Altair Announces First Quarter 2021 Financial Results

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

   Three Months Ended
March 31,
 
(in thousands, except per share data)  2021   2020 
Revenue        
License $96,395  $77,543 
Maintenance and other services  33,146   30,900 
Total software  129,541   108,443 
Software related services  8,098   6,934 
Total software and related services  137,639   115,377 
Client engineering services  10,677   13,878 
Other  1,847   2,208 
Total revenue  150,163   131,463 
Cost of revenue        
License  5,395   5,523 
Maintenance and other services  11,555   10,455 
Total software *     16,950       15,978  
Software related services     6,122       5,489  
Total software and related services     23,072       21,467  
Client engineering services     8,888       11,318  
Other     1,462       1,712  
Total cost of revenue     33,422       34,497  
Gross profit     116,741       96,966  
Operating expenses:                
Research and development *     38,276       31,467  
Sales and marketing *     32,070       28,099  
General and administrative *     23,926       22,346  
Amortization of intangible assets     4,877       3,840  
Other operating income, net     (617 )     (891 )
Total operating expenses     98,532       84,861  
Operating income     18,209       12,105  
Interest expense     2,973       2,813  
Other expense (income), net     835       (1,390 )
Income before income taxes     14,401       10,682  
Income tax expense     41       4,652  
Net income   $ 14,360     $ 6,030  
Income per share:                
Net income per share attributable to common
 stockholders, basic
  $ 0.19     $ 0.08  
Net income per share attributable to common
 stockholders, diluted
  $ 0.18     $ 0.08  
Weighted average shares outstanding:                
Weighted average number of shares used in computing
 net income per share, basic
    74,651       72,623  
Weighted average number of shares used in computing
 net income per share, diluted
    79,295       77,004  

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