Quarterly Highlights:
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GAAP and non-GAAP revenue of $245.9 million
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GAAP diluted earnings per share of $0.78 and non-GAAP diluted earnings per share of $0.95
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GAAP operating profit margin of 40.7% and non-GAAP operating profit margin of 49.6%
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Deferred revenue and backlog of $484.8 million at September 30, 2016
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Repurchased 1.2 million shares in the third quarter at an average price of $95.44 and 2.7 million shares in the first nine months at an average price of $90.11
PITTSBURGH, Nov. 03, 2016 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ:ANSS), today announced growth in both revenue and diluted earnings per share for the third quarter of 2016. The Company reported revenue growth of 2% in constant currency on both a GAAP and non-GAAP basis. Earnings per share rose 8% on a GAAP basis and 6% on a non-GAAP basis.
Commenting on the Company’s third quarter 2016 performance, Jim Cashman, ANSYS CEO stated, “Overall, we delivered earnings results which exceeded our expectation, with strong gross and operating margins. Revenue growth, which was at the lower end of our revenue range, was impacted by an increase in leasing and lower year-over-year perpetual revenue due largely to a challenging comparison to Q3 2015. Our lease license revenues grew 7% in constant currency and our maintenance revenue grew 9% in constant currency, contributing to our recurring revenue base strengthening to 76% of revenue for the quarter. Germany, Japan, China and Taiwan led the performance, while we saw slower growth in North America and parts of Europe.”
Cashman further stated, “Today also marks yet another step forward in our systems strategy with the addition of Berlin-based KPIT medini Technologies AG, a leading provider of systems safety analysis solutions. As ANSYS continues expanding its leading simulation software platform into system and software engineering, it is important to include tools in the portfolio that manage and streamline complex system engineering processes. Functional safety aspects of system engineering are of particular importance as many of today’s customer products are of safety-critical nature, such as autonomous driving systems, control systems and avionics.”
ANSYS' third quarter and year-to-date financial results are presented below. The 2016 and 2015 non-GAAP results exclude the income statement effects of acquisition accounting adjustments to deferred revenue, the impact of stock-based compensation, acquisition-related amortization of intangible assets and acquisition-related transaction costs.
GAAP and non-GAAP results reflect:
| GAAP | Non-GAAP | ||||||||||||||||||||
| (in millions, except percentages and per share data) | Q3 2016 | Q3 2015 | % Change | Q3 2016 | Q3 2015 | % Change | |||||||||||||||
| Revenue | $ | 245.9 | $ | 237.8 | 3 | % | $ | 245.9 | $ | 238.2 | 3 | % | |||||||||
| Net income | $ | 69.6 | $ | 66.0 | 5 | % | $ | 84.2 | $ | 82.0 | 3 | % | |||||||||
| Earnings per share | $ | 0.78 | $ | 0.72 | 8 | % | $ | 0.95 | $ | 0.90 | 6 | % | |||||||||
| Operating profit margin | 40.7 | % | 37.9 | % | 49.6 | % | 48.0 | % | |||||||||||||
| Operating cash flow | $ | 82.0 | $ | 77.8 | 5 | % | |||||||||||||||
| GAAP | Non-GAAP | ||||||||||||||||||||
| (in millions, except percentages and per share data) | YTD 2016 | YTD 2015 | % Change | YTD 2016 | YTD 2015 | % Change | |||||||||||||||
| Revenue | $ | 717.8 | $ | 691.1 | 4 | % | $ | 717.9 | $ | 692.5 | 4 | % | |||||||||
| Net income | $ | 195.7 | $ | 184.5 | 6 | % | $ | 236.8 | $ | 231.0 | 3 | % | |||||||||
| Earnings per share | $ | 2.19 | $ | 2.01 | 9 | % | $ | 2.65 | $ | 2.52 | 5 | % | |||||||||
| Operating profit margin | 38.9 | % | 37.1 | % | 47.7 | % | 47.5 | % | |||||||||||||
| Operating cash flow | $ | 260.6 | $ | 258.3 | 1 | % | |||||||||||||||
The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2016 and 2017 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months and nine months ended September 30, 2016 and 2015, and for the 2016 and 2017 financial outlook, are included in the condensed financial information included in this release.
