Altair Announces Second Quarter 2019 Financial Results

(1) Adjustment for revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.

  
The following table provides a recompilation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure: 
  
  (Unaudited) 
    Three Months Ended June 30,    Six Months Ended June 30,  
(in thousands)   2019     2018    2019     2018  
Net cash provided by operating activities $6,553  $10,624  $31,868  $37,313 
Capital expenditures  (2,084)  (1,446)  (6,667)  (3,130)
Free cash flow $4,469  $9,178  $25,201  $34,183 
                 

Effective January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASC 606). The following table sets forth selected quarterly information under ASC 606 for 2018:

  (Unaudited) 
   Three months ended  
   ASC 606  
(in thousands)  March 31,
2018
    June 30,
2018
    September 30,
2018
    December 31,
2018
 
Software product revenue   $ 89,670     $ 70,606     $ 64,182     $ 79,903  
Total revenue     113,257       93,360       86,751       103,011  
Net income (loss)     24,684       (1,080 )     934       (9,003 )
Adjusted EBITDA     29,550       5,303       2,399       12,928  
                                 

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