Sign In  |  Register  |  About Corte Madera  |  Contact Us

Corte Madera, CA
September 01, 2020 10:27am
7-Day Forecast | Traffic
  • Search Hotels in Corte Madera

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Altair Announces Fourth Quarter and Full Year 2022 Financial Results

TROY, Mich., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence, today released its financial results for the fourth quarter and full year ended December 31, 2022.

“Altair had an outstanding fourth quarter, achieving record high software revenue, and showing exceptional momentum for the full year,” said James Scapa, founder, chairman and chief executive officer of Altair. “This performance is clearly well above expectations, and I am extremely proud of Altair's global team for their exceptional achievements.”

“The fourth quarter was very strong, capping one of the most successful years in our long history,” said Matt Brown, chief financial officer of Altair. “We ended 2022 with record high annual revenue and exceeded our profit expectations. We’ve been successful in our disciplined approach to spending and expect to carry that approach into 2023, as we remain committed to exiting the year with 20% EBITDA margin, while continuing to add 200 to 300 basis points of margin per year into the future.”

Fourth Quarter 2022 Financial Highlights

  • Software product revenue was $145.0 million compared to $122.4 million for the fourth quarter of 2021, an increase of 18.5% in reported currency and 25.5% in constant currency
  • Total revenue was $160.4 million compared to $140.8 million for the fourth quarter of 2021, an increase of 13.9% in reported currency and an increase of 20.6% in constant currency
  • Net income was $12.1 million compared to a net loss of $(1.4) million for the fourth quarter of 2021. Diluted net income per share was $0.14 based on 87.5 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.02) for the fourth quarter of 2021, based on 79.0 million diluted weighted average common shares outstanding. Net income margin was 7.5% compared to a net loss margin of -1.0% for the fourth quarter of 2021
  • Non-GAAP net income was $27.5 million, compared to non-GAAP net income of $16.4 million for the fourth quarter of 2021, an increase of 67.5%. Non-GAAP diluted net income per share was $0.31 based on 87.5 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.19 for the fourth quarter of 2021, based on 84.6 million non-GAAP diluted common shares outstanding
  • Adjusted EBITDA was $38.7 million compared to $24.0 million for the fourth quarter of 2021, an increase of 61.7%. Adjusted EBITDA margin was 24.1% compared to 17.0% for the fourth quarter of 2021
  • Cash provided by operating activities was $13.0 million, compared to $6.0 million for the fourth quarter of 2021
  • Free cash flow was $10.1 million, compared to $5.0 million for the fourth quarter of 2021.

Full Year 2022 Financial Highlights

  • Software product revenue was $506.5 million compared to $453.7 million for the full year of 2021, an increase of 11.6% in reported currency and 17.6% in constant currency
  • Total revenue was $572.2 million compared to $532.2 million for the full year of 2021, an increase of 7.5% in reported currency and an increase of 13.1% in constant currency
  • Net loss was $(43.4) million compared to $(8.8) million for the full year of 2021. Diluted net loss per share was $(0.55) based on 79.5 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.12) for the full year of 2021, based on 76.2 million diluted weighted average common shares outstanding. Net loss margin was -7.6% compared to -1.7% for the full year of 2021
  • Non-GAAP net income was $75.6 million, compared to non-GAAP net income of $57.6 million for the full year of 2021, an increase of 31.2%. Non-GAAP diluted net income per share was $0.89 based on 85.4 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.71 for the full year of 2021, based on 81.2 million non-GAAP diluted common shares outstanding
  • Adjusted EBITDA was $108.6 million compared to $85.3 million for the full year of 2021, an increase of 27.4%. Adjusted EBITDA margin was 19.0% compared to 16.0% for the full year of 2021
  • Cash provided by operating activities was $39.6 million, compared to $61.6 million for the full year of 2021
  • Free cash flow was $29.9 million, compared to $53.8 million for the full year of 2021.

