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Altair Announces Third Quarter 2022 Financial Results

TROY, Mich., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI), today released its financial results for the third quarter ended September 30, 2022.

“Altair had a solid third quarter, showing exceptional momentum despite significant macro-economic uncertainty, led by double digit growth in billings on a constant currency basis and strong demand across all geographies,” said James Scapa, founder, chairman and chief executive officer of Altair. “Our dedicated global teams continue to push forward with outstanding technology developments and applications.”

“We're very pleased with the third quarter, continuing the success we had in the first half of the year,” said Matt Brown, chief financial officer of Altair. “Our third quarter revenue was at the high end of our guidance range, despite significant currency headwinds, while our profitability exceeded our expectations. These strong results give us the confidence to raise our full year 2022 guidance in constant currency.”

Third Quarter 2022 Financial Highlights

  • Software product revenue was $103.8 million compared to $102.3 million for the third quarter of 2021, an increase of 1.4% in reported currency and 10.1% in constant currency
  • Total revenue was $119.4 million compared to $121.3 million for the third quarter of 2021, a decrease of 1.6% in reported currency and an increase of 6.3% in constant currency
  • Net loss was $(33.2) million compared to $(8.1) million for the third quarter of 2021. Diluted net loss per share was $(0.42) based on 79.2 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.11) for the third quarter of 2021, based on 75.8 million diluted weighted average common shares outstanding. Net loss margin was -27.9% compared to -6.7% for the third quarter of 2021
  • Non-GAAP net income was $4.3 million, compared to non-GAAP net income of $9.6 million for the third quarter of 2021, a decrease of 55.7%. Non-GAAP diluted net income per share was $0.05 based on 88.1 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.12 for the third quarter of 2021, based on 81.1 million non-GAAP diluted common shares outstanding
  • Adjusted EBITDA was $6.8 million compared to $14.8 million for the third quarter of 2021, a decrease of 54.0%. Adjusted EBITDA margin was 5.7% compared to 12.2% for the third quarter of 2021
  • Cash provided by operating activities was $8.5 million, compared to $0.9 million for the third quarter of 2021
  • Free cash flow was $5.2 million, compared to $(0.5) million for the third quarter of 2021.

Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the fourth quarter and full year 2022:

(in millions)Fourth Quarter 2022 Full Year 2022 
Software Product Revenue $126.0 to$131.0  $488.0 to$493.0 
Total Revenue $143.0  $148.0  $555.0  $560.0 
Net Loss $(15.0) $(12.1) $(70.3) $(67.4)
Non-GAAP Net Income $15.5  $17.8  $63.8  $66.0 
Adjusted EBITDA $22.0  $25.0  $92.0  $95.0 
Net Cash Provided by Operating Activities       $23.0  $27.0 
Free Cash Flow       $14.0  $18.0 
               

The following table provides a reconciliation of 2022 Full Year guidance to the last guidance provided in August:

  (Unaudited) 
  Full Year 2022 
(in millions) Midpoint of
Guidance in
August
  Increase/
(Decrease)
  Currency
Fluctuations
from Prior
Guidance
  Midpoint of
Guidance in
November
 
Software Product Revenue $492.5  $4.2  $(6.2) $490.5 
Total Revenue $560.5  $3.7  $(6.7) $557.5 
Adjusted EBITDA $94.0  $1.0  $(1.5) $93.5 
                 

Conference Call Information

What: Altair’s Third Quarter 2022 Financial Results Conference Call
When: Thursday, November 3, 2022
Time: 5 p.m. ET
Webcast: http://investor.altair.com (live & replay)
   

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

Non-GAAP diluted common shares as defined starting with Q1 2022, includes the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position. All periods presented will be adjusted to align with this new definition.

Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Free cash flow consists of cash flow from operations less capital expenditures.

Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense, restructuring expense and other special items as identified by management and described elsewhere in this press release.

Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

About Altair

Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the fourth quarter and full year 2022, our statements regarding our expectations for 2022, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.

Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
dls@altair.com

Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
ir@altair.com

 
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
  September 30, 2022  December 31, 2021 
(In thousands) (Unaudited)    
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $311,853  $413,743 
Accounts receivable, net  119,921   137,561 
Income tax receivable  10,465   9,388 
Prepaid expenses and other current assets  23,492   27,529 
Total current assets  465,731   588,221 
Property and equipment, net  38,938   40,478 
Operating lease right of use assets  32,627   28,494 
Goodwill  455,211   370,178 
Other intangible assets, net  86,080   99,057 
Deferred tax assets  7,605   8,495 
Other long-term assets  38,736   28,352 
TOTAL ASSETS $1,124,928  $1,163,275 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY 
CURRENT LIABILITIES:      
Accounts payable $6,235  $6,647 
Accrued compensation and benefits  37,036   42,307 
Current portion of operating lease liabilities  9,996   9,933 
Other accrued expenses and current liabilities  50,686   122,226 
Deferred revenue  94,523   93,160 
Convertible senior notes, net     199,705 
Total current liabilities  198,476   473,978 
Operating lease liabilities, net of current portion  23,466   19,550 
Deferred revenue, non-current  22,017   12,872 
Convertible senior notes, net  305,158    
Other long-term liabilities  40,282   42,894 
TOTAL LIABILITIES  589,399   549,294 
Commitments and contingencies      
MEZZANINE EQUITY     784 
STOCKHOLDERS’ EQUITY:      
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding      
Common stock ($0.0001 par value)      
Class A common stock, authorized 513,797 shares, issued and outstanding 52,377 and 51,524 shares as of September 30, 2022, and December 31, 2021, respectively  5   5 
Class B common stock, authorized 41,203 shares, issued and outstanding 27,745 shares as of September 30, 2022, and December 31, 2021  3   3 
Additional paid-in capital  715,736   724,226 
Accumulated deficit  (133,642)  (102,087)
Accumulated other comprehensive loss  (46,573)  (8,950)
TOTAL STOCKHOLDERS’ EQUITY  535,529   613,197 
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY $1,124,928  $1,163,275 


 
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands, except per share data) 2022  2021  2022  2021 
Revenue            
License $67,245  $67,603  $256,102  $230,630 
Maintenance and other services  36,520   34,686   105,453   100,758 
Total software  103,765   102,289   361,555   331,388 
Software related services  6,706   7,650   23,143   23,229 
Total software and related services  110,471   109,939   384,698   354,617 
Client engineering services  7,355   10,060   22,414   31,005 
Other  1,525   1,308   4,676   5,760 
Total revenue  119,351   121,307   411,788   391,382 
Cost of revenue            
License  2,579   4,694   11,386   13,706 
Maintenance and other services  13,025   11,770   38,628   35,368 
Total software *  15,604   16,464   50,014   49,074 
Software related services  5,240   5,707   16,739   17,560 
Total software and related services  20,844   22,171   66,753   66,634 
Client engineering services  5,835   7,982   18,390   25,163 
Other  1,230   1,348   3,892   5,072 
Total cost of revenue  27,909   31,501   89,035   96,869 
Gross profit  91,442   89,806   322,753   294,513 
Operating expenses:            
Research and development *  48,781   35,839   138,352   112,872 
Sales and marketing *  39,244   30,589   114,042   94,568 
General and administrative *  24,677   22,196   72,613   67,983 
Amortization of intangible assets  6,571   4,432   18,682   13,924 
Other operating income, net  (2,835)  (1,324)  (9,383)  (2,526)
Total operating expenses  116,438   91,732   334,306   286,821 
Operating (loss) income  (24,996)  (1,926)  (11,553)  7,692 
Interest expense  1,566   3,037   2,851   8,998 
Other expense, net  2,107   124   26,082   1,667 
Loss before income taxes  (28,669)  (5,087)  (40,486)  (2,973)
Income tax expense  4,579   3,022   15,008   4,424 
Net loss $(33,248) $(8,109) $(55,494) $(7,397)
Loss per share:            
Net loss per share attributable to common stockholders, basic $(0.42) $(0.11) $(0.70) $(0.10)
Net loss per share attributable to common stockholders, diluted $(0.42) $(0.11) $(0.70) $(0.10)
Weighted average shares outstanding:            
Weighted average number of shares used in computing net loss per share, basic  79,207   75,750   79,205   75,226 
Weighted average number of shares used in computing net loss per share, diluted  79,207   75,750   79,205   75,226 
                 

*   Amounts include stock-based compensation expense as follows (in thousands):

  (Unaudited) 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands) 2022  2021  2022  2021 
Cost of revenue – software $2,332  $1,411  $6,265  $3,791 
Research and development  10,243   3,894   26,580   11,223 
Sales and marketing  7,806   3,673   22,505   10,800 
General and administrative  2,329   1,955   7,174   5,415 
Total stock-based compensation expense $22,710  $10,933  $62,524  $31,229 


