Altair Announces First Quarter 2019 Financial Results

 

Altair Engineering Inc. and Subsidiaries 
Consolidated Statements of Operations 
(Unaudited) 
       
   Three Months Ended
March 31,
  
(in thousands, except per share data)   2019    2018   
Revenue      
License $  76,621  $  66,935   
Maintenance and other services    26,670     22,734   
Total software    103,291     89,669   
Software related services    9,772     9,473   
Total software and related services    113,063     99,142   
Client engineering services    12,050     12,080   
Other    2,746     2,035   
Total revenue    127,859     113,257   
Cost of revenue      
License *    5,821     3,730   
Maintenance and other services *    8,531     7,192   
Total software    14,352     10,922   
Software related services    6,518     6,709   
Total software and related services    20,870     17,631   
Client engineering services    9,800     10,200   
Other     2,215         1,211      
Total cost of revenue       32,885         29,042      
Gross profit       94,974         84,215      
Operating expenses:            
Research and development*       27,516         22,703      
Sales and marketing*       26,451         18,627      
General and administrative*       20,329         16,990      
Amortization of intangible assets       3,528         1,940      
Other operating income       (617 )       (2,191 )    
Total operating expenses       77,207         58,069      
Operating income        17,767         26,146      
Interest expense       270         16      
Other expense (income), net       390         (900 )    
Income before income taxes       17,107         27,030      
Income tax expense       4,088         2,346      
Net income   $   13,019     $   24,684      
Income per share:            
Net income per share attributable to common stockholders, basic   $   0.18     $   0.39      
Net income per share attributable to common stockholders, diluted   $   0.17     $   0.34      
Weighted average shares outstanding:            
Weighted average number of shares used in computing net income per share,
basic
      70,786         63,638      
Weighted average number of shares used in computing net income per share,
diluted
      76,720         72,390      
             

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