Altair Announces Second Quarter 2023 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)	2023			2022			2023			2022
Revenue
License	$	87,738		$	82,688		$	200,147		$	188,857
Maintenance and other services		37,583			34,205			74,817			68,933
Total software		125,321			116,893			274,964			257,790
Software related services		6,664			7,376			13,764			16,437
Total software and related services		131,985			124,269			288,728			274,227
Client engineering services		8,034			7,047			15,810			15,059
Other		1,142			1,340			2,657			3,151
Total revenue		141,161			132,656			307,195			292,437
Cost of revenue
License		3,981			4,120			8,805			8,807
Maintenance and other services		13,639			12,884			28,065			25,603
Total software *		17,620			17,004			36,870			34,410
Software related services		5,308			5,464			10,924			11,499
Total software and related services		22,928			22,468			47,794			45,909
Client engineering services		6,767			5,914			13,391			12,555
Other		1,102			1,141			2,347			2,662
Total cost of revenue		30,797			29,523			63,532			61,126
Gross profit		110,364			103,133			243,663			231,311
Operating expenses:
Research and development *		55,277			50,437			108,528			97,516
Sales and marketing *		44,982			41,153			88,474			78,993
General and administrative *		18,622			18,370			36,573			35,796
Amortization of intangible assets		7,625			6,208			15,439			12,111
Other operating expense (income), net		127			(5,767	)		5,732			(6,548	)
Total operating expenses		126,633			110,401			254,746			217,868
Operating (loss) income		(16,269	)		(7,268	)		(11,083	)		13,443
Interest expense		1,528			700			3,054			1,285
Other (income) expense, net		(4,195	)		21,907			(7,808	)		23,975
Loss before income taxes		(13,602	)		(29,875	)		(6,329	)		(11,817	)
Income tax expense		8,678			3,899			17,910			10,429
Net loss	$	(22,280	)	$	(33,774	)	$	(24,239	)	$	(22,246	)
Loss per share:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.28	)	$	(0.43	)	$	(0.30	)	$	(0.28	)
Weighted average shares outstanding:
Weighted average number of shares used in computing net loss per share, basic and diluted		79,986			78,948			80,088			79,204

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