| ALTAIR ENGINEERING INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOW | |||||||
| (Unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| (In thousands) | 2023 | 2022 | |||||
| OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (24,239 | ) | $ | (22,246 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 19,488 | 15,819 | |||||
| Stock-based compensation expense | 45,897 | 39,814 | |||||
| Amortization of debt issuance costs | 930 | 829 | |||||
| Deferred income taxes | 2,015 | (64 | ) | ||||
| Loss (gain) on mark-to-market adjustment of contingent consideration | 7,987 | (5,304 | ) | ||||
| Expense on repurchase of convertible senior notes | — | 16,621 | |||||
| Other, net | 405 | 229 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable, net | 45,077 | 29,270 | |||||
| Prepaid expenses and other current assets | (3,166 | ) | 2,056 | ||||
| Other long-term assets | (2,516 | ) | 4,397 | ||||
| Accounts payable | (5,529 | ) | (2,070 | ) | |||
| Accrued compensation and benefits | (6,591 | ) | (9,742 | ) | |||
| Other accrued expenses and current liabilities | 4,857 | (61,648 | ) | ||||
| Deferred revenue | 4,614 | 10,080 | |||||
| Net cash provided by operating activities | 89,229 | 18,041 | |||||
| INVESTING ACTIVITIES: | |||||||
| Capital expenditures | (6,184 | ) | (3,457 | ) | |||
| Payments for acquisition of businesses, net of cash acquired | (721 | ) | (37,660 | ) | |||
| Other investing activities, net | (1,452 | ) | (322 | ) | |||
| Net cash used in investing activities | (8,357 | ) | (41,439 | ) | |||
| FINANCING ACTIVITIES: | |||||||
| Proceeds from the exercise of common stock options | 23,507 | 1,689 | |||||
| Payments for repurchase and retirement of common stock | (6,255 | ) | (4,387 | ) | |||
| Proceeds from employee stock purchase plan contributions | 3,797 | 4,431 | |||||
| Proceeds from issuance of convertible senior notes, net of discounts and commissions | — | 224,265 | |||||
| Repurchase of convertible senior notes | — | (192,792 | ) | ||||
| Payments of debt issuance costs | — | (1,157 | ) | ||||
| Other financing activities | (48 | ) | (131 | ) | |||
| Net cash provided by financing activities | 21,001 | 31,918 | |||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (44 | ) | (6,226 | ) | |||
| Net increase in cash, cash equivalents and restricted cash | 101,829 | 2,294 | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 316,958 | 414,012 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 418,787 | $ | 416,306 | |||
Altair Announces Second Quarter 2023 Financial Results
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