ANSYS, Inc., today announced growth in both revenue and diluted earnings per share for the first quarter of 2014. Total GAAP and non-GAAP revenue each increased 9% over the first quarter of 2013. GAAP net income and diluted earnings per share each increased 11% over the first quarter of 2013, while non-GAAP net income and diluted earnings per share increased by 6% and 7%, respectively.
"There are two major themes to the start of our fiscal year. First and foremost, the solid performance of our organic business, and the second being another milestone in our long history of adding strategic acquisitions. The major business metrics for the quarter finished in the upper half of our outlook, highlighted by continued strong margins and earnings, a deferred revenue and backlog balance of $437 million, and record cash flows from operations of $132 million," commented Jim Cashman, ANSYS President and Chief Executive Officer. "During the quarter, we continued to make important progress on both the sales hiring and product fronts. These remain key areas of focus as we continue to drive our long-term growth opportunity with on-going investments in customer engagement and research and development initiatives."
Cashman further stated, "Today also marks yet another milestone in achieving our vision of Simulation Driven Product Development™ as we completed the acquisition of SpaceClaim. The addition of SpaceClaim accelerates our collaboration and ease-of-use initiatives by several years, helping ANSYS deliver simulation tools to any engineer in any industry – at the earliest stages of the design cycle – expanding ANSYS' user base from analysts and expert users to include five million design and other non-traditional users. It also launches us into a new paradigm for innovation, creating an entrée for us into unconventional markets. We welcome SpaceClaim's comprehensive team of talented people to the ANSYS family."
ANSYS' first quarter financial results are presented below. The 2014 and 2013 non-GAAP results exclude the income statement effects of acquisition adjustments to deferred revenue, the impact of stock-based compensation and acquisition-related amortization of intangible assets, as well as acquisition-related transaction costs.
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