Altair Announces Second Quarter 2021 Financial Results

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
(in thousands, except per share data)  2021   2020   2021   2020 
Revenue                
License $66,632  $51,018  $163,027  $128,561 
Maintenance and other services  32,926   30,815   66,072   61,715 
Total software  99,558   81,833   229,099   190,276 
Software related services  7,481   5,444   15,579   12,378 
Total software and related services  107,039   87,277   244,678   202,654 
Client engineering services     10,268       9,640       20,945       23,518  
Other     2,605       1,644       4,452       3,852  
Total revenue     119,912       98,561       270,075       230,024  
Cost of revenue                                
License     3,617       2,851       9,012       8,374  
Maintenance and other services     12,043       8,502       23,598       18,957  
Total software *     15,660       11,353       32,610       27,331  
Software related services     5,731       4,656       11,853       10,145  
Total software and related services     21,391       16,009       44,463       37,476  
Client engineering services     8,293       7,789       17,181       19,107  
Other     2,262       1,283       3,724       2,995  
Total cost of revenue     31,946       25,081       65,368       59,578  
Gross profit     87,966       73,480       204,707       170,446  
Operating expenses:                                
Research and development *     38,757       28,970       77,033       60,437  
Sales and marketing *     31,909       25,806       63,979       53,905  
General and administrative *     21,861       20,248       45,787       42,594  
Amortization of intangible assets     4,615       3,692       9,492       7,532  
Other operating income, net     (585 )     (944 )     (1,202 )     (1,835 )
Total operating expenses     96,557       77,772       195,089       162,633  
Operating (loss) income     (8,591 )     (4,292 )     9,618       7,813  
Interest expense     2,988       2,843       5,961       5,656  
Other expense (income), net     708       320       1,543       (1,070 )
(Loss) income before income taxes     (12,287 )     (7,455 )     2,114       3,227  
Income tax expense     1,361       2,768       1,402       7,420  
Net (loss) income   $ (13,648 )   $ (10,223 )   $ 712     $ (4,193 )
(Loss) income per share:                                
Net (loss) income per share attributable to common
stockholders, basic
  $ (0.18 )   $ (0.14 )   $ 0.01     $ (0.06 )
Net (loss) income per share attributable to common
stockholders, diluted
  $ (0.18 )   $ (0.14 )   $ 0.01     $ (0.06 )
Weighted average shares outstanding:                                
Weighted average number of shares used in computing
net (loss) income per share, basic
    75,263       72,999       74,959       72,811  
Weighted average number of shares used in computing
net (loss) income per share, diluted
    75,263       72,999       79,851       72,811  

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