Quarterly Highlights:
ANSYS, Inc. (NASDAQ:ANSS), today announced growth in both revenue
and diluted earnings per share for the third quarter of 2016.
The Company reported revenue growth of 2% in constant currency on
both a GAAP and non-GAAP basis. Earnings per share rose 8% on
a GAAP basis and 6% on a non-GAAP basis.
Commenting on the Company’s third quarter 2016 performance, Jim
Cashman, ANSYS CEO stated, “Overall, we delivered earnings results
which exceeded our expectation, with strong gross and operating
margins. Revenue growth, which was at the lower end of our
revenue range, was impacted by an increase in leasing and lower
year-over-year perpetual revenue due largely to a challenging
comparison to Q3 2015. Our lease license revenues grew 7% in
constant currency and our maintenance revenue grew 9% in constant
currency, contributing to our recurring revenue base strengthening
to 76% of revenue for the quarter. Germany, Japan, China and
Taiwan led the performance, while we saw slower growth in North
America and parts of Europe.”
Cashman further stated, “Today also marks yet another step
forward in our systems strategy with the addition of Berlin-based
KPIT medini Technologies AG, a leading provider of systems safety
analysis solutions. As ANSYS continues expanding its
leading simulation software platform into system and software
engineering, it is important to include tools in the portfolio that
manage and streamline complex system engineering processes.
Functional safety aspects of system engineering are of particular
importance as many of today’s customer products are of
safety-critical nature, such as autonomous driving systems, control
systems and avionics.”
ANSYS' third quarter and year-to-date financial results are
presented below. The 2016 and 2015 non-GAAP results exclude the
income statement effects of acquisition accounting adjustments to
deferred revenue, the impact of stock-based compensation,
acquisition-related amortization of intangible assets and
acquisition-related transaction costs.
GAAP and non-GAAP results reflect:
|
GAAP |
|
Non-GAAP |
(in millions,
except percentages and per share data) |
Q3 2016 |
|
Q3 2015 |
|
% Change |
|
Q3 2016 |
|
Q3 2015 |
|
% Change |
Revenue |
$ |
245.9 |
|
|
$ |
237.8 |
|
|
3 |
% |
|
$ |
245.9 |
|
|
$ |
238.2 |
|
|
3 |
% |
Net income |
$ |
69.6 |
|
|
$ |
66.0 |
|
|
5 |
% |
|
$ |
84.2 |
|
|
$ |
82.0 |
|
|
3 |
% |
Earnings per share |
$ |
0.78 |
|
|
$ |
0.72 |
|
|
8 |
% |
|
$ |
0.95 |
|
|
$ |
0.90 |
|
|
6 |
% |
Operating profit
margin |
40.7 |
% |
|
37.9 |
% |
|
|
|
49.6 |
% |
|
48.0 |
% |
|
|
Operating cash
flow |
$ |
82.0 |
|
|
$ |
77.8 |
|
|
5 |
% |
|
|
|
|
|
|
|
GAAP |
|
Non-GAAP |
(in millions,
except percentages and per share data) |
YTD 2016 |
|
YTD 2015 |
|
% Change |
|
YTD 2016 |
|
YTD 2015 |
|
% Change |
Revenue |
$ |
717.8 |
|
|
$ |
691.1 |
|
|
4 |
% |
|
$ |
717.9 |
|
|
$ |
692.5 |
|
|
4 |
% |
Net income |
$ |
195.7 |
|
|
$ |
184.5 |
|
|
6 |
% |
|
$ |
236.8 |
|
|
$ |
231.0 |
|
|
3 |
% |
Earnings per share |
$ |
2.19 |
|
|
$ |
2.01 |
|
|
9 |
% |
|
$ |
2.65 |
|
|
$ |
2.52 |
|
|
5 |
% |
Operating profit
margin |
38.9 |
% |
|
37.1 |
% |
|
|
|
47.7 |
% |
|
47.5 |
% |
|
|
Operating cash
flow |
$ |
260.6 |
|
|
$ |
258.3 |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP financial results highlighted
above, and the non-GAAP financial outlook for 2016 and 2017
discussed below, represent non-GAAP financial measures.
Reconciliations of these measures to the appropriate GAAP measures,
for the three months and nine months ended September 30, 2016
and 2015, and for the 2016 and 2017 financial outlook, are included
in the condensed financial information included in this
release.
Management's Remaining 2016 and Preliminary 2017
Financial Outlook
The Company has provided its fourth quarter and
updated its 2016 revenue and earnings per share guidance below, as
well as provided its preliminary outlook for 2017. The revenue and
earnings per share guidance is provided on both a GAAP basis and a
non-GAAP basis. Non-GAAP financial measures exclude the income
statement effects of acquisition accounting adjustments to deferred
revenue, stock-based compensation expense, acquisition-related
amortization of intangible assets and acquisition-related
transaction expenses.
