Altair Announces Fourth Quarter and Full Year 2022 Financial Results

(1) The Company uses a non-GAAP effective tax rate of 26%.
(2) 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 a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The twelve months ended December 31, 2022, includes $16.6 million expense on the 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.
(3) The Non-GAAP diluted shares outstanding for the three and twelve months ended December 31, 2021, has been changed to align with the current definition.

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,
   Twelve Months Ended
December 31,
 
(in thousands)  2022   2021   2022   2021 
Net income (loss) $12,065  $(1,397) $(43,429) $(8,794)
Income tax expense  208   4,082   15,216   8,506 
Stock-based compensation expense  22,263   13,320   84,787   44,549 
Interest expense  1,526   3,067   4,377     12,065  
Depreciation and amortization     11,412       6,289       35,504       25,644  
Restructuring expense           99             5,053  
Special adjustments, interest income and other (1)     (8,733 )     (1,495 )     12,145       (1,770 )
Adjusted EBITDA   $ 38,741     $ 23,965     $ 108,600     $ 85,253  

(1) The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans, a $0.3 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $2.1 million of interest income. The twelve months ended December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $4.1 million of interest income.

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