Altair Announces Third Quarter 2022 Financial Results

(1)  The three months ended September 30, 2022, includes $6.8 million currency losses on acquisition-related intercompany loans and a $2.2 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The nine months ended September 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and a $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2022   2021   2022   2021 
Net cash provided by operating activities (1) $8,493  $872  $26,534  $55,594 
Capital expenditures  (3,264)  (1,420)  (6,721)  (6,811)
Free cash flow (1) $5,229  $(548) $19,813  $48,783 

(1)   The nine months ended September 30, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure:

  (Unaudited) 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2022     2021     2022     2021  
Gross profit   $ 91,442     $ 89,806     $ 322,753     $ 294,513  
Stock-based compensation expense     2,332       1,411       6,265       3,791  
Restructuring expense           (10 )           926  
Non-GAAP gross profit   $ 93,774     $ 91,207     $ 329,018     $ 299,230  
Non-GAAP gross margin     78.6 %     75.2 %     79.9 %     76.5 %

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