ANSYS Reports Solid Revenue Results with Strong Margins For Q3 2009

  • Company Updates 2009 Outlook and Provides Preliminary 2010 Outlook

Highlights

  • Non-GAAP revenue of $128.8 million and GAAP revenue of $128.2 million
  • 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
  • Operating cash flows of $34.1 million
  • 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:

  • 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;
  • 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;
  • 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
  • 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.
  • 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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