MCAD/MCAE Industry View - A March 2011 Update

The resulting Total G5 Q4 2010 ROS of over 14% is not too shabby, and not surprisingly, it was the best total ROS quarter of 2010.



3 Notice that these Table 2 columns calculate the numerical dollar differences in earnings between two different quarters as labeled, whereas in Table 1, the relevant columns provide the percentage of one quarter over the other, as labeled.




Individual G5 Vendors' Q4 2010 Performances


On February 24, 2011, ANSYS (NASDAQ:ANSS) reported on its financial results for Q4 2010 and for its Fiscal Year 2010, both ending December 31, 2010.

As is customary these days, ANSYS began its report with Highlights:

  • Q4 2010 & year 2010 revenue of $166.6 million & $580.2 million, respectively
  • Q4 2010 & year 2010 GAAP diluted EPS of $0.52 & $1.64, respectively
  • Q4 2010 & year 2010 GAAP operating profit margin of 39.3% & 37.8%, respectively
  • Q4 2010 & year 2010 operating cash flow of $40.9 million & $222.0 million, respectively, excluding net cash outflows associated with the Japan restructuring announced in Q3 2010

"We are pleased to close out 2010 with strong quarterly and annual performance that exceeded our initial commitments of a year ago. All aspects and regions of the business made solid contributions. Throughout the year, we heightened investment in our organization, our technology offerings and our infrastructure, while delivering profitable growth. We released ANSYS® 13.0 during Q4 2010, which positioned us even better to drive top-line growth and extend our customer relationships through the broadest, deepest and most integrated product offerings in our 40 year history. Into 2011, all of the factors driving simulation remain in full force as companies strive to compete with next generation products, and with smarter products that are increasingly more energy efficient, productive and sustainable. Our long-term enthusiasm for the future remains intact," commented ANSYS president & CEO Jim Cashman.



ANSYS' fourth quarter and full year 2010 financial results are presented below.

Total GAAP revenue of $166.6 million in Q4 2010, above the top of the $157 to $163 million guidance range given last quarter, up 19.17% or $26.8 million over sequential Q3 2010 revenue of $139.8 million; and up 10.78% as compared to $150.4 million in Q4 2009.

Total GAAP revenue of $580.2 million in 2010, up 12.25% as compared to $516.9 million in 2009.

A GAAP operating profit margin of 39.3% in the fourth quarter of 2010 as compared to 40.1% in the fourth quarter of 2009; a GAAP operating profit margin of 37.8% in 2010 as compared to 35.5% in 2009.

GAAP net income of $49.1 million in Q4 2010, up 36.01% or $13 million above sequential Q3 2010 net income of $36.1 million, and up 30.59% or $11.5 million as compared to GAAP net income of $37.6 million in Q4 2009; GAAP net income of $153.1 million in 2010, up 31.53% or $34.9 million as compared to GAAP net income of $116.4 million in 2009.

GAAP diluted earnings per share of $0.52 in Q4 2010, above the top of the guidance range of $0.44 to $0.48 provided 3 months ago, and up 26.8% as compared to GAAP diluted earnings per share of $0.41 in Q4 2009; GAAP diluted earnings per share of $1.64 in 2010, up 29.13% as compared to GAAP diluted earnings per share of $1.27 in 2009.

Operating cash flows of minus $25.3 million (cash outflows) in the fourth quarter of 2010 as compared to $44.9 million (cash inflows) in the fourth quarter of 2009; operating cash flows of $166.9 million for fiscal year 2010 as compared to $173.7 million for fiscal year 2009. Operating cash flows included net incremental tax payments of $66.1 million and $55.1 million in the fourth quarter and fiscal year 2010, respectively, related to the restructuring of the Company's Japan subsidiaries that was disclosed with the Company's third quarter earnings announcement and Form 10-Q. Excluding these amounts, operating cash flows were $40.9 million for the fourth quarter of 2010 and $222.0 million for fiscal year 2010.

The GAAP results discussed above include the following:

  • Tax benefits of approximately $2.1 million during the fourth quarter of 2010 related to the previously-announced restructuring of the Company's Japan subsidiaries;
  • Restructuring charges of $870,000 ($560,000 after tax) and $3.7 million ($2.4 million after tax) during the fourth quarter and fiscal year 2009, respectively;
  • Tax charges of $2.0 million during the fourth quarter of 2009 related to the repatriation of cash from the Company's international subsidiaries; and
  • Tax benefits of $2.0 million during the second quarter of 2009 related to the settlement of tax years previously under audit; and

The Company's GAAP results reflect stock-based compensation charges of approximately $5.1 million ($3.8 million after tax) or $0.04 diluted earnings per share for the fourth quarter of 2010 and approximately $19.0 million ($14.8 million after tax) or $0.16 diluted earnings per share for fiscal year 2010.

Management's 2011 Financial Outlook

The Company's 2011 guidance for both revenue and for GAAP earnings per share are provided below.

First Quarter 2011 Guidance

The Company currently expects the following for the quarter ending March 31, 2011:

Revenue in the range of

$151.0 - $157.0 million

GAAP diluted earnings per share of

$0.41 - $0.44

Fiscal Year 2011 Outlook

The Company currently expects the following for the fiscal year ending December 31, 2011:

Revenue in the range of

$640.0 - $660.0 million

GAAP diluted earnings per share of

$1.77 - $1.89


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