ALTR Altair Engineering Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 01, 2024

 

 

Altair Engineering Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-38263	38-2591828
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1820 E. Big Beaver Road
Troy, Michigan				48083
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (248) 614-2400

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock $0.0001 par value per share		ALTR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02. Results of Operations and Financial Condition.

 

On August 1, 2024, Altair Engineering Inc. issued a press release disclosing its financial information and operating metrics for its second quarter and six months ended June 30, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.

 

The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1		Press Release issued by Altair Engineering Inc. dated August 1, 2024, furnished hereto.
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALTAIR ENGINEERING INC.
Date: August 1, 2024	By:	/s/ Matthew Brown
		Matthew Brown
		Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

Altair Announces Second Quarter 2024 Financial Results

Altair Exceeds Revenue Expectations for the Second Quarter

TROY, Mich. – August 1, 2024 – Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the second quarter and six months ended June 30, 2024.

“Altair maintained its strong trajectory during the second quarter, with software revenue and total revenue above the high end of guidance,” said James R. Scapa, founder, chairman, and chief executive officer, Altair. “Our Q2 results underscore the robustness of our software product lineup, which continues to empower customers with industry-leading computational intelligence.”

“We are pleased with our execution in the second quarter and first half of the year,” said Matt Brown, chief financial officer, Altair. “Our quarterly revenues exceeded expectations as we continued to deliver software revenue growth, which gives us confidence in our path to meet our financial targets for the year.”

Second Quarter 2024 Financial Highlights

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Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the third quarter and full year 2024:

 

(in millions, except %)		Third Quarter 2024								Full Year 2024
Software Revenue		$	130		to	$	133			$	590		to	$	600
Growth Rate			9.2	%			11.7	%			7.3	%			9.1	%
Growth Rate - Constant Currency			11.1	%			13.7	%			8.9	%			10.8	%
Total Revenue		$	145			$	148			$	648			$	658
Growth Rate			8.2	%			10.4	%			5.8	%			7.4	%
Growth Rate - Constant Currency			10.0	%			12.3	%			7.5	%			9.1	%
Net (Loss) Income		$	(14.0	)		$	(11.1	)		$	22.6			$	30.3
Non-GAAP Net Income		$	13.4			$	15.7			$	108.4			$	114.4
Adjusted EBITDA		$	16			$	19			$	136			$	144
Net Cash Provided by Operating Activities										$	133			$	141
Free Cash Flow										$	122			$	130

The following table provides a reconciliation of Full Year 2024 guidance to the last guidance provided in May

 

		(Unaudited)
		Full Year 2024
(in millions)		Midpoint of Guidance in May				Increase/ (Decrease)				Currency Fluctuations from Prior Guidance				Midpoint of Guidance in August
Software Revenue		$	595.0			$	3.0			$	(3.0	)		$	595.0
Total Revenue		$	657.0			$	—			$	(4.0	)		$	653.0
Adjusted EBITDA		$	142.0			$	—			$	(2.0	)		$	140.0

Conference Call Information

 

What: Altair’s Second Quarter 2024 Financial Results Conference Call
When: Thursday, August 1, 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.

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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.

Free cash flow consists of cash flow from operations less capital expenditures.

Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense and other special items as identified by management and described elsewhere in this press release.

Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

 

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

 

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 intelligence 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 https://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 third quarter and full year 2024, our statements regarding our expectations for 2024, 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

Jennifer Ristic

216-849-3109

jristic@altair.com

 

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Investor Relations

Altair

Stephen Palmtag

669-328-9111

spalmtag@altair.com

 

