ANSS

ANSYS, Inc. (ANSS)

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Ansys (ANSS)

Q4 2012 Earnings Call

February 28, 2013 10:30 am ET

Executives

James E. Cashman - Chief Executive Officer, President, Director and Member of Strategy Committee

Maria T. Shields - Chief Financial Officer, Principal Accounting Officer and Vice President of Finance & Administration

Analysts

Steven M. Ashley - Robert W. Baird & Co. Incorporated, Research Division

David Hynes Jr.

Aashiv Shah - Jefferies & Company, Inc., Research Division

Sterling P. Auty - JP Morgan Chase & Co, Research Division

Steven R. Koenig - Wedbush Securities Inc., Research Division

Perry Huang - Goldman Sachs Group Inc., Research Division

Mark W. Schappel - The Benchmark Company, LLC, Research Division

Blair H. Abernethy - Stifel, Nicolaus & Co., Inc., Research Division

Gregory W. Halter - LJR Great Lakes Review

Jay Vleeschhouwer - Griffin Securities, Inc., Research Division

Presentation

Operator

Good morning, and welcome to the ANSYS Q4 and Fiscal Year End Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Jim Cashman, President and CEO. Please go ahead.

James E. Cashman

Okay. Thanks, Ashley. Good morning, and again, thank you, everyone, for joining us to discuss ANSYS' Fourth Quarter and Fiscal Year 2012 Financial Results. Okay, for you first-time attendees, and consistent with the protocol that we've used over the last couple of years, all of the general information and key topics relative to the quarter and the full year business results, as well as our future outlook, are included in this month's earnings -- sorry, this morning's earnings release and in the prepared remarks that we posted on the home page of our Investor Relations website this morning. But before we get started, I'd like to introduce Maria Shields, our CFO, for our Safe Harbor statement. So Maria?

Maria T. Shields

Thanks, Jim. Good morning, everyone. I'd like to remind you that in addition to any risks and uncertainties that we highlight during the course of this call, important factors that may affect our future results are discussed at length in our public filings with the SEC, all of which are also available via our website. Additionally, the company's reported results should not be considered an indication of future performance as there are risks and uncertainties that could impact our business in the future. These statements are based upon our view of the world and our business as of today, and ANSYS undertakes no obligation to update any such information unless we do so in a public forum. Consistent with our standard practice, during the course of this call and in the prepared remarks, we'll be making reference to non-GAAP financial measures. A discussion of the various items that are excluded and a full reconciliation of GAAP to comparable non-GAAP financial measures are included in this morning's earnings release materials and the related Form 8-K.

And on a last note, I'd like to remind everyone that the ANSYS team will be hosting an Investor Day here in Pittsburgh on March 14 at the Renaissance Hotel. We're very excited about the event. And if you're interested to learn more about it, please see our website at ansys.com for more details about the meeting and the webcast. So Jim, I'll turn the call back over to you.

James E. Cashman

Okay. Thanks, Maria. Before we get into the Q&A, I'd like to briefly highlight a few important points about our Q4 and 2012 results and the assumptions that we used to build our Q1 and 2013 outlook.

So I'll begin by saying that Q4 and the full year were milestone periods for ANSYS in many respects. We're really pleased that we were able to finish out the year with a strong close. This is evidenced by our record Q4 financial performance. It exceeded the upper end of guidance for both non-GAAP revenue and earnings.

In constant currency, we delivered 12% revenue growth in Q4 and an annual revenue growth of 17%. We also reported double-digit growth within most of our major geographic regions for both the fourth quarter and the full year and in both major categories of revenue, license and maintenance for the full year.

The top line performance, in turn, yielded strong margins, cash flows and earnings for the quarter and for the year. In the fourth quarter, ANSYS heightened our dedication to partnering with customers to achieve their vision of delivering ANSYS 14.5. The many new features in this release are built on the Workbench platform to allow the evolution of streamlined workflows among simulation applications.

ANSYS 14.5 delivers critical multiphysics solutions, enhancements to pre-processing and meshing capabilities, as well as a new parametric high-performance computing, or HPC, licensing model to make design exploration more scalable. And if you want any more information on this, there's a lot of detail, so check out the details at ansys.com.

Now we really believe that the combination of the breadth and depth of our simulation capabilities, combined with the power, scalability, flexibility and openness of the Workbench platform, puts us in a unique performance position, not only to continue to increase our footprint and expand our relationships within our existing extensive installed base, but also to solve new classes of problems for emerging adopters.

So as we look back at our progress over the course of 2012, we continued to make important strides with a vast and broad array of customers, spread across all geographies and industries. We continued to see the increasing importance of product innovation, integrity and quality as critical business issues requiring the use of advanced simulation.

Read the rest of this transcript for free on seekingalpha.com