ALTR Altair Engineering Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2025

 

 

Altair Engineering Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-38263	38-2591828
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1820 E. Big Beaver Road
Troy, Michigan				48083
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (248) 614-2400

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock $0.0001 par value per share		ALTR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02. Results of Operations and Financial Condition.

 

On February 20, 2025, Altair Engineering Inc. issued a press release disclosing its financial information and operating metrics for its fourth quarter and full year ended December 31, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.

 

The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1		Press Release issued by Altair Engineering Inc. dated February 20, 2025, furnished hereto.
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALTAIR ENGINEERING INC.
Date: February 20, 2025	By:	/s/ Matthew Brown
		Matthew Brown
		Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

Altair Announces Fourth Quarter and Full Year 2024 Financial Results

TROY, Mich. – February 20, 2025 – Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

Full Year 2024 Financial Highlights

 

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.

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Non-GAAP Financial Measures

 

This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Billings, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

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 net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

Non-GAAP diluted common shares is calculated using the treasury stock method to calculate the effect of dilutive securities, stock options, restricted stock units and employee stock purchase plan shares and using the if-converted method to calculate the effect of convertible instruments. This is the same methodology that is used when calculating GAAP diluted shares. However, the determination of whether the shares are dilutive or antidilutive is made independently on a GAAP and non-GAAP net income (loss) basis and therefore the number of diluted shares outstanding for GAAP and non-GAAP may be different.

Billings consists of total revenue plus the change in deferred revenue, excluding deferred revenue from acquisitions.

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

Free cash flow consists of cash flow from operations less capital expenditures.

Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense and other special items as identified by management and described elsewhere in this press release.

Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

 

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 leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing, data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.

 

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Forward-Looking Statements

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements regarding the proposed transaction, including the expected timing and closing of the proposed transaction; Altair’s ability to consummate the proposed transaction; the expected benefits of the proposed transaction and other considerations taken into account by the Altair Board of Directors in approving the proposed transaction; the amounts to be received by stockholders and expectations for Altair prior to and following the closing of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of Altair based on current expectations and assumptions relating to Altair’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the pending merger transaction with Siemens Industry Software Inc. (the “Merger”), (ii) the risk that a condition of closing of the pending Merger transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the pending Merger transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the pending Merger transaction, (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Altair, (vii) the risk that the pending Merger transaction and its announcement could have an adverse effect on the ability of Altair to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, dated October 30, 2024, with Siemens Industry Software Inc. (the “Merger Agreement”), (ix) business uncertainties and contractual restrictions on our operations while the proposed Merger transaction is pending, (x) unexpected costs, charges or expenses resulting from the pending Merger transaction, (xi) potential litigation relating to the pending Merger transaction that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that Altair’s businesses serve which could have an effect on demand for Altair’s products and impact Altair’s profitability, and (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Altair’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of Altair’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Altair’s other filings with the SEC. The list of factors is not intended to be exhaustive. These forward-looking statements speak only as of the date of this communication, and Altair does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of Altair.

 

Media Relations

Altair

Jennifer Ristic

216-849-3109

jristic@altair.com

 

Investor Relations

Altair

Stephen Palmtag

669-328-9111

spalmtag@altair.com

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

		December 31,
(in thousands)		2024				2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	561,898			$	467,459
Accounts receivable, net			173,509				190,461
Income tax receivable			21,513				16,650
Prepaid expenses and other current assets			28,058				26,053
Total current assets			784,978				700,623
Property and equipment, net			41,008				39,803
Operating lease right of use assets			31,117				30,759
Goodwill			462,459				458,125
Other intangible assets, net			72,937				83,550
Deferred tax assets			8,770				9,955
Other long-term assets			44,378				40,678
TOTAL ASSETS		$	1,445,647			$	1,363,493
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	7,316			$	8,995
Accrued compensation and benefits			50,328				45,081
Current portion of operating lease liabilities			7,876				8,825
Other accrued expenses and current liabilities			56,058				48,398
Deferred revenue			139,085				131,356
Current portion of convertible senior notes, net			227,106				81,455
Total current liabilities			487,769				324,110
Convertible senior notes, net			—				225,929
Operating lease liabilities, net of current portion			24,141				22,625
Deferred revenue, non-current			28,531				32,347
Other long-term liabilities			48,017				47,151
TOTAL LIABILITIES			588,458				652,162
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued or outstanding			—				—
Common stock ($0.0001 par value)
Class A common stock, authorized 513,797 shares, issued and outstanding 60,181    and 55,240 shares as of December 31, 2024 and 2023, respectively			6				5
Class B common stock, authorized 41,203 shares, issued and outstanding 25,394    and 26,814 shares as of December 31, 2024 and 2023, respectively			3				3
Additional paid-in capital			1,010,789				864,135
Accumulated deficit			(116,328	)			(130,503	)
Accumulated other comprehensive loss			(37,281	)			(22,309	)
TOTAL STOCKHOLDERS’ EQUITY			857,189				711,331
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,445,647			$	1,363,493

