Altair Announces Third Quarter 2020 Financial Results


(1)Included in 2020 are a) $1.0 million of proceeds from settlements related to a historical acquisition for both the three and nine months ended September 30, 2020, and b) $0.6 million of severance expense for the nine months ended September 30, 2020.
Included in 2019 are a) nonrecurring severance expenses of $0.4 million and nonrecurring acquisition related costs of $0.6 million for both the three and nine months ended September 30, 2019, and b) impairment charges for royalty contracts of $1.0 million for the nine months ended September 30, 2019. 

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
September 30,
   Nine Months Ended
September 30,
 
(in thousands) 2020   2019   2020   2019 
Net cash (used in) provided by operating activities$(6,022) $(1,863) $27,379  $30,005 
Capital expenditures (1,476)  (1,453)  (4,006)  (8,120)
Free cash flow$(7,498) $(3,316) $23,373  $21,885 

Business Outlook

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


 (Unaudited) 
  Three Months Ending
December 31, 2020
   Year Ending
December 31, 2020
 
(in thousands) Low     High     Low     High  
Net loss $ (13,300 )   $ (11,300 )   $ (26,600 )   $ (24,600 )
Stock-based compensation expense   7,200       7,200       21,100       21,100  
Amortization of intangible assets   4,400       4,400       15,800       15,800  
Special adjustments               (400 )     (400 )
Income tax effect of non-GAAP adjustments   (400 )     (400 )     (1,300 )     (1,300 )
Non-GAAP net (loss) income $ (2,100 )   $ (100 )   $ 8,600     $ 10,600  

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