Reports Double-Digit Growth in Revenue
and Operating Cash FlowAnnounces Acquisition of
DfR Solutions
ANSYS, Inc. (NASDAQ: ANSS), today reported first quarter 2019 GAAP
and non-GAAP revenue growth of 12% and 13%, respectively, or 15%
and 16%, respectively, in constant currency. For the first quarter,
the Company reported growth in diluted earnings per share of 3% and
8% on a GAAP and non-GAAP basis, respectively.
“We’re off to an excellent start to 2019,
delivering double-digit growth in both software license and total
revenue. The ANSYS strategy is working. Driven by our vision of
Pervasive SimulationTM, the strength of our portfolio and our
excellent relationships with customers, we continue to see
tremendous demand for our products and solutions,” said Ajei Gopal,
ANSYS President and CEO.
“Q1 also saw the introduction of new
capabilities across our entire line of products, including a new
ANSYS Cloud offering, which allows customers to easily and
instantaneously access on-demand, cloud-based high-performance
computing directly from ANSYS’ flagship products. In addition, as
previously announced, we continued to invest in expanding our
multi-physics product portfolio capabilities and employee talent,
acquiring Granta Design and Helic. Both Granta and Helic have been
successfully integrated and are operating efficiently within the
ANSYS platform. And, I am excited that we announced today the
addition of DfR Solutions, a market leader in designer-level
electronics reliability assessment software. With the
proliferation of electronic components across products, it is
critical for companies in nearly every industry to ensure the
reliability of their electronics. DfR’s Sherlock solution,
coupled with the robust reliability, accuracy and speed of our
flagship solutions, will allow our customers to reduce their design
cycle times and boost their products’ reliability and performance,”
Gopal added.
Maria Shields, ANSYS CFO, stated, “The
underlying fundamentals of our business performed at or above the
high end of our expectations, as evidenced by our first quarter
revenue, deferred revenue and backlog, and cash flows.
Earnings were also very strong for the quarter, and our operating
margin was above the high end of our guidance, driven by the
over-performance in revenues. As a result of our solid performance
in Q1, combined with our growing business momentum, we are raising
our full-year 2019 guidance.”
Financial Results
ANSYS' first quarter 2019 and 2018 financial
results are presented below. The 2019 and 2018 non-GAAP results
exclude the income statement effects of acquisition adjustments to
deferred revenue, stock-based compensation, amortization of
acquired intangible assets, acquisition-related transaction costs
and adjustments related to the transition tax associated with the
Tax Cuts and Jobs Act.
GAAP and non-GAAP results:
| |
GAAP |
|
Non-GAAP |
| (in millions,
except percentages and per share data) |
Q1 2019 |
|
Q1 2018 |
|
% Change |
|
Q1 2019 |
|
Q1 2018 |
|
% Change |
| Revenue |
$ |
317.1 |
|
|
$ |
282.9 |
|
|
12 |
% |
|
$ |
319.9 |
|
|
$ |
283.3 |
|
|
13 |
% |
| Net income |
$ |
86.2 |
|
|
$ |
84.3 |
|
|
2 |
% |
|
$ |
110.7 |
|
|
$ |
103.1 |
|
|
7 |
% |
| Diluted earnings per
share |
$ |
1.01 |
|
|
$ |
0.98 |
|
|
3 |
% |
|
$ |
1.29 |
|
|
$ |
1.20 |
|
|
8 |
% |
| Operating profit
margin |
30.2 |
% |
|
33.6 |
% |
|
|
|
42.9 |
% |
|
45.0 |
% |
|
|
The non-GAAP financial results highlighted
above, and the non-GAAP financial outlook for 2019 discussed below,
represent non-GAAP financial measures. Reconciliations of these
measures to the appropriate GAAP measures, for the three months
ended March 31, 2019 and 2018, and for the 2019 financial
outlook, can be found in the condensed financial information
included in this release.
Other Financial Metrics
| (in millions,
except percentages) |
Q1 2019 |
|
Q1 2018 |
|
% Change |
|
% Change in Constant Currency |
| Annual contract value
(ACV) |
$ |
303.5 |
|
|
$ |
293.9 |
|
|
3 |
% |
|
7 |
% |
| Operating cash
flows |
$ |
151.6 |
|
|
$ |
132.4 |
|
|
14 |
% |
|
|
ACV, or annual contract value, is a financial performance metric
that we introduced in 2018. We believe this new measure is an
improved metric as compared to the historically provided bookings
metric because it adjusts the sales bookings metric to reflect only
the annual value of a contract and also adjusts to reflect the
sales booking at the date of the contract inception or renewal.
