Altair Announces Second Quarter 2024 Financial Results

  (Unaudited) 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands)  2024   2023   2024   2023 
Total operating expense $128,182  $126,633  $249,266  $254,746 
Stock-based compensation expense  (15,258)  (21,164)  (29,255)  (40,573)
Amortization  (7,629)  (7,625)  (15,067)  (15,439)
Loss on mark-to-market adjustment of contingent consideration  (44)  (981)  (189)  (7,987)
Non-GAAP operating expense $105,251  $96,863  $204,755  $190,747 

The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

    (Unaudited)  
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
(in thousands)   2024     2023     2024     2023  
Revenue   $ 148,795     $ 141,161     $ 321,707     $ 307,195  
Ending deferred revenue     152,184       148,547       152,184       148,547  
Beginning deferred revenue     (144,939 )     (141,943 )     (163,703 )     (144,460 )
Deferred revenue acquired     (1,572 )           (1,572 )      
Billings   $ 154,468     $ 147,765     $ 308,616     $ 311,282  

The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:

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