| (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 | ||||