Business Outlook

Based on information available as of today, Altair is issuing the following guidance for the first quarter and full year 2023:

(in millions, except %) First Quarter 2023  Full Year 2023 
Software Product Revenue $139.0 to$142.0  $550.0 to$560.0 
Growth Rate  -1.3%  0.8%  8.6%  10.6%
Growth Rate - Constant Currency  3.7%  5.9%  9.5%  11.4%
Total Revenue $155.0  $158.0  $613.0  $623.0 
Growth Rate  -3.0%  -1.1%  7.1%  8.9%
Growth Rate - Constant Currency  2.0%  3.9%  8.0%  9.7%
Net (Loss) Income $(0.4) $1.5  $(16.4) $(6.7)
Non-GAAP Net Income $24.2  $25.7  $85.4  $92.8 
Adjusted EBITDA $34.0  $36.0  $120.0  $130.0 
Net Cash Provided by Operating Activities       $118.0  $126.0 
Free Cash Flow       $108.0  $116.0 
               

Conference Call Information

What: Altair’s Fourth Quarter and Full Year 2022 Financial Results Conference Call
When: Thursday, February 23, 2023
Time: 5 p.m. ET
Webcast: http://investor.altair.com (live & replay)
   

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

Non-GAAP diluted common shares as defined starting with Q1 2022, includes the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position. All periods presented will be adjusted to align with this new definition.

Billings consists of our total revenue plus the change in our deferred revenue, excluding deferred revenue from acquisitions.

Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Free cash flow consists of cash flow from operations less capital expenditures.

Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense, restructuring expense and other special items as identified by management and described elsewhere in this press release.

Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

About Altair

Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter and full year 2023, our statements regarding our expectations for 2023 and impacts on margin in future years, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.

Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
dls@altair.com

Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
ir@altair.com


ALTAIR ENGINERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

  December 31, 
(in thousands) 2022  2021 
ASSETS      
CURRENT ASSETS      
Cash and cash equivalents $316,146  $413,743 
Accounts receivable, net  170,279   137,561 
Income tax receivable  11,259   9,388 
Prepaid expenses and other current assets  29,142   27,529 
Total current assets  526,826   588,221 
Property and equipment, net  37,517   40,478 
Operating lease right of use assets  33,601   28,494 
Goodwill  449,048   370,178 
Other intangible assets, net  107,609   99,057 
Deferred tax assets  9,727   8,495 
Other long-term assets  40,410   28,352 
TOTAL ASSETS $1,204,738  $1,163,275 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES      
Accounts payable $10,434  $6,647 
Accrued compensation and benefits  42,456   42,307 
Current portion of operating lease liabilities  10,396   9,933 
Other accrued expenses and current liabilities  56,371   122,226 
Deferred revenue  113,081   93,160 
Convertible senior notes, net     199,705 
Total current liabilities  232,738   473,978 
Convertible senior notes, net  305,604    
Operating lease liabilities, net of current portion  24,065   19,550 
Deferred revenue, non-current  31,379   12,872 
Other long-term liabilities  41,216   42,894 
TOTAL LIABILITIES  635,002   549,294 
Commitments and contingencies      
MEZZANINE EQUITY     784 
STOCKHOLDERS’ EQUITY      
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued or outstanding      
Common stock ($0.0001 par value)      
Class A common stock, authorized 513,797 shares, issued and outstanding 52,277 and 51,524 shares as of December 31, 2022 and 2021, respectively  5   5 
Class B common stock, authorized 41,203 shares, issued and outstanding 27,745 shares as of December 31, 2022 and 2021  3   3 
Additional paid-in capital  721,307   724,226 
Accumulated deficit  (121,577)  (102,087)
Accumulated other comprehensive loss  (30,002)  (8,950)
TOTAL STOCKHOLDERS’ EQUITY  569,736   613,197 
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY $1,204,738  $1,163,275 
         


