Altair Announces Second 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 an impairment charge for royalty contracts resulting in $0.8 million and $0.9 million of expense for the three months ended June 30, 2019 and 2018, respectively, and $1.0 million and $1.8 million of expense for the six months ended June 30, 2019 and 2018, respectively. Includes a non-recurring adjustment for a change in estimated legal expenses resulting in $2.0 million of income for the six months ended June 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 June 30,     Six Months Ended June 30,  
(in thousands)   2019     2018     2019     2018  
Net (loss) income $(3,120) $(1,080) $9,899  $23,604 
Income tax (benefit) expense  (167)  1,386   3,921   3,732 
Stock-based compensation expense  2,080   434   3,292   650 
Interest expense  590   45   860   61 
Interest income and other (1)  508   536   709   (719)
Depreciation and amortization  5,274   3,982   10,468     7,525  
Adjusted EBITDA     5,165       5,303       29,149       34,853  
Acquisition related deferred revenue (2)     2,250             4,500        
Modified Adjusted EBITDA   $ 7,415     $ 5,303     $ 33,649     $ 34,853  

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