Fourth Quarter 2016 Guidance
The Company currently expects the following for the quarter
ending December 31, 2016:
- GAAP and non-GAAP revenue in the range of $263.0 - $272.0
million
- GAAP diluted earnings per share of $0.77 - $0.83
- Non-GAAP diluted earnings per share of $0.94 - $0.99
Fiscal Year 2016 Guidance
The Company currently expects the following for the fiscal year
ending December 31, 2016:
- GAAP and non-GAAP revenue in the range of $981.0 - $990.0
million
- GAAP diluted earnings per share of $2.96 - $3.03
- Non-GAAP diluted earnings per share of $3.59 - $3.64
Fiscal Year 2017 Preliminary Outlook
The Company currently expects the following for the fiscal year
ending December 31, 2017:
- GAAP and non-GAAP revenue in the range of $1.02 - $1.06
billion
- GAAP diluted earnings per share of $3.01 - $3.27
- Non-GAAP diluted earnings per share of $3.67 - $3.89
Conference Call Information
ANSYS will hold a conference call at 10:30 a.m. Eastern Time on
November 3, 2016 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 shareholders 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
- 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 approximately one hour
after the call ends. The replay will be available for 10 days by
dialing 877-344-7529 (US), (855) 669-9658 (Canada) or 412-317-0088
(Int’l) and entering the passcode 10094868. The archived webcast
can be accessed, along with other financial information, on ANSYS'
website at
http://investors.ansys.com/events-and-presentations/events.aspx.
|
ANSYS, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(Unaudited) |
|
(in
thousands) |
September 30, 2016 |
|
December 31, 2015 |
ASSETS: |
|
|
|
Cash
& short-term investments |
838,272 |
|
|
784,614 |
|
Accounts
receivable, net |
85,273 |
|
|
91,579 |
|
Goodwill |
1,333,531 |
|
|
1,332,348 |
|
Other
intangibles, net |
184,768 |
|
|
220,553 |
|
Other
assets |
288,513 |
|
|
300,810 |
|
Total
assets |
2,730,357 |
|
|
2,729,904 |
|
LIABILITIES
& STOCKHOLDERS' EQUITY: |
|
|
|
Deferred
revenue |
359,979 |
|
|
364,644 |
|
Other
liabilities |
140,613 |
|
|
170,833 |
|
Stockholders' equity |
2,229,765 |
|
|
2,194,427 |
|
Total
liabilities & stockholders' equity |
2,730,357 |
|
|
2,729,904 |
|
|
|
|
|
|
|
|
ANSYS, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of
Income |
(Unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands,
except per share data) |
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Revenue: |
|
|
|
|
|
|
|
Software
licenses |
$ |
139,530 |
|
|
$ |
140,197 |
|
|
$ |
406,668 |
|
|
$ |
405,655 |
|
Maintenance and service |
106,332 |
|
|
97,643 |
|
|
311,169 |
|
|
285,451 |
|
Total
revenue |
245,862 |
|
|
237,840 |
|
|
717,837 |
|
|
691,106 |
|
Cost of sales: |
|
|
|
|
|
|
|
Software
licenses |
6,433 |
|
|
6,889 |
|
|
19,705 |
|
|
21,048 |
|
Amortization |
9,513 |
|
|
9,818 |
|
|
28,544 |
|
|
28,918 |
|
Maintenance and service |
19,640 |
|
|
19,874 |
|
|
59,633 |
|
|
60,288 |
|
Total
cost of sales |
35,586 |
|
|
36,581 |
|
|
107,882 |
|
|
110,254 |
|
Gross profit |
210,276 |
|
|
201,259 |
|
|
609,955 |
|
|
580,852 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling,
general and administrative |
61,537 |
|
|
61,367 |
|
|
183,565 |
|
|
181,640 |
|
Research
and development |
45,418 |
|
|
44,784 |
|
|
137,533 |
|
|
127,439 |
|
Amortization |
3,222 |
|
|
4,925 |
|
|
9,581 |
|
|
15,037 |
|
Total
operating expenses |
110,177 |
|
|
111,076 |
|
|
330,679 |
|
|
324,116 |
|
Operating income |
100,099 |
|
|
90,183 |
|
|
279,276 |
|
|
256,736 |
|
Interest expense |
(30 |
) |
|
(95 |
) |
|
(175 |
) |
|
(371 |
) |
Interest income |
1,083 |
|
|
674 |
|
|
3,110 |
|
|
2,125 |
|
Other (expense) income,
net |
(159 |
) |
|
(383 |
) |
|
38 |
|
|
475 |
|
Income before income tax
provision |
100,993 |
|
|
90,379 |
|
|
282,249 |
|
|
258,965 |
|
Income tax provision |
