Why Did Altium's Share Price Skyrocket by over 20% Today? Altium Limited

Why Did Altium's Share Price Skyrocket by over 20% Today?

How Did Altium Perform Financially in 2023 and What Do They Plan for the Future?

Sydney, Australia – 21 August 2023 - Altium Limited (ASX: ALU), a leading electronic design software company, has released its audited financial results for the year ending 30 June 2023. The company demonstrated impressive growth in revenue and accelerated its business transformation, setting a positive outlook for the upcoming fiscal year.

Strong Financial Performance

Altium achieved a remarkable financial performance during the year ended 30 June 2023. The company reported a 19. 2% increase in revenue, reaching an impressive US$263. 3 million. Additionally, EBITDA grew by 20.

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3% to US$96. 0 million, underscoring Altium's sound financial position.

Momentum in the Americas and Enterprise Market

Altium made significant strides in both the Americas and the enterprise market, further solidifying its position in the industry. Highlights from the financial year include the following:

Design Software revenue increased by 19. 9% to US$203. 0 million, accompanied by a substantial 31. 5% growth in annual recurring revenue (ARR) which reached US$147. 2 million.
Enterprise revenue showed exceptional growth, reaching US$33. 3 million, reflecting a remarkable 143% increase.

The Americas experienced considerable growth in Design Software revenue, with a 32. 3% increase. The company witnessed a 17% growth in new software licenses and a 10% growth in subscriptions.

Altium also experienced growth in the EMEA region, with Design Software revenue increasing by 19. 8% (23. 6% in Euros) and subscriptions growing by 10. 5%.

Positive Metrics and Substantial User Base

Altium achieved impressive growth across several key metrics during the financial year:

The Average Subscription Seat Value grew by 22. 5% to US$2,408, a testament to the value customers place on Altium's offerings.

The company saw a 7. 5% increase in subscribers, reaching 61,159, compared to 56,912 in the previous year.
Altium 365, a cloud-based platform, witnessed significant adoption with a 54% growth in over 36,700 monthly active users. The platform's active accounts also grew by 42%, reaching over 12,500 per month.

Continuous Growth and Dividend Announcement

Altium's commitment to growth is evident through its impressive financial results. The company's earnings per share (EPS) grew by 19. 4%, reaching USD 50. 4 cents. To further reward its shareholders, Altium announced a final dividend of AUD 29 cents, equating to AUD 54 cents for the full year, marking a 14. 9% increase.

Looking Ahead to FY24

Altium remains confident in its path for the upcoming fiscal year. The company is determined to build on its strong financial performance and accelerate its business transformation initiatives. Altium will continue to innovate and deliver top-quality electronic design software while expanding its presence in the Americas and the enterprise market.

Altium Limited's audited financial results for 2023 demonstrate the company's commitment to sustainable growth and its ability to adapt to the evolving needs of its customers. With a positive outlook for FY24, Altium is poised to uphold its position as a leader in the electronic design software industry.

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