Altair Announces First Quarter 2024 Financial Results

  (Unaudited) 
   Three Months Ended
March 31,
 
(in thousands)  2024   2023 
Cost of revenue – software $2,002  $2,752 
Research and development  6,360   8,743 
Sales and marketing  4,520   7,591 
General and administrative  3,117   3,075 
Total stock-based compensation expense $15,999  $22,161 
         

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

   Three Months Ended
March 31,
 
(In thousands)  2024   2023 
OPERATING ACTIVITIES:      
Net income (loss) $16,547  $(1,959)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization  9,619    9,750  
Stock-based compensation expense     15,999       22,161  
Loss on mark-to-market adjustment of contingent consideration     145       7,006  
Other, net     580       640  
Changes in assets and liabilities:            
Accounts receivable, net     60,245       39,872  
Prepaid expenses and other current assets     (2,679 )     1,981  
Other long-term assets     9       (1,944 )
Accounts payable     (1,667 )     (5,362 )
Accrued compensation and benefits     (8,503 )     (12,283 )
Other accrued expenses and current liabilities     (199 )     2,015  
Deferred revenue     (16,646 )     (2,678 )
Net cash provided by operating activities     73,450       59,199  
INVESTING ACTIVITIES:            
Capital expenditures     (2,766 )     (1,727 )
Other investing activities, net     2       (1,405 )
Net cash used in investing activities     (2,764 )     (3,132 )
FINANCING ACTIVITIES:            
Proceeds from the exercise of common stock options     19,844       9,872  
Proceeds from employee stock purchase plan contributions     2,182       1,868  
Payments for repurchase and retirement of common stock           (6,255 )
Other financing activities           (29 )
Net cash provided by financing activities     22,026       5,456  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (2,592 )     379  
Net increase in cash, cash equivalents and restricted cash     90,120       61,902  
Cash, cash equivalents and restricted cash at beginning of year     467,576       316,958  
Cash, cash equivalents and restricted cash at end of period   $ 557,696     $ 378,860  
                 

Change in Presentation of Revenue and Cost of Revenue

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