Altair Announces First Quarter 2019 Financial Results

 

The following table provides a reconciliation of Adjusted EBITDA and Modified Adjusted EBITDA to net income, the most comparable GAAP financial measure (in thousands):  
        
   (Unaudited) 
    Three Months Ended
March 31,
 
     2019   2018   
Net income  $  13,019 $  24,684   
Income tax expense    4,088    2,346   
Stock-based compensation expense    1,212    216   
Interest expense    270    16   
Interest income and other(1)    201    (1,255)  
Depreciation and amortization    5,194    3,543   
Adjusted EBITDA $  23,984 $  29,550   
        
Acquisition related deferred revenue (2) $  2,250 $  -   
Modified Adjusted EBITDA $  26,234 $  29,550   
        
(1)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. 
  
(2)Represents revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. 
        


The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure (in thousands): 
      
  (Unaudited)
   Three Months Ended
March 31,
 
    2019    2018    
Net cash provided by operating activities   $   25,315     $   26,689    
Capital expenditures       (4,583 )       (1,684 )  
Free cash flow   $   20,732     $   25,005    
           

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