The EDA and MCAD/MCAE Almanac - Nominal Q1 2012

Second Quarter and Fiscal Year 2012 Guidance

On May 03, 2012 the Company expected the following for the quarter ending June 30, 2012:

  • GAAP revenue in the range of $191.2 - $198.2 million
  • GAAP diluted earnings per share of $0.46 - $0.51

The Company likewise expected the following for the fiscal year ending December 31, 2012:

  • GAAP revenue in the range of $806.6 - $826.6 million
  • GAAP diluted earnings per share of $2.05 - $2.17

ANSYS, Inc. self description

ANSYS brings clarity and insight to customers' most complex design challenges through fast, accurate and reliable engineering simulation. Our technology enables organizations ― no matter their industry ― to predict with confidence that their products will thrive in the real world. Customers trust our software to help ensure product integrity and drive business success through innovation. Founded in 1970, ANSYS employs more than 2,200 professionals, many of them experts in engineering fields such as finite element analysis, computational fluid dynamics, electronics and electromagnetics, and design optimization. Headquartered south of Pittsburgh, Pennsylvania, U.S.A., ANSYS has more than 65 strategic sales locations throughout the world with a network of channel partners in 40+ countries. Visit www.ansys.com for more information.

 

 

 

REV                185.34

NET                45.54

EPS                 0.48

 

ANSYS News

ANSYS, Inc. Signs Definitive Agreement to Acquire Esterel Technologies S.A.

Acquisition Broadens Capabilities as Simulation Leader

On May 29, 2012  ANSYS, Inc. and Esterel Technologies S.A. ("Esterel") a leading provider of embedded software simulation solutions for mission critical applications, announced that they signed a definitive agreement whereby ANSYS will acquire Esterel Technologies for a cash purchase price of approximately euro 42 million (or approximately US$53 million), subject to certain working capital adjustments at close. The agreement also includes retention provisions for key members of management and employees. Headquartered in Elancourt, France, Esterel has about 80 employees and reported revenues of approximately euro 15 million for fiscal year 2011. The transaction, currently anticipated to close in the third calendar quarter of 2012, is subject to customary closing conditions and regulatory approvals.

The Esterel SCADE solution enables software and systems engineers to design, simulate and produce embedded software, the control code built into the electronics in aircraft, rail transportation, automotive, energy systems, medical devices and other industrial products that have central processing units. Modern products are increasingly complex systems of hardware, software and electronics. For example, today's complex aircraft, rail and automotive products often have tens of millions of lines of embedded software code, from flight controls and cockpit displays, to engine controls and driver assistance systems. Esterel is often chosen when the embedded software is critical for safety and compliance reasons. Esterel provides software and systems engineers a solution to accurately model and simulate the behavior of the embedded software code to gain insight earlier in the design process and trace it to its requirements. Esterel solutions also reduce engineering time and cost by automatically generating certified and dependable embedded software code from these high fidelity models. Esterel certified code generators are currently compliant with more than 10 certification standards including aerospace, defense, rail transportation, automotive, industrial systems and nuclear plants.

The acquisition of Esterel complements ANSYS® software solutions by extending the ANSYS Simulation Driven Product Development™ vision to encompass both hardware and software systems.  A combined solution will enable customers to gain greater insight into the behavior of the embedded software as it interacts with the hardware (sometimes called the physical plant) including electrical, mechanical and fluidic sub-systems. The complementary combination is expected to accelerate development and delivery of new and innovative products to the marketplace while lowering design and engineering costs for customers and enhancing product safety. The combination of these two industry leading companies reaffirms ANSYS' commitment to deliver cutting edge, customer-driven solutions. 

"We are very excited about the model-based embedded code simulation and production solutions Esterel adds to ANSYS, as well as the quality of its 230 global top-tier customers," said  Jim Cashman, president and CEO of ANSYS. "Today's products are getting smarter. They have more electronics and software and this requires a systems engineering approach to product development. The combination of these two great companies will uniquely enable customers to comprehensively simulate complete systems and predict with confidence that their products will thrive in the real world. Further, we believe that the combination will foster innovation by gaining engineering insight across disciplines that have historically been silos." 

"Both companies have a strong commitment to their customers and employees while sharing a passion for innovation and cutting edge technology," said Eric Bantegnie, co-founder, CEO and president of Esterel. "The complementary nature of software and hardware simulation provides key technological strengths that enhance our ability to deliver comprehensive, high-fidelity, world-class system simulation technologies that customers demand.  We believe Esterel customers will leverage the integration of our embedded software development products into a complete model-based systems engineering solution. This unique combination will reduce costly reliance on physical testing and streamline system engineering processes, while also improving the speed and success of our customers' product development efforts. Together we will meet the stringent requirements of upcoming certification standards, such as ISO 26262 in Automotive or DO-178C in Aerospace."

Integration

The two companies are developing integration plans that leverage and build on the cultural similarities and the best practices from each organization. Due to the absence at this time of US GAAP estimates of the acquisition-related impact of purchase accounting adjustments, including the allocation of the purchase price among goodwill, in-process R&D, other intangibles, deferred revenue and equity-based compensation expenses, ANSYS is currently unable to provide GAAP estimates of future earnings. The company intends to provide updated financial guidance after the closing of the transaction.

About Esterel Technologies S.A.

