Altair, a global leader in computational intelligence, released its financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
- Software revenue was $179.4 million compared to $155.9 million for the fourth quarter of 2023, an increase of 15.0% in reported currency and 16.5% in constant currency
- Total revenue was $192.6 million compared to $171.5 million for the fourth quarter of 2023, an increase of 12.3% in reported currency and 13.8% in constant currency
- Net income was $1.0 million compared to $19.7 million for the fourth quarter of 2023, a decrease in earnings of $18.7 million. Net income per share, diluted was $0.01 based on 89.3 million diluted weighted average common shares outstanding, compared to net income per share, diluted of $0.22 for the fourth quarter of 2023, based on 89.0 million diluted weighted average common shares outstanding. Net income margin was 0.5% compared to net income margin of 11.5% for the fourth quarter of 2023
- Non-GAAP net income was $47.4 million, compared to non-GAAP net income of $41.1 million for the fourth quarter of 2023, an increase of $6.3 million. Non-GAAP net income per share, diluted was $0.52 based on 92.6 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.47 for the fourth quarter of 2023, based on 89.0 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $61.0 million compared to $53.6 million for the fourth quarter of 2023, an increase of 13.9%. Adjusted EBITDA margin was 31.7% compared to 31.2% for the fourth quarter of 2023
- Cash provided by operating activities was $37.5 million, compared to $21.7 million for the fourth quarter of 2023
- Free cash flow was $33.2 million, compared to $19.3 million for the fourth quarter of 2023.
Full Year 2024 Financial Highlights
- Software revenue was $611.9 million compared to $550.0 million for the full year of 2023, an increase of 11.3% in reported currency and 12.5% in constant currency
- Total revenue was $665.8 million compared to $612.7 million for the full year of 2023, an increase of 8.7% in reported currency and 9.8% in constant currency
- Net income was $14.2 million compared to a net loss of $(8.9) million for the full year of 2023, an improvement in earnings of $23.1 million. Net income per share, diluted was $0.16 based on 88.6 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.11) for the full year of 2023, based on 80.6 million diluted weighted average common shares outstanding. Net income margin was 2.1% compared to net loss margin of -1.5% for the full year of 2023
- Non-GAAP net income was $119.6 million, compared to non-GAAP net income of $98.8 million for the full year of 2023, an increase of $20.8 million. Non-GAAP net income per share, diluted was $1.35 based on 91.8 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $1.17 for the full year of 2023, based on 84.4 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $149.9 million compared to $129.1 million for the full year of 2023, an increase of 16.1%, Adjusted EBITDA margin was 22.5% compared to 21.1% for the full year of 2023
- Cash provided by operating activities was $154.1 million, compared to $127.3 million for the full year of 2023
- Free cash flow was $140.0 million, compared to $117.1 million for the full year of 2023.
Pending Transaction with Siemens and Conference Call Information
On January 22, 2025, Altair’s stockholders approved the previously announced merger agreement providing for the acquisition of Altair by Siemens Industry Software Inc. ("Siemens"). Completion of the pending transaction remains subject to certain customary closing conditions. Altair now anticipates that this transaction may close in the first half of 2025. In light of the pending transaction with Siemens, Altair is suspending quarterly financial results conference calls and its quarterly and annual guidance.
