Operationally increases FY 2023 Outlook on ACV, Revenue and EPS

Details related to our financial guidance, including assumptions, are included in our prepared remarks document.

/ Key Highlights - Q1 2023

• GAAP and non-GAAP revenue of $509.4 million
• GAAP diluted earnings per share of $1.15 and non-GAAP diluted earnings per share of $1.85
• GAAP operating profit margin of 25.1% and non-GAAP operating profit margin of 39.8%
• Operating cash flows of $260.8 million and unlevered operating cash flows of $269.5 million
• Annual contract value (ACV) of $399.4 million
• Deferred revenue and backlog of $1,357.5 million on March 31, 2023

PITTSBURGH, May 03, 2023 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported first quarter 2023 GAAP and non-GAAP revenue growth of 20% and 19% in reported currency, respectively, or 23% and 22% in constant currency, respectively, when compared to the first quarter of 2022. For the first quarter of 2023, the Company reported diluted earnings per share of $1.15 and $1.85 on a GAAP and non-GAAP basis, respectively, compared to $0.81 and $1.36 on a GAAP and non-GAAP basis, respectively, for the first quarter of 2022. Additionally, the Company reported first quarter ACV growth of 16% in reported currency, or 19% in constant currency.

“Ansys achieved outstanding results for the first quarter, giving us a strong start to 2023. We again delivered robust double-digit ACV and revenue growth in the quarter and exceeded our financial guidance across all key metrics. Our performance was broad-based across geographies, customer types, and industries, again demonstrating the essential nature of simulation as well as our multiphysics product leadership. Given the strength of our results and the immense opportunity that lies ahead, I remain confident in our ability to deliver on our commitments in 2023 and beyond,” said Ajei Gopal, Ansys president and CEO.

Nicole Anasenes, Ansys CFO, stated, “Our robust first-quarter results build off the momentum of our outstanding performance in 2022. During Q1, Ansys recorded ACV growth of 19% in constant currency, and GAAP and non-GAAP revenue growth of 23% and 22% in constant currency, respectively. Given the strength of demand for simulation and the momentum we see in our pipeline, we are operationally raising our full-year ACV, revenue and EPS. The operational improvement in our full-year ACV outlook is above and beyond our Q1 outperformance.”

The non-GAAP financial results highlighted, and the non-GAAP financial outlook for 2023 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures, for the three months ended March 31, 2023 and 2022, and for the 2023 financial outlook, can be found later in this release.

/ Financial Results

Ansys' first quarter 2023 and 2022 financial results are presented below. The 2023 and 2022 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items. The 2022 period non-GAAP results also exclude the income statement effects of acquisition accounting adjustments to deferred revenue from business combinations closed prior to 2022. There is no adjustment in 2023 as the impact is not material.

GAAP and non-GAAP results are as follows:

/ Other Performance Metrics