Altair Announces First Quarter 2023 Financial Results

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 leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, 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 second quarter and full year 2023, our statements regarding our expectations for 2023, 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
dls@altair.com

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

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
       
   March 31, 2023   December 31, 2022 
(In thousands)  (Unaudited)    
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $378,377  $316,146 
Accounts receivable, net  130,636   170,279 
Income tax receivable  11,226   11,259 
Prepaid expenses and other current assets  28,363   29,142 
Total current assets  548,602    526,826  
Property and equipment, net     38,260       37,517  
Operating lease right of use assets     33,297       33,601  
Goodwill     451,170       449,048  
Other intangible assets, net     101,586       107,609  
Deferred tax assets     9,675       9,727  
Other long-term assets     43,582       40,410  
TOTAL ASSETS   $ 1,226,172     $ 1,204,738  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:            
Accounts payable   $ 6,014     $ 10,434  
Accrued compensation and benefits     30,341       42,456  
Current portion of operating lease liabilities     9,939       10,396  
Other accrued expenses and current liabilities     58,673       56,371  
Deferred revenue     114,423       113,081  
2024 Convertible senior notes, net     81,004        
Total current liabilities     300,394       232,738  
2027 Convertible senior notes, net     225,039       305,604  
Operating lease liabilities, net of current portion     23,989       24,065  
Deferred revenue, non-current     27,520       31,379  
Other long-term liabilities     42,325       41,216  
TOTAL LIABILITIES     619,267       635,002  
Commitments and contingencies            
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 53,153
and 52,277 shares as of March 31, 2023, and December 31, 2022, respectively
    5       5  
Class B common stock, authorized 41,203 shares, issued and outstanding 27,505
and 27,745 shares as of March 31, 2023, and December 31, 2022
    3       3  
Additional paid-in capital     753,184       721,307  
Accumulated deficit     (123,536 )     (121,577 )
Accumulated other comprehensive loss     (22,751 )     (30,002 )
TOTAL STOCKHOLDERS’ EQUITY     606,905       569,736  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,226,172     $ 1,204,738  



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