Altair Announces Third Quarter 2019 Financial Results

Conference Call Information

What:Altair’s Third Quarter 2019 Financial Results Conference Call
When:Thursday, November 7, 2019
Time:5:00 p.m. ET
Live Call:(866) 754-5204, Domestic
(636) 812-6621, International
Replay:(855) 859-2056, Conference ID 8382596, Domestic
(404) 537-3406, Conference ID 8382596, International
Webcast: http://investor.altair.com  (live & replay)


Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: Non-GAAP Software Product Revenue, Non-GAAP Total Revenue, Adjusted EBITDA, Modified 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.

Non-GAAP software product revenue and Non-GAAP total revenue include revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.

Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Modified Adjusted EBITDA represents Adjusted EBITDA adjusted for revenue not recognized under GAAP due to acquisition accounting adjustments associated with the accounting for deferred revenue in significant business combinations.

Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, revenue not recognized under GAAP due to acquisition accounting and special items as identified by management and described elsewhere in this press release.

Non-GAAP diluted common shares includes total outstanding shares plus outstanding equity awards under the Altair equity award plans.

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, our guidance for the fourth quarter and full year 2019, statements regarding other future periods 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 and Media Relations
Dave Simon
Altair
248-614-2400 ext. 332
ir@altair.com


ALTAIR ENGINERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

    September 30, 2019     December 31, 2018  
(In thousands)   (Unaudited)          
ASSETS         
CURRENT ASSETS:                
Cash and cash equivalents   $ 246,937     $ 35,345  
Accounts receivable, net     84,062       96,803  
Income tax receivable     11,551       4,431  
Prepaid expenses and other current assets     18,398       17,455  
Total current assets     360,948       154,034  
Property and equipment, net     33,720       30,153  
Operating lease right of use assets     26,507        
Goodwill     210,500       210,532  
Other intangible assets, net     60,956       69,836  
Deferred tax assets     5,870       5,354  
Other long-term assets     18,199       17,288  
TOTAL ASSETS   $ 716,700     $ 487,197  
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:                
Current portion of long-term debt   $ 437     $ 331  
Accounts payable     8,286       8,357  
Accrued compensation and benefits     28,839       31,740  
Current portion of operating lease liabilities     8,891        
Other accrued expenses and current liabilities     27,426       27,039  
Deferred revenue     69,377       59,765  
Total current liabilities     143,256       127,232  
Long-term debt, net of current portion     175,624       31,417  
Operating lease liabilities, net of current portion     18,831        
Deferred revenue, non-current     7,666       6,754  
Other long-term liabilities     25,630       25,756  
TOTAL LIABILITIES     371,007       191,159  
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 40,354
  and 38,349 shares as of September 30, 2019 and December 31, 2018, respectively
    4       4  
Class B common stock, authorized 41,203 shares, issued and outstanding 31,391
  and 32,171 shares as of September 30, 2019 and December 31, 2018, respectively
    3       3  
Additional paid-in capital     436,197       379,832  
Accumulated deficit     (80,903 )     (74,863 )
Accumulated other comprehensive loss     (11,960 )     (11,290 )
TOTAL STOCKHOLDERS’ EQUITY     343,341       293,686  
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY   $ 716,700     $ 487,197  

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