Quarterly Highlights:
- GAAP revenue of $232.4 million and non-GAAP revenue of $233.9 million
- GAAP diluted earnings per share of $0.67 and non-GAAP diluted earnings per share of $0.86
- GAAP operating profit margin of 35.9% and non-GAAP operating profit margin of 47.5%
- Repurchased 970,200 shares at an average price of $74.31
ANSYS, Inc., today announced second quarter 2014 non-GAAP revenue growth of 8% in reported currency and 7% in constant currency. Non-GAAP and GAAP net income increased by 11% and 13%, respectively, while non-GAAP and GAAP diluted earnings per share increased by 12% and 14%, respectively, as compared to Q2 2013. Revenue growth in the second quarter continued across all three major geographic regions, all major product lines and a broad array of industries.
"Q2 was a record quarter for ANSYS with revenues at the high end of our guidance range, and earnings above the high end of our range. We are encouraged by the continued progress that we have made in our Asia-Pacific business, as demonstrated by another quarter of double digit revenue growth. Additionally, most of our key financial metrics performed as anticipated, including our recurring business which represented 71% of non-GAAP revenue for the quarter, our non-GAAP operating profit margin at 47.5% and a record deferred revenue and backlog balance in excess of $440 million. Our results reflect a combination of improved execution in targeted areas of our business, as well as the continuation of softness in certain markets that we highlighted last quarter. During the second quarter, we also returned capital to our stockholders through the repurchase of over 970,000 shares," stated Jim Cashman, ANSYS President and Chief Executive Officer.
ANSYS' second quarter and year-to-date 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.
- Total GAAP revenue of $232.4 million in the second quarter of 2014 as compared to total GAAP revenue of $214.9 million in the second quarter of 2013; total GAAP revenue of $447.6 million in the first six months of 2014 as compared to total GAAP revenue of $412.6 million in the first six months of 2013; total non-GAAP revenue of $233.9 million in the second quarter of 2014 as compared to total non-GAAP revenue of $216.2 million in the second quarter of 2013; total non-GAAP revenue of $450.4 million in the first six months of 2014 as compared to total non-GAAP revenue of $415.7 million in the first six months of 2013;
- A GAAP operating profit margin of 35.9% in the second quarter of 2014 as compared to 36.5% in the second quarter of 2013; a GAAP operating profit margin of 36.3% in the first six months of 2014 as compared to 35.9% in the first six months of 2013; a non-GAAP operating profit margin of 47.5% in the second quarter of 2014 as compared to 48.4% in the second quarter of 2013; a non-GAAP operating profit margin of 47.3% in the first six months of 2014 as compared to 48.3% in the first six months of 2013;
- GAAP net income of $63.0 million in the second quarter of 2014 as compared to $55.9 million in the second quarter of 2013; GAAP net income of $119.6 million in the first six months of 2014 as compared to $107.0 million in the first six months of 2013; non-GAAP net income of $81.5 million in the second quarter of 2014 as compared to $73.4 million in the second quarter of 2013; non-GAAP net income of $153.5 million in the first six months of 2014 as compared to $141.1 million in the first six months of 2013;
- GAAP diluted earnings per share of $0.67* in the second quarter of 2014 as compared to $0.59 in the second quarter of 2013; GAAP diluted earnings per share of $1.26 in the first six months of 2014 as compared to $1.12 in the first six months of 2013; non-GAAP diluted earnings per share of $0.86* in the second quarter of 2014 as compared to $0.77 in the second quarter of 2013; non-GAAP diluted earnings per share of $1.62 in the first six months of 2014 as compared to $1.48in the first six months of 2013; and
- Operating cash flows of $79.8 million in the second quarter of 2014 as compared to $87.1 million in the second quarter of 2013; operating cash flows of $211.5 million in the first six months of 2014 as compared to $182.6 million in the first six months of 2013.
To view an unabridged version of this press release, visit: http://otp.investis.com/clients/us/ansys/usn/usnews-story.aspx?cid=806&newsid=17359