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  Three Months Ended December 31,  Year Ended December 31, 
(in thousands, except per share data) 2022  2021  2022  2021 
Revenue            
License $107,418  $94,178  $363,520  $324,808 
Maintenance and other services  37,535   28,180   142,988   128,938 
Total software  144,953   122,358   506,508   453,746 
Software related services  7,518   8,594   30,661   31,823 
Total software and related services  152,471   130,952   537,169   485,569 
Client engineering services  6,469   8,277   28,883   39,282 
Other  1,493   1,568   6,169   7,328 
Total revenue  160,433   140,797   572,221   532,179 
Cost of revenue            
License  9,111   6,223   20,497   19,929 
Maintenance and other services  13,318   12,494   51,946   47,862 
Total software *  22,429   18,717   72,443   67,791 
Software related services  5,119   5,645   21,858   23,205 
Total software and related services  27,548   24,362   94,301   90,996 
Client engineering services  5,187   6,547   23,577   31,710 
Other  1,119   1,888   5,011   6,960 
Total cost of revenue  33,854   32,797   122,889   129,666 
Gross profit  126,579   108,000   449,332   402,513 
Operating expenses:            
Research and development *  47,511   38,177   185,863   151,049 
Sales and marketing *  41,203   38,182   155,245   132,750 
General and administrative *  24,993   23,517   97,606   91,500 
Amortization of intangible assets  8,828   4,433   27,510   18,357 
Other operating income, net  (572)  (956)  (9,955)  (3,482)
Total operating expenses  121,963   103,353   456,269   390,174 
Operating income (loss)  4,616   4,647   (6,937)  12,339 
Interest expense  1,526   3,067   4,377   12,065 
Other (income) loss, net  (9,183)  (1,105)  16,899   562 
Income (loss) before income taxes  12,273   2,685   (28,213)  (288)
Income tax expense  208   4,082   15,216   8,506 
Net income (loss) $12,065  $(1,397) $(43,429) $(8,794)
Income (loss) per share:            
Net income (loss) per share attributable to common stockholders, basic $0.15  $(0.02) $(0.55) $(0.12)
Net income (loss) per share attributable to common stockholders, diluted $0.14  $(0.02) $(0.55) $(0.12)
Weighted average shares outstanding:            
Weighted average number of shares used in computing net income (loss) per share, basic  80,266   79,008   79,472   76,179 
Weighted average number of shares used in computing net income (loss) per share, diluted  87,498   79,008   79,472   76,179 
                 

* Amounts include stock-based compensation expense as follows (in thousands):

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Cost of revenue-software $2,086  $1,828  $8,351  $5,619 
Research and development  9,670   5,338   36,250   16,561 
Sales and marketing  7,865   4,244   30,370   15,044 
General and administrative  2,642   1,910   9,816   7,325 
Total stock-based compensation expense $22,263  $13,320  $84,787  $44,549 


  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Employee stock-based compensation plans $15,933  $11,792  $59,555  $40,801 
Post combination expense in connection with acquisitions  6,330   1,528   25,232   3,748 
Total stock-based compensation expense $22,263  $13,320  $84,787  $44,549 
                 


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

  Year Ended December 31, 
(in thousands) 2022  2021 
OPERATING ACTIVITIES:      
Net loss $(43,429) $(8,794)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization  35,504   25,644 
Amortization of debt discount and issuance costs  1,792   11,428 
Stock-based compensation expense  84,787   44,549 
Deferred income taxes  (4,164)  (1,502)
Gain on mark-to-market adjustment of contingent consideration  (7,153)   
Expense on repurchase of convertible senior notes  16,621    
Other, net  387   1,271 
Changes in assets and liabilities:      
Accounts receivable  (34,175)  (15,645)
Prepaid expenses and other current assets  1,014   (9,026)
Other long-term assets  2,852   (6,682)
Accounts payable  3,771   (3,857)
Accrued compensation and benefits  280   7,761 
Other accrued expenses and current liabilities  (59,463)  6,365 
Deferred revenue  40,946   10,111 
Net cash provided by operating activities  39,570   61,623 
INVESTING ACTIVITIES:      
Payments for acquisition of businesses, net of cash acquired  (134,541)  (53,983)
Capital expenditures  (9,648)  (7,849)
Other investing activities, net  (10,322)  (650)
Net cash used in investing activities  (154,511)  (62,482)
FINANCING ACTIVITIES:      
Proceeds from issuance of convertible senior notes, net of underwriters' discounts and commissions  224,265    
Repurchase of convertible senior notes  (192,422)   
Repurchase and retirement of common stock  (19,659)   
Proceeds from employee stock purchase plan contributions  8,976   4,222 
Proceeds from the exercise of common stock options  3,577   2,262 
Payments for issuance costs of convertible senior notes  (1,523)   
Proceeds from private placement of common stock     200,000 
Payments on revolving commitment     (30,000)
Other financing activities  (233)  (537)
Net cash provided by financing activities  22,981   175,947 
Effect of exchange rate changes on cash, cash equivalents and restricted cash  (5,094)  (2,623)
Net (decrease) increase in cash, cash equivalents and restricted cash  (97,054)  172,465 
Cash, cash equivalents and restricted cash at beginning of year  414,012   241,547 
Cash, cash equivalents and restricted cash at end of period $316,958  $414,012 
         

