ANSYS, Inc. Reports Solid Revenue Results with Strong Margins and Non-GAAP EPS Performance for the Third Quarter 2010

  • Company Updates 2010 Outlook and Provides Preliminary 2011 Outlook

Highlights

  • Revenue of $139.8 million
  • Non-GAAP diluted earnings per share of $0.51 and GAAP diluted earnings per share of $0.39
  • Operating cash flows of $72.3 million, an all-time quarterly high
  • Non-GAAP operating profit margin of 49.2%; GAAP operating profit margin of 37.1%

PITTSBURGH — (BUSINESS WIRE) — November 4, 2010 — ANSYS, Inc. (NASDAQ: ANSS), today announced third quarter 2010 results with total revenue up 9% as compared to Q3 2009 while non-GAAP net income increased 15%. Year-to-date revenue and non-GAAP net income are up 11% and 20%, respectively, compared to the first nine months of 2009. Non-GAAP earnings per share increased 13% for the quarter and 18% for the first nine months of 2010.

Commenting on the Company’s third quarter 2010 performance, Jim Cashman, ANSYS president & CEO stated, “Our Q3 performance reflects our resiliency despite pockets of customer confidence issues regarding the macro-environment. We continue to see healthy growth in our paid-up license and maintenance bases, as well as across our major product lines. We have a strong balance sheet, record cash flows, solid fundamentals and a disciplined team that continues to execute. Our operating performance is a testimony to our belief that engineering simulation solutions remain a high priority for our expanding customer base. The business pressures on our customers to deliver innovative, high-quality products to market with fewer resources are intense. With the upcoming release of ANSYS® 13.0, our product portfolio is robust and we believe we are well-positioned to deliver long-term value to our customers and stockholders.”

ANSYS' third quarter 2010 financial results are presented below. The 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 $139.8 million in the third quarter of 2010 as compared to $128.8 million in the third quarter of 2009; total non-GAAP revenue of $413.7 million in the first nine months of 2010 as compared to $374.4 million in the first nine months of 2009; total GAAP revenue of $139.8 million in the third quarter of 2010 as compared to $128.2 million in the third quarter of 2009; total GAAP revenue of $413.7 million in the first nine months of 2010 as compared to $366.5 million in the first nine months of 2009;
  • A non-GAAP operating profit margin of 49.2% in the third quarter of 2010 as compared to 50.0% in the third quarter of 2009; a non-GAAP operating profit margin of 49.4% in the first nine months of 2010 as compared to 47.8% in the first nine months of 2009; a GAAP operating profit margin of 37.1% in the third quarter of 2010 as compared to 37.2% in the third quarter of 2009; a GAAP operating profit margin of 37.2% in the first nine months of 2010 as compared to 33.6% in the first nine months of 2009;
  • Non-GAAP net income of $47.4 million in the third quarter of 2010 as compared to $41.4 million in the third quarter of 2009; non-GAAP net income of $137.5 million in the first nine months of 2010 as compared to $114.8 million in the first nine months of 2009; GAAP net income of $36.1 million in the third quarter of 2010 as compared to $30.5 million in the third quarter of 2009; GAAP net income of $104.0 million in the first nine months of 2010 as compared to $78.8 million in the first nine months of 2009; and
  • Non-GAAP diluted earnings per share of $0.51 in the third quarter of 2010 as compared to $0.45 in the third quarter of 2009; non-GAAP diluted earnings per share of $1.48 in the first nine months of 2010 as compared to $1.25 in the first nine months of 2009; GAAP diluted earnings per share of $0.39 in the third quarter of 2010 as compared to $0.33 in the third quarter of 2009; GAAP diluted earnings per share of $1.12 in the first nine months of 2010 as compared to $0.86 in the first nine months of 2009.
  • Operating cash flows of $72.3 million in the third quarter of 2010 as compared to $34.1 million in the third quarter of 2009; operating cash flows of $192.1 million in the first nine months of 2010 as compared to operating cash flows of $128.8 million in the first nine months of 2009.

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