NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Altair Engineering Inc. (NASDAQ: ALTR) and its board of directors concerning the proposed acquisition of the company by Siemens AG. Stockholders will receive $113.00 for each share of Altair Engineering stock that they hold. The transaction is valued at approximately $10.6 billion and is expected to close in the second half of 2025.If you are a stockholder of Altair Engineering Inc. and are intere ...

Acquisitions - In April 2024, the company acquired Cambridge Semantics, integrating its technologies into the Altair RapidMiner platform[97]. - The company also acquired Research in Flight in April 2024, enhancing its Altair HyperWorks design and simulation platform with CFD software[98]. - In July 2024, Metrics Design Automation Inc. was acquired, introducing a SaaS model for semiconductor simulation available through Altair One[99]. - The company aims to integrate recent acquisitions to expand its software portfolio and better serve customer demands[104]. - Amortization of intangible assets increased by $1.5 million for the three months ended September 30, 2024, primarily due to recent acquisitions[124]. - Amortization of intangible assets rose by $1.2 million, or 5%, for the nine months ended September 30, 2024, primarily due to recent acquisitions[141]. Financial Performance - Software revenue for the three months ended September 30, 2024, was $138,672,000, representing a 16% increase from $119,077,000 in the same period of 2023[111]. - Total revenue for the nine months ended September 30, 2024, was $473,157,000, a 7% increase compared to $441,198,000 for the same period in 2023[109]. - Gross profit for the three months ended September 30, 2024, was $121,435,000, reflecting a 16% increase from $104,917,000 in the prior year[116]. - Net income for the three months ended September 30, 2024, was $1,779,000, a significant improvement from a net loss of $4,362,000 in the same period of 2023[109]. - Adjusted EBITDA for the three months ended September 30, 2024, was $25,705,000, a 66% increase from $15,454,000 in the prior year[109]. - Total operating expenses for the three months ended September 30, 2024, were $125,747,000, an 8% increase from $116,181,000 in 2023[109]. - Free cash flow for the nine months ended September 30, 2024, was $106,815,000, a 9% increase compared to $97,774,000 in the previous year[109]. - Revenue for the three months ended September 30, 2024, was $9,246 million, a 20% increase from $7,704 million in the same period of 2023[122]. - Net income for the three months ended September 30, 2024, was $1,779 million, compared to a net loss of $4,362 million for the same period in 2023, representing a period-to-period change of $6,141 million[130]. - Software revenue increased by 10% for the nine months ended September 30, 2024, driven by growth in software license revenue and strong retention within existing accounts[131]. - Gross profit for the nine months ended September 30, 2024, was $381,733 million, a 10% increase from $348,580 million in the same period of 2023[135]. - Net income was $13.2 million for the nine months ended September 30, 2024, a significant improvement from a net loss of $28.6 million in the same period of 2023[150]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $88.9 million, up from $75.6 million in the same period of 2023[152]. Expenses - Research and development expenses increased by $4,513,000, or 9%, for the three months ended September 30, 2024, totaling $56,111,000 compared to $51,598,000 in 2023[118]. - Sales and marketing expenses rose by $1,490,000, or 3%, for the three months ended September 30, 2024, amounting to $45,559,000 compared to $44,069,000 in the previous year[119]. - Research and development expenses increased by $3.9 million, or 2%, for the nine months ended September 30, 2024, totaling $164,014 million[138]. - Sales and marketing expenses increased by $3.9 million, or 3%, for the nine months ended September 30, 2024, totaling $136,468 million[139]. - Other operating income was $4.3 million for the nine months ended September 30, 2024, compared to an expense of $1.3 million for the same period in 2023, reflecting a change of $5.6 million[144]. Cash Flow and Debt - Net cash provided by operating activities for the nine months ended September 30, 2024, was $116.6 million, an increase of $10.9 million compared to $105.7 million for the same period in 2023[173]. - Free cash flow for the nine months ended September 30, 2024, was $106.8 million, compared to $97.8 million for the same period in 2023[152]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $40.4 million, an increase of $26.8 million compared to $13.6 million in 2023[174]. - The company paid $30.6 million related to business acquisitions and investments during the nine months ended September 30, 2024[174]. - The 2027 convertible notes have a principal amount of $230.0 million and were classified as long-term debt as of September 30, 2024[164]. - As of September 30, 2024, the company had $513.4 million in cash and cash equivalents, with $200.0 million available on its credit facility[163]. Tax and Other Income - The effective tax rate was 65% for the three months ended September 30, 2024, compared to 60% for the same period in 2023[129]. - Income tax expense decreased by $1.9 million, or 16%, for the nine months ended September 30, 2024, totaling $9.5 million[148]. - The effective tax rate was 42% for the nine months ended September 30, 2024, compared to -66% for the same period in 2023[149]. - Other income, net for the three months ended September 30, 2024, increased by $8.9 million to $(10,758) million, primarily due to $5.9 million of interest income and $4.9 million in net foreign currency gains[127]. - Other income, net increased by $10.8 million for the nine months ended September 30, 2024, driven by $17.5 million of interest income[147]. Market and Operational Insights - The company reported that its billings are historically highest in the first and fourth quarters, which may lead to significant fluctuations in quarterly results[103]. - The company identified two reportable segments: Software and Client Engineering Services, focusing on software products and client engineering support[106]. - Foreign currency fluctuations are a risk due to substantial international operations, impacting revenues and profits[105]. - The company emphasizes the importance of successfully renewing software licenses and retaining key executives for future performance[86]. - The company anticipates that demand for its software will grow beyond simulation engineering specialists into additional industry verticals[86]. - The recurring software license rate was 92% for the nine months ended September 30, 2024, compared to 94% for the same period in 2023[162].

