Altair Announces Third Quarter 2022 Financial Results

 
ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
(in thousands, except per share data)  2022   2021   2022   2021 
Revenue            
License $67,245  $67,603  $256,102  $230,630 
Maintenance and other services  36,520   34,686   105,453   100,758 
Total software  103,765   102,289   361,555   331,388 
Software related services  6,706   7,650   23,143   23,229 
Total software and related services  110,471   109,939      384,698       354,617  
Client engineering services     7,355       10,060       22,414       31,005  
Other     1,525       1,308       4,676       5,760  
Total revenue     119,351       121,307       411,788       391,382  
Cost of revenue                        
License     2,579       4,694       11,386       13,706  
Maintenance and other services     13,025       11,770       38,628       35,368  
Total software *     15,604       16,464       50,014       49,074  
Software related services     5,240       5,707       16,739       17,560  
Total software and related services     20,844       22,171       66,753       66,634  
Client engineering services     5,835       7,982       18,390       25,163  
Other     1,230       1,348       3,892       5,072  
Total cost of revenue     27,909       31,501       89,035       96,869  
Gross profit     91,442       89,806       322,753       294,513  
Operating expenses:                        
Research and development *     48,781       35,839       138,352       112,872  
Sales and marketing *     39,244       30,589       114,042       94,568  
General and administrative *     24,677       22,196       72,613       67,983  
Amortization of intangible assets     6,571       4,432       18,682       13,924  
Other operating income, net     (2,835 )     (1,324 )     (9,383 )     (2,526 )
Total operating expenses     116,438       91,732       334,306       286,821  
Operating (loss) income     (24,996 )     (1,926 )     (11,553 )     7,692  
Interest expense     1,566       3,037       2,851       8,998  
Other expense, net     2,107       124       26,082       1,667  
Loss before income taxes     (28,669 )     (5,087 )     (40,486 )     (2,973 )
Income tax expense     4,579       3,022       15,008       4,424  
Net loss   $ (33,248 )   $ (8,109 )   $ (55,494 )   $ (7,397 )
Loss per share:                        
Net loss per share attributable to common stockholders, basic   $ (0.42 )   $ (0.11 )   $ (0.70 )   $ (0.10 )
Net loss per share attributable to common stockholders, diluted   $ (0.42 )   $ (0.11 )   $ (0.70 )   $ (0.10 )
Weighted average shares outstanding:                        
Weighted average number of shares used in computing net loss per share, basic     79,207       75,750       79,205       75,226  
Weighted average number of shares used in computing net loss per share, diluted     79,207       75,750       79,205       75,226  
                                 

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