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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.
Revenue by Segment
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%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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