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FOR RELEASE, Friday February 10, 2006
德克萨斯普莱诺－全球领先的产品全生命周期管理（PLM）软件和服务提供商UGS今天宣布了2005年全年以及2005年第四季度的业绩。
2005年全年的财务状况亮点包括：
第四季度财务状况的亮点包括：
UGS主席、CEO兼总裁Tony Affuso表示：“在此我们庆祝我们的业绩持续攀升，以及我们公司独立运营一周年。2005年，我们在数字化制造方面取得了第一名的成绩，并巩固了我们在cPDM方面的领导能力，经过多年的激烈竞争，我们在日产赢得了胜利，证明了我们出色的CAx 技术和始终对提高顾客满意度的注重。2005年，我们还通过我们的全新企业远景，突出了全球创新网络的关键业务特性，并实施了新的游戏规则，将PLM推向中端市场。”
第四季度商业亮点
UGS 公司第四季度的商业亮点包括：
日产汽车公司选中UGS作为其新的全球PLM系统的供应商，日产以及其附属公司将把UGS产品应用于新一代汽车的设计和生产中。日产将采用UGS的NXTM计算机辅助设计（CAD）软件进行全球性的数字化汽车设计，同时应用UGS的Teamcenter®协同产品开发管理(cPDM)软件对产品数据进行数字化管理，将数字化样机(Digital Prototyping)应用到全球所有的日产®车型。日产同时也将把此软件作为公司内部的综合常用研发基础软件的一部分使用。
洛克希德-马丁航空工业公司决定应用 UGS 的 Teamcenter® 2005 软件这个世界上使用范围最广泛的PLM软件组合的最新版本，来管理其全部多国参与的F-35联合攻击机（JSF）计划中的所有产品数据。
中国家用电器行业的领导者海信集团选中 Teamcenter 软件作为其为期三期的PLM项目的核心。在经过充分的评估之后，海信选择了UGS的PLM软件，并由UGS的战略合作伙伴惠普企业计算及专业服务集团 (HP Technology Solutions Group)提供咨询及实施服务，旨在把集成化的知识库提供到工程师的桌面，通过可重复的受控流程保证可预测的产出，并在产品推出后继续验证用户需求来推动新产品的研发。（参见单独的新闻稿） 。（参见单独的新闻稿）
联合利华公司是一家全球领先、应变快速的消费品公司，该公司选择 NX 作为下一代CAD软件，以满足其家庭与个人护理（HPC）产品未来的包装设计要求。联合利华选择UGS® 软件是因为该软件可以最好地满足公司根据多年经验得出的未来要求。
在中端市场上，UGS在2005年发布了其 UGS Velocity 系列™ 产品，专门向中端市场提供企业级别的PLM技术，其成果包括：
澳大利亚领先的国防工程承包商智能工程与物流方案有限公司（SEAL方案）利用UGS 的Velocity 系列产品实现标准化，该系列是业内第一个专门提供给PLM中端市场的综合性、预先配置的数字化产品设计、分析和数据管理软件组合。
Mubea 这家世界领先的操作弹簧制造商订购了100多套Teamcenter Express软件的许可。Teamcenter Express 是全新UGS Velocity 系列组合中的 cPDM 组件。
Teamcenter Express 软件可以向世界各地的客户提供，从而实现了UGS 将PLM引入中端市场的承诺。Teamcenter Express 通过把预先配置的最佳实践应用于日常工程任务和流程中，从而帮助公司转换它们的创新流程。Teamcenter Express 是第一个融合了经过行业验证的数字化产品开发与UGS Teamcenter 软件先进技术的中端市场产品，Teamcenter 软件是世界上使用最广泛的PLM组合，并赢得了《Industry Week》颁发的2005年年度技术大奖。
Femap® 软件英语版9.1项全球用户发售。Femap是 UGS全球中端市场组合UGS Velocity series中的有限元分析（FEA）组件。
发布了Tecnomatix™ 电子行业解决方案第7版软件，它是公司专为全球电子行业定制的第一套数字化制造软件集成组合。版本号命名为“版本7”是为了与UGS的整个Tecnomatix 方案家族相匹配，Tecnomatix 电子行业解决方案自动化并简化了所有关键的产品规划与执行流程，使用该软件后，全球电子产品制造商可以在竞争日益激烈和法规要求不断改变的环境中系统地增强产品交付能力、降低成本并改进质量。Tecnomatix 电子行业解决方案组合了UGS以前作为单独方案提供的几种数字化制造软件产品，包括印制电路板（PCB）组装、最终组装和制造执行。
发布了Teamcenter MRO 解决方案，即UGS Teamcenter 解决方案中有关维护、修理与大修（MRO）方面的组件。该解决方案提供丰富的核心功能，可以将管理和产品流程数据适用于商业与军事MRO运作，并为物流数据管理提供一个经过验证的框架。Teamcenter MRO 解决方案显著缩短了维护周期时间并降低了与维修投资巨大的复杂产品相关的成本，这些产品包括飞机、武器系统、船舶和发电站。
在第四季度向市场投放了公司具有市场领先地位的集成CAD、制造和工程分析（CAD/CAM/CAE）软件方案之一，I-deas® 12 NX 系列软件。I-deas NX 系列与 NX 4 一起，构成了UGS支持提供统一的世界上最先进的数字化产品开发解决方案战略的一部分。
公司预计上述合同带来的收入将在未来几个季度内实现。
UGS will host its year-end and fourth quarter 2005 earnings call with securities analysts live on the Internet at 10:30 a.m. Central time, Friday, February 10, 2006. Presentation slides will be posted on www.ugs.com at 8:00 a.m. Central time. See below for webcast/teleconference access information.
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About UGS UGS is a leading global provider of product lifecycle management (PLM) software and services with nearly 4 million licensed seats and 46,000 customers worldwide. Headquartered in Plano, Texas, UGS’ vision is to enable a world where organizations and their partners collaborate through global innovation networks to deliver world-class products and services while leveraging UGS’ open enterprise solutions, fulfilling the mission of enabling them to transform their process of innovation.
