ANSYS Announces Record Q2 Financial Results Including Double-Digit Growth in Revenue, EPS and ACV

 
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands) June 30, 2019   December 31, 2018
ASSETS:      
Cash & short-term investments $ 631,696     $ 777,364  
Accounts receivable, net 297,798     317,700  
Goodwill 1,775,734     1,572,455  
Other intangibles, net 282,070     211,272  
Other assets(1) 525,544     387,173  
Total assets $ 3,512,842     $ 3,265,964  
LIABILITIES & STOCKHOLDERS' EQUITY:      
Current deferred revenue $ 321,060     $ 328,584  
Other liabilities(1) 374,496     287,833  
Stockholders' equity 2,817,286     2,649,547  
Total liabilities & stockholders' equity $ 3,512,842     $ 3,265,964  

(1)Effective January 1, 2019, the Company adopted the new leasing standard, which requires virtually all leases to be recorded on the balance sheet. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. The adoption of the new standard resulted in the recognition of approximately $90 million of lease assets, and corresponding lease liabilities, on the Company's condensed consolidated balance sheet as of January 1, 2019.

 

 
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
  Three Months Ended   Six Months Ended
(in thousands, except per share data) June 30,
 2019
  June 30,
 2018
  June 30,
 2019
  June 30,
 2018
Revenue:              
Software licenses $ 170,499     $ 131,147     $ 293,543     $ 241,193  
Maintenance and service 198,136     174,766     392,222     347,593  
Total revenue 368,635     305,913     685,765     588,786  
Cost of sales:              
Software licenses 6,204     4,099     10,912     8,010  
Amortization 4,755     9,087     9,302     17,873  
Maintenance and service 29,538     27,264     55,098     53,605  
Total cost of sales 40,497     40,450     75,312     79,488  
Gross profit 328,138     265,463     610,453     509,298  
Operating expenses:              
Selling, general and administrative 120,412     95,058     232,581     182,867  
Research and development 75,302     58,357     146,040     115,887  
Amortization 3,796     3,495     7,555     6,930  
Total operating expenses 199,510     156,910     386,176     305,684  
Operating income 128,628     108,553     224,277     203,614  
Interest income 2,980     2,176     6,422     4,461  
Other expense, net (1,667 )   (1,007 )   (2,092 )   (1,315 )
Income before income tax provision 129,941     109,722     228,607     206,760  
Income tax provision 20,191     17,126     32,627     29,884  
Net income $ 109,750     $ 92,596     $ 195,980     $ 176,876  
Earnings per share – basic:              
Earnings per share $ 1.31     $ 1.10     $ 2.34     $ 2.11  
Weighted average shares 83,978     84,105     83,871     84,018  
Earnings per share – diluted:              
Earnings per share $ 1.28     $ 1.08     $ 2.29     $ 2.06  
Weighted average shares 85,483     85,986     85,488     86,069  

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