PITTSBURGH, PA, Aug 6, 2020 – ANSYS announced financial results for the second quarter of 2020. Revenue for the second quarter of 2020 was $385.7M, compared to $304.9M for the first quarter of 2020. GAAP net income was $96.5M.
“Q2 was a very strong quarter for Ansys, with revenue, operating margins and earnings exceeding the high end of our financial guidance. I’m excited that during the quarter we closed both the largest deal in our 50-year history as well as our largest sales agreement for new business. These results demonstrate the strength and resilience of our business and give us confidence for the future,” said Ajei Gopal, Ansys president and CEO.
Gopal further stated, “Our recent launch of Ansys 2020 Release 2 delivers enhanced functionality across the simulation portfolio to help customers generate larger, more complex designs easier and faster than ever. And we recently hosted Simulation World, the largest virtual simulation event ever held, to build excitement for those world-class products.”
“Our continued focus and ability to adjust our execution against the real-time operating realities of the current business environment yielded strong financial results. These reflect the resiliency of both our business model and our team. Our stronger than expected revenue performance drove operating margins and earnings that were also above the high end of our guidance. Our financial results included growth in both ACV and operating cash flows, while 83% of ACV was from recurring sources in the second quarter. We also reported a record second quarter balance of deferred revenue and backlog of $846 million, an increase of 18% over the second quarter of 2019. While we continue to plan for a challenging market environment in the near term, we remain confident that Ansys is very well positioned with a combination of a strong balance sheet, cash flow from operations and ample liquidity for our ongoing operations and to support future growth aspirations. As we look ahead into the second half of the year, we will continue to balance fiscal discipline with the need to continue to invest in our business to maintain our leadership and to pursue our strategy of making simulation pervasive,” stated Maria Shields, chief financial officer of Ansys.
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.