Altair Engineering Inc. Announces Third Quarter 2024 Financial Results

Altair Engineering Inc., a leading computational intelligence provider, recently disclosed its financial details and operational metrics for the third quarter and nine months ending on September 30, 2024. The company reported a significant improvement in its financial performance compared to the same period in the previous year.

During the third quarter of 2024:
– Software revenue reached $138.7 million, reflecting a 16.5% increase in reported currency from the third quarter of 2023.
– Total revenue amounted to $151.5 million, showing a 13.0% increase compared to the same quarter in 2023.
– Net income stood at $1.8 million, a significant improvement from a net loss of $(4.4) million in the third quarter of 2023.

Non-GAAP net income for the third quarter of 2024 was $21.2 million, surging from $12.7 million in the same quarter of the previous year. Adjusted EBITDA also showed a remarkable increase to $25.7 million from $15.5 million in the third quarter of 2023. Altair’s cash provided by operating activities was $14.5 million, with free cash flow amounting to $9.8 million during the period.

Due to the proposed merger with a subsidiary of Siemens Industry Software Inc., Altair has decided to suspend its quarterly financial results conference calls and guidance for the time being.

Altair highlighted that the non-GAAP financial measures excluded certain expenses such as stock-based compensation, amortization, and other special items to provide investors with relevant insights into the company’s financial performance.

Investors are encouraged to keep an eye out for further details related to this strategic merger as Altair will file additional information with the Securities and Exchange Commission (SEC) in due course. Participants connected with the transaction are reminded to carefully review all related materials as they become available.

Additionally, Altair emphasized the importance of understanding the risks and uncertainties associated with forward-looking statements, cautioning against relying solely on these projections.

Further details on Altair’s financial performance, including reconciliation tables of GAAP and non-GAAP financial measures, are available in the company’s SEC filings. For more information on Altair, visit their website or contact the primary investor relations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Altair Engineering’s 8K filing here.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.