ANSYS Announces Exceptional Q3 Results, With Double-Digit Growth in Revenue, EPS, ACV and Operating Cash Flow

ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
  ASC 606  ASC 605  ASC 605
(in thousands) September 30,
2018
  September 30,
2018
  December 31,
2017
ASSETS:     
Cash & short-term investments $ 729,391   $ 729,391  $881,787 
Accounts receivable, net 235,547   102,626  124,659 
Goodwill 1,575,567   1,575,567  1,378,553 
Other intangibles, net 219,564   219,564  157,625 
Other assets 296,042   413,349  398,999 
Total assets $ 3,056,111   $ 3,040,497  $2,941,623 
LIABILITIES & STOCKHOLDERS' EQUITY:     
Current deferred revenue $ 272,872   $ 434,129  $440,491 
Other liabilities 234,693   239,719  255,301 
Stockholders' equity 2,548,546   2,366,649  2,245,831 
Total liabilities & stockholders' equity $ 3,056,111   $ 3,040,497  $2,941,623 
            


ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
  Three Months Ended  Nine Months Ended
  ASC 606  ASC 605  ASC 605  ASC 606  ASC 605  ASC 605
  September 30,  September 30,  September 30,  September 30,  September 30,  September 30,
(in thousands, except per share data) 2018  2018  2017  2018 2018  2017
Revenue:                    
Software licenses $ 109,103     $ 166,606     $ 156,580     $ 350,296     $ 482,656     $ 448,368  
Maintenance and service 180,315     135,350     119,005     527,908     397,895     344,546  
Total revenue 289,418     301,956     275,585     878,204     880,551     792,914  
Cost of sales:                      
Software licenses 4,291     8,488     7,395     12,301     25,078     24,197  
Amortization 5,530     5,530     9,004     23,403     23,403     26,892  
Maintenance and service 26,487     22,290     19,584     80,092     67,315     58,263  
Total cost of sales 36,308     36,308     35,983     115,796     115,796     109,352  
Gross profit 253,110     265,648     239,602     762,408     764,755     683,562  
Operating expenses:                      
Selling, general and administrative 97,576     97,576     80,015     280,443     280,443     230,483  
Research and development 59,019     59,019     50,144     174,906     174,906     153,524  
Amortization 3,491     3,491     3,260     10,421     10,421     9,506  
Total operating expenses 160,086     160,086     133,419     465,770     465,770     393,513  
Operating income 93,024     105,562     106,183     296,638     298,985     290,049  
Interest income 3,213     3,213     1,910     7,674     7,674     4,827  
Other expense, net (974 )   (974 )   (168 )   (2,289 )   (2,289 )   (1,512 )
Income before income tax provision 95,263     107,801     107,925     302,023     304,370     293,364  
Income tax provision 5,927     7,685     34,295     35,811     36,089     86,698  
Net income $ 89,336     $ 100,116     $ 73,630     $ 266,212     $ 268,281     $ 206,666  
Earnings per share – basic:                      
Earnings per share $ 1.06     $ 1.19     $ 0.87     $ 3.17     $ 3.19     $ 2.43  
Weighted average shares 84,158     84,158     84,774     84,065     84,065     85,132  
Earnings per share – diluted:                      
Earnings per share $ 1.04     $ 1.16     $ 0.85     $ 3.09     $ 3.12     $ 2.38  
Weighted average shares 86,043     86,043     86,588     86,060     86,060     86,902  
                                               

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