/ Currency
The first quarter of 2024 revenue, operating income, ACV and deferred revenue and backlog, as compared to the first quarter of 2023, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income, ACV, and deferred revenue and backlog based on 2023 exchange rates are reflected in the tables below. Amounts in brackets indicate an adverse impact from currency fluctuations.
| (in thousands) | Q1 2024 | ||
| Revenue | $ | (3,903 | ) |
| GAAP operating income | $ | (3,398 | ) |
| Non-GAAP operating income | $ | (3,178 | ) |
| ACV | $ | (3,028 | ) |
| Deferred revenue and backlog | $ | (19,615 | ) |
The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.
| Period-End Exchange Rates | |||
| As of | EUR/USD | USD/JPY | |
| March 31, 2024 | 1.08 | 151 | |
| December 31, 2023 | 1.10 | 141 | |
| March 31, 2023 | 1.08 | 133 | |
| Average Exchange Rates | |||
| Three Months Ended | EUR/USD | USD/JPY | |
| March 31, 2024 | 1.09 | 148 | |
| March 31, 2023 | 1.07 | 132 | |
/ GAAP Financial Statements
| ANSYS, INC. AND SUBSIDIARIES |
| Condensed Consolidated Balance Sheets |
| (Unaudited) |
| (in thousands) | March 31, 2024 | December 31, 2023 | |||
| ASSETS: | |||||
| Cash & short-term investments | $ | 1,070,609 | $ | 860,390 | |
| Accounts receivable, net | 650,044 | 864,526 | |||
| Goodwill | 3,797,859 | 3,805,874 | |||
| Other intangibles, net | 806,375 | 835,417 | |||
| Other assets | 825,527 | 956,668 | |||
| Total assets | $ | 7,150,414 | $ | 7,322,875 | |
| LIABILITIES & STOCKHOLDERS’ EQUITY: | |||||
| Current deferred revenue | $ | 433,167 | $ | 457,514 | |
| Long-term debt | 753,970 | 753,891 | |||
| Other liabilities | 553,634 | 721,106 | |||
| Stockholders’ equity | 5,409,643 | 5,390,364 | |||
| Total liabilities & stockholders’ equity | $ | 7,150,414 | $ | 7,322,875 | |
