Ansys Announces Financial Results With Record Q3 Revenue and ACV

Ansys will hold a conference call at 8:30 a.m. Eastern Time on November 5, 2020 to discuss third 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 "Q3 2020 Investor Presentation" that can be accessed by clicking Events & Presentations, then Presentations 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 10149085. The archived webcast can be accessed, along with other financial information, on Ansys' website at https://investors.ansys.com/events-and-presentations/events-calendar

GAAP Financial Statements

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands) September 30, 2020  December 31, 2019
ASSETS:   
Cash & short-term investments $ 845,209 $872,382
Accounts receivable, net 371,352 433,479
Goodwill 2,491,590 2,413,280
Other intangibles, net 474,785 476,711
Other assets 663,359 643,035
Total assets $ 4,846,295 $4,838,887
LIABILITIES & STOCKHOLDERS' EQUITY:   
Current deferred revenue $ 326,491 $351,353
Long-term debt 423,759 423,531
Other liabilities 506,432 610,624
Stockholders' equity 3,589,613 3,453,379
Total liabilities & stockholders' equity $ 4,846,295 $4,838,887


ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
  Three Months Ended   Nine Months Ended
(in thousands, except per share data) September 30,
2020
  September 30,
2019
  September 30,
2020
  September 30,
2019
Revenue:              
Software licenses $ 141,622     $ 137,144     $ 398,793     $ 430,687  
Maintenance and service 225,343     206,755     658,818     598,977  
Total revenue 366,965     343,899     1,057,611     1,029,664  
Cost of sales:              
Software licenses 7,251     5,708     20,688     16,620  
Amortization 9,911     4,762     29,227     14,064  
Maintenance and service 36,223     30,895     107,446     85,993  
Total cost of sales 53,385     41,365     157,361     116,677  
Gross profit 313,580     302,534     900,250     912,987  
Operating expenses:              
Selling, general and administrative 132,642     120,682     391,862     353,263  
Research and development 86,616     73,018     258,861     219,058  
Amortization 4,237     3,787     12,562     11,342  
Total operating expenses 223,495     197,487     663,285     583,663  
Operating income 90,085     105,047     236,965     329,324  
Interest income 754     3,188     4,463     9,610  
Interest expense (1,853 )   (239 )   (8,544 )   (561 )
Other income (expense), net 1,158     833     3,169     (937 )
Income before income tax provision 90,144     108,829     236,053     337,436  
Income tax provision 14,517     19,366     17,798     51,993  
Net income $ 75,627     $ 89,463     $ 218,255     $ 285,443  
Earnings per share – basic:              
Earnings per share $ 0.88     $ 1.06     $ 2.55     $ 3.40  
Weighted average shares 85,798     84,109     85,749     83,951  
Earnings per share – diluted:              
Earnings per share $ 0.87     $ 1.04     $ 2.50     $ 3.34  
Weighted average shares 87,224     85,733     87,176     85,570  

Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

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