ANSYS Delivers Record Revenue and Earnings for the First Quarter 2012

Management Reiterates FY 2012 Guidance

(PRNewswire) —

Highlights

  • GAAP revenue of $185.3 million and non-GAAP revenue of $187.5 million
  • GAAP diluted earnings per share of $0.48 and non-GAAP diluted earnings per share of $0.66
  • Operating cash flows of $83.6 million
  • GAAP operating profit margin of 36.6% and non-GAAP operating profit margin of 50.4%

ANSYS, Inc. (NASDAQ: ANSS), today announced growth in both revenue and diluted earnings per share for the first quarter of 2012.  Total GAAP revenue increased by 17.3% over the first quarter of 2011 while total non-GAAP revenue increased by 18.6% over the first quarter of 2011.  GAAP net income and diluted earnings per share increased 7.8% and 6.7%, respectively, over the first quarter of 2011, while non-GAAP net income and diluted earnings per share increased 17.7% and 15.8%, respectively.  The growth in the first quarter was spread across all major geographic regions and among a broad array of industries.

"ANSYS is off to a strong start in 2012, as evidenced by our first quarter results.  These results reflect the impact of the persistent dedication and efforts of the global ANSYS team and demonstrate our continued progress in executing on our long-term vision," stated Jim Cashman, ANSYS President & CEO.  "We entered into the year with momentum, and we continue to be pleased with the combined financial performance and the integration progress of the Apache business.  The results of the first quarter of 2012 are highlighted by a record deferred revenue balance of $299.4 million, strong margins and cash flows, non-GAAP earnings in the upper end of our guidance range, major account expansion and continued growth of all major product lines.  We also saw a 39% increase in our non-GAAP lease revenue for Q1 2012 as compared to Q1 2011, which is largely indicative of the influence of the Apache license model combined with the impact of some customers shifting their purchasing decisions to our annual lease offering.  While the growth in our lease business does affect short-term license revenue growth, it also contributes to the deferred revenue balance and helps to build our recurring revenue base. While we continued to meet or exceed on a number of key financial metrics, we also see opportunities for focus and execution improvement.  As 2012 continues to unfold, we believe we are well positioned to invest and capitalize on the global market opportunities for growth, leveraging our extensive customer base and technological leadership position to drive results and continue to deliver on our commitments."

ANSYS' first quarter financial results are presented below. The 2012 non-GAAP results exclude the income statement effects of acquisition adjustments to deferred revenue, as well as the impact of stock-based compensation and acquisition-related amortization of intangible assets.  The 2011 non-GAAP results exclude the income statement effects of stock-based compensation and acquisition-related amortization of intangible assets. 

GAAP and non-GAAP results reflect:

  • Total GAAP revenue of $185.3 million in the first quarter of 2012 as compared to $158.0 million in the first quarter of 2011; total non-GAAP revenue of $187.5 million in the first quarter of 2012 as compared to $158.0 million in the first quarter of 2011;
  • A GAAP operating profit margin of 36.6% in the first quarter of 2012 as compared to 39.4% in the first quarter of 2011; a non-GAAP operating profit margin of 50.4% in the first quarter of 2012 as compared to 49.9% in the first quarter of 2011;
  • GAAP net income of $45.5 million in the first quarter of 2012 as compared to GAAP net income of $42.2 million in the first quarter of 2011; non-GAAP net income of $62.9 million in the first quarter of 2012 as compared to $53.5 million in the first quarter of 2011; and
  • GAAP diluted earnings per share of $0.48 in the first quarter of 2012 as compared to GAAP diluted earnings per share of $0.45 in the first quarter of 2011; non-GAAP diluted earnings per share of $0.66 in the first quarter of 2012 as compared to $0.57 in the first quarter of 2011.

The Company's GAAP results reflect stock-based compensation charges of approximately $7.8 million ($5.6 million after tax) or $0.06 diluted earnings per share for the first quarter of 2012.

The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2012 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures for the three months ended March 31, 2012 and 2011, and for the 2012 financial outlook, are included in the condensed financial information included in this release.

Management's Remaining 2012 Financial Outlook

The Company has provided its 2012 revenue and earnings per share guidance below. The earnings per share guidance is provided on both a GAAP basis and a non-GAAP basis.  Non-GAAP diluted earnings per share excludes charges for stock-based compensation, the income statement effects of acquisition accounting for deferred revenue and acquisition-related amortization of intangible assets.

Second Quarter and Fiscal Year 2012 Guidance

The Company currently expects the following for the quarter ending June 30, 2012:

  • GAAP revenue in the range of $191.2 - $198.2 million
  • Non-GAAP revenue in the range of $192 - $199 million 
  • GAAP diluted earnings per share of $0.46 - $0.51
  • Non-GAAP diluted earnings per share of $0.66 - $0.69

The Company currently expects the following for the fiscal year ending December 31, 2012:

  • GAAP revenue in the range of $806.6 - $826.6 million
  • Non-GAAP revenue in the range of $810 - $830 million
  • GAAP diluted earnings per share of $2.05 - $2.17
  • Non-GAAP diluted earnings per share of $2.78 - $2.87


These statements are forward-looking and actual results may differ materially.  Non-GAAP diluted earnings per share is a supplemental financial measure and should not be considered as a substitute for, or superior to, diluted earnings per share determined in accordance with GAAP.

Conference Call Information

ANSYS will hold a conference call at 10:30 a.m. Eastern Time on May 3, 2012 to discuss first quarter results. The Company will provide its prepared remarks on the Company's investor relations homepage and as an exhibit in its Form 8-K in advance of the call to provide shareholders and analysts with additional time and detail for analyzing its results in preparation for the conference call. The prepared remarks will not be read on the call – only brief remarks will be made prior to the Q&A session.

To participate in the live conference call, dial 800-860-2442 (US) or 412-858-4600 (Canada & Int'l). The call will be recorded and a replay will be available approximately one hour after the call ends. The replay will be available for ten days by dialing 877-344-7529 (US), or 412-317-0088 (Canada and Int'l) and entering the passcode 10012904. The archived webcast can be accessed, along with other financial information, on ANSYS' web site at http://investors.ansys.com.

 

ANSYS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)






















March 31,

2012


December 31,

2011

ASSETS:












Cash & short-term investments


$ 558,445


$ 472,404

Accounts receivable, net



79,506


84,602

Goodwill




1,229,629


1,225,375

Other intangibles, net




365,622


383,420

Other assets




283,856


282,669










Total assets




$ 2,517,058


$ 2,448,470

















LIABILITIES & STOCKHOLDERS' EQUITY:












Deferred revenue



$ 281,689


$ 259,155

Long-term debt (including current portion)



116,929


127,572

Other liabilities



297,547


307,270

Stockholders' equity



1,820,893


1,754,473









        Total liabilities & stockholders' equity


$ 2,517,058


$ 2,448,470












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