31,436 |
|
|
24,346 |
|
|
86,596 |
|
|
74,465 |
|
Net income |
$ |
69,557 |
|
|
$ |
66,033 |
|
|
$ |
195,653 |
|
|
$ |
184,500 |
|
Earnings per share –
basic: |
|
|
|
|
|
|
|
Earnings
per share |
$ |
0.80 |
|
|
$ |
0.74 |
|
|
$ |
2.23 |
|
|
$ |
2.05 |
|
Weighted
average shares |
86,959 |
|
|
89,694 |
|
|
87,570 |
|
|
89,873 |
|
Earnings per share –
diluted: |
|
|
|
|
|
|
|
Earnings
per share |
$ |
0.78 |
|
|
$ |
0.72 |
|
|
$ |
2.19 |
|
|
$ |
2.01 |
|
Weighted
average shares |
88,676 |
|
|
91,593 |
|
|
89,355 |
|
|
91,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Non-GAAP
Measures |
(Unaudited) |
|
|
Three Months Ended |
|
September 30, 2016 |
|
September 30, 2015 |
(in thousands,
except percentages and per share data) |
As Reported |
|
Adjustments |
|
Non-GAAP Results |
|
As Reported |
|
Adjustments |
|
Non-GAAP Results |
Total revenue |
$ |
245,862 |
|
|
$ |
— |
|
|
$ |
245,862 |
|
|
$ |
237,840 |
|
|
$ |
379 |
|
(3 |
) |
|
$ |
238,219 |
|
Operating income |
100,099 |
|
|
21,885 |
|
(1 |
) |
|
121,984 |
|
|
90,183 |
|
|
24,257 |
|
(4 |
) |
|
114,440 |
|
Operating profit
margin |
40.7 |
% |
|
|
|
49.6 |
% |
|
37.9 |
% |
|
|
|
48.0 |
% |
Net income |
$ |
69,557 |
|
|
$ |
14,638 |
|
(2 |
) |
|
$ |
84,195 |
|
|
$ |
66,033 |
|
|
$ |
15,978 |
|
(5 |
) |
|
$ |
82,011 |
|
Earnings per share –
diluted: |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share |
$ |
0.78 |
|
|
|
|
$ |
0.95 |
|
|
$ |
0.72 |
|
|
|
|
$ |
0.90 |
|
Weighted
average shares |
88,676 |
|
|
|
|
88,676 |
|
|
91,593 |
|
|
|
|
91,593 |
|
(1) Amount represents $12.7 million of amortization expense
associated with intangible assets acquired in business
combinations, $9.0 million of stock-based compensation expense and
$0.2 million of transaction expenses related to business
combinations.
(2) Amount represents the impact of the adjustments to operating
income referred to in (1) above, adjusted for the related
income tax impact of $7.2 million.
(3) Amount represents the revenue not reported during the period
as a result of the acquisition accounting adjustment associated
with the accounting for deferred revenue in business
combinations.
(4) Amount represents $14.7 million of amortization expense
associated with intangible assets acquired in business
combinations, $8.9 million of stock-based compensation expense, the
$0.4 million adjustment to revenue as reflected in (3) above and
$0.3 million of transaction expenses related to business
combinations.
(5) Amount represents the impact of the adjustments to operating
income referred to in (4) above, adjusted for the related
income tax impact of $8.3 million.
|
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Non-GAAP
Measures |
(Unaudited) |
|
|
Nine Months Ended |
|
September 30, 2016 |
|
September 30, 2015 |
(in thousands,
except percentages and per share data) |
As Reported |
|
Adjustments |
|
Non-GAAP Results |
|
As Reported |
|
Adjustments |
|
Non-GAAP Results |
Total revenue |
$ |
717,837 |
|
|
$ |
103 |
|
(1 |
) |
|
$ |
717,940 |
|
|
$ |
691,106 |
|
|
$ |
1,365 |
|
(4 |
) |
|
$ |
692,471 |
|
Operating income |
279,276 |
|
|
62,990 |
|
(2 |
) |
|
342,266 |
|
|
256,736 |
|
|
71,885 |
|
(5 |
) |
|
328,621 |
|
Operating profit
margin |
38.9 |
% |
|
|
|
47.7 |
% |
|
37.1 |
% |
|
|
|
47.5 |
% |
Net income |
$ |
195,653 |
|
|
$ |
41,145 |
|
(3 |
) |
|
$ |
236,798 |
|
|
$ |
184,500 |
|
|
$ |
46,458 |
|
(6 |
) |
|
$ |
230,958 |
|
Earnings per share –
diluted: |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share |
$ |
2.19 |
|
|
|
|
$ |
2.65 |
|
|
$ |
2.01 |
|
|
|
|
$ |
2.52 |
|
Weighted
average shares |
89,355 |
|
|
|
|
89,355 |
|
|
91,820 |
|
|
|
|
91,820 |
|
(1) Amount represents the revenue not reported during the period
as a result of the acquisition accounting adjustment associated
with the accounting for deferred revenue in business
combinations.
