Altair Announces Fourth Quarter 2019 Financial Results

The following table provides a reconciliation of Non-GAAP total software product revenue to total software product revenue, the most comparable GAAP financial measure:

  (Unaudited) 
    Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
(in thousands)   2019     2018     2019     2018  
Total software product revenue $101,187  $79,903  $366,702  $304,361 
Acquisition related deferred revenue(1)  2,250      9,000    
Non-GAAP total software product revenue $103,437  $79,903  $375,702  $304,361 
                 

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

The following table provides a recompilation 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)   2019     2018     2019     2018  
Net cash provided by (used in) operating activities   $ 1,388     $ (4,192 )   $ 31,393     $ 36,230  
Capital expenditures     (1,540 )     (1,326 )     (9,660 )     (6,659 )
Free Cash Flow   $ (152 )   $ (5,518 )   $ 21,733     $ 29,571  
                                 

Effective January 1, 2018, we adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASC 606). The following table sets forth selected quarterly information under ASC 606 for 2018:

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