Altair Announces Second Quarter 2023 Financial Results
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ALTAIR ENGINEERING INC. AND SUBSIDIARIES | |
CONSOLIDATED STATEMENTS OF CASH FLOW | | (Unaudited) | | | | |
Six Months Ended June 30, | | |
(In thousands) |
2023 | | |
2022 | | | OPERATING ACTIVITIES: | | | | | | | Net loss | $ | (24,239 | ) | | $ | (22,246 | ) | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | Depreciation and amortization | | 19,488 | | | | 15,819 | | | Stock-based compensation expense | | 45,897 | | | | 39,814 | | | Amortization of debt issuance costs | | 930 | | | | 829 | | | Deferred income taxes | | 2,015 | | | | (64 | ) | | Loss (gain) on mark-to-market adjustment of contingent consideration | | 7,987 | | | | (5,304 | ) | | Expense on repurchase of convertible senior notes | | — | | | | 16,621 | | | Other, net | | 405 | | | | 229 | | | Changes in assets and liabilities: | | | | | | | Accounts receivable, net | | 45,077 | | | | 29,270 | | | Prepaid expenses and other current assets | | (3,166 | ) | | | 2,056 | | | Other long-term assets | | (2,516 | ) | | | 4,397 | | | Accounts payable | | (5,529 | ) | | | (2,070 | ) | | Accrued compensation and benefits | | (6,591 | ) | | | (9,742 | ) | | Other accrued expenses and current liabilities | | 4,857 | | | | (61,648 | ) | | Deferred revenue | | 4,614 | | | | 10,080 | | | Net cash provided by operating activities | | 89,229 | | | | 18,041 | | | INVESTING ACTIVITIES: | | | | | | | Capital expenditures | | (6,184 | ) | | | (3,457 | ) | | Payments for acquisition of businesses, net of cash acquired | | (721 | ) | | | (37,660 | ) | | Other investing activities, net | | (1,452 | ) | | | (322 | ) | | Net cash used in investing activities | | (8,357 | ) | | | (41,439 | ) | | FINANCING ACTIVITIES: | | | | | | | Proceeds from the exercise of common stock options | | 23,507 | | | | 1,689 | | | Payments for repurchase and retirement of common stock | | (6,255 | ) | | | (4,387 | ) | | Proceeds from employee stock purchase plan contributions | | 3,797 | | | | 4,431 | | | Proceeds from issuance of convertible senior notes, net of discounts and commissions | | — | | | | 224,265 | | | Repurchase of convertible senior notes | | — | | | | (192,792 | ) | | Payments of debt issuance costs | | — | | | | (1,157 | ) | | Other financing activities | | (48 | ) | | | (131 | ) | | Net cash provided by financing activities | | 21,001 | | | | 31,918 | | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (44 | ) | | | (6,226 | ) | | Net increase in cash, cash equivalents and restricted cash | | 101,829 | | | | 2,294 | | | Cash, cash equivalents and restricted cash at beginning of year | | 316,958 | | | | 414,012 | | | Cash, cash equivalents and restricted cash at end of period | $ | 418,787 | | | $ | 416,306 | |
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