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10 February 2006

Press Release - UGS 公布年终收入为11.5 亿美元

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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:

  • 总收入增长至11.5亿美元,比上一年同期增长了18%。与2004年1月1日至2004年5月26日和2004年5月27日至2004年12月31日的组合收入相比,公司的总收入在全球每个区域里均有增加。
  • 软件收入,包括许可证和维护收入比上一年同期增加了21%。
  • 与上一年同期相比,协同产品开发管理 (cPDM) 收入包括并购增加了58%,如果不包括并购则增加了37%。
  • 营业收入增加至 8350万美元,比上一年同期增长了166%,其中包括了1.508亿美元与并购相关的无形资产摊销成本影响。
  • 已调整的未计利息、税项、折旧及摊销前的利益(EBITDA)为2.415亿美元,比上一年同期增长了37%。
  • 对Tecnomatix 科技有限公司的并购于2005年4月1日尘埃落定,带来的总收入增长为6840万美元,以及5220万美元的软件收入(包括许可证和维护收入)。
  • 上述报告的数字并没有针对与公司并购相关的递延收入冲销的影响做出调整。这些冲销调整的影响将会减少2005年全年1130万美元的收入,和2004年4090万美元的收入。

第四季度财务状况的亮点包括:

  • 总收入增长至3.267亿美元,比上一年同期增长了15%。公司第四季度的收入中包括2.488亿美元的软件收入(包括许可证和维护收入),这比2004年第4季度增长了20%。与2004年同期相比,在全球每个区域里,公司的总收入均有所增加。
  • 营业收入为4710万美元,比2004年第四季度增长了93%,其中包括了3920万美元与采购相关无形资产的摊销影响。  
  • 未计利息、税项、折旧及摊销前的利益(EBITDA)为9260万美元,比去年同期增长了22%。  
  • 与去年同期相比,cPDM收入包括并购增加了47%,如果不包括并购则增加了23%。 
  • 上述报告的数字并没有针对与公司并购相关的递延收入冲销的影响做出调整。这些冲销调整的影响将会减少2005年第四季度110万美元的收入,和2004年1400万美元的收入。

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。  

  • 财富500强之一的琼斯服装集团公司是领先的品牌服装、鞋类和附件的设计、营销、批发与零售公司,公司于2005年与UGS签署协议,应用 Teamcenter 作为其企业PLM应用程序。公司因创新、管理出色、增长强劲以及在业内良好的商誉而被《服装杂志》授予2005全明星奖。Teamcenter 将管理从设计概念开发到生产制造的所有数据与流程,琼斯可以获得简单的、单一的数据来源,从而增强企业范围,包括供应商群体的协同,而且公司可以更快速有效地将产品投放市场。
  • 谢尔德海军船厂经过了广泛的评估,包括被置换了的现有Agile®装置以及SSA Baan™,决定采用 Teamcenter 软件实现标准化,选中 UGS 作为其 cPDM 系统提供商。

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