Altair Announces Second Quarter 2023 Financial Results

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 third quarter and full year 2023, our statements regarding our expectations for 2023, 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

	June 30, 2023			December 31, 2022
(In thousands)	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	418,338		$	316,146
Accounts receivable, net		124,260			170,279
Income tax receivable		14,505			11,259
Prepaid expenses and other current assets		29,678			29,142
Total current assets		586,781			526,826
Property and equipment, net		39,107			37,517
Operating lease right of use assets		30,284			33,601
Goodwill		453,093			449,048
Other intangible assets, net		94,642			107,609
Deferred tax assets		8,183			9,727
Other long-term assets		43,717			40,410
TOTAL ASSETS	$	1,255,807		$	1,204,738
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,682		$	10,434
Accrued compensation and benefits		35,951			42,456
Current portion of operating lease liabilities		9,557			10,396
Other accrued expenses and current liabilities		66,044			56,371
Deferred revenue		121,853			113,081
Current portion of convertible senior notes, net		81,161			—
Total current liabilities		319,248			232,738
Convertible senior notes, net		225,320			305,604
Operating lease liabilities, net of current portion		21,337			24,065
Deferred revenue, non-current		26,694			31,379
Other long-term liabilities		42,993			41,216
TOTAL LIABILITIES		635,592			635,002
Commitments and contingencies
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 53,951 and 52,277 shares as of June 30, 2023, and December 31, 2022, respectively		5			5
Class B common stock, authorized 41,203 shares, issued and outstanding 27,175 and 27,745 shares as of June 30, 2023, and December 31, 2022		3			3
Additional paid-in capital		790,184			721,307
Accumulated deficit		(145,816	)		(121,577	)
Accumulated other comprehensive loss		(24,161	)		(30,002	)
TOTAL STOCKHOLDERS’ EQUITY		620,215			569,736
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,255,807		$	1,204,738

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