Company Achieves Strong Operating Margins
and EPS Growth
Company Updates
2015 Guidance
and Provides Preliminary 2016
Outlook
Highlights
- GAAP revenue of $237.8 million and non-GAAP revenue of
$238.2 million
- GAAP diluted earnings per share of $0.72 and non-GAAP
diluted earnings per share of $0.90
- Operating cash flows of $77.8 million
- GAAP operating profit margin of 37.9% and non-GAAP
operating profit margin of 48.0%
- Repurchased 1,250,000 shares during the third quarter
and 2,792,911 shares in the first nine months
ANSYS, Inc. (NASDAQ:ANSS), today announced growth in both revenue
and diluted earnings per share for the third quarter of 2015. In
constant currency, the Company reported GAAP and non-GAAP revenue
growth of 9%. GAAP and non-GAAP diluted earnings per share were
$0.72 and $0.90, respectively, for the third quarter. Recurring
revenue, which is comprised of lease license and annual maintenance
revenue, totaled 72% of revenue for the third quarter. Year-to-date
revenue growth in constant currency was also 9% on both a GAAP and
non-GAAP basis. Recurring revenue totaled 73% of year-to-date
revenue.
Commenting on the Company's third quarter 2015 performance, Jim
Cashman, ANSYS president & CEO stated, "The results of the
third quarter demonstrate the Company's ability to execute
effectively and to continuously drive growth. Despite currency
headwinds and varying macroeconomic conditions around the world,
our diversified business model and predictable, recurring revenue
streams enabled us to produce solid top and bottom line results.
Our non-GAAP earnings per share surpassed the high end of the range
of our expected results for the quarter."
He continued, "As we look toward the balance of 2015 and into
2016, we could not be more excited about the opportunities that lie
ahead. Our recent acquisitions of Gear Design Solutions and
Delcross have further enhanced our capabilities in IoT and RF
systems analysis. Adoption rates of simulation solutions across
engineering disciplines will continue to grow as ease of use
expands, computational ability grows and cloud solutions are
adopted. ANSYS is uniquely positioned as a market leader with a
comprehensive solution. We are confident that we will continue to
drive shareholder value – and return capital to shareholders –
while simultaneously investing in the long-term growth of our
company."
ANSYS' third quarter and year-to-date 2015 financial results are
presented below. The 2015 and 2014 non-GAAP results exclude the
income statement effects of acquisition adjustments to deferred
revenue, the impact of stock-based compensation,
acquisition-related amortization of intangible assets and
acquisition-related transaction costs.
|
GAAP |
NON-GAAP |
(in million, except EPS and %'s) |
Q3 2015 |
Q3 2014 |
% Change |
Q3 2015 |
Q3 2014 |
% Change |
|
|
|
|
|
|
|
Revenue |
$ 237.8 |
$ 234.0 |
2% |
$ 238.2 |
$ 235.5 |
1% |
Net income |
$ 66.0 |
$ 65.5 |
1% |
$ 82.0 |
$ 83.7 |
(2%) |
Earnings per share |
$ 0.72 |
$ 0.70 |
3% |
$ 0.90 |
$ 0.89 |
1% |
Operating profit margin |
37.9% |
38.8% |
|
48.0% |
50.4% |
|
Operating cash flow |
$ 77.8 |
$ 81.6 |
(5%) |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
NON-GAAP |
|
YTD 2015 |
YTD 2014 |
% Change |
YTD 2015 |
YTD 2014 |
% Change |
|
|
|
|
|
|
|
Revenue |
$ 691.1 |
$ 681.6 |
1% |
$ 692.5 |
$ 686.0 |
1% |
Net income |
$ 184.5 |
$ 185.1 |
0% |
$ 231.0 |
$ 237.1 |
(3%) |
Earnings per share |
$ 2.01 |
$ 1.96 |
3% |
$ 2.52 |
$ 2.51 |
0% |
Operating profit margin |
37.1% |
37.2% |
|
47.5% |
48.4% |
|
Operating cash flow |
$ 258.3 |
$ 293.0 |
(12%) |
|
|
|
The non-GAAP financial results highlighted above, and the
non-GAAP financial outlook for 2015 and 2016 discussed below,
represent non-GAAP financial measures. Reconciliations of these
measures to the appropriate GAAP measures for the three and nine
months ended September 30, 2015 and 2014, and for the 2015 and 2016
financial outlook, are included in the condensed financial
information included in this release.
Management's Remaining 2015 and Preliminary 2016
Financial Outlook
The Company is providing its 2015 revenue and earnings per share
guidance below, as well as its preliminary outlook for 2016. The
revenue and earnings per share guidance is provided on both a GAAP
and a non-GAAP basis. The Company's non-GAAP financial measures
exclude 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.
