We believe Altair's solutions are compelling due to their openness and usability. These tools are all driven by simulation and machine learning algorithms. Many are large public companies, with significant financial resources. COVID-19 Altair's culture has historically embraced flexible work arrangements. Historically, our customers have been simulation engineering specialists. Billings in the automotive industry accounted for approximately 36% of our 2020 billings. In certain instances, governments deemed it necessary to reverse re-opening planning. We have historically licensed our software primarily through our direct sales force. We may pay cash, incur debt, or issue equity securities to fund an acquisition. Intellectual property disputes could result in significant costs and harm our business. Our software is complex and highly technical. We offer related software and services on a paid basis. We are subject to review and audit by the United States and other taxing authorities. On January 2, 2020, the California Consumer Privacy Act, or the CCPA, became effective. However, we cannot assure you that an active trading market will be sustained. We may become the target of this type of litigation in the future. We cannot predict the impact our capital structure may have on our stock price. We do not control these analysts, or the content and opinions included in their reports. There is significant industry competition for these individuals.
