Ansys, Inc. Reports Record Revenue and Earnings Results for Fourth Quarter and Fiscal Year 2011

The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2011 and 2012 discussed below, represent non-GAAP financial measures. Reconciliations of these measures to the appropriate GAAP measures for the three and twelve months ended December 31, 2011 and 2010, and for the 2012 financial outlook, are included in the condensed financial information included in this release.

Management's 2012 Financial Outlook

The Company's first quarter and 2012 revenue and earnings per share guidance is provided below. The Company last provided its guidance on November 3, 2011.  The previously provided guidance has been updated to factor in unfavorable currency changes that are partially offset by an improved business outlook.  The earnings per share guidance is provided on both a GAAP basis and a non-GAAP basis.  Non-GAAP diluted earnings per share excludes charges for stock-based compensation, the income statement effects of acquisition accounting for deferred revenue, acquisition-related amortization of intangible assets and acquisition-related expenses.

First Quarter 2012 Guidance

The Company currently expects the following for the quarter ending March 31, 2012:

  • GAAP Revenue in the range of $182.8 - $189.8 million
  • Non-GAAP Revenue in the range of $185.0 - $192.0 million
  • GAAP diluted earnings per share of $0.43 - $0.49
  • Non-GAAP diluted earnings per share of $0.64 - $0.67

Fiscal Year 2012 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2012:

  • GAAP revenue in the range of $804.6 - $826.6 million
  • Non-GAAP revenue in the range of $808.0 - $830.0 million
  • GAAP diluted earnings per share of $2.01 - $2.17
  • Non-GAAP diluted earnings per share of $2.77 - $2.87

These statements are forward-looking and actual results may differ materially.  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 February 23, 2012 to discuss fourth quarter and fiscal year 2011 results. To participate in the live conference call, dial 800-860-2442 (US), 866-605-3852 (Canada) or 412-858-4600 (Int'l). The call will be recorded and a replay will be available approximately two hours after the call ends. The replay will be available for ten days by dialing 877-344-7529 (US) or 412-317-0088 (Canada and Int'l) and entering the pass code 10008769. The archived webcast can be accessed, along with other financial information, on ANSYS' website at http://investors.ansys.com.



ANSYS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)






December 31,

2011


December 31,

2010

ASSETS:








Cash & short-term investments

$             472,404


$       472,934

Accounts receivable, net

84,602


76,604

Goodwill

1,225,375


1,035,083

Other intangibles, net

383,420


278,320

Other assets

282,669


263,935





    Total assets

$  2,448,470


$    2,126,876









LIABILITIES & STOCKHOLDERS' EQUITY:








Deferred revenue

$    259,155


$        199,805

Long-term debt (including current portion)

127,572


159,525

Other liabilities

307,270


237,617

Stockholders' equity

1,754,473


1,529,929





    Total liabilities & stockholders' equity

$       2,448,470


$     2,126,876





ANSYS, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)












Three Months Ended


Twelve Months Ended



December 31,

2011


December 31,

2010


December 31,

2011


December 31,

2010

Revenue:









Software licenses

$   128,101


$  105,060


$425,881


$    351,033


Maintenance and service

70,108


61,513


265,568


229,203











    Total revenue

198,209


166,573


691,449


580,236










Cost of sales:









Software licenses

5,740


3,296


15,884


10,770


Amortization    

9,735


8,185


33,728


32,757


Maintenance and service

17,867


15,326


69,402


57,352


    Total cost of sales

33,342


26,807


119,014


100,879










Gross profit

164,867


139,766


572,435


479,357










Operating expenses:









Selling, general and administrative

56,571


46,935


180,357


155,096


Research and development

29,751


23,317


108,530


88,990


Amortization

5,402


4,129


17,989


16,003


    Total operating expenses

91,724


74,381


306,876


260,089










Operating income

73,143


65,385


265,559


219,268










Interest expense

(1,002)


(792)


(3,332)


(4,488)

Interest income

804


630


3,000


1,911

Other income (expense), net

175


645


(369)


(297)










Income before income tax provision

73,120


65,868


264,858


216,394










Income tax provision

25,663


16,728


84,183


63,262










Net income

$      47,457


$     49,140


$    180,675


$   153,132









Earnings per share – basic:









Basic earnings per share

$          0.51


$         0.54


$          1.96


$         1.69


Weighted average shares – basic

92,496


91,278


92,120


90,684

















Earnings per share - diluted:









Diluted earnings per share

$          0.50


$         0.52


$          1.91


$         1.64


Weighted average shares – diluted

94,720


93,706


94,381


93,209




ANSYS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(Unaudited)

(in thousands, except percentages and per share data)



Three Months Ended


December 31, 2011

December 31, 2010


As

Non-GAAP

As

Non-GAAP


Reported

Adjustments

Results

Reported

Adjustments

Results








Total revenue

$198,209

$4,696(1)

$202,905

$166,573


$166,573








Operating income

73,143

26,478(2)

99,621

65,385

$17,429(4)

82,814








Operating profit margin

36.9%


49.1%

39.3%


49.7%








Net income

$47,457

$17,384(3)

$64,841

$49,140

$11,479(5)

$60,619








Earnings per share - diluted:







 Diluted earnings per share

$0.50


$0.68

$0.52


$0.65

 Weighted average shares - diluted  

94,720


94,720

93,706


93,706


(1)  Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated

with accounting for deferred revenue in business combinations.


(2)  Amount represents $15.1 million of amortization expense associated with intangible assets acquired in business acquisitions, $6.5

million of stock-based compensation expense, the $4.7 million adjustment to revenue as reflected in (1) above and $0.1 million of

transaction expenses related to the Apache acquisition.


(3)  Amount represents the impact of the adjustments to operating income referred to in (2) above, adjusted for the related income

tax impact of $9.1 million.


(4)  Amount represents $12.3 million of amortization expense associated with intangible assets acquired in business acquisitions

and a $5.1 million charge for stock-based compensation.


(5)  Amount represents the impact of the adjustments to operating income referred to in (4) above, adjusted for the related income

tax impact of $6.0 million.




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