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

		June 30, 2024				December 31, 2023
(In thousands)		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	507,008			$	467,459
Accounts receivable, net			126,560				190,461
Income tax receivable			17,682				16,650
Prepaid expenses and other current assets			28,582				26,053
Total current assets			679,832				700,623
Property and equipment, net			38,463				39,803
Operating lease right of use assets			31,816				30,759
Goodwill			459,070				458,125
Other intangible assets, net			77,537				83,550
Deferred tax assets			9,120				9,955
Other long-term assets			40,119				40,678
TOTAL ASSETS		$	1,335,957			$	1,363,493
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	4,002			$	8,995
Accrued compensation and benefits			39,819				45,081
Current portion of operating lease liabilities			8,057				8,825
Other accrued expenses and current liabilities			41,508				48,398
Deferred revenue			123,439				131,356
Current portion of convertible senior notes, net			—				81,455
Total current liabilities			216,825				324,110
Convertible senior notes, net			226,518				225,929
Operating lease liabilities, net of current portion			24,568				22,625
Deferred revenue, non-current			28,745				32,347
Other long-term liabilities			47,995				47,151
TOTAL LIABILITIES			544,651				652,162
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 59,198    and 55,240 shares as of June 30, 2024, and December 31, 2023, respectively			5				5
Class B common stock, authorized 41,203 shares, issued and outstanding 25,471    and 26,814 shares as of June 30, 2024, and December 31, 2023, respectively			3				3
Additional paid-in capital			939,691				864,135
Accumulated deficit			(119,103	)			(130,503	)
Accumulated other comprehensive loss			(29,290	)			(22,309	)
TOTAL STOCKHOLDERS’ EQUITY			791,306				711,331
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,335,957			$	1,363,493

 

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands, except per share data)		2024				2023				2024				2023
Revenue
License		$	92,699			$	87,738			$	210,406			$	200,147
Maintenance and other services			42,724				37,583				83,446				74,817
Total software			135,423				125,321				293,852				274,964
Engineering services and other			13,372				15,840				27,855				32,231
Total revenue			148,795				141,161				321,707				307,195
Cost of revenue
License			3,152				3,981				7,642				8,805
Maintenance and other services			16,199				13,639				30,365				28,065
Total software *			19,351				17,620				38,007				36,870
Engineering services and other			11,165				13,177				23,402				26,662
Total cost of revenue			30,516				30,797				61,409				63,532
Gross profit			118,279				110,364				260,298				243,663
Operating expenses:
Research and development *			55,570				55,277				107,903				108,528
Sales and marketing *			46,475				44,982				90,909				88,474
General and administrative *			19,294				18,622				37,055				36,573
Amortization of intangible assets			7,629				7,625				15,067				15,439
Other operating (income) expense, net			(786	)			127				(1,668	)			5,732
Total operating expenses			128,182				126,633				249,266				254,746
Operating (loss) income			(9,903	)			(16,269	)			11,032				(11,083	)
Interest expense			1,604				1,528				3,180				3,054
Other income, net			(5,750	)			(4,195	)			(9,707	)			(7,808	)
(Loss) income before income taxes			(5,757	)			(13,602	)			17,559				(6,329	)
Income tax (benefit) expense			(610	)			8,678				6,159				17,910
Net (loss) income		$	(5,147	)		$	(22,280	)		$	11,400			$	(24,239	)
(Loss) earnings per share, basic
(Loss) earnings per share		$	(0.06	)		$	(0.28	)		$	0.14			$	(0.30	)
Weighted average shares			83,607				79,986				83,097				80,088
(Loss) earnings per share, diluted
(Loss) earnings per share		$	(0.06	)		$	(0.28	)		$	0.13			$	(0.30	)
Weighted average shares			83,607				79,986				87,397				80,088

 

 

 

 

 

 

 

* Amounts include stock-based compensation expense as follows (in thousands):

 

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Cost of revenue – software		$	2,097			$	2,572			$	4,099			$	5,324
Research and development			6,618				9,943				12,978				18,686
Sales and marketing			4,979				7,581				9,499				15,172
General and administrative			3,661				3,640				6,778				6,715
Total stock-based compensation expense		$	17,355			$	23,736			$	33,354			$	45,897

 

 

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

 

