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Mar 31, 2024
Altair Q1 2024 Earnings Report
Altair achieved record software and total revenue in the first quarter.
Key Takeaways
Altair reported record-high quarterly software and total revenue, exceeding expectations due to the strength of its product portfolio and growth across all major geographies and verticals.
Software revenue increased by 5.9% to $158.4 million compared to Q1 2023.
Total revenue increased by 4.1% to $172.9 million compared to Q1 2023.
Net income was $16.5 million, a significant improvement from a net loss of $(2.0) million in Q1 2023.
Adjusted EBITDA increased by 6.4% to $45.8 million compared to $43.1 million for the first quarter of 2023.
Altair
Altair
Altair Revenue by Segment
Forward Guidance
Altair is issuing the following guidance for the second quarter and full year 2024:
Positive Outlook
- Software Revenue for Q2 2024 is expected to be $131 to $134 million.
- Total Revenue for Q2 2024 is expected to be $145 to $148 million.
- Software Revenue for Full Year 2024 is expected to be $590 to $600 million.
- Total Revenue for Full Year 2024 is expected to be $652 to $662 million.
- Adjusted EBITDA for Full Year 2024 is expected to be $138 to $146 million.
Challenges Ahead
- Net (Loss) Income for Q2 2024 is expected to be $(12.3) to $(9.4) million.
- Non-GAAP Net Income for Q2 2024 is expected to be $12.7 to $15.0 million.
- Net (Loss) Income for Full Year 2024 is expected to be $23.2 to $30.9 million.
- Non-GAAP Net Income for Full Year 2024 is expected to be $109.9 to $115.9 million.
- Net Cash Provided by Operating Activities for Full Year 2024 is expected to be $135 to $143 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income