PITTSBURGH, PA, May 8, 2020 – ANSYS announced financial results for the first quarter of 2020. Revenue for the first quarter of 2020 was $304.9M, compared to $486.2M for the fourth quarter of 2019. GAAP net income was $46M.
Ajei Gopal , Ansys president & CEO, stated, “I am very proud that the Ansys team has come together, despite working remotely, to close deals and to continue providing outstanding support to our customers. That effort, in the face of uncertain global economic conditions, has led to Ansys delivering financial results near the midpoint of our guidance. We have also continued to drive innovation across our multiphysics portfolio through organic product development seen in Ansys 2020 Release 1 as well as through acquisitions.
Despite the market uncertainties, we believe that our strategy of making simulation pervasive across the product lifecycle remains more relevant than ever. That strategy accelerates customers’ key research and development initiatives – which are often less impacted by economic slowdowns – including emerging areas like electrification, autonomy, 5G, and the industrial internet of things. These companies understand the need for continued investment to maintain, or even build upon, their competitive advantage. So we will continue to focus on executing this strategy while prudently investing in growth opportunities that put us in a stronger position for the long term.”
Maria Shields , Ansys CFO, stated, “Although the current economic environment will continue to have a negative impact on our revenue and ACV growth, we entered into the COVID-19 crisis fiscally disciplined and with the benefit of a strong financial position and a high level of recurring sources comprising our ACV. Despite the challenging backdrop, key Q1 results reflect the strength and resiliency of our business model with cash of $718 million and deferred revenue and backlog of $835 million , an increase of 24% over the year-ago period. Given the high level of near-term economic uncertainty, we will continue to be fiscally disciplined by closely managing our discretionary spending. At the same time, we will continue to try to strike the right balance between short- and long-term strategic investments that we believe will position us well for the future. Our 50 year history as a leader in engineering simulation, best-in-class product portfolio and long-standing customer relationships that have been built over decades give us confidence that we will emerge from this crisis better positioned to respond to the needs of our customers and to capitalize on our long-term growth aspirations.”
A complete chart of the financial results is available here.
If you’ve ever seen a rocket launch, flown on an airplane, driven a car, used a computer, touched a mobile device, crossed a bridge or put on wearable technology, chances are you’ve used a product where Ansys software played a critical role in its creation. Ansys is the global leader in engineering simulation. Through their strategy of Pervasive Engineering Simulation, they help the world’s most innovative companies deliver radically better products to their customers. By offering the best and broadest portfolio of engineering simulation software, they help them solve the most complex design challenges and create products limited only by imagination. Founded in 1970, Ansys is headquartered south of Pittsburgh, PA, USA.
Visit www.ansys.com for more information.