Fourth Quarter 2015 Guidance
The Company currently expects the following for the quarter
ending December 31, 2015:
- GAAP revenue in the range of $251.7 - $259.7 million
- Non-GAAP revenue in the range of $252.0 - $260.0 million
- GAAP diluted earnings per share of $0.66 - $0.73
- Non-GAAP diluted earnings per share of $0.83 - $0.88
Fiscal Year 2015 Guidance
The Company currently expects the following for the fiscal year
ending December 31, 2015:
- GAAP revenue in the range of $942.8 - $950.8 million
- Non-GAAP revenue in the range of $944.5 - $952.5 million
- GAAP diluted earnings per share of $2.67 - $2.74
- Non-GAAP diluted earnings per share of $3.35 - $3.40
Fiscal Year 2016 Preliminary Outlook
The Company currently expects the following for the fiscal year
ending December 31, 2016:
- GAAP revenue in the range of $1.01 - $1.05 billion
- Non-GAAP revenue in the range of $1.01 - $1.05 billion
- GAAP diluted earnings per share of $2.91 - $3.14
- Non-GAAP diluted earnings per share of $3.58 - $3.76
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
November 5, 2015 to discuss third quarter results. To participate
in the live conference call, dial 866-652-5200 (US) or 412-317-6060
(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 (Int'l) or 855-669-9658 (CAN toll-free) and
entering the pass code 10074596. 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) |
|
|
|
|
September 30, |
December 31, |
|
2015 |
2014 |
|
|
|
ASSETS: |
|
|
|
|
|
Cash & short-term investments |
$ 776,923 |
$ 788,778 |
Accounts receivable, net |
91,470 |
101,229 |
Goodwill |
1,334,509 |
1,312,182 |
Other intangibles, net |
233,262 |
259,312 |
Other assets |
265,402 |
312,602 |
|
|
|
Total assets |
$ 2,701,566 |
$ 2,774,103 |
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
Deferred revenue |
$ 319,705 |
$ 332,664 |
Other liabilities |
170,265 |
223,938 |
Stockholders' equity |
2,211,596 |
2,217,501 |
|
|
|
Total liabilities &
stockholders' equity |
$ 2,701,566 |
$ 2,774,103 |
|
|
|
|
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Condensed Consolidated
Statements of Income |
(in thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
September 30, |
September 30, |
September 30, |
September 30, |
|
2015 |
2014 |
2015 |
2014 |
Revenue: |
|
|
|
|
Software licenses |
$ 140,197 |
$ 139,965 |
$ 405,655 |
$ 406,883 |
Maintenance and service |
97,643 |
94,035 |
285,451 |
274,763 |
|
|
|
|
|
Total revenue |
237,840 |
234,000 |
691,106 |
681,646 |
|
|
|
|
|
Cost of sales: |
|
|
|
|
Software licenses |
6,889 |
7,095 |
21,048 |
21,603 |
Amortization |
9,818 |
9,477 |
28,918 |
28,198 |
Maintenance and service |
19,874 |
20,622 |
60,288 |
63,816 |
Total cost of sales |
36,581 |
37,194 |
110,254 |
113,617 |
|
|
|
|
|
Gross profit |
201,259 |
196,806 |
580,852 |
568,029 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling, general and
administrative |
61,367 |
58,172 |
181,640 |
174,002 |
Research and development |
44,784 |
41,033 |
127,439 |
123,251 |
Amortization |
4,925 |
6,793 |
15,037 |
17,374 |
Total operating expenses |
111,076 |
105,998 |
324,116 |
314,627 |
|
|
|
|
|
Operating income |
90,183 |
90,808 |
256,736 |
253,402 |
|
|
|
|
|
Interest expense |
(95) |
(149) |
(371) |
(578) |
Interest income |
674 |
655 |
2,125 |
2,206 |
Other (expense) income, net |
(383) |
(395) |
475 |
(772) |
|
|
|
|
|
Income before income tax provision |
90,379 |
90,919 |
258,965 |
254,258 |
|
|
|
|
|
Income tax provision |
24,346 |
25,440 |
74,465 |
69,201 |
|
|
|
|
|
Net income |
$ 66,033 |
$ 65,479 |
$ 184,500 |
$ 185,057 |
|
|
|
|
|
Earnings per share – basic: |
|
|
|
|
Basic earnings per share |
$ 0.74 |
$ 0.71 |
$ 2.05 |
$ 2.01 |
Weighted average shares –
basic |
89,694 |
91,875 |
89,873 |
92,224 |
|
|
|
|
|
|
|
|
|
|
Earnings per share - diluted: |
|
|
|
|
Diluted earnings per share |
$ 0.72 |
$ 0.70 |
$ 2.01 |
$ 1.96 |
Weighted average shares –
diluted |
91,593 |
93,905 |
91,820 |
94,397 |
|
|
|
|
|
|
|
|
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Non-GAAP Measures |
(Unaudited) |
(in thousands, except
percentages and per share data) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
September 30,
2015 |
September 30,
2014 |
|
As Reported |
Adjustments |
Non-GAAP
Results |
As Reported |
Adjustments |
Non-GAAP
Results |
Total revenue |
$ 237,840 |
$ 379(1) |
$ 238,219 |
$ 234,000 |
$ 1,528(4) |
$ 235,528 |
|
|
|
|
|
|
|
Operating income |
90,183 |
24,257(2) |
114,440 |
90,808 |
27,794(5) |
118,602 |
|
|
|
|
|
|
|
Operating profit margin |
37.9% |
|
48.0% |
38.8% |
|
50.4% |
|
|
|
|
|
|
|
Net income |
$ 66,033 |
$15,978(3) |
$ 82,011 |
$ 65,479 |
$18,176(6) |
$ 83,655 |
|
|
|
|
|
|
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 0.72 |
|
$ 0.90 |
$ 0.70 |
|
$ 0.89 |
|
|
|
|
|
|
|
Weighted average shares –
diluted |
91,593 |
|
91,593 |
93,905 |