There is no GAAP measure comparable to ACV. ACV is composed of the
following:
- the annualized value of maintenance and lease contracts with
start dates or anniversary dates during the period, plus
- the value of perpetual license contracts with start dates
during the period, plus
- the annualized value of fixed-term services contracts with
start dates or anniversary dates during the period, plus
- the value of work performed during the period on
fixed-deliverable services contracts.
Management's 2019 Financial Outlook
The Company's second quarter and fiscal year
2019 revenue and diluted earnings per share guidance is provided
below. The revenue and 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 acquisition
adjustments to deferred revenue, stock-based compensation,
amortization of acquired intangible assets, acquisition-related
transaction costs and adjustments related to the transition tax
associated with the Tax Cuts and Jobs Act.
The financial guidance below includes the impact
of the Company's acquisitions of Granta Design Limited and Helic,
Inc., both of which closed in February 2019.
Second Quarter 2019
Guidance
The Company currently expects the following for the quarter
ending June 30, 2019:
| (in millions,
except per share data) |
GAAP |
|
Non-GAAP |
| Revenue |
$322.9 - $342.9 |
|
$325.0 - $345.0 |
| Diluted earnings per
share |
$0.79 - $1.00 |
|
$1.18 - $1.30 |
Fiscal Year 2019 Guidance
The Company currently expects the following for the fiscal year
ending December 31, 2019:
| (in millions,
except per share data) |
GAAP |
|
Non-GAAP |
| Revenue |
$1,421.9 -
$1,471.9 |
|
$1,430.0 -
$1,480.0 |
| Diluted earnings per
share |
$4.30 - $4.82 |
|
$5.75 - $6.10 |
| (in
millions) |
Other
Financial Metrics |
| ACV |
$1,425.0 -
$1,470.0 |
| Operating cash
flows |
$470.0 - $510.0 |
Conference Call Information
ANSYS will hold a conference call at
8:30 a.m. Eastern Time on May 2, 2019 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. The Company will
also post a complementary investor presentation titled "1Q 2019
Investor Presentation" that can be accessed by clicking News &
Events, then Presentations on our website at
https://investors.ansys.com.
To participate in the live conference call, dial
855-239-2942 (US) or 412-542-4124 (Canada & Int’l). The call
will be recorded and a replay will be available within two hours
after the call. The replay will be available by dialing (877)
344-7529 (US), (855) 669-9658 (Canada) or (412) 317-0088 (Int’l)
and entering the passcode 10130626. The archived webcast can be
accessed, along with other financial information, on ANSYS' website
at https://investors.ansys.com/news-and-events/events-calendar.
| ANSYS, INC. AND SUBSIDIARIES |
| Condensed Consolidated Balance
Sheets |
| (Unaudited) |
| (in
thousands) |
March 31, 2019 |
|
December 31, 2018 |
|
ASSETS: |
|
|
|
| Cash & short-term
investments |
$ |
607,628 |
|
|
$ |
777,364 |
|
| Accounts
receivable, net |
268,526 |
|
|
317,700 |
|
|
Goodwill |
1,748,228 |
|
|
1,572,455 |
|
| Other
intangibles, net |
278,327 |
|
|
211,272 |
|
| Other
assets(1) |
469,554 |
|
|
387,173 |
|
| Total
assets |
$ |
3,372,263 |
|
|
$ |
3,265,964 |
|
| LIABILITIES
& STOCKHOLDERS' EQUITY: |
|
|
|
| Current
deferred revenue |
$ |
330,890 |
|
|
$ |
328,584 |
|
| Other
liabilities(1) |
356,992 |
|
|
287,833 |
|
|
Stockholders' equity |
2,684,381 |
|
|
2,649,547 |
|
| Total
liabilities & stockholders' equity |
$ |
3,372,263 |
|
|
$ |
3,265,964 |
|
(1) Effective January 1, 2019, the Company adopted a new
leasing standard, which requires virtually all leases to be
recorded on the balance sheet. Results for reporting periods
beginning after January 1, 2019 are presented under the new
guidance, while prior period amounts are not adjusted and continue
to be reported in accordance with previous guidance. The adoption
of the new standard resulted in the recognition of approximately
$90 million of lease assets, and corresponding lease liabilities,
on the Company's condensed consolidated balance sheet as of January
1, 2019.
