PITTSBURGH – Ansys reported first quarter GAAP revenue of $305 million, a decrease of 4% year-over-year.

Net income was $46.1 million, down 47% compared to the first quarter of 2019.

The financial results were near the midpoint of company guidance.

“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,” said Maria Shields, CFO, Ansys. “Despite the challenging backdrop, key first quarter 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.”

On Apr. 1, Ansys acquired Lumerical for approximately $107.5 million, paid in cash. The acquisition adds photonic products to the company's multiphysics portfolio.

The company currently expects second quarter revenue of $330.9 million to $370.9 million. For 2020, Ansys expects revenue of $1.54 billion to $1.62 billion.