Altair Announces Fourth Quarter 2020 Financial Results

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
(in thousands, except per share data)	2020			2019			2020			2019
Revenue
License	$	76,381		$	64,194		$	259,965		$	244,321
Maintenance and other services		37,244			36,993			131,746			122,381
Total software		113,625			101,187			391,711			366,702
Software related services		7,906			8,941			26,454			34,576
Total software and related services		121,531			110,128			418,165			401,278
Client engineering services		9,934			11,722			44,320			48,987
Other		1,976			2,027			7,436			8,650
Total revenue		133,441			123,877			469,921			458,915
Cost of revenue
License		6,786			8,139			19,637			21,285
Maintenance and other services		10,105			10,892			38,688			38,401
Total software *		16,891			19,031			58,325			59,686
Software related services		6,102			6,497			21,243			25,640
Total software and related services		22,993			25,528			79,568			85,326
Client engineering services		8,067			9,882			35,684			39,875
Other		1,631			1,540			6,053			7,398
Total cost of revenue		32,691			36,950			121,305			132,599
Gross profit		100,750			86,927			348,616			326,316
Operating expenses:
Research and development *		34,966			30,498			126,081			117,510
Sales and marketing *		30,537			27,589			111,440			106,051
General and administrative *		22,933			21,292			86,432			82,178
Amortization of intangible assets		4,986			3,769			16,376			14,442
Other operating loss (income), net		5			(370	)		(3,426	)		(2,072	)
Total operating expenses		93,427			82,778			336,903			318,109
Operating income		7,323			4,149			11,713			8,207
Interest expense		3,008			2,785			11,598			6,371
Other income, net		(65	)		(849	)		(1,917	)		(1,552	)
Income before income taxes		4,380			2,213			2,032			3,388
Income tax expense		2,182			3,715			12,532			10,930
Net income (loss)	$	2,198		$	(1,502	)	$	(10,500	)	$	(7,542	)
Income per share:
Net income (loss) per share attributable to common stockholders, basic	$	0.03		$	(0.02	)	$	(0.14	)	$	(0.11	)
Net income (loss) per share attributable to common stockholders, diluted	$	0.03		$	(0.02	)	$	(0.14	)	$	(0.11	)
Weighted average shares outstanding:
Weighted average number of shares used in computing net income (loss) per share, basic		74,020			72,227			73,241			71,544
Weighted average number of shares used in computing net income (loss) per share, diluted		78,484			72,227			73,241			71,544

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