TROY, Mich., Aug. 01, 2024 (GLOBE NEWSWIRE) --
Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the second quarter and six months ended June 30, 2024.
“Altair maintained its strong trajectory during the second quarter, with software revenue and total revenue above the high end of guidance,” said James R. Scapa, founder, chairman, and chief executive officer, Altair. “Our Q2 results underscore the robustness of our software product lineup, which continues to empower customers with industry-leading computational intelligence.”
“We are pleased with our execution in the second quarter and first half of the year,” said Matt Brown, chief financial officer, Altair. “Our quarterly revenues exceeded expectations as we continued to deliver software revenue growth, which gives us confidence in our path to meet our financial targets for the year.”
Second Quarter 2024 Financial Highlights
- Software revenue was $135.4 million compared to $125.3 million for the second quarter of 2023, an increase of 8.1% in reported currency and 10.6% in constant currency
- Total revenue was $148.8 million compared to $141.2 million for the second quarter of 2023, an increase of 5.4% in reported currency and 7.8% in constant currency
- Net loss was $(5.1) million compared to a net loss of $(22.3) million for the second quarter of 2023. Net loss per share, diluted was $(0.06) based on 83.6 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.28) for the second quarter of 2023, based on 80.0 million diluted weighted average common shares outstanding. Net loss margin was -3.5% compared to net loss margin of -15.8% for the second quarter of 2023
- Non-GAAP net income was $14.8 million, compared to non-GAAP net income of $13.2 million for the second quarter of 2023, an increase of 12.1%. Non-GAAP net income per share, diluted was $0.16 based on 91.0 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.15 for the second quarter of 2023, based on 88.4 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $17.3 million compared to $17.1 million for the second quarter of 2023, an increase of 1.7%. Adjusted EBITDA margin was 11.7% compared to 12.1% for the second quarter of 2023
- Cash provided by operating activities was $28.6 million, compared to $30.0 million for the second quarter of 2023
- Free cash flow was $26.3 million, compared to $25.6 million for the second quarter of 2023.
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the third quarter and full year 2024:
| (in millions, except %) | Third Quarter 2024 | Full Year 2024 | ||||||||||||||
| Software Revenue | $ | 130 | to | $ | 133 | $ | 590 | to | $ | 600 | ||||||
| Growth Rate | 9.2 | % | 11.7 | % | 7.3 | % | 9.1 | % | ||||||||
| Growth Rate - Constant Currency | 11.1 | % | 13.7 | % | 8.9 | % | 10.8 | % | ||||||||
| Total Revenue | $ | 145 | $ | 148 | $ | 648 | $ | 658 | ||||||||
| Growth Rate | 8.2 | % | 10.4 | % | 5.8 | % | 7.4 | % | ||||||||
| Growth Rate - Constant Currency | 10.0 | % | 12.3 | % | 7.5 | % | 9.1 | % | ||||||||
| Net (Loss) Income | $ | (14.0 | ) | $ | (11.1 | ) | $ | 22.6 | $ | 30.3 | ||||||
| Non-GAAP Net Income | $ | 13.4 | $ | 15.7 | $ | 108.4 | $ | 114.4 | ||||||||
| Adjusted EBITDA | $ | 16 | $ | 19 | $ | 136 | $ | 144 | ||||||||
| Net Cash Provided by Operating Activities | $ | 133 | $ | 141 | ||||||||||||
| Free Cash Flow | $ | 122 | $ | 130 | ||||||||||||
The following table provides a reconciliation of Full Year 2024 guidance to the last guidance provided in May
