Management Provides Initial Q1 2014
Outlook and Increases FY 2014 Outlook to Reflect
the Inclusion of Reaction Design
Highlights
- Fourth quarter GAAP revenue of $236.0 million and
non-GAAP revenue of $236.7 million
- Fiscal year 2013 GAAP revenue of $861.3 million and
non-GAAP revenue of $865.9 million
- Fourth quarter GAAP diluted EPS of $0.80* and non-GAAP
diluted EPS of $0.96*
- Fiscal year 2013 GAAP diluted EPS of $2.58* and
non-GAAP diluted EPS of $3.27*
- Operating cash flows of $85.0 million for the fourth
quarter and $333.0 million for fiscal year 2013
- Fourth quarter and fiscal year 2013 GAAP operating
profit margins of 39.1% and 37.4%, respectively, and non-GAAP
operating profit margins of 49.0% and 48.9%,
respectively
- Repurchase of 506,000 shares in the fourth quarter and
1.5 million shares in FY 2013
*The Company's GAAP and non-GAAP results include
approximately $11.0 million of incremental tax benefit, or $0.12
per diluted share, related to the notification from the Internal
Revenue Service that the Joint Committee on Taxation took no
exception to the Company's tax returns that were filed for 2009 and
2010, eliminating the uncertainty regarding refund claims filed in
connection with these returns.
ANSYS, Inc. (Nasdaq:ANSS) today reported fourth quarter non-GAAP
revenue growth of 7% in constant currency, while non-GAAP net
income increased 22% compared to Q4 2012. 2013 non-GAAP revenue
increased 9% in constant currency, while non-GAAP net income
increased 13% compared to 2012. Non-GAAP diluted earnings per share
increased 22% for the quarter and 12% for 2013.
Commenting on the Company's fourth quarter and fiscal year 2013
performance, Jim Cashman, ANSYS president & CEO, stated, "We
closed out 2013 with solid quarterly and annual financial
performance, with the business delivering revenue growth, strong
margins and cash flows. Throughout the year, we continued to invest
in our global organization, our technology offerings and our
business infrastructure, while also delivering profitable growth.
We released ANSYS® 15.0 during the fourth quarter, widening our
technological leadership advantage and uniquely positioning us to
capitalize on the global trends in engineering. As companies in
every industry move closer to the new mindset of system-level
engineering, ANSYS stands ready with leading multiphysics tools, a
robust and responsive knowledge management system and a shared
technology platform that delivers high-impact results."
ANSYS' fourth quarter and 2013 financial results are presented
below. The 2013 and 2012 non-GAAP results exclude the income
statement effects of acquisition accounting adjustments to deferred
revenue, as well as the impact of stock-based compensation,
acquisition-related amortization of intangible assets and
transaction costs related to acquisitions.
GAAP and non-GAAP results reflect:
- Total GAAP revenue of $236.0 million in the fourth quarter of
2013 as compared to $220.7 million in the fourth quarter of 2012;
total GAAP revenue of $861.3 million in 2013 as compared to $798.0
million in 2012; total non-GAAP revenue of $236.7 million in the
fourth quarter of 2013 as compared to $224.5 million in the fourth
quarter of 2012; total non-GAAP revenue of $865.9 million in 2013
as compared to $807.7 million in 2012;
- A GAAP operating profit margin of 39.1% in the fourth quarter
of 2013 as compared to 37.0% in the fourth quarter of 2012; a GAAP
operating profit margin of 37.4% in 2013 as compared to 36.9% in
2012; a non-GAAP operating profit margin of 49.0% in the fourth
quarter of 2013 as compared to 49.3% in the fourth quarter of 2012;
a non-GAAP operating profit margin of 48.9% in 2013 as compared to
50.1% in 2012;
- GAAP net income of $75.9 million in the fourth quarter of 2013
as compared to $56.1 million in the fourth quarter of 2012; GAAP
net income of $245.3 million in 2013 as compared to $203.5 million
in 2012; non-GAAP net income of $91.6 million in the fourth quarter
of 2013 as compared to $75.3 million in the fourth quarter of 2012;
non-GAAP net income of $311.5 million in 2013 as compared to $276.8
million in 2012;
- GAAP diluted earnings per share of $0.80 in the fourth quarter
of 2013 as compared to $0.59 in the fourth quarter of 2012; GAAP
diluted earnings per share of $2.58 in 2013 as compared to $2.14 in
2012; non-GAAP diluted earnings per share of $0.96 in the fourth
quarter of 2013 as compared to $0.79 in the fourth quarter of 2012;
non-GAAP diluted earnings per share of $3.27 in 2013 as compared to
$2.91 in 2012; and
- Operating cash flows of $85.0 million in the fourth quarter of
2013 as compared to $69.6 million in the fourth quarter of 2012;
operating cash flows of $333.0 million for fiscal year 2013 as
compared to operating cash flows of $298.4 million for fiscal year
2012.
