TROY, Mich., Aug. 08, 2019 (GLOBE NEWSWIRE) --
Altair (Nasdaq:ALTR), a global technology company providing solutions in product development, high-performance computing and data intelligence, today released its financial results for the second quarter ended June 30, 2019.
“We had a very strong second quarter and remain excited about the future of our industry and company.” said James Scapa, founder, chairman and chief executive officer.
Second Quarter 2019 Financial Highlights
- Software product revenue was $84.4 million, an increase of 20% from $70.6 million for the second quarter of 2018.
- Non-GAAP software product revenue was $86.6 million, an increase of 23% from $70.6 million for the second quarter of 2018. Non-GAAP software product revenue includes revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
- Total revenue was $106.8 million, an increase of 14% from $93.4 million for the second quarter of 2018.
- Non-GAAP total revenue was $109.0 million, an increase of 17% from $93.4 million for the second quarter of 2018. Non-GAAP total revenue includes revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
- Net loss was ($3.1) million, compared to net loss of ($1.1) million for the second quarter of 2018. Diluted net loss per share was ($0.04) based on 71.4 million diluted weighted average common shares outstanding, compared to diluted net loss per share of ($0.02) for the second quarter of 2018, based on 65.6 million diluted weighted average common shares outstanding.
- Adjusted EBITDA was $5.2 million, compared to $5.3 million for the second quarter of 2018. Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
- Modified Adjusted EBITDA was $7.4 million, compared to $5.3 million for the second quarter of 2018. Modified Adjusted EBITDA represents Adjusted EBITDA adjusted for revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
- Non-GAAP net income was $4.5 million, compared to $2.1 million for the second quarter of 2018. Non-GAAP diluted net income per share was $0.06 based on 77.7 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.03 for the second quarter of 2018, based on 77.0 million non-GAAP diluted common shares outstanding. Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, revenue not recognized under GAAP due to acquisition accounting and special items as identified by management and described elsewhere in this press release.
- Free cash flow, which consists of cash flow from operations less capital expenditures, was $4.5 million, compared to $9.2 million for the second quarter of 2018.
Business Outlook
Based on information available as of today, Altair is issuing guidance for the third quarter and full year 2019.
| (Unaudited) | ||||||||||
| (in millions) | Third Quarter 2019 | Full Year 2019 | ||||||||
| Software Product Revenue | $ | 79.0 | to | $ | 81.0 | $ | 366.0 | to | $ | 370.0 |
| Non-GAAP Software Product Revenue | $ | 81.2 | $ | 83.2 | $ | 375.0 | $ | 379.0 | ||
| Total Revenue | $ | 103.0 | $ | 105.0 | $ | 460.0 | $ | 464.0 | ||
| Non-GAAP Total Revenue | $ | 105.2 | $ | 107.2 | $ | 469.0 | $ | 473.0 | ||
| Net (Loss) Income | $ | (6.8) | $ | (5.5) | $ | 10.5 | $ | 13.1 | ||
| Non-GAAP Net Income | $ | 3.4 | $ | 4.7 | $ | 45.2 | $ | 47.8 | ||
| Adjusted EBITDA | $ | 0.8 | $ | 2.8 | $ | 53.0 | $ | 57.0 | ||
| Modified Adjusted EBITDA | $ | 3.0 | $ | 5.0 | $ | 62.0 | $ | 66.0 | ||
| (All figures in millions) | ||||||||||
