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Thursday, May 05, 2016

ANSYS Reports First Quarter 2016 Financial Results

ANSYS, Inc. today announced its financial results for the first quarter of 2016.  The Company reported GAAP and non-GAAP revenue growth in constant currency of 6% and 5%, respectively, and GAAP and non-GAAP diluted earnings per share of $0.63 and $0.77, respectively, for the quarter.  Recurring revenue, which is comprised of lease license and maintenance revenue, totaled 78% of revenue for the first quarter. 

“Our first quarter results reflect a solid start to the year with strong contributions from markets such as India and China, partially offset by less than expected growth in Europe and North America.  We are highly focused on improving direct and indirect sales execution, enhancing our growth rates and continuing to generate returns for our shareholders over the long-term. Through solid internal execution and discipline, we achieved strong margins and earnings, we generated over $100 million in operating cash flow and we continued to return capital to shareholders through our recently increased share repurchase plan,” commented Jim Cashman, ANSYS President and Chief Executive Officer. 

He continued, “During Q1, we signed an enterprise license agreement of over $10 million with one of our long-standing industrial equipment customers, successfully completing the largest displacement of a competitor’s mechanical code in our history, and ultimately proved that the ANSYS solutions are more capable, accurate and faster.   As we have observed our customers’ historical buying preferences evolving, we have recently expanded our licensing offerings, introducing a new elastic licensing model in the first quarter.  Providing usage-based access to virtually our entire portfolio is yet another significant differentiator for ANSYS and an additional means to reach a greater number of users.” 

The 2016 and 2015 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.  Reconciliations of these measures to the appropriate GAAP measures for the three months ended March 31, 2016 and 2015, and for the 2016 financial outlook, are included in the condensed financial information included in this release. 

The Company has provided its second quarter and fiscal year 2016 revenue and earnings per share guidance below. The earnings per share guidance is provided on both a GAAP and a non-GAAP basis.  Non-GAAP diluted earnings per share excludes charges for stock-based compensation, the income statement effects of acquisition accounting for deferred revenue, acquisition-related amortization of intangible assets and acquisition-related transaction costs. 

Second Quarter and Fiscal Year 2016 Guidance  

The Company currently expects the following for the quarter ending June 30, 2016:

  • GAAP revenue in the range of $240.0 - $248.0 million
  • Non-GAAP revenue in the range of $240.0 - $248.0 million
  • GAAP diluted earnings per share of $0.69 - $0.75
  • Non-GAAP diluted earnings per share of $0.86 - $0.90
  • The Company currently expects the following for the fiscal year ending December 31, 2016:
  • GAAP revenue in the range of $990.0 - $1,020 million ($1.02 billion)
  • Non-GAAP revenue in the range of $990.0 - $1,020 million ($1.02 billion)
  • GAAP diluted earnings per share of $2.81 - $2.98
  • Non-GAAP diluted earnings per share of $3.48 - $3.62

These statements are forward-looking and actual results may differ materially.  Non-GAAP diluted earnings per share is a supplemental financial measure and should not be considered as a substitute for, or superior to, diluted earnings per share determined in accordance with GAAP.

ANSYS will hold a conference call at 10:30 a.m. Eastern Time on May 5, 2016 to discuss first quarter results. The Company will provide its prepared remarks on the Company’s investor relations homepage and as an exhibit in its Form 8-K in advance of the call to provide shareholders and analysts with additional time and detail for analyzing its results in preparation for the conference call. The prepared remarks will not be read on the call – only brief remarks will be made prior to the Q&A session.

To participate in the live conference call, dial 855-239-2942 (US) or 412-542-4124 (Canada & Int’l). The call will be recorded and a replay will be available approximately one hour after the call ends. 

To view the original press release, please click here.

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