TROY, Mich., Aug. 05, 2021 (GLOBE NEWSWIRE) --
Altair (Nasdaq: ALTR), a global technology company providing software and cloud solutions in the areas of simulation, high-performance computing, data analytics and artificial intelligence today released its financial results for the second quarter ended June 30, 2021.
“Altair had a strong second quarter 2021, with across-the-board success in multiple verticals, regions, and products, reflecting year on year software product revenue growth of 22%,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “Customers are investing to grow their businesses as we emerge from the pandemic, and Altair’s products, services, and business models are clearly resonating, gaining market awareness, and increasing market share.”
“Once again we saw customer demand exceed expectations in the second quarter 2021, which enabled us to achieve results above the high end of our guidance range for the third consecutive quarter,” said Matt Brown, Chief Financial Officer of Altair. “The second quarter 2021 reflects solid execution on our strategy of driving strong organic topline revenue growth and profit expansion.”
Second Quarter 2021 Financial Highlights
- Software product revenue was $99.6 million compared to $81.8 million for the second quarter of 2020, an increase of 21.7%
- Total revenue was $119.9 million compared to $98.6 million for the second quarter of 2020, an increase of 21.7%
- Net loss was $13.6 million compared to a net loss of $10.2 million for the second quarter of 2020, an increase of 33.5%. Diluted net loss per share was $0.18 based on 75.3 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $0.14 for the second quarter of 2020, based on 73.0 million diluted weighted average common shares outstanding
- Adjusted EBITDA was $9.5 million compared to $5.7 million for the second quarter of 2020, an increase of 65.2%. Adjusted EBITDA margin was 7.9% compared to 5.8% for the second quarter of 2020
- Non-GAAP net income was $5.6 million, compared to Non-GAAP net income of $3.0 million for the second quarter of 2020, an increase of 86.8%. Non-GAAP diluted net income per share was $0.07 based on 83.4 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.04 for the second quarter of 2020, based on 80.7 million non-GAAP diluted common shares outstanding
- Free cash flow was $15.8 million, compared to $4.5 million for the second quarter of 2020, an increase of 252.7%
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the third quarter and full year 2021:
| (in millions) | Third Quarter 2021 | Full Year 2021 | ||||||||||||||
| Software Product Revenue | $ | 94.0 | to | $ | 97.0 | $ | 434.0 | to | $ | 440.0 | ||||||
| Total Revenue | $ | 112.0 | $ | 115.0 | $ | 512.0 | $ | 518.0 | ||||||||
| Net Loss | $ | (22.8 | ) | $ | (20.9 | ) | $ | (31.6 | ) | $ | (26.8 | ) | ||||
| Non-GAAP Net Income | $ | 0.1 | $ | 1.6 | $ | 40.9 | $ | 44.6 | ||||||||
| Adjusted EBITDA | $ | 2.0 | $ | 4.0 | $ | 63.0 | $ | 68.0 | ||||||||
| Net Cash Provided by Operating Activities | $ | 43.0 | $ | 48.0 | ||||||||||||
| Free Cash Flow | $ | 34.0 | $ | 39.0 | ||||||||||||