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income (loss) and net income (loss) per share – diluted, the most comparable GAAP financial measures:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands, except per share amounts) 2022  2021  2022  2021 
Net income (loss) $12,065  $(1,397) $(43,429) $(8,794)
Stock-based compensation expense  22,263   13,320   84,787   44,549 
Amortization of intangible assets  8,828   4,433   27,510   18,357 
Non-cash interest expense  467   2,915   1,806   11,428 
Restructuring expense     99      5,053 
Impact of non-GAAP tax rate(1)  (9,468)  (1,696)  (11,346)  (11,740)
Special adjustments and other(2)  (6,614)  (1,229)  16,272   (1,229)
Non-GAAP net income $27,541  $16,445  $75,600  $57,624 
             
Net income (loss) per share, diluted $0.14  $(0.02) $(0.55) $(0.12)
Non-GAAP net income per share, diluted $0.31  $0.19  $0.89  $0.71 
             
GAAP diluted shares outstanding:  87,498   79,008   79,472   76,179 
Non-GAAP diluted shares outstanding:(3)  87,498   84,604   85,392   81,159 

(1) The Company uses a non-GAAP effective tax rate of 26%.
(2) The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans and a $0.3 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition. The twelve months ended December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, and a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition.
(3) The Non-GAAP diluted shares outstanding for the three and twelve months ended December 31, 2021, has been changed to align with the current definition.

The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Net income (loss) $12,065  $(1,397) $(43,429) $(8,794)
Income tax expense  208   4,082   15,216   8,506 
Stock-based compensation expense  22,263   13,320   84,787   44,549 
Interest expense  1,526   3,067   4,377   12,065 
Depreciation and amortization  11,412   6,289   35,504   25,644 
Restructuring expense     99      5,053 
Special adjustments, interest income and other(1)  (8,733)  (1,495)  12,145   (1,770)
Adjusted EBITDA $38,741  $23,965  $108,600  $85,253 

(1) The three months ended December 31, 2022, includes $6.9 million currency gains on acquisition-related intercompany loans, a $0.3 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $2.1 million of interest income. The twelve months ended December 31, 2022, includes $16.6 million expense on the repurchase of convertible senior notes, $6.8 million currency losses on acquisition-related intercompany loans, a $7.2 million gain from the mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, and $4.1 million of interest income.

The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Net cash provided by operating activities(1) $13,036  $6,029  $39,570  $61,623 
Capital expenditures  (2,927)  (1,038)  (9,648)  (7,849)
Free Cash Flow(1) $10,109  $4,991  $29,922  $53,774 

(1) The twelve months ended December 31, 2022, includes a $65.9 million payment in January 2022 for a damages judgement assumed as part of an acquisition in December 2021.

