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 10128385. 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) | |||||||||||
| ASC 606 | ASC 605 | ASC 605 | |||||||||
| (in thousands) | December 31, 2018 | December 31, 2018 | December 31, 2017 | ||||||||
| ASSETS: | |||||||||||
| Cash & short-term investments | $ | 777,364 | $ | 777,364 | $ | 881,787 | |||||
| Accounts receivable, net | 317,700 | 135,190 | 124,659 | ||||||||
| Goodwill | 1,572,455 | 1,572,455 | 1,378,553 | ||||||||
| Other intangibles, net | 211,272 | 211,272 | 157,625 | ||||||||
| Other assets | 387,173 | 522,303 | 398,999 | ||||||||
| Total assets | $ | 3,265,964 | $ | 3,218,584 | $ | 2,941,623 | |||||
| LIABILITIES & STOCKHOLDERS' EQUITY: | |||||||||||
| Current deferred revenue | $ | 328,584 | $ | 526,168 | $ | 440,491 | |||||
| Other liabilities | 287,833 | 289,257 | 255,301 | ||||||||
| Stockholders' equity | 2,649,547 | 2,403,159 | 2,245,831 | ||||||||
| Total liabilities & stockholders' equity | $ | 3,265,964 | $ | 3,218,584 | $ | 2,941,623 | |||||
| ANSYS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| ASC 606 | ASC 605 | ASC 605 | ASC 606 | ASC 605 | ASC 605 | ||||||||||||||||||
| (in thousands, except per share data) |
December 31,
2018 |
December 31,
2018 |
December 31,
2017 |
December 31,
2018 |
December 31,
2018 |
December 31,
2017 | |||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Software licenses | $ | 226,421 | $ | 194,190 | $ | 176,596 | $ | 576,717 | $ | 676,846 | $ | 624,964 | |||||||||||
| Maintenance and service | 189,011 | 141,728 | 125,740 | 716,919 | 539,623 | 470,286 | |||||||||||||||||
| Total revenue | 415,432 | 335,918 | 302,336 | 1,293,636 | 1,216,469 | 1,095,250 | |||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||
| Software licenses | 6,318 | 11,774 | 10,224 | 18,619 | 36,852 | 34,421 | |||||||||||||||||
| Amortization | 3,631 | 3,631 | 9,902 | 27,034 | 27,034 | 36,794 | |||||||||||||||||
| Maintenance and service | 30,140 | 24,684 | 20,686 | 110,232 | 91,999 | 78,949 | |||||||||||||||||
| Total cost of sales | 40,089 | 40,089 | 40,812 | 155,885 | 155,885 | 150,164 | |||||||||||||||||
| Gross profit | 375,343 | 295,829 | 261,524 | 1,137,751 | 1,060,584 | 945,086 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling, general and administrative | 133,137 | 133,137 | 108,157 | 413,580 | 413,580 | 338,640 | |||||||||||||||||
| Research and development | 58,896 | 58,896 | 49,222 | 233,802 | 233,802 | 202,746 | |||||||||||||||||
| Amortization | 3,374 | 3,374 | 3,466 | 13,795 | 13,795 | 12,972 | |||||||||||||||||
| Total operating expenses | 195,407 | 195,407 | 160,845 | 661,177 | 661,177 | 554,358 | |||||||||||||||||
| Operating income | 179,936 | 100,422 | 100,679 | 476,574 | 399,407 | 390,728 | |||||||||||||||||
| Interest income | 3,745 | 3,745 | 2,135 | 11,419 | 11,419 | 6,962 | |||||||||||||||||
| Other income (expense), net | 1,381 | 1,381 | (484 | ) | (908 | ) | (908 | ) | (1,996 | ) | |||||||||||||
| Income before income tax provision | 185,062 | 105,548 | 102,330 | 487,085 | 409,918 | 395,694 | |||||||||||||||||
| Income tax provision | 31,899 | 16,978 | 49,745 | 67,710 | 53,067 | 136,443 | |||||||||||||||||
| Net income | $ | 153,163 | $ | 88,570 | $ | 52,585 | $ | 419,375 | $ | 356,851 | $ | 259,251 | |||||||||||
| Earnings per share – basic: | |||||||||||||||||||||||
| Earnings per share | $ | 1.83 | $ | 1.06 | $ | 0.62 | $ | 4.99 | $ | 4.25 | $ | 3.05 | |||||||||||
| Weighted average shares | 83,699 | 83,699 | 84,557 | 83,973 | 83,973 | 84,988 | |||||||||||||||||
| Earnings per share – diluted: | |||||||||||||||||||||||
| Earnings per share | $ | 1.79 | $ | 1.04 | $ | 0.61 | $ | 4.88 | $ | 4.15 | $ | 2.98 | |||||||||||
| Weighted average shares | 85,472 | 85,472 | 86,709 | 85,913 | 85,913 | 86,854 | |||||||||||||||||