The Company's GAAP results reflect stock-based compensation
charges of approximately $8.6 million ($6.0 million after tax) or
$0.06 diluted earnings per share for the fourth quarter of 2013 and
approximately $35.3 million ($24.2 million after tax) or $0.25
diluted earnings per share for fiscal year 2013.
The non-GAAP financial results highlighted above, and the
non-GAAP financial outlook for 2014 discussed below, represent
non-GAAP financial measures. Reconciliations of these measures to
the appropriate GAAP measures for the three and twelve months ended
December 31, 2013 and 2012, and for the 2014 financial outlook, are
included in the condensed financial information included in this
release.
Management's 2014 Financial Outlook
The Company's first quarter and FY 2014 revenue and earnings per
share guidance is provided below. The Company last provided its
guidance on November 7, 2013. The previously provided FY 2014
guidance has been updated to reflect the January 2014 acquisition
of Reaction Design. The revenue and earnings per share guidance is
provided on both a GAAP basis and a non-GAAP basis. Non-GAAP
diluted earnings per share excludes charges for stock-based
compensation, the income statement effects of acquisition
accounting for deferred revenue, acquisition-related amortization
of intangible assets and acquisition-related transaction
expenses.
First Quarter 2014 Guidance
The Company currently expects the following for the quarter
ending March 31, 2014:
- GAAP revenue in the range of $210.5 - $219.0 million
- Non-GAAP revenue in the range of $212.0 - $220.0 million
- GAAP diluted earnings per share of $0.55 - $0.60
- Non-GAAP diluted earnings per share of $0.73 - $0.76
Fiscal Year 2014 Guidance
The Company currently expects the following for the fiscal year
ending December 31, 2014:
- GAAP revenue in the range of $935.0 - $966.0 million
- Non-GAAP revenue in the range of $939.0 - $969.0 million
- GAAP diluted earnings per share of $2.53 - $2.71
- Non-GAAP diluted earnings per share of $3.25 - $3.37
These statements are forward-looking and actual results may
differ materially. Non-GAAP diluted earnings per share is a
supplemental financial measure and should not be considered as a
substitute for, or superior to, diluted earnings per share
determined in accordance with GAAP.
Conference Call Information
ANSYS will hold a conference call at 10:30 a.m. Eastern Time on
February 27, 2014 to discuss fourth quarter and fiscal year 2013
results. To participate in the live conference call, dial
877-270-2148 (US) or 412-902-6510 (Canada & INT'L). The call
will be recorded and a replay will be available approximately two
hours after the call ends. The replay will be available for ten
days by dialing 877-344-7529 (US) or 412-317-0088 (Canada and
Int'l) and entering the pass code 10040285. The archived webcast
can be accessed, along with other financial information, on ANSYS'
website at http://investors.ansys.com.