Note: UGS, Femap, I-deas, NX, Teamcenter, Tecnomatix, Velocity Series and Transforming the process of innovation are trademarks or registered trademarks of UGS Corp. or its subsidiaries in the United States and in other countries. Nissan is a trademark or registered trademark of Nissan Motor Co. Ltd and/or Nissan North America, Inc. in the United States and in other countries. Agile is a trademark or registered trademark of Agile Software Corporation or its subsidiaries in the United States and in other countries. BAAN is a trademark of SSA Global Technologies, Inc. or its subsidiaries in the United States and in other countries. All other trademarks, registered trademarks or service marks belong to their respective holders.
The statements in this news release that are not historical statements, including statements regarding our business, results of operations expected financial performance and other statements identified by forward
looking terms such as "may," "will," "expect," "plan," "anticipate" or "project," are forward-looking statements. These statements are subject to numerous risks and uncertainties which could cause actual results to differ materially from such statements, including, among others, risks relating to developments in the PLM industry, loss or downsizing of customers, competition, failure to innovate, international operations and exchange rate fluctuations, terrorist activities, acquisitions, changes in pricing models, intellectual property and losses of key employees. UGS has included a discussion of these and other pertinent risk factors in its registration statement on Form S-4 most recently filed with the SEC. UGS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Successor
UGS Corp.
Three months
Three months
ended
ended
December 31, 2005
December 31, 2004
Revenue:
License
$ 114,248
$ 101,006
Maintenance
134,575
107,062
Services and other
77,974
75,015
Total revenue
326,797
283,083
Cost of revenue:
License
6,052
6,275
Maintenance
14,094
14,620
Services and other
60,629
60,661
Amortization of capitalized software and acquired intangible assets
34,074
25,763
Total cost of revenue
114,849
107,319
Gross profit
211,948
175,764
Operating expenses:
Selling, general and administrative
107,491
105,383
Research and development
48,494
38,405
Amortization of other intangible assets
8,820
7,567
Total operating expenses
164,805
151,355
Operating income
47,143
24,409
Interest expense and amortization of deferred financing fees
(26,161)
(24,906)
Other (expense) income, net
(3,345)
13,881
Income before income taxes
17,637
13,384
Provision for income taxes
4,744
5,001
Net income
$ 12,893
$ 8,383
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
Successor
Predecessor
UGS Corp.
