Altair Announces Third Quarter 2022 Financial Results

(1)  The Company uses a non-GAAP effective tax rate of 26%.

(2)  The three months ended September 30, 2022, includes $6.8 million currency losses on acquisition-related intercompany loans and a $2.2 million gain from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The nine months ended September 30, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $13.7 million currency losses on acquisition-related intercompany loans and a $7.5 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.

(3)  The Non-GAAP diluted shares outstanding for the three and nine months ended September 30, 2021, has been changed to align with the current definition.

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

  (Unaudited) 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands)  2022   2021   2022   2021 
Net loss $(33,248) $(8,109) $(55,494) $(7,397)
Income tax expense  4,579   3,022   15,008   4,424 
Stock-based compensation expense  22,710   10,933   62,524   31,229 
Interest expense  1,566   3,037   2,851   8,998 
Depreciation and amortization  8,273   6,175   24,092   19,355 
Restructuring expense           (124 )           4,954  
Special adjustments, interest income and other (1)     2,949       (102 )     20,878       (275 )
Adjusted EBITDA   $ 6,829     $ 14,832     $ 69,859     $ 61,288  

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