2019 Third Quarter Software Product Revenue Increased 21% year-over-year
TROY, Mich., Nov. 07, 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 third quarter ended September 30, 2019.
“Software product revenue grew over 21% from a year ago, as we continued to execute on our vision to provide truly differentiated simulation, data analytics and high-performance cloud computing solutions that enable our customers to compete more effectively in a connected world,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “Our core simulation and optimization technologies performed well during the quarter and we are highly encouraged by strong demand for our SimSolid product, which has had one of the fastest new product ramps in our history. We are also pleased to see continued strong recurring software subscription revenues. While we are seeing some macro headwinds in our automotive market and continue to be impacted by foreign exchange challenges, our diversification across multiple verticals and products provides us with optimism that our momentum will continue into 2020 and beyond.”
Third Quarter 2019 Financial Highlights
- Software product revenue was $77.8 million, an increase of 21% from $64.2 million for the third quarter of 2018 highlighted by 29% growth in the Americas region.
- Non-GAAP software product revenue was $80.1 million, an increase of 25% from $64.2 million for the third quarter of 2018.
- Total revenue was $100.4 million, an increase of 16% from $86.8 million for the third quarter of 2018.
- Non-GAAP total revenue was $102.7 million, an increase of 18% from $86.8 million for the third quarter of 2018.
- Net loss was $(15.9) million, compared to net income of $0.9 million for the third quarter of 2018. Diluted net loss per share was $(0.22) based on 71.8 million diluted weighted average common shares outstanding, compared to diluted net income per share of $0.01 for the third quarter of 2018, based on 76.7 million diluted weighted average common shares outstanding.
- Adjusted EBITDA was $(2.3) million, compared to $2.4 million for the third quarter of 2018.
- Modified Adjusted EBITDA was $(0.1) million, compared to $2.4 million for the third quarter of 2018.
- Non-GAAP net loss was $(7.2) million, compared to $(1.4) million for the third quarter of 2018. Non-GAAP diluted net loss per share was $(0.09) based on 77.8 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net loss per share of $(0.02) for the third quarter of 2018, based on 77.0 million non-GAAP diluted common shares outstanding.
- Free cash flow, which consists of cash flow from operations less capital expenditures, was $(3.3) million, compared to $0.9 million for the third quarter of 2018.
Business Outlook
Based on information available as of today, Altair is issuing revised and reduced guidance for the fourth quarter and full year 2019.
| (Unaudited)
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| (in millions) | Fourth Quarter 2019 | Full Year 2019 | |||||||||||||
| Software Product Revenue | $ | 83.5 | to | $ | 87.5 | $ | 349.0 | to | $ | 353.0 | |||||
| Non-GAAP Software Product Revenue | $ | 85.8 | $ | 89.8 | $ | 358.0 | $ | 362.0 | |||||||
| Total Revenue | $ | 105.0 | $ | 109.0 | $ | 440.0 | $ | 444.0 | |||||||
| Non-GAAP Total Revenue | $ | 107.3 | $ | 111.3 | $ | 449.0 | $ | 453.0 | |||||||
| Net (Loss) | $ | (5.4) | $ | (3.4) | $ | (11.4) | $ | (9.4) | |||||||
| Non-GAAP Net Income | $ | 2.2 | $ | 4.2 | $ | 20.1 | $ | 22.1 | |||||||
| Adjusted EBITDA | $ | 7.3 | $ | 9.3 | $ | 34.0 | $ | 36.0 | |||||||
| Modified Adjusted EBITDA | $ | 9.5 | $ | 11.5 | $ | 43.0 | $ | 45.0 | |||||||
(All figures in millions)
