Altair Announces Fourth Quarter and Full Year 2023 Financial Results


ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  Three Months Ended
December 31, 2023
   Year Ended
December 31, 2023
 
(in thousands, except per share data) 2023   2022   2023   2022 
Revenue           
License$113,172  $107,418  $393,144  $363,520 
Maintenance and other services 42,761   37,535   156,830   142,988 
Total software 155,933   144,953   549,974   506,508 
Software related services 7,751   7,518   28,032   30,661 
Total software and related services 163,684   152,471   578,006    537,169  
Client engineering services   6,561       6,469       29,497       28,883  
Other   1,258       1,493       5,198       6,169  
Total revenue   171,503       160,433       612,701       572,221  
Cost of revenue                      
License   3,200       9,111       15,088       20,497  
Maintenance and other services   14,340       13,318       56,094       51,946  
Total software *   17,540       22,429       71,182       72,443  
Software related services   5,655       5,119       21,830       21,858  
Total software and related services   23,195       27,548       93,012       94,301  
Client engineering services   5,129       5,187       24,450       23,577  
Other   849       1,119       4,329       5,011  
Total cost of revenue   29,173       33,854       121,791       122,889  
Gross profit   142,330       126,579       490,910       449,332  
Operating expenses:                      
Research and development *   52,519       51,934       212,645       202,542  
Sales and marketing *   43,595       43,539       176,138       163,884  
General and administrative *   17,096       18,234       70,887       72,288  
Amortization of intangible assets   7,708       8,828       30,851       27,510  
Other operating (income) expense, net   (1,178 )     (572 )     146       (9,955 )
Total operating expenses   119,740       121,963       490,667       456,269  
Operating income (loss)   22,590       4,616       243       (6,937 )
Interest expense   1,533       1,526       6,116       4,377  
Other (income) loss, net   (8,794 )     (9,183 )     (18,492 )     16,899  
Income (loss) before income taxes   29,851       12,273       12,619       (28,213 )
Income tax expense   10,176       208       21,545       15,216  
Net income (loss) $ 19,675     $ 12,065     $ (8,926 )   $ (43,429 )
Income (loss) per share:                      
Net income (loss) per share attributable to common stockholders, basic $ 0.24     $ 0.15     $ (0.11 )   $ (0.55 )
Net income (loss) per share attributable to common stockholders, diluted $ 0.22     $ 0.14     $ (0.11 )   $ (0.55 )
Weighted average shares outstanding:                      
Weighted average number of shares used in computing net income (loss) per share, basic   81,760       80,266       80,596       79,472  
Weighted average number of shares used in computing net income (loss) per share, diluted   88,977       87,498       80,596       79,472  

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