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ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) | |||||||||||
| Year Ended December 31, | |||||||||||
| (in thousands) | 2023 | 2022 | 2021 | ||||||||
| OPERATING ACTIVITIES: | |||||||||||
| Net loss | $ | (8,926 | ) | $ | (43,429 | ) | $ | (8,794 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 39,124 | 35,504 | 25,644 | ||||||||
| Amortization of debt discount and issuance costs | 1,869 | 1,792 | 11,428 | ||||||||
| Stock-based compensation expense | 85,581 | 84,787 | 44,549 | ||||||||
| Deferred income taxes | (2,319 | ) | (4,164 | ) | (1,502 | ) | |||||
| Loss (gain) on mark-to-market adjustment of contingent consideration | 5,706 | (7,153 | ) | — | |||||||
| Expense on repurchase of convertible senior notes | — | 16,621 | — | ||||||||
| Other, net | 74 | 387 | 1,271 | ||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (19,141 | ) | (34,175 | ) | (15,645 | ) | |||||
| Prepaid expenses and other current assets | (1,915 | ) | 1,014 | (9,026 | ) | ||||||
| Other long-term assets | (52 | ) | 2,852 | (6,682 | ) | ||||||
| Accounts payable | (1,878 | ) | 3,771 | (3,857 | ) | ||||||
| Accrued compensation and benefits | 1,783 | 280 | 7,761 | ||||||||
| Other accrued expenses and current liabilities | 9,068 | (59,463 | ) | 6,365 | |||||||
| Deferred revenue | 18,333 | 40,946 | 10,111 | ||||||||
| Net cash provided by operating activities | 127,307 | 39,570 | 61,623 | ||||||||
| INVESTING ACTIVITIES: | |||||||||||
| Capital expenditures | (10,193 | ) | (9,648 | ) | (7,849 | ) | |||||
| Payments for acquisition of businesses, net of cash acquired | (3,236 | ) | (134,541 | ) | (53,983 | ) | |||||
| Other investing activities, net | (2,423 | ) | (10,322 | ) | (650 | ) | |||||
| Net cash used in investing activities | (15,852 | ) | (154,511 | ) | (62,482 | ) | |||||
| FINANCING ACTIVITIES: | |||||||||||
| Proceeds from the exercise of common stock options | 36,140 | 3,577 | 2,262 | ||||||||
| Proceeds from employee stock purchase plan contributions | 7,978 | 8,976 | 4,222 | ||||||||
| Payments for repurchase and retirement of common stock | (6,255 | ) | (19,659 | ) | — | ||||||
| Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions | — | 224,265 | — | ||||||||
| Repurchase of convertible senior notes | — | (192,422 | ) | — | |||||||
| Payments for issuance costs of convertible senior notes | — | (1,523 | ) | — | |||||||
| Proceeds from private placement of common stock | — | — | 200,000 | ||||||||
| Payments on revolving commitment | — | — | (30,000 | ) | |||||||
| Other financing activities | (97 | ) | (233 | ) | (537 | ) | |||||
| Net cash provided by financing activities | 37,766 | 22,981 | 175,947 | ||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,397 | (5,094 | ) | (2,623 | ) | ||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 150,618 | (97,054 | ) | 172,465 | |||||||
| Cash, cash equivalents and restricted cash at beginning of year | 316,958 | 414,012 | 241,547 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 467,576 | $ | 316,958 | $ | 414,012 | |||||
