ANSYS Reports Solid Revenue Results with Strong Margins For Q3 2009
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Company Updates 2009 Outlook and Provides Preliminary 2010 Outlook
Highlights
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Non-GAAP revenue of $128.8 million and GAAP revenue of $128.2
million
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Non-GAAP diluted earnings per share of $0.45, or $0.46 adjusted for
restructuring charges and GAAP diluted earnings per share of $0.33
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Operating cash flows of $34.1 million
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Non-GAAP operating profit margin of 50.0%; GAAP operating profit
margin of 37.2%
SOUTHPOINTE, Pa. — (BUSINESS WIRE) — November 5, 2009 —
ANSYS, Inc. (NASDAQ:
ANSS), a global innovator of simulation software
and technologies designed to optimize product development processes,
today announced third quarter 2009 results.
Commenting on the Company’s third quarter 2009 performance, Jim Cashman,
ANSYS president & CEO stated, “Our Q3 results continue to reflect a
resilient business in a turbulent global economy. Our business model
again delivered good operating margins and solid cash flows, driven by a
relatively stable organic business in constant currencies. These results
are a reflection of our strong value proposition, combined with strong
customer relationships built over many years, and our dedicated
employees. This also marks the one-year anniversary of the Ansoft
acquisition and, even in the current macro environment, we have started
to see some stabilization of this business.”
Cashman continued, “While we are still facing the realities of ongoing
pressure on customer spending and prolonged sales cycles, ANSYS
delivered revenue in the upper end of the guidance range, which resulted
in overachievement in our non-GAAP earnings. Since we do not know the
timing or shape of any global recovery, we have maintained our focus on
improving our business and investing in initiatives that will drive our
long-term performance, while also continuing our disciplined expense
management practices. We are encouraged by our third quarter results and
believe that the actions that we have taken to date should position us
positively as demand improves.”
ANSYS’ third quarter 2009 financial results are presented below. The
non-GAAP results exclude the income statement effects of stock-based
compensation, purchase accounting for deferred revenue and
acquisition-related amortization of intangible assets. These third
quarter non-GAAP results include approximately $1.5 million ($1.0
million after tax) of restructuring charges. The year-to-date results
include approximately $2.8 million ($1.8 million after tax) of
restructuring charges and $2.0 million of second quarter tax benefits
related to settlements of tax years previously under audit. Excluding
these items, the Company’s non-GAAP diluted earnings per share for the
three and nine months ended September 30, 2009, would have been $0.46
and $1.25, respectively.
Non-GAAP and GAAP results reflect:
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Total non-GAAP revenue of $128.8 million in the third quarter of 2009
as compared to $128.8 million in the third quarter of 2008; total
non-GAAP revenue of $374.4 million in the first nine months of 2009 as
compared to $349.6 million in the first nine months of 2008; total
GAAP revenue of $128.2 million in the third quarter of 2009 as
compared to $122.2 million in the third quarter of 2008; total GAAP
revenue of $366.5 million in the first nine months of 2009 as compared
to $343.0 million in the first nine months of 2008;
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A non-GAAP operating profit margin of 50.0% in the third quarter of
2009 as compared to 45.6% in the third quarter of 2008; a non-GAAP
operating profit margin of 47.8% in the first nine months of 2009 as
compared to 47.0% in the first nine months of 2008; a GAAP operating
profit margin of 37.2% in the third quarter of 2009 as compared to
31.3% in the third quarter of 2008; a GAAP operating profit margin of
33.6% in the first nine months of 2009 as compared to 36.1% in the
first nine months of 2008;
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Non-GAAP net income of $41.4 million in the third quarter of 2009 as
compared to $38.7 million in the third quarter of 2008; non-GAAP net
income of $114.8 million in the first nine months of 2009 as compared
to $105.8 million in the first nine months of 2008; GAAP net income of
$30.5 million in the third quarter of 2009 as compared to $25.8
million in the third quarter of 2008; GAAP net income of $78.8 million
in the first nine months of 2009 as compared to $79.8 million in the
first nine months of 2008; and
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Non-GAAP diluted earnings per share of $0.45 in the third quarter of
2009 as compared to $0.43 in the third quarter of 2008; non-GAAP
diluted earnings per share of $1.25 in the first nine months of 2009
as compared to $1.25 in the first nine months of 2008; GAAP diluted
earnings per share of $0.33 in the third quarter of 2009 as compared
to $0.29 in the third quarter of 2008; GAAP diluted earnings per share
of $0.86 in the first nine months of 2009 as compared to $0.94 in the
first nine months of 2008.
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Operating cash flows of $34.1 million in the third quarter of 2009 as
compared to $42.7 million in the third quarter of 2008; operating cash
flows of $128.8 million in the first nine months of 2009 as compared
to operating cash flows of $135.0 million in the first nine months of
2008.
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