Altair Announces Third 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 fourth 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

	September 30, 2023			December 31, 2022
(In thousands)	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	431,188		$	316,146
Accounts receivable, net		121,855			170,279
Income tax receivable		12,402			11,259
Prepaid expenses and other current assets		26,561			29,142
Total current assets		592,006			526,826
Property and equipment, net		38,167			37,517
Operating lease right of use assets		32,132			33,601
Goodwill		452,822			449,048
Other intangible assets, net		86,491			107,609
Deferred tax assets		8,046			9,727
Other long-term assets		42,327			40,410
TOTAL ASSETS	$	1,251,991		$	1,204,738
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,159		$	10,434
Accrued compensation and benefits		39,468			42,456
Current portion of operating lease liabilities		9,209			10,396
Other accrued expenses and current liabilities		50,917			56,371
Deferred revenue		110,843			113,081
Current portion of convertible senior notes, net		81,319			—
Total current liabilities		296,915			232,738
Convertible senior notes, net		225,635			305,604
Operating lease liabilities, net of current portion		23,373			24,065
Deferred revenue, non-current		28,090			31,379
Other long-term liabilities		43,860			41,216
TOTAL LIABILITIES		617,873			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 54,351 and 52,277 shares as of September 30, 2023, and December 31, 2022, respectively		5			5
Class B common stock, authorized 41,203 shares, issued and outstanding 27,045 and 27,745 shares as of September 30, 2023, and December 31, 2022, respectively		3			3
Additional paid-in capital		816,551			721,307
Accumulated deficit		(150,178	)		(121,577	)
Accumulated other comprehensive loss		(32,263	)		(30,002	)
TOTAL STOCKHOLDERS’ EQUITY		634,118			569,736
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,251,991		$	1,204,738

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