Altair Announces Fourth Quarter and Full Year 2021 Financial Results

(1)   The three and twelve months ended December 31, 2021, includes $1.2 million currency gains on acquisition-related intercompany loans. The twelve months ended December 31, 2020, includes $1.0 million of proceeds from settlements related to a historical acquisition and $0.6 million of severance expense.

The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
   Three Months Ended
December 31,
   Twelve Months Ended
December 31,
 
(in thousands)  2021   2020   2021   2020 
Net cash provided by operating activities $6,029  $5,503  $61,623  $32,882 
Capital expenditures  (1,038)  (2,087)  (7,849)  (6,093)
Free Cash Flow $4,991  $3,416  $53,774  $26,789 


Business Outlook

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

  (Unaudited) 
   Three Months Ending
March 31, 2022
   Year Ending
December 31, 2022
 
(in thousands)  Low   High   Low   High  
Net income (loss)   $ 5,600     $ 7,500     $ (23,100 )   $ (13,400 )
Stock-based compensation expense     18,000       18,000       71,600       71,600  
Amortization of intangible assets     5,900       5,900       23,000       23,000  
Non-cash interest expense     300       300       1,300       1,300  
Impact of non-GAAP tax rate     (4,600 )     (5,100 )     (7,500 )     (9,800 )
Non-GAAP net income     25,200       26,600       65,300       72,700  
Depreciation expense     1,900       1,900       7,400       7,400  
Cash interest expense, net     100       100       300       300  
Income tax expense, net of non-GAAP impact     8,800       9,400       23,000       25,600  
Adjusted EBITDA   $ 36,000     $ 38,000     $ 96,000     $ 106,000  

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