TROY, MI – Altair reported fiscal first quarter software product revenue was $140.9 million, an increase of 8.8% year-over-year.

For the period ended Mar. 31, total company revenue was $159.8 million, up 6.4% compared to the fiscal first quarter of 2021.

Altair’s total net income for the quarter was $11.5 million, down 20.1% year-over-year. Adjusted EBITDA was $46.6 million, growth of 26.1%.

“Altair had a very strong first quarter 2022, with all our key metrics coming in above our guidance ranges,” said James Scapa, founder, chairman and CEO, Altair. “We deliver high-value products and expertise to help our customers increase efficiency and competitiveness by driving smarter decisions with computational science and artificial intelligence, and our business momentum continues to be robust globally and across industry verticals.”

“We’re off to a great start for the year, achieving all-time highs for software product revenue and total revenue in the first quarter 2022,” said Matt Brown, CFO, Altair. “Revenues and profit were ahead of expectations for the quarter, putting us in a strong position to meet our financial goals for the year.”

Free cash flow was $3.6 million, compared to $33.5 million for the fiscal first quarter of 2021. Free cash flow was impacted by the payment of a $65.9 million litigation judgment assumed as part of the World Programming acquisition.

For the fiscal second quarter, the firm expects software product revenue between $111 million and $114 million. For full-year 2022, the segment’s revenue is expected to be $496 million to $508 million. In the fiscal second quarter, the software product segment is expected to experience a net loss of $19 million to $17.1 million, and in fiscal 2022 a net loss of $29.5 million to $22 million.

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