Altair Announces First Quarter 2019 Financial Results
Financial Results
| The following table provides a reconciliation of Non-GAAP net income and Non-GAAP diluted income per share to net income and income per share - diluted, the most comparable GAAP financial measures (in thousands, except per share amounts): | | |
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| | | | (Unaudited) | |
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Three Months Ended
March 31, | |
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2019 | | | |
2018 | | |
| Net income | | $ | 13,019 | | | $ | 24,684 | | |
| Stock-based compensation expense | | | 1,212 | | | | 216 | | |
| Amortization of intangible assets | | | 3,528 | | | | 1,940 | | |
| Acquisition related deferred revenue (1) | | | 2,250 | | | | - | | |
| Special adjustments (2) | | | 228 | | | | (1,152 | ) | | |
| Income tax effect of non-GAAP adjustments (3) | | | (54 | ) | | | - | | |
| | Non-GAAP net income | | $ | 20,183 | | | $ | 25,688 | | |
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| Income per share - diluted | | $ | 0.17 | | | $ | 0.34 | | |
| Non-GAAP income per share - diluted | | $ | 0.26 | | | $ | 0.35 | | |
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| GAAP diluted shares outstanding: | | | 76,720 | | | | 72,390 | | |
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| Non-GAAP diluted shares outstanding: | | | 77,700 | | | | 72,800 | | |
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| (1 | ) | Represents 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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| (2 | ) | Includes an impairment charge for royalty contracts resulting in $0.2 million and $0.9 million of expense for the three months ended March 31, 2019 and 2018, respectively. Includes a non-recurring adjustment for a change in estimated legal expenses resulting in $2.0 million of income for the three months ended March 31, 2018.
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| (3 | ) | The income tax effect of non-GAAP adjustments for 2018 is affected by the U.S. valuation allowance. | |
