Altair Announces Third Quarter 2019 Financial Results


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
(in thousands, except per share data)   2019     2018     2019     2018  
Revenue                
License $46,853  $40,880  $180,127  $154,515 
Maintenance and other services  30,963   23,302   85,388   69,943 
Total software  77,816   64,182   265,515   224,458 
Software related services    7,956       8,692       25,635       26,872  
Total software and related services     85,772       72,874       291,150       251,330  
Client engineering services     12,803       12,155       37,265       36,652  
Other     1,831       1,722       6,623       5,386  
Total revenue     100,406       86,751       335,038       293,368  
Cost of revenue                                
License     4,371       2,736       13,146       10,534  
Maintenance and other services     9,548       7,095       27,509       22,202  
Total software *     13,919       9,831       40,655       32,736  
Software related services     6,013       6,352       19,143       19,573  
Total software and related services     19,932       16,183       59,798       52,309  
Client engineering services     10,160       9,817       29,993       29,977  
Other     1,649       1,204       5,858       3,416  
Total cost of revenue     31,741       27,204       95,649       85,702  
Gross profit     68,665       59,547       239,389       207,666  
Operating expenses:                                
Research and development *     29,667       24,301       87,012       71,748  
Sales and marketing *     25,790       19,243       78,462       57,849  
General and administrative *     20,706       17,234       60,886       51,636  
Amortization of intangible assets     3,545       1,739       10,673       5,665  
Other operating income     (536 )     (4,850 )     (1,702 )     (7,433 )
Total operating expenses     79,172       57,667       235,331       179,465  
Operating (loss) income     (10,507 )     1,880       4,058       28,201  
Interest expense     2,726       31       3,586       92  
Other income, net     (588 )     (970 )     (703 )     (2,046 )
(Loss) income before income taxes     (12,645 )     2,819       1,175       30,155  
Income tax expense     3,294       1,885       7,215       5,617  
Net (loss) income   $ (15,939 )   $ 934     $ (6,040 )   $ 24,538  
Income per share:                                
Net (loss) income per share attributable to common
  stockholders, basic
  $ (0.22 )   $ 0.01     $ (0.08 )   $ 0.37  
Net (loss) income per share attributable to common
  stockholders, diluted
  $ (0.22 )   $ 0.01     $ (0.08 )   $ 0.33  
Weighted average shares outstanding:                                
Weighted average number of shares used in computing
  net (loss) income per share, basic
    71,770       70,001       71,313       66,429  
Weighted average number of shares used in computing
  net (loss) income per share, diluted
    71,770       76,709       71,313       74,182  

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