Maria T. ShieldsOkay. Thanks, Jim. Good morning, everyone. I'd just like to remind you that in addition to any risks and uncertainties that we highlight during the course of this call, important factors that may affect our future results are discussed at length in our public filings with the SEC, all of which are available via our website. Additionally, the company's reported results should not be considered an indication of future performance as there are risks and uncertainties that could impact our business in the future. These statements are based upon our view of the world and our business outlook today, and ANSYS undertakes no obligation to update any such information unless we do so in a public forum. Also, consistent with our standard practice, during the course of this call and in the prepared remarks, we'll be making reference to non-GAAP financial measures. A discussion of the various items that are excluded and a full reconciliation of GAAP to comparable non-GAAP financial measures are included in this morning's earnings release, the related materials and the Form 8-K. So Jim, I'll turn it back over to you for some opening comments. James E. Cashman Okay. Thanks, Maria. Okay, so before we open up the call for Q&A, I'd like to briefly highlight a few points about our Q2 results and the updated 2012 outlook. So -- and now, I'll begin by saying that Q2 was really a strong quarter for us, but it was also a pretty busy quarter. And it ended ahead of what we originally expected on earnings and above the midpoint of the revenue range. And this was even factoring in some additional currency headwinds that we observed, that we had actually absorbed during the quarter. So as we demonstrated over many years, the strength of the revenue performance, combined with our own discipline around spending, drove operating leverage and earnings beyond what we had originally guided.
Overall, we achieved double-digit growth in reported and constant currency in both software license and maintenance revenue, and of course, this yielded a new all-time high in deferred revenue balance. This in turn, as usual, drove strong margins and cash flows from operations.So also consistent with what we've outlined about use of the cash, even dating back to the Investor Day we had in early March, during Q2, we repurchased 1 million shares of stock, which leaves around 2 million shares remaining in the authorized pool. We also continued our strategy to expand breadth and depth in our multiphysics portfolio, with the addition of Esterel, which we announced during the quarter and actually just closed yesterday. Speaking back to that Investor Day, many of you might recall when we met in early March at that time in New York City, we laid out some of the key themes of our long-term strategy, including the opportunities that lay ahead for the future of Simulation Driven Product Development. The Esterel acquisition is just another step forward that enables us to respond to our customers' new reality, and that's a business environment where they simply can't afford to compromise on depth, breadth or quality of the simulation tools that they're using to solve their own increasingly complex design challenges. But it also uniquely positions us to provide embedded systems simulation with certified cogeneration further differentiating our solutions. So other comments, you can find in there, but our industry composition, it remains averse with continuing success in areas in this particular quarter, such most notably things like automotive, aerospace and defense and material and chemical processing. So the result of all this is that we reiterated our outlook on fiscal year 2012 non-GAAP revenue and non-GAAP EPS. This also translates to Q3 revenue in the range of $197 million to $204 million, an EPS of $0.67 to $0.69, with revenue for the full year in the range of $810 million to $830 million, an EPS of $2.78 to $2.87.
And before we wrap up, I'd like to provide some qualitative context around the guidance. First and foremost, first and foremost, the fundamentals of our business and the customer interest and market demand remain intact. And although we are maintaining our original revenue range, we've not just slapped an even probability across that range for a number of obvious reasons. First of all, the variance that we're experiencing over this protracted period carry through for the first couple of quarters of results, and it's demonstrated the current unevenness in the macro environment. So as compared to our revenue outlook, while we're on our guidance range, we wound up in the lower half of guidance in the first quarter, in the upper half for Q2. So there's a lot of variance in that.Read the rest of this transcript for free on seekingalpha.com