Altair Announces First Quarter 2024 Financial Results

TROY, Mich., May 02, 2024 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the first quarter ended March 31, 2024.

“Altair continued its positive momentum into the start of 2024, with record-high quarterly software revenue and total revenue,” said James R. Scapa, founder, chairman, and chief executive officer, Altair. “The first quarter exceeded our expectations and demonstrates the strength of our product portfolio in bringing computational intelligence to our customers.”

“The start of this year has been marked by strong execution, setting new records in software revenue and total revenue in the first quarter 2024,” said Matt Brown, chief financial officer, Altair. “Revenues and profit were ahead of expectations for the quarter, driven by growth across all three major geographies and multiple verticals.”

First Quarter 2024 Financial Highlights

  • Software revenue was $158.4 million compared to $149.6 million for the first quarter of 2023, an increase of 5.9% in reported currency and 6.9% in constant currency
  • Total revenue was $172.9 million compared to $166.0 million for the first quarter of 2023, an increase of 4.1% in reported currency and 5.1% in constant currency
  • Net income was $16.5 million compared to a net loss of $(2.0) million for the first quarter of 2023. Net income per share, diluted was $0.20 based on 89.8 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.02) for the first quarter of 2023, based on 80.2 million diluted weighted average common shares outstanding. Net income margin was 9.6% compared to net loss margin of -1.2% for the first quarter of 2023
  • Non-GAAP net income was $36.2 million, compared to non-GAAP net income of $31.8 million for the first quarter of 2023, an increase of 13.9%. Non-GAAP net income per share, diluted was $0.40 based on 89.8 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.36 for the first quarter of 2023, based on 88.0 million non-GAAP diluted common shares outstanding
  • Adjusted EBITDA was $45.8 million compared to $43.1 million for the first quarter of 2023, an increase of 6.4%. Adjusted EBITDA margin was 26.5% compared to 25.9% for the first quarter of 2023
  • Cash provided by operating activities was $73.5 million, compared to $59.2 million for the first quarter of 2023
  • Free cash flow was $70.7 million, compared to $57.5 million for the first quarter of 2023.

Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the second quarter and full year 2024:

(in millions, except %) Second Quarter 2024  Full Year 2024 
Software Revenue $131 to$134  $590 to$600 
Growth Rate  4.5%  6.9%  7.3%  9.1%
Growth Rate - Constant Currency  6.7%  9.2%  8.3%  10.1%
Total Revenue $145  $148  $652  $662 
Growth Rate   2.7 %     4.8 %     6.4 %     8.0 %
Growth Rate - Constant Currency     4.7 %     6.8 %     7.5 %     9.1 %
Net (Loss) Income   $ (12.3 )   $ (9.4 )   $ 23.2     $ 30.9  
Non-GAAP Net Income   $ 12.7     $ 15.0     $ 109.9     $ 115.9  
Adjusted EBITDA   $ 15     $ 18     $ 138     $ 146  
Net Cash Provided by Operating Activities               $ 135     $ 143  
Free Cash Flow               $ 124     $ 132  
                             

The following table provides a reconciliation of Full Year 2024 guidance to the last guidance provided in February

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