Altair Announces Fourth Quarter 2020 Financial Results

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  For the Three Months Ended December 31,   For the Year Ended December 31, 
(in thousands, except per share data) 2020   2019   2020   2019 
Revenue               
License$76,381  $64,194  $259,965  $244,321 
Maintenance and other services 37,244   36,993   131,746   122,381 
Total software 113,625   101,187   391,711   366,702 
Software related services 7,906   8,941   26,454   34,576 
Total software and related services 121,531   110,128   418,165   401,278 
Client engineering services 9,934    11,722       44,320       48,987  
Other   1,976       2,027       7,436       8,650  
Total revenue   133,441       123,877       469,921       458,915  
Cost of revenue                              
License   6,786       8,139       19,637       21,285  
Maintenance and other services   10,105       10,892       38,688       38,401  
Total software *   16,891       19,031       58,325       59,686  
Software related services   6,102       6,497       21,243       25,640  
Total software and related services   22,993       25,528       79,568       85,326  
Client engineering services   8,067       9,882       35,684       39,875  
Other   1,631       1,540       6,053       7,398  
Total cost of revenue   32,691       36,950       121,305       132,599  
Gross profit   100,750       86,927       348,616       326,316  
Operating expenses:                              
Research and development *   34,966       30,498       126,081       117,510  
Sales and marketing *   30,537       27,589       111,440       106,051  
General and administrative *   22,933       21,292       86,432       82,178  
Amortization of intangible assets   4,986       3,769       16,376       14,442  
Other operating loss (income), net   5       (370 )     (3,426 )     (2,072 )
Total operating expenses   93,427       82,778       336,903       318,109  
Operating income   7,323       4,149       11,713       8,207  
Interest expense   3,008       2,785       11,598       6,371  
Other income, net   (65 )     (849 )     (1,917 )     (1,552 )
Income before income taxes   4,380       2,213       2,032       3,388  
Income tax expense   2,182       3,715       12,532       10,930  
Net income (loss) $ 2,198     $ (1,502 )   $ (10,500 )   $ (7,542 )
Income per share:                              
Net income (loss) per share attributable to common stockholders, basic $ 0.03     $ (0.02 )   $ (0.14 )   $ (0.11 )
Net income (loss) per share attributable to common stockholders, diluted $ 0.03     $ (0.02 )   $ (0.14 )   $ (0.11 )
Weighted average shares outstanding:                              
Weighted average number of shares used in computing net income (loss) per share, basic   74,020       72,227       73,241       71,544  
Weighted average number of shares used in computing net income (loss) per share, diluted   78,484       72,227       73,241       71,544  

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