ANSYS Reports Revenue and Earnings Growth for Fourth Quarter and

ANSYS Reports Revenue and Earnings Growth for Fourth Quarter and Fiscal Year 2009, Updates Outlook

Highlights

Fourth quarter and fiscal year 2009 non-GAAP revenue of $150.6 million and $524.9 million, respectively.
Fourth quarter and fiscal year 2009 non-GAAP diluted EPS of $0.53 and $1.78, respectively, or $0.56 and $1.81, respectively, excluding certain items.
Fourth quarter and fiscal year 2009 operating cash flow of $44.9 million and $173.7 million, respectively.

SOUTHPOINTE, Pa. — (BUSINESS WIRE) — February 25, 2010 — ANSYS, Inc. (NASDAQ: ANSS), a global innovator of simulation software and technologies designed to optimize product development processes, today reported its fiscal fourth quarter and full year 2009 results.

“In addition to the financial results, there were three encouraging aspects to a very chaotic 2009. Foremost, the core thesis of ANSYS was validated and amplified as simulation not only provided transformational advantage to our customers in difficult times, but also aided in the survival of companies during increasingly competitive times. Secondly, the business model that supports this mission continued to prove high resiliency over a wide range of economic environments over the past decade. And lastly, ANSYS demonstrated agility with its nimble response to the tumult in the market. The fourth quarter presented us with a combination of both challenges and opportunities. ANSYS’ ability to deliver solid financial results was driven by our tight alignment with our customers’ research and product development priorities, our broad portfolio of product solutions, and solid execution by our global workforce and channel partners,” commented ANSYS President & CEO Jim Cashman.

ANSYS' fourth quarter and full year 2009 financial results are presented below. The non-GAAP results exclude the income statement effects of stock-based compensation, purchase accounting for deferred revenue and acquisition-related amortization of intangible assets. Non-GAAP and GAAP results reflect:

Total non-GAAP revenue of $150.6 million in the fourth quarter of 2009 as compared to $143.3 million in the fourth quarter of 2008; total non-GAAP revenue of $524.9 million in 2009 as compared to $493.0 million in 2008; total GAAP revenue of $150.4 million in the fourth quarter of 2009 as compared to $135.3 million in the fourth quarter of 2008; total GAAP revenue of $516.9 million in 2009 as compared to $478.3 million in 2008;
A non-GAAP operating profit margin of 51.5% in the fourth quarter of 2009 as compared to 48.8% in the fourth quarter of 2008; a non-GAAP operating profit margin of 48.9% in 2009 as compared to 47.5% in 2008; a GAAP operating profit margin of 40.1% in the fourth quarter of 2009 as compared to 33.8% in the fourth quarter of 2008; a GAAP operating profit margin of 35.5% in 2009 as compared to 35.5% in 2008;
Non-GAAP net income (see below) of $48.9 million in the fourth quarter of 2009 as compared to $46.6 million in the fourth quarter of 2008; non-GAAP net income of $163.7 million in 2009 as compared to $152.4 million in 2008; GAAP net income of $37.6 million in the fourth quarter of 2009 as compared to GAAP net income of $31.9 million in the fourth quarter of 2008; GAAP net income of $116.4 million in 2009 as compared to GAAP net income of $111.7 million in 2008; and
Non-GAAP diluted earnings per share (see below) of $0.53 in the fourth quarter of 2009 as compared to $0.50 in the fourth quarter of 2008; non-GAAP diluted earnings per share of $1.78 in 2009 as compared to $1.76 in 2008; GAAP diluted earnings per share of $0.41 in the fourth quarter of 2009 as compared to GAAP diluted earnings per share of $0.34 in the fourth quarter of 2008; GAAP diluted earnings per share of $1.27 in 2009 as compared to GAAP diluted earnings per share of $1.29 in 2008.
Operating cash flows of $44.9 million in the fourth quarter of 2009 as compared to $61.7 million in the fourth quarter of 2008; operating cash flows of $173.7 million for fiscal year 2009 as compared to $196.7 million for fiscal year 2008.

The GAAP and non-GAAP results discussed above include the following:

Restructuring charges of $870,000 ($560,000 after tax) and $3.7 million ($2.4 million after tax) during the fourth quarter and fiscal year 2009, respectively;
Tax charges of $2.0 million during the fourth quarter of 2009 related to the repatriation of cash from the Company’s international subsidiaries;
Tax benefits of $2.0 million during the second quarter of 2009 related to the settlement of tax years previously under audit; and
Tax benefits of $2.0 million during the fourth quarter of 2008 related to U.S. research and development activities that occurred during the first nine months of 2008. These amounts were recorded in the fourth quarter of 2008 when the U.S. government approved the related tax credits retroactive to January 1, 2008.

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