ANSYS, Inc. Reports Q3 2016 Financial Results Reflecting Solid Margin, EPS and Cash Flow Performance

Management's Remaining 2016 and Preliminary 2017 Financial Outlook

The Company has provided its fourth quarter and updated its 2016 revenue and earnings per share guidance below, as well as provided its preliminary outlook for 2017. The revenue and earnings per share guidance is provided on both a GAAP basis and a non-GAAP basis. Non-GAAP financial measures exclude the income statement effects of acquisition accounting adjustments to deferred revenue, stock-based compensation expense, acquisition-related amortization of intangible assets and acquisition-related transaction expenses.

Fourth Quarter 2016 Guidance

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

  • GAAP and non-GAAP revenue in the range of $263.0 - $272.0 million
  • GAAP diluted earnings per share of $0.77 - $0.83
  • Non-GAAP diluted earnings per share of $0.94 - $0.99

Fiscal Year 2016 Guidance

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

  • GAAP and non-GAAP revenue in the range of $981.0 - $990.0 million
  • GAAP diluted earnings per share of $2.96 - $3.03
  • Non-GAAP diluted earnings per share of $3.59 - $3.64

Fiscal Year 2017 Preliminary Outlook

The Company currently expects the following for the fiscal year ending December 31, 2017:

  • GAAP and non-GAAP revenue in the range of $1.02 - $1.06 billion
  • GAAP diluted earnings per share of $3.01 - $3.27
  • Non-GAAP diluted earnings per share of $3.67 - $3.89

Conference Call Information

ANSYS will hold a conference call at 10:30 a.m. Eastern Time on November 3, 2016 to discuss third quarter results. The Company will provide its prepared remarks on the Company’s investor relations homepage and as an exhibit in its Form 8-K in advance of the call to provide shareholders and analysts with additional time and detail for analyzing its results in preparation for the conference call. The prepared remarks will not be read on the call - only brief remarks will be made prior to the Q&A session.

To participate in the live conference call, dial 855-239-2942 (US) or 412-542-4124 (Canada & Int’l). The call will be recorded and a replay will be available approximately one hour after the call ends. The replay will be available for 10 days by dialing 877-344-7529 (US), (855) 669-9658 (Canada) or 412-317-0088 (Int’l) and entering the passcode 10094868. The archived webcast can be accessed, along with other financial information, on ANSYS' website at http://investors.ansys.com/events-and-presentations/events.aspx

 
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
 
(in thousands) September 30, 2016  December 31, 2015
ASSETS:   
Cash & short-term investments838,272  784,614 
Accounts receivable, net85,273  91,579 
Goodwill1,333,531  1,332,348 
Other intangibles, net184,768  220,553 
Other assets288,513  300,810 
Total assets2,730,357  2,729,904 
LIABILITIES & STOCKHOLDERS' EQUITY:     
Deferred revenue359,979  364,644 
Other liabilities140,613  170,833 
Stockholders' equity2,229,765  2,194,427 
Total liabilities & stockholders' equity2,730,357  2,729,904 
      


 
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
 
  Three Months Ended  Nine Months Ended
(in thousands, except per share data)   September 30,
 2016
  September 30,
 2015
  September 30,
 2016
  September 30,
 2015
Revenue:       
Software licenses$139,530  $140,197  $406,668  $405,655 
Maintenance and service106,332  97,643  311,169  285,451  
Total revenue 245,862     237,840     717,837     691,106  
Cost of sales:              
Software licenses 6,433     6,889     19,705     21,048  
Amortization 9,513     9,818     28,544     28,918  
Maintenance and service 19,640     19,874     59,633     60,288  
Total cost of sales 35,586     36,581     107,882     110,254  
Gross profit 210,276     201,259     609,955     580,852  
Operating expenses:              
Selling, general and administrative 61,537     61,367     183,565     181,640  
Research and development 45,418     44,784     137,533     127,439  
Amortization 3,222     4,925     9,581     15,037  
Total operating expenses 110,177     111,076     330,679     324,116  
Operating income 100,099     90,183     279,276     256,736  
Interest expense (30 )   (95 )   (175 )   (371 )
Interest income 1,083     674     3,110     2,125  
Other (expense) income, net (159 )   (383 )   38     475  
Income before income tax provision 100,993     90,379     282,249     258,965  
Income tax provision 31,436     24,346     86,596     74,465  
Net income $ 69,557     $ 66,033     $ 195,653     $ 184,500  
Earnings per share – basic:              
Earnings per share $ 0.80     $ 0.74     $ 2.23     $ 2.05  
Weighted average shares 86,959     89,694     87,570     89,873  
Earnings per share – diluted:              
Earnings per share $ 0.78     $ 0.72     $ 2.19     $ 2.01  
Weighted average shares 88,676     91,593     89,355     91,820  
                       

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