		Six Months Ended June 30,
(In thousands)		2024				2023
OPERATING ACTIVITIES:
Net income (loss)		$	11,400			$	(24,239	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			19,557				19,488
Stock-based compensation expense			33,354				45,897
Deferred income taxes			(367	)			2,015
Loss on mark-to-market adjustment of contingent consideration			189				7,987
Other, net			1,166				1,335
Changes in assets and liabilities:
Accounts receivable, net			61,360				45,077
Prepaid expenses and other current assets			(3,647	)			(3,166	)
Other long-term assets			164				(2,516	)
Accounts payable			(4,382	)			(5,529	)
Accrued compensation and benefits			(4,071	)			(6,591	)
Other accrued expenses and current liabilities			(2,834	)			4,857
Deferred revenue			(9,882	)			4,614
Net cash provided by operating activities			102,007				89,229
INVESTING ACTIVITIES:
Payments for acquisition of businesses, net of cash acquired			(13,680	)			(721	)
Capital expenditures			(5,004	)			(6,184	)
Other investing activities, net			(398	)			(1,452	)
Net cash used in investing activities			(19,082	)			(8,357	)
FINANCING ACTIVITIES:
Settlement of convertible senior notes			(81,729	)			—
Proceeds from the exercise of common stock options			37,227				23,507
Proceeds from employee stock purchase plan contributions			4,363				3,797
Payments for repurchase and retirement of common stock			—				(6,255	)
Other financing activities			—				(48	)
Net cash (used in) provided by financing activities			(40,139	)			21,001
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(3,295	)			(44	)
Net increase in cash, cash equivalents and restricted cash			39,491				101,829
Cash, cash equivalents and restricted cash at beginning of year			467,576				316,958
Cash, cash equivalents and restricted cash at end of period		$	507,067			$	418,787

 

 

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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

The following table provides a reconciliation of Adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Net (loss) income		$	(5,147	)		$	(22,280	)		$	11,400			$	(24,239	)
Income tax (benefit) expense			(610	)			8,678				6,159				17,910
Stock-based compensation expense			17,355				23,736				33,354				45,897
Interest expense			1,604				1,528				3,180				3,054
Depreciation and amortization			9,938				9,738				19,557				19,488
Special adjustments, interest income and other (1)			(5,792	)			(4,344	)			(10,484	)			(1,999	)
Adjusted EBITDA		$	17,348			$	17,056			$	63,166			$	60,111

 

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The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Net cash provided by operating activities		$	28,557			$	30,030			$	102,007			$	89,229
Capital expenditures			(2,238	)			(4,457	)			(5,004	)			(6,184	)
Free cash flow		$	26,319			$	25,573			$	97,003			$	83,045

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Gross profit		$	118,279			$	110,364			$	260,298			$	243,663
Stock-based compensation expense			2,097				2,572				4,099				5,324
Non-GAAP gross profit		$	120,376			$	112,936			$	264,397			$	248,987
Gross profit margin			79.5	%			78.2	%			80.9	%			79.3	%
Non-GAAP gross margin			80.9	%			80.0	%			82.2	%			81.1	%

The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Total operating expense		$	128,182			$	126,633			$	249,266			$	254,746
Stock-based compensation expense			(15,258	)			(21,164	)			(29,255	)			(40,573	)
Amortization			(7,629	)			(7,625	)			(15,067	)			(15,439	)
Loss on mark-to-market adjustment of contingent consideration			(44	)			(981	)			(189	)			(7,987	)
Non-GAAP operating expense		$	105,251			$	96,863			$	204,755			$	190,747

The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

		(Unaudited)
		Three Months Ended  June 30,								Six Months Ended June 30,
(in thousands)		2024				2023				2024				2023
Revenue		$	148,795			$	141,161			$	321,707			$	307,195
Ending deferred revenue			152,184				148,547				152,184				148,547
Beginning deferred revenue			(144,939	)			(141,943	)			(163,703	)			(144,460	)
Deferred revenue acquired			(1,572	)			—				(1,572	)			—
Billings		$	154,468			$	147,765			$	308,616			$	311,282

