ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue | ||||||||||||||||
| License | $ | 107,418 | $ | 94,178 | $ | 363,520 | $ | 324,808 | ||||||||
| Maintenance and other services | 37,535 | 28,180 | 142,988 | 128,938 | ||||||||||||
| Total software | 144,953 | 122,358 | 506,508 | 453,746 | ||||||||||||
| Software related services | 7,518 | 8,594 | 30,661 | 31,823 | ||||||||||||
| Total software and related services | 152,471 | 130,952 | 537,169 | 485,569 | ||||||||||||
| Client engineering services | 6,469 | 8,277 | 28,883 | 39,282 | ||||||||||||
| Other | 1,493 | 1,568 | 6,169 | 7,328 | ||||||||||||
| Total revenue | 160,433 | 140,797 | 572,221 | 532,179 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| License | 9,111 | 6,223 | 20,497 | 19,929 | ||||||||||||
| Maintenance and other services | 13,318 | 12,494 | 51,946 | 47,862 | ||||||||||||
| Total software * | 22,429 | 18,717 | 72,443 | 67,791 | ||||||||||||
| Software related services | 5,119 | 5,645 | 21,858 | 23,205 | ||||||||||||
| Total software and related services | 27,548 | 24,362 | 94,301 | 90,996 | ||||||||||||
| Client engineering services | 5,187 | 6,547 | 23,577 | 31,710 | ||||||||||||
| Other | 1,119 | 1,888 | 5,011 | 6,960 | ||||||||||||
| Total cost of revenue | 33,854 | 32,797 | 122,889 | 129,666 | ||||||||||||
| Gross profit | 126,579 | 108,000 | 449,332 | 402,513 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development * | 47,511 | 38,177 | 185,863 | 151,049 | ||||||||||||
| Sales and marketing * | 41,203 | 38,182 | 155,245 | 132,750 | ||||||||||||
| General and administrative * | 24,993 | 23,517 | 97,606 | 91,500 | ||||||||||||
| Amortization of intangible assets | 8,828 | 4,433 | 27,510 | 18,357 | ||||||||||||
| Other operating income, net | (572 | ) | (956 | ) | (9,955 | ) | (3,482 | ) | ||||||||
| Total operating expenses | 121,963 | 103,353 | 456,269 | 390,174 | ||||||||||||
| Operating income (loss) | 4,616 | 4,647 | (6,937 | ) | 12,339 | |||||||||||
| Interest expense | 1,526 | 3,067 | 4,377 | 12,065 | ||||||||||||
| Other (income) loss, net | (9,183 | ) | (1,105 | ) | 16,899 | 562 | ||||||||||
| Income (loss) before income taxes | 12,273 | 2,685 | (28,213 | ) | (288 | ) | ||||||||||
| Income tax expense | 208 | 4,082 | 15,216 | 8,506 | ||||||||||||
| Net income (loss) | $ | 12,065 | $ | (1,397 | ) | $ | (43,429 | ) | $ | (8,794 | ) | |||||
| Income (loss) per share: | ||||||||||||||||
| Net income (loss) per share attributable to common stockholders, basic | $ | 0.15 | $ | (0.02 | ) | $ | (0.55 | ) | $ | (0.12 | ) | |||||
| Net income (loss) per share attributable to common stockholders, diluted | $ | 0.14 | $ | (0.02 | ) | $ | (0.55 | ) | $ | (0.12 | ) | |||||
| Weighted average shares outstanding: | ||||||||||||||||
| Weighted average number of shares used in computing net income (loss) per share, basic | 80,266 | 79,008 | 79,472 | 76,179 | ||||||||||||
| Weighted average number of shares used in computing net income (loss) per share, diluted | 87,498 | 79,008 | 79,472 | 76,179 | ||||||||||||
* Amounts include stock-based compensation expense as follows (in thousands):
