Revenue was up in all geographies and categories. Looking back two years, Ansys has earned the right to say “what recession?”
Ansys (NASDAQ: ANSS) today reported record fourth quarter and fiscal year results, thanks in part to seven six-figure orders from large, existing customers that came in right at the end of the year.
Fourth quarter 2010 total revenue was $166.6 million, up 10.8% from $150.4 million a year earlier. Software license revenue in the quarter was $105 million, compared to $95.6 million a year earlier. Maintenance and service revenue was $61.5 million, compared to $54.7 million a year earlier.
Net income for the quarter was $49.1 million, up from $37.6 million a year earlier.
By geographies, with year-over-year gain:
- North America, $57.2 million, up 34%
- Germany, $15.9 million, up 10%
- UK, $7.3 million, up 4%
- Other Europe, $33.2 million, up 20%
- Japan, $27 million, up 16%
- Rest of Asia/Pacific, $25.9 million, up 16%
Full year results
For all of 2010, Ansys revenue was $580.2 million, up 12% from $516.8 million a year earlier. License revenue for the year was $351 million, up from $315.6 million in 2009; maintenance and service revenue in 2010 was $229.2 million, up from $201.2 million in 2009.
Net income in 2010 was $153.1 million, up 32% from $116.4 million in 2009.
Year-over-year percentage growth:
- License revenue, up 11%
- Maintenance and service, up 14%
- Operating income, up 20%
- R&D expenses, up 11%
- Sales, general, and administrative expenses, up 13%.
Cash per share on December 31, 2010 was $5.20, up from $3.77 a year earlier. ANSYS has approximately 25% of the revenue of Autodesk or Dassault Systemes, but holds roughly 50% as much cash.
What we think
We always compare results with those of a year previous, but for Ansys the best part of the story is comparing two years back. While 2009 was a real stinker for most engineering software firms, with significant revenue decline, Ansys held steady through the recession. Total revenue continued to climb in 2009—in part due to the timely Ansoft acquistion—and software license revenue took a minor dip.
The release of Ansys 13 in the fourth quarter had a significant impact on these results, possibly preventing Ansys having to report single-digit percentage growth in total revenue. Many users were eager to upgrade immediately for the new ability to run complicated analysis routines on GPU clusters, with drastic performance gains.
Five of our custom charts follow.
L. Stephen Wolfe, P.E. contributed research for this report.