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Altair Engineering Inc. (ALTR)

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Previous Close40.89
Open40.89
Bid40.01 x 900
Ask40.06 x 1100
Day's Range39.90 - 41.04
52 Week Range23.04 - 44.34
Volume175,665
Avg. Volume267,934
Market Cap2.922B
Beta (5Y Monthly)1.54
PE Ratio (TTM)N/A
EPS (TTM)-0.31
Earnings DateAug 07, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est42.33
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  • GlobeNewswire

    Latest Release of Altair® PBS Professional® Offers Up to Tenfold Faster Performance for More Diverse and Dynamic HPC Workloads

    TROY, Mich., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global technology company providing solutions in product development, high-performance computing (HPC), and data analytics, today announced a major update to Altair® PBS Professional®, the market-leading HPC workload manager. New features within the PBS Professional base scheduler enable customers to increase throughput as much as tenfold, manage costs and resources more accurately, and easily access efficient scaling through cloud bursting.“For our users, the latest version of PBS Professional represents a significant increase in functionality and value. It will provide customers with the flexibility, scalability, and efficiency they need to flourish in a uniquely dynamic operating environment,” said Sam Mahalingam, chief technology officer at Altair. “The addition of a hierarchical structure makes PBS Professional a truly full-spectrum proposition – accommodating workloads ranging from multi-core, long-running HPC jobs to high-throughput workloads that could potentially involve tens of millions of high-frequency jobs in a single day.”With the latest iteration of PBS Professional, users benefit from: * Massively high throughput scheduling, with the flexibility to accommodate more diverse and dynamic workloads via hierarchical scheduling. PBS Professional now embraces both high-performance and high-throughput computing workloads. Users can employ a "personal” scheduler to queue their own jobs sequentially, all within the same overall scheduler. * The ability to simulate workloads to find the most productive approach to scaling HPC resources. * Allocation management to control and optimize budgets across multiple sites, departments, and HPC clusters by scheduling resources to match an organization’s unique profile of costs and resources. * Cloud bursting via a graphical user interface (GUI) that requires no specialist expertise, with the freedom to leverage on-demand resources from both public and private clouds.For more details on the advantages of PBS Professional, visit https://www.altair.com/pbs-professional/. To learn more about Altair’s HPC solutions, register for the Altair HPC Virtual Summit at https://web.altair.com/altair-virtual-hpc-summit.About Altair (Nasdaq: ALTR)Altair is a global technology company that provides software and cloud solutions in the areas of product development, high performance computing (HPC), and data analytics. 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.Media Contacts:       Corporate Jennifer Ristic +1.216.849.3109 jristic@altair.com Investor Relations The Blueshirt Group Monica Gould +1 212.871.3927 ir@altair.com     Altair Europe/The Middle East/Africa Evelyn Gebhardt +49 7031 6208 0 gebhardt@altair.de

  • Altair Engineering Inc. (ALTR) Reports Q2 Loss, Tops Revenue Estimates
    Zacks

    Altair Engineering Inc. (ALTR) Reports Q2 Loss, Tops Revenue Estimates

    Altair Engineering Inc. (ALTR) delivered earnings and revenue surprises of 0.00% and 6.21%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Altair Announces Second Quarter 2020 Financial Results

