ANSYS, Inc. today announced growth in both revenue and diluted earnings per share for the first quarter of 2015. The Company reported revenue growth of 8% in constant currency and GAAP and non-GAAP diluted earnings per share of $0.61 and $0.77, respectively, for the quarter. Recurring revenue, which is comprised of lease license and annual maintenance revenue, totaled 76% of revenue for the first quarter.
"Our Q1 results reflect most major metrics of the business performing in line with our Q1 guidance range, highlighted by solid margins and cash flows from operations, as well as a record deferred revenue and backlog balance of over $477 million. We saw solid execution in North America and Asia-Pacific with 11% and 9% revenue growth in constant currency, respectively. As expected, we continued to be negatively impacted in Europe by the combination of the uncertain macroeconomic environment, stiff currency headwinds and slower than planned sales capacity expansion, with revenue growth year-over-year of 5% in constant currency," commented Jim Cashman, ANSYS President and Chief Executive Officer. "During the quarter, we continued to make important progress on sales hiring in most geographies and on our product portfolio. With the release of ANSYS® 16.0 in Q1, we have significantly extended the ease-of-use and scalability of our world-class engineering simulation platform. These remain key areas of focus as we continue to drive our long-term growth opportunity with ongoing investments in customer engagement and research and development initiatives."
- GAAP revenue of $217.8 million and non-GAAP revenue of $218.4 million
- GAAP diluted earnings per share of $0.61 and non-GAAP diluted earnings per share of $0.77
- Operating cash flows of $114.1 million
- GAAP operating profit margin of 36.8% and non-GAAP operating profit margin of 47.3%
- Record high deferred revenue & backlog of $477.5 million at March 31, 2015
- Repurchase of 1.5 million shares in the first quarter at an average price of $83.38 per share
- Annual Meeting of Stockholders on May 14, 2015 and 2015 Investor Day on June 2, 2015
Management's Remaining 2015 Financial Outlook
The Company has provided its second quarter and fiscal year 2015 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 2015 Guidance
The Company currently expects the following for the quarter ending June 30, 2015:
- GAAP revenue in the range of $229.6 - $237.6 million
- Non-GAAP revenue in the range of $230.0 - $238.0 million
- GAAP diluted earnings per share of $0.59 - $0.66
- Non-GAAP diluted earnings per share of $0.78 - $0.82
The Company currently expects the following for the fiscal year ending December 31, 2015:
- GAAP revenue in the range of $941.6 - $966.6 million
- Non-GAAP revenue in the range of $943.0 - $968.0 million
- GAAP diluted earnings per share of $2.74 - $2.85
- Non-GAAP diluted earnings per share of $3.40 - $3.49