UGS PLM
Solutions Inc.
Period of
Year
May 27, 2004
Period of
ended
through
January 1, 2004
December 31, 2005
December 31, 2004
through May 26, 2004
Revenue:
License
$ 358,986
$ 213,366
$ 100,780
Maintenance
504,189
237,610
163,012
Services and other
291,446
169,203
94,011
Total revenue
1,154,621
620,179
357,803
Cost of revenue:
License
21,213
13,768
7,163
Maintenance
56,411
32,842
21,177
Services and other
241,777
136,165
81,259
Amortization of capitalized software and acquired intangible assets
123,357
60,224
23,540
Total cost of revenue
442,758
242,999
133,139
Gross profit
711,863
377,180
224,664
Operating expenses:
Selling, general and administrative
420,873
226,282
136,817
Research and development
167,484
82,875
52,851
In-process research and development
4,100
50,819
—
Restructuring
1,774
—
—
Amortization of other intangible assets
34,147
18,365
2,500
Total operating expenses
628,378
378,341
192,168
Operating income (loss)
83,485
(1,161)
32,496
Interest expense and amortization of deferred financing fees
(97,737)
(55,314)
(2,021)
Other (expense) income, net
(17,671)
21,146
2,010
(Loss) income before income taxes
(31,923)
(35,329)
32,485
Provision (benefit) for income taxes
(9,857)
5,807
10,092
Net (loss) income
$ (22,066)
$ (41,136)
$ 22,393
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
Successor
December 31,
December 31,
Assets:
2005
2004
Current assets
Cash and cash equivalents
$ 61,532
$ 58,400
Accounts receivable, net
251,763
233,180
Prepaids and other
18,622
23,869
Deferred income taxes
26,471
62,890
Total current assets
358,388
378,339
Property and equipment, net
36,645
33,751
Goodwill
1,393,472
1,317,948
Capitalized and acquired software, net
464,994
435,816
Customer accounts, net
203,064
217,961
Other intangible assets, net
135,265
116,501
Other assets
39,623
42,696
Total assets
$ 2,631,451
$ 2,543,012
Liabilities and Stockholder’s Equity:
Current liabilities
Accounts payable and accrued liabilities
$ 159,976
$ 150,290
Deferred revenue
133,027
110,027
Income taxes payable
3,528
337
Current portion of long-term debt
—
5,000
Total current liabilities
296,531
265,654
Other long-term liabilities
48,511
41,011
Deferred income taxes
152,040
217,122
Long-term debt
1,212,046
1,049,623
Stockholder’s equity
Common stock, $ .01 par value, 3,000 shares authorized; 100 issued and outstanding at December 31, 2005 and 2004
—
—
Additional paid-in capital
1,005,991
1,005,479
Retained deficit
(63,202)
(41,136)
Accumulated other comprehensive (loss) income, net of tax
(20,466)
5,259
Total stockholder’s equity
922,323
969,602
Total liabilities and stockholder’s equity
$ 2,631,451
$ 2,543,012
Adjusted operating income represents operating income (loss) adjusted for amortization of acquisition related intangible assets, restructuring charges, and charges for in-process research and development. Adjusted operating income is not a recognized term under generally accepted accounting principles, or GAAP. Adjusted operating income does not represent operating income (loss), as that term is defined under GAAP, and should not be considered as an alternative to operating income (loss) as an indicator of our operating performance. We have included information concerning adjusted operating income because we use such information when evaluating operating income to better evaluate the underlying performance of the Company. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures. The following is a reconciliation between adjusted operating income and operating income (loss), the GAAP measure we believe to be most directly comparable to adjusted operating income (in thousands).