    2020 Second Quarter Revenue Exceeds Guidance Increases Full Year 2020 OutlookTROY, Mich., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global technology company that provides software and cloud solutions in the areas of product development, high performance computing (HPC) and data analytics, today released its financial results for the second quarter ended June 30, 2020.“We are very pleased with our second quarter performance, which exceeded our expectations. I am proud to lead an organization which has remained so dedicated and intensely focused on developing great software and helping customers succeed despite the personal hardships brought on by COVID-19,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair.“Our software product revenue increased to 83% of total revenue, which drove a 400 basis point year over year improvement in gross margins, while our recurring license rate rose to an all-time high of 93%,” said Howard Morof, Chief Financial Officer of Altair. “Moreover, the proactive steps we took to control costs in light of COVID-19 had an immediate positive impact on our operating expenses. Our ongoing digital transformation efforts continue, and as we implement robust processes, we believe the positive impact of these significant investments will drive measurable benefits for the business and support our long-term goals.”Second Quarter 2020 Financial Highlights * Software product revenue was $81.8 million compared to $84.4 million for the second quarter of 2019. * Total revenue was $98.6 million compared to $106.8 million for the second quarter of 2019. * Net loss was $10.2 million compared to net loss of $3.1 million for the second quarter of 2019. Diluted net loss per share was $0.14 based on 73.0 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $0.04 for the second quarter of 2019, based on 71.4 million diluted weighted average common shares outstanding. * Adjusted EBITDA was $5.7 million, compared to $5.2 million for the second quarter of 2019.  * Non-GAAP net loss was $1.7 million, compared to non-GAAP net income of $3.2 million for the second quarter of 2019. Non-GAAP diluted net loss per share was $0.02 based on 80.7 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.04 for the second quarter of 2019, based on 77.7 million non-GAAP diluted common shares outstanding. * Free cash flow was $4.5 million for both the second quarters of 2020 and 2019.Business Outlook Based on information available as of today, Altair is issuing guidance for the third quarter and full year 2020.  (in millions)Third Quarter 2020 Full Year 2020  Software Product Revenue $80.0 to$82.0  $368.0 to$380.0  Total Revenue $96.0  $100.0  $443.0  $455.0  Net Loss $(20.3) $(18.3) $(36.0) $(31.0) Non-GAAP Net (Loss) Income $(9.0) $(7.0) $2.2  $7.2  Adjusted EBITDA $(2.0) $0.0  $33.0  $38.0                    Conference Call Information What: Altair’s Second Quarter 2020 Financial Results Conference Call When: Friday, August 7, 2020 Time: 8:30 a.m. ET Live Call:(866) 754-5204, Domestic  (636) 812-6621, International Replay: (855) 859-2056, Conference ID 5072406, Domestic  (404) 537-3406, Conference ID 5072406, 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 (Loss), Non-GAAP Net Income (Loss) 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.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.Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, 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 Company’s equity award plans.Free cash flow consists of cash flow from operations less capital expenditures.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 development, high performance computing (HPC) and data analytics. 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 third quarter and full year 2020, our statements regarding COVID-19, our statements regarding our digital transformation efforts, 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 our forward-looking statements due to a number of factors, including but not limited to, the 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.Media Relations Altair Dave Simon 248-614-2400 ext. 332 ir@altair.comInvestor Relations The Blueshirt Group Monica Gould 212-871-3927 Lindsay Savarese 212-331-8417 ir@altair.com ALTAIR ENGINERING INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS  June 30, 2020  December 31, 2019  (In thousands) (Unaudited)      ASSETS         CURRENT ASSETS:         Cash and cash equivalents $250,540  $223,117  Accounts receivable, net  79,185   104,984  Income tax receivable  5,760   7,264  Prepaid expenses and other current assets  16,469   17,092  Total current assets  351,954   352,457  Property and equipment, net  34,456   36,297  Operating lease right of use assets  32,598   28,134  Goodwill  233,486   233,683  Other intangible assets, net  58,177   67,075  Deferred tax assets  5,661   5,791  Other long-term assets  20,514   19,708  TOTAL ASSETS $736,846  $743,145  LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  CURRENT LIABILITIES:         Current portion of long-term debt $456  $430  Accounts payable  4,780   8,585  Accrued compensation and benefits  30,997   30,676  