Altair Announces First Quarter 2019 Financial Results
Business Outlook
The following table provides a reconciliation of projected Non-GAAP net income to projected net (loss) income, the most comparable GAAP financial measure (in thousands): | | | | | | | | | | | | (Unaudited) | | |
Three months ending | |
Year ending | | |
June 30, 2019 | |
December 31, 2019 | | |
low | |
high | |
low | |
high | Net (loss) income | $ | (2,900 | ) | | $ | (900 | ) | | $ | 14,600 | | $ | 18,600 | Stock-based compensation expense | | 2,000 | | | | 2,000 | | | | 7,000 | | | 7,000 | Amortization of intangible assets | | 3,800 | | | | 3,800 | | | | 15,200 | | | 15,200 | Software licenses deferred revenue fair value adjustment (1) | | 2,200 | | | | 2,200 | | | | 9,000 | | | 9,000 | Non-recurring adjustments | | 500 | | | | 500 | | | | 2,000 | | | 2,000 | | | | | | | | | | | Non-GAAP net income | $ | 5,600 | | | $ | 7,600 | | | $ | 47,800 | | $ | 51,800 | | | | | | | | | | (1) Adjustments for 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 projected Adjusted EBITDA to projected net (loss) income, the most comparable GAAP financial measure (in thousands): | | | | | | | | | | | | (Unaudited) | | |
Three months ending | |
Year ending | | |
June 30, 2019 | |
December 31, 2019 | | |
low | |
high | |
low | |
high | Net (loss) income | $ | (2,900 | ) | | $ | (900 | ) | | $ | 14,600 | | $ | 18,600 | Income tax expense | | (1,000 | ) | | | (1,000 | ) | | | 7,200 | | | 7,200 | Stock-based compensation expense | | 2,000 | | | | 2,000 | | | | 7,000 | | | 7,000 | Interest expense | | - | | | | - | | | | - | | | - | Depreciation and amortization | | 5,200 | | | | 5,200 | | | | 22,200 | | | 22,200 | Interest income and other non-recurring adjustments | | 500 | | | | 500 | | | | 2,000 | | | 2,000 | | Adjusted EBITDA | $ | 3,800 | | | $ | 5,800 | | | $ | 53,000 | | $ | 57,000 | | | | | | | | | | Software licenses deferred revenue fair value adjustment (1) | | 2,200 | | | | 2,200 | | | | 9,000 | | | 9,000 | | Modified Adjusted EBITDA | $ | 6,000 | | | $ | 8,000 | | | $ | 62,000 | | $ | 66,000 | | | | | | | | | | (1) Adjustments for 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 Non-GAAP Total Revenue to Total Revenue, the most comparable GAAP financial measure (in millions): | | | (Unaudited) | | |
Three months ending | |
Year ending | | |
June 30, 2019 | |
December 31, 2019 | | |
low | |
high | |
low | |
high | Total Revenue (GAAP) | $ | 106.0 | | | $ | 108.0 | | | $ | 470.0 | | $ | 474.0 | Software licenses deferred revenue fair value adjustment (1) | | 2.2 | | | | 2.2 | | | | 9.0 | | | 9.0 | Non-GAAP Total Revenue | $ | 108.2 | | | $ | 110.2 | | | $ | 479.0 | | $ | 483.0 | | | | | | | | | | (1) Adjustments for 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 Non-GAAP Software Product Revenue to Total Software Product Revenue, the most comparable GAAP financial measure (in millions): | | | | | | | | | | | | (Unaudited) | | |
Three months ending | |
Year ending | | |
June 30, 2019 | |
December 31, 2019 | | |
low | |
high | |
low | |
high | Total Software Product Revenue (GAAP) | $ | 83.0 | | | $ | 85.0 | | | $ | 373.0 | | $ | 377.0 | Software licenses deferred revenue fair value adjustment (1) | | 2.2 | | | | 2.2 | | | | 9.0 | | | 9.0 | Non-GAAP Total Software Product Revenue | $ | 85.2 | | | $ | 87.2 | | | $ | 382.0 | | $ | 386.0 | | | | | | | | | | (1) Adjustments for revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. |
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