TROY, MI – Altair reported first quarter software product revenue was $129.5 million, up 19.5% year-over-year. Total revenue for the quarter was $150.2 million, an increase of 14.2%.

The company’s net income was $14.4 million, up 138% year-over-year. Adjusted EBITDA was $37 million, an increase of 70.5%.

“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 CEO, Altair. “Our vision of the convergence of simulation, HPC, and AI 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.”

“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, CFO, 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.”

Free cash flow for the first quarter was $33.5 million, an increase of 27.1% compared the same quarter in 2020.

For the second quarter, Altair expects software product revenue of $92 million to $95 million and total revenue of $111 million to $114 million. For 2021, software product revenue is expected to be $425 million to $433 million, and total revenue for the year is forecast to be $504 million to $512 million.

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