ANSYS, INC. AND
SUBSIDIARIES |
Condensed Consolidated
Balance Sheets |
(in
thousands) |
(Unaudited) |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
|
|
|
ASSETS: |
|
|
|
|
|
Cash & short-term investments |
$742,986 |
$577,155 |
Accounts receivable, net |
97,845 |
96,598 |
Goodwill |
1,255,704 |
1,251,247 |
Other intangibles, net |
291,390 |
351,173 |
Other assets |
334,457 |
331,244 |
|
|
|
Total assets |
$2,722,382 |
$2,607,417 |
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
Deferred revenue |
$309,775 |
$305,793 |
Long-term debt (including current
portion) |
-- |
53,149 |
Other liabilities |
276,361 |
308,184 |
Stockholders' equity |
2,136,246 |
1,940,291 |
|
|
|
Total liabilities &
stockholders' equity |
$2,722,382 |
$2,607,417 |
|
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Consolidated Statements
of Income |
(in thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
December 31, |
December 31, |
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2012 |
Revenue: |
|
|
|
|
Software licenses |
$ 147,767 |
$ 141,937 |
$ 528,944 |
$ 501,870 |
Maintenance and service |
88,253 |
78,811 |
332,316 |
296,148 |
|
|
|
|
|
Total revenue |
236,020 |
220,748 |
861,260 |
798,018 |
|
|
|
|
|
Cost of sales: |
|
|
|
|
Software licenses |
8,385 |
6,754 |
28,363 |
24,512 |
Amortization |
9,225 |
10,306 |
38,298 |
40,889 |
Maintenance and service |
20,999 |
19,621 |
80,031 |
74,115 |
Total cost of sales |
38,609 |
36,681 |
146,692 |
139,516 |
|
|
|
|
|
Gross profit |
197,411 |
184,067 |
714,568 |
658,502 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling, general and
administrative |
62,287 |
61,754 |
218,907 |
205,178 |
Research and development |
37,880 |
34,206 |
151,439 |
132,628 |
Amortization |
4,992 |
6,468 |
22,359 |
26,443 |
Total operating expenses |
105,159 |
102,428 |
392,705 |
364,249 |
|
|
|
|
|
Operating income |
92,252 |
81,639 |
321,863 |
294,253 |
|
|
|
|
|
Interest expense |
(202) |
(488) |
(1,169) |
(2,661) |
Interest income |
710 |
798 |
2,841 |
3,360 |
Other expense, net |
(195) |
(395) |
(1,046) |
(1,405) |
|
|
|
|
|
Income before income tax provision |
92,565 |
81,554 |
322,489 |
293,547 |
|
|
|
|
|
Income tax provision |
16,636 |
25,491 |
77,162 |
90,064 |
|
|
|
|
|
Net income |
$ 75,929 |
$ 56,063 |
$ 245,327 |
$ 203,483 |
|
|
|
|
|
Earnings per share – basic: |
|
|
|
|
Basic earnings per share |
$ 0.82 |
$ 0.61 |
$ 2.65 |
$ 2.20 |
Weighted average shares –
basic |
92,454 |
92,597 |
92,691 |
92,622 |
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted: |
|
|
|
|
Diluted earnings per share |
$ 0.80 |
$ 0.59 |
$ 2.58 |
$ 2.14 |
Weighted average shares –
diluted |
95,084 |
94,945 |
95,139 |
94,954 |
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Non-GAAP Measures |
(Unaudited) |
(in thousands, except
percentages and per share data) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
December 31,
2013 |
December 31,
2012 |
|
As |
Non-GAAP |
|
As |
Non-GAAP |
|
|
Reported |
Adjustments |
Results |
Reported |
Adjustments |
Results |
Total revenue |
$ 236,020 |
$ 676(1) |
$ 236,696 |
$ 220,748 |
$ 3,720(4) |
$ 224,468 |
|
|
|
|
|
|
|
Operating income |
92,252 |
23,783(2) |
116,035 |
81,639 |
29,026(5) |
110,665 |
|
|
|
|
|
|
|
Operating profit margin |
39.1% |
|
49.0% |
37.0% |
|
49.3% |
|
|
|
|
|
|
|
Net income |
$ 75,929 |
$ 15,705(3) |
$ 91,634 |
$ 56,063 |
$ 19,264(6) |
$ 75,327 |
|
|
|
|
|
|
|
Earnings per share - diluted: |
|
|
|
|
|
|
Diluted earnings per share |
$ 0.80 |
|
$ 0.96 |
$ 0.59 |
|
$ 0.79 |
Weighted average shares -
diluted |
95,084 |
|
95,084 |
94,945 |
|
94,945 |
|
|
|
|
|
|
|
(1) Amount represents the
revenue not reported during the period as a result of the
acquisition accounting adjustment associated with accounting for
deferred revenue in business combinations. |
|
|
|
|
|
|
|
(2) Amount represents $14.2
million of amortization expense associated with intangible assets
acquired in business combinations, $8.6 million of stock-based
compensation expense, the $0.7 million adjustment to revenue as
reflected in (1) above and $0.3 million of transaction expenses
related to business combinations. |
|
|
|
|
|
|
|
(3) Amount represents
the impact of the adjustments to operating income referred to in
