Altair Announces Second Quarter 2023 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) 2023   2022   2023   2022 
Revenue           
License$87,738  $82,688  $200,147  $188,857 
Maintenance and other services 37,583   34,205   74,817   68,933 
Total software 125,321   116,893   274,964   257,790 
Software related services 6,664   7,376   13,764   16,437 
Total software and related services 131,985   124,269   288,728   274,227 
Client engineering services   8,034       7,047       15,810       15,059  
Other   1,142       1,340       2,657       3,151  
Total revenue   141,161       132,656       307,195       292,437  
Cost of revenue                      
License   3,981       4,120       8,805       8,807  
Maintenance and other services   13,639       12,884       28,065       25,603  
Total software *   17,620       17,004       36,870       34,410  
Software related services   5,308       5,464       10,924       11,499  
Total software and related services   22,928       22,468       47,794       45,909  
Client engineering services   6,767       5,914       13,391       12,555  
Other   1,102       1,141       2,347       2,662  
Total cost of revenue   30,797       29,523       63,532       61,126  
Gross profit   110,364       103,133       243,663       231,311  
Operating expenses:                      
Research and development *   55,277       50,437       108,528       97,516  
Sales and marketing *   44,982       41,153       88,474       78,993  
General and administrative *   18,622       18,370       36,573       35,796  
Amortization of intangible assets   7,625       6,208       15,439       12,111  
Other operating expense (income), net   127       (5,767 )     5,732       (6,548 )
Total operating expenses   126,633       110,401       254,746       217,868  
Operating (loss) income   (16,269 )     (7,268 )     (11,083 )     13,443  
Interest expense   1,528       700       3,054       1,285  
Other (income) expense, net   (4,195 )     21,907       (7,808 )     23,975  
Loss before income taxes   (13,602 )     (29,875 )     (6,329 )     (11,817 )
Income tax expense   8,678       3,899       17,910       10,429  
Net loss $ (22,280 )   $ (33,774 )   $ (24,239 )   $ (22,246 )
Loss per share:                      
Net loss per share attributable to common stockholders, basic and diluted $ (0.28 )   $ (0.43 )   $ (0.30 )   $ (0.28 )
Weighted average shares outstanding:                      
Weighted average number of shares used in computing net loss per share, basic and diluted   79,986       78,948       80,088       79,204  

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