ANSYS, Inc. Reports Third Quarter Revenue Growth of 9% in Constant Currency

Fiscal Year 2016 Preliminary Outlook

The Company currently expects the following for the fiscal year ending December 31, 2016:

  • GAAP revenue in the range of $1.01 - $1.05 billion
  • Non-GAAP revenue in the range of $1.01 - $1.05 billion
  • GAAP diluted earnings per share of $2.91 - $3.14
  • Non-GAAP diluted earnings per share of $3.58 - $3.76

These statements are forward-looking and actual results may differ materially. Non-GAAP diluted earnings per share is a supplemental financial measure and should not be considered as a substitute for, or superior to, diluted earnings per share determined in accordance with GAAP.

Conference Call Information

ANSYS will hold a conference call at 10:30 a.m. Eastern Time on November 5, 2015 to discuss third quarter results. To participate in the live conference call, dial 866-652-5200 (US) or 412-317-6060 (Canada & Int'l). The call will be recorded and a replay will be available approximately two hours after the call ends. The replay will be available for ten days by dialing 877-344-7529 (US) or 412-317-0088 (Int'l) or 855-669-9658 (CAN toll-free) and entering the pass code 10074596. The archived webcast can be accessed, along with other financial information, on ANSYS' website at http://investors.ansys.com.

     
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
     
  September 30, December 31,
   2015 2014
     
ASSETS:    
     
Cash & short-term investments  $ 776,923  $ 788,778
Accounts receivable, net 91,470 101,229
Goodwill 1,334,509 1,312,182
Other intangibles, net 233,262 259,312
Other assets 265,402 312,602
     
Total assets  $ 2,701,566  $ 2,774,103
     
     
LIABILITIES & STOCKHOLDERS' EQUITY:    
     
Deferred revenue  $ 319,705  $ 332,664
Other liabilities 170,265 223,938
Stockholders' equity 2,211,596 2,217,501
     
Total liabilities & stockholders' equity  $ 2,701,566  $ 2,774,103
     
         
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
         
  Three Months Ended Nine Months Ended
  September 30, September 30, September 30, September 30,
  2015 2014 2015 2014
Revenue:        
Software licenses  $ 140,197  $ 139,965  $ 405,655  $ 406,883
Maintenance and service 97,643 94,035 285,451 274,763
         
Total revenue 237,840 234,000 691,106 681,646
         
Cost of sales:        
Software licenses 6,889 7,095 21,048 21,603
Amortization 9,818 9,477 28,918 28,198
Maintenance and service 19,874 20,622 60,288 63,816
Total cost of sales 36,581 37,194 110,254 113,617
         
Gross profit 201,259 196,806 580,852 568,029
         
Operating expenses:        
Selling, general and administrative 61,367 58,172 181,640 174,002
Research and development 44,784 41,033 127,439 123,251
Amortization 4,925 6,793 15,037 17,374
Total operating expenses 111,076 105,998 324,116 314,627
         
Operating income 90,183 90,808 256,736 253,402
         
Interest expense (95) (149) (371) (578)
Interest income 674 655 2,125 2,206
Other (expense) income, net (383) (395) 475 (772)
         
Income before income tax provision 90,379 90,919 258,965 254,258
         
Income tax provision 24,346 25,440 74,465 69,201
         
Net income  $ 66,033  $ 65,479  $ 184,500  $ 185,057
         
Earnings per share – basic:        
Basic earnings per share  $ 0.74  $ 0.71  $ 2.05  $ 2.01
Weighted average shares – basic 89,694 91,875 89,873 92,224
         
         
Earnings per share - diluted:        
Diluted earnings per share  $ 0.72  $ 0.70  $ 2.01  $ 1.96
Weighted average shares – diluted 91,593 93,905 91,820 94,397
         
             
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
(Unaudited)
(in thousands, except percentages and per share data)
             
  Three Months Ended
  September 30, 2015 September 30, 2014
  As
Reported

Adjustments
Non-GAAP
Results

As Reported

Adjustments
Non-GAAP
Results
Total revenue  $ 237,840 $ 379 (1)  $ 238,219  $ 234,000 $ 1,528 (4)  $ 235,528
             
