TROY, Mich., May 05, 2022 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in the areas of simulation, high-performance computing (HPC), data analytics and AI, today released its financial results for the first quarter ended March 31, 2022.

“Altair had a very strong first quarter 2022 with all our key metrics coming in above our guidance ranges,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “We deliver high value products and expertise to help our customers increase efficiency and competitiveness by driving smarter decisions with computational science and artificial intelligence, and our business momentum continues to be robust globally and across industry verticals.”

“We’re off to a great start for the year, achieving all-time highs for software product revenue and total revenue in the first quarter 2022,” said Matt Brown, Chief Financial Officer of Altair. “Revenues and profit were ahead of expectations for the quarter, putting us in a strong position to meet our financial goals for the year.”

First Quarter 2022 Financial Highlights

• Software product revenue was $140.9 million compared to $129.5 million for the first quarter of 2021, an increase of 8.8%
• Total revenue was $159.8 million compared to $150.2 million for the first quarter of 2021, an increase of 6.4%
• Net income was $11.5 million compared to $14.4 million for the first quarter of 2021. Diluted net income per share was $0.13 based on 87.3 million diluted weighted average common shares outstanding, compared to diluted net income per share of $0.18 for the first quarter of 2021, based on 79.3 million diluted weighted average common shares outstanding
• Adjusted EBITDA was $46.6 million compared to $37.0 million for the first quarter of 2021, an increase of 26.1%. Adjusted EBITDA margin was 29.2% compared to 24.6% for the first quarter of 2021
• Non-GAAP net income was $32.9 million, compared to Non-GAAP net income of $26.0 million for the first quarter of 2021, an increase of 26.8%. Non-GAAP diluted net income per share was $0.38 based on 87.3 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.33 for the first quarter of 2021, based on 79.3 million non-GAAP diluted common shares outstanding
• Free cash flow was $3.6 million, compared to $33.5 million for the first quarter of 2021. Free cash flow in the first quarter 2022 was impacted by the payment of a $65.9 million litigation judgement assumed as part of the World Programming acquisition.

Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the second quarter and full year 2022: