Thu, Aug 1, 8:52 PM (88 days ago)
Altair Engineering Inc.'s Q2 2024 financial report reveals a mixed performance. Total revenue increased by 5% year-over-year to $148.8 million, driven by an 8% rise in software revenue, particularly from new business and strong retention in the aerospace and defense sectors. However, engineering services and other revenue declined by 16%. The cost of revenue remained relatively stable, leading to a 7% increase in gross profit to $118.3 million. Operating expenses were largely flat, with slight increases in sales and marketing and general administrative costs, offset by reductions in R&D and other operating expenses. The company reported a net loss of $5.1 million, a significant improvement from the $22.3 million loss in Q2 2023, primarily due to higher gross profit, increased interest income, and lower tax expenses. Adjusted EBITDA was stable at $17.3 million. Cash flow from operations was strong at $102.0 million, up 14% from the previous year, while free cash flow increased by 17% to $97.0 million. The company settled its 2024 convertible notes, impacting cash flow but maintaining a robust liquidity position with $507.0 million in cash and equivalents.