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
(in thousands, except per share data)		2024				2023				2024				2023
Revenue
License		$	131,943			$	113,172			$	435,288			$	393,144
Maintenance and other services			47,433				42,761				176,612				156,830
Total software			179,376				155,933				611,900				549,974
Engineering services and other			13,255				15,570				53,888				62,727
Total revenue			192,631				171,503				665,788				612,701
Cost of revenue
License			4,662				3,200				15,099				15,088
Maintenance and other services			17,604				14,340				64,014				56,094
Total software *			22,266				17,540				79,113				71,182
Engineering services and other			11,113				11,633				45,690				50,609
Total cost of revenue			33,379				29,173				124,803				121,791
Gross profit			159,252				142,330				540,985				490,910
Operating expenses:
Research and development *			57,147				52,519				221,161				212,645
Sales and marketing *			47,812				43,595				184,280				176,138
General and administrative *			35,595				17,096				90,150				70,887
Amortization of intangible assets			8,709				7,708				33,022				30,851
Other operating (income) expense, net			(976	)			(1,178	)			(5,313	)			146
Total operating expenses			148,287				119,740				523,300				490,667
Operating income			10,965				22,590				17,685				243
Interest expense			1,339				1,533				5,836				6,116
Other income, net			(316	)			(8,794	)			(20,781	)			(18,492	)
Income before income taxes			9,942				29,851				32,630				12,619
Income tax expense			8,946				10,176				18,455				21,545
Net income (loss)		$	996			$	19,675			$	14,175			$	(8,926	)
Earnings (loss) per share, basic
Earnings (loss) per share		$	0.01			$	0.24			$	0.17			$	(0.11	)
Weighted average shares			85,289				81,760				84,085				80,596
Earnings (loss) per share, diluted
Earnings (loss) per share		$	0.01			$	0.22			$	0.16			$	(0.11	)
Weighted average shares			89,346				88,977				88,558				80,596

 

 

 

 

 

 

 

* Amounts include stock-based compensation expense as follows (in thousands):

 

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands)		2024				2023				2024				2023
Cost of revenue – software		$	2,167			$	2,303			$	8,397			$	10,095
Research and development			6,274				7,332				25,630				33,842
Sales and marketing			4,784				6,271				19,459				28,376
General and administrative			3,745				3,252				14,194				13,268
Total stock-based compensation expense		$	16,970			$	19,158			$	67,680			$	85,581

 

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ALTAIR ENGINEERING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

