Altair Announces Second Quarter 2020 Financial Results

2020 Second Quarter Revenue Exceeds Guidance
Increases Full Year 2020 OutlookTROY, Mich., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Altair (Nasdaq: ALTR), a global technology company that provides software and cloud solutions in the areas of product development, high performance computing (HPC) and data analytics, today released its financial results for the second quarter ended June 30, 2020.a??We are very pleased with our second quarter performance, which exceeded our expectations. I am proud to lead an organization which has remained so dedicated and intensely focused on developing great software and helping customers succeed despite the personal hardships brought on by COVID-19,a?? said James Scapa, Founder, Chairman and Chief Executive Officer of Altair.a??Our software product revenue increased to 83% of total revenue, which drove a 400 basis point year over year improvement in gross margins, while our recurring license rate rose to an all-time high of 93%,a?? said Howard Morof, Chief Financial Officer of Altair. a??Moreover, the proactive steps we took to control costs in light of COVID-19 had an immediate positive impact on our operating expenses. Our ongoing digital transformation efforts continue, and as we implement robust processes, we believe the positive impact of these significant investments will drive measurable benefits for the business and support our long-term goals.a??Second Quarter 2020 Financial Highlights
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