Altair(ALTR) - 2024 Q4 - Annual Results

Revenue Performance - Software revenue for Q4 2024 was $179.4 million, a 15.0% increase from $155.9 million in Q4 2023[6] - Total revenue for Q4 2024 reached $192.6 million, up 12.3% from $171.5 million in Q4 2023[6] - Full year 2024 software revenue was $611.9 million, an 11.3% increase from $550.0 million in 2023[6] - Total revenue for the full year 2024 was $665.8 million, an 8.7% increase from $612.7 million in 2023[6] - Total revenue for the year ended December 31, 2024, increased to $665.8 million, up 8.6% from $612.7 million in 2023[21] - Software revenue for the year was $611.9 million, representing a 11.2% increase from $550.0 million in 2023[21] - Billings for Q4 2024 were $219.412 million, a 11.9% increase from $196.124 million in Q4 2023[30] - Total revenue for Q4 2024, adjusted for constant currency, was $195.2 million, a 13.8% increase from $171.5 million in Q4 2023[30] Profitability Metrics - Net income for Q4 2024 was $1.0 million, a decrease of $18.7 million compared to $19.7 million in Q4 2023, resulting in a net income margin of 0.5%[6] - Non-GAAP net income for Q4 2024 was $47.4 million, an increase of $6.3 million from $41.1 million in Q4 2023[6] - Adjusted EBITDA for Q4 2024 was $61.0 million, reflecting a 13.9% increase from $53.6 million in Q4 2023[6] - Net income for the full year 2024 improved to $14.2 million from a net loss of $(8.9) million in 2023[6] - Gross profit for the year ended December 31, 2024, was $541.0 million, a 10.2% increase compared to $490.9 million in 2023[21] - Operating income for the year was $17.7 million, a significant increase from $0.2 million in 2023[21] - Non-GAAP net income for Q4 2024 was $47.362 million, up from $41.091 million in Q4 2023, representing a 5.5% increase[25] - Non-GAAP diluted earnings per share increased to $0.52 in Q4 2024 from $0.47 in Q4 2023, reflecting an 10.6% growth[30] Cash Flow and Expenses - Free cash flow for Q4 2024 was $33.2 million, compared to $19.3 million in Q4 2023[6] - Total operating expenses for Q4 2024 were $148.287 million, an increase from $119.740 million in Q4 2023, representing a 23.9% rise[29] - The company incurred $22.3 million in expenses related to a pending merger transaction in Q4 2024[26] - The company reported a net cash provided by operating activities of $37.530 million for Q4 2024, up from $21.651 million in Q4 2023[28] Balance Sheet Highlights - Cash and cash equivalents at the end of 2024 were $562.0 million, up from $467.6 million at the end of 2023[23] - Total assets increased to $1.45 billion in 2024, compared to $1.36 billion in 2023, reflecting a growth of 6.0%[19] - Total liabilities decreased to $588.5 million in 2024, down from $652.2 million in 2023, a reduction of 9.8%[19] - The company reported a total stockholders' equity of $857.2 million as of December 31, 2024, up from $711.3 million in 2023, reflecting a growth of 20.5%[19] Future Outlook - The pending merger with Siemens is expected to close in the first half of 2025, leading to the suspension of quarterly financial results conference calls and guidance[5]