Altair Announces First Quarter 2020 Financial Results


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

  (Unaudited) 
    Three Months Ended March 31,  
(in thousands)   2020     2019  
Net income $6,030  $13,019 
Income tax expense  4,652   4,088 
Stock-based compensation expense  3,171   1,212 
Interest expense  2,813   270 
Interest income and other (1)  (654)  201 
Depreciation and amortization  5,660   5,194 
Adjusted EBITDA $21,672  $23,984 

(1)     Includes $0.2 million impairment charge for royalty contracts for the three months ended March 31, 2019. 


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 March 31,  
(in thousands)   2020     2019  
Net cash provided by operating activities   $ 28,036     $ 25,315  
Capital expenditures     (1,644 )     (4,583 )
Free Cash Flow   $ 26,392     $ 20,732  

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