Altair Announces Second Quarter 2020 Financial Results


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)   2020     2019     2020     2019  
Revenue                
License $51,018  $56,653  $128,561  $133,274 
Maintenance and other services  30,815   27,755   61,715   54,425 
Total software  81,833   84,408   190,276   187,699 
Software related services   5,444       7,907       12,378       17,679  
Total software and related services     87,277       92,315       202,654       205,378  
Client engineering services     9,640       12,412       23,518       24,462  
Other     1,644       2,046       3,852       4,792  
Total revenue     98,561       106,773       230,024       234,632  
Cost of revenue                                
License     2,851       2,954       8,374       8,775  
Maintenance and other services     8,502       9,430       18,957       17,961  
Total software *     11,353       12,384       27,331       26,736  
Software related services     4,656       6,612       10,145       13,130  
Total software and related services     16,009       18,996       37,476       39,866  
Client engineering services     7,789       10,033       19,107       19,833  
Other     1,283       1,994       2,995       4,209  
Total cost of revenue     25,081       31,023       59,578       63,908  
Gross profit     73,480       75,750       170,446       170,724  
Operating expenses:                                
Research and development *     28,970       29,829       60,437       57,345  
Sales and marketing *     25,806       26,221       53,905       52,672  
General and administrative *     20,248       19,851       42,594       40,180  
Amortization of intangible assets     3,692       3,600       7,532       7,128  
Other operating income, net     (944 )     (549 )     (1,835 )     (1,166 )
Total operating expenses     77,772       78,952       162,633       156,159  
Operating (loss) income     (4,292 )     (3,202 )     7,813       14,565  
Interest expense     2,843       590       5,656       860  
Other expense (income), net     320       (505 )     (1,070 )     (115 )
(Loss) income before income taxes     (7,455 )     (3,287 )     3,227       13,820  
Income tax expense (benefit)     2,768       (167 )     7,420       3,921  
Net (loss) income   $ (10,223 )   $ (3,120 )   $ (4,193 )   $ 9,899  
(Loss) income per share:                                
Net (loss) income per share attributable to common
  stockholders, basic
  $ (0.14 )   $ (0.04 )   $ (0.06 )   $ 0.14  
Net (loss) income per share attributable to common
  stockholders, diluted
  $ (0.14 )   $ (0.04 )   $ (0.06 )   $ 0.13  
Weighted average shares outstanding:                                
Weighted average number of shares used in computing
  net (loss) income per share, basic
    72,999       71,373       72,811       71,081  
Weighted average number of shares used in computing
  net (loss) income per share, diluted
    72,999       71,373       72,811       77,017  
                                 

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

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