Altair Announces Second Quarter 2024 Financial Results

Change in Presentation of Revenue and Cost of Revenue

Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue or total cost of revenue amounts previously reported or have any effect on segment reporting.

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:

  (Unaudited) 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands, except per share amounts)  2024   2023   2024   2023 
Net (loss) income $(5,147) $(22,280) $11,400  $(24,239)
Stock-based compensation expense  17,355   23,736   33,354   45,897 
Amortization of intangible assets  7,629   7,625   15,067   15,439 
Non-cash interest expense  422   465   894   930 
Impact of non-GAAP tax rate (1)  (5,548)  4,033   (10,843)  2,100 
Special adjustments and other (2)     104       (361 )     1,134       4,870  
Non-GAAP net income   $ 14,815     $ 13,218     $ 51,006     $ 44,997  
                         
Net (loss) income per share, diluted   $ (0.06 )   $ (0.28 )   $ 0.13     $ (0.30 )
Non-GAAP net income per share, diluted   $ 0.16     $ 0.15     $ 0.56     $ 0.51  
                         
GAAP diluted shares outstanding     83,607       79,986       87,397       80,088  
Non-GAAP diluted shares outstanding     90,994       88,383       90,606       88,735  

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