PITTSBURGH -- Ansys reported second-quarter GAAP revenues of $496.6 million, up 5% from the year-ago quarter.

Net income fell 30% to $69.5 million for the period ended Jun. 30.

Subscription lease revenues (27.2% of non-GAAP revenues) rose 1.1% to $135 million. Perpetual licenses revenues (14.1%) fell 4.9% year-over-year to $69.9 million.

Maintenance revenues (55.1%) climbed 10.2% to $273.7 million. Service revenues (3.6%) were up 4.3% to $18 million.

Direct and indirect channels contributed 71.2% and 28.8%, respectively, to non-GAAP revenues.

Annual contract value grew 6% year-over-year to $488.3 million. 

On a geographic basis, non-GAAP revenues from the Americas, EMEA (comprising Germany, the UK and other EMEA) and the Asia-Pacific (Japan and other Asia-Pacific) contributed 44.4%, 25.4% and 30.2% to non-GAAP revenues, respectively.

Non-GAAP revenues from the Americas were up 12% to $220.4 million at cc. EMEA revenues inched up 0.6% to $126.3 million. Revenues from the Asia-Pacific decreased 0.1% to $150 million at cc.

Non-GAAP gross margin was unchanged on a year-over-year basis at 91%. Total operating expenses gained 17.4% to $332.6 million due to higher research and development, and selling, general and administrative expenses.

Non-GAAP operating margin contracted 430 basis points to 36.4%.

As of Jun. 30, cash and short-term investments amounted to $478 million compared with $507.8 million as of Mar 31, 2023. Long-term debt was $753.7 million, versus $753.6 million.

Cash from operations came in at $62.9 million compared with $118.9 million reported in the prior-year quarter.

For third quarter 2023, Ansys expects non-GAAP revenues of $453.7 million to $473.7 million, and for 2023, Ansys projects non-GAAP revenues $2.26 billion to $2.33 million.

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