ANSYS Announces Exceptional Q3 Results, With Double-Digit Growth in Revenue, EPS, ACV and Operating Cash Flow

Other Financial Metrics

(in millions, except percentages) Q3 2018  Q3 2017  % Change  % Change
in Constant
Currency
Annual contract value (ACV) $ 257.8  $228.7  13%  13% 
Operating cash flows $ 110.0  $88.9  24%   


(in millions, except percentages) YTD 2018  YTD 2017  % Change  % Change
in Constant
Currency
ACV $ 844.7  $743.2  14%  11% 
Operating cash flows $ 353.5  $327.0  8%   

ACV is composed of the following:

  • the annualized value of maintenance and lease contracts with start dates or anniversary dates during the period, plus
  • the value of perpetual license contracts with start dates during the period, plus
  • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
  • the value of work performed during the period on fixed-deliverable services contracts.

Management's 2018 Financial Outlook

The Company's fourth quarter and fiscal year 2018 revenue and diluted earnings per share guidance is provided below. The revenue and diluted earnings per share guidance is provided on both a GAAP and a non-GAAP basis, and in accordance with both ASC 606 and ASC 605. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets, acquisition-related transaction costs and measurement-period adjustments related to the Tax Cuts and Jobs Act.

Fourth Quarter 2018 Guidance

The Company currently expects the following for the quarter ending December 31, 2018:

(in millions, except per share data) GAAP  Non-GAAP
Revenue under ASC 606$349.5 - $369.5 $352.0 - $372.0
Diluted earnings per share under ASC 606$1.10 - $1.29 $1.39 - $1.55
Revenue under ASC 605$332.8 - $342.8 $337.0 - $347.0
Diluted earnings per share under ASC 605$0.95 - $1.05 $1.26 - $1.32

Commentary on Fiscal Year 2018 Revenue Guidance

The Company's FY 2018 revenue guidance presented below reflects a slight adverse currency impact as compared to the exchange rates provided with the Company's guidance in August 2018.

Fiscal Year 2018 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2018:

(in millions, except per share data) GAAP  Non-GAAP
Revenue under ASC 606$1,227.6 - $1,247.6 $1,237.0 - $1,257.0
Diluted earnings per share under ASC 606$4.19 - $4.38 $5.25 - $5.41
Revenue under ASC 605$1,213.4 - $1,223.4 $1,229.0 - $1,239.0
Diluted earnings per share under ASC 605$4.07 - $4.16 $5.18 - $5.24


(in millions) Other Financial
Metrics
ACV$1,262.0 - $1,282.0
Operating cash flows$455.0 - $480.0

Conference Call Information

ANSYS will hold a conference call at 8:30 a.m. Eastern Time on November 8, 2018 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, and 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 within two hours after the call. The replay will be available by dialing (877) 344-7529 (US), (855) 669-9658 (Canada) or (412) 317-0088 (Int’l) and entering the passcode 10123501. The archived webcast can be accessed, along with other financial information, on ANSYS' website at https://investors.ansys.com/news-and-events/events-calendar .

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