Operating income 90,183 24,257 (2) 114,440 90,808 27,794 (5) 118,602
             
Operating profit margin 37.9%   48.0% 38.8%   50.4%
             
Net income  $ 66,033 $15,978 (3)  $ 82,011  $ 65,479 $18,176 (6)  $ 83,655
             
Earnings per share – diluted:            
             
Diluted earnings per share  $ 0.72    $ 0.90  $ 0.70    $ 0.89
             
Weighted average shares – diluted 91,593   91,593 93,905   93,905
             
             
(1) Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
             
(2) Amount represents $14.7 million of amortization expense associated with intangible assets acquired in business combinations, $8.9 million of stock-based compensation expense, the $0.4 million adjustment to revenue as reflected in (1) above and $0.3 million of transaction expenses related to business combinations.
             
(3) Amount represents the impact of the adjustments to operating income referred to in (2) above, adjusted for the related income tax impact of $8.3 million.
             
(4) Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
             
(5) Amount represents $16.3 million of amortization expense associated with intangible assets acquired in business combinations, $10.0 million of stock-based compensation expense and the $1.5 million adjustment to revenue as reflected in (4) above.
             
(6) Amount represents the impact of the adjustments to operating income referred to in (5) above, adjusted for the related income tax impact of $9.6 million.
             
             
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
(Unaudited)
(in thousands, except percentages and per share data)
             
  Nine Months Ended
  September 30, 2015 September 30, 2014
  As
Reported

Adjustments
Non-GAAP
Results
As
Reported

Adjustments
Non-GAAP
Results
Total revenue $ 691,106 $ 1,365 (1) $ 692,471 $ 681,646 $ 4,307 (4) $ 685,953
             
Operating income 256,736 71,885 (2) 328,621 253,402 78,430 (5) 331,832
             
Operating profit margin 37.1%   47.5% 37.2%   48.4%
             
Net income $ 184,500 $ 46,458 (3) $ 230,958 $ 185,057 $ 52,063 (6) $ 237,120
             
Earnings per share – diluted:            
             
Diluted earnings per share $ 2.01   $ 2.52 $ 1.96   $ 2.51
             
Weighted average shares – diluted 91,820   91,820 94,397   94,397
             
             
(1)  Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
             
(2)  Amount represents $44.0 million of amortization expense associated with intangible assets acquired in business combinations, $25.7 million of stock-based compensation expense, the $1.4 million adjustment to revenue as reflected in (1) above and $0.8 million of transaction expenses related to business combinations.
             
(3)  Amount represents the impact of the adjustments to operating income referred to in (2) above, adjusted for the related income tax impact of $25.4 million.
             
(4)  Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
             
(5)  Amount represents $45.6 million of amortization expense associated with intangible assets acquired in business combinations, $27.6 million of stock-based compensation expense, the $4.3 million adjustment to revenue as reflected in (4) above and $1.0 million of transaction expenses related to business combinations.
             
(6)  Amount represents the impact of the adjustments to operating income referred to in (5) above, adjusted for the related income tax impact of $26.4 million.
             
   
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Quarter Ending December 31, 2015
   
  Earnings Per Share Range
– Diluted
   
   
U.S. GAAP expectation $0.66 - $0.73
Adjustment to exclude acquisition accounting adjustment to deferred revenue -
Adjustment to exclude acquisition–related amortization $0.09 - $0.10
Adjustment to exclude stock–based compensation $0.06 - $0.07
   
Non-GAAP expectation $0.83 - $0.88
   
   
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Year Ending December 31, 2015
  Earnings Per Share Range
– Diluted
   
   
U.S. GAAP expectation $2.67 - $2.74
Adjustment to exclude acquisition accounting adjustment to deferred revenue $0.01
Adjustment to exclude acquisition–related amortization $0.39 - $0.40
Adjustment to exclude stock–based compensation $0.25 - $0.26
Adjustment to exclude acquisition-related transaction expenses $0.01
   
Non-GAAP expectation $3.35 - $3.40
   
   
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Year Ending December 31, 2016
  Earnings Per Share Range
– Diluted
   
   
U.S. GAAP expectation $2.91 - $3.14
Adjustment to exclude acquisition accounting adjustment to deferred revenue -
Adjustment to exclude acquisition–related amortization $0.34 - $0.36
Adjustment to exclude stock–based compensation $0.28 - $0.31
   
Non-GAAP expectation $3.58 - $3.76
   

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