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Ansys Announces Financial Results With Record Q3 Cash Flow and ACVNovember 2, 2023 | ANSYS
Estimated reading time: 2 minutes
ANSYS, Inc. reported third quarter 2023 GAAP and non-GAAP revenue of $458.8 million, a decrease of 3% in reported currency, or 4% in constant currency, when compared to the third quarter of 2022. For the third quarter of 2023, the Company reported diluted earnings per share of $0.64 and $1.41 on a GAAP and non-GAAP basis, respectively, compared to $1.10 and $1.77 on a GAAP and non-GAAP basis, respectively, for the third quarter of 2022. Additionally, the Company reported third quarter ACV growth of 12% in reported currency, or 10% in constant currency, when compared to the third quarter of 2022.
In the context of broader U.S. foreign policy shifts, the U.S. Department of Commerce is continuing to apply controls to the export to China of certain technologies. Ansys maintains a robust global compliance program. Compliance and cooperation with the U.S. government’s evolving requirements are paramount to Ansys. Our third quarter results were negatively impacted by incremental approval processes and export restrictions, including additional restrictions on sales to certain Chinese entities, which created a $20 million headwind to ACV and revenue that was not contemplated in our third quarter guidance provided in August. We continue to collaborate with the Department of Commerce to adhere to the new requirements, and we have internally aligned our business operations to adjust to these requirements. Please see the ‘Fourth Quarter and Fiscal Year 2023 Guidance’ section for more details.
“Ansys continues to see robust, broad-based demand for our technology and products. We were tracking to deliver on our third quarter guidance commitments when we were notified by the U.S. Department of Commerce of incremental export restrictions and enhanced approval processes for certain products and services. This disrupted our business in the quarter by adding restrictions on sales to certain Chinese entities and elongating the transaction cycle for certain prospects. Despite these developments, Ansys delivered a strong quarter, marked by double-digit growth in ACV. Given the critical role that Ansys solutions play in our customers’ product development initiatives and the strength of the underlying foundation of our business, I am confident in our ability to execute on our short- and long-term objectives," stated Ajei Gopal, Ansys president and CEO.
Nicole Anasenes, Ansys CFO, stated, “Our ability to deliver double-digit ACV constant currency growth in Q3, despite the disruption from changes required for export compliance, is a testament to the resilience of our business model. Our highly recurring business model, significant base of renewal business, market-leading simulation portfolio and deep customer relationships create a strong financial foundation and contribute to unwavering demand for our product. Despite the disruption in Q3, our results year-to-date are strong with ACV growth of 12% in constant currency. With our double-digit performance year-to-date and the continued strong pipeline and momentum in our business, we are confident in our ability to achieve our short- and long-term guidance.”
Global semiconductor equipment billings contracted 11% year-over-year to US$25.6 billion in the third quarter of 2023, while quarter-over-quarter billings slipped 1% during the same period, SEMI announced today in its Worldwide Semiconductor Equipment Market Statistics (WWSEMS) Report.
Newly released data from IDC's Worldwide Quarterly Mobile Phone Tracker shows that shipments of smartphones to the Gulf Cooperation Council (GCC) region increased 13.2% year on year in Q3 2023, with growth of 3.7% on the previous quarter.
Jabil expects this inventory rebalancing to continue into its second fiscal quarter and as a result anticipates revenue for the second quarter to be in the range of $7.0 billion - $7.6 billion.
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), announced its financial results for the quarter ended September 30, 2023.
Revenue for the quarter increased 33.3% year-over-year, driven by a 73.5% increase for Sypris Electronics and a 13.8% increase for Sypris Technologies.