Altair Announces Third Quarter 2020 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)	2020			2019			2020			2019
Revenue
License	$	55,023		$	46,853		$	183,584		$	180,127
Maintenance and other services		32,787			30,963			94,502			85,388
Total software		87,810			77,816			278,086			265,515
Software related services		6,170			7,956			18,548			25,635
Total software and related services		93,980			85,772			296,634			291,150
Client engineering services		10,868			12,803			34,386			37,265
Other		1,608			1,831			5,460			6,623
Total revenue		106,456			100,406			336,480			335,038
Cost of revenue
License		4,477			4,371			12,851			13,146
Maintenance and other services		9,626			9,548			28,583			27,509
Total software *		14,103			13,919			41,434			40,655
Software related services		4,996			6,013			15,141			19,143
Total software and related services		19,099			19,932			56,575			59,798
Client engineering services		8,510			10,160			27,617			29,993
Other		1,427			1,649			4,422			5,858
Total cost of revenue		29,036			31,741			88,614			95,649
Gross profit		77,420			68,665			247,866			239,389
Operating expenses:
Research and development *		30,678			29,667			91,115			87,012
Sales and marketing *		26,998			25,790			80,903			78,462
General and administrative *		20,905			20,706			63,499			60,886
Amortization of intangible assets		3,858			3,545			11,390			10,673
Other operating income, net		(1,596	)		(536	)		(3,431	)		(1,702	)
Total operating expenses		80,843			79,172			243,476			235,331
Operating (loss) income		(3,423	)		(10,507	)		4,390			4,058
Interest expense		2,934			2,726			8,590			3,586
Other income net		(782	)		(588	)		(1,852	)		(703	)
(Loss) income before income taxes		(5,575	)		(12,645	)		(2,348	)		1,175
Income tax expense		2,930			3,294			10,350			7,215
Net loss	$	(8,505	)	$	(15,939	)	$	(12,698	)	$	(6,040	)
Loss per share:
Net loss per share attributable to common stockholders, basic and diluted	$	(0.12	)	$	(0.22	)	$	(0.17	)	$	(0.08	)
Weighted average shares outstanding:
Weighted average number of shares used in computing net loss per share, basic and diluted		73,311			71,770			72,979			71,313

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