Current portion of operating lease liabilities  9,369   9,141  Other accrued expenses and current liabilities  27,411   28,603  Deferred revenue  73,061   75,431  Total current liabilities  146,074   152,866  Long-term debt, net of current portion  183,409   178,238  Operating lease liabilities, net of current portion  24,352   20,174  Deferred revenue, non-current  7,287   8,136  Other long-term liabilities  19,990   26,672  TOTAL LIABILITIES  381,112   386,086  Commitments and contingencies         MEZZANINE EQUITY  784   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 42,108   and 41,271 shares as of June 30, 2020 and December 31, 2019, respectively  4   4  Class B common stock, authorized 41,203 shares, issued and outstanding 30,971   and 31,131 shares as of June 30, 2020 and December 31, 2019, respectively  3   3  Additional paid-in capital  456,307   446,633  Accumulated deficit  (86,986)  (82,405) Accumulated other comprehensive loss  (14,378)  (9,528) TOTAL STOCKHOLDERS’ EQUITY  354,950   354,707  TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY $736,846  $743,145            ALTAIR ENGINEERING INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)  Three Months Ended June 30,  Six Months Ended June 30,  (in thousands, except per share data) 2020  2019  2020  2019  Revenue                 License $51,018  $56,653  $128,561  $133,274  Maintenance and other services  30,815   27,755   61,715   54,425  Total software  81,833   84,408   190,276   187,699  Software related services  5,444   7,907   12,378   17,679  Total software and related services  87,277   92,315   202,654   205,378  Client engineering services  9,640   12,412   23,518   24,462  Other  1,644   2,046   3,852   4,792  Total revenue  98,561   106,773   230,024   234,632  Cost of revenue                 License  2,851   2,954   8,374   8,775  Maintenance and other services  8,502   9,430   18,957   17,961  Total software *  11,353   12,384   27,331   26,736  Software related services  4,656   6,612   10,145   13,130  Total software and related services  16,009   18,996   37,476   39,866  Client engineering services  7,789   10,033   19,107   19,833  Other  1,283   1,994   2,995   4,209  Total cost of revenue  25,081   31,023   59,578   63,908  Gross profit  73,480   75,750   170,446   170,724  Operating expenses:                 Research and development *  28,970   29,829   60,437   57,345  Sales and marketing *  25,806   26,221   53,905   52,672  General and administrative *  20,248   19,851   42,594   40,180  Amortization of intangible assets  3,692   3,600   7,532   7,128  Other operating income, net  (944)  (549)  (1,835)  (1,166) Total operating expenses  77,772   78,952   162,633   156,159  Operating (loss) income  (4,292)  (3,202)  7,813   14,565  Interest expense  2,843   590   5,656   860  Other expense (income), net  320   (505)  (1,070)  (115) (Loss) income before income taxes  (7,455)  (3,287)  3,227   13,820  Income tax expense (benefit)  2,768   (167)  7,420   3,921  Net (loss) income $(10,223) $(3,120) $(4,193) $9,899  (Loss) income per share:                 Net (loss) income per share attributable to common   stockholders, basic $(0.14) $(0.04) $(0.06) $0.14  Net (loss) income per share attributable to common   stockholders, diluted $(0.14) $(0.04) $(0.06) $0.13  Weighted average shares outstanding:                 Weighted average number of shares used in computing   net (loss) income per share, basic  72,999   71,373   72,811   71,081  Weighted average number of shares used in computing   net (loss) income per share, diluted  72,999   71,373   72,811   77,017                    *  Amounts include stock-based compensation expense as follows (in thousands):  (Unaudited)    Three Months Ended June 30,  Six Months Ended June 30,    2020  2019  2020  2019  Cost of revenue – software $552  $279  $918  $343  Research and development  1,830   579   3,258   937  Sales and marketing  1,273   475   2,000   937  General and administrative  879   747   1,529   1,075  Total stock-based compensation expense $4,534  $2,080  $7,705  $3,292                    ALTAIR ENGINEERING INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)  Six Months Ended June 30,  (In thousands) 2020  2019  OPERATING ACTIVITIES:         Net (loss) income $(4,193) $9,899  Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization  11,293   10,468  Provision for credit loss  589   134  Amortization of debt discount and issuance costs  5,342   459  Stock-based compensation expense  7,705   3,292  Deferred income taxes  (5,961)  (703) Other, net  3   (17) Changes in assets and liabilities:         Accounts receivable  23,264   10,406  Prepaid expenses and other current assets  1,817   (4,952) Other long-term assets  (960)  (2,300) Accounts payable  (3,841)  (2,187) Accrued compensation and benefits  497   (2,455) Other accrued expenses and current liabilities  131   1,887  Operating lease right-of-use assets and liabilities, net  30   197  Deferred revenue  (2,315)  7,740  Net cash provided by operating activities  33,401   31,868  INVESTING ACTIVITIES:         Capital expenditures  (2,530)  (6,667) Payments for