Altair Announces Fourth Quarter and Full Year 2018 Financial Results

Conference Call Information

What: Altair Fourth Quarter and Full Year 2018 Financial Results Conference Call
When: Thursday, February 28, 2019
Time: 4:30 p.m. EST
Live Call: (866) 754-5204, domestic
 (636) 812-6621, international
Replay: (855) 859-2056, passcode 2093538, domestic
 (404) 537-3406, passcode 2093538, international
Webcast: http://investor.altair.com  (live & replay)


Non-GAAP Financial Measures 
This press release contains the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Net Income Per Share and Free Cash Flow.

Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

About Altair
Altair is a global technology company that provides software and cloud solutions in the areas of product design and development, high-performance computing (HPC) and data intelligence. Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future. To learn more, please visit www.altair.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our business outlook, statements regarding the comparative business outlook under ASC 605, potential growth, potential impact of the SimSolid and Datawatch transactions and expanded product offerings, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.

Investor Relations
Brian Denyeau
ICR
248-614-2400 ext. 346
ir@altair.com

Media Relations
Dave Simon
Altair
248-614-2400 ext. 332
pr@altair.com


Altair Engineering Inc. and Subsidiaries
Consolidated Balance Sheets
     
     
   December 31, 
2018
  December 31, 
2017
(In thousands, except per share data)    
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents $ 35,345 $ 39,213
Accounts receivable, net  96,803  86,635
Inventory, net  1,964  1,980
Income tax receivable  4,431  6,054
Prepaid expenses and other current assets  15,491  10,006
Total current assets  154,034  143,888
Property and equipment, net  30,153  31,446
Goodwill  210,532  62,706
Other intangible assets, net  69,836  24,461
Deferred tax assets    1,373    8,351
Other long-term assets    17,288    17,019
TOTAL ASSETS   $  483,216   $  287,871
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:        
Current portion of long-term debt   $  331   $  232
Accounts payable    8,357    4,880
Accrued compensation and benefits    31,740    26,560
Obligations for acquisition of businesses    1,218    13,925
Other accrued expenses and current liabilities    26,347    21,744
Deferred revenue    59,765    130,122
Total current liabilities    127,758    197,463
Long-term debt, net of current portion    31,417    178
Deferred revenue, non-current    6,754    9,640
Other long-term liabilities    28,153    17,647
TOTAL LIABILITIES    194,082    224,928
Commitments and contingencies        
MEZZANINE EQUITY    2,352     2,352
STOCKHOLDERS’ EQUITY:        
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding     —     —
Common stock ($0.0001 par value)        
Class A common stock, authorized 513,797 shares, issued and outstanding 38,349 and 26,725 shares as of December 31, 2018 and December 31, 2017, respectively    4    2
Class B common stock, authorized 41,203 shares, issued and outstanding 32,171 and 36,508 shares as of December 31, 2018 and December 31, 2017, respectively    3    4
Additional paid-in capital    379,832    232,156
Accumulated deficit    (82,005)    (166,499)
Accumulated other comprehensive loss    (11,052)    (5,072)
TOTAL STOCKHOLDERS’ EQUITY    286,782    60,591
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY   $  483,216   $  287,871
         

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