 

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The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:

		(Unaudited)
		Three Months Ended June 30, 2024												Three Months Ended June 30, 2023				Increase/ (Decrease) %
(in thousands)		As reported				Currency changes				As adjusted for constant currency				As reported				As reported				As adjusted for constant currency
Software revenue		$	135.4			$	3.3			$	138.7			$	125.3				8.1	%			10.6	%
Total revenue		$	148.8			$	3.4			$	152.2			$	141.2				5.4	%			7.8	%
Billings		$	154.5			$	3.7			$	158.2			$	147.8				4.5	%			7.1	%
Adjusted EBITDA		$	17.3			$	2.2			$	19.5			$	17.1				1.7	%			14.1	%
		(Unaudited)
		Six Months Ended June 30, 2024												Six Months Ended  June 30, 2023				Increase/ (Decrease) %
(in thousands)		As reported				Currency changes				As adjusted for constant currency				As reported				As reported				As adjusted for constant currency
Software revenue		$	293.9			$	4.7			$	298.6			$	275.0				6.9	%			8.6	%
Total revenue		$	321.7			$	4.9			$	326.6			$	307.2				4.7	%			6.3	%
Billings		$	308.6			$	4.5			$	313.1			$	311.3				-0.9	%			0.6	%
Adjusted EBITDA		$	63.2			$	3.4			$	66.6			$	60.1				5.1	%			10.8	%

 

 

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Business Outlook

The following table provides a reconciliation of projected Non-GAAP net income to projected net (loss) income, the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ending September 30, 2024								Year Ending  December 31, 2024
(in thousands)		Low				High				Low				High
Net (loss) income		$	(14,000	)		$	(11,100	)		$	22,600			$	30,300
Stock-based compensation expense			17,800				17,800				68,900				68,900
Amortization of intangible assets			8,400				8,400				31,500				31,500
Non-cash interest expense			300				300				1,500				1,500
Impact of non-GAAP tax rate(1)			900				300				(17,200	)			(18,900	)
Special adjustments and other(2)			—				—				1,100				1,100
Non-GAAP net income		$	13,400			$	15,700			$	108,400			$	114,400

 

The following table provides a reconciliation of projected Adjusted EBITDA to projected net (loss) income, the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ending September 30, 2024								Year Ending  December 31, 2024
(in thousands)		Low				High				Low				High
Net (loss) income		$	(14,000	)		$	(11,100	)		$	22,600			$	30,300
Income tax expense			5,400				5,500				19,000				19,300
Stock-based compensation expense			17,800				17,800				68,900				68,900
Interest (income) expense			(3,900	)			(3,900	)			(16,200	)			(16,200	)
Depreciation and amortization			10,700				10,700				40,600				40,600
Special adjustments and other(1)			—				—				1,100				1,100
Adjusted EBITDA		$	16,000			$	19,000			$	136,000			$	144,000

 

The following table provides a reconciliation of projected Free Cash Flow to projected net cash provided by operating activities, the most comparable GAAP financial measure:

 

						(Unaudited)
						Year Ending  December 31, 2024
(in thousands)						Low				High
Net cash provided by operating activities						$	133,000			$	141,000
Capital expenditures							(11,000	)			(11,000	)
Free cash flow						$	122,000			$	130,000

 

 

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v3.24.2.u1

Document And Entity Information	Aug. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2024
Entity Registrant Name	Altair Engineering Inc.
Entity Central Index Key	0001701732
Entity Emerging Growth Company	false
Entity File Number	001-38263
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-2591828
Entity Address, Address Line One	1820 E. Big Beaver Road
Entity Address, City or Town	Troy
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48083
City Area Code	(248)
Local Phone Number	614-2400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock $0.0001 par value per share
Trading Symbol	ALTR
Security Exchange Name	NASDAQ

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