Altair Announces Third Quarter 2021 Financial Results

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2021			2020			2021			2020
Revenue
License	$	67,603		$	55,023		$	230,630		$	183,584
Maintenance and other services		34,686			32,787			100,758			94,502
Total software		102,289			87,810			331,388			278,086
Software related services		7,650			6,170			23,229			18,548
Total software and related services		109,939			93,980			354,617			296,634
Client engineering services		10,060			10,868			31,005			34,386
Other		1,308			1,608			5,760			5,460
Total revenue		121,307			106,456			391,382			336,480
Cost of revenue
License		4,694			4,477			13,706			12,851
Maintenance and other services		11,770			9,626			35,368			28,583
Total software *		16,464			14,103			49,074			41,434
Software related services		5,707			4,996			17,560			15,141
Total software and related services		22,171			19,099			66,634			56,575
Client engineering services		7,982			8,510			25,163			27,617
Other		1,348			1,427			5,072			4,422
Total cost of revenue		31,501			29,036			96,869			88,614
Gross profit		89,806			77,420			294,513			247,866
Operating expenses:
Research and development *		35,839			30,678			112,872			91,115
Sales and marketing *		30,589			26,998			94,568			80,903
General and administrative *		22,196			20,905			67,983			63,499
Amortization of intangible assets		4,432			3,858			13,924			11,390
Other operating income, net		(1,324	)		(1,596	)		(2,526	)		(3,431	)
Total operating expenses		91,732			80,843			286,821			243,476
Operating (loss) income		(1,926	)		(3,423	)		7,692			4,390
Interest expense		3,037			2,934			8,998			8,590
Other expense (income), net		124			(782	)		1,667			(1,852	)
Loss before income taxes		(5,087	)		(5,575	)		(2,973	)		(2,348	)
Income tax expense		3,022			2,930			4,424			10,350
Net loss	$	(8,109	)	$	(8,505	)	$	(7,397	)	$	(12,698	)
Loss per share:
Net loss per share attributable to common stockholders, basic	$	(0.11	)	$	(0.12	)	$	(0.10	)	$	(0.17	)
Net loss per share attributable to common stockholders, diluted	$	(0.11	)	$	(0.12	)	$	(0.10	)	$	(0.17	)
Weighted average shares outstanding:
Weighted average number of shares used in computing net loss per share, basic		75,750			73,311			75,226			72,979
Weighted average number of shares used in computing net loss per share, diluted		75,750			73,311			75,226			72,979

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