⁽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

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