Page 1

A ALTAIR ONLY FORWARD Altair Announces First Quarter 2021 Financial Results May 6 , 2021 Delivers Record Software Revenue and Total Revenue , Exceeding Expectations TROY , Mich . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Altair ( Nasdaq : ALTR ) , a global technology company providing software and cloud solutions in the areas of simulation , high - performance computing , data analytics and artificial intelligence today released its financial results for the first quarter ended March 31 , 2021 . " Altair had an excellent first quarter 2021 , due in large measure to the strength of our constantly evolving software portfolio , " said James Scapa , Founder , Chairman and Chief Executive Officer of Altair . " Our vision of the convergence of simulation , HPC , and Al driving enterprise decisions is emerging as a clear imperative embraced by customers . This technical direction , which we identified early on and have invested in significantly , is important and manifest in all the markets we serve . We look forward to sharing our longer - term vision and strategy for the company at our virtual Investor Day on May 27. " " I'm pleased to report our second consecutive quarter of record software revenue and total revenue , which far exceeded our expectations , led by strong renewal business and expansion in software , " said Matt Brown , Chief Financial Officer of Altair . " We're executing on our mission to transform enterprise decision making , while driving top line revenue growth and maintaining a disciplined approach to spending to expand our profitability . " First Quarter 2021 Financial Highlights • Software product revenue was $ 129.5 million compared to $ 108.4 million for the first quarter of 2020 , an increase of 19.5 % • Total revenue was $ 150.2 million compared to $ 131.5 million for first quarter of 2020 , an increase 14.2 % • Net income was $ 14.4 million compared to $ 6.0 million for the first quarter of 2020 , an increase of 138 % . Diluted net income per share was $ 0.18 based on 79.3 million diluted weighted average common shares outstanding , compared to diluted net income per share of $ 0.08 for the first quarter of 2020 , based on 77.0 million diluted weighted average common shares outstanding • Adjusted EBITDA was $ 37.0 million compared to $ 21.7 million for the first quarter of 2020 , an increase of 70.5 % . Adjusted EBITDA margin was 24.6 % compared to 16.5 % for the first quarter of 2020 . • Non - GAAP net income was $ 26.0 million , compared to Non - GAAP net income of $ 15.1 million for the first quarter of 2020 , an increase of 72.4 % . Non - GAAP diluted net income per share was $ 0.31 based on 83.4 million non - GAAP diluted common shares outstanding , compared to Non - GAAP diluted net income per share of $ 0.19 for the first quarter of 2020 , based on 78.4 million non - GAAP diluted common shares outstanding • Free cash flow was $ 33.5 million , compared to $ 26.4 million for the first quarter of 2020 , an increase of 27.1 % Business Outlook Based on information available as of today , Altair is issuing guidance for the second quarter and full year 2021 . ( in millions ) Second Quarter 2021 92.0 to $ 111.0 ( 23.7 ) $ $ $ 0.1 2.0 $ Conference Call Information What : When : Time : Live Call : Replay : Webcast : Software Product Revenue $ Total Revenue $ Net Loss $ Non - GAAP Net Income $ Adjusted EBITDA $ Altair's First Quarter 2021 Financial Results Conference Call Thursday , May 6 , 2021 5:00 p.m. ET ( 866 ) 754-5204 , Domestic ( 636 ) 812-6621 , International ( 855 ) 859-2056 , Conference ID 5262418 , Domestic ( 404 ) 537-3406 , Conference ID 5262418 , International http://investor.altair.com ( live & replay ) 95.0 $ 114.0 $ ( 21.8 ) $ 1.6 $ 4.0 $ Full Year 2021 425.0 to $ 504.0 ( 37.6 ) 38.0 59.0 LA LA LA LA LA $ $ $ $ 433.0 512.0 ( 29.8 ) 44.0 67.0