Altair Announces Third Quarter 2024 Financial Results

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  
  Three Months Ended
September 30,
   Nine Months Ended
September 30,
  
(in thousands, except per share data) 2024   2023   2024   2023  
Revenue                
License$92,939  $79,825  $303,345  $279,972  
Maintenance and other services 45,733   39,252   129,179   114,069  
Total software 138,672   119,077   432,524   394,041  
Engineering services and other 12,778    14,926       40,633       47,157    
Total revenue   151,450       134,003       473,157       441,198    
Cost of revenue                                
License   2,795       3,083       10,437       11,888    
Maintenance and other services   16,045       13,689       46,410       41,754    
Total software *   18,840       16,772       56,847       53,642    
Engineering services and other   11,175       12,314       34,577       38,976    
Total cost of revenue   30,015       29,086       91,424       92,618    
Gross profit   121,435       104,917       381,733       348,580    
Operating expenses:                                
Research and development *   56,111       51,598       164,014       160,126    
Sales and marketing *   45,559       44,069       136,468       132,543    
General and administrative *   17,500       17,218       54,555       53,791    
Amortization of intangible assets   9,246       7,704       24,313       23,143    
Other operating (income) expense, net   (2,669 )     (4,408 )     (4,337 )     1,324    
Total operating expenses   125,747       116,181       375,013       370,927    
Operating (loss) income   (4,312 )     (11,264 )     6,720       (22,347 )  
Interest expense   1,317       1,529       4,497       4,583    
Other income, net   (10,758 )     (1,890 )     (20,465 )     (9,698 )  
Income (loss) before income taxes   5,129       (10,903 )     22,688       (17,232 )  
Income tax expense (benefit)   3,350       (6,541 )     9,509       11,369    
Net income (loss) $ 1,779     $ (4,362 )   $ 13,179     $ (28,601 )  
Earnings (loss) per share, basic                                
Earnings (loss) per share $ 0.02     $ (0.05 )   $ 0.16     $ (0.36 )  
Weighted average shares   84,835       80,431       83,680       80,204    
Earnings (loss) per share, diluted                                
Earnings (loss) per share $ 0.02     $ (0.05 )   $ 0.15     $ (0.36 )  
Weighted average shares   88,425       80,431       87,854       80,204    
   

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