ANSYS’s Q1 in-line, but at low end

ANSYS reported Q1 results today that were in line with expectations, but at the very low end. Total revenue was up 1% as reported and up 8% in constant currencies — again reflecting the tough climate created by shifting exchange rates. I’m off to PTC’s Liveworx so will only post the highlights right now:

• GAAP revenue was $218 million, up 1% as reported but up 8% or so in constant currencies (cc). That’s in the range of $217 million to $225 million, but just barely. Expect investors to be underwhelmed
• By revenue type, license revenue was $125 million, down 1% while maintenance and services revenue was $93 million, up 4%
• Lease, paid-up, maint v services all to come when I’ve had time to parse the non-GAAP data provided by the company
• For Q2, ANSYS expects revenue between $230 million and $238 million, an increase of -1% to 2% or s0
• For the year, ANSYS lowered and tightened its range, from the $945 million to $975 million it had set in March to $942 million to $967 million today. The reason: strengthening US Dollar.

In prepared remarks, the company said “The first quarter financial results performed in line with our Q1 guidance ranges. Q1 was a solid quarter on many fronts, highlighted by strong cash flows, a record deferred revenue and backlog balance of $477.5 million and an industry-leading non-GAAP operating margin of 47%. We reported consolidated non-GAAP revenue of $218.4 million, an increase of 8% in constant currency (1% in reported currency) and within the range of our expectations … Our first quarter results were driven by 11% growth in North America, 9% in Asia-Pacific and 5% in Europe, all in constant currency. More to come, after I’ve listened to the earnings call. See you at Liveworx?