Altair Announces Third Quarter 2024 Financial Results

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
  
  Nine Months Ended
September 30,
  
(In thousands) 2024   2023  
OPERATING ACTIVITIES:        
Net income (loss)$13,179  $(28,601) 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
 Depreciation and amortization 31,120   29,271  
 Stock-based compensation expense 50,710   66,423  
 Deferred income taxes (114)  2,178  
 Loss on mark-to-market adjustment of contingent consideration 189   4,494  
 Other, net 1,520   1,385  
Changes in assets and liabilities:        
 Accounts receivable, net 72,916   47,226  
 Prepaid expenses and other current assets (7,895)  959  
 Other long-term assets   408       (1,491 )  
 Accounts payable   (5,416 )     (5,494 )  
 Accrued compensation and benefits   (1,977 )     (2,726 )  
 Other accrued expenses and current liabilities   (12,261 )     (4,526 )  
 Deferred revenue   (25,825 )     (3,442 )  
      Net cash provided by operating activities   116,554       105,656    
INVESTING ACTIVITIES:                
Payments for acquisition of businesses, net of cash acquired   (25,575 )     (3,235 )  
Capital expenditures   (9,739 )     (7,882 )  
Other investing activities, net   (5,036 )     (2,452 )  
      Net cash used in investing activities   (40,350 )     (13,569 )  
FINANCING ACTIVITIES:                
Settlement of convertible senior notes   (81,729 )        
Proceeds from the exercise of common stock options   43,721       25,526    
Proceeds from employee stock purchase plan contributions   7,112       5,772    
Payments for repurchase and retirement of common stock         (6,255 )  
Other financing activities         (73 )  
      Net cash (used in) provided by financing activities   (30,896 )     24,970    
Effect of exchange rate changes on cash, cash equivalents and restricted cash   554       (2,599 )  
Net increase in cash, cash equivalents and restricted cash   45,862       114,458    
Cash, cash equivalents and restricted cash at beginning of year   467,576       316,958    
Cash, cash equivalents and restricted cash at end of period $ 513,438     $ 431,416    
   

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