Altair Announces Fourth Quarter and Full Year 2023 Financial Results



ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
  Year Ended December 31, 
(in thousands) 2023   2022   2021 
OPERATING ACTIVITIES:        
Net loss$(8,926) $(43,429) $(8,794)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization 39,124   35,504   25,644 
Amortization of debt discount and issuance costs 1,869   1,792   11,428 
Stock-based compensation expense 85,581   84,787   44,549 
Deferred income taxes (2,319)  (4,164)  (1,502)
Loss (gain) on mark-to-market adjustment of contingent consideration 5,706   (7,153)   
Expense on repurchase of convertible senior notes    16,621    
Other, net 74   387   1,271 
Changes in assets and liabilities:                
Accounts receivable   (19,141 )     (34,175 )     (15,645 )
Prepaid expenses and other current assets   (1,915 )     1,014       (9,026 )
Other long-term assets   (52 )     2,852       (6,682 )
Accounts payable   (1,878 )     3,771       (3,857 )
Accrued compensation and benefits   1,783       280       7,761  
Other accrued expenses and current liabilities   9,068       (59,463 )     6,365  
Deferred revenue   18,333       40,946       10,111  
Net cash provided by operating activities   127,307       39,570       61,623  
INVESTING ACTIVITIES:                
Capital expenditures   (10,193 )     (9,648 )     (7,849 )
Payments for acquisition of businesses, net of cash acquired   (3,236 )     (134,541 )     (53,983 )
Other investing activities, net   (2,423 )     (10,322 )     (650 )
Net cash used in investing activities   (15,852 )     (154,511 )     (62,482 )
FINANCING ACTIVITIES:                
Proceeds from the exercise of common stock options   36,140       3,577       2,262  
Proceeds from employee stock purchase plan contributions   7,978       8,976       4,222  
Payments for repurchase and retirement of common stock   (6,255 )     (19,659 )      
Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions         224,265        
Repurchase of convertible senior notes         (192,422 )      
Payments for issuance costs of convertible senior notes         (1,523 )      
Proceeds from private placement of common stock               200,000  
Payments on revolving commitment               (30,000 )
Other financing activities   (97 )     (233 )     (537 )
Net cash provided by financing activities   37,766       22,981       175,947  
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,397       (5,094 )     (2,623 )
Net increase (decrease) in cash, cash equivalents and restricted cash   150,618       (97,054 )     172,465  
Cash, cash equivalents and restricted cash at beginning of year   316,958       414,012       241,547  
Cash, cash equivalents and restricted cash at end of period $ 467,576     $ 316,958     $ 414,012  

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