Altair Announces Second Quarter 2024 Financial Results


(1) For the three and six months ended June 30, 2024, the Company used a non-GAAP effective tax rate of 25%. For the three and six months ended June 30, 2023, the Company used a non-GAAP effective tax rate of 26%.
   
(2) The three months ended June 30, 2024, includes $0.1 million of currency losses on acquisition-related intercompany loans. The three months ended June 30, 2023, includes a $1.0 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $1.3 million of currency gains on acquisition-related intercompany loans. The six months ended June 30, 2024, includes $0.9 million of currency losses on acquisition-related intercompany loans, and a $0.2 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The six months ended June 30, 2023, includes an $8.0 million loss from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $3.1 million currency gains on acquisition-related intercompany loans.

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

  (Unaudited) 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands)  2024   2023   2024   2023 
Net (loss) income $(5,147) $(22,280) $11,400  $(24,239)
Income tax (benefit) expense  (610)  8,678   6,159   17,910 
Stock-based compensation expense  17,355   23,736   33,354   45,897 
Interest expense  1,604   1,528   3,180   3,054 
Depreciation and amortization  9,938    9,738       19,557       19,488  
Special adjustments, interest income and other (1)     (5,792 )     (4,344 )     (10,484 )     (1,999 )
Adjusted EBITDA   $ 17,348     $ 17,056     $ 63,166     $ 60,111  

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