Ansys will hold a conference call at 8:30 a.m. Eastern Time on November 5, 2020 to discuss third 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 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 "Q3 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 10149085. 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) | September 30, 2020 | December 31, 2019 | |||
| ASSETS: | |||||
| Cash & short-term investments | $ | 845,209 | $ | 872,382 | |
| Accounts receivable, net | 371,352 | 433,479 | |||
| Goodwill | 2,491,590 | 2,413,280 | |||
| Other intangibles, net | 474,785 | 476,711 | |||
| Other assets | 663,359 | 643,035 | |||
| Total assets | $ | 4,846,295 | $ | 4,838,887 | |
| LIABILITIES & STOCKHOLDERS' EQUITY: | |||||
| Current deferred revenue | $ | 326,491 | $ | 351,353 | |
| Long-term debt | 423,759 | 423,531 | |||
| Other liabilities | 506,432 | 610,624 | |||
| Stockholders' equity | 3,589,613 | 3,453,379 | |||
| Total liabilities & stockholders' equity | $ | 4,846,295 | $ | 4,838,887 | |
| ANSYS, INC. AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| (in thousands, except per share data) |
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 | |||||||||||
| Revenue: | |||||||||||||||
| Software licenses | $ | 141,622 | $ | 137,144 | $ | 398,793 | $ | 430,687 | |||||||
| Maintenance and service | 225,343 | 206,755 | 658,818 | 598,977 | |||||||||||
| Total revenue | 366,965 | 343,899 | 1,057,611 | 1,029,664 | |||||||||||
| Cost of sales: | |||||||||||||||
| Software licenses | 7,251 | 5,708 | 20,688 | 16,620 | |||||||||||
| Amortization | 9,911 | 4,762 | 29,227 | 14,064 | |||||||||||
| Maintenance and service | 36,223 | 30,895 | 107,446 | 85,993 | |||||||||||
| Total cost of sales | 53,385 | 41,365 | 157,361 | 116,677 | |||||||||||
| Gross profit | 313,580 | 302,534 | 900,250 | 912,987 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 132,642 | 120,682 | 391,862 | 353,263 | |||||||||||
| Research and development | 86,616 | 73,018 | 258,861 | 219,058 | |||||||||||
| Amortization | 4,237 | 3,787 | 12,562 | 11,342 | |||||||||||
| Total operating expenses | 223,495 | 197,487 | 663,285 | 583,663 | |||||||||||
| Operating income | 90,085 | 105,047 | 236,965 | 329,324 | |||||||||||
| Interest income | 754 | 3,188 | 4,463 | 9,610 | |||||||||||
| Interest expense | (1,853 | ) | (239 | ) | (8,544 | ) | (561 | ) | |||||||
| Other income (expense), net | 1,158 | 833 | 3,169 | (937 | ) | ||||||||||
| Income before income tax provision | 90,144 | 108,829 | 236,053 | 337,436 | |||||||||||
| Income tax provision | 14,517 | 19,366 | 17,798 | 51,993 | |||||||||||
| Net income | $ | 75,627 | $ | 89,463 | $ | 218,255 | $ | 285,443 | |||||||
| Earnings per share – basic: | |||||||||||||||
| Earnings per share | $ | 0.88 | $ | 1.06 | $ | 2.55 | $ | 3.40 | |||||||
| Weighted average shares | 85,798 | 84,109 | 85,749 | 83,951 | |||||||||||
| Earnings per share – diluted: | |||||||||||||||
| Earnings per share | $ | 0.87 | $ | 1.04 | $ | 2.50 | $ | 3.34 | |||||||
| Weighted average shares | 87,224 | 85,733 | 87,176 | 85,570 | |||||||||||
Reconciliations of GAAP to Non-GAAP Measures (Unaudited)
