Altair Announces First Quarter 2019 Financial Results

Business Outlook

The following table provides a reconciliation of projected Non-GAAP net income to projected net (loss) income, the most comparable GAAP financial measure (in thousands):

		(Unaudited)
		Three months ending						Year ending
		June 30, 2019						December 31, 2019
		low			high			low		high
Net (loss) income		$	(2,900	)	$	(900	)	$	14,600	$	18,600
Stock-based compensation expense			2,000			2,000			7,000		7,000
Amortization of intangible assets			3,800			3,800			15,200		15,200
Software licenses deferred revenue fair value adjustment (1)			2,200			2,200			9,000		9,000
Non-recurring adjustments			500			500			2,000		2,000

	Non-GAAP net income	$	5,600		$	7,600		$	47,800	$	51,800

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

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

		(Unaudited)
		Three months ending						Year ending
		June 30, 2019						December 31, 2019
		low			high			low		high
Net (loss) income		$	(2,900	)	$	(900	)	$	14,600	$	18,600
Income tax expense			(1,000	)		(1,000	)		7,200		7,200
Stock-based compensation expense			2,000			2,000			7,000		7,000
Interest expense			-			-			-		-
Depreciation and amortization			5,200			5,200			22,200		22,200
Interest income and other non-recurring adjustments			500			500			2,000		2,000
	Adjusted EBITDA	$	3,800		$	5,800		$	53,000	$	57,000

Software licenses deferred revenue fair value adjustment (1)			2,200			2,200			9,000		9,000
	Modified Adjusted EBITDA	$	6,000		$	8,000		$	62,000	$	66,000

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


The following table provides a reconciliation of Non-GAAP Total Revenue to Total Revenue, the most comparable GAAP financial measure (in millions):
		(Unaudited)
		Three months ending						Year ending
		June 30, 2019						December 31, 2019
		low			high			low		high
Total Revenue (GAAP)		$	106.0		$	108.0		$	470.0	$	474.0
Software licenses deferred revenue fair value adjustment (1)			2.2			2.2			9.0		9.0
Non-GAAP Total Revenue		$	108.2		$	110.2		$	479.0	$	483.0

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

The following table provides a reconciliation of Non-GAAP Software Product Revenue to Total Software Product Revenue, the most comparable GAAP financial measure (in millions):

		(Unaudited)
		Three months ending						Year ending
		June 30, 2019						December 31, 2019
		low			high			low		high
Total Software Product Revenue (GAAP)		$	83.0		$	85.0		$	373.0	$	377.0
Software licenses deferred revenue fair value adjustment (1)			2.2			2.2			9.0		9.0
Non-GAAP Total Software Product Revenue		$	85.2		$	87.2		$	382.0	$	386.0

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

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