Esterel Technologies is the worldwide leader of model-based design, verification and code generation tools for critical system and software development. Esterel Technologies is a privately held company with European headquarters in Elancourt, France, U.S. headquarters in Boston, Massachusetts and direct sales offices in Germany, the United Kingdom, Russia and China. Esterel is supported by channel and service partners worldwide. For additional information, visit the Esterel Technologies website at www.esterel-technologies.com.




On May 17, 2012 Autodesk, Inc. (NASDAQ:ADSK) reported financial results for the first quarter of its fiscal year 2013, which corresponds to nominal Q1 2012 for purposes of the current article.

 

Nominal Q1 2012 Autodesk Highlights

  • Revenue was $588.6 million, an increase of 11.41% compared to $528.3 million in nominal Q1 2011.

  • GAAP operating margin was 16%, compared to 15% in nominal Q1 2011.

  • GAAP net income of $78.9 million, up 13.85% compared to $69.3 million in nominal Q1 2011.

  • GAAP diluted earnings per share were $0.34, compared to $0.29 in nominal Q1 2011.

  • Cash flow from operating activities was $139 million, compared to $128 million in nominal Q1 2011.

Three months ago, Autodesk provided guidance that the Company expected revenues for nominal Q1 2012 to be between $575 million and $590 million. GAAP EPS guidance three months ago was between $0.29 and $0.31.

“We had a solid start to the year as our overall business continued to deliver double-digit year-over-year revenue growth ,” said Carl Bass , Autodesk president and CEO .



“We were pleased with the performance of suites as customers are embracing the substantially greater functionality and value that our design and creation suites deliver. Our year-over-year revenue growth was also fueled by strength in Asia Pacific and the Americas, while economic conditions contributed to uneven results in EMEA and emerging countries. Our manufacturing and Architecture, Engineering and Construction (AEC) businesses achieved strong year-over-year results as more and more customers turned to Autodesk to solve their most complex design and engineering challenges,” said Bass.

First Quarter Operational Overview

EMEA revenue was $224 million, an increase of 4% compared to the first quarter last year as reported and 2% on a constant currency basis. Revenue in the Americas was $208 million, an increase of 14% compared to the first quarter last year. Revenue in Asia Pacific was a record $157 million, an increase of 19% compared to the first quarter last year as reported and 13% on a constant currency basis. Revenue from emerging economies was $82 million, an increase of 6% compared to the first quarter last year as reported and 6% on a constant currency basis. Revenue from emerging economies represented 14% of total revenue in the first quarter.

Revenue from the Platform Solutions and Emerging Business segment was $229 million, an increase of 9% compared to the first quarter last year. Revenue from the AEC business segment was $163 million, an increase of 16% compared to the first quarter last year. Revenue from the Manufacturing business segment was $146 million, an increase of 18% compared to the first quarter last year. Revenue from the Media and Entertainment business segment was $51 million, a decrease of 5% compared to the first quarter last year.

Revenue from Flagship products was $336 million, an increase of 4% compared to the first quarter last year. Revenue from Suites was $166 million, an increase of 34% compared to the first quarter last year. Revenue from New and Adjacent products was $87 million, an increase of 9% compared to the first quarter last year.

As customers migrate from stand-alone Autodesk products to Suites, the Company anticipates that its revenue from Suites will increase as a percentage of total revenue and that its revenue from Flagship products will similarly decline.

Deferred revenue at the end of the first quarter was a record high of $727 million, an increase of 17% compared to the first quarter last year and 1% sequentially. Shippable backlog was $6 million, a decrease of $19 million compared to the first quarter last year and $21 million sequentially. At the end of the first quarter, “channel inventory weeks” stood at a record low of approximately one week. A decrease in channel inventory and shippable backlog was expected as a result of Autodesk’s transition to increased use of electronic software delivery.

“Our revenue growth and continued focus on cost controls drove strong improvement in our non-GAAP operating margin,” said Mark Hawkins , Autodesk executive vice president, chief financial officer.



“Revenue growth and operating margin expansion remain key focus areas as we continue towards our long-term goal of growing revenue by a compounded annual growth rate of 12-14% (capturing fiscal 2011 through fiscal 2015) and expanding our non-GAAP operating margin to at least 30%. During the quarter we accomplished significant changes including a new channel partner framework and a move to an industry focused organizational alignment, among other things, that we believe will better position the company for future growth. These changes, combined with our outstanding products and market position, give us confidence to achieve our long-term goal,” said Hawkins.

Business Outlook

The following are forward-looking Autodesk statements that are based on mngement’s current expectations and assumptions, and involve risks and uncertainties. some of which are set forth below. Autodesk’s business outlook for the second quarter and full year assumes a continuation of the current economic environment and foreign exchange currency rate environment.

For nominal Q2 2012, the Company expects revenue between $590 million and 600 million, and GAAP EPS between $0.29 and $0.34.

For all of Nominal 2012, net revenue is expected to increase by at least 10% compared to Nominal 2011. Autodesk anticipates 2012 GAAP operating margin to increase by approximately 120 basis points.

Both second quarter and full year outlooks assume an annual effective tax rate of approximately 26% for GAAP results. This rate does not include the federal R&D tax credit benefit, which expired on December 31, 2011, or one-time discrete items. The assumed effective tax rate will be adjusted if or when there is a renewal of the tax credit.

Autodesk self-description

Autodesk, Inc., is a leader in 3D design , engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries – including the last 17 Academy Award winners for Best Visual Effects – use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit www.autodesk.com .

Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.


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