Altair Announces Fourth Quarter and Full Year 2018 Financial

Altair Announces Fourth Quarter and Full Year 2018 Financial Results


Altair Engineering Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
(in thousands, except per share data)	2018 606		2018 605		2017 605		2018 606		2018 605		2017 605
Revenue
Software	$	79,903	$	80,786	$	67,912	304,361		$	293,044	$	244,817
Software related services	10,073		10,073		9,648		36,945		36,945		35,397
Total software	89,976		90,859		77,560		341,306		329,989		280,214
Client engineering services	11,200		11,200		10,439		47,852		47,852		46,510
Other	1,835		1,835		1,868		7,221		7,221		6,609
Total revenue	103,011		103,894		89,867		396,379		385,062		333,333
Cost of revenue
Software*	13,038		13,038		9,561		45,774		45,774		36,360
Software related services	6,842		6,842		6,658		26,415		26,415		26,888
Total software	19,880		19,880		16,219		72,189		72,189		63,248
Client engineering services	9,002		9,002		8,931		38,979		38,979		38,131
Other	1,389		1,389		1,467		4,805		4,805		5,212
Total cost of revenue	30,271		30,271		26,617		115,973		115,973		106,591
Gross profit	72,740		73,623		63,250		280,406		269,089		226,742
Operating expenses:
Research and development*	25,844		25,844		24,036		97,592		97,592		93,234
Sales and marketing*	22,427		22,178		21,275		80,277		80,613		79,958
General and administrative*	28,114		28,114		21,514		79,751		79,751		87,979
Amortization of intangible assets	2,076		2,076		2,161		7,739		7,739		5,448
Other operating income	(2,164)		(2,164)		(2,555)		(9,597)		(9,597)		(6,620)
Total operating expenses	76,297		76,048		66,431		255,762		256,098		259,999
Operating income (loss)	(3,557)		(2,425)		(3,181)		24,644		12,991		(33,257)
Interest expense	108		108		367		200		200		2,160
Other (income) expense, net	(534)		(534)		156		(2,580)		(2,580)		994
Income (loss) before income taxes	(3,131)		(1,999)		(3,704)		27,024		15,371		(36,411)
Income tax expense	7,692		7,843		56,643		13,309		12,472		62,996
Net income (loss)	$	(10,823)	$	(9,842)	$	(60,347)	$	13,715	$	2,899	$	(99,407)
Income (loss) per share:
Net income (loss) per share attributable to common stockholders, basic	$	(0.15)	$	(0.14)	$	(1.03)	$	0.20	$	0.04	$	(1.89)
Net income (loss) per share attributable to common stockholders, diluted	$	(0.15)	$	(0.14)	$	(1.03)	$	0.18	$	0.04	$	(1.89)
Weighted average shares outstanding:
Weighted average number of shares used in computing net income (loss) per share, basic	70,548		70,548		58,674		67,468		67,468		52,466
Weighted average number of shares used in computing net income (loss) per share, diluted	70,548		70,548		58,674		74,878		74,878		52,466

The year ended December 31, 2018 has been reported under ASC 606, and the year ended December 31, 2017 has been reported under ASC 605 and has not been adjusted under the modified retrospective approach.

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