(2) Amount represents $38.1 million of amortization expense
associated with intangible assets acquired in business
combinations, $24.6 million of stock-based compensation expense,
the $0.1 million adjustment to revenue as reflected in
(1) above and $0.2 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 $21.8 million.
(4) Amount represents the revenue not reported during the period
as a result of the acquisition accounting adjustment associated
with the accounting for deferred revenue in business
combinations.
(5) Amount represents $44.0 million of amortization expense
associated with intangible assets acquired in business
combinations, $25.7 million of stock-based compensation expense,
the $1.4 million adjustment to revenue as reflected in (4) above
and $0.8 million of transaction expenses related to business
combinations.
(6) Amount represents the impact of the adjustments to operating
income referred to in (5) above, adjusted for the related
income tax impact of $25.4 million.
|
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Forward-Looking
Guidance |
Quarter Ending December 31, 2016 |
|
Earnings Per
Share Range - Diluted |
U.S. GAAP
expectation |
$0.77
- $0.83 |
Adjustment to exclude
acquisition-related amortization |
0.09 –
0.10 |
Adjustment to exclude
stock-based compensation |
0.07 |
Non-GAAP
expectation |
$0.94 - $0.99 |
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Forward-Looking
Guidance |
Year Ending December 31, 2016 |
|
Earnings Per
Share Range - Diluted |
U.S. GAAP
expectation |
$2.96
- $3.03 |
Adjustment to exclude
acquisition-related amortization |
0.36 –
0.37 |
Adjustment to exclude
stock-based compensation |
0.25 –
0.26 |
Non-GAAP
expectation |
$3.59 - $3.64 |
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Forward-Looking
Guidance |
Year Ending December 31, 2017 |
|
Earnings Per
Share Range - Diluted |
U.S. GAAP
expectation |
$3.01
- $3.27 |
Adjustment to exclude
acquisition-related amortization |
0.35 –
0.37 |
Adjustment to exclude
stock-based compensation |
0.27 –
0.29 |
Non-GAAP
expectation |
$3.67 - $3.89 |
|
|
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 the Company focus on and publish both historical
results and future projections based on non-GAAP financial
measures. The Company believes that it is in the best interest of
its 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 its 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 intangible assets from acquisitions and
its related tax impact. The Company incurs
amortization of intangible assets, included in its GAAP
presentation of amortization expense, related to various
acquisitions it has made. 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 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, 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, GAAP. 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.
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 |
Non-GAAP Revenue |
Operating Income |
Non-GAAP Operating
Income |
Operating Profit
Margin |
Non-GAAP Operating
Profit Margin |
Net Income |
Non-GAAP Net
Income |
Diluted Earnings Per Share
|
Non-GAAP Diluted
Earnings Per Share |
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 almost
3,000 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.
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 fourth quarter of
2016, fiscal year 2016 and fiscal year 2017 (both GAAP and
non-GAAP to exclude acquisition accounting adjustments to deferred
revenue, acquisition-related amortization, stock-based compensation
expense and acquisition-related transaction costs); statements
about management's views concerning the Company's prospects and
outlook for 2016 and 2017, 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 fourth quarter and beyond
visibility, statements regarding our systems strategy and
statements regarding ANSYS continuing to expand its leading
simulation software platform into systems and software engineering,
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 and domestic
markets will significantly affect ANSYS’ customers’ ability to
purchase products from the Company at the same level as prior
periods or to pay for the Company’s products and services, the risk
that declines in the ANSYS’ customers’ business 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’
revenues and operating results will be adversely affected by
changes in currency exchange rates or economic declines in any of
the countries in which ANSYS conducts transactions, 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 our elastic licensing model, 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 or
products acquired in acquisitions 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 ANSYS may not achieve the
anticipated benefits of its acquisitions or that the integration of
the acquired technologies or products with the Company’s existing
product lines 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 2015
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.
Visit www.ansys.com for more information. The
ANSYS IR App is now available for download
on iTunes and Google Play. ANSYS also has a strong
presence on the major social channels. To join the simulation
conversation, please visit: www.ansys.com/Social@ANSYS
ANSS-F
Contact:
Investors:
Annette Arribas, CTP
724.820.3700
annette.arribas@ansys.com
Media:
Amy Pietzak
724.820.4367
amy.pietzak@ansys.com
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