Altair Announces First Quarter 2019 Financial Results

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 technology company that provides software and cloud solutions in the areas of product design and development, high-performance computing (HPC) and data intelligence. Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a 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 second quarter and full year 2019, statements regarding our anticipated success, expected expansion of our footprint, positioning for growth and convergence of technologies, 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 forward-looking statements due to a number of factors, including but not limited to, 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.

Investor and Media Relations
Dave Simon
Altair
248-614-2400 ext. 332
pr@altair.com

Altair Engineering Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)

	March 31, 2019			December 31, 2018
(In thousands)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	39,771		$	35,345
Accounts receivable, net		88,358			96,803
Inventory, net		3,389			1,964
Income tax receivable		8,137			4,431
Prepaid expenses and other current assets		15,976			15,491
Total current assets		155,631			154,034
Property and equipment, net		33,524			30,153
Operating lease right of use assets		29,892			-
Goodwill		210,714			210,532
Other intangible assets, net		68,469			69,836
Deferred tax assets		1,978			1,373
Other long-term assets		18,658			17,288
TOTAL ASSETS	$	518,866		$	483,216
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	453		$	331
Accounts payable		6,569			8,357
Accrued compensation and benefits		28,643			31,740
Current portion of operating lease liabilities		9,464			-
Other accrued expenses and current liabilities		31,910			27,565
Deferred revenue		66,030			59,765
Total current liabilities		143,069			127,758
Long-term debt, net of current portion		15,686			31,417
Operating lease liabilities, net of current portion		21,744			-
Deferred revenue, non-current		6,511			6,754
Other long-term liabilities		27,811			28,153
TOTAL LIABILITIES		214,821			194,082
Commitments and contingencies
MEZZANINE EQUITY		2,352			2,352
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 38,760 and 38,349 shares as of March 31, 2019 and December 31, 2018, respectively		4			4
Class B common stock, authorized 41,203 shares, issued and outstanding 32,171 and 32,171 shares as of March 31, 2019 and December 31, 2018, respectively		3			3
Additional paid-in capital		381,159			379,832
Accumulated deficit		(68,986	)		(82,005	)
Accumulated other comprehensive loss		(10,487	)		(11,052	)
TOTAL STOCKHOLDERS’ EQUITY		301,693			286,782
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY	$	518,866		$	483,216

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