PITTSBURGH -- Ansys reported first quarter year-over-year revenue growth of 17%, with sales rising to $425 million for the period ended Mar. 31.

Net income slid 2% to $71 million on a GAAP basis; non-GAAP income rose 21% to $119 million.

Operating margin rose to 19.1% from 13.8% the year before.

“We are off to a strong start in 2022. We delivered double-digit ACV and revenue growth in constant currency for the first quarter and exceeded our financial guidance across all key metrics. Our robust results in the first quarter are a testament to the essential role we play in advancing our customers’ digital transformation initiatives as well as our strong customer relationships and leading multiphysics product portfolio. Our customers continue to rely on Ansys simulation to drive innovation across their next-generation products. Looking to the remainder of 2022 and beyond, I am confident in our ability to execute against our model,” said Ajei Gopal, president and CEO, Ansys.

Ansys guided for second quarter revenue of $442 million to $462 million and annual revenue of $2 billion to $2.05 billion.

In a statement, the company said, "Despite the challenging geopolitical environment, the updated FY 2022 guidance reflects an operational raise. We have fully absorbed the removal of Russia and Belarus from our outlook for the remainder of the year and increased our operational outlook on ACV, revenue, diluted EPS and operating cash flows.

"Offsetting this strong outlook, meaningful U.S. Dollar strengthening in exchange rates has created unprecedented headwinds for us. As a result, the guidance also assumes incremental adverse impacts from currency, primarily driven by substantial fluctuations in the Euro and Japanese Yen exchange rates."