Ansys Announces Financial Results With Record Q3 Revenue and ACV

Ansys will hold a conference call at 8:30 a.m. Eastern Time on November 5, 2020 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 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 "Q3 2020 Investor Presentation" that can be accessed by clicking Events & Presentations, then Presentations 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 10149085. The archived webcast can be accessed, along with other financial information, on Ansys' website at https://investors.ansys.com/events-and-presentations/events-calendar.

GAAP Financial Statements

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
*(in thousands)*	September 30, 2020		December 31, 2019
ASSETS:
Cash & short-term investments	$	845,209	$	872,382
Accounts receivable, net	371,352		433,479
Goodwill	2,491,590		2,413,280
Other intangibles, net	474,785		476,711
Other assets	663,359		643,035
Total assets	$	4,846,295	$	4,838,887
LIABILITIES & STOCKHOLDERS' EQUITY:
Current deferred revenue	$	326,491	$	351,353
Long-term debt	423,759		423,531
Other liabilities	506,432		610,624
Stockholders' equity	3,589,613		3,453,379
Total liabilities & stockholders' equity	$	4,846,295	$	4,838,887

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three Months Ended						Nine Months Ended
*(in thousands, except per share data)*	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Revenue:
Software licenses	$	141,622		$	137,144		$	398,793		$	430,687
Maintenance and service	225,343			206,755			658,818			598,977
Total revenue	366,965			343,899			1,057,611			1,029,664
Cost of sales:
Software licenses	7,251			5,708			20,688			16,620
Amortization	9,911			4,762			29,227			14,064
Maintenance and service	36,223			30,895			107,446			85,993
Total cost of sales	53,385			41,365			157,361			116,677
Gross profit	313,580			302,534			900,250			912,987
Operating expenses:
Selling, general and administrative	132,642			120,682			391,862			353,263
Research and development	86,616			73,018			258,861			219,058
Amortization	4,237			3,787			12,562			11,342
Total operating expenses	223,495			197,487			663,285			583,663
Operating income	90,085			105,047			236,965			329,324
Interest income	754			3,188			4,463			9,610
Interest expense	(1,853		)	(239		)	(8,544		)	(561		)
Other income (expense), net	1,158			833			3,169			(937		)
Income before income tax provision	90,144			108,829			236,053			337,436
Income tax provision	14,517			19,366			17,798			51,993
Net income	$	75,627		$	89,463		$	218,255		$	285,443
Earnings per share – basic:
Earnings per share	$	0.88		$	1.06		$	2.55		$	3.40
Weighted average shares	85,798			84,109			85,749			83,951
Earnings per share – diluted:
Earnings per share	$	0.87		$	1.04		$	2.50		$	3.34
Weighted average shares	87,224			85,733			87,176			85,570

Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

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