acquisition of businesses, net of cash acquired  (2,270)  (709) Payments for acquisition of developed technology  (433)  (344) Other investing activities, net  142   16  Net cash used in investing activities  (5,091)  (7,704) FINANCING ACTIVITIES:         Proceeds from the exercise of stock options  477   1,270  Proceeds from issuance of convertible senior notes, net of underwriters'   discount and commissions  —   223,101  Payments on revolving commitment  —   (127,941) Borrowings under revolving commitment  —   96,991  Payments for issuance costs of convertible senior notes  —   (1,018) Other financing activities  (210)  (259) Net cash provided by financing activities  267   192,144  Effect of exchange rate changes on cash, cash equivalents and restricted cash  (1,148)  187  Net increase in cash, cash equivalents and restricted cash  27,429   216,495  Cash, cash equivalents and restricted cash at beginning of year  223,497   35,685  Cash, cash equivalents and restricted cash at end of period $250,926  $252,180  Supplemental disclosure of cash flow:         Interest paid $306  $362  Income taxes paid $9,491  $4,054  Supplemental disclosure of non-cash investing and financing activities:         Finance leases $100  $566  Property and equipment in accounts payable, other current liabilities   and other liabilities $343  $417  Convertible senior notes issuance costs in accounts payable  —  $216            Financial Results The following table provides a reconciliation of Non-GAAP net (loss) income and Non-GAAP net (loss) income per share - diluted to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:  (Unaudited)    Three Months Ended June 30,  Six Months Ended June 30,  (in thousands, except per share amounts) 2020  2019  2020  2019  Net (loss) income $(10,223) $(3,120) $(4,193) $9,899  Stock-based compensation expense  4,534   2,080   7,705   3,292  Amortization of intangible assets  3,692   3,600   7,532   7,128  Special adjustments (1)  578   776   578   1,004  Income tax effect of non-GAAP adjustments  (280)  (175)  (662)  (415) Non-GAAP net (loss) income $(1,699) $3,161  $10,960  $20,908                    Net (loss) income per share - diluted $(0.14) $(0.04) $(0.06) $0.13  Non-GAAP net (loss) income per share - diluted $(0.02) $0.04  $0.14  $0.27                    GAAP diluted shares outstanding:  72,999   71,373   72,811   77,017  Non-GAAP diluted shares outstanding:  80,700   77,700   80,700   77,700  (1) Includes $0.6 million of severance expense for the three and six months ended June 30, 2020. Includes $0.8 million and $1.0 million of impairment charges for royalty contracts for the three and six months ended June 30, 2019, respectively.The following table provides a reconciliation of Adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure:  (Unaudited)    Three Months Ended June 30,  Six Months Ended June 30,  (in thousands) 2020  2019  2020  2019  Net (loss) income $(10,223) $(3,120) $(4,193) $9,899  Income tax expense (benefit)  2,768   (167)  7,420   3,921  Stock-based compensation expense  4,534   2,080   7,705   3,292  Interest expense  2,843   590   5,656   860  Interest income and other (1)  194   508   (460)  709  Depreciation and amortization  5,633   5,274   11,293   10,468  Adjusted EBITDA $5,749  $5,165  $27,421  $29,149  (1) Includes $0.6 million of severance expense for the three and six months ended June 30, 2020. Includes $0.8 million and $1.0 million of impairment charges for royalty contracts for the three and six months ended June 30, 2019, respectively. The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:  (Unaudited)    Three Months Ended June 30,  Six Months Ended June 30,  (in thousands) 2020  2019  2020  2019  Net cash provided by operating activities $5,365  $6,553  $33,401  $31,868  Capital expenditures  (886)  (2,084)  (2,530)  (6,667) Free cash flow $4,479  $4,469  $30,871  $25,201                    Business Outlook The following table provides a reconciliation of projected Non-GAAP net (loss) income to projected net loss, the most comparable GAAP financial measure:  (Unaudited)    Three Months Ending September 30, 2020  Year Ending December 31, 2020  (in thousands) Low  High  Low  High  Net loss $(20,300) $(18,300) $(36,000) $(31,000) Stock-based compensation expense  7,900   7,900   24,000   24,000  Amortization of intangible assets  3,800   3,800   15,000   15,000  Special adjustments  —   —   600   600  Income tax effect of non-GAAP adjustments  (400)  (400)  (1,400)  (1,400) Non-GAAP net (loss) income $(9,000) $(7,000) $2,200  $7,200                    The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:  (Unaudited)    Three Months Ending September 30, 2020  Year Ending December 31, 2020  (in thousands) Low  High  Low  High  Net loss $(20,300) $(18,300) $(36,000) $(31,000) Income tax expense  2,100   2,100   12,000   12,000  Stock-based compensation expense  7,900   7,900   24,000   24,000  Interest expense  2,900   2,900   11,400   11,400  Depreciation and amortization  5,700   5,700   22,700   22,700  Interest income and other special adjustments  (300)  (300)  (1,100)  (1,100) Adjusted EBITDA $(2,000) $—  $33,000  $38,000