		Year Ended December 31,
(in thousands)		2024				2023				2022
OPERATING ACTIVITIES:
Net income (loss)		$	14,175			$	(8,926	)		$	(43,429	)
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Depreciation and amortization			42,164				39,124				35,504
Stock-based compensation expense			67,680				85,581				84,787
Deferred income taxes			(707	)			(2,319	)			(4,164	)
Loss (gain) on mark-to-market adjustment of contingent consideration			476				5,706				(7,153	)
Expense on repurchase of convertible senior notes			—				—				16,621
Other, net			2,015				1,943				2,179
Changes in assets and liabilities:
Accounts receivable			14,560				(19,141	)			(34,175	)
Prepaid expenses and other current assets			(7,622	)			(1,915	)			1,014
Other long-term assets			2,431				(52	)			2,852
Accounts payable			(2,127	)			(1,878	)			3,771
Accrued compensation and benefits			7,013				1,783				280
Other accrued expenses and current liabilities			7,791				9,068				(59,463	)
Deferred revenue			6,235				18,333				40,946
Net cash provided by operating activities			154,084				127,307				39,570
INVESTING ACTIVITIES:
Payments for acquisition of businesses, net of cash acquired			(27,070	)			(3,236	)			(134,541	)
Capital expenditures			(14,086	)			(10,193	)			(9,648	)
Other investing activities, net			(4,974	)			(2,423	)			(10,322	)
Net cash used in investing activities			(46,130	)			(15,852	)			(154,511	)
FINANCING ACTIVITIES:
Settlement of convertible senior notes			(81,729	)			—				—
Proceeds from the exercise of common stock options			65,537				36,140				3,577
Proceeds from employee stock purchase plan contributions			9,157				7,978				8,976
Payments for repurchase and retirement of common stock			—				(6,255	)			(19,659	)
Proceeds from issuance of convertible senior notes,    net of underwriters' discounts and commissions			—				—				224,265
Repurchase of convertible senior notes			—				—				(192,422	)
Payments for issuance costs of convertible senior notes			—				—				(1,523	)
Other financing activities			—				(97	)			(233	)
Net cash (used in) provided by financing activities			(7,035	)			37,766				22,981
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(6,453	)			1,397				(5,094	)
Net increase (decrease) in cash, cash equivalents and restricted cash			94,466				150,618				(97,054	)
Cash, cash equivalents and restricted cash at beginning of year			467,576				316,958				414,012
Cash, cash equivalents and restricted cash at end of period		$	562,042			$	467,576			$	316,958

 

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Change in Presentation of Revenue and Cost of Revenue

Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue or total cost of revenue amounts previously reported or have any effect on segment reporting.

 

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income (loss) and net income (loss) per share – diluted, the most comparable GAAP financial measures:

 

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands, except per share amounts)		2024				2023				2024				2023
Net income (loss)		$	996			$	19,675			$	14,175			$	(8,926	)
Stock-based compensation expense			16,970				19,158				67,680				85,581
Amortization of intangible assets			8,709				7,708				33,022				30,851
Non-cash interest expense			310				470				1,514				1,869
Impact of non-GAAP tax rate(1)			(6,842	)			(4,261	)			(21,406	)			(13,158	)
Special adjustments and other (2)			27,219				(1,659	)			24,597				2,553
Non-GAAP net income		$	47,362			$	41,091			$	119,582			$	98,770
Net income (loss) per share, diluted		$	0.01			$	0.22			$	0.16			$	(0.11	)
Non-GAAP net income per share, diluted		$	0.52			$	0.47			$	1.35			$	1.17
GAAP diluted shares outstanding:			89,346				88,977				88,558				80,596
Non-GAAP diluted shares outstanding:			92,555				88,977				91,767				84,433

The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands)		2024				2023				2024				2023
Net income (loss)		$	996			$	19,675			$	14,175			$	(8,926	)
Income tax expense			8,946				10,176				18,455				21,545
Stock-based compensation expense			16,970				19,158				67,680				85,581
Interest expense			1,339				1,533				5,836				6,116
Depreciation and amortization			11,044				9,853				42,164				39,124
Special adjustments, interest income and other (1)			21,746				(6,822	)			1,602				(14,302	)
Adjusted EBITDA		$	61,041			$	53,573			$	149,912			$	129,138

 

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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  December 31,								Year Ended  December 31,
(in thousands)		2024 (1)				2023				2024				2023
Net cash provided by operating activities		$	37,530			$	21,651			$	154,084			$	127,307
Capital expenditures			(4,347	)			(2,311	)			(14,086	)			(10,193	)
Free Cash Flow		$	33,183			$	19,340			$	139,998			$	117,114

