First Quarter 2017
ANSYS, Inc. (NASDAQ:ANSS), today reported first quarter 2017 GAAP
and non-GAAP revenue growth of 13% in constant currency. Recurring
revenue, which is comprised of lease license and annual maintenance
revenue, totaled 78% of revenue for the first quarter. The
Company also reported 16% growth in diluted earnings per share on
both a GAAP and non-GAAP basis.
“Innovative companies rely on ANSYS’ industry-leading solutions
to tame product complexity and improve time to market. Our strong
start to the year demonstrates that customer demand for ANSYS’
product portfolio is stronger than ever,” said Ajei Gopal, ANSYS
President and CEO. “I am delighted to see our focus on sales
execution has resulted in substantial year-over-year growth in
software license revenues, in double-digit revenue growth in both
North America and Asia-Pacific, and in continued solid performance
from our channel partners, most notably in China, India, and South
Korea. While our European business has shown early signs of
revitalization, for example with double-digit growth in France, we
still have organizational and go-to-market work ahead of us to get
Europe delivering on par with our other geographies. We are
committed to investing in our business to capture the exciting
long-term opportunities we see ahead,” Gopal added.
Maria Shields, ANSYS CFO, stated, “The underlying fundamentals
of our business performed above the high end of our expectations as
evidenced by our record first quarter revenue, deferred revenue and
backlog, and cash flows. Earnings were also very strong for
the quarter, growing double digits, and our operating margin was
above the high end of our guidance, driven by the over-performance
in revenues. We also continued to return capital to our
stockholders through the repurchase of one million shares under our
recently increased share repurchase plan.”
Financial Results
ANSYS' first quarter 2017 financial results are presented below.
The 2017 and 2016 non-GAAP results exclude the income statement
effects of acquisition adjustments to deferred revenue, the impact
of stock-based compensation, acquisition-related amortization of
intangible assets and acquisition-related transaction costs.
The 2017 first quarter non-GAAP results also exclude restructuring
charges.
As previously announced on our February earnings call, we
implemented a workforce realignment that began in the fourth
quarter of 2016 and that is intended to accelerate the shift of
investments toward preferred strategic initiatives and higher
growth opportunities. These actions resulted in GAAP
restructuring charges of $9.3 million ($6.2 million, net of tax) in
the first quarter related to one-time severance benefits and other
costs related to the realignment. We expect to incur
additional charges of $2.0 - $4.0 million, or $1.3 - $2.8 million,
net of tax, primarily during the second quarter of 2017.
GAAP and non-GAAP results reflect:
|
GAAP |
|
Non-GAAP |
(in millions,
except percentages and per share data) |
Q1 2017 |
|
Q1 2016 |
|
% Change |
|
Q1 2017 |
|
Q1 2016 |
|
% Change |
Revenue |
$ |
253.4 |
|
|
$ |
225.9 |
|
|
12 |
% |
|
$ |
253.5 |
|
|
$ |
226.0 |
|
|
12 |
% |
Net income |
$ |
63.3 |
|
|
$ |
56.5 |
|
|
12 |
% |
|
$ |
77.5 |
|
|
$ |
69.4 |
|
|
12 |
% |
Earnings per share |
$ |
0.73 |
|
|
$ |
0.63 |
|
|
16 |
% |
|
$ |
0.89 |
|
|
$ |
0.77 |
|
|
16 |
% |
Operating profit
margin |
33.7 |
% |
|
37.6 |
% |
|
|
|
|
46.4 |
% |
|
46.4 |
% |
|
|
Operating cash
flow |
$ |
125.9 |
|
|
$ |
110.7 |
|
|
14 |
% |
|
|
|
|
|
|
The non-GAAP financial results highlighted
above, and the non-GAAP financial outlook for 2017 discussed below,
represent non-GAAP financial measures. Reconciliations of these
measures to the appropriate GAAP measures, for the three months
ended March 31, 2017 and 2016, and for the 2017 financial
outlook, are included in the condensed financial information
included in this release.
2017 Financial Outlook
The Company's first quarter and fiscal year 2017
revenue and earnings per share guidance is provided below. The
Company last provided its guidance on February 23, 2017. The
previously provided fiscal year 2017 guidance has been updated to
reflect the Company's first quarter performance, as well as
adjustments to operational and economic expectations for the
remainder of the year. The revenue and earnings per share
guidance is provided on both a GAAP and a non-GAAP basis. Non-GAAP
financial measures exclude the income statement effects of
acquisition accounting adjustments to deferred revenue, stock-based
compensation expense, acquisition-related amortization of
intangible assets, restructuring charges and acquisition-related
transaction expenses.
Second Quarter 2017 Guidance
The Company currently expects the following for the quarter
ending June 30, 2017:
- GAAP revenue in the range of $253.6 - $262.6 million
- Non-GAAP revenue in the range of $254.0 - $263.0 million
- GAAP diluted earnings per share of $0.66 - $0.76
- Non-GAAP diluted earnings per share of $0.88 - $0.93
Fiscal Year 2017 Guidance
The Company currently expects the following for the fiscal year
ending December 31, 2017:
- GAAP revenue in the range of $1.029 - $1.057 billion
- Non-GAAP revenue in the range of $1.030 - $1.058 billion
- GAAP diluted earnings per share of $2.91 - $3.17
- Non-GAAP diluted earnings per share of $3.68 - $3.85
Conference Call Information
ANSYS will hold a conference call at 8:30 a.m. Eastern
Time on May 4, 2017 to discuss first 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 855-239-2942
(US) or 412-542-4124 (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), (855) 669-9658 (Canada) or (412)
317-0088 (Int’l) and entering the passcode 10105133. The archived
webcast can be accessed, along with other financial information, on
ANSYS' website at
http://investors.ansys.com/events-and-presentations/events.aspx.
