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ANSYS (ANSS) Q1 Earnings & Revenue Top Estimates, Rise Y/Y
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ANSYS Inc. (ANSS - Free Report) reported first-quarter 2022 earnings of $1.36 per share, which beat the Zacks Consensus Estimate by 19.3%. The bottom line increased 21.5% year over year.
Non-GAAP Revenues of $428.6 million surpassed the Zacks Consensus Estimate by 5.46%. The top line increased 15% (up 18% at constant-currency or cc) from the year-ago quarter.
Higher demand for advanced simulation tools for 5G, high-performance computing, IoT, and increasingly complicated chip designs boosted high-tech and semiconductor industry growth in the Americas and the Asia-Pacific regions. Deferred revenues and backlog were $1.203 billion, up 29% year over year.
In the past year, shares of ANSYS have declined 13.2% against the industry’s growth of 4.9%.
Subscription lease revenues (21.4% of non-GAAP revenues) increased 40.9% at cc to $91.5 million. Perpetual licenses’ revenues (15.4%) increased 0.1% year over year at cc to $65.9 million.
Maintenance revenues (58.5%) increased 16.6% at cc to $250.7 million. Service revenues (4.8%) rose 23.1% year over year to $20.3 million.
Direct and indirect channels contributed 72.5% and 27.5%, respectively, to non-GAAP revenues.
Annual contract value or ACV increased 7.8% year over year (up 10.8% at cc) to $344.1 million.
On a geographic basis, non-GAAP revenues from the Americas, EMEA (comprising Germany, the U.K. and other EMEA) and the Asia-Pacific (Japan and Other Asia-Pacific) contributed 48.1%, 24.7% and 27.1% to non-GAAP revenues, respectively.
Non-GAAP revenues from the Americas were up 23.4% to $206.3 million at cc. Revenues from EMEA increased 7.9% to $105.9 million. Revenues from the Asia-Pacific increased 20.3% to $116.3 million.
Strength in the aerospace and defense, high-tech, and automotive sectors increased overall revenues.
Operating Details
The non-GAAP gross margin expanded 110 basis points (bps) on a year-over-year basis to 89.6%.
Total operating expenses increased 11.2% year over year to $279.1 million due to higher research and development, as well as selling, general and administrative expenses.
The non-GAAP operating margin expanded 120 bps on a year-over-year basis to 34.7%.
Balance Sheet & Cash Flow
As of Mar 31, 2022, cash and short-term investments amounted to $657.8 million compared with $668 million as of Dec 31, 2021.
As of Mar 31, 2022, the company’s long-term debt stood at $744.5 million compared with $753.6 million as of Dec 31, 2021.
The company generated cash from operations of $210.9 million compared with $171.1 million in the prior-year quarter.
The company repurchased 500,000 shares worth $155.6 million in the first quarter. As of Mar 31, 2022, it had 2 million shares remaining under the share buyback program.
Guidance
For second-quarter 2022, ANSYS expects non-GAAP earnings of $1.46-$1.64 per share. The Zacks Consensus Estimate is pegged at $1.83.
Non-GAAP revenues are anticipated between $450 million and $475 million. Management projects a non-GAAP operating margin of 36-38.1%.
For 2022, ANSYS expects non-GAAP revenues of $2.005-$2.065 billion. The Zacks Consensus Estimate is pegged at $2.07 billion.
Management expects a non-GAAP operating margin of 41-42% for 2022.
Non-GAAP earnings are envisioned to be $7.53-$7.94 per share. The Zacks Consensus Estimate for earnings is pegged at $7.97 per share.
ACV is anticipated between $1.96 billion and $2.02 billion, while the operating cash flow is projected between $570 million and $610 million for 2022.
The Zacks Consensus Estimate for Avnet’s fiscal 2022 earnings is pegged at $6.83 per share, rising 20.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 37.2%.
Avnet’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 21.22%. Shares of Avnet have grown 7.6% in the past year.
The Zacks Consensus Estimate for Hoya’s fiscal 2022 earnings is pegged at $3.80 per share, declining 0.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 20.9%.Shares of Hoya have decreased 16.4% in the past year.
The Zacks Consensus Estimate for Perficient’s 2022 earnings is pegged at $4.30 per share, up 0.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 18%.
Perficient’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 4.8%. Shares of Perficient have grown 54.6% in the past year.
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ANSYS (ANSS) Q1 Earnings & Revenue Top Estimates, Rise Y/Y
ANSYS Inc. (ANSS - Free Report) reported first-quarter 2022 earnings of $1.36 per share, which beat the Zacks Consensus Estimate by 19.3%. The bottom line increased 21.5% year over year.
