Management’s Remaining 2009 and Preliminary 2010 Financial Outlook
The
Company is providing its 2009 revenue and earnings per share guidance
below, as well as its preliminary outlook for 2010. The earnings per
share guidance is provided on both a GAAP basis and a non-GAAP basis.
Non-GAAP revenue and Non-GAAP diluted earnings per share exclude charges
for stock-based compensation, as well as the effects of purchase
accounting for deferred revenue and acquisition-related amortization of
intangible assets.
Fourth Quarter 2009 Guidance
The Company currently expects
the following for the quarter ending December 31, 2009:
- GAAP revenue in the range of $135.8 - $141.8 million
- Non-GAAP revenue in the range of $136 - $142 million
- GAAP diluted earnings per share of $0.34 - $0.38
- Non-GAAP diluted earnings per share of $0.47 - $0.49
Fiscal Year 2009 Guidance
The Company currently expects the
following for the fiscal year ending December 31, 2009:
- GAAP revenue in the range of $502.3 - $508.3 million
- Non-GAAP revenue in the range of $510.4 – $516.4 million
- GAAP diluted earnings per share of $1.20 - $1.24
- Non-GAAP diluted earnings per share of $1.72 - $1.74
Fiscal Year 2010 Preliminary Outlook
The Company currently
expects the following for the fiscal year ending December 31, 2010:
- GAAP revenue growth: 8% - 13%
- GAAP operating margin: 35% - 37%
- GAAP tax rate: 34% - 36%
- GAAP diluted EPS growth: 8% - 18%
- Non-GAAP revenue growth: 6% - 11%
- Non-GAAP operating margin: 47% - 49%
- Non-GAAP tax rate: 34% - 36%
- Non-GAAP diluted EPS growth: 5% - 10%
The fourth quarter and fiscal year 2009 guidance excludes restructuring charges, as well as certain tax-related items as follows:
Excluded from fourth quarter 2009 guidance:
- Non-recurring pre-tax restructuring charges of approximately $1.1 - $1.9 million associated with continued headcount right-sizing initiatives.
- Up to $3 million in tax charges related to cash repatriation activities that are expected to occur in the fourth quarter.
Excluded from fiscal year 2009 guidance:
- Non-recurring pre-tax restructuring charges of approximately $3.9 - $4.7 million associated with headcount right-sizing initiatives, $2.8 million of which was recorded in the results for the nine months ended September 30, 2009.
- Up to $3 million in tax charges related to cash repatriation activities that are expected to occur in the fourth quarter.
- Approximately $2 million in tax benefits related to settlements of tax years previously under audit, all of which was recorded in the results for the nine months ended September 30, 2009.
These statements are forward-looking and actual results may differ
materially. ANSYS is unable to predict the likely duration and severity
of the current disruption in the domestic and global economies. Should
these economic conditions continue to deteriorate further, it could
result in ANSYS not meeting the guidance provided above and ANSYS’
operating results and financial performance could be adversely affected.
Non-GAAP diluted earnings per share and Non-GAAP revenue are
supplemental financial measures and should not be considered as a
substitute for, or superior to, diluted earnings per share or revenue
determined in accordance with GAAP.
