Altair Announces Second Quarter 2023 Financial Results

The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

 (Unaudited) 
  Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands) 2023   2022   2023   2022 
Total operating expense$126,633  $110,401  $254,746  $217,868 
Stock-based compensation expense (21,164)  (19,170)  (40,573)  (35,881)
Amortization (7,625)  (6,208)  (15,439)  (12,111)
(Loss) gain on mark-to-market adjustment of contingent consideration (981)  5,304   (7,987)  5,304 
Non-GAAP operating expense$96,863  $90,327  $190,747  $175,180 

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) 2023   2022     2023     2022  
Revenue $ 141,161     $ 132,656     $ 307,195     $ 292,437  
Ending deferred revenue   148,547       112,926       148,547       112,926  
Beginning deferred revenue   (141,943 )     (118,403 )     (144,460 )     (106,032 )
Deferred revenue acquired         (1,756 )           (2,572 )
Billings $ 147,765     $ 125,423     $ 311,282     $ 296,759  

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