(2) above, adjusted for the related income tax impact of $8.1
million. |
|
|
|
|
|
|
|
(4) Amount represents the
revenue not reported during the period as a result of the
acquisition accounting adjustment associated with accounting for
deferred revenue in business combinations. |
|
|
|
|
|
|
|
(5) Amount represents $16.8
million of amortization expense associated with intangible assets
acquired in business combinations, $8.5 million of stock-based
compensation expense and the $3.7 million adjustment to revenue as
reflected in (4) above. |
|
|
|
|
|
|
|
(6) Amount represents the
impact of the adjustments to operating income referred to in (5)
above, adjusted for the related income tax impact of $9.8
million. |
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Non-GAAP Measures |
(Unaudited) |
(in thousands, except
percentages and per share data) |
|
Twelve Months
Ended |
|
December 31,
2013 |
December 31,
2012 |
|
As |
Non-GAAP |
|
As |
Non-GAAP |
|
|
Reported |
Adjustments |
Results |
Reported |
Adjustments |
Results |
Total revenue |
$ 861,260 |
$ 4,632(1) |
$ 865,892 |
$ 798,018 |
$ 9,636 (4) |
$ 807,654 |
|
|
|
|
|
|
|
Operating income |
321,863 |
101,232(2) |
423,095 |
294,253 |
110,290(5) |
404,543 |
|
|
|
|
|
|
|
Operating profit margin |
37.4% |
|
48.9% |
36.9% |
|
50.1% |
|
|
|
|
|
|
|
Net income |
$ 245,327 |
$66,197(3) |
$ 311,524 |
$ 203,483 |
$73,304(6) |
$ 276,787 |
|
|
|
|
|
|
|
Earnings per share - diluted: |
|
|
|
|
|
|
Diluted earnings per share |
$ 2.58 |
|
$ 3.27 |
$ 2.14 |
|
$ 2.91 |
Weighted average shares -
diluted |
95,139 |
|
95,139 |
94,954 |
|
94,954 |
|
|
|
|
|
|
|
(1) Amount represents the
revenue not reported during the period as a result of the
acquisition accounting adjustment associated with accounting for
deferred revenue in business combinations. |
|
|
|
|
|
|
|
(2) Amount represents $60.7
million of amortization expense associated with intangible assets
acquired in business combinations, $35.3 million of stock-based
compensation expense, the $4.6 million adjustment to revenue as
reflected in (1) above and $0.6 million of transaction expenses
related to business combinations. |
|
|
|
|
|
|
|
(3) Amount represents the
impact of the adjustments to operating income referred to in (2)
above, adjusted for the related income tax impact of $35.0
million. |
|
|
|
|
|
|
|
(4) Amount represents the
revenue not reported during the period as a result of the
acquisition accounting adjustment associated with accounting for
deferred revenue in business combinations. |
|
|
|
|
|
|
|
(5) Amount represents $67.3
million of amortization expense associated with intangible assets
acquired in business combinations, $32.4 million of stock-based
compensation expense, the $9.6 million adjustment to revenue as
reflected in (4) above and $0.9 million of transaction expenses
related to the Esterel acquisition. |
|
|
|
|
|
|
|
(6) Amount represents the
impact of the adjustments to operating income referred to in (5)
above, adjusted for the related income tax impact of $37.0
million. |
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Forward-Looking Guidance |
Quarter Ending March
31, 2014 |
|
|
|
Earnings Per Share Range –
Diluted |
U.S. GAAP expectation |
$0.55 -- $0.60 |
Adjustment to exclude acquisition accounting
adjustment to deferred revenue |
$0.01 |
Adjustment to exclude acquisition–related
amortization |
$0.09 -- $0.11 |
Adjustment to exclude stock–based
compensation |
$0.06 |
Non-GAAP expectation |
$0.73 -- $0.76 |
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Forward-Looking Guidance |
Year Ending December
31, 2014 |
|
|
|
Earnings Per Share Range –
Diluted |
U.S. GAAP expectation |
$2.53 -- $2.71 |
Adjustment to exclude acquisition accounting
adjustment to deferred revenue |
$0.02 – $0.03 |
Adjustment to exclude acquisition–related
amortization |
$0.37 -- $0.39 |
Adjustment to exclude stock–based
compensation |
$0.27 -- $0.30 |
Non-GAAP expectation |
$3.25 -- $3.37 |
Use of Non-GAAP Measures
The Company provides non-GAAP revenue, non-GAAP operating
income, non-GAAP operating profit margin, non-GAAP net income and
non-GAAP diluted earnings per share as supplemental measures to
GAAP regarding the Company's 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.
