| The following table provides a reconciliation of projected Non-GAAP net income to projected net (loss) income, the most comparable GAAP financial measure (in thousands): | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ending | Year ending | |||||||||||||
| June 30, 2019 | December 31, 2019 | |||||||||||||
| low | high | low | high | |||||||||||
| Net (loss) income | $ | (2,900 | ) | $ | (900 | ) | $ | 14,600 | $ | 18,600 | ||||
| Stock-based compensation expense | 2,000 | 2,000 | 7,000 | 7,000 | ||||||||||
| Amortization of intangible assets | 3,800 | 3,800 | 15,200 | 15,200 | ||||||||||
| Software licenses deferred revenue fair value adjustment (1) | 2,200 | 2,200 | 9,000 | 9,000 | ||||||||||
| Non-recurring adjustments | 500 | 500 | 2,000 | 2,000 | ||||||||||
| Non-GAAP net income | $ | 5,600 | $ | 7,600 | $ | 47,800 | $ | 51,800 | ||||||
| (1) Adjustments for revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. | ||||||||||||||
| The following table provides a reconciliation of projected Adjusted EBITDA to projected net (loss) income, the most comparable GAAP financial measure (in thousands): | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ending | Year ending | |||||||||||||
| June 30, 2019 | December 31, 2019 | |||||||||||||
| low | high | low | high | |||||||||||
| Net (loss) income | $ | (2,900 | ) | $ | (900 | ) | $ | 14,600 | $ | 18,600 | ||||
| Income tax expense | (1,000 | ) | (1,000 | ) | 7,200 | 7,200 | ||||||||
| Stock-based compensation expense | 2,000 | 2,000 | 7,000 | 7,000 | ||||||||||
| Interest expense | - | - | - | - | ||||||||||
| Depreciation and amortization | 5,200 | 5,200 | 22,200 | 22,200 | ||||||||||
| Interest income and other non-recurring adjustments | 500 | 500 | 2,000 | 2,000 | ||||||||||
| Adjusted EBITDA | $ | 3,800 | $ | 5,800 | $ | 53,000 | $ | 57,000 | ||||||
| Software licenses deferred revenue fair value adjustment (1) | 2,200 | 2,200 | 9,000 | 9,000 | ||||||||||
| Modified Adjusted EBITDA | $ | 6,000 | $ | 8,000 | $ | 62,000 | $ | 66,000 | ||||||
| (1) Adjustments for revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. | ||||||||||||||
| The following table provides a reconciliation of Non-GAAP Total Revenue to Total Revenue, the most comparable GAAP financial measure (in millions): | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ending | Year ending | |||||||||||||
| June 30, 2019 | December 31, 2019 | |||||||||||||
| low | high | low | high | |||||||||||
| Total Revenue (GAAP) | $ | 106.0 | $ | 108.0 | $ | 470.0 | $ | 474.0 | ||||||
| Software licenses deferred revenue fair value adjustment (1) | 2.2 | 2.2 | 9.0 | 9.0 | ||||||||||
| Non-GAAP Total Revenue | $ | 108.2 | $ | 110.2 | $ | 479.0 | $ | 483.0 | ||||||
| (1) Adjustments for revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. | ||||||||||||||
| The following table provides a reconciliation of Non-GAAP Software Product Revenue to Total Software Product Revenue, the most comparable GAAP financial measure (in millions): | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three months ending | Year ending | |||||||||||||
| June 30, 2019 | December 31, 2019 | |||||||||||||
| low | high | low | high | |||||||||||
| Total Software Product Revenue (GAAP) | $ | 83.0 | $ | 85.0 | $ | 373.0 | $ | 377.0 | ||||||
| Software licenses deferred revenue fair value adjustment (1) | 2.2 | 2.2 | 9.0 | 9.0 | ||||||||||
| Non-GAAP Total Software Product Revenue | $ | 85.2 | $ | 87.2 | $ | 382.0 | $ | 386.0 | ||||||
| (1) Adjustments for revenue not recognized under GAAP due to acquisition accounting adjustment associated with the accounting for deferred revenue in significant business combinations. | ||||||||||||||
Altair Announces First Quarter 2019 Financial Results
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