ANSYS Announces Strong Q1 2019 Results and Raises FY 2019 Outlook for Revenue and EPS

ACV, or annual contract value, is a financial performance metric that we introduced in 2018. We believe this new measure is an improved metric as compared to the historically provided bookings metric because it adjusts the sales bookings metric to reflect only the annual value of a contract and also adjusts to reflect the sales booking at the date of the contract inception or renewal. There is no GAAP measure comparable to ACV. 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 2019 Financial Outlook

The Company's second quarter and fiscal year 2019 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 non-GAAP basis. 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 adjustments related to the transition tax associated with the Tax Cuts and Jobs Act.

The financial guidance below includes the impact of the Company's acquisitions of Granta Design Limited and Helic, Inc., both of which closed in February 2019.


Second Quarter 2019 Guidance

The Company currently expects the following for the quarter ending June 30, 2019:

(in millions, except per share data) GAAP  Non-GAAP
Revenue$322.9 - $342.9 $325.0 - $345.0
Diluted earnings per share$0.79 - $1.00 $1.18 - $1.30

Fiscal Year 2019 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2019:

(in millions, except per share data) GAAP  Non-GAAP
Revenue$1,421.9 - $1,471.9 $1,430.0 - $1,480.0
Diluted earnings per share$4.30 - $4.82 $5.75 - $6.10


(in millions) Other Financial
Metrics
ACV$1,425.0 - $1,470.0
Operating cash flows$470.0 - $510.0

Conference Call Information

ANSYS will hold a conference call at 8:30 a.m. Eastern Time on May 2, 2019 to discuss first 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 stockholders 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. The Company will also post a complementary investor presentation titled "1Q 2019 Investor Presentation" that can be accessed by clicking News & Events, then Presentations on our website at https://investors.ansys.com.

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 10130626. The archived webcast can be accessed, along with other financial information, on ANSYS' website at https://investors.ansys.com/news-and-events/events-calendar.

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands) March 31, 2019  December 31, 2018
ASSETS:   
Cash & short-term investments $ 607,628  $777,364 
Accounts receivable, net 268,526  317,700 
Goodwill 1,748,228  1,572,455 
Other intangibles, net 278,327  211,272 
Other assets(1) 469,554  387,173 
Total assets $ 3,372,263  $3,265,964 
LIABILITIES & STOCKHOLDERS' EQUITY:   
Current deferred revenue $ 330,890  $328,584 
Other liabilities(1) 356,992  287,833 
Stockholders' equity 2,684,381  2,649,547 
Total liabilities & stockholders' equity $ 3,372,263     $ 3,265,964  

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