  (Unaudited) 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands) 2022  2021  2022  2021 
Employee stock-based compensation plans $15,490  $10,194  $43,622  $29,009 
Equity issued in connection with acquisitions  7,220   739   18,902   2,220 
Total stock-based compensation expense $22,710  $10,933  $62,524  $31,229 


 
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
 
  Nine Months Ended September 30, 
(In thousands) 2022  2021 
OPERATING ACTIVITIES:      
Net loss $(55,494) $(7,397)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization  24,092   19,355 
Provision for credit loss  183   330 
Amortization of debt discount and issuance costs  1,330   8,513 
Stock-based compensation expense  62,524   31,229 
Deferred income taxes  4   (510)
Gain on mark-to-market adjustment of contingent consideration  (7,482)   
Expense on repurchase of convertible senior notes  16,621    
Other, net  153   40 
Changes in assets and liabilities:      
Accounts receivable  13,859   26,770 
Prepaid expenses and other current assets  1,906   (7,612)
Other long-term assets  3,134   (5,018)
Accounts payable  (270)  (2,432)
Accrued compensation and benefits  (3,639)  481 
Other accrued expenses and current liabilities  (48,698)  483 
Deferred revenue  18,311   (8,638)
Net cash provided by operating activities  26,534   55,594 
INVESTING ACTIVITIES:      
Payments for acquisition of businesses, net of cash acquired  (134,130)  (5,472)
Capital expenditures  (6,721)  (6,811)
Other investing activities, net  (10,322)  (628)
Net cash used in investing activities  (151,173)  (12,911)
FINANCING ACTIVITIES:      
Proceeds from issuance of convertible senior notes, net of discounts and commissions  224,265    
Repurchase of convertible senior notes  (192,422)   
Proceeds from employee stock purchase plan contributions  6,549   2,110 
Repurchase and retirement of common stock  (4,387)   
Proceeds from the exercise of common stock options  2,840   2,059 
Payments of debt issuance costs  (1,523)   
Proceeds from private placement of common stock     200,000 
Payments on revolving commitment     (30,000)
Other financing activities  (170)  (434)
Net cash provided by financing activities  35,152   173,735 
Effect of exchange rate changes on cash, cash equivalents and restricted cash  (12,142)  (1,951)
Net (decrease) increase in cash, cash equivalents and restricted cash  (101,629)  214,467 
Cash, cash equivalents and restricted cash at beginning of year  414,012   241,547 
Cash, cash equivalents and restricted cash at end of period $312,383  $456,014 
Supplemental disclosure of cash flow:      
Interest paid $296  $344 
Income taxes paid $6,818  $8,077 
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment in accounts payable, other current liabilities and other liabilities $707  $480 
         

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net loss and net loss per share – diluted, the most comparable GAAP financial measures:

  (Unaudited) 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands, except per share amounts) 2022  2021  2022  2021 
Net loss $(33,248) $(8,109) $(55,494) $(7,397)
Stock-based compensation expense  22,710   10,933   62,524   31,229 
Amortization of intangible assets  6,571   4,432   18,682   13,924 
Non-cash interest expense  501   2,876   1,339   8,513 
Restructuring expense     (124)     4,954 
Impact of non-GAAP tax rate (1)  3,079   (366)  (1,878)  (10,044)
Special adjustments and other (2)  4,657      22,886    
Non-GAAP net income $4,270  $9,642  $48,059  $41,179 
             
Net loss per share, diluted $(0.42) $(0.11) $(0.70) $(0.10)
Non-GAAP net income per share, diluted $0.05  $0.12  $0.55  $0.51 
             
GAAP diluted shares outstanding  79,207   75,750   79,205   75,226 
Non-GAAP diluted shares outstanding (3)  88,100   81,063   86,708   80,345 

(1)  The Company uses a non-GAAP effective tax rate of 26%.

(2)  The three months ended September 30, 2022, includes $6.8 million currency losses on acquisition-related intercompany loans and a $2.2 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The nine months ended September 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and a $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

(3)  The Non-GAAP diluted shares outstanding for the three and nine months ended September 30, 2021, has been changed to align with the current definition.

