On July 31, 2024, Ansys Inc (ANSS, Financial) released its 8-K filing for the second quarter of 2024, showcasing impressive financial results that surpassed analyst expectations. Ansys, a leading engineering software company, provides simulation capabilities for various industries, including aerospace, defense, and automotive, serving over 50,000 customers globally.
Performance Overview
Ansys Inc (ANSS, Financial) reported Q2 2024 revenue of $594.1 million, a 19.6% increase from $496.6 million in Q2 2023. This figure significantly exceeded the analyst estimate of $549.30 million. The company's GAAP diluted earnings per share (EPS) stood at $1.48, while non-GAAP diluted EPS was $2.50, both surpassing the estimated EPS of $2.12.
Key Financial Achievements
Several financial metrics highlight Ansys Inc (ANSS, Financial)'s robust performance:
| Metric | Q2 2024 | Q2 2023 | % Change |
|---|---|---|---|
| Revenue | $594.1 million | $496.6 million | 19.6% |
| Net Income | $130.0 million | $69.5 million | 87.0% |
| GAAP EPS | $1.48 | $0.80 | 85.0% |
| Gross Margin | 88.3% | 86.2% | - |
| Operating Profit Margin | 26.5% | 19.3% | - |
Income Statement and Cash Flow Highlights
For Q2 2024, Ansys Inc (ANSS, Financial) reported an operating cash flow of $80.7 million and unlevered operating cash flow of $90.7 million. The company's annual contract value (ACV) reached $520.5 million, with deferred revenue and backlog totaling $1,394.0 million as of June 30, 2024.
Strategic Developments and Future Outlook
During the quarter, Ansys Inc (ANSS, Financial) secured two multi-year contracts worth a combined $210 million, one in the automotive industry and another in the high-tech sector. These contracts significantly contributed to the revenue growth observed in Q2 2024.
Additionally, Ansys Inc (ANSS, Financial) entered into a definitive agreement with Synopsys, Inc. on January 15, 2024, under which Synopsys will acquire Ansys. The transaction is expected to close in the first half of 2025, pending regulatory approvals and other customary conditions.
Conclusion
Ansys Inc (ANSS, Financial)'s Q2 2024 financial results demonstrate the company's strong market position and ability to exceed expectations. The significant revenue growth, improved profit margins, and strategic acquisitions highlight Ansys Inc (ANSS)'s potential for sustained growth in the engineering software industry.
For more detailed information, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Ansys Inc for further details.
