Altair Announces First Quarter 2022 Financial Results

(1)  The three months ended March 31, 2022, includes $1.5 million currency losses on acquisition-related intercompany loans.
(2)  The Non-GAAP diluted shares outstanding for the three months ended March 31, 2021, has been changed to align with the current definition.

The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
   Three Months Ended
March 31,
 
(in thousands)  2022   2021 
Net cash provided by operating activities (1) $5,786  $36,571 
Capital expenditures  (2,190)  (3,039)
Free cash flow (1) $3,596  $33,532 

(1)  The three months ended March 31, 2022, includes a $65.9 million payment in January 2022 for a legal judgement acquired in December 2021.

Business Outlook

The following table provides a reconciliation of projected Adjusted EBITDA and projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:

  (Unaudited) 
   Three Months Ending
June 30, 2022
   Year Ending
December 31, 2022
 
(in thousands)  Low   High   Low   High 
Net loss $(19,000) $(17,100) $(29,500) $(22,000)
Stock-based compensation expense  19,900   19,900   77,400   77,400 
Amortization of intangible assets   5,800       5,800       23,000       23,000  
Non-cash interest expense     300       300       1,400       1,400  
Impact of non-GAAP tax rate     700       300       (6,300 )     (7,900 )
Special adjustments and other ( 1)                 1,500       1,500  
Non-GAAP net income     7,700       9,200       67,500       73,400  
Depreciation expense     1,800       1,800       7,100       7,100  
Cash interest income, net     (200 )     (200 )     (300 )     (300 )
Income tax expense, net of non-GAAP impact     2,700       3,200       23,700       25,800  
Adjusted EBITDA   $ 12,000     $ 14,000     $ 98,000     $ 106,000  

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