Altair Announces Second Quarter 2019 Financial Results


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
    Three Months Ended June 30,     Six Months Ended June 30,  
(in thousands, except per share data)   2019     2018     2019     2018  
Revenue                
License $56,653  $46,700  $133,274  $113,635 
Maintenance and other services  27,755   23,907   54,425   46,641 
Total software  84,408   70,607   187,699   160,276 
Software related services  7,907   8,707   17,679   18,180 
Total software and related services  92,315   79,314   205,378       178,456  
Client engineering services     12,412       12,417       24,462       24,497  
Other     2,046       1,629       4,792       3,664  
Total revenue     106,773       93,360       234,632       206,617  
Cost of revenue                                
License *     2,954       4,068       8,775       7,798  
Maintenance and other services *     9,430       7,915       17,961       15,107  
Total software     12,384       11,983       26,736       22,905  
Software related services     6,612       6,512       13,130       13,221  
Total software and related services     18,996       18,495       39,866       36,126  
Client engineering services     10,033       9,960       19,833       20,160  
Other     1,994       1,001       4,209       2,212  
Total cost of revenue     31,023       29,456       63,908       58,498  
Gross profit     75,750       63,904       170,724       148,119  
Operating expenses:                                
Research and development *     29,829       24,744       57,345       47,447  
Sales and marketing *     26,221       19,979       52,672       38,606  
General and administrative *     19,851       17,412       40,180       34,402  
Amortization of intangible assets     3,600       1,986       7,128       3,926  
Other operating income     (549 )     (392 )     (1,166 )     (2,583 )
Total operating expenses     78,952       63,729       156,159       121,798  
Operating (loss) income     (3,202 )     175       14,565       26,321  
Interest expense     590       45       860       61  
Other income, net     (505 )     (176 )     (115 )     (1,076 )
(Loss) income before income taxes     (3,287 )     306       13,820       27,336  
Income tax (benefit) expense     (167 )     1,386       3,921       3,732  
Net (loss) income   $ (3,120 )   $ (1,080 )   $ 9,899     $ 23,604  
Income per share:                                
Net (loss) income per share attributable to common                                
stockholders, basic   $ (0.04 )   $ (0.02 )   $ 0.14     $ 0.37  
Net (loss) income per share attributable to common                                
stockholders, diluted   $ (0.04 )   $ (0.02 )   $ 0.13     $ 0.32  
Weighted average shares outstanding:                                
Weighted average number of shares used in computing                                
net (loss) income per share, basic     71,373       65,580       71,081       64,614  
Weighted average number of shares used in computing                                
net (loss) income per share, diluted     71,373       65,580       77,017       72,881  
_________________
*   Amounts include stock-based compensation expense as follows (in thousands) (unaudited):
                               
                                 

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