| (Unaudited) | ||||||||||||||||
| Full Year 2022 | ||||||||||||||||
| (in millions) |
Midpoint of
Guidance in August |
Increase/
(Decrease) |
Currency
Fluctuations from Prior Guidance |
Midpoint of
Guidance in November | ||||||||||||
| Software Product Revenue | $ | 492.5 | $ | 4.2 | $ | (6.2 | ) | $ | 490.5 | |||||||
| Total Revenue | $ | 560.5 | $ | 3.7 | $ | (6.7 | ) | $ | 557.5 | |||||||
| Adjusted EBITDA | $ | 94.0 | $ | 1.0 | $ | (1.5 | ) | $ | 93.5 | |||||||
Conference Call Information
| What: | Altair’s Third Quarter 2022 Financial Results Conference Call | |
| When: | Thursday, November 3, 2022 | |
| Time: | 5 p.m. ET | |
| Webcast: | http://investor.altair.com (live & replay) | |
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.
Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.
Non-GAAP diluted common shares as defined starting with Q1 2022, includes the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position. All periods presented will be adjusted to align with this new definition.
Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
