Altair Announces Third Quarter 2019 Financial Results


(1) Represents revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
(2)Includes a) nonrecurring severance expenses of $0.4 million and nonrecurring acquisition related costs of $0.6 million, for both the three and nine months ended September 30, 2019, and b) an impairment charge for royalty contracts resulting in $1.0 million of expenses for the nine months ended September 30, 2019.
 Includes a) a gain on the sale of a building of $4.4 million for the three and nine months ended September 30, 2018, b) an impairment charge for royalty contracts resulting in $0.2 million and $2.0 million for the three and nine months ended September 30, 2018, respectively and c) a non-recurring adjustment for a change in estimated legal expenses resulting in $2.0 million of income for the nine months ended September 30, 2018.

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

  (Unaudited) 
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2019     2018     2019     2018  
Net (loss) income $(15,939) $934  $(6,040) $24,538 
Income tax expense  3,294   1,885   7,215   5,617 
Stock-based compensation expense  2,292   563   5,584   1,213 
Interest expense    2,726       31       3,586       92  
Interest income and other (1)     (76 )     (4,384 )     633       (5,103 )
Depreciation and amortization     5,368       3,370       15,836       10,895  
Adjusted EBITDA     (2,335 )     2,399       26,814       37,252  
Acquisition related deferred revenue (2)     2,250             6,750        
Modified Adjusted EBITDA   $ (85 )   $ 2,399     $ 33,564     $ 37,252  

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