Altair Announces Fourth Quarter 2019 Financial Results


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):

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