PITTSBURGH -- Ansys today reported first quarter revenue grew 12% year-over-year to $253.4 million.
Net income was also up 12%, to $63.3 million for the period ended Mar. 31.
Operating margin was 33.7%, down 390 basis points. Cash from operations was up 13.7% to $125.9 million.
Recurring revenue, which is comprised of lease license and annual maintenance revenue, totaled 78% of revenue for the first quarter.
The company took GAAP restructuring charges of $9.3 million ($6.2 million, net of tax) in the quarter related to one-time severance benefits and other costs related to a realignment announced in December. It expects to incur additional charges of $2 million to $4 million, primarily during the second quarter.
Ansys CEO and president Ajei Gopal said, “I am delighted to see our focus on sales execution has resulted in substantial year-over-year growth in software license revenues, in double-digit revenue growth in both North America and Asia-Pacific, and in continued solid performance from our channel partners, most notably in China, India, and South Korea. While our European business has shown early signs of revitalization, for example with double-digit growth in France, we still have organizational and go-to-market work ahead of us to get Europe delivering on par with our other geographies. We are committed to investing in our business to capture the exciting long-term opportunities we see ahead."
Ansys expects GAAP revenue of $253.6 million to $262.6 million in the second quarter.