TROY, Mich., Nov. 04, 2021 (GLOBE NEWSWIRE) --
Altair (Nasdaq: ALTR), a global technology company providing software and cloud solutions in the areas of simulation, high-performance computing, data analytics and artificial intelligence today released its financial results for the third quarter ended September 30, 2021.
“Altair continued its across-the-board momentum with an excellent third quarter 2021, highlighted by year-on-year software product revenue growth of 16.5%,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “Our products, services, and business models are clearly providing value and we continue to increase our market share as customers invest for growth.”
“Our third quarter 2021 was another impressive quarter, with revenue and profit exceeding expectations and allowing us to raise our outlook for the full year,” said Matt Brown, Chief Financial Officer of Altair. “I’m extremely pleased with our financial results and our ability to continue expanding our margins while significantly growing revenue.”
Third Quarter 2021 Financial Highlights
- Software product revenue was $102.3 million compared to $87.8 million for the third quarter of 2020, an increase of 16.5%
- Total revenue was $121.3 million compared to $106.5 million for the third quarter of 2020, an increase of 14.0%
- Net loss was $8.1 million compared to a net loss of $8.5 million for the third quarter of 2020. Diluted net loss per share was $0.11 based on 75.8 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $0.12 for the third quarter of 2020, based on 73.3 million diluted weighted average common shares outstanding
- Adjusted EBITDA was $14.8 million compared to $8.2 million for the third quarter of 2020, an increase of 81.4%. Adjusted EBITDA margin was 12.2% compared to 7.7% for the third quarter of 2020
- Non-GAAP net income was $9.6 million, compared to Non-GAAP net income of $4.7 million for the third quarter of 2020, an increase of 107.1%. Non-GAAP diluted net income per share was $0.11 based on 86.3 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.06 for the third quarter of 2020, based on 80.7 million non-GAAP diluted common shares outstanding
- Free cash flow was $(0.5) million, compared to $(7.5) million for the third quarter of 2020
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the fourth quarter and full year 2021:
| (in millions) | Fourth Quarter 2021 | Full Year 2021 | ||||||||||||||
| Software Product Revenue | $ | 106.0 | to | $ | 109.0 | $ | 437.0 | to | $ | 440.0 | ||||||
| Total Revenue | $ | 124.0 | $ | 127.0 | $ | 515.0 | $ | 518.0 | ||||||||
| Net Loss | $ | (13.1 | ) | $ | (10.2 | ) | $ | (20.8 | ) | $ | (17.9 | ) | ||||
| Non-GAAP Net Income | $ | 6.8 | $ | 9.0 | $ | 47.7 | $ | 49.9 | ||||||||
| Adjusted EBITDA | $ | 11.0 | $ | 14.0 | $ | 72.0 | $ | 75.0 | ||||||||
| Net Cash Provided by Operating Activities | $ | 49.6 | $ | 52.6 | ||||||||||||
| Free Cash Flow | $ | 41.0 | $ | 44.0 | ||||||||||||
