| 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): | ||||||||||||||||
Altair Announces Second Quarter 2019 Financial Results
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