Altair Engineering (ALTR) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.16, delivering a surprise of 6.67%. Over the last four quarters, the company ...

Exhibit 99.1 Altair Announces Third Quarter 2024 Financial Results TROY, Mich. – October 30, 2024 – Altair (Nasdaq: ALTR), today released its financial results for the third quarter and nine months ended September 30, 2024. Immediately prior to the dissemination of this press release, Altair issued a press release announcing that it has entered into a merger agreement with a subsidiary of Siemens pursuant to which Altair will be acquired and stockholders of Altair will receive cash merger consideration as m ...

TROY, Mich., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), today released its financial results for the third quarter and nine months ended September 30, 2024. Immediately prior to the dissemination of this press release, Altair issued a press release announcing that it has entered into a merger agreement with a subsidiary of Siemens pursuant to which Altair will be acquired and stockholders of Altair will receive cash merger consideration as more fully described in that press release. Third Quar ...

TROY, Mich., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, today announced that it has entered into a definitive agreement to be acquired by Siemens, a leading technology company focused on industry, infrastructure, mobility, and healthcare. Altair stockholders will receive $113.00 per share in cash, representing an equity value of approximately $10.6 billion. The $113.00 per share cash consideration represents a 19% premium to the closing price of A ...

TROY, Mich., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, will release its financial results for the third quarter ended September 30, 2024 after the market close on Wednesday, October 30, 2024. On that day, management will hold a conference call and webcast at 5 p.m. ET to review and discuss the Company’s third quarter 2024 results and fourth quarter and full year 2024 outlook. A recorded version of this webcast will be available after the call and ...

Altair's best-in-class consulting expertise and AI-powered engineering technology help Motivo deliver superior product designsTROY, Mich., Oct. 15, 2024 /PRNewswire/ -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, is proud to announce its collaboration with Motivo, a product engineering firm focused on translating forward-thinking visions into best-in-class products for clients in the mobility, energy, agriculture technology, and aerospace sectors. Motivo utilizes Altair's unique co ...

Altair's AI-powered engineering technology to drive the development of 100% recycled cast aluminum structures that weigh up to 30% less and feature 95% less embedded carbon emissionsTROY, Mich., Sept. 25, 2024 /PRNewswire/ -- Altair (Nasdaq: ALTR), a global leader in computational intelligence, has announced its involvement in the £5.8 million Performance Integrated Vehicle Optimization Technology (PIVOT) project, supported by Innovate UK and the Advanced Propulsion Centre (APC). The project aims to revolut ...

Altair Engineering Inc. (ALTR) has entered into a joint development agreement with Oasys, the software house of Arup, to offer an integrated solution for safety simulation modeling.This collaborative approach will provide access to a combined service platform, comprising Altair HyperWorks and Oasys PRIMER, to the automotive market for offering customers an advanced solution for safety modeling. This amalgamated platform is accessible through the Altair HyperWorks environment, through which engineers will be ...