Altair Announces Second Quarter 2022 Financial Results

TROY, Mich., Aug. 04, 2022 (GLOBE NEWSWIRE) --   Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI, today released its financial results for the second quarter ended June 30, 2022.

“Altair had a strong second quarter, driven by high double-digit software revenue growth, with all our key metrics coming in above our guidance ranges,” said James Scapa, founder, chairman and chief executive officer of Altair. “While we are in a period of geopolitical and economic uncertainty, I am confident Altair's culture, customer relationships, high recurring revenue and utilization, high-value business model, and exceptional technology leaves us well-positioned for the remainder of the year.”

“The second quarter was another big success, achieving revenue and profit ahead of expectations,” said Matt Brown, chief financial officer of Altair. “Led by our year-over-year software product revenue growth of over 17% in the second quarter, we continued to deliver on our commitment to software product revenue growth and margin expansion. While we are encouraged by our strong first half of 2022, we are reducing our full year guidance ranges for revenue and profit due to the impact foreign exchange rates are having on our results in reported currency.”

Second Quarter 2022 Financial Highlights

  • Software product revenue was $116.9 million compared to $99.6 million for the second quarter of 2021, an increase of 17.4%
  • Total revenue was $132.7 million compared to $119.9 million for the second quarter of 2021, an increase of 10.6%
  • Net loss was $(33.8) million compared to $(13.6) million for the second quarter of 2021. Diluted net loss per share was $(0.43) based on 78.9 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.18) for the second quarter of 2021, based on 75.3 million diluted weighted average common shares outstanding. Net loss margin was (25.5%) compared to (11.4%) for the second quarter of 2021
  • Non-GAAP net income was $10.9 million, compared to non-GAAP net income of $5.6 million for the second quarter of 2021, an increase of 94.7%. Non-GAAP diluted net income per share was $0.13 based on 86.3 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.07 for the second quarter of 2021, based on 80.3 million non-GAAP diluted common shares outstanding
  • Adjusted EBITDA was $16.4 million compared to $9.5 million for the second quarter of 2021, an increase of 73.1%. Adjusted EBITDA margin was 12.4% compared to 7.9% for the second quarter of 2021
  • Cash provided by operating activities was 12.3 million, compared to 18.2 million for the second quarter of 2021
  • Free cash flow was $11.0 million, compared to $15.8 million for the second quarter of 2021.

Business Outlook

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

(in millions)Third Quarter 2022 Full Year 2022 
Software Product Revenue $99.0 to$104.0  $487.0 to$498.0 
Total Revenue $115.0  $120.0  $555.0  $566.0 
Net Loss $(34.9) $(31.0) $(66.1) $(56.5)
Non-GAAP Net Income $(1.2) $1.8  $60.6  $68.0 
Adjusted EBITDA $0.0  $4.0    $ 89.0     $ 99.0  
Net Cash Provided by Operating Activities               $ 15.1     $ 23.1  
Free Cash Flow               $ 8.0     $ 16.0  

Conference Call Information

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