|
93,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $14.7
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 (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 $8.3
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 $16.3
million of amortization expense associated with intangible assets
acquired in business combinations, $10.0 million of stock-based
compensation expense and the $1.5 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 $9.6
million. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Non-GAAP Measures |
(Unaudited) |
(in thousands, except
percentages and per share data) |
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
September 30,
2015 |
September 30,
2014 |
|
As Reported |
Adjustments |
Non-GAAP
Results |
As Reported |
Adjustments |
Non-GAAP
Results |
Total revenue |
$ 691,106 |
$ 1,365(1) |
$ 692,471 |
$ 681,646 |
$ 4,307(4) |
$ 685,953 |
|
|
|
|
|
|
|
Operating income |
256,736 |
71,885(2) |
328,621 |
253,402 |
78,430(5) |
331,832 |
|
|
|
|
|
|
|
Operating profit margin |
37.1% |
|
47.5% |
37.2% |
|
48.4% |
|
|
|
|
|
|
|
Net income |
$ 184,500 |
$ 46,458(3) |
$ 230,958 |
$ 185,057 |
$ 52,063(6) |
$ 237,120 |
|
|
|
|
|
|
|
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ 2.01 |
|
$ 2.52 |
$ 1.96 |
|
$ 2.51 |
|
|
|
|
|
|
|
Weighted average shares –
diluted |
91,820 |
|
91,820 |
94,397 |
|
94,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $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 (1) above and $0.8 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 $25.4
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 $45.6
million of amortization expense associated with intangible assets
acquired in business combinations, $27.6 million of stock-based
compensation expense, the $4.3 million adjustment to revenue as
reflected in (4) above and $1.0 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 $26.4
million. |
|
|
|
|
|
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Forward-Looking Guidance |
Quarter Ending December
31, 2015 |
|
|
|
Earnings Per Share Range –
Diluted |
|
|
|
|
U.S. GAAP expectation |
$0.66 - $0.73 |
Adjustment to exclude acquisition accounting
adjustment to deferred revenue |
- |
Adjustment to exclude acquisition–related
amortization |
$0.09 - $0.10 |
Adjustment to exclude stock–based
compensation |
$0.06 - $0.07 |
|
|
Non-GAAP expectation |
$0.83 - $0.88 |
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Forward-Looking Guidance |
Year Ending December
31, 2015 |
|
Earnings Per Share Range –
Diluted |
|
|
|
|
U.S. GAAP expectation |
$2.67 - $2.74 |
Adjustment to exclude acquisition accounting
adjustment to deferred revenue |
$0.01 |
Adjustment to exclude acquisition–related
amortization |
$0.39 - $0.40 |
Adjustment to exclude stock–based
compensation |
$0.25 - $0.26 |
Adjustment to exclude acquisition-related
transaction expenses |
$0.01 |
|
|
Non-GAAP expectation |
$3.35 - $3.40 |
|
|
|
|
ANSYS, INC. AND
SUBSIDIARIES |
Reconciliation of
Forward-Looking Guidance |
Year Ending December
31, 2016 |
|
Earnings Per Share Range –
Diluted |
|
|
|
|
U.S. GAAP expectation |
$2.91 - $3.14 |
Adjustment to exclude acquisition accounting
adjustment to deferred revenue |
- |
Adjustment to exclude acquisition–related
amortization |
$0.34 - $0.36 |
Adjustment to exclude stock–based
compensation |
$0.28 - $0.31 |
|
|
Non-GAAP expectation |
$3.58 - $3.76 |
|
|
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 its
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 its
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 |
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 over 2,750
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 2015, fiscal year 2015 and
fiscal year 2016 (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, 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 the Company's ability to execute effectively
and to continuously drive growth, statements regarding our
diversified business model and predictable, recurring revenue
streams, statements regarding opportunities that lie ahead,
statements regarding adoption rates of simulation solutions across
engineering disciplines continuing to grow as user adoption
continues to increase, ease of use expands, computational ability
grows and cloud solutions are adopted, statements regarding ANSYS
being uniquely positioned as a market leader with a comprehensive
solution, statements regarding our confidence that we will continue
to drive shareholder value and return capital to shareholders, and
statements regarding simultaneously investing in the long-term
growth of our Company 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, 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 2014
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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