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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