Altair Announces Fourth Quarter 2020 Financial Results


(1)The twelve months ended December 31, 2020, includes $1.0 million of proceeds from settlements related to a historical acquisition and $0.6 million of severance expense. The twelve months ended December 31, 2019, includes $1.0 million of impairment charges for royalty contracts, $0.6 million of acquisition related costs and $0.4 million of severance expense.

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

 (Unaudited) 
  Three Months Ended
December 31,
   Twelve Months Ended
December 31,
 
(in thousands) 2020   2019   2020   2019 
Net income (loss)$2,198  $(1,502) $(10,500) $(7,542)
Income tax expense 2,182   3,715   12,532   10,930 
Stock-based compensation expense 7,416   2,944   21,355   8,528 
Interest expense 3,008   2,785   11,598   6,371 
Depreciation and amortization 6,890   5,686   23,806   21,522 
Special adjustments, interest income and other (1) (2)  (893)  (1,503)  (260)
Adjusted EBITDA$ 21,692     $ 12,735     $ 57,288     $ 39,549  

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