Altair Announces Second Quarter 2019 Financial Results

TROY, Mich., Aug. 08, 2019 (GLOBE NEWSWIRE) -- Altair (Nasdaq:ALTR), a global technology company providing solutions in product development, high-performance computing and data intelligence, today released its financial results for the second quarter ended June 30, 2019.

“We had a very strong second quarter and remain excited about the future of our industry and company.” said James Scapa, founder, chairman and chief executive officer. 

Second Quarter 2019 Financial Highlights

  • Software product revenue was $84.4 million, an increase of 20% from $70.6 million for the second quarter of 2018.
  • Non-GAAP software product revenue was $86.6 million, an increase of 23% from $70.6 million for the second quarter of 2018.  Non-GAAP software product revenue includes revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
  • Total revenue was $106.8 million, an increase of 14% from $93.4 million for the second quarter of 2018.
  • Non-GAAP total revenue was $109.0 million, an increase of 17% from $93.4 million for the second quarter of 2018.  Non-GAAP total revenue includes revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
  • Net loss was ($3.1) million, compared to net loss of ($1.1) million for the second quarter of 2018. Diluted net loss per share was ($0.04) based on 71.4 million diluted weighted average common shares outstanding, compared to diluted net loss per share of ($0.02) for the second quarter of 2018, based on 65.6 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $5.2 million, compared to $5.3 million for the second quarter of 2018.  Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
  • Modified Adjusted EBITDA was $7.4 million, compared to $5.3 million for the second quarter of 2018.  Modified Adjusted EBITDA represents Adjusted EBITDA adjusted for revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.
  • Non-GAAP net income was $4.5 million, compared to $2.1 million for the second quarter of 2018. Non-GAAP diluted net income per share was $0.06 based on 77.7 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.03 for the second quarter of 2018, based on 77.0 million non-GAAP diluted common shares outstanding.  Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, revenue not recognized under GAAP due to acquisition accounting and special items as identified by management and described elsewhere in this press release.
  • Free cash flow, which consists of cash flow from operations less capital expenditures, was $4.5 million, compared to $9.2 million for the second quarter of 2018. 

Business Outlook
Based on information available as of today, Altair is issuing guidance for the third quarter and full year 2019. 

 (Unaudited)
(in millions)Third Quarter 2019Full Year 2019
Software Product Revenue$79.0to$81.0$366.0to$370.0
Non-GAAP Software Product Revenue$81.2 $83.2$375.0 $379.0
Total Revenue$103.0 $105.0$460.0 $464.0
Non-GAAP Total Revenue$105.2 $107.2$469.0 $473.0
Net (Loss) Income $ (6.8)   $ (5.5) $ 10.5   $ 13.1
Non-GAAP Net Income $ 3.4   $ 4.7 $ 45.2   $ 47.8
Adjusted EBITDA $ 0.8   $ 2.8 $ 53.0   $ 57.0
Modified Adjusted EBITDA $ 3.0   $ 5.0 $ 62.0   $ 66.0
                     
(All figures in millions)                    

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12  Next Page »



Review Article Be the first to review this article
Editorial
Latest Blog Posts
Marcin SzymańskIMCADCafe Editorial
by Marcin SzymańskI
Industry Predictions for 2020 – VShaper
Jobs
GIS Developer for GeoDecisions at Vienna, Virginia
Dev/Ops Developer for GeoDecisions at O'Fallon, Illinois
Mid-Level Developer for GeoDecisions at Raleigh, North Carolina
Senior Level Developer for GeoDecisions at Raleigh, North Carolina
Business Analyst for GeoDecisions at Raleigh, North Carolina
GIS Developer for GeoDecisions at St. Charles, Missouri
Upcoming Events
AHR Expo at Orange County Convention Center West Building Orlando FL - Feb 3 - 5, 2020
Design & Manufacturing at Anaheim Convention Center Anaheim CA - Feb 11 - 13, 2020
PLASTEC West — The Proof Is in the Plastics at Anaheim Convention Center 800 W. Katella Avenue, Anaheim CA - Feb 11 - 13, 2020
Manufacturing Automation Asia at Singapore Singapore - Feb 20 - 21, 2020
Kenesto: 30 day trial
MasterCAM



Internet Business Systems © 2020 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise