ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
For the Three Months Ended
December 31, |
For the Year Ended
December 31, | |||||||||||||||
| (in thousands, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Revenue | ||||||||||||||||
| License | $ | 64,194 | $ | 52,649 | $ | 244,321 | $ | 207,164 | ||||||||
| Maintenance and other services | 36,993 | 27,254 | 122,381 | 97,197 | ||||||||||||
| Total software | 101,187 | 79,903 | 366,702 | 304,361 | ||||||||||||
| Software related services | 8,941 | 10,073 | 34,576 | 36,945 | ||||||||||||
| Total software and related services | 110,128 | 89,976 | 401,278 | 341,306 | ||||||||||||
| Client engineering services | 11,722 | 11,200 | 48,987 | 47,852 | ||||||||||||
| Other | 2,027 | 1,835 | 8,650 | 7,221 | ||||||||||||
| Total revenue | 123,877 | 103,011 | 458,915 | 396,379 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| License | 8,139 | 5,585 | 21,285 | 16,119 | ||||||||||||
| Maintenance and other services | 10,892 | 7,453 | 38,401 | 29,655 | ||||||||||||
| Total software * | 19,031 | 13,038 | 59,686 | 45,774 | ||||||||||||
| Software related services | 6,497 | 6,842 | 25,640 | 26,415 | ||||||||||||
| Total software and related services | 25,528 | 19,880 | 85,326 | 72,189 | ||||||||||||
| Client engineering services | 9,882 | 9,002 | 39,875 | 38,979 | ||||||||||||
| Other | 1,540 | 1,389 | 7,398 | 4,805 | ||||||||||||
| Total cost of revenue | 36,950 | 30,271 | 132,599 | 115,973 | ||||||||||||
| Gross profit | 86,927 | 72,740 | 326,316 | 280,406 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development * | 30,498 | 25,844 | 117,510 | 97,592 | ||||||||||||
| Sales and marketing * | 27,589 | 22,427 | 106,051 | 80,277 | ||||||||||||
| General and administrative * | 21,292 | 28,114 | 82,178 | 79,751 | ||||||||||||
| Amortization of intangible assets | 3,769 | 2,076 | 14,442 | 7,739 | ||||||||||||
| Other operating income | (370 | ) | (2,164 | ) | (2,072 | ) | (9,597 | ) | ||||||||
| Total operating expenses | 82,778 | 76,297 | 318,109 | 255,762 | ||||||||||||
| Operating income (loss) | 4,149 | (3,557 | ) | 8,207 | 24,644 | |||||||||||
| Interest expense | 2,785 | 108 | 6,371 | 200 | ||||||||||||
| Other income, net | (849 | ) | (534 | ) | (1,552 | ) | (2,580 | ) | ||||||||
| Income (loss) before income taxes | 2,213 | (3,131 | ) | 3,388 | 27,024 | |||||||||||
| Income tax expense | 3,715 | 5,872 | 10,930 | 11,489 | ||||||||||||
| Net (loss) income | $ | (1,502 | ) | $ | (9,003 | ) | $ | (7,542 | ) | $ | 15,535 | |||||
| Income per share: | ||||||||||||||||
| Net (loss) income per share attributable to common stockholders, basic | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | 0.23 | |||||
| Net (loss) income per share attributable to common stockholders, diluted | $ | (0.02 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | 0.21 | |||||
| Weighted average shares outstanding: | ||||||||||||||||
| Weighted average number of shares used in computing net (loss) income per share, basic | 72,227 | 70,548 | 71,544 | 67,468 | ||||||||||||
| Weighted average number of shares used in computing net (loss) income per share, diluted | 72,227 | 70,548 | 71,544 | 74,878 | ||||||||||||
* Amounts include stock-based compensation expense as follows (in thousands):