Non-GAAP Revenues of $428.6 million surpassed the Zacks Consensus Estimate by 5.46%. The top line increased 15% (up 18% at constant-currency or cc) from the year-ago quarter.
Higher demand for advanced simulation tools for 5G, high-performance computing, IoT, and increasingly complicated chip designs boosted high-tech and semiconductor industry growth in the Americas and the Asia-Pacific regions. Deferred revenues and backlog were $1.203 billion, up 29% year over year.
In the past year, shares of ANSYS have declined 13.2% against the industry’s growth of 4.9%.
ANSYS, Inc. Price, Consensus and EPS Surprise
ANSYS, Inc. price-consensus-eps-surprise-chart | ANSYS, Inc. Quote
Quarter in Detail
Subscription lease revenues (21.4% of non-GAAP revenues) increased 40.9% at cc to $91.5 million. Perpetual licenses’ revenues (15.4%) increased 0.1% year over year at cc to $65.9 million.
Maintenance revenues (58.5%) increased 16.6% at cc to $250.7 million. Service revenues (4.8%) rose 23.1% year over year to $20.3 million.
Direct and indirect channels contributed 72.5% and 27.5%, respectively, to non-GAAP revenues.
Annual contract value or ACV increased 7.8% year over year (up 10.8% at cc) to $344.1 million.
On a geographic basis, non-GAAP revenues from the Americas, EMEA (comprising Germany, the U.K. and other EMEA) and the Asia-Pacific (Japan and Other Asia-Pacific) contributed 48.1%, 24.7% and 27.1% to non-GAAP revenues, respectively.
Non-GAAP revenues from the Americas were up 23.4% to $206.3 million at cc. Revenues from EMEA increased 7.9% to $105.9 million. Revenues from the Asia-Pacific increased 20.3% to $116.3 million.
Strength in the aerospace and defense, high-tech, and automotive sectors increased overall revenues.
Operating Details
The non-GAAP gross margin expanded 110 basis points (bps) on a year-over-year basis to 89.6%.
Total operating expenses increased 11.2% year over year to $279.1 million due to higher research and development, as well as selling, general and administrative expenses.
The non-GAAP operating margin expanded 120 bps on a year-over-year basis to 34.7%.
Balance Sheet & Cash Flow
As of Mar 31, 2022, cash and short-term investments amounted to $657.8 million compared with $668 million as of Dec 31, 2021.
As of Mar 31, 2022, the company’s long-term debt stood at $744.5 million compared with $753.6 million as of Dec 31, 2021.
The company generated cash from operations of $210.9 million compared with $171.1 million in the prior-year quarter.
The company repurchased 500,000 shares worth $155.6 million in the first quarter. As of Mar 31, 2022, it had 2 million shares remaining under the share buyback program.
Guidance
For second-quarter 2022, ANSYS expects non-GAAP earnings of $1.46-$1.64 per share. The Zacks Consensus Estimate is pegged at $1.83.
Non-GAAP revenues are anticipated between $450 million and $475 million.
Management projects a non-GAAP operating margin of 36-38.1%.
For 2022, ANSYS expects non-GAAP revenues of $2.005-$2.065 billion. The Zacks Consensus Estimate is pegged at $2.07 billion.
Management expects a non-GAAP operating margin of 41-42% for 2022.
Non-GAAP earnings are envisioned to be $7.53-$7.94 per share. The Zacks Consensus Estimate for earnings is pegged at $7.97 per share.
ACV is anticipated between $1.96 billion and $2.02 billion, while the operating cash flow is projected between $570 million and $610 million for 2022.
Zacks Rank & Stocks to Consider
ANSYS currently carries a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the broader industry are Avnet (AVT - Free Report) , Hoya (HOCPY - Free Report) and Perficient (PRFT - Free Report) . Avnet currently sports a Zacks Rank #1, while Hoya and Perficient carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Avnet’s fiscal 2022 earnings is pegged at $6.83 per share, rising 20.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 37.2%.
Avnet’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 21.22%. Shares of Avnet have grown 7.6% in the past year.
The Zacks Consensus Estimate for Hoya’s fiscal 2022 earnings is pegged at $3.80 per share, declining 0.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 20.9%.Shares of Hoya have decreased 16.4% in the past year.
The Zacks Consensus Estimate for Perficient’s 2022 earnings is pegged at $4.30 per share, up 0.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 18%.
Perficient’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 4.8%. Shares of Perficient have grown 54.6% in the past year.