The Company's first quarter and fiscal year 2021 revenue and diluted earnings per share guidance is provided below. The Company is also providing its fiscal year 2021 guidance for ACV and operating cash flows. 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 and acquisition-related transaction expenses.

The financial guidance below reflects the Company's current estimates of the adverse impacts of the global pandemic and trade restrictions. This guidance is based on the Company's evaluation of factual information it has determined to be relevant and the application of certain assumptions made by the Company. Please refer to the Company's prepared remarks document for essential additional information regarding the Company's financial guidance, including its assumptions regarding overall business dynamics and the economic impacts of COVID-19 and trade restrictions.

First Quarter 2021 Guidance

The Company currently expects the following for the quarter ending March 31, 2021:

(in millions, except per share data)	GAAP		Non-GAAP
Revenue	$326.0 - $351.0		$335.0 - $360.0
Diluted earnings per share	$0.41 - $0.57		$0.73 - $0.90

Fiscal Year 2021 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2021:

(in millions, except per share data)	GAAP		Non-GAAP
Revenue	$1,770.5 - $1,855.5		$1,790.0 - $1,875.0
Diluted earnings per share	$4.33 - $4.86		$6.44 - $6.92

The difference between the GAAP and non-GAAP revenue guidance presented above is a result of the expected impact of the application of the fair value provisions applicable to the accounting for business combinations in the amount of $9.0 million for the first quarter and $19.5 million for FY 2021.

(in millions)	Other Financial Metrics
ACV	$1,750.0 - $1,825.0
Operating cash flows	$475.0 - $515.0

Note: As compared to the Company's expectations when it most recently provided financial guidance in November 2020, certain activities shifted operating cash flow from 2021 to the fourth quarter of 2020. These activities are more fully described in the prepared remarks document.

Conference Call Information

Ansys will hold a conference call at 8:30 a.m. Eastern Time on February 25, 2021 to discuss fourth quarter and fiscal year 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 "Q4 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 10151940. 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)	December 31, 2020				December 31, 2019
ASSETS:
Cash & short-term investments	$	913,151			$	872,382
Accounts receivable, net	537,564				433,479
Goodwill	3,038,306				2,413,280
Other intangibles, net	694,865				476,711
Other assets	756,704				643,035
Total assets	$	5,940,590			$	4,838,887
LIABILITIES & STOCKHOLDERS' EQUITY:
Current deferred revenue	$	372,061			$	351,353
Long-term debt	798,118				423,531
Other liabilities	672,539				610,624
Stockholders' equity	4,097,872				3,453,379
Total liabilities & stockholders' equity	$	5,940,590			$	4,838,887

ANSYS, INC. AND SUBSIDIARIES