MCAD Industry View – An August 2006 Update

ANSYS led the pack with year-over-year growth of 65%, helped of course with its mid-year acquisition of Fluent. Dassault Systems was in second place at 32% growth with Autodesk and PTC following with around 20-percent increases. ESI-Group and Moldflow had single digit declines relative to the prior year. ANSYS was also the growth leader sequentially at 36%, having completed its acquisition of Fluent. Dassault was again in second place at 17%. ESI-Group was the only firm whose earnings fell sequentially (-48%).

Figure 1 below provides a bar graph showing the revenue trend for each of the covered vendors, for the periods mentioned in Table 1.

Figure 1 - Quarterly Revenues of the G7 MCAD Vendors

(US $ Millions)

Figure 2 - Relative Sizes by “Q1” Reported Revenue

(Excludes MSC.Software)

For the quarter Autodesk was the share leader at 33%, with Dassault and UGS fighting it out for second place at 25% and 21%, respectively (Figure 2).

(As always, it needs to be pointed out that unlike the other vendors in this report, Autodesk earns a significant percentage of its revenue outside of the MCAD space. Autodesk does not break out its mechanical contribution. Also, both Autodesk and Dassault Systemes sell mostly through third parties, while UGS sells mostly direct).

Earnings:

Company

Lastg QTR Earnings

Prev QTR Earnings

Delta Lastg vs. Prev

Comparable 2005g QTR

Delta Last vs. 2005

ANSYS

(19.4)

12.9

(32.3)

9.8

(29.2)

Autodesk

NA

48.5

75

Dassault (€)

29.4

31.3

(1.9)

37.8

(8.4)

Dassault ($)

37.0

37.6

(0.5)

47.6

(10.6)

ESI Group (€)

N/A

N/A

N/A

ESI Group ($)

N/A

N/A

N/A

Moldflow

(0.4)

1.52

(1.96)

1.36

(1.80)

PTC

17

11

6

27

-10

UGS PLM

(6.4)

(4.8)

(1.7)

(22.0)

15.6

Table 2 - Quarterly earnings of G7 MCAD Vendors (US$ Millions)

As Table 2 reveals, earnings were far less impressive than revenues. As a result of an internal review of historical stock option granting practices and the related accounting, Autodesk did not release earnings data for the quarter. ANSYS had a significant loss for the quarter due mostly to a one-time charge of $28.1 million related to in-process research & development associated with the acquisition of Fluent that was completed on May 1, 2006. Dassault earnings declined due to about €12 million in acquisition-related expenses.

Details on Individual Vendors’ Q2 2006 Performances

On August 3, 2006 ANSYS, Inc. reported the financial results for the second quarter, the period ended June 30, 2006. Total revenue for the quarter was $62 million an increase of 65% from the $38 million in the second quarter a year ago, and a 36% increase from the $46 million in the previous quarter. License revenue was $35 million, accounting for 56% of total revenue. This was an increase of 76% year-over-year and 31% sequentially. Maintenance and service revenue was $27.5 million, accounting for 44% of total revenue. This was a 54% increase year-over-year and a 36% increase sequentially. The quarter included an 18% growth in core revenue and 2 months of Fluent revenue. Core revenue in North America grew 22% year-over-year, Europe 17% and General International 15% (>30% outside of Japan). Deferred revenue was over $90 million.

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