Altair Announces Second Quarter 2024 Financial Results

  (Unaudited) 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands)  2024   2023   2024   2023 
Cost of revenue – software $2,097  $2,572  $4,099  $5,324 
Research and development  6,618   9,943   12,978   18,686 
Sales and marketing  4,979   7,581   9,499   15,172 
General and administrative  3,661   3,640   6,778   6,715 
Total stock-based compensation expense $17,355  $23,736  $33,354  $45,897 


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
    Six Months Ended
June 30,
 
(In thousands)   2024     2023  
OPERATING ACTIVITIES:            
Net income (loss)   $ 11,400     $ (24,239 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
Depreciation and amortization     19,557       19,488  
Stock-based compensation expense     33,354       45,897  
Deferred income taxes     (367 )     2,015  
Loss on mark-to-market adjustment of contingent consideration     189       7,987  
Other, net     1,166       1,335  
Changes in assets and liabilities:            
Accounts receivable, net     61,360       45,077  
Prepaid expenses and other current assets     (3,647 )     (3,166 )
Other long-term assets     164       (2,516 )
Accounts payable     (4,382 )     (5,529 )
Accrued compensation and benefits     (4,071 )     (6,591 )
Other accrued expenses and current liabilities     (2,834 )     4,857  
Deferred revenue     (9,882 )     4,614  
Net cash provided by operating activities     102,007       89,229  
INVESTING ACTIVITIES:            
Payments for acquisition of businesses, net of cash acquired     (13,680 )     (721 )
Capital expenditures     (5,004 )     (6,184 )
Other investing activities, net     (398 )     (1,452 )
Net cash used in investing activities     (19,082 )     (8,357 )
FINANCING ACTIVITIES:            
Settlement of convertible senior notes     (81,729 )      
Proceeds from the exercise of common stock options     37,227       23,507  
Proceeds from employee stock purchase plan contributions     4,363       3,797  
Payments for repurchase and retirement of common stock           (6,255 )
Other financing activities           (48 )
Net cash (used in) provided by financing activities     (40,139 )     21,001  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (3,295 )     (44 )
Net increase in cash, cash equivalents and restricted cash     39,491       101,829  
Cash, cash equivalents and restricted cash at beginning of year     467,576       316,958  
Cash, cash equivalents and restricted cash at end of period   $ 507,067     $ 418,787  

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