Management uses non-GAAP financial measures (a) to evaluate the
Company's historical and prospective financial performance as well
as its performance relative to its 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 its employees. In addition, many
financial analysts that follow our Company 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 the Company has
historically reported, these non-GAAP financial measures as a means
of providing consistent and comparable information with past
reports of financial results.
While management believes 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 of the Company's
competitors and may not be directly comparable to similarly titled
measures of the Company's competitors due to potential differences
in the exact method of calculation. The Company compensates 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 and its
related tax impact. Historically, the Company has
consummated acquisitions in order to support the Company's
strategic and other business objectives. In accordance with
the fair value provisions applicable to the accounting for business
combinations, acquired deferred revenue is often recorded on the
opening balance sheet at an amount that is lower than the
historical carrying value. Although this acquisition
accounting requirement has no impact on the Company's business or
cash flow, it adversely impacts the Company's reported GAAP revenue
in the reporting periods following an acquisition. In order to
provide investors with financial information that facilitates
comparison of both historical and future results, the Company
provides non-GAAP financial measures which exclude the impact of
the acquisition accounting adjustment. The Company believes that
this non-GAAP financial adjustment is useful to investors because
it allows investors to (a) evaluate the effectiveness of the
methodology and information used by management in its financial and
operational decision-making and (b) compare past and future reports
of financial results of the Company as the revenue reduction
related to acquired deferred revenue will not recur when related
annual lease licenses and software maintenance contracts are
renewed in future periods.
Amortization of intangibles from acquisitions and its
related tax impact. The Company incurs amortization of
intangibles, included in its GAAP presentation of amortization
expense, related to various acquisitions it has made in recent
years. Management excludes these expenses and their related tax
impact 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 it evaluates the continuing
operational performance of the Company 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 management after the acquisition.
Accordingly, management does not consider these expenses for
purposes of evaluating the performance of the Company during the
applicable time period after the acquisition, and it excludes such
expenses when making decisions to allocate resources. The Company
believes 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 management
in its financial and operational decision-making and (b) compare
past reports of financial results of the Company as the Company has
historically reported these non-GAAP financial measures.
Stock-based compensation expense and its related tax
impact. The Company incurs expense related to stock-based
compensation included in its GAAP presentation of cost of software
licenses, cost of maintenance and service, research and development
expense and selling, general and administrative expense. Although
stock-based compensation is an expense of the Company and viewed as
a form of compensation, management excludes these 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 it evaluates the continuing operational
performance of the Company. Specifically, the Company excludes
stock-based compensation during its annual budgeting process and
its quarterly and annual assessments of the Company's and
management's performance. The annual budgeting process is the
primary mechanism whereby the Company allocates resources to
various initiatives and operational requirements. Additionally, the
annual review by the board of directors during which it compares
the Company's 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 senior management and department managers, charges
related to stock-based compensation are excluded from expenditure
and profitability results. In fact, the Company records
stock-based compensation expense into a stand-alone cost center for
which no single operational manager is responsible or
accountable. In this way, management is able to 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. The Company believes that these
non-GAAP financial measures are useful to investors because they
allow investors to (a) evaluate the Company's operating results and
the effectiveness of the methodology used by management to review
the Company's operating results, and (b) review historical
comparability in the Company's financial reporting, as well as
comparability with competitors' operating results.
Transaction costs related to business
combinations. The Company incurs expenses for
professional services rendered in connection with business
combinations, which are included in its GAAP presentation of
selling, general and administrative expense. These expenses
are generally not tax-deductible. Management excludes these
acquisition-related transaction costs 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 it evaluates the continuing operational performance of the
Company, as it generally would not have otherwise incurred these
expenses in the periods presented as a part of its continuing
operations. The Company believes that these non-GAAP financial
measures are useful to investors because they allow investors to
(a) evaluate the Company's operating results and the effectiveness
of the methodology used by management to review the Company's
operating results, and (b) review historical comparability in the
Company's financial reporting, as well as comparability with
competitors' operating results.
Non-GAAP financial measures are not in accordance with, or an
alternative for, generally accepted accounting principles in the
United States. The Company's 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 the Company's consolidated financial statements
prepared in accordance with GAAP.
