Highlights
- Revenue of $136.1 million
- Non-GAAP diluted earnings per share of $0.47 and GAAP diluted earnings per share of $0.35
- Operating cash flows of $59.7 million
- Non-GAAP operating profit margin of 48.7%; GAAP operating profit margin of 36.5%
PITTSBURGH — (BUSINESS WIRE) — May 6, 2010 — ANSYS, Inc. (NASDAQ: ANSS), today announced over-performance against its outlook in both revenue and non-GAAP EPS for the first quarter 2010. Growth in the first quarter was spread across all major geographic regions and among a broad array of industries. The results are indicative of continued solid growth in the core business, complemented by the positive impact of the integration of the Ansoft operations, as well as maintenance renewal rates returning to pre-downturn levels.
“We are off to a strong start in 2010, as evidenced by our performance during the first quarter. We achieved first quarter highs in both revenue and earnings, and we’re excited about the opportunities that lie ahead as ANSYS celebrates its 40th anniversary this year. As a leader in our industry, we remain focused on the overall direction and health of the business, while expanding our global markets and continuing to develop and deliver innovative simulation solutions to our customers. Our solid operating performance in the first quarter is a testimony to our belief that engineering simulation solutions remain a high priority for our expanding customer base even in a challenging economic environment. The business pressures on our customers to deliver innovative, high-quality products to the markets, with fewer resources, have never been greater. We believe our unique balance of technology leadership, global and diversified presence, solid business model and commitment to our vision positions us as a company for continued growth,” stated Jim Cashman, ANSYS President and CEO.
ANSYS' first 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 and GAAP revenue of $136.1 million in the first quarter of 2010 as compared to total non-GAAP revenue of $121.4 million and total GAAP revenue of $116.3 million in the first quarter of 2009;
- A non-GAAP operating profit margin of 48.7% in the first quarter of 2010 as compared to 46.1% in the first quarter of 2009; a GAAP operating profit margin of 36.5% in the first quarter of 2010 as compared to 29.9% in the first quarter of 2009;
- Non-GAAP net income of $43.5 million in the first quarter of 2010 as compared to $34.5 million in the first quarter of 2009; GAAP net income of $32.4 million in the first quarter of 2010 as compared to GAAP net income of $21.1 million in the first quarter of 2009; and
- Non-GAAP diluted earnings per share of $0.47 in the first quarter of 2010 as compared to $0.37 in the first quarter of 2009; GAAP diluted earnings per share of $0.35 in the first quarter of 2010 as compared to GAAP diluted earnings per share of $0.23 in the first quarter of 2009.
The Company's GAAP results reflect stock-based compensation charges of approximately $4.5 million ($3.6 million after tax) or $0.04 diluted earnings per share for the first quarter 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 ended March 31, 2010 and 2009, and for the 2010 financial outlook, are included in the condensed financial information included in this release.
Management's Remaining 2010 Financial Outlook
The Company has provided its 2010 revenue and earnings per share guidance below. The earnings per share guidance is provided on both a GAAP basis and a non-GAAP basis. Non-GAAP diluted earnings per share excludes charges for stock-based compensation and acquisition-related amortization of intangible assets.
Second Quarter and Fiscal Year 2010 Guidance
The Company currently expects the following for the quarter ending June 30, 2010:
- Revenue in the range of $135.0 - $140.0 million
- GAAP diluted earnings per share of $0.33 - $0.36
- Non-GAAP diluted earnings per share of $0.45 - $0.48
