Free cash flow consists of cash flow from operations less capital expenditures.
Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense, restructuring expense and other special items as identified by management and described elsewhere in this press release.
Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.
About Altair
Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the fourth quarter and full year 2022, our statements regarding our expectations for 2022, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.
Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
dls@altair.com
Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
ir@altair.com
|
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS | ||||||||
| September 30, 2022 | December 31, 2021 | |||||||
| (In thousands) | (Unaudited) | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 311,853 | $ | 413,743 | ||||
| Accounts receivable, net | 119,921 | 137,561 | ||||||
| Income tax receivable | 10,465 | 9,388 | ||||||
| Prepaid expenses and other current assets | 23,492 | 27,529 | ||||||
| Total current assets | 465,731 | 588,221 | ||||||
| Property and equipment, net | 38,938 | 40,478 | ||||||
| Operating lease right of use assets | 32,627 | 28,494 | ||||||
| Goodwill | 455,211 | 370,178 | ||||||
| Other intangible assets, net | 86,080 | 99,057 | ||||||
| Deferred tax assets | 7,605 | 8,495 | ||||||
| Other long-term assets | 38,736 | 28,352 | ||||||
| TOTAL ASSETS | $ | 1,124,928 | $ | 1,163,275 | ||||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 6,235 | $ | 6,647 | ||||
| Accrued compensation and benefits | 37,036 | 42,307 | ||||||
| Current portion of operating lease liabilities | 9,996 | 9,933 | ||||||
| Other accrued expenses and current liabilities | 50,686 | 122,226 | ||||||
| Deferred revenue | 94,523 | 93,160 | ||||||
| Convertible senior notes, net | — | 199,705 | ||||||
| Total current liabilities | 198,476 | 473,978 | ||||||
| Operating lease liabilities, net of current portion | 23,466 | 19,550 | ||||||
| Deferred revenue, non-current | 22,017 | 12,872 | ||||||
| Convertible senior notes, net | 305,158 | — | ||||||
| Other long-term liabilities | 40,282 | 42,894 | ||||||
| TOTAL LIABILITIES | 589,399 | 549,294 | ||||||
| Commitments and contingencies | ||||||||
| MEZZANINE EQUITY | — | 784 | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding | — | — | ||||||
| Common stock ($0.0001 par value) | ||||||||
| Class A common stock, authorized 513,797 shares, issued and outstanding 52,377 and 51,524 shares as of September 30, 2022, and December 31, 2021, respectively | 5 | 5 | ||||||
| Class B common stock, authorized 41,203 shares, issued and outstanding 27,745 shares as of September 30, 2022, and December 31, 2021 | 3 | 3 | ||||||
| Additional paid-in capital | 715,736 | 724,226 | ||||||
| Accumulated deficit | (133,642 | ) | (102,087 | ) | ||||
| Accumulated other comprehensive loss | (46,573 | ) | (8,950 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 535,529 | 613,197 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ | 1,124,928 | $ | 1,163,275 | ||||
