ANSYS, Inc. Reports Record Third Quarter Revenue Results That Drive Strong Margins and EPS Performance

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.


ANSYS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)













September 30, 2011


December 31, 2010


ASSETS:








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







Total assets

$  2,347,905


$    2,126,876











LIABILITIES & STOCKHOLDERS' EQUITY:









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






    Total liabilities & stockholders' equity

$       2,347,905


$     2,126,876






ANSYS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)












Three Months Ended


Nine Months Ended



September 30,

2011


September 30,

2010


September 30,

2011


September 30,

2010

Revenue:









Software licenses

$   104,477


$   82,643


$   297,780


$    245,973


Maintenance and service

68,458


57,200


195,460


167,690











    Total revenue

172,935


139,843


493,240


413,663










Cost of sales:









Software licenses

4,220


2,555


10,144


7,474


Amortization    

8,993


8,180


23,993


24,572


Maintenance and service

17,814


14,544


51,535


42,026


    Total cost of sales

31,027


25,279


85,672


74,072










Gross profit

141,908


114,564


407,568


339,591










Operating expenses:









Selling, general and administrative

43,180


36,954


123,786


108,161


Research and development

28,899


21,696


78,779


65,673


Amortization

4,500


4,037


12,587


11,874


    Total operating expenses

76,579


62,687


215,152


185,708










Operating income

65,329


51,877


192,416


153,883










Interest expense

(753)


(902)


(2,330)


(3,696)

Interest income

789


491


2,196


1,281

Other income (expense), net

78


(574)


(544)


(942)










Income before income tax provision

65,443


50,892


191,738


150,526










Income tax provision

19,897


14,762


58,520


46,534










Net income

$      45,546


$     36,130


$    133,218


$   103,992









Earnings per share – basic:









Basic earnings per share

$          0.49


$         0.40


$          1.45


$         1.15


Weighted average shares – basic

92,277


90,880


91,995


90,486

















Earnings per share - diluted:









Diluted earnings per share

$          0.48


$         0.39


$          1.41


$         1.12


Weighted average shares – diluted

94,445


93,212


94,268


93,044




ANSYS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(Unaudited)

(in thousands, except percentages and per share data)
















Three Months Ended


September 30, 2011


September 30, 2010


As

Non-GAAP



As

Non-GAAP



Reported

Adjustments

Results


Reported

Adjustments

Results









Total revenue

$172,935

$  4,925(1)

$177,860


$139,843


$ 139,843









Operating income

65,329

$24,665(2)

89,994


51,877

$16,960(4)

68,837









Operating profit margin

37.8%


50.6%


37.1%


49.2%









Net income

$ 45,546

$16,557(3)

$   62,103


$  36,130

$11,294(5)

$   47,424









Earnings per share - diluted:








    Diluted earnings per share

$     0.48


$     0.66


$     0.39


$       0.51

    Weighted average shares - diluted

94,445


94,445


93,212


93,212




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