Altair Announces Third Quarter 2021 Financial Results


Conference Call Information  
What: Altair’s Third Quarter 2021 Financial Results Conference Call
When: Thursday, November 4, 2021
Time: 5:00 p.m. ET
Live Call: (866) 754-5204, Domestic
  (636) 812-6621, International
Replay: (855) 859-2056, Conference ID 7966437, Domestic
  (404) 537-3406, Conference ID 7966437, International
Webcast:  http://investor.altair.com (live & replay)

 

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Net Income Per Share and Free Cash Flow.

Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

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.

Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

Non-GAAP diluted common shares includes total outstanding shares plus outstanding equity awards under the Company’s equity award plans.

Free cash flow consists of cash flow from operations less capital expenditures.

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 providing software and cloud solutions in the areas of simulation, high-performance computing, and artificial 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 fourth quarter and full year 2021, our statements regarding our expectation for 2021, 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 our forward-looking statements due to a number of factors, including but not limited to, the 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.

Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
ir@altair.com

Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
ir@altair.com

Lindsay Savarese
212-331-8417
ir@altair.com

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

   September 30, 2021   December 31, 2020 
(In thousands)  (Unaudited)     
ASSETS           
CURRENT ASSETS:                
Cash and cash equivalents   $ 455,858     $ 241,221  
Accounts receivable, net     88,701       117,878  
Income tax receivable     8,929       6,736  
Prepaid expenses and other current assets     26,017       21,100  
Total current assets     579,505       386,935  
Property and equipment, net     38,711       36,332  
Operating lease right of use assets     30,916       33,526  
Goodwill     268,888       264,481  
Other intangible assets, net     61,540       76,114  
Deferred tax assets     8,221       7,125  
Other long-term assets     26,702       25,389  
TOTAL ASSETS   $ 1,014,483     $ 829,902  
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES:                
Current portion of long-term debt   $     $ 29,962  
Accounts payable     4,900       8,594  
Accrued compensation and benefits     35,999       34,772  
Current portion of operating lease liabilities     10,342       10,331  
Other accrued expenses and current liabilities     24,721       31,404  
Deferred revenue     75,138       85,691  
Convertible senior notes, net     196,796        
Total current liabilities     347,896       200,754  
Convertible senior notes, net           188,300  
Operating lease liabilities, net of current portion     21,610       24,323  
Deferred revenue, non-current     9,290       9,388  
Other long-term liabilities     32,641       27,767  
TOTAL LIABILITIES     411,437       450,532  
Commitments and contingencies                
MEZZANINE EQUITY     784       784  
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 50,558
and 44,216 shares as of September 30, 2021, and December 31, 2020, respectively
    5       4  
Class B common stock, authorized 41,203 shares, issued and outstanding 28,206
and 30,111 shares as of September 30, 2021, and December 31, 2020, respectively
    3       3  
Additional paid-in capital     711,082       474,669  
Accumulated deficit     (100,690 )     (93,293 )
Accumulated other comprehensive loss     (8,138 )     (2,797 )
TOTAL STOCKHOLDERS’ EQUITY     602,262       378,586  
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY   $ 1,014,483     $ 829,902  
                 

ALTAIR ENGINEERING INC. AND SUBSIDIARIES

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