Altair Announces Third Quarter 2023 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) 2023   2022   2023   2022 
Revenue           
License$79,825  $67,245  $279,972  $256,102 
Maintenance and other services 39,252   36,520   114,069   105,453 
Total software 119,077   103,765   394,041   361,555 
Software related services 6,517   6,706   20,281   23,143 
Total software and related services 125,594   110,471   414,322   384,698 
Client engineering services   7,126       7,355       22,936       22,414  
Other   1,283       1,525       3,940       4,676  
Total revenue   134,003       119,351       441,198       411,788  
Cost of revenue                      
License   3,083       2,579       11,888       11,386  
Maintenance and other services   13,689       13,025       41,754       38,628  
Total software *   16,772       15,604       53,642       50,014  
Software related services   5,251       5,240       16,175       16,739  
Total software and related services   22,023       20,844       69,817       66,753  
Client engineering services   5,930       5,835       19,321       18,390  
Other   1,133       1,230       3,480       3,892  
Total cost of revenue   29,086       27,909       92,618       89,035  
Gross profit   104,917       91,442       348,580       322,753  
Operating expenses:                      
Research and development *   51,598       53,092       160,126       150,608  
Sales and marketing *   44,069       41,352       132,543       120,345  
General and administrative *   17,218       18,258       53,791       54,054  
Amortization of intangible assets   7,704       6,571       23,143       18,682  
Other operating (income) expense, net   (4,408 )     (2,835 )     1,324       (9,383 )
Total operating expenses   116,181       116,438       370,927       334,306  
Operating loss   (11,264 )     (24,996 )     (22,347 )     (11,553 )
Interest expense   1,529       1,566       4,583       2,851  
Other (income) expense, net   (1,890 )     2,107       (9,698 )     26,082  
Loss before income taxes   (10,903 )     (28,669 )     (17,232 )     (40,486 )
Income tax (benefit) expense   (6,541 )     4,579       11,369       15,008  
Net loss $ (4,362 )   $ (33,248 )   $ (28,601 )   $ (55,494 )
Loss per share:                      
Net loss per share attributable to common
stockholders, basic and diluted
$ (0.05 )   $ (0.42 )   $ (0.36 )   $ (0.70 )
Weighted average shares outstanding:                      
Weighted average number of shares used in computing
net loss per share, basic and diluted
  80,431       79,207       80,204       79,205  

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