Altair Announces Third Quarter 2019 Financial Results


(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 reconciliation of Non-GAAP total software product revenue to total software product revenue, the most comparable GAAP financial measure:

  (Unaudited) 
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2019     2018     2019     2018  
Total software product revenue $77,816  $64,182  $265,515  $224,458 
Acquisition related deferred revenue(1)  2,250      6,750    
Non-GAAP total software product revenue $80,066  $64,182  $272,265  $224,458 


(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
September 30,
    Nine Months Ended
September 30,
 
(in thousands)   2019     2018     2019     2018  
Net cash (used in) provided by operating activities   $ (1,863 )   $ 3,109     $ 30,005     $ 40,422  
Capital expenditures     (1,453 )     (2,203 )     (8,120 )     (5,333 )
Free cash flow   $ (3,316 )   $ 906     $ 21,885     $ 35,089  

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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