Altair Announces First Quarter 2019 Financial Results

Financial Results 

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP diluted income per share to net income and income per share - diluted, the most comparable GAAP financial measures (in thousands, except per share amounts):  
       
   (Unaudited) 
    Three Months Ended
March 31,
 
     2019    2018  
Net income  $  13,019  $  24,684  
Stock-based compensation expense    1,212     216  
Amortization of intangible assets    3,528     1,940  
Acquisition related deferred revenue (1)    2,250     -  
Special adjustments (2)    228     (1,152)  
Income tax effect of non-GAAP adjustments (3)    (54)    -  
 Non-GAAP net income $  20,183  $  25,688  
       
       
Income per share - diluted $  0.17  $  0.34  
Non-GAAP income per share - diluted $  0.26  $  0.35  
       
GAAP diluted shares outstanding:    76,720     72,390  
       
Non-GAAP diluted shares outstanding:    77,700     72,800  
       
(1)Represents revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations.

 
(2)Includes an impairment charge for royalty contracts resulting in $0.2 million and $0.9 million of expense for the three months ended March 31, 2019 and 2018, respectively. Includes a non-recurring adjustment for a change in estimated legal expenses resulting in $2.0 million of income for the three months ended March 31, 2018.

 
(3 ) The income tax effect of non-GAAP adjustments for 2018 is affected by the U.S. valuation allowance.  

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