Altair Announces Second Quarter 2019 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)	2019			2018			2019			2018
Revenue
License	$	56,653		$	46,700		$	133,274		$	113,635
Maintenance and other services		27,755			23,907			54,425			46,641
Total software		84,408			70,607			187,699			160,276
Software related services		7,907			8,707			17,679			18,180
Total software and related services		92,315			79,314			205,378			178,456
Client engineering services		12,412			12,417			24,462			24,497
Other		2,046			1,629			4,792			3,664
Total revenue		106,773			93,360			234,632			206,617
Cost of revenue
License *		2,954			4,068			8,775			7,798
Maintenance and other services *		9,430			7,915			17,961			15,107
Total software		12,384			11,983			26,736			22,905
Software related services		6,612			6,512			13,130			13,221
Total software and related services		18,996			18,495			39,866			36,126
Client engineering services		10,033			9,960			19,833			20,160
Other		1,994			1,001			4,209			2,212
Total cost of revenue		31,023			29,456			63,908			58,498
Gross profit		75,750			63,904			170,724			148,119
Operating expenses:
Research and development *		29,829			24,744			57,345			47,447
Sales and marketing *		26,221			19,979			52,672			38,606
General and administrative *		19,851			17,412			40,180			34,402
Amortization of intangible assets		3,600			1,986			7,128			3,926
Other operating income		(549	)		(392	)		(1,166	)		(2,583	)
Total operating expenses		78,952			63,729			156,159			121,798
Operating (loss) income		(3,202	)		175			14,565			26,321
Interest expense		590			45			860			61
Other income, net		(505	)		(176	)		(115	)		(1,076	)
(Loss) income before income taxes		(3,287	)		306			13,820			27,336
Income tax (benefit) expense		(167	)		1,386			3,921			3,732
Net (loss) income	$	(3,120	)	$	(1,080	)	$	9,899		$	23,604
Income per share:
Net (loss) income per share attributable to common
stockholders, basic	$	(0.04	)	$	(0.02	)	$	0.14		$	0.37
Net (loss) income per share attributable to common
stockholders, diluted	$	(0.04	)	$	(0.02	)	$	0.13		$	0.32
Weighted average shares outstanding:
Weighted average number of shares used in computing
net (loss) income per share, basic		71,373			65,580			71,081			64,614
Weighted average number of shares used in computing
net (loss) income per share, diluted		71,373			65,580			77,017			72,881
_________________ * Amounts include stock-based compensation expense as follows (in thousands) (unaudited):

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