TROY, Mich., Nov. 02, 2023 (GLOBE NEWSWIRE) --
Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence, today released its financial results for the third quarter and nine months ended September 30, 2023.
"The third quarter of 2023 was excellent for Altair, with software product revenue and total revenue again above the high end of guidance," said James Scapa, founder, chairman and chief executive officer of Altair. "Our Q3 performance demonstrates the power and veracity of our vision for the convergence of computational science and AI across industries and verticals including engineering, scientific discovery, and business."
"Fiscal 2023 continues to progress in a positive way," said Matt Brown, chief financial officer of Altair. "Our performance through the first nine months of 2023 gives us confidence we're on track to meet our financial goals for the year."
Third Quarter 2023 Financial Highlights
- Software product revenue was $119.1 million compared to $103.8 million for the third quarter of 2022, an increase of 14.8% in reported currency and 14.5% in constant currency
- Total revenue was $134.0 million compared to $119.4 million for the third quarter of 2022, an increase of 12.3% in reported currency and 11.9% in constant currency
- Net loss was $(4.4) million compared to net loss of $(33.2) million for the third quarter of 2022. Net loss per share, diluted was $(0.05) based on 80.4 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.42) for the third quarter of 2022, based on 79.2 million diluted weighted average common shares outstanding. Net loss margin was -3.3% compared to net loss margin of -27.9% for the third quarter of 2022
- Non-GAAP net income was $12.7 million, compared to non-GAAP net income of $4.3 million for the third quarter of 2022, an increase of 197.0%. Non-GAAP net income per share, diluted was $0.14 based on 88.6 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.05 for the third quarter of 2022, based on 88.1 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $15.5 million compared to $6.8 million for the third quarter of 2022, an increase of 126.3%. Adjusted EBITDA margin was 11.5% compared to 5.7% for the third quarter of 2022
- Cash provided by operating activities was $16.4 million, compared to $8.5 million for the third quarter of 2022
- Free cash flow was $14.7 million, compared to $5.2 million for the third quarter of 2022.
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the fourth quarter and full year 2023:
| (in millions, except %) | Fourth Quarter 2023 | Full Year 2023 | ||||||||||||||
| Software Product Revenue | $ | 153 | to | $ | 159 | $ | 547 | to | $ | 553 | ||||||
| Growth Rate | 5.6 | % | 9.7 | % | 8.0 | % | 9.2 | % | ||||||||
| Growth Rate - Constant Currency | 5.1 | % | 9.3 | % | 9.4 | % | 10.6 | % | ||||||||
| Total Revenue | $ | 169 | $ | 175 | $ | 610 | $ | 616 | ||||||||
| Growth Rate | 5.3 | % | 9.1 | % | 6.6 | % | 7.7 | % | ||||||||
| Growth Rate - Constant Currency | 4.9 | % | 8.6 | % | 7.9 | % | 9.0 | % | ||||||||
| Net Income (Loss) | $ | 15.5 | $ | 21.3 | $ | (12.6 | ) | $ | (6.8 | ) | ||||||
| Non-GAAP Net Income | $ | 33.6 | $ | 38.0 | $ | 91.6 | $ | 96.1 | ||||||||
| Adjusted EBITDA | $ | 44 | $ | 50 | $ | 120 | $ | 126 | ||||||||
| Net Cash Provided by Operating Activities | $ | 118 | $ | 126 | ||||||||||||
| Free Cash Flow | $ | 108 | $ | 116 | ||||||||||||
