ANSYS, Inc. Reports Record Q3 Results

Company Updates 2012 Guidance and Provides Preliminary 2013 Outlook

(PRNewswire) —

Highlights

  • GAAP revenue of $196.9 million and non-GAAP revenue of $199.8 million
  • GAAP diluted earnings per share of $0.54 and non-GAAP diluted earnings per share of $0.74
  • Operating cash flows of $70.4 million
  • GAAP operating profit margin of 37.4% and non-GAAP operating profit margin of 51.0%

ANSYS, Inc. (NASDAQ: ANSS) today announced third quarter 2012 results with total non-GAAP revenue up 12% as compared to Q3 2011, while non-GAAP net income increased 13% compared to Q3 2011. Year-to-date non-GAAP revenue and net income increased 17% and 16%, respectively, compared to the first nine months of 2011.  Non-GAAP earnings per share increased 12% for the quarter and 15% for the first nine months of 2012, each as compared to the same period in 2011.

"We continue to have tremendous opportunity as demonstrated by these third quarter record results. However, we are facing a challenging and uncertain environment, which has led to a noticeable lengthening of procurement cycles," stated Jim Cashman, ANSYS president & CEO.  "In spite of these realities, our business model provided strong earnings, which exceeded the guidance range, and revenues in the mid-range of our guidance.  Customer interest remains strong, but we expect these macro-economic challenges and longer sales cycles to continue through the remainder of the year and into the next.  At the core of the business, the long-term remains driven by customer reliance on our solutions to help fuel their internal innovation, while a strong balance sheet, cash flows, margins and recurring revenue base provide stability through the short-term economic ripples.  With the upcoming release of ANSYS® 14.5, the breadth and depth of our engineering simulation portfolio continues to expand.  We are well-positioned to continue to deliver long-term value to our customers and stockholders."

ANSYS' third quarter and year-to-date 2012 financial results are presented below. The 2012 non-GAAP results exclude the income statement effects of acquisition accounting adjustments to deferred revenue, as well as the impact of stock-based compensation, acquisition-related amortization of intangible assets and transaction costs related to the acquisition of Esterel Technologies, Inc. The 2011 non-GAAP results exclude the income statement effects of acquisition accounting adjustments to deferred revenue, as well as the impact of stock-based compensation, acquisition-related amortization of intangible assets and transaction costs related to the acquisition of Apache Design, Inc.

GAAP and non-GAAP results reflect:

  • Total GAAP revenue of $196.9 million in the third quarter of 2012 as compared to $172.9 million in the third quarter of 2011; total GAAP revenue of $577.3 million in the first nine months of 2012 as compared to $493.2 million in the first nine months of 2011; total non-GAAP revenue of $199.8 million in the third quarter of 2012 as compared to $177.9 million in the third quarter of 2011; total non-GAAP revenue of $583.2 million in the first nine months of 2012 as compared to $498.2 million in the first nine months of 2011;
  • A GAAP operating profit margin of 37.4% in the third quarter of 2012 as compared to 37.8% in the third quarter of 2011; a GAAP operating profit margin of 36.8% in the first nine months of 2012 as compared to 39.0% in the first nine months of 2011; a non-GAAP operating profit margin of 51.0% in the third quarter of 2012 as compared to 50.6% in the third quarter of 2011; a non-GAAP operating profit margin of 50.4% in the first nine months of 2012 as compared to 50.7% in the first nine months of 2011;
  • GAAP net income of $51.6 million in the third quarter of 2012 as compared to $45.5 million in the third quarter of 2011; GAAP net income of $147.4 million in the first nine months of 2012 as compared to $133.2 million in the first nine months of 2011; non-GAAP net income of $70.4 million in the third quarter of 2012 as compared to $62.1 million in the third quarter of 2011; non-GAAP net income of $201.5 million in the first nine months of 2012 as compared to $174.1 million in the first nine months of 2011;
  • GAAP diluted earnings per share of $0.54 in the third quarter of 2012 as compared to $0.48 in the third quarter of 2011; GAAP diluted earnings per share of $1.55 in the first nine months of 2012 as compared to $1.41 in the first nine months of 2011; non-GAAP diluted earnings per share of $0.74 in the third quarter of 2012 as compared to $0.66 in the third quarter of 2011; non-GAAP diluted earnings per share of $2.12 in the first nine months of 2012 as compared to $1.85 in the first nine months of 2011; and
  • Operating cash flows of $70.4 million in the third quarter of 2012 as compared to $66.3 million in the third quarter of 2011; operating cash flows of $228.8 million in the first nine months of 2012 as compared to operating cash flows of $230.0 million in the first nine months of 2011.

The Company's GAAP results reflect stock-based compensation charges of approximately $8.1 million ($6.0 million after tax) or $0.06 diluted earnings per share for the third quarter of 2012 and approximately $23.9 million ($17.6 million after tax) or $0.19 diluted earnings per share for the first nine months of 2012.  The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2012 and 2013 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures for the three and nine months ended September 30, 2012 and 2011, and for the 2012 and 2013 financial outlook, are included in the condensed financial information included in this release.

Management's Remaining 2012 and Preliminary 2013 Financial Outlook

The Company is providing its 2012 revenue and earnings per share guidance below, as well as its preliminary outlook for 2013. The earnings per share guidance is provided on both a GAAP and a non-GAAP basis. Non-GAAP revenue and non-GAAP diluted earnings per share exclude charges for stock-based compensation, the income statement effects of acquisition accounting for deferred revenue, acquisition-related amortization of intangible assets and acquisition-related expenses.

Fourth Quarter 2012 Guidance

The Company currently expects the following for the quarter ending December 31, 2012:

  • GAAP revenue in the range of $211.3 - $218.3 million
  • Non-GAAP revenue in the range of $215.0 - $222.0 million
  • GAAP diluted earnings per share of $0.49 - $0.55
  • Non-GAAP diluted earnings per share of $0.71 - $0.74

Fiscal Year 2012 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2012:

  • GAAP revenue in the range of $788.6 - $795.6 million
  • Non-GAAP revenue in the range of $798.2 - $805.2 million
  • GAAP diluted earnings per share of $2.04 - $2.10
  • Non-GAAP diluted earnings per share of $2.83 - $2.86

Fiscal Year 2013 Preliminary Outlook

The Company currently expects the following for the fiscal year ending December 31, 2013:

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