TROY, Mich., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence today released its financial results for the fourth quarter and full year ended December 31, 2021.

“Altair had an excellent fourth quarter and full year 2021, highlighted by year-on-year software product revenue growth of 15.8%,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “Our vision for driving smarter decisions with computational science and artificial intelligence is resonating with customers, our products continue to gain market share, and we are expanding our footprint across all verticals.”

“Our fourth quarter 2021 financial performance was a fantastic end to an impressive year, with revenue and profit exceeding expectations and carrying momentum into 2022,” said Matt Brown, Chief Financial Officer of Altair. “We achieved software revenue growth in the mid-teens in 2021, while significantly improving our profitability, putting us well on track for our medium and long-term goals.”

Fourth Quarter 2021 Financial Highlights

• Software product revenue was $122.4 million compared to $113.6 million for the fourth quarter of 2020.
• Total revenue was $140.8 million compared to $133.4 million for the fourth quarter of 2020.
• Net loss was $(1.4) million compared to net income of $2.2 million for the fourth quarter of 2020. Diluted net loss per share was $(0.02) based on 79.0 million diluted weighted average common shares outstanding, compared to diluted net income per share of $0.03 for the fourth quarter of 2020, based on 78.5 million diluted weighted average common shares outstanding.
• Adjusted EBITDA was $24.0 million, compared to $21.7 million for the fourth quarter of 2020.
• Non-GAAP net income was $16.4 million, compared to non-GAAP net income of $14.5 million for the fourth quarter of 2020. Non-GAAP diluted net income per share was $0.19 based on 87.3 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.17 for the fourth quarter of 2020, based on 83.0 million non-GAAP diluted common shares outstanding.
• Free cash flow was $5.0 million, compared to $3.4 million for the fourth quarter of 2020.

Full Year 2021 Financial Highlights

• Software product revenue was $453.7 million compared to $391.7 million for the full year of 2020.
• Total revenue was $532.2 million compared to $469.9 million for the full year of 2020.
• Net loss was $(8.8) million compared to net loss of $(10.5) million for the full year of 2020. Diluted net loss per share was $(0.12) based on 76.2 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.14) for the full year of 2020, based on 73.2 million diluted weighted average common shares outstanding.
• Adjusted EBITDA was $85.3 million, compared to $57.3 million for the full year of 2020.
• Non-GAAP net income was $57.6 million, compared to non-GAAP net income of $37.2 million for the full year of 2020. Non-GAAP diluted net income per share was $0.66 based on 87.3 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.45 for the full year of 2020, based on 83.0 million non-GAAP diluted common shares outstanding.
• Free cash flow was $53.8 million, compared to $26.8 million for the full year of 2020.

Business Outlook

Based on information available as of today, Altair is issuing guidance for the first quarter and full year 2022.