Altair Announces Second Quarter 2022 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)  2022   2021   2022   2021 
Revenue            
License $82,688  $66,632  $188,857  $163,027 
Maintenance and other services  34,205   32,926   68,933   66,072 
Total software  116,893   99,558   257,790   229,099 
Software related services  7,376   7,481   16,437   15,579 
Total software and related services  124,269   107,039    274,227       244,678  
Client engineering services     7,047       10,268       15,059       20,945  
Other     1,340       2,605       3,151       4,452  
Total revenue     132,656       119,912       292,437       270,075  
Cost of revenue                        
License     4,120       3,617       8,807       9,012  
Maintenance and other services     12,884       12,043       25,603       23,598  
Total software *     17,004       15,660       34,410       32,610  
Software related services     5,464       5,731       11,499       11,853  
Total software and related services     22,468       21,391       45,909       44,463  
Client engineering services     5,914       8,293       12,555       17,181  
Other     1,141       2,262       2,662       3,724  
Total cost of revenue     29,523       31,946       61,126       65,368  
Gross profit     103,133       87,966       231,311       204,707  
Operating expenses:                        
Research and development *     46,477       38,757       89,571       77,033  
Sales and marketing *     39,116       31,909       74,798       63,979  
General and administrative *     24,367       21,861       47,936       45,787  
Amortization of intangible assets     6,208       4,615       12,111       9,492  
Other operating income, net     (5,767 )     (585 )     (6,548 )     (1,202 )
Total operating expenses     110,401       96,557       217,868       195,089  
Operating (loss) income     (7,268 )     (8,591 )     13,443       9,618  
Interest expense     700       2,988       1,285       5,961  
Other expense, net     21,907       708       23,975       1,543  
(Loss) income before income taxes     (29,875 )     (12,287 )     (11,817 )     2,114  
Income tax expense     3,899       1,361       10,429       1,402  
Net (loss) income   $ (33,774 )   $ (13,648 )   $ (22,246 )   $ 712  
(Loss) income per share:                        
Net (loss) income per share attributable to common
stockholders, basic
  $ (0.43 )   $ (0.18 )   $ (0.28 )   $ 0.01  
Net (loss) income per share attributable to common
stockholders, diluted
  $ (0.43 )   $ (0.18 )   $ (0.28 )   $ 0.01  
Weighted average shares outstanding:                        
Weighted average number of shares used in computing
net (loss) income per share, basic
    78,948       75,263       79,204       74,959  
Weighted average number of shares used in computing
net (loss) income per share, diluted
    78,948       75,263       79,204       79,851  

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

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