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 3, 2011 to discuss third quarter results. To participate in the live conference call, dial 877-317-6789 (US), 866-605-3852 (Canada) or 412-317-6789 (Int'l). The call will be recorded and a replay will be available approximately two hours after the call ends. The replay will be available for ten days by dialing 877-344-7529 (US) or 412-317-0088 (Canada and Int'l) and entering the pass code 10005517. The archived webcast can be accessed, along with other financial information, on ANSYS' website at
http://investors.ansys.com.
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ANSYS, INC. AND SUBSIDIARIES | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(in thousands) | |||||||||
(Unaudited) | |||||||||
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| September 30, 2011 |
| December 31, 2010 | |||||
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ASSETS: |
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Cash & short-term investments | $ 406,880 |
| $ 472,934 | ||||||
Accounts receivable, net | 65,084 |
| 76,604 | ||||||
Goodwill | 1,229,872 |
| 1,035,083 | ||||||
Other intangibles, net | 396,645 |
| 278,320 | ||||||
Other assets | 249,424 |
| 263,935 | ||||||
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| Total assets | $ 2,347,905 |
| $ 2,126,876 | |||||
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LIABILITIES & STOCKHOLDERS' EQUITY: |
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Deferred revenue | $ 225,729 |
| $ 199,805 | ||||||
Long-term debt (including current portion) | 138,217 |
| 159,525 | ||||||
Other liabilities | 290,942 |
| 237,617 | ||||||
Stockholders' equity | 1,693,017 |
| 1,529,929 | ||||||
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| Total liabilities & stockholders' equity | $ 2,347,905 |
| $ 2,126,876 | ||||||
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| ANSYS, INC. AND SUBSIDIARIES | |||||||||||
| Consolidated Statements of Income | |||||||||||
| (in thousands, except per share data) | |||||||||||
| (Unaudited) | |||||||||||
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| Three Months Ended |
| Nine Months Ended | |||||||
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| September 30, 2011 |
| September 30, 2010 |
| September 30, 2011 |
| September 30, 2010 | |||
| Revenue: |
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| Software licenses | $ 104,477 |
| $ 82,643 |
| $ 297,780 |
| $ 245,973 | |||
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| Maintenance and service | 68,458 |
| 57,200 |
| 195,460 |
| 167,690 | |||
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| Total revenue | 172,935 |
| 139,843 |
| 493,240 |
| 413,663 | |||
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| Cost of sales: |
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| Software licenses | 4,220 |
| 2,555 |
| 10,144 |
| 7,474 | |||
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| Amortization | 8,993 |
| 8,180 |
| 23,993 |
| 24,572 | |||
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| Maintenance and service | 17,814 |
| 14,544 |
| 51,535 |
| 42,026 | |||
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| Total cost of sales | 31,027 |
| 25,279 |
| 85,672 |
| 74,072 | |||
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| Gross profit | 141,908 |
| 114,564 |
| 407,568 |
| 339,591 | ||||
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| Operating expenses: |
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| Selling, general and administrative | 43,180 |
| 36,954 |
| 123,786 |
| 108,161 | |||
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| Research and development | 28,899 |
| 21,696 |
| 78,779 |
| 65,673 | |||
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| Amortization | 4,500 |
| 4,037 |
| 12,587 |
| 11,874 | |||
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| Total operating expenses | 76,579 |
| 62,687 |
| 215,152 |
| 185,708 | |||
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| Operating income | 65,329 |
| 51,877 |
| 192,416 |
| 153,883 | ||||
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| Interest expense | (753) |
| (902) |
| (2,330) |
| (3,696) | ||||
| Interest income | 789 |
| 491 |
| 2,196 |
| 1,281 | ||||
| Other income (expense), net | 78 |
| (574) |
| (544) |
| (942) | ||||
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| Income before income tax provision | 65,443 |
| 50,892 |
| 191,738 |
| 150,526 | ||||
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| Income tax provision | 19,897 |
| 14,762 |
| 58,520 |
| 46,534 | ||||
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| Net income | $ 45,546 |
| $ 36,130 |
| $ 133,218 |
| $ 103,992 | ||||
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| Earnings per share – basic: |
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| Basic earnings per share | $ 0.49 |
| $ 0.40 |
| $ 1.45 |
| $ 1.15 | |||
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| Weighted average shares – basic | 92,277 |
| 90,880 |
| 91,995 |
| 90,486 | |||
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| Earnings per share - diluted: |
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| Diluted earnings per share | $ 0.48 |
| $ 0.39 |
| $ 1.41 |
| $ 1.12 | |||
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| Weighted average shares – diluted | 94,445 |
| 93,212 |
| 94,268 |
| 93,044 | |||
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| ANSYS, INC. AND SUBSIDIARIES | |||||||||||||
| Reconciliation of Non-GAAP Measures | |||||||||||||
| (Unaudited) | |||||||||||||
| (in thousands, except percentages and per share data) | |||||||||||||
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| Three Months Ended | ||||||||||||
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| September 30, 2011 |
| September 30, 2010 | ||||||||||
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| As | Non-GAAP |
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| As | Non-GAAP |
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| Reported | Adjustments | Results |
| Reported | Adjustments | Results | ||||||
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| Total revenue | $172,935 | $ 4,925(1) | $177,860 |
| $139,843 |
| $ 139,843 | ||||||
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| Operating income | 65,329 | $24,665(2) | 89,994 |
| 51,877 | $16,960(4) | 68,837 | ||||||
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| Operating profit margin | 37.8% |
| 50.6% |
| 37.1% |
| 49.2% | ||||||
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| Net income | $ 45,546 | $16,557(3) | $ 62,103 |
| $ 36,130 | $11,294(5) | $ 47,424 | ||||||
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| Earnings per share - diluted: |
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| Diluted earnings per share | $ 0.48 |
| $ 0.66 |
| $ 0.39 |
| $ 0.51 | ||||||
| Weighted average shares - diluted | 94,445 |
| 94,445 |
| 93,212 |
| 93,212 | ||||||
