The EDA and MCAD/MCAE Almanac -Nominal Q3 2011

Structure of the Presentation in this December 12, 2011 Issue

The two Groups of vendors, five in EDA and five in MCAD/MCAE, will be reported separately herein. Each group report will end with summary charts of revenues and earnings, preceded by individual financial summaries on each vendor in turn. Recent stock performances in the form of recent Yahoo charts will also be included. A new feature added here for EDA and MCAD/MCAE vendors, as they were for IP suppliers recently, are Google P&L graphs for the last five years for most vendors. The current turmoil in the US and worldwide economies will also be mentioned when relevant using individual vendor stock charts, if time permits.

Indeed, the Q3 2011 financial results posted here in early December and their quarterly Q2 2011 predecessors on September 19, 2011, are occurring in a period of unusual economic volatility that was initially precipitated by the debt ceiling debate in Washington DC and subsequent reduction of the USA’s credit rating by S&P from AAA to AA+.

The aforementioned continuing volatility in the economy is visible to anyone looking at the stock markets’ performances. Below is a graph of the last six months of the NASDAQ Composite, for example. Please note: (a) the relative stability at just above the 2800 level for the initial months shown, relative stability that prevailed till late July 2011; (b) the steep plunge to below 2400 by mid-August; (c) the relatively wild oscillations since, and (d) never closing at 2800-or-above since.

Now, to honor the MCAD/MCAE vendors who completed and published their nominal Q3 2011 financial reports a number of days earlier than their EDA brethren, we present the MCAD/MCAE G5 individual reports first, followed by the by now familiar Summary Tables of MCAD/MCAE Group Revenue and Earnings.

Then the EDA G5 get their turns. The last two vendors to report (Synopsys and MAGMA) initially appeared to be competing to see which one could be last. But they ended up being scheduled for November 30 and December 01, respectively, which left only 4 short days before the current issue of the EDA WEELY had to be put to bed. All those issues became petty fare, however, once the two former rivals announced on November 30, their surprise pending merger of the EDA year!

So Enjoy! ... and, by the way, “Happy Holidays to ALL!”

On November 03, 2011 ANSYS, Inc. (NASDAQ: ANSS) announced its third quarter 2011 results.

Highlights included:

  • Closed Apache Acquisition
  • GAAP revenue of $172.9 million
  • GAAP diluted earnings per share of $0.48
  • Operating cash flows of $66.3 million
  • GAAP operating profit margin of 37.8%
  • Increased 2011 Guidance and Preliminary 2012 Outlook

Commenting on the Company's third quarter 2011 performance, Jim Cashman, ANSYS president & CEO, stated, "The third quarter was another important milestone in our long history as we completed the acquisition of Apache Design Solutions. Our Q3 performance, which includes two months of Apache operations as part of the combined company, reflects our relevancy to customers, despite uncertainty that exists in today's global economy. It is also reflective of our longstanding, demonstrated ability to successfully acquire and assimilate new companies into the ANSYS family. We have a strong balance sheet, strong cash flows, solid fundamentals and a disciplined team that continues to execute."

Cashman continued, "Our operating performance is a testimony to our belief that engineering simulation solutions remain a high priority for our expanding customer base. The business pressures on our customers to deliver innovative, high-quality products to market, with fewer resources, have never been greater. With the upcoming release of ANSYS® 14.0, our complete product portfolio is robust and we believe we are well-positioned to deliver long-term value to our customers and stockholders."

ANSYS' third quarter and year-to-date 2011 financial results are presented below.

These GAAP results reflect:

  • Total GAAP revenue of $172.935 million in the third quarter of 2011 as compared to $139.842 million in the third quarter of 2010 [Guidance three months ago was for $166 to $174 million for Q3 2011 revenue]. GAAP revenue in sequential Q2 2011 was $162.258 million; total GAAP revenue was $493.2 million in the first nine months of 2011 as compared to $413.7 million in the first nine months of 2010.
  • A GAAP operating profit margin of 37.8% in the third quarter of 2011 as compared to 37.1% in the third quarter of 2010; a GAAP operating profit margin of 39.0% in the first nine months of 2011 as compared to 37.2% in the first nine months of 2010.
  • GAAP net income of $45.546 million in the third quarter of 2011 as compared to $36.130 million in the third quarter of 2010; GAAP net income $45.431 million in sequential Q2 2011; GAAP net income of $133.2 million in the first nine months of 2011 as compared to $104.0 million in the first nine months of 2010.
  • GAAP diluted earnings per share of $0.48 in the third quarter of 2011 [Q3 2011 guidance provided three months ago was for EPS of $0.40 to $0.47] as compared to $0.39 in the third quarter of 2010; GAAP diluted earnings per share of $1.41 in the first nine months of 2011 as compared to $1.12 in the first nine months of 2010.
  • Operating cash flows of $66.3 million in the third quarter of 2011 as compared to $72.3 million in the third quarter of 2010; operating cash flows of $230.0 million in the first nine months of 2011 as compared to operating cash flows of $192.1 million in the first nine months of 2010.

The Company's GAAP results reflect stock-based compensation charges of approximately $6.1 million ($4.8 million after tax) or $0.05 diluted earnings per share for the third quarter of 2011 and approximately $16.6 million ($12.8 million after tax) or $0.14 diluted earnings per share for the first nine months of 2011.

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