| 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) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | ||||||||||||||||
| License | $ | 92,699 | $ | 87,738 | $ | 210,406 | $ | 200,147 | ||||||||
| Maintenance and other services | 42,724 | 37,583 | 83,446 | 74,817 | ||||||||||||
| Total software | 135,423 | 125,321 | 293,852 | 274,964 | ||||||||||||
| Engineering services and other | 13,372 | 15,840 | 27,855 | 32,231 | ||||||||||||
| Total revenue | 148,795 | 141,161 | 321,707 | 307,195 | ||||||||||||
| Cost of revenue | ||||||||||||||||
| License | 3,152 | 3,981 | 7,642 | 8,805 | ||||||||||||
| Maintenance and other services | 16,199 | 13,639 | 30,365 | 28,065 | ||||||||||||
| Total software * | 19,351 | 17,620 | 38,007 | 36,870 | ||||||||||||
| Engineering services and other | 11,165 | 13,177 | 23,402 | 26,662 | ||||||||||||
| Total cost of revenue | 30,516 | 30,797 | 61,409 | 63,532 | ||||||||||||
| Gross profit | 118,279 | 110,364 | 260,298 | 243,663 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development * | 55,570 | 55,277 | 107,903 | 108,528 | ||||||||||||
| Sales and marketing * | 46,475 | 44,982 | 90,909 | 88,474 | ||||||||||||
| General and administrative * | 19,294 | 18,622 | 37,055 | 36,573 | ||||||||||||
| Amortization of intangible assets | 7,629 | 7,625 | 15,067 | 15,439 | ||||||||||||
| Other operating (income) expense, net | (786 | ) | 127 | (1,668 | ) | 5,732 | ||||||||||
| Total operating expenses | 128,182 | 126,633 | 249,266 | 254,746 | ||||||||||||
| Operating (loss) income | (9,903 | ) | (16,269 | ) | 11,032 | (11,083 | ) | |||||||||
| Interest expense | 1,604 | 1,528 | 3,180 | 3,054 | ||||||||||||
| Other income, net | (5,750 | ) | (4,195 | ) | (9,707 | ) | (7,808 | ) | ||||||||
| (Loss) income before income taxes | (5,757 | ) | (13,602 | ) | 17,559 | (6,329 | ) | |||||||||
| Income tax (benefit) expense | (610 | ) | 8,678 | 6,159 | 17,910 | |||||||||||
| Net (loss) income | $ | (5,147 | ) | $ | (22,280 | ) | $ | 11,400 | $ | (24,239 | ) | |||||
| (Loss) earnings per share, basic | ||||||||||||||||
| (Loss) earnings per share | $ | (0.06 | ) | $ | (0.28 | ) | $ | 0.14 | $ | (0.30 | ) | |||||
| Weighted average shares | 83,607 | 79,986 | 83,097 | 80,088 | ||||||||||||
| (Loss) earnings per share, diluted | ||||||||||||||||
| (Loss) earnings per share | $ | (0.06 | ) | $ | (0.28 | ) | $ | 0.13 | $ | (0.30 | ) | |||||
| Weighted average shares | 83,607 | 79,986 | 87,397 | 80,088 | ||||||||||||
* Amounts include stock-based compensation expense as follows (in thousands):
