Altair Announces First Quarter 2020 Financial Results


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

    Three Months Ended March 31,  
(in thousands, except per share data)   2020     2019  
Revenue        
License $77,543  $76,621 
Maintenance and other services  30,900   26,670 
Total software  108,443   103,291 
Software related services  6,934   9,772 
Total software and related services  115,377   113,063 
Client engineering services  13,878   12,050 
Other  2,208   2,746 
Total revenue  131,463   127,859 
Cost of revenue                
License     5,523       5,821  
Maintenance and other services     10,455       8,531  
Total software *     15,978       14,352  
Software related services     5,489       6,518  
Total software and related services     21,467       20,870  
Client engineering services     11,318       9,800  
Other     1,712       2,215  
Total cost of revenue     34,497       32,885  
Gross profit     96,966       94,974  
Operating expenses:                
Research and development *     31,467       27,516  
Sales and marketing *     28,099       26,451  
General and administrative *     22,346       20,329  
Amortization of intangible assets     3,840       3,528  
Other operating income     (891 )     (617 )
Total operating expenses     84,861       77,207  
Operating income     12,105       17,767  
Interest expense     2,813       270  
Other (income) expense, net     (1,390 )     390  
Income before income taxes     10,682       17,107  
Income tax expense     4,652       4,088  
Net income   $ 6,030     $ 13,019  
Income per share:                
Net income per share attributable to common
  stockholders, basic
  $ 0.08     $ 0.18  
Net income per share attributable to common
  stockholders, diluted
  $ 0.08     $ 0.17  
Weighted average shares outstanding:                
Weighted average number of shares used in computing
  net income per share, basic
    72,623       70,786  
Weighted average number of shares used in computing
  net income per share, diluted
    77,004       76,720  

*          Amounts include stock-based compensation expense as follows (in thousands):

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