Successor
Three months
Three months
ended
ended
December 31,
December 31,
2005
2004
Reconciliation of operating income to adjusted operating income:
Operating income
$ 47,143
$ 24,409
Acquisition related intangible amortization
39,191
33,375
Adjusted operating income
$ 86,334
$ 57,784
Successor
Predecessor
Period of
Year
May 27, 2004
Period of
ended
through
January 1, 2004
December 31,
December 31,
through
2005
2004
May 26, 2004
Reconciliation of operating income (loss) to
adjusted operating income:
Operating income (loss)
$ 83,485
$ (1,161)
$ 32,496
In-process research and development
4,100
50,819
—
Restructuring
1,774
—
—
Acquisition related intangible amortization
150,789
79,560
13,135
Adjusted operating income
$ 240,148
$ 129,218
$ 45,631
EBITDA represents net income (loss) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to give effect to certain items that are required in calculating covenant compliance under our senior secured credit facility entered into May 2004. Adjusted EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense as described below. EBITDA and Adjusted EBITDA are not a recognized terms under generally accepted accounting principles, or GAAP. EBITDA and Adjusted EBITDA do not represent net income, as that term is defined under GAAP, and should not be considered as an alternative to net income as an indicator of our operating performance. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management or discretionary use as such measures do not consider certain cash requirements such as capital expenditures (including capitalized software expense), tax payments and debt service requirements. UGS Corp. considers EBITDA and Adjusted EBITDA to be key indicators of our ability to pay our debt. We have included information concerning EBITDA and Adjusted EBITDA because we use such information in determining compensation of our management and in our review of the performance of our business. EBITDA and Adjusted EBITDA as presented herein are not necessarily comparable to similarly titled measures. The following is a reconciliation of EBITDA and Adjusted EBITDA to net income (loss), the GAAP measure we believe to be most directly comparable to EBITDA and Adjusted EBITDA (in thousands).
Successor
Three months
Three months
ended
ended
December 31,
December 31,
2005
2004
Reconciliation of net income to EBITDA:
Net income
$ 12,893
$ 8,383
Interest expense
26,161
24,906
Provision for income taxes
4,744
5,001
Depreciation and amortization
48,853
37,377
EBITDA
$ 92,651
$ 75,667
Reconciliation of EBITDA to Adjusted EBITDA:
EBITDA
$ 92,651
$ 75,667
Impact of revenue reduction resulting from purchase accounting (a)
1,103
14,010
Other items (d)
2,022
3,191
Currency translation impact (e)
2,996
(11,666)
Adjusted EBITDA
$ 98,772
$ 81,202
Successor
Predecessor
Period of
Year
May 27, 2004
Period of
ended
through
January 1, 2004
December 31,
December 31,
through
2005
2004
May 26, 2004
Reconciliation of net (loss) income to EBITDA:
Net (loss) income
$ (22,066)
$ (41,136)
$ 22,393
Interest expense
97,737
55,314
2,021
(Benefit) provision for income taxes
(9,857)
5,807
10,092
Depreciation and amortization
175,645
88,356
33,471
EBITDA
$ 241,459
$ 108,341
$ 67,977
Reconciliation of EBITDA to Adjusted EBITDA:
EBITDA
$ 241,459
$ 108,341
$ 67,977
Impact of revenue reduction resulting from purchase accounting (a)
11,348
40,924
—
Impact of in-process research and development (b)
4,100
50,819
—
Restructuring (c)
1,774
—
—
Other items (d)
8,243
9,373
—
Currency translation impact (e)
10,214
(16,578)
—
Adjusted EBITDA
$ 277,138
$ 192,879
$ 67,977
(a) Removes the purchase accounting impact for the adjustment to deferred revenue.
(b) Removes the impact of acquired in-process research and development that resulted from the acquisition of UGS PLM Solutions Inc. for the period of May 27, 2004 through December 31, 2004 and from the acquisition of Tecnomatix Technologies, Ltd. for the nine months ended December 31, 2005.
(c) Removes the impact of the restructuring charge.
(d) Represents the impact of management, consulting and advisory fees and related expenses paid to our parent companies and affiliates of each of our sponsors, as well as expenses associated with our retention incentive plan for certain members of management.
(e) Represents the net effect of unrealized gains and losses from revaluing the intercompany debt that resulted from the acquisition of UGS PLM Solutions Inc. and from hedging obligations used to offset foreign exchange currency balance sheet exposures
Mendi
Paschal
+1 972 987 3206
mendi.paschal@siemens.com
Doug
Barnett
+1 972 987 3352
barnettd@ugs.com