[sam id=1 codes='false']

ANSYS Reports Record Q2 2014 Results

ANSYS Reports Record Q2 2014 Results
0 comments, 08/08/2014, by , in News

    Management Increases EPS Guidance and Tightens Range for 2014

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

PITTSBURGH, Pa., Aug. 5, 2014 (GLOBE NEWSWIRE) — ANSYS, Inc. (Nasdaq:ANSS), 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 $1.48 in 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.

*The Company’s results include approximately $2.5 million, or $0.03 per share, in incremental tax benefits associated with the repatriation of funds in connection with international structuring activities. These benefits were not considered in the effective tax rate estimate of 30% that was previously provided with the Company’s financial guidance.

The Company’s GAAP results reflect stock-based compensation charges of approximately $10.2 million ($7.4 million after tax), or $0.08 diluted earnings per share, for the second quarter of 2014 and approximately $17.6 million ($12.8 million after tax), or $0.13 diluted earnings per share, for the first six months of 2014.

The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2014 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months and six months ended June 30, 2014 and 2013, and for the 2014 financial outlook, are included in the condensed financial information included in this release.

Management’s Remaining 2014 Financial Outlook

The Company has provided its third quarter and updated its 2014 revenue and earnings per share guidance below. The revenue and earnings per share guidance is provided on both a GAAP basis and a non-GAAP basis. Third quarter and fiscal year 2014 non-GAAP diluted earnings per share exclude the income statement effects of acquisition accounting adjustments to deferred revenue, stock-based compensation expense, acquisition-related amortization of intangible assets and acquisition-related transaction expenses.

Third Quarter and Fiscal Year 2014 Guidance

The Company currently expects the following for the quarter ending September 30, 2014:

  • GAAP revenue in the range of $231.3 - $239.3 million
  • Non-GAAP revenue in the range of $233.0 - $241.0 million
  • GAAP diluted earnings per share of $0.61 - $0.67
  • Non-GAAP diluted earnings per share of $0.81 - $0.85

The Company currently expects the following for the fiscal year ending December 31, 2014:

  • GAAP revenue in the range of $937.4 - $954.4 million
  • Non-GAAP revenue in the range of $943.0 - $960.0 million
  • GAAP diluted earnings per share of $2.53 - $2.65
  • Non-GAAP diluted earnings per share of $3.29 - $3.37

Conference Call Information

ANSYS will hold a conference call at 10:30 a.m. Eastern Time on August 5, 2014 to discuss second 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 866-652-5200 (US) or 412-317-6060 (Canada & Int’l). The call will be recorded and a replay will be available approximately one hour after the call ends. The replay will be available for 10 days by dialing 877-344-7529 (US) or 412-317-0088 (Canada and Int’l) and entering the passcode 10049814. The archived webcast can be accessed, along with other financial information, on ANSYS’ website athttp://investors.ansys.com/events-and-presentations/events.aspx

- See more at: http://otp.investis.com/clients/us/ansys/usn/usnews-story.aspx?cid=806&newsid=17359#sthash.xLh383d9.dpuf

Tags:
ANSYSNews

About Guest/blogger

Guest/blogger posts belongs to respective authors. The articles/tips are summarized here, if interested in reading the complete blog post, please follow the links given under each post.
[sam id=2 codes='false']
[sam id=4 codes='false']