Altair(US:ALTR)2024-05-02 20:15Financial Performance - Software revenue for Q1 2024 reached $158.4 million, a 5.9% increase from $149.6 million in Q1 2023[4] - Total revenue for Q1 2024 was $172.9 million, up 4.1% from $166.0 million in Q1 2023[4] - Net income for Q1 2024 was $16.5 million, compared to a net loss of $(2.0) million in Q1 2023, resulting in a net income margin of 9.6%[4] - Non-GAAP net income increased by 13.9% to $36.2 million in Q1 2024, with non-GAAP net income per share at $0.40[4] - Adjusted EBITDA for Q1 2024 was $45.8 million, reflecting a 6.4% increase from $43.1 million in Q1 2023[4] - Total revenue for the three months ended March 31, 2024, was $172,912,000, an increase of 4.0% compared to $166,034,000 in the same period of 2023[23] - Software revenue reached $158,429,000, up 5.9% from $149,643,000 year-over-year[23] - Gross profit increased to $142,019,000, representing a gross margin of 82.1%, compared to 80.3% in the prior year[31] - Net income for the quarter was $16,547,000, a significant improvement from a net loss of $1,959,000 in the same quarter of 2023[23] - Non-GAAP net income was $36,191,000, with a diluted non-GAAP net income per share of $0.40, compared to $0.36 in the prior year[29] - Adjusted EBITDA for the quarter was $45,818,000, an increase from $43,055,000 in the same period last year[31] - Free cash flow for the three months ended March 31, 2024, was $70,684,000, compared to $57,472,000 in the prior year[32] Cash Flow and Assets - Cash provided by operating activities was $73.5 million, compared to $59.2 million in Q1 2023[4] - Free cash flow for Q1 2024 was $70.7 million, an increase from $57.5 million in Q1 2023[4] - Cash, cash equivalents, and restricted cash at the end of the period totaled $557,696,000, up from $378,860,000 at the end of the same period last year[27] - Altair's total assets as of March 31, 2024, were $1,379.9 million, an increase from $1,363.5 million at the end of 2023[21] Guidance and Projections - For Q2 2024, software revenue guidance is between $131 million and $134 million, with a growth rate of 4.5% to 6.9%[5] - Full year 2024 total revenue guidance is between $652 million and $662 million, with a growth rate of 6.4% to 8.0%[5] - Projected Non-GAAP net income for the three months ending June 30, 2024, is estimated to be between $12,700 and $15,000 thousand[34] - For the year ending December 31, 2024, projected Non-GAAP net income ranges from $109,900 to $115,900 thousand[34] - Adjusted EBITDA for the three months ending June 30, 2024, is projected to be between $15,000 and $18,000 thousand[35] - For the year ending December 31, 2024, Adjusted EBITDA is expected to range from $138,000 to $146,000 thousand[35] - Net cash provided by operating activities for the year ending December 31, 2024, is projected to be between $135,300 and $143,300 thousand[36] - Free cash flow for the year ending December 31, 2024, is estimated to be between $124,000 and $132,000 thousand[36] Expenses and Adjustments - The company experienced a stock-based compensation expense of $15,999,000, down from $22,161,000 in the prior year[25] - Stock-based compensation expense for the year ending December 31, 2024, is projected at $72,500 thousand[34] - Amortization of intangible assets for the year ending December 31, 2024, is expected to be $28,900 thousand[34] - The company anticipates a net (loss) income of $23,200 to $30,900 thousand for the year ending December 31, 2024[35] - The year ending December 31, 2024, includes a $0.1 million loss from the mark-to-market adjustment related to the World Programming acquisition[35] Billings - The company reported billings of $154,148,000, a decrease of 5.7% from $163,517,000 in the same quarter of 2023[33]