27,
2014
 
June 26,
2015
 
June 27,
2014
Operating margin (non-GAAP)
 
$
86,331

 
$
103,021

 
$
146,567

 
$
189,352

 
$
281,162

Compensation expense — deferred compensation plan
 
2,732

 
27

 
3,126

 
2,759

 
4,580

Income from operations (GAAP)
 
$
83,599

 
$
102,994

 
$
143,441

 
$
186,593

 
$
276,582



8


ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par value amount)
 
June 26,
2015
 
December 31,
2014
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,852,753

 
$
2,426,367

Short-term investments
 
221,333

 
151,519

Total cash, cash equivalents, and short-term investments
 
2,074,086

 
2,577,886

Accounts receivable, net
 
424,427

 
377,964

Inventories
 
177,654

 
153,387

Deferred income taxes — current
 
58,645

 
56,048

Deferred compensation plan — marketable securities
 
65,378

 
69,367

Deferred compensation plan — restricted cash equivalents
 
14,484

 
14,412

Other current assets
 
53,888

 
39,479

Total current assets
 
2,868,562

 
3,288,543

Property and equipment, net
 
210,980

 
194,840

Long-term investments
 
2,448,942

 
1,942,343

Deferred income taxes — non-current
 
18,669

 
20,077

Goodwill
 
74,341

 
74,341

Acquisition-related intangible assets, net
 
67,400

 
72,291

Other assets, net
 
95,562

 
81,791

Total assets
 
$
5,784,456

 
$
5,674,226

 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
51,618

 
$
49,140

Accrued liabilities
 
44,421

 
28,384

Accrued compensation and related liabilities
 
57,384

 
69,837

Deferred compensation plan obligations
 
79,862

 
83,779

Deferred income and allowances on sales to distributors
 
394,921

 
344,168

Total current liabilities
 
628,206

 
575,308

Income taxes payable — non-current
 
336,173

 
313,447

Long-term debt
 
1,493,406

 
1,492,759

Other non-current liabilities
 
6,878

 
6,886

Total liabilities
 
2,464,663

 
2,388,400

Stockholders' equity:
 
 
 
 
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 302,467 shares at June 26, 2015 and 302,430 shares at December 31, 2014
 
302

 
302

Capital in excess of par value
 
1,207,688

 
1,165,259

Retained earnings
 
2,114,132

 
2,110,620

Accumulated other comprehensive (loss)/income
 
(2,329
)
 
9,645

Total stockholders' equity
 
3,319,793

 
3,285,826

Total liabilities and stockholders' equity
 
$
5,784,456

 
$
5,674,226

 
 
 
 
 

9


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
Six Months Ended
 (In thousands)
 
June 26,
2015
 
June 27,
2014
 
 
 
 
 
Cash Flows from Operating Activities:
 
 
 
 
Net income
 
$
165,191

 
$
243,518

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
27,981

 
28,731

Amortization of acquisition-related intangible assets
 
4,891

 
4,929

Amortization of debt discount and debt issuance costs
 
1,558

 
1,558

Stock-based compensation
 
42,342

 
48,068

Net gain on sale of available-for-sale securities
 
(3,969
)
 
(91
)
Amortization of investment discount/premium
 
5,243

 
1,300

Deferred income tax expense
 
1,770

 
1,573

Tax effect of employee stock plans
 
2,776

 
121

Excess tax benefit from employee stock plans
 
(2,881
)
 
(612
)
Changes in assets and liabilities:
 
 
 
 
Accounts receivable, net
 
(46,463
)
 
30,473

Inventories
 
(24,267
)
 
(12,848
)
Other assets
 
(9,990
)
 
(2,751
)
Accounts payable and other liabilities
 
6,558

 
5,703

Deferred income and allowances on sales to distributors
 
50,753

 
(72,547
)
Income taxes payable and receivable, net
 
11,036

 
30,592

Deferred compensation plan obligations
 
(6,676
)
 
(6,329
)
Net cash provided by operating activities
 
225,853

 
301,388

Cash Flows from Investing Activities:
 
 
 
 
Purchases of property and equipment
 
(43,339
)
 
(21,614
)
Sales of deferred compensation plan securities, net
 
6,676

 
6,329

Purchases of available-for-sale securities
 
(1,298,609
)
 
(204,810
)
Proceeds from sale of available-for-sale securities
 
634,838

 
58,015

Proceeds from maturity of available-for-sale securities
 
69,711

 
134,212

Purchases of intangible assets
 
(5,257
)
 
(535
)
Purchases of other investments
 
(2,000
)
 
(8,224
)
Net cash used in investing activities
 
(637,980
)
 
(36,627
)
Cash Flows from Financing Activities:
 
 

 
 

Proceeds from issuance of common stock through stock plans
 
18,709

 
22,696

Shares withheld for employee taxes
 
(17,125
)
 
(11,240
)
Payment of dividends to stockholders
 
(108,445
)
 
(94,179
)
Holdback payment for prior acquisition
 
—

 
(3,353
)
Long-term debt and credit facility issuance costs
 
—

 
(1,321
)
Repurchases of common stock
 
(57,507
)
 
(358,808
)
Excess tax benefit from employee stock plans
 
2,881

 
612

Net cash used in financing activities
 
(161,487
)
 
(445,593
)
Net decrease in cash and cash equivalents
 
(573,614
)
 
(180,832
)
Cash and cash equivalents at beginning of period
 
2,426,367

 
2,869,158

Cash and cash equivalents at end of period
 
$
1,852,753

 
$
2,688,326


10
Altair Engineering (NASDAQ:ALTR)
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