The following table provides a reconciliation of Adjusted EBITDA to net loss, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands) 2022  2021  2022  2021 
Net loss $(33,248) $(8,109) $(55,494) $(7,397)
Income tax expense  4,579   3,022   15,008   4,424 
Stock-based compensation expense  22,710   10,933   62,524   31,229 
Interest expense  1,566   3,037   2,851   8,998 
Depreciation and amortization  8,273   6,175   24,092   19,355 
Restructuring expense     (124)     4,954 
Special adjustments, interest income and other (1)  2,949   (102)  20,878   (275)
Adjusted EBITDA $6,829  $14,832  $69,859  $61,288 

(1)  The three months ended September 30, 2022, includes $6.8 million currency losses on acquisition-related intercompany loans and a $2.2 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The nine months ended September 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and a $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

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) 2022  2021  2022  2021 
Net cash provided by operating activities (1) $8,493  $872  $26,534  $55,594 
Capital expenditures  (3,264)  (1,420)  (6,721)  (6,811)
Free cash flow (1) $5,229  $(548) $19,813  $48,783 

(1)   The nine months ended September 30, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
(in thousands) 2022  2021  2022  2021 
Gross profit $91,442  $89,806  $322,753  $294,513 
Stock-based compensation expense  2,332   1,411   6,265   3,791 
Restructuring expense     (10)     926 
Non-GAAP gross profit $93,774  $91,207  $329,018  $299,230 
Non-GAAP gross margin  78.6%  75.2%  79.9%  76.5%

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
September 30,
  Nine Months Ended
September 30,
 
(in thousands) 2022  2021  2022  2021 
Total operating expense $116,438  $91,732  $334,306  $286,821 
Stock-based compensation expense  (20,378)  (9,522)  (56,259)  (27,438)
Amortization  (6,571)  (4,432)  (18,682)  (13,924)
Gain on mark-to-market adjustment of contingent consideration  2,178      7,482    
Restructuring expense     114      (4,028)
Non-GAAP operating expense $91,667  $77,892  $266,847  $241,431 

The following table provides our revenue and Adjusted EBITDA on a constant currency basis:

  (Unaudited) 
  Three Months Ended
September 30, 2022
  Three Months
Ended
September 30, 2021
  Increase/
(Decrease) %
 
(in thousands) As reported  Currency
changes
  As adjusted for
constant currency
  As reported  As reported  As adjusted for
constant
currency
 
Software revenue $103.8  $8.8  $112.6  $102.3   1.4%  10.1%
Total revenue $119.4  $9.6  $129.0  $121.3   -1.6%  6.3%
Adjusted EBITDA $6.8  $2.0  $8.8  $14.8   -53.9%  -40.5%
                   
                   
  (Unaudited) 
  Nine Months Ended
September 30, 2022
  Nine Months
Ended
September 30, 2021
  Increase/
(Decrease) %
 
(in thousands) As reported  Currency
changes
  As adjusted for
constant currency
  As reported  As reported  As adjusted for
constant
currency
 
Software revenue $361.6  $18.3  $379.9  $331.4   9.1%  14.7%
Total revenue $411.8  $20.2  $432.0  $391.4   5.2%  10.4%
Adjusted EBITDA $69.9  $4.2  $74.1  $61.3   14.0%  20.9%
                         

Business Outlook
The following table provides a reconciliation of projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ending
December 31, 2022
  Year Ending
December 31, 2022
 
(in thousands) Low  High  Low  High 
Net loss $(15,000) $(12,100) $(70,300) $(67,400)
Stock-based compensation expense  21,600   21,600   84,100   84,100 
Amortization of intangible assets  10,100   10,100   28,800   28,800 
Non-cash interest expense  400   400   1,800   1,800 
Impact of non-GAAP tax rate  (1,600)  (2,200)  (3,500)  (4,200)
Special adjustments and other(1)        22,900   22,900 
Non-GAAP net income $15,500  $17,800  $63,800  $66,000 

(1)   Year ending December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ending
December 31, 2022
  Year Ending
December 31, 2022
 
(in thousands) Low  High  Low  High 
Net loss $(15,000) $(12,100) $(70,300) $(67,400)
Income tax expense  3,900   4,000   18,900   19,000 
Stock-based compensation expense  21,600   21,600   84,100   84,100 
Interest (income) expense  (300)  (300)  500   500 
Depreciation and amortization  11,800   11,800   35,900   35,900 
Special adjustments and other(1)        22,900   22,900 
Adjusted EBITDA $22,000  $25,000  $92,000  $95,000 

(1)   Year ending December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.


The following table provides a reconciliation of projected Free Cash Flow to projected net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
  Year Ending
December 31, 2022
 
(in thousands) Low  High 
Net cash provided by operating activities (1) $23,000  $27,000 
Capital expenditures  (9,000)  (9,000)
Free cash flow (1) $14,000  $18,000 

(1)   Includes $65.9 million payment in January 2022 for legal judgement acquired in December 2021.


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