| |
| |
| ANSYS, INC. AND SUBSIDIARIES |
| Condensed Consolidated Statements of
Income |
| (Unaudited) |
| |
Three Months Ended |
| (in thousands,
except per share data) |
March 31, 2019 |
|
March 31, 2018 |
| Revenue: |
|
|
|
| Software licenses |
$ |
123,044 |
|
|
$ |
110,046 |
|
| Maintenance and service |
194,086 |
|
|
172,827 |
|
| Total revenue |
317,130 |
|
|
282,873 |
|
| Cost of sales: |
|
|
|
| Software licenses |
4,708 |
|
|
3,911 |
|
| Amortization |
4,547 |
|
|
8,786 |
|
| Maintenance and service |
25,560 |
|
|
26,341 |
|
| Total cost of sales |
34,815 |
|
|
39,038 |
|
| Gross profit |
282,315 |
|
|
243,835 |
|
| Operating expenses: |
|
|
|
| Selling, general and
administrative |
112,169 |
|
|
87,809 |
|
| Research and development |
70,738 |
|
|
57,530 |
|
| Amortization |
3,759 |
|
|
3,435 |
|
| Total operating expenses |
186,666 |
|
|
148,774 |
|
| Operating income |
95,649 |
|
|
95,061 |
|
| Interest income |
3,442 |
|
|
2,285 |
|
| Other expense, net |
(425 |
) |
|
(308 |
) |
| Income before income tax provision |
98,666 |
|
|
97,038 |
|
| Income tax provision |
12,436 |
|
|
12,758 |
|
| Net income |
$ |
86,230 |
|
|
$ |
84,280 |
|
| Earnings per share – basic: |
|
|
|
| Earnings per share |
$ |
1.03 |
|
|
$ |
1.00 |
|
| Weighted average shares |
83,764 |
|
|
83,931 |
|
| Earnings per share – diluted: |
|
|
|
| Earnings per share |
$ |
1.01 |
|
|
$ |
0.98 |
|
| Weighted average shares |
85,493 |
|
|
86,152 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| ANSYS, INC. AND SUBSIDIARIES |
| Reconciliation of Non-GAAP
Measures |
| (Unaudited) |
| |
Three Months Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
| (in thousands,
except percentages and per share data) |
GAAP Results |
|
Adjustments |
|
Non-GAAP Results |
|
GAAP Results |
|
Adjustments |
|
Non-GAAP Results |
| Total revenue |
$ |
317,130 |
|
|
$ |
2,780 |
|
(1) |
$ |
319,910 |
|
|
$ |
282,873 |
|
|
$ |
401 |
|
(4) |
$ |
283,274 |
|
| Operating income |
95,649 |
|
|
41,537 |
|
(2) |
137,186 |
|
|
95,061 |
|
|
32,351 |
|
(5) |
127,412 |
|
| Operating profit
margin |
30.2 |
% |
|
|
|
42.9 |
% |
|
33.6 |
% |
|
|
|
45.0 |
% |
| Net income |
$ |
86,230 |
|
|
$ |
24,440 |
|
(3) |
$ |
110,670 |
|
|
$ |
84,280 |
|
|
$ |
18,784 |
|
(6) |
$ |
103,064 |
|
| Earnings per share –
diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
share |
$ |
1.01 |
|
|
|
|
$ |
1.29 |
|
|
$ |
0.98 |
|
|
|
|
$ |
1.20 |
|
| Weighted
average shares |
|
85,493 |
|
|
|
|
85,493 |
|
|
86,152 |
|
|
|
|
86,152 |
|
|
(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 $23.8 million of stock-based
compensation expense, $4.0 million of excess payroll taxes related
to stock-based awards, $8.3 million of amortization expense
associated with intangible assets acquired in business
combinations, $2.7 million of transaction expenses related to
business combinations and the $2.8 million adjustment to revenue as
reflected in (1) above. |
| (3) |
Amount represents the impact of the adjustments
to operating income referred to in (2) above, decreased for the
related income tax impact of $15.6 million, adjustments related to
the transition tax associated with the Tax Cuts and Jobs Act of
$1.3 million, and rabbi trust income of $0.2 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 $15.3 million of stock-based
compensation expense, $3.1 million of excess payroll taxes related
to stock-based awards, $12.2 million of amortization expense
associated with intangible assets acquired in business
combinations, $1.4 million of transaction expenses related to
business combinations and the $0.4 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, decreased for the
related income tax impact of $15.0 million and increased for
adjustments related to the transition tax associated with the Tax
Cuts and Jobs Act of $1.4 million. |
| |
|
| |
|
| ANSYS, INC. AND SUBSIDIARIES |
| Reconciliation of Forward-Looking
Guidance |
| Quarter Ending June 30, 2019 |
| |
Earnings Per Share Range -
Diluted |
| U.S. GAAP
expectation |
$0.79 - $1.00 |
| Adjustment to exclude
acquisition adjustments to deferred revenue |
$0.02 - $0.04 |
| Adjustment to exclude
acquisition-related amortization |
$0.07 - $0.09 |
| Adjustment to exclude
stock-based compensation |
$0.22 - $0.27 |
| Exclusion of transition
tax adjustments related to the Tax Cuts and Jobs Act |
($0.01) |
| Non-GAAP
expectation |
$1.18 - $1.30 |
| |
|
| |
|
| ANSYS, INC. AND SUBSIDIARIES |
| Reconciliation of Forward-Looking
Guidance |
| Year Ending December 31, 2019 |
| |
Earnings Per Share Range - Diluted |
| U.S. GAAP
expectation |
$4.30 - $4.82 |
| Adjustment
to exclude acquisition adjustments to deferred revenue |
$0.06 - $0.10 |
| Adjustment
to exclude acquisition-related amortization |
$0.28 - $0.34 |
| Adjustment
to exclude stock-based compensation |
$0.92 - $0.99 |
| Adjustment
to exclude acquisition-related transaction expenses |
$0.04 |
| Exclusion
of transition tax adjustments related to the Tax Cuts and Jobs
Act |
($0.02) |
| Non-GAAP
expectation |
$5.75 - $6.10 |
| |
|
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 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. This non-GAAP adjustment also includes
excess payroll tax expense related to stock-based compensation.
