Altair Announces Fourth 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 the twelve months ended December 31, 2019, and b) an impairment charge for royalty contracts resulting in $1.0 million of expenses for the twelve ended December 31, 2019.
Includes a) nonrecurring costs from the acquisition of Datawatch of $10.4 million for the three and twelve months ended December 31, 2018, b) a gain on the sale of a building of $4.4 million for the twelve months ended December 31, 2018, b) an impairment charge for royalty contracts and trade names resulting in $0.2 million and $2.8 million for the three and twelve months ended December 31, 2018, respectively and c) a non-recurring adjustment for a change in estimated legal expenses resulting in $2.0 million of income for the twelve months ended December 31, 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
December 31,
    Twelve Months Ended
December 31,
 
(in thousands)   2019     2018     2019     2018  
Net (loss) income $(1,502) $(9,003) $(7,542) $15,535 
Income tax expense  3,715   5,872   10,930   11,489 
Stock-based compensation expense  2,944   2,126   8,528   3,339 
Interest expense  2,785    108       6,371       200  
Interest income and other (1)     (893 )     9,986       (260 )     4,883  
Depreciation and amortization     5,686       3,839       21,522       14,734  
Adjusted EBITDA     12,735       12,928       39,549       50,180  
Acquisition related deferred revenue (2)     2,250             9,000        
Modified Adjusted EBITDA   $ 14,985     $ 12,928     $ 48,549     $ 50,180  
                                 

(1) Includes a) nonrecurring severance expenses of $0.4 million and nonrecurring acquisition related costs of $0.6 million, for the twelve months ended December 31, 2019, and b) impairment charges for royalty contracts resulting in $1.0 million of expense for the twelve months ended December 31, 2019. 

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