ANSYS, Inc. Reports Continued Growth Momentum in Second Quarter 2010

Highlights

  • Revenue of $137.8 million, an 11% increase over Q2 2009, or 12% in constant currency
  • Non-GAAP diluted earnings per share of $0.50 and GAAP diluted earnings per share of $0.38
  • Operating cash flows of $60.2 million, a 38% increase over Q2 2009
  • Non-GAAP operating profit margin of 50.2%; GAAP operating profit margin of 38.0%

PITTSBURGH — (BUSINESS WIRE) — August 5, 2010 — ANSYS, Inc. (NASDAQ: ANSS), today announced in-line performance against its outlook in revenue and over-performance in non-GAAP EPS for the second quarter of 2010. Double digit revenue growth in the second quarter continued to be spread across all major geographic regions, all major product lines and a broad array of industries. Solid top line performance translated to strong margins and 16% non-GAAP earnings per share growth in the second quarter.

“This quarter’s results continue to reflect the improved business momentum that we have seen over the last few quarters, in spite of the greater than anticipated negative currency effects, due mostly to the volatility of the Euro. Overall, our business performed well on both the license and maintenance fronts, with a positive contribution from all major geographies. We strengthened our balance sheet, reduced our overall debt and our deferred revenue balance increased to an all time high,” stated Jim Cashman, ANSYS president and CEO. “We are encouraged by our first half performance, despite pockets of uncertainty that remain in the global business climate. We also continue to validate our belief about the future potential of simulation through our customers’ continued adoption of the ANSYS simulation suite to transform their product design processes, taking advantage of the strength of our broad physics portfolio to drive innovation, efficiencies and productivity gains.”

ANSYS’ second quarter financial results are presented below. The 2010 and 2009 non-GAAP results exclude the income statement effects of stock-based compensation and acquisition-related amortization of intangible assets. The 2009 non-GAAP results also exclude the impact of purchase accounting adjustments to deferred revenue. Non-GAAP and GAAP results reflect:

  • Total non-GAAP revenue of $137.8 million in the second quarter of 2010 as compared to $124.2 million in the second quarter of 2009; total non-GAAP revenue of $273.8 million in the first six months of 2010 as compared to $245.6 million in the first six months of 2009; total GAAP revenue of $137.8 million in the second quarter of 2010 as compared to $122.0 million in the second quarter of 2009; total GAAP revenue of $273.8 million in the first six months of 2010 as compared to $238.3 million in the first six months of 2009;
  • A non-GAAP operating profit margin of 50.2% in the second quarter of 2010 as compared to 47.3% in the second quarter of 2009; a non-GAAP operating profit margin of 49.4% in the first six months of 2010 as compared to 46.7% in the first six months of 2009; a GAAP operating profit margin of 38.0% in the second quarter of 2010 as compared to 33.3% in the second quarter of 2009; a GAAP operating profit margin of 37.3% in the first six months of 2010 as compared to 31.7% in the first six months of 2009;
  • Non-GAAP net income of $46.6 million in the second quarter of 2010 as compared to $38.9 million in the second quarter of 2009; non-GAAP net income of $90.1 million in the first six months of 2010 as compared to $73.4 million in the first six months of 2009; GAAP net income of $35.5 million in the second quarter of 2010 as compared to $27.1 million in the second quarter of 2009; GAAP net income of $67.9 million in the first six months of 2010 as compared to $48.2 million in the first six months of 2009; and
  • Non-GAAP diluted earnings per share of $0.50 in the second quarter of 2010 as compared to $0.43 in the second quarter of 2009; non-GAAP diluted earnings per share of $0.97 in the first six months of 2010 as compared to $0.80 in the first six months of 2009; GAAP diluted earnings per share of $0.38 in the second quarter of 2010 as compared to $0.30 in the second quarter of 2009; GAAP diluted earnings per share of $0.73 in the first six months of 2010 as compared to $0.53 in the first six months of 2009.

The Company’s GAAP results reflect stock-based compensation charges of approximately $4.7 million ($3.6 million after tax) or $0.04 diluted earnings per share for the second quarter of 2010 and approximately $9.2 million ($7.2 million after tax) or $0.08 diluted earnings per share for the first six months of 2010. The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2010 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months and six months ended June 30, 2010 and 2009, and for the 2010 financial outlook, are included in the condensed financial information included in this release.

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