TROY, Mich., Aug. 03, 2023 (GLOBE NEWSWIRE) --
Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence, today released its financial results for the second quarter and six months ended June 30, 2023.
“Altair had a solid second quarter of 2023, with software product revenue and total revenue above the high end of guidance,” said James Scapa, founder, chairman and chief executive officer of Altair. “Our Q2 performance aligns well with our guidance for the full year and demonstrates our continued success and strength.”
“We’re pleased with the outperformance we’ve seen in the first half of the year,” said Matt Brown, chief financial officer of Altair. “Our strong first half has been fueled by growth across a number of verticals and particularly in aerospace, defense, technology, and automotive, where demand for our products is robust.”
Second Quarter 2023 Financial Highlights
- Software product revenue was $125.3 million compared to $116.9 million for the second quarter of 2022, an increase of 7.2% in reported currency and 9.4% in constant currency
- Total revenue was $141.2 million compared to $132.7 million for the second quarter of 2022, an increase of 6.4% in reported currency and 8.4% in constant currency
- Net loss was $(22.3) million compared to net loss of $(33.8) million for the second quarter of 2022. Net loss per share, diluted was $(0.28) based on 80.0 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.43) for the second quarter of 2022, based on 78.9 million diluted weighted average common shares outstanding. Net loss margin was -15.8% compared to net loss margin of -25.5% for the second quarter of 2022
- Non-GAAP net income was $13.2 million, compared to non-GAAP net income of $10.9 million for the second quarter of 2022, an increase of 21.6%. Non-GAAP net income per share, diluted was $0.15 based on 88.4 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.13 for the second quarter of 2022, based on 86.3 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $17.1 million compared to $16.4 million for the second quarter of 2022, an increase of 3.7%. Adjusted EBITDA margin was 12.1% compared to 12.4% for the second quarter of 2022
- Cash provided by operating activities was $30.0 million, compared to $12.3 million for the second quarter of 2022
- Free cash flow was $25.6 million, compared to $11.0 million for the second quarter of 2022.
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the third quarter and full year 2023:
| (in millions, except %) | Third Quarter 2023 | Full Year 2023 | ||||||||||||||
| Software Product Revenue | $ | 111 | to | $ | 113 | $ | 548 | to | $ | 558 | ||||||
| Growth Rate | 7.0 | % | 8.9 | % | 8.2 | % | 10.2 | % | ||||||||
| Growth Rate - Constant Currency | 5.8 | % | 7.7 | % | 9.1 | % | 11.0 | % | ||||||||
| Total Revenue | $ | 126 | $ | 128 | $ | 611 | $ | 621 | ||||||||
| Growth Rate | 5.6 | % | 7.2 | % | 6.8 | % | 8.5 | % | ||||||||
| Growth Rate - Constant Currency | 4.4 | % | 6.1 | % | 7.5 | % | 9.3 | % | ||||||||
| Net Loss | $ | (22.8 | ) | $ | (20.9 | ) | $ | (15.3 | ) | $ | (5.6 | ) | ||||
| Non-GAAP Net Income | $ | 2.9 | $ | 4.4 | $ | 89.9 | $ | 97.3 | ||||||||
| Adjusted EBITDA | $ | 3 | $ | 5 | $ | 119 | $ | 129 | ||||||||
| Net Cash Provided by Operating Activities | $ | 120 | $ | 128 | ||||||||||||
| Free Cash Flow | $ | 108 | $ | 116 | ||||||||||||
