Altair Announces Fourth Quarter and Full Year 2023 Financial Results

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

(2)  The three months ended December 31, 2023, includes a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $2.9 million currency gains on acquisition-related intercompany loans. The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans and a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The twelve months ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $3.2 million currency gains on acquisition-related intercompany loans. The twelve months ended December 31, 2022, includes $16.6 million expense on repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, and a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.


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

 (Unaudited) 
  Three Months Ended
December 31,
   Year Ended
December 31,
 
(in thousands) 2023   2022   2023   2022 
Net income (loss)$19,675  $12,065  $(8,926) $(43,429)
Income tax expense 10,176   208   21,545   15,216 
Stock-based compensation expense 19,158   22,263   85,581   84,787 
Interest expense 1,533   1,526   6,116   4,377 
Depreciation and amortization 9,853   11,412   39,124   35,504 
Special adjustments, interest income and other(1) (6,822)  (8,733)   (14,302 )     12,145  
Adjusted EBITDA $ 53,573     $ 38,741     $ 129,138     $ 108,600  

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