Altair Announces First Quarter 2024 Financial Results

  (Unaudited) 
   Full Year 2024 
(in millions)  Midpoint of
Guidance in February
   Increase/
(Decrease)
   Currency Fluctuations
from Prior Guidance
   Midpoint of
Guidance in May
 
Software Revenue $605.0  $  $(10.0) $595.0 
Total Revenue $668.0  $  $(11.0) $657.0 
Adjusted EBITDA $147.0  $  $(5.0) $142.0 
                 

Conference Call Information

What:Altair’s First Quarter 2024 Financial Results Conference Call
When:Thursday, May 2, 2024
Time:5 p.m. ET
Webcast: http://investor.altair.com (live & replay)
  

Non-GAAP Financial Measures

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

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.

Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, 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 the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position.

Billings consists of total revenue plus the change in deferred revenue, excluding deferred revenue from acquisitions.

Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

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