(1) Free Cash Flow for the year ended December 31, 2024, was adversely impacted by approximately $13.2 million of expenses paid related to the pending Merger transaction.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands)		2024				2023				2024				2023
Gross profit		$	159,252			$	142,330			$	540,985			$	490,910
Stock-based compensation expense			2,167				2,303				8,397				10,095
Pending merger expenses			1,155				—				1,155				—
Non-GAAP gross profit		$	162,574			$	144,633			$	550,537			$	501,005
Gross profit margin			82.7	%			83.0	%			81.3	%			80.1	%
Non-GAAP gross margin			84.4	%			84.3	%			82.7	%			81.8	%

The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

 

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands)		2024				2023				2024				2023
Total operating expense		$	148,287			$	119,740			$	523,300			$	490,667
Stock-based compensation expense			(14,803	)			(16,855	)			(59,283	)			(75,486	)
Amortization			(8,709	)			(7,708	)			(33,022	)			(30,851	)
Loss on mark-to-market adjustment of    contingent consideration			(287	)			(1,212	)			(476	)			(5,706	)
Pending merger expenses			(21,095	)			—				(21,095	)			—
Non-GAAP operating expense		$	103,393			$	93,965			$	409,424			$	378,624

 

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The following table provides the calculation of non-GAAP diluted common shares and non-GAAP net income per share, diluted:

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
		2024				2023				2024				2023
Numerator:
Non-GAAP net income		$	47,362			$	41,091			$	119,582			$	98,770
Interest expense related to convertible notes, net of tax			1,006				1,006				4,024				—
Numerator for non-GAAP diluted income per share		$	48,368			$	42,097			$	123,606			$	98,770
Denominator:
Weighted average shares outstanding, basic			85,289				81,760				84,085				80,596
Effect of dilutive shares			7,266				7,217				7,682				3,837
Non-GAAP diluted shares outstanding			92,555				88,977				91,767				84,433
Non-GAAP net income per share, diluted		$	0.52			$	0.47			$	1.35			$	1.17

The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

		(Unaudited)
		Three Months Ended  December 31,								Year Ended  December 31,
(in thousands)		2024				2023				2024				2023
Revenue		$	192,631			$	171,503			$	665,788			$	612,701
Ending deferred revenue			167,616				163,703				167,616				163,703
Beginning deferred revenue			(140,835	)			(138,933	)			(163,703	)			(144,460	)
Deferred revenue acquired			—				(149	)			(1,825	)			(149	)
Billings		$	219,412			$	196,124			$	667,876			$	631,795

The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:

		(Unaudited)
		Three Months Ended December 31, 2024												Three Months Ended December 31, 2023				Increase/ (Decrease) %
(in thousands)		As reported				Currency changes				As adjusted for constant currency				As reported				As reported				As adjusted for constant currency
Software revenue		$	179.4			$	2.3			$	181.7			$	155.9				15.0	%			16.5	%
Total revenue		$	192.6			$	2.6			$	195.2			$	171.5				12.3	%			13.8	%
Billings		$	219.4			$	3.6			$	223.0			$	196.1				11.9	%			13.7	%
Adjusted EBITDA		$	61.0			$	1.3			$	62.3			$	53.6				13.9	%			16.2	%
		(Unaudited)
		Year Ended December 31, 2024												Year Ended  December 31, 2023				Increase/ (Decrease) %
(in thousands)		As reported				Currency changes				As adjusted for constant currency				As reported				As reported				As adjusted for constant currency
Software revenue		$	611.9			$	6.8			$	618.7			$	550.0				11.3	%			12.5	%
Total revenue		$	665.8			$	7.2			$	673.0			$	612.7				8.7	%			9.8	%
Billings		$	667.9			$	8.1			$	676.0			$	631.8				5.7	%			7.0	%
Adjusted EBITDA		$	149.9			$	4.6			$	154.5			$	129.1				16.1	%			19.7	%

 

 

 

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v3.25.0.1

Document And Entity Information	Feb. 20, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 20, 2025
Entity Registrant Name	Altair Engineering Inc.
Entity Central Index Key	0001701732
Entity Emerging Growth Company	false
Entity File Number	001-38263
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-2591828
Entity Address, Address Line One	1820 E. Big Beaver Road
Entity Address, City or Town	Troy
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48083
City Area Code	(248)
Local Phone Number	614-2400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock $0.0001 par value per share
Trading Symbol	ALTR
Security Exchange Name	NASDAQ

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