Stock-based compensation expense (benefit) incurred in connection
with the Company's deferred compensation plan held in a rabbi trust
includes an offsetting benefit (charge) recorded in other income
(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. Management
similarly excludes income (expense) related to assets held in a
rabbi trust in connection with the Company's deferred compensation
plan. Specifically, the Company excludes stock-based compensation
and income (expense) related to assets held in the deferred
compensation plan rabbi trust 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 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. 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.
Restructuring charges and the related
tax impact. The Company occasionally incurs expenses for
restructuring its workforce 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. 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, as it generally does not incur these
expenses as a part of its 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.
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, derived from announced
acquisitions, 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 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.
Tax Cuts and Jobs Act. The
Company recorded impacts to its income tax provision related to the
enactment of the Tax Cuts and Jobs Act, specifically for the
transition tax related to unrepatriated cash and the impacts of the
tax rate change on net deferred tax assets. Management excludes
these impacts for the purpose of calculating non-GAAP net income
and non-GAAP diluted earnings per share when it evaluates the
continuing operational performance of the Company, as (i) the
charges are not expected to recur as part of its normal operations
and (ii) the charges resulted from the extremely infrequent event
of major U.S. tax reform, the last such reform having occurred in
1986. 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.
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.
If you've ever seen a rocket launch, flown on an
airplane, driven a car, used a computer, touched a mobile device,
crossed a bridge or put on wearable technology, chances are you've
used a product where ANSYS software played a critical role in its
creation. ANSYS is the global leader in engineering
simulation. Through our strategy of Pervasive Engineering
Simulation, we help the world's most innovative companies deliver
radically better products to their customers. By offering the best
and broadest portfolio of engineering simulation software, we help
them solve the most complex design challenges and create products
limited only by imagination. Founded in 1970, ANSYS is
headquartered south of Pittsburgh, Pennsylvania, U.S.A. Visit
https://www.ansys.com for more information.
Forward-Looking Information
Certain statements contained in this press
release regarding matters that are not historical facts, including,
but not limited to, statements regarding: market demand for
our products and solutions; successful integrations of
acquisitions; trends in customer development processes and the
success of our strategy of Pervasive Engineering Simulation; our
ability to continue to invest in the business; our projections for
the second quarter of 2019 and fiscal year 2019 (in both GAAP and
non-GAAP measures to exclude acquisition accounting adjustments to
deferred revenue, acquisition-related amortization, stock-based
compensation expense and acquisition-related transaction costs with
related tax impacts and adjustments related to the transition tax
associated with the Tax Cuts and Jobs Act); statements regarding
management's use of non-GAAP financial measures and statements
regarding investing in the business are "forward-looking"
statements (as defined in the Private Securities Litigation Reform
Act of 1995). The words “believe,” “continue,” “expect,” and
similar expressions are intended to identify forward-looking
statements. 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
ANSYS’ customers’ business may lengthen customer sales cycles; 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;
uncertainties regarding customer acceptance of new products; the
risk of ANSYS’ products' future compliance with industry quality
standards and its potential impact on the Company’s financial
results; the risk that the Company may need to change its pricing
models due to competition and its potential impact on the Company’s
financial results; 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 the Company’s implementation of
its new IT systems; the risk of difficulties in the relationship
with ANSYS’ independent regional channel partners; the risk of
ANSYS' reliance on high renewal rates for annual lease and
maintenance contracts and the result that any change in these rates
may have on the Company’s financial results; 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; the
risk of periodic reorganizations and changes within ANSYS’ sales
organization; the risk of industry consolidation and the impact it
may have on customer purchasing decisions; 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
2018 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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 https://investors.ansys.com for more
information. The ANSYS IR App is now available for download
on iTunes and Google Play.
ANSS - F
Contact:Investors: Annette Arribas,
IRC724.820.3700annette.arribas@ansys.com
Media: Amy Pietzak724.820.4367 amy.pietzak@ansys.com
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