These statements are forward-looking and actual results may differ materially. ANSYS is unable to predict the likely duration and severity of the current disruption in the domestic and global economies. Should these economic conditions continue to deteriorate further, it could result in ANSYS not meeting the guidance provided above and ANSYS' operating results and financial performance could be adversely affected. 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 August 2, 2012 to discuss second 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 shareholders 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 – only brief remarks will be made prior to the Q&A session.
To participate in the live conference call, dial 800-860-2442 (US) or 412-858-4600 (Canada & Int'l). The call will be recorded and a replay will be available approximately one hour after the call ends. The replay will be available for 10 days by dialing 877-344-7529 (US), or 412-317-0088 (Canada and Int'l) and entering the passcode 10016283. The archived webcast can be accessed, along with other financial information, on ANSYS' web site at http://investors.ansys.com.
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ANSYS, INC. AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
(Unaudited) | ||||||||||
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| June 30, 2012 |
| December 31, 2011 | |||
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Cash & short-term investments |
| $ 551,952 |
| $ 472,404 | ||||||
Accounts receivable, net |
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| 83,935 |
| 84,602 | |||||
Goodwill |
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| 1,228,068 |
| 1,225,375 | ||||
Other intangibles, net |
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| 348,723 |
| 383,420 | ||||
Other assets |
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| 300,544 |
| 282,669 | ||||
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| Total assets |
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| $ 2,513,222 |
| $ 2,448,470 | |||
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LIABILITIES & STOCKHOLDERS' EQUITY: |
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Deferred revenue |
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| $ 293,563 |
| $ 259,155 | |||||
Long-term debt (including current portion) |
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| 106,298 |
| 127,572 | |||||
Other liabilities |
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| 292,512 |
| 307,270 | |||||
Stockholders' equity |
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| 1,820,849 |
| 1,754,473 | |||||
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Total liabilities & stockholders' equity |
| $ 2,513,222 |
| $ 2,448,470 | ||||||
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ANSYS, INC. AND SUBSIDIARIES | |||||||||||
Consolidated Statements of Income | |||||||||||
(in thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
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| Three Months Ended |
| Six Months Ended | |||||||
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| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 | |||
Revenue: |
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| Software licenses | $ 123,352 |
| $ 97,436 |
| $ 236,906 |
| $ 193,303 | |||
| Maintenance and service | 71,664 |
| 64,822 |
| 143,455 |
| 127,002 | |||
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| Total revenue | 195,016 |
| 162,258 |
| 380,361 |
| 320,305 | |||
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Cost of sales: |
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| Software licenses | 6,289 |
| 3,030 |
| 12,285 |
| 5,924 | |||
| Amortization | 10,125 |
| 7,502 |
| 20,339 |
| 15,000 | |||
| Maintenance and service | 18,323 |
| 17,531 |
| 36,455 |
| 33,721 | |||
| Total cost of sales | 34,737 |
| 28,063 |
| 69,079 |
| 54,645 | |||
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Gross profit | 160,279 |
| 134,195 |
| 311,282 |
| 265,660 | ||||
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Operating expenses: |
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| Selling, general and administrative | 48,980 |
| 40,130 |
| 94,229 |
| 80,606 | |||
| Research and development | 33,415 |
| 25,182 |
| 64,916 |
| 49,880 | |||
| Amortization | 6,750 |
| 4,070 |
| 13,175 |
| 8,087 | |||
| Total operating expenses | 89,145 |
| 69,382 |
| 172,320 |
| 138,573 | |||
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Operating income | 71,134 |
| 64,813 |
| 138,962 |
| 127,087 | ||||
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Interest expense | (723) |
| (774) |
| (1,541) |
| (1,577) | ||||
Interest income | 887 |
| 712 |
| 1,788 |
| 1,407 | ||||
Other expense, net | (39) |
| (108) |
| (655) |
| (622) | ||||
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Income before income tax provision | 71,259 |
| 64,643 |
| 138,554 |
| 126,295 | ||||
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Income tax provision | 20,997 |
| 19,212 |
| 42,753 |
| 38,623 | ||||
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Net income | $ 50,262 |
| $ 45,431 |
| $ 95,801 |
| $ 87,672 | ||||
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Earnings per share – basic: |
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| Basic earnings per share | $ 0.54 |
| $ 0.49 |
| $ 1.03 |
| $ 0.95 | |||
| Weighted average shares – basic | 92,626 |
| 91,940 |
| 92,722 |
| 91,854 | |||
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Earnings per share - diluted: |
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| Diluted earnings per share | $ 0.53 |
| $ 0.48 |
| $ 1.01 |
| $ 0.93 | |||
| Weighted average shares – diluted | 94,928 |
| 94,188 |
| 95,059 |
| 94,179 | |||
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ANSYS, INC. AND SUBSIDIARIES Reconciliation of Non-GAAP Measures (Unaudited) (in thousands, except percentages and per share data) | ||||||||
| Three Months Ended | |||||||
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| June 30, 2012 | June 30, 2011 | ||||||
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| As Reported | Non-GAAP Adjustments | Results | As Reported | Non-GAAP Adjustments | Results | ||
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Total revenue | $195,016 | $ 841 (1) | $195,857 | $162,258 |
| $162,258 | ||
Operating income | 71,134 | 26,406 (2) | 97,540 | 64,813 | $18,745 (4) | 83,558 | ||
Operating profit margin | 36.5% |
| 49.8% | 39.9% |
| 51.5% | ||
Net income | $ 50,262 | $17,829 (3) | $ 68,091 | $ 45,431 | $13,129 (5) | $ 58,560 | ||
Earnings per share - diluted: |
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Diluted earnings per share | $ 0.53 |
| $ 0.72 | $ 0.48 |
| $ 0.62 | ||
Weighted average shares - diluted | 94,928 |
| 94,928 | 94,188 |
| 94,188 | ||
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