Altair Announces Third Quarter 2023 Financial Results

ALTAIR ENGINEERING INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2023			2022			2023			2022
Revenue
License	$	79,825		$	67,245		$	279,972		$	256,102
Maintenance and other services		39,252			36,520			114,069			105,453
Total software		119,077			103,765			394,041			361,555
Software related services		6,517			6,706			20,281			23,143
Total software and related services		125,594			110,471			414,322			384,698
Client engineering services		7,126			7,355			22,936			22,414
Other		1,283			1,525			3,940			4,676
Total revenue		134,003			119,351			441,198			411,788
Cost of revenue
License		3,083			2,579			11,888			11,386
Maintenance and other services		13,689			13,025			41,754			38,628
Total software *		16,772			15,604			53,642			50,014
Software related services		5,251			5,240			16,175			16,739
Total software and related services		22,023			20,844			69,817			66,753
Client engineering services		5,930			5,835			19,321			18,390
Other		1,133			1,230			3,480			3,892
Total cost of revenue		29,086			27,909			92,618			89,035
Gross profit		104,917			91,442			348,580			322,753
Operating expenses:
Research and development *		51,598			53,092			160,126			150,608
Sales and marketing *		44,069			41,352			132,543			120,345
General and administrative *		17,218			18,258			53,791			54,054
Amortization of intangible assets		7,704			6,571			23,143			18,682
Other operating (income) expense, net		(4,408	)		(2,835	)		1,324			(9,383	)
Total operating expenses		116,181			116,438			370,927			334,306
Operating loss		(11,264	)		(24,996	)		(22,347	)		(11,553	)
Interest expense		1,529			1,566			4,583			2,851
Other (income) expense, net		(1,890	)		2,107			(9,698	)		26,082
Loss before income taxes		(10,903	)		(28,669	)		(17,232	)		(40,486	)
Income tax (benefit) expense		(6,541	)		4,579			11,369			15,008
Net loss	$	(4,362	)	$	(33,248	)	$	(28,601	)	$	(55,494	)
Loss per share:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.05	)	$	(0.42	)	$	(0.36	)	$	(0.70	)
Weighted average shares outstanding:
Weighted average number of shares used in computing net loss per share, basic and diluted		80,431			79,207			80,204			79,205

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