Altair Announces Second Quarter 2023 Financial Results

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 third 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
      
  June 30, 2023     December 31, 2022  
(In thousands) (Unaudited)        
ASSETS     
CURRENT ASSETS:     
Cash and cash equivalents$418,338  $316,146 
Accounts receivable, net 124,260   170,279 
Income tax receivable 14,505   11,259 
Prepaid expenses and other current assets 29,678   29,142 
Total current assets 586,781   526,826 
Property and equipment, net 39,107   37,517 
Operating lease right of use assets 30,284   33,601 
Goodwill 453,093    449,048  
Other intangible assets, net   94,642       107,609  
Deferred tax assets   8,183       9,727  
Other long-term assets   43,717       40,410  
TOTAL ASSETS $ 1,255,807     $ 1,204,738  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:          
Accounts payable $ 4,682     $ 10,434  
Accrued compensation and benefits   35,951       42,456  
Current portion of operating lease liabilities   9,557       10,396  
Other accrued expenses and current liabilities   66,044       56,371  
Deferred revenue   121,853       113,081  
Current portion of convertible senior notes, net   81,161        
Total current liabilities   319,248       232,738  
Convertible senior notes, net   225,320       305,604  
Operating lease liabilities, net of current portion   21,337       24,065  
Deferred revenue, non-current   26,694       31,379  
Other long-term liabilities   42,993       41,216  
TOTAL LIABILITIES   635,592       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 53,951 and 52,277 shares as of June 30, 2023, and December 31, 2022, respectively   5       5  
Class B common stock, authorized 41,203 shares, issued and outstanding 27,175 and 27,745 shares as of June 30, 2023, and December 31, 2022   3       3  
Additional paid-in capital   790,184       721,307  
Accumulated deficit   (145,816 )     (121,577 )
Accumulated other comprehensive loss   (24,161 )     (30,002 )
TOTAL STOCKHOLDERS’ EQUITY   620,215       569,736  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,255,807     $ 1,204,738  



« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise