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Ansys Announces Financial Results With Record Q1 ACV, Revenue, Diluted EPS and Operating Cash Flow

Operationally increases FY 2023 Outlook on ACV, Revenue and EPS

Details related to our financial guidance, including assumptions, are included in our prepared remarks document.

   

/ Key Highlights - Q1 2023

   

PITTSBURGH, May 03, 2023 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported first quarter 2023 GAAP and non-GAAP revenue growth of 20% and 19% in reported currency, respectively, or 23% and 22% in constant currency, respectively, when compared to the first quarter of 2022. For the first quarter of 2023, the Company reported diluted earnings per share of $1.15 and $1.85 on a GAAP and non-GAAP basis, respectively, compared to $0.81 and $1.36 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2022. Additionally, the Company reported first quarter ACV growth of 16% in reported currency, or 19% in constant currency.

“Ansys achieved outstanding results for the first quarter, giving us a strong start to 2023. We again delivered robust double-digit ACV and revenue growth in the quarter and exceeded our financial guidance across all key metrics. Our performance was broad-based across geographies, customer types, and industries, again demonstrating the essential nature of simulation as well as our multiphysics product leadership. Given the strength of our results and the immense opportunity that lies ahead, I remain confident in our ability to deliver on our commitments in 2023 and beyond,” said Ajei Gopal, Ansys president and CEO.

Nicole Anasenes, Ansys CFO, stated, “Our robust first-quarter results build off the momentum of our outstanding performance in 2022. During Q1, Ansys recorded ACV growth of 19% in constant currency, and GAAP and non-GAAP revenue growth of 23% and 22% in constant currency, respectively. Given the strength of demand for simulation and the momentum we see in our pipeline, we are operationally raising our full-year ACV, revenue and EPS. The operational improvement in our full-year ACV outlook is above and beyond our Q1 outperformance.”

   

The non-GAAP financial results highlighted, and the non-GAAP financial outlook for 2023 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months ended March 31, 2023 and 2022, and for the 2023 financial outlook, can be found later in this release.

   

/ Financial Results

Ansys' first quarter 2023 and 2022 financial results are presented below. The 2023 and 2022 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items. The 2022 period non-GAAP results also exclude the income statement effects of acquisition accounting adjustments to deferred revenue from business combinations closed prior to 2022. There is no adjustment in 2023 as the impact is not material.

GAAP and non-GAAP results are as follows:

 GAAP Non-GAAP
(in millions, except per share data and percentages)Q1 2023 Q1 2022 % Change Q1 2023 Q1 2022 % Change
Revenue$    509.4      $425.1  20% $    509.4      $428.6  19%
Net income$    100.6      $71.0  42% $    161.8      $119.2  36%
Diluted earnings per share$       1.15      $0.81  42% $       1.85      $1.36  36%
Operating profit margin 25.1%  19.1%    39.8%  34.7%  
                    

/ Other Performance Metrics

(in millions, except percentages)Q1 2023 Q1 2022 % Change % Change in Constant Currency
ACV$           399.4   $344.1  16% 19%
Operating cash flows$           260.8   $210.9  24%  
Unlevered operating cash flows$           269.5   $213.1  26%  
             

ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2023, the anniversary dates would be July 1, 2024 and July 1, 2025. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2026, our ACV performance metric does not assume any contract renewals.

Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2023 – June 30, 2024, would each contribute $100,000 to ACV for fiscal year 2023 with no contribution to ACV for fiscal year 2024.

Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2023 – June 30, 2026, would each contribute $100,000 to ACV in each of fiscal years 2023, 2024 and 2025. There would be no contribution to ACV for fiscal year 2026 as each period captures the full annual value upon the anniversary date.

Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2023 would contribute $200,000 to ACV in fiscal year 2023.

/ Management's 2023 Financial Outlook

The Company's second quarter and updated FY 2023 revenue, diluted earnings per share and ACV guidance is provided below. The Company is also providing its updated FY 2023 guidance for unlevered operating cash flow. The 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 stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

This guidance is based on the Company's evaluation of factual information it has determined to be relevant and the application of certain assumptions made by the Company. Please refer to the Company's prepared remarks document for additional information regarding the Company's financial guidance, including its assumptions regarding overall business dynamics.

/ Second Quarter 2023 Guidance

The Company currently expects the following for the quarter ending June 30, 2023:

(in millions, except percentages and per share data)GAAP Non-GAAP
Revenue$473.0 - 498.0 $473.0 - $498.0
Revenue Growth Rate(0.2%) - 5.1% (0.6%) - 4.6%
Revenue Growth Rate — Constant Currency0.4% - 5.7% —% - 5.3%
Diluted earnings per share$0.55 - $0.78 $1.35 - $1.53


(in millions, except percentages)Other Financial Metrics
ACV$474.0 - $494.0 
ACV Growth Rate 3.0% - 7.3% 
ACV Growth Rate — Constant Currency 3.4% - 7.7% 
  

/ Fiscal Year 2023 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2023:

(in millions, except percentages and per share data)GAAP Non-GAAP
Revenue$2,242.0 - $2,322.0 $2,242.0 - $2,322.0 
Revenue Growth Rate8.5% - 12.4% 8.2% - 12.0%
Revenue Growth Rate — Constant Currency8.1% - 12.0% 7.7% - 11.6%
Diluted earnings per share$5.31 - $5.97 $8.39 - $8.91


(in millions, except percentages)Other Financial Metrics
ACV$2,265.0 - $2,335.0 
ACV Growth Rate 11.5% - 14.9% 
ACV Growth Rate — Constant Currency 10.8% - 14.2% 
Unlevered operating cash flows$699.0 - $749.0 
        

Our diluted FY 2023 EPS guidance is inclusive of $44.7 million in interest expense ($36.9 million, net of tax). This compares to interest expense in FY 2022 of $22.7 million ($18.6 million, net of tax) with the significant increase in FY 2023 driven by the interest rate environment and our floating interest rate on our term loans. Reconciliations of the GAAP to Non-GAAP diluted EPS outlook and the operating cash flow to unlevered operating cash flow outlook are available in our "Reconciliations of GAAP to Non-GAAP Measures" section found later in this document.

The updated FY 2023 guidance captures operational raises in ACV ($16.0 million operational raise inclusive of $9.4 million in excess of Q1 guidance and $6.6 million of incremental momentum), revenue and diluted EPS, which are reflected in the increases to the constant currency guidance growth rates. Offsetting this strong outlook, U.S. Dollar strengthening against certain currencies since our guidance was released in February continues to create headwinds for us. As a result, the guidance also assumes incremental adverse impacts to our improved operational outlook from foreign exchange. The offset to stronger operational performance is primarily driven by substantial weakening of the Japanese Yen and Korean Won exchange rates, partially offset by the weakening of the U.S. Dollar against the Euro since we initiated guidance in February 2023. The impacts of currency are solely the result of macroeconomic events. The underlying foundation of our business remains strong and we continue to see momentum. The below chart captures the drivers of the update to our guidance initiated in February:

(in millions, except per share data)Mid-point of Guidance in February Incremental Operational Performance May mid-point of Guidance at February Exchange Rates Currency Fluctuations from February to May Guidance May mid-point of Guidance at Current Exchange Rates
ACV$2,300  $16  $2,316  $(16) $2,300 
Revenue$2,282  $15  $2,297  $(15) $2,282 
Diluted earnings per share$8.60  $0.18  $8.78  $(0.13) $8.65 
Unlevered operating cash flows$735  $—  $735  $(11) $724 
                    

/ Conference Call Information

Ansys will hold a conference call at 8:30 a.m. Eastern Time on May 4, 2023 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.

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 access code 9058650. The archived webcast can be accessed, along with other financial information, on Ansys' website at https://investors.ansys.com/events-presentations/events.

/ GAAP Financial Statements

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)March 31, 2023 December 31, 2022
ASSETS:   
Cash & short-term investments$507,854  $614,574 
Accounts receivable, net 653,763   760,287 
Goodwill 3,737,195   3,658,267 
Other intangibles, net 870,544   809,183 
Other assets 711,578   845,634 
Total assets$6,480,934  $6,687,945 
LIABILITIES & STOCKHOLDERS' EQUITY:   
Current deferred revenue$396,331  $413,989 
Long-term debt 753,653   753,574 
Other liabilities 548,788   654,531 
Stockholders' equity 4,782,162   4,865,851 
Total liabilities & stockholders' equity$6,480,934  $6,687,945 
        


ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
 Three Months Ended
(in thousands, except per share data)March 31,
2023		 March 31,
2022
Revenue:   
Software licenses$219,152  $157,445 
Maintenance and service 290,295   267,632 
Total revenue 509,447   425,077 
Cost of sales:   
Software licenses 11,744   8,436 
Amortization 19,618   17,252 
Maintenance and service 36,290   39,072 
Total cost of sales 67,652   64,760 
Gross profit 441,795   360,317 
Operating expenses:   
Selling, general and administrative 188,584   169,755 
Research and development 120,335   105,274 
Amortization 5,181   4,125 
Total operating expenses 314,100   279,154 
Operating income 127,695   81,163 
Interest income 4,078   527 
Interest expense (10,758)  (2,967)
Other expense, net (177)  (694)
Income before income tax provision 120,838   78,029 
Income tax provision 20,216   7,041 
Net income$100,622  $70,988 
Earnings per share – basic:   
Earnings per share$1.16  $0.81 
Weighted average shares 86,930   87,122 
Earnings per share – diluted:   
Earnings per share$1.15  $0.81 
Weighted average shares 87,431   87,750 
        

/ Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

 Three Months Ended
 March 31, 2023
(in thousands, except percentages and per share data)Revenue Gross Profit % Operating Income % Net Income EPS - Diluted1
Total GAAP$509,447  $441,795  86.7% $127,695  25.1% $100,622  $1.15 
Stock-based compensation expense —   2,878  0.6%  44,171  8.7%  44,171   0.50 
Excess payroll taxes related to stock-based awards —   284  0.1%  4,076  0.8%  4,076   0.05 
Amortization of intangible assets from acquisitions —   19,618  3.8%  24,799  4.8%  24,799   0.28 
Expenses related to business combinations —   —  —%  2,192  0.4%  2,192   0.03 
Adjustment for income tax effect —   —  —%  —  —%  (14,097)  (0.16)
Total non-GAAP$509,447  $464,575  91.2% $202,933  39.8% $161,763  $1.85 
                          

1 Diluted weighted average shares were 87,431.

 Three Months Ended
 March 31, 2022
(in thousands, except percentages and per share data)Revenue Gross Profit % Operating Income % Net Income EPS - Diluted1
Total GAAP$425,077  $360,317  84.8% $81,163  19.1% $70,988  $0.81 
Acquisition accounting for deferred revenue 3,560   3,560  0.1%  3,560  0.7%  3,560   0.04 
Stock-based compensation expense —   2,563  0.6%  35,651  8.3%  35,651   0.41 
Excess payroll taxes related to stock-based awards —   417  0.1%  5,053  1.2%  5,053   0.06 
Amortization of intangible assets from acquisitions —   17,252  4.0%  21,377  5.0%  21,377   0.24 
Expenses related to business combinations —   —  —%  1,738  0.4%  1,738   0.02 
Adjustment for income tax effect —   —  —%  —  —%  (19,132)  (0.22)
Total non-GAAP$428,637  $384,109  89.6% $148,542  34.7% $119,235  $1.36 
                          

