“While the global environment remains challenging, our revenues were within the range of our outlook with the ANSYS organic business stable in constant currencies. Our non-GAAP earnings exceeded the upper end of the range and were further supplemented by approximately $.02 of favorable tax benefits. We continued to deliver on our stated objectives of strong operating margins and cash flows, even during a time when the exact timing of business intake patterns is difficult to predict,” stated Jim Cashman, ANSYS president and CEO.
Cashman continued, “This quarter’s results reflect our ongoing commitment to manage our business with strong discipline. At the same time, we have been able to help our customers adjust to the current climate by leveraging ANSYS technology to improve their own competitive positions with better quality, innovative products created in less time and at lower cost. While delivering on commitments, we have also continued to prepare for future growth opportunities and eventual market improvement. With the recent commercial release of ANSYS® 12.0 and ANSYS WorkbenchTM 2.0, and upcoming releases of our AnsoftTM suite of products, we are excited about the strength of our product portfolio and believe that we are well-positioned to continue delivering long-term value to our customers and our stockholders.”
ANSYS' second quarter 2009 financial results are presented below. The non-GAAP results exclude the income statement effects of stock-based compensation and acquisition-related amortization of intangible assets. The 2009 non-GAAP results also exclude the effects of purchase accounting adjustments to deferred revenue. These non-GAAP results include approximately $1.3 million ($840,000 after tax) of restructuring charges and $2.0 million of tax benefits related to settlements of tax years previously under audit. Excluding these items, the Company’s non-GAAP diluted earnings per share for the three and six months ended June 30, 2009, would have been $0.41 and $0.79, respectively.
Non-GAAP and GAAP results reflect:
- Total non-GAAP revenue of $124.2 million in the second quarter of 2009 as compared to $111.2 million in the second quarter of 2008; total non-GAAP revenue of $245.6 in the first six months of 2009 as compared to $220.8 million in the first six months of 2008; total GAAP revenue of $122.0 million in the second quarter of 2009 as compared to $111.2 million in the second quarter of 2008; total GAAP revenue of $238.3 million in the first six months of 2009 as compared to $220.8 million in the first six months of 2008;
- A non-GAAP operating profit margin of 47.3% in the second quarter of 2009 as compared to 48.4% in the second quarter of 2008; a non-GAAP operating profit margin of 46.7% in the first six months of 2009 as compared to 47.9% in the first six months of 2008; a GAAP operating profit margin of 33.3% in the second quarter of 2009 as compared to 39.4% in the second quarter of 2008; a GAAP operating profit margin of 31.7% in the first six months of 2009 as compared to 38.8% in the first six months of 2008;
- Non-GAAP net income of $38.9 million in the second quarter of 2009 as compared to $34.7 million in the second quarter of 2008; non-GAAP net income of 73.4 million in the first six months of 2009 as compared to $67.2 million in the first six months of 2008; GAAP net income of $27.1 million in the second quarter of 2009 as compared to $28.1 million in the second quarter of 2008; GAAP net income of $48.2 million in the first six months of 2009 as compared to $54.0 million in the first six months of 2008; and
- Non-GAAP diluted earnings per share of $0.43 in the second quarter of 2009 as compared to $0.42 in the second quarter of 2008; non-GAAP diluted earnings per share of $0.80 in the first six months of 2009 as compared to $0.82 in the first six months of 2008; GAAP diluted earnings per share of $0.30 in the second quarter of 2009 as compared to $0.34 in the second quarter of 2008; GAAP diluted earnings per share of $0.53 in the first six months of 2009 as compared to $0.66 in the first six months of 2008.
The Company's GAAP results reflect stock-based compensation charges of
approximately $3.0 million ($2.4 million after tax) or $0.03 diluted
earnings per share for the second quarter of 2009 and approximately $6.1
million ($4.9 million after tax) or $0.05 diluted earnings per share for
the first six months of 2009. The non-GAAP financial results highlighted
above, and the non-GAAP financial outlook for 2009 discussed below,
represent non-GAAP financial measures. Reconciliations of these measures
to the appropriate GAAP measures, for the three and six months ended
June 30, 2009 and 2008, and for the 2009 financial outlook, are included
in the condensed financial information included in this release.
