Key Highlights - Q2 2019
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GAAP revenue of $368.6 million and non-GAAP revenue of $370.5 million
- GAAP diluted earnings per share of $1.28 and non-GAAP diluted earnings per share of $1.61
- GAAP operating profit margin of 34.9% and non-GAAP operating profit margin of 45.6%
- Deferred revenue and backlog of $717.3 million at June 30, 2019, an increase of 22% over June 30, 2018
- Annual contract value (ACV) growth of 14% and 10% in constant currency for Q2 2019 and the six months ended June 30, 2019 (YTD), respectively
- Repurchased 0.1 million shares in the second quarter at an average price of $179.36 per share and 0.3 million shares YTD at an average price of $179.41 per share
PITTSBURGH, Aug. 05, 2019 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported second quarter 2019 GAAP and non-GAAP revenue growth of 21% and 20%, respectively, or 23% for each in constant currency. For the second quarter, the Company reported growth in diluted earnings per share of 19% on both a GAAP and non-GAAP basis.
Ajei Gopal, ANSYS President & CEO, commented, “Our focus on sales execution, coupled with our world-class products, has resulted in another quarter of excellent financial performance. We surpassed the high end of our expectations for both revenue and earnings, driven by double-digit revenue growth across each of our three major geographies. We also closed the largest single-physics deal in our company history, a $49 million, multi-year lease deal in the high-tech space. In May, we released ANSYS® R2, which builds upon our industry-leading product portfolio, empowering customers to do more with multiphysics in less time, automating simulation and making it easier to use. We also expanded our partner ecosystem during Q2 - a key part of our pervasive simulation strategy - announcing new agreements with BMW and Airbus. Our results are a testament to the strength of our product portfolio and our deep customer relationships.”
Maria Shields, ANSYS CFO, stated, “Consistent execution across the board led to another quarter of excellent performance, with double-digit earnings growth and operating profit margin exceeding the high end of our guidance. Our results demonstrate that the investments we are making, combined with our operational focus, are continuing to pay off. More importantly, we have been able to achieve these results while strategically investing in our business for the long term. We remain confident in our ability to meet our targets and drive long-term growth."
Financial Results
ANSYS' second quarter and YTD 2019 and 2018 financial results are presented below. The 2019 and 2018 non-GAAP results exclude the income statement effects of the acquisition accounting adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets, transaction costs related to business combinations, and adjustments related to the transition tax associated with the Tax Cuts and Jobs Act.
GAAP and non-GAAP results:
| GAAP | Non-GAAP | ||||||||||||||||||||
| (in millions, except percentages and per share data) |
Q2 QTD
2019 |
Q2 QTD
2018 | % Change |
Q2 QTD
2019 |
Q2 QTD
2018 | % Change | |||||||||||||||
| Revenue | $ | 368.6 | $ | 305.9 | 21 | % | $ | 370.5 | $ | 308.9 | 20 | % | |||||||||
| Net income | $ | 109.8 | $ | 92.6 | 19 | % | $ | 137.9 | $ | 115.8 | 19 | % | |||||||||
| Diluted earnings per share | $ | 1.28 | $ | 1.08 | 19 | % | $ | 1.61 | $ | 1.35 | 19 | % | |||||||||
| Operating profit margin | 34.9 | % | 35.5 | % | 45.6 | % | 47.3 | % | |||||||||||||
