Altair Announces Fourth Quarter 2019 Financial Results

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

	For the Three Months Ended December 31,						For the Year Ended December 31,
(in thousands, except per share data)	2019			2018			2019			2018
Revenue
License	$	64,194		$	52,649		$	244,321		$	207,164
Maintenance and other services		36,993			27,254			122,381			97,197
Total software		101,187			79,903			366,702			304,361
Software related services		8,941			10,073			34,576			36,945
Total software and related services		110,128			89,976			401,278			341,306
Client engineering services		11,722			11,200			48,987			47,852
Other		2,027			1,835			8,650			7,221
Total revenue		123,877			103,011			458,915			396,379
Cost of revenue
License		8,139			5,585			21,285			16,119
Maintenance and other services		10,892			7,453			38,401			29,655
Total software *		19,031			13,038			59,686			45,774
Software related services		6,497			6,842			25,640			26,415
Total software and related services		25,528			19,880			85,326			72,189
Client engineering services		9,882			9,002			39,875			38,979
Other		1,540			1,389			7,398			4,805
Total cost of revenue		36,950			30,271			132,599			115,973
Gross profit		86,927			72,740			326,316			280,406
Operating expenses:
Research and development *		30,498			25,844			117,510			97,592
Sales and marketing *		27,589			22,427			106,051			80,277
General and administrative *		21,292			28,114			82,178			79,751
Amortization of intangible assets		3,769			2,076			14,442			7,739
Other operating income		(370	)		(2,164	)		(2,072	)		(9,597	)
Total operating expenses		82,778			76,297			318,109			255,762
Operating income (loss)		4,149			(3,557	)		8,207			24,644
Interest expense		2,785			108			6,371			200
Other income, net		(849	)		(534	)		(1,552	)		(2,580	)
Income (loss) before income taxes		2,213			(3,131	)		3,388			27,024
Income tax expense		3,715			5,872			10,930			11,489
Net (loss) income	$	(1,502	)	$	(9,003	)	$	(7,542	)	$	15,535
Income per share:
Net (loss) income per share attributable to common stockholders, basic	$	(0.02	)	$	(0.13	)	$	(0.11	)	$	0.23
Net (loss) income per share attributable to common stockholders, diluted	$	(0.02	)	$	(0.13	)	$	(0.11	)	$	0.21
Weighted average shares outstanding:
Weighted average number of shares used in computing net (loss) income per share, basic		72,227			70,548			71,544			67,468
Weighted average number of shares used in computing net (loss) income per share, diluted		72,227			70,548			71,544			74,878

* Amounts include stock-based compensation expense as follows (in thousands):

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