1 Diluted weighted average shares were 87,750.

 Three Months Ended
(in thousands)March 31,
2023		 March 31,
2022
Net cash provided by operating activities$260,766  $210,936 
Cash paid for interest 10,606   2,626 
Tax benefit (1,856)  (473)
Unlevered operating cash flows$269,516  $213,089 
        


ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Quarter Ending June 30, 2023
 Earnings Per Share - Diluted
U.S. GAAP expectation$0.55 - $0.78
Exclusions before tax:   
Acquisition-related amortization$0.28 - $0.29
Stock-based compensation and related excess payroll tax$0.60 - $0.66
Expenses related to business combinations $0.02 
Adjustment for income tax effect$(0.15) - $(0.17)
Non-GAAP expectation$1.35 - $1.53


ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Year Ending December 31, 2023
 Earnings Per Share - Diluted
U.S. GAAP expectation$5.31 - $5.97 
Exclusions before tax:   
Acquisition-related amortization$1.13 - $1.15 
Stock-based compensation and related excess payroll tax$2.38 - $2.54 
Expenses related to business combinations   $0.06   
Adjustment for income tax effect$(0.63) - $(0.67) 
Non-GAAP expectation$8.39 - $8.91 


(in millions)Unlevered Operating Cash Flows
Net cash provided by operating activities$662.5 - $712.5 
Cash paid for interest   $44.2   
Tax benefit   $(7.7)   
Unlevered operating cash flows$699.0 - $749.0 
        

/ Use of Non-GAAP Measures

We provide non-GAAP revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to such financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure.

We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

Acquisition accounting for deferred revenue. Historically, we have consummated acquisitions in order to support our strategic and other business objectives. Under prior accounting guidance, a fair value provision resulted in acquired deferred revenue that was often recorded on the opening balance sheet at an amount that was lower than the historical carrying value. Although this fair value provision has no impact on our business or cash flow, it adversely impacts our reported GAAP revenue in the reporting periods following an acquisition. In 2022, we adopted accounting guidance which eliminates the fair value provision that resulted in the deferred revenue adjustment on a prospective basis. In order to provide investors with financial information that facilitates comparison of both historical and future results, we have historically provided non-GAAP financial measures which exclude the impact of the acquisition accounting adjustment for acquisitions prior to the adoption of the new guidance in 2022. The 2022 non-GAAP financial measures presented in this document include the adjustment to exclude the income statement effects of acquisition accounting adjustments to deferred revenue from business combinations closed prior to 2022. There is no adjustment included for 2023 as the impact is not material.  

Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. This non-GAAP adjustment also includes excess payroll tax expense related to stock-based compensation. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our board of directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager's performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors' operating results.

Expenses related to business combinations. We incur expenses for professional services rendered in connection with business combinations, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors' operating results.

Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

GAAP Reporting MeasureNon-GAAP Reporting Measure
RevenueNon-GAAP Revenue
Gross ProfitNon-GAAP Gross Profit
Gross Profit MarginNon-GAAP Gross Profit Margin
Operating IncomeNon-GAAP Operating Income
Operating Profit MarginNon-GAAP Operating Profit Margin
Net IncomeNon-GAAP Net Income
Diluted Earnings Per ShareNon-GAAP Diluted Earnings Per Share
Operating Cash FlowsUnlevered Operating Cash Flows
  

Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2023 results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2022 comparable period, rather than the actual exchange rates in effect for 2023. Constant currency growth rates are calculated by adjusting the 2023 reported amounts by the 2023 currency fluctuation impacts and comparing the adjusted amounts to the 2022 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

/ About Ansys

When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

Take a leap of certainty … with Ansys.

/ Forward-Looking Information

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target,” or other words of similar meaning. Forward-looking statements include those about market opportunity, including our total addressable market. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

Visit https://investors.ansys.com for more information.

Contact:      
Investors: Kelsey DeBriyn
724.820.3927
kelsey.debriyn@ansys.com
Media: Mary Kate Joyce
724.820.4368
marykate.joyce@ansys.com
   

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