Altair Announces Second Quarter 2022 Financial Results

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2022			2021			2022			2021
Revenue
License	$	82,688		$	66,632		$	188,857		$	163,027
Maintenance and other services		34,205			32,926			68,933			66,072
Total software		116,893			99,558			257,790			229,099
Software related services		7,376			7,481			16,437			15,579
Total software and related services		124,269			107,039			274,227			244,678
Client engineering services		7,047			10,268			15,059			20,945
Other		1,340			2,605			3,151			4,452
Total revenue		132,656			119,912			292,437			270,075
Cost of revenue
License		4,120			3,617			8,807			9,012
Maintenance and other services		12,884			12,043			25,603			23,598
Total software *		17,004			15,660			34,410			32,610
Software related services		5,464			5,731			11,499			11,853
Total software and related services		22,468			21,391			45,909			44,463
Client engineering services		5,914			8,293			12,555			17,181
Other		1,141			2,262			2,662			3,724
Total cost of revenue		29,523			31,946			61,126			65,368
Gross profit		103,133			87,966			231,311			204,707
Operating expenses:
Research and development *		46,477			38,757			89,571			77,033
Sales and marketing *		39,116			31,909			74,798			63,979
General and administrative *		24,367			21,861			47,936			45,787
Amortization of intangible assets		6,208			4,615			12,111			9,492
Other operating income, net		(5,767	)		(585	)		(6,548	)		(1,202	)
Total operating expenses		110,401			96,557			217,868			195,089
Operating (loss) income		(7,268	)		(8,591	)		13,443			9,618
Interest expense		700			2,988			1,285			5,961
Other expense, net		21,907			708			23,975			1,543
(Loss) income before income taxes		(29,875	)		(12,287	)		(11,817	)		2,114
Income tax expense		3,899			1,361			10,429			1,402
Net (loss) income	$	(33,774	)	$	(13,648	)	$	(22,246	)	$	712
(Loss) income per share:
Net (loss) income per share attributable to common stockholders, basic	$	(0.43	)	$	(0.18	)	$	(0.28	)	$	0.01
Net (loss) income per share attributable to common stockholders, diluted	$	(0.43	)	$	(0.18	)	$	(0.28	)	$	0.01
Weighted average shares outstanding:
Weighted average number of shares used in computing net (loss) income per share, basic		78,948			75,263			79,204			74,959
Weighted average number of shares used in computing net (loss) income per share, diluted		78,948			75,263			79,204			79,851

* Amounts include stock-based compensation expense as follows (in thousands):

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