ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended March 31, | ||||||||
| (in thousands, except per share data) | 2020 | 2019 | ||||||
| Revenue | ||||||||
| License | $ | 77,543 | $ | 76,621 | ||||
| Maintenance and other services | 30,900 | 26,670 | ||||||
| Total software | 108,443 | 103,291 | ||||||
| Software related services | 6,934 | 9,772 | ||||||
| Total software and related services | 115,377 | 113,063 | ||||||
| Client engineering services | 13,878 | 12,050 | ||||||
| Other | 2,208 | 2,746 | ||||||
| Total revenue | 131,463 | 127,859 | ||||||
| Cost of revenue | ||||||||
| License | 5,523 | 5,821 | ||||||
| Maintenance and other services | 10,455 | 8,531 | ||||||
| Total software * | 15,978 | 14,352 | ||||||
| Software related services | 5,489 | 6,518 | ||||||
| Total software and related services | 21,467 | 20,870 | ||||||
| Client engineering services | 11,318 | 9,800 | ||||||
| Other | 1,712 | 2,215 | ||||||
| Total cost of revenue | 34,497 | 32,885 | ||||||
| Gross profit | 96,966 | 94,974 | ||||||
| Operating expenses: | ||||||||
| Research and development * | 31,467 | 27,516 | ||||||
| Sales and marketing * | 28,099 | 26,451 | ||||||
| General and administrative * | 22,346 | 20,329 | ||||||
| Amortization of intangible assets | 3,840 | 3,528 | ||||||
| Other operating income | (891 | ) | (617 | ) | ||||
| Total operating expenses | 84,861 | 77,207 | ||||||
| Operating income | 12,105 | 17,767 | ||||||
| Interest expense | 2,813 | 270 | ||||||
| Other (income) expense, net | (1,390 | ) | 390 | |||||
| Income before income taxes | 10,682 | 17,107 | ||||||
| Income tax expense | 4,652 | 4,088 | ||||||
| Net income | $ | 6,030 | $ | 13,019 | ||||
| Income per share: | ||||||||
| Net income per share attributable to common
stockholders, basic | $ | 0.08 | $ | 0.18 | ||||
| Net income per share attributable to common
stockholders, diluted | $ | 0.08 | $ | 0.17 | ||||
| Weighted average shares outstanding: | ||||||||
| Weighted average number of shares used in computing
net income per share, basic | 72,623 | 70,786 | ||||||
| Weighted average number of shares used in computing
net income per share, diluted | 77,004 | 76,720 | ||||||
* Amounts include stock-based compensation expense as follows (in thousands):
