TROY, MI -- Altair reported software revenue was $158.4 million in the first quarter, up 5.9% in reported currency and 6.9% in constant currency from last year.

Total revenue was $172.9 million compared to $166.0 million for the first quarter 2023, up 4.1% in reported currency and 5.1% in constant currency.

Net income was $16.5 million versus a loss of $2) million in 2023. Net income margin rose to 9.6% from a loss 1.2%.

Non-GAAP net income was $36.2 million, compared to $31.8 million, an increase of 13.9%. Adjusted EBITDA rose to $45.8 million from $43.1, up 6.4%. Adjusted EBITDA margin was 26.5% compared to 25.9% for the first quarter of 2023

Cash provided by operating activities was $73.5 million, compared to $59.2 million for the first quarter of 2023

Free cash flow was $70.7 million, compared to $57.5 million for the first quarter of 2023.

“The start of this year has been marked by strong execution, setting new records in software revenue and total revenue in the first quarter 2024,” said Matt Brown, chief financial officer, Altair. “Revenues and profit were ahead of expectations for the quarter, driven by growth across all three major geographies and multiple verticals.”

Altair guided for second quarter software revenue to grow 4.5 to 6.4%, to #131 million to $134 million. For the year, software revenue is expected to reach $590 million to $600 million, up 7.3% to 9.1%.

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