The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross profit margin (gross profit as a percentage of total revenue) the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Gross profit $126,579  $108,000  $449,332  $402,513 
Stock-based compensation expense  2,086   1,828   8,351   5,619 
Restructuring expense     99      1,025 
Non-GAAP gross profit $128,665  $109,927  $457,683  $409,157 
             
Gross profit margin  78.9%  76.7%  78.5%  75.6%
Non-GAAP gross margin  80.2%  78.1%  80.0%  76.9%
                 

The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Total operating expense $121,963  $103,353  $456,269  $390,174 
Stock-based compensation expense  (20,177)  (11,492)  (76,436)  (38,930)
Amortization  (8,828)  (4,433)  (27,510)  (18,357)
Gain on mark-to-market adjustment of contingent consideration  (329)     7,153    
Restructuring expense           (4,028)
Non-GAAP operating expense $92,629  $87,428  $359,476  $328,859 
                 

The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
(in thousands) 2022  2021  2022  2021 
Revenue $160,433  $140,797  $572,221  $532,179 
Ending deferred revenue  144,460   106,032   144,460   106,032 
Beginning deferred revenue  (116,540)  (84,428)  (106,032)  (95,079)
Deferred revenue acquired  (449)  (3,277)  (3,047)  (3,277)
Billings $187,904  $159,124  $607,602  $539,855 
                 

The following tables provide our revenue, Billings and Adjusted EBITDA on a constant currency basis:

  (Unaudited) 
  Three Months Ended
December 31, 2022
  Three Months Ended December 31, 2021  Increase/
(Decrease) %
 
(in thousands) As reported  Currency changes  As adjusted for constant currency  As reported  As reported  As adjusted for constant currency 
Software revenue $145.0  $8.5  $153.5  $122.4   18.5%  25.5%
Total revenue $160.4  $9.3  $169.7  $140.8   13.9%  20.6%
Billings $187.9  $8.2  $196.1  $159.1   18.1%  23.2%
Adjusted EBITDA $38.7  $3.0  $41.7  $24.0   61.7%  73.9%
                   
                   
  (Unaudited) 
  Twelve Months Ended
December 31, 2022
  Twelve Months Ended December 31, 2021  Increase/
(Decrease) %
 
(in thousands) As reported  Currency changes  As adjusted for constant currency  As reported  As reported  As adjusted for constant currency 
Software revenue $506.5  $27.0  $533.5  $453.7   11.6%  17.6%
Total revenue $572.2  $29.5  $601.7  $532.2   7.5%  13.1%
Billings $607.6  $32.0  $639.6  $539.9   12.5%  18.5%
Adjusted EBITDA $108.6  $7.2  $115.8  $85.3   27.4%  35.8%
                         

Business Outlook
The following table provides a reconciliation of projected Non-GAAP net income to projected net (loss) income, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ending
March 31, 2023
  Year Ending
December 31, 2023
 
(in thousands) Low  High  Low  High 
Net (loss) income $(400) $1,500  $(16,400) $(6,700)
Stock-based compensation expense  20,700   20,700   82,800   82,800 
Amortization of intangible assets  7,700   7,700   30,100   30,100 
Non-cash interest expense  400   400   1,800   1,800 
Impact of non-GAAP tax rate  (4,200)  (4,600)  (12,900)  (15,200)
Non-GAAP net income $24,200  $25,700  $85,400  $92,800 
                 

The following table provides a reconciliation of projected Adjusted EBITDA to projected net (loss) income, the most comparable GAAP financial measure:

  (Unaudited) 
  Three Months Ending
March 31, 2023
  Year Ending
December 31, 2023
 
(in thousands) Low  High  Low  High 
Net (loss) income $(400) $1,500  $(16,400) $(6,700)
Income tax expense  4,300   4,400   17,100   17,400 
Stock-based compensation expense  20,700   20,700   82,800   82,800 
Interest (income) expense  (900)  (900)  (3,900)  (3,900)
Depreciation and amortization  10,300   10,300   40,400   40,400 
Adjusted EBITDA $34,000  $36,000  $120,000  $130,000 
                 

The following table provides a reconciliation of projected Free Cash Flow to projected net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited) 
  Year Ending
December 31, 2023
 
(in thousands) Low  High 
Net cash provided by operating activities $118,000  $126,000 
Capital expenditures  (10,000)  (10,000)
Free cash flow $108,000  $116,000 
         


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 CorteMadera.com & California Media Partners, LLC. All rights reserved.