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Mar 31, 2023
Altair Q1 2023 Earnings Report
Altair's Q1 2023 financial performance exceeded expectations, achieving an all-time high in revenue.
Key Takeaways
Altair reported a strong start to 2023, with total revenue reaching $166.0 million, a 3.9% increase compared to Q1 2022. The company experienced a net loss of $(2.0) million, while non-GAAP net income was $31.8 million. Adjusted EBITDA stood at $43.1 million, and free cash flow was $57.5 million.
Software product revenue increased by 6.2% to $149.6 million compared to the first quarter of 2022.
Total revenue grew by 3.9% to $166.0 million compared to the first quarter of 2022.
Net loss was $(2.0) million, a decrease compared to net income of $11.5 million in the first quarter of 2022.
Free cash flow increased to $57.5 million, compared to $3.6 million in the first quarter of 2022.
Altair
Altair
Altair Revenue by Segment
Revenue by Segment
License Revenue
CapyFin.comMaintenance and other services Revenue
CapyFin.comSoftware related services Revenue
CapyFin.comClient engineering services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Altair is issuing guidance for the second quarter and full year 2023.
Positive Outlook
- Software Product Revenue: Second Quarter 2023: $123.0 to $125.0 million; Full Year 2023: $551.0 to $561.0 million
- Total Revenue: Second Quarter 2023: $138.0 to $140.0 million; Full Year 2023: $614.0 to $624.0 million
- Non-GAAP Net Income: Second Quarter 2023: $11.5 to $13.0 million; Full Year 2023: $89.8 to $97.2 million
- Adjusted EBITDA: Second Quarter 2023: $15.0 to $17.0 million; Full Year 2023: $120.0 to $130.0 million
- Net Cash Provided by Operating Activities: Full Year 2023: $118.0 to $126.0 million
Challenges Ahead
- Net Loss: Second Quarter 2023: $(15.8) to $(13.9) million; Full Year 2023: $(19.7) to $(10.0) million
- Growth Rate - Constant Currency (Software Product Revenue): Second Quarter 2023: 6.7% to 8.4%; Full Year 2023: 9.1% to 11.0%
- Growth Rate - Constant Currency (Total Revenue): Second Quarter 2023: 5.4% to 6.9%; Full Year 2023: 7.5% to 9.3%
- Free Cash Flow: Full Year 2023: $108.0 to $116.0 million
- Software Product Revenue Growth Rate: 5.2% - 6.9% (Second Quarter 2023) and 8.8% - 10.8% (Full Year 2023)
Revenue & Expenses
Visualization of income flow from segment revenue to net income