(Unaudited)
Three Months Ended
March 31, | ||||||||
(in thousands, except per share data) | 2022 | 2021 | ||||||
Revenue | ||||||||
License | $ | 106,169 | $ | 96,395 | ||||
Maintenance and other services | 34,728 | 33,146 | ||||||
Total software | 140,897 | 129,541 | ||||||
Software related services | 9,061 | 8,098 | ||||||
Total software and related services | 149,958 | 137,639 | ||||||
Client engineering services | 8,012 | 10,677 | ||||||
Other | 1,811 | 1,847 | ||||||
Total revenue | 159,781 | 150,163 | ||||||
Cost of revenue | ||||||||
License | 4,687 | 5,395 | ||||||
Maintenance and other services | 12,719 | 11,555 | ||||||
Total software * | 17,406 | 16,950 | ||||||
Software related services | 6,035 | 6,122 | ||||||
Total software and related services | 23,441 | 23,072 | ||||||
Client engineering services | 6,641 | 8,888 | ||||||
Other | 1,521 | 1,462 | ||||||
Total cost of revenue | 31,603 | 33,422 | ||||||
Gross profit | 128,178 | 116,741 | ||||||
Operating expenses: | ||||||||
Research and development * | 43,094 | 38,276 | ||||||
Sales and marketing * | 35,682 | 32,070 | ||||||
General and administrative * | 23,569 | 23,926 | ||||||
Amortization of intangible assets | 5,903 | 4,877 | ||||||
Other operating income, net | (781 | ) | (617 | ) | ||||
Total operating expenses | 107,467 | 98,532 | ||||||
Operating income | 20,711 | 18,209 | ||||||
Interest expense | 585 | 2,973 | ||||||
Other expense, net | 2,068 | 835 | ||||||
Income before income taxes | 18,058 | 14,401 | ||||||
Income tax expense | 6,530 | 41 | ||||||
Net income | $ | 11,528 | $ | 14,360 | ||||
Income per share: | ||||||||
Net income per share attributable to common
stockholders, basic | $ | 0.15 | $ | 0.19 | ||||
Net income per share attributable to common
stockholders, diluted | $ | 0.13 | $ | 0.18 | ||||
Weighted average shares outstanding: | ||||||||
Weighted average number of shares used in computing
net income per share, basic | 79,462 | 74,651 | ||||||
Weighted average number of shares used in computing
net income per share, diluted | 87,261 | 79,295 |