Details related to our financial guidance, including assumptions and economic impacts of COVID-19, are detailed in our prepared remarks document.
/ Key Highlights - Q1 2021
- GAAP revenue of $363.2 million and non-GAAP revenue of $372.1 million
- GAAP diluted earnings per share of $0.82 and non-GAAP diluted earnings per share of $1.12
- GAAP operating profit margin of 13.8% and non-GAAP operating profit margin of 33.5%
- Operating cash flows of $171.1 million
- Annual contract value (ACV) of $319.4 million
- Deferred revenue and backlog of $936.5 million at March 31, 2021
PITTSBURGH, May 05, 2021 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported first quarter 2021 GAAP and non-GAAP revenue growth of 19% and 20% in reported currency, respectively, or 16% and 17% in constant currency, respectively, when compared to the first quarter of 2020. For the first quarter of 2021, the Company reported diluted earnings per share of $0.82 and $1.12 on a GAAP and non-GAAP basis, respectively, compared to $0.53 and $0.83 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2020.
“Ansys achieved excellent results for the first quarter, delivering double-digit revenue and earnings growth. The underlying strength in our business, coupled with the strategic role we play in enabling and advancing our customers’ digital transformation, gives us continued confidence in our ability to execute against our goals,” said Ajei Gopal, Ansys President and CEO.
Nicole Anasenes, Ansys CFO, stated, “Our first quarter results represent a strong start to the year, continuing the outstanding performance from Q4 of last year. We saw strong channel and small- and medium-sized account performance for the second quarter in a row, contributing to both ACV and revenue growth. We are optimistic about the positive indicators we saw in Q1 and the strength of our current pipeline. We are raising our full year 2021 guidance across all guidance metrics: ACV, revenue, EPS and operating cash flow.”
/ Financial Results
Ansys' first quarter 2021 and 2020 financial results are presented below. The 2021 and 2020 non-GAAP results exclude the income statement effects of the acquisition accounting adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets, and transaction expenses related to business combinations.
GAAP and non-GAAP results are as follows:
| GAAP | Non-GAAP | ||||||||||||||||||||
| (in millions, except percentages and per share data) | Q1 2021 | Q1 2020 | % Change | Q1 2021 | Q1 2020 | % Change | |||||||||||||||
| Revenue | $ | 363.2 | $ | 305.0 | 19 | % | $ | 372.1 | $ | 308.9 | 20 | % | |||||||||
| Net income | $ | 72.4 | $ | 46.1 | 57 | % | $ | 98.9 | $ | 72.3 | 37 | % | |||||||||
| Diluted earnings per share | $ | 0.82 | $ | 0.53 | 55 | % | $ | 1.12 | $ | 0.83 | 35 | % | |||||||||
| Operating profit margin | 13.8 | % | 11.2 | % | 33.5 | % | 29.3 | % | |||||||||||||
The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2021 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months ended March 31, 2021 and 2020, and for the 2021 financial outlook, can be found in the condensed financial information included in this release.
