Altair Announces Third Quarter 2024 Financial Results

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) 2024   2023   2024   2023  
Net cash provided by operating activities$14,547  $16,427  $116,554  $105,656  
Capital expenditures (4,735)  (1,698)  (9,739)  (7,882) 
Free cash flow$9,812  $14,729  $106,815  $97,774  
  

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

 (Unaudited)  
  Three Months Ended
September 30,
    Nine Months Ended
September 30,
   
(in thousands) 2024     2023     2024     2023    
Gross profit $ 121,435     $ 104,917     $ 381,733     $ 348,580    
Stock-based compensation expense   2,131       2,468       6,230       7,792    
Non-GAAP gross profit $ 123,566     $ 107,385     $ 387,963     $ 356,372    
                                 
Gross profit margin   80.2 %     78.3 %     80.7 %     79.0 %  
Non-GAAP gross margin   81.6 %     80.1 %     82.0 %     80.8 %  
   

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