Details related to our financial guidance, including assumptions, are included in our prepared remarks document.
/ Key Highlights - Q2 2023
- GAAP and non-GAAP revenue of $496.6 million
- GAAP diluted earnings per share of $0.80 and non-GAAP diluted earnings per share of $1.60
- GAAP operating profit margin of 19.3% and non-GAAP operating profit margin of 36.4%
- Operating cash flows of $62.9 million and unlevered operating cash flows of $72.1 million
- Annual contract value (ACV) of $488.3 million
- Deferred revenue and backlog of $1,295.8 million on June 30, 2023
PITTSBURGH, Aug. 02, 2023 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported second quarter 2023 GAAP and non-GAAP revenue growth of 5% and 4% in reported currency, respectively, or 6% and 5% in constant currency, respectively, when compared to the second quarter of 2022. For the second quarter of 2023, the Company reported diluted earnings per share of $0.80 and $1.60 on a GAAP and non-GAAP basis, respectively, compared to $1.13 and $1.77 on a GAAP and non-GAAP basis, respectively, for the second quarter of 2022. Additionally, the Company reported second quarter ACV growth of 6% in reported currency, or 7% in constant currency, when compared to the second quarter of 2022.
“Ansys delivered another outstanding quarter, once again beating financial guidance across all key metrics. Our excellent year-to-date performance was broad-based across geographies, industries and customer types. We recently released the latest version of our product portfolio, Ansys 2023 R2, which is empowering customers to expand the use of Ansys simulation in new and exciting ways. With our unrivaled product portfolio, broad and deep customer relationships, and strong execution, I am excited about our ability to achieve our short-term and long-term objectives,” said Ajei Gopal, Ansys president and CEO.
Nicole Anasenes, Ansys CFO, stated, “Our second quarter results continue to demonstrate our robust and resilient business model. Q2 results exceeded the midpoint of our outlook shared in May, and contributed to strong year-to-date performance, reflecting ACV growth of 12% in constant currency and GAAP and non-GAAP revenue growth of 14% and 13% in constant currency, respectively. Our double-digit performance for the first half of 2023 puts us on track to deliver on our full-year commitments and keeps us on our long-term model trajectory. We continue to see momentum in the business, which gives us further confidence to raise our full year outlook for ACV and revenue guidance.”
The non-GAAP financial results highlighted, and the non-GAAP financial outlook for 2023 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three and six months ended June 30, 2023 and 2022, and for the 2023 financial outlook, can be found later in this release.
/ Financial Results
Ansys' second quarter and year-to-date (YTD) 2023 and 2022 financial results are presented below. The 2023 and 2022 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items. The 2022 period non-GAAP results also exclude the income statement effects of acquisition accounting adjustments to deferred revenue from business combinations closed prior to 2022. There is no adjustment in 2023 as the impact is not material.
GAAP and non-GAAP results are as follows:
| GAAP | Non-GAAP | ||||||||||||||||||||
| (in millions, except per share data and percentages) | Q2 QTD 2023 | Q2 QTD 2022 | % Change | Q2 QTD 2023 | Q2 QTD 2022 | % Change | |||||||||||||||
| Revenue | $ | 496.6 | $ | 473.9 | 5 | % | $ | 496.6 | $ | 475.9 | 4 | % | |||||||||
| Net income | $ | 69.5 | $ | 98.8 | (30)% | $ | 139.3 | $ | 154.6 | (10)% | |||||||||||
| Diluted earnings per share | $ | 0.80 | $ | 1.13 | (29)% | $ | 1.60 | $ | 1.77 | (10)% | |||||||||||
| Operating profit margin | 19.3 | % | 27.0 | % | 36.4 | % | 40.7 | % | |||||||||||||
