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Altair Engineering Inc. (NASDAQ: ALTR) is a global leader in computational intelligence, providing enterprise-class engineering software that spans the entire product lifecycle from conceptual design to in-service operation. With over 30 years of experience, Altair specializes in simulation, high-performance computing (HPC), data analytics, and artificial intelligence (AI), offering solutions that optimize design performance across multiple disciplines such as structures, motion, fluids, thermal management, system modeling, and embedded systems.
Headquartered in Troy, Michigan, Altair employs more than 2,500 people across 45 offices in 24 countries, ensuring a global presence in North America, South America, Europe, and Asia Pacific. The company’s client base includes over 5,000 corporations spanning various industries such as automotive, aerospace, government and defense, and consumer products. Altair is also expanding its reach in life sciences, financial services, and energy markets.
Altair operates through two primary segments: Software and Client Engineering Services. The Software segment includes a robust portfolio of products ranging from solvers and optimization technologies to modeling and visualization tools. The Client Engineering Services segment provides specialized engineering expertise to support customer projects.
Financially, Altair has shown strong performance, marked by record-high revenues and profits. For the fourth quarter of 2023, the company reported $155.9 million in software revenue, reflecting a 7.6% increase compared to the same period in 2022. Total revenue for the quarter was $171.5 million, with a net income of $19.7 million. For the full year of 2023, Altair achieved $612.7 million in total revenue, marking a 7.1% increase from the previous year.
Recent achievements include the launch of Altair SimSolid for electronics, a groundbreaking tool in multi-physics simulation for PCBs and ICs. Additionally, Altair acquired Cambridge Semantics to enhance its data analytics and AI offerings, and Research in Flight to bolster its computational fluid dynamics capabilities. Altair continues to be a thought leader, as evidenced by its planned participation in Hannover Messe 2024, where it will showcase its AI-powered engineering solutions.
Altair’s commitment to global information security was solidified with the ISO/IEC 27001:2022 certification, demonstrating its adherence to international standards. The company is also organizing the ATCx AI for Engineers 2024 global virtual event, aimed at exploring AI's transformative potential in product development.
Altair’s forward-looking strategies and investments in cutting-edge technologies ensure that it remains at the forefront of computational intelligence, providing unparalleled value to its diverse client base.
Altair (Nasdaq: ALTR) will announce its Q1 2023 financial results on May 4, 2023, after market close. A conference call is scheduled for 5 p.m. ET the same day, where management will discuss the results and provide an outlook for Q2 and full-year 2023. Investors can access a recorded version of the webcast on the investor relations page.
As a leader in computational science and AI, Altair continues to focus on delivering software and cloud solutions to enhance organizational efficiency across industries. The company aims to support sustainable practices while driving smarter decision-making.
Altair (Nasdaq: ALTR) has launched the Future Says podcast, accessible on major platforms like Spotify, Apple Podcasts, and Google Podcasts. This podcast features experts discussing the intersection of artificial intelligence, high-performance computing, and data analytics. Season one episodes are available, with subsequent seasons releasing weekly, including a focus on the automotive industry. Guests hail from top organizations including Google and Johnson & Johnson, addressing the d digital transformation influencing modern living and working. For updates, audiences can visit the Future Says webpage and Altair's YouTube channel.
Altair (Nasdaq: ALTR) has launched a Global Student Contest running from May 2023 to April 2024. This contest invites students to demonstrate their engineering skills using topology optimization to achieve lightweight designs while maintaining structural integrity. Participants can utilize Altair software, including Altair Inspire, to optimize their projects.
Monthly winners will be announced for each global region, with awards including $750 for the top design and $7,500 for the grand prize winner at the end of the contest. Additionally, categories such as creative presentation and wildcard entries will foster innovation. The contest aims to promote engineering talent and enhance students' skills.
Altair (Nasdaq: ALTR) announced a significant legal victory as the U.S. Court of Appeals for the Federal Circuit affirmed the dismissal of SAS Institute's copyright infringement lawsuit against its subsidiary, World Programming (WPL). This ruling confirms that the SAS language is not proprietary, allowing other companies to develop compilers and environments that support it. Following the acquisition of World Programming in 2021, Altair has introduced the Altair SLC, an alternative environment that runs SAS language code without third-party dependencies. The SLC also supports Python and R, aiming to reduce costs and increase efficiency for users. This legal decision reinforces Altair's commitment to open architecture technology, enabling businesses to modernize their systems and leverage their investments in SAS.
Altair (Nasdaq: ALTR) has launched the Altair #OnlyForward Scholarship at Columbia University's School of Engineering to support 10 undergraduate students pursuing STEM-related degrees. Each recipient will receive $25,000 annually for up to four years, totaling $1 million. This initiative is aimed at students from minority communities, particularly those demonstrating leadership in support of African American and Latino groups, as well as those who are socioeconomically disadvantaged. The first cohort of scholarship recipients will be announced in fall 2023. Altair's CEO, James R. Scapa, emphasized the company's commitment to diversity as crucial to its success.
Altair (Nasdaq: ALTR) has rebranded its entire data analytics and AI suite as Altair RapidMiner, unifying various technologies into one comprehensive platform. This follows the acquisitions of RapidMiner and World Programming. The new platform provides end-to-end solutions, enabling organizations to modernize their data frameworks and operationalize AI initiatives. Key features include the ability to scale AI without a large team, ease of data extraction, modernization of legacy systems, and rapid model production. Additionally, Altair's Units licensing model aims to democratize access to these tools.
Altair (Nasdaq: ALTR) reported record-high revenue for 2022, achieving $572.2 million in total revenue, up 7.5% year-over-year. Software product revenue increased 11.6% to $506.5 million. The fourth quarter alone saw total revenue of $160.4 million, a 13.9% rise from Q4 2021. Net income for 2022 was $(43.4 million), compared to $(8.8 million) in 2021. Non-GAAP net income improved 31.2% to $75.6 million. For Q1 2023, Altair expects software product revenue between $139.0 million and $142.0 million, indicating a slight decline. EBITDA margin is targeted at 20% by the end of 2023.
Altair (Nasdaq: ALTR) has announced the opening of submissions for the 2023 Enlighten Award, which recognizes innovations in sustainability and lightweight design in the automotive sector. Presented annually with the Center for Automotive Research, the award aims to honor advancements that reduce carbon footprints and encourage material reuse. Notably, this year introduces a new category, 'Responsible AI,' which acknowledges achievements in data analytics for sustainability. Submissions are open until May 31, 2023, with winners revealed at the CAR Management Briefing Seminars on August 1, 2023.
Altair (Nasdaq: ALTR) announced its plans to release financial results for the fourth quarter and fiscal year ending December 31, 2022, on February 23, 2023, after market close. A conference call will take place at 5 p.m. ET on the same day to discuss these results and provide guidance for 2023. Investors and analysts can access the live and recorded webcast at investor.altair.com. Altair is recognized globally for its leadership in computational science and artificial intelligence, offering innovative solutions across various industries.
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