Pursuant to the requirements of Regulation G, the Company has
provided a reconciliation of the non-GAAP financial measures to the
most directly comparable GAAP financial measures as listed
below:
GAAP Reporting Measure |
Non-GAAP Reporting
Measure |
Revenue |
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About ANSYS, Inc.
ANSYS brings clarity and insight to customers' most complex
design challenges through fast, accurate and reliable engineering
simulation. Our technology enables organizations ― no matter their
industry ― to predict with confidence that their products will
thrive in the real world. Customers trust our software to help
ensure product integrity and drive business success through
innovation. Founded in 1970, ANSYS employs approximately 2,600
professionals, many of them experts in engineering fields such as
finite element analysis, computational fluid dynamics, electronics
and electromagnetics, and design optimization. Headquartered south
of Pittsburgh, Pennsylvania, U.S.A., ANSYS has more than 75
strategic sales locations throughout the world with a network of
channel partners in 40+ countries. Visit www.ansys.com for more
information. ANSYS also has a strong presence on the major
social channels. To join the simulation conversation, please
visit: www.ansys.com/Social@ANSYS
Forward Looking Information
Certain statements contained in this press release regarding
matters that are not historical facts, including, but not limited
to, statements regarding our projections for revenue and earnings
per share for the first quarter of 2014 and fiscal year 2014 (both
GAAP and non-GAAP to exclude acquisition accounting adjustments to
deferred revenue, acquisition-related amortization and stock-based
compensation expense); statements about management's views
concerning the Company's prospects and outlook for 2014, including
statements and projections relating to the impact of stock-based
compensation, statements regarding management's use of non-GAAP
financial measures, statements regarding the Company's first
quarter and beyond visibility, statements regarding widening our
technological leadership advantage, statements regarding being
uniquely positioned to capitalize on the global trends in
engineering, statements regarding companies in every industry
moving closer to the new mindset of system-level engineering, and
statements regarding the Company standing ready with leading
multiphysics tools, a robust and responsive knowledge management
system and a shared technology platform that delivers high impact
results, are "forward-looking" statements (as defined in the
Private Securities Litigation Reform Act of 1995). Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements in this
press release are subject to risks and uncertainties including, but
not limited to, the risk that adverse conditions in the global
economy and financial markets will significantly affect ANSYS'
customers' ability to make new purchases from the Company or to pay
for prior purchases, the risk that adverse conditions in the global
economy may lengthen customer sales cycles, the risk of declines in
the economy of one or more of ANSYS' primary geographic regions,
the risk that ANSYS' operating results will be adversely affected
by changes in currency exchange rates, the risk that the
assumptions underlying ANSYS' anticipated revenues and expenditures
will change or prove inaccurate, the risk that ANSYS has
overestimated its ability to maintain growth and profitability and
control costs, uncertainties regarding the demand for ANSYS'
products and services in future periods, the risk that ANSYS has
overestimated the strength of the demand among its customers for
its products, uncertainties regarding customer acceptance of new
products, including ANSYS 15.0, the risk that ANSYS' operating
results will be adversely affected by possible delays in
developing, completing or shipping new or enhanced products, the
risk that enhancements to the Company's products may not produce
anticipated sales, the risk that the Company may not be able to
recruit and retain key executives and technical personnel, the risk
that third parties may misappropriate the Company's proprietary
technology or develop similar technology independently, the risk of
unauthorized access to and distribution of the Company's source
code, the risk of difficulties in the relationship with ANSYS'
independent regional channel partners, the risk that the expected
income tax impacts of the merger of the Company's Japan
subsidiaries will not be realized in one or more future periods,
the risk that ANSYS may not achieve the perceived benefits of its
acquisitions, including the Reaction Design acquisition, or that
the integration of its acquisitions may not be successful,
and other factors that are detailed from time to time in reports
filed by ANSYS, Inc. with the Securities and Exchange Commission,
including ANSYS, Inc.'s 2012 Annual Report and Form 10-K and 2013
Annual Report and Form 10-K. We undertake no obligation to publicly
update or revise any forward-looking statements, whether changes
occur as a result of new information or future events, after the
date they were made.
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.
ANSS-F
CONTACT: Investors:
Annette Arribas, CTP
724.514.1782
annette.arribas@ansys.com
Media:
Jackie Mavin
724.514.3053
jackie.mavin@ansys.com
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