ANSYS, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(Unaudited) |
(in
thousands) |
March 31, 2017 |
|
December 31, 2016 |
ASSETS: |
|
|
|
Cash
& short-term investments |
$ |
866,556 |
|
|
$ |
822,860 |
|
Accounts
receivable, net |
92,332 |
|
|
107,192 |
|
Goodwill |
1,340,391 |
|
|
1,337,215 |
|
Other
intangibles, net |
164,112 |
|
|
172,619 |
|
Other
assets |
331,302 |
|
|
360,640 |
|
Total
assets |
$ |
2,794,693 |
|
|
$ |
2,800,526 |
|
LIABILITIES
& STOCKHOLDERS' EQUITY: |
|
|
|
Deferred
revenue |
$ |
414,708 |
|
|
$ |
403,279 |
|
Other
liabilities |
168,540 |
|
|
188,842 |
|
Stockholders' equity |
2,211,445 |
|
|
2,208,405 |
|
Total
liabilities & stockholders' equity |
$ |
2,794,693 |
|
|
$ |
2,800,526 |
|
ANSYS, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of
Income |
(Unaudited) |
|
Three Months Ended |
(in thousands,
except per share data) |
March 31, 2017 |
|
March 31, 2016 |
Revenue: |
|
|
|
Software
licenses |
$ |
141,908 |
|
|
$ |
126,051 |
|
Maintenance and service |
111,497 |
|
|
99,855 |
|
Total
revenue |
253,405 |
|
|
225,906 |
|
Cost of sales: |
|
|
|
Software
licenses |
9,277 |
|
|
6,738 |
|
Amortization |
8,936 |
|
|
9,511 |
|
Maintenance and service |
18,818 |
|
|
19,036 |
|
Total
cost of sales |
37,031 |
|
|
35,285 |
|
Gross profit |
216,374 |
|
|
190,621 |
|
Operating
expenses: |
|
|
|
Selling,
general and administrative |
73,417 |
|
|
57,769 |
|
Research
and development |
54,378 |
|
|
44,672 |
|
Amortization |
3,107 |
|
|
3,158 |
|
Total
operating expenses |
130,902 |
|
|
105,599 |
|
Operating income |
85,472 |
|
|
85,022 |
|
Interest expense |
|
|
|
Interest income |
1,249 |
|
|
950 |
|
Other expense, net |
(1,154 |
) |
|
(194 |
) |
Income before income
tax provision |
85,567 |
|
|
85,778 |
|
Income tax
provision |
22,261 |
|
|
29,310 |
|
Net income |
$ |
63,306 |
|
|
$ |
56,468 |
|
Earnings per share –
basic: |
|
|
|
Earnings
per share |
$ |
0.74 |
|
|
$ |
0.64 |
|
Weighted
average shares |
85,456 |
|
|
88,114 |
|
Earnings per share –
diluted: |
|
|
|
Earnings
per share |
$ |
0.73 |
|
|
$ |
0.63 |
|
Weighted
average shares |
87,224 |
|
|
90,084 |
|
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Non-GAAP
Measures |
(Unaudited) |
|
Three Months Ended |
|
March 31, 2017 |
|
March 31, 2016 |
(in thousands,
except percentages and per share data) |
As Reported |
|
Adjustments |
|
Non-GAAP Results |
|
As Reported |
|
Adjustments |
|
Non-GAAP Results |
Total revenue |
$ |
253,405 |
|
|
$ |
143 |
|
(1 |
) |
$ |
253,548 |
|
|
$ |
225,906 |
|
|
$ |
103 |
|
(4 |
) |
$ |
226,009 |
|
Operating income |
85,472 |
|
|
32,111 |
|
(2 |
) |
117,583 |
|
|
85,022 |
|
|
19,850 |
|
(5 |
) |
104,872 |
|
Operating profit
margin |
33.7 |
% |
|
|
|
46.4 |
% |
|
37.6 |
% |
|
|
|
46.4 |
% |
Net income |
$ |
63,306 |
|
|
$ |
14,183 |
|
(3 |
) |
$ |
77,489 |
|
|
$ |
56,468 |
|
|
$ |
12,965 |
|
(6 |
) |
$ |
69,433 |
|
Earnings per share –
diluted: |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share |
$ |
0.73 |
|
|
|
|
$ |
0.89 |
|
|
$ |
0.63 |
|
|
|
|
$ |
0.77 |
|
Weighted
average shares |
87,224 |
|
|
|
|
87,224 |
|
|
90,084 |
|
|
|
|
90,084 |
|
(1) Amount represents the revenue not reported during the period
as a result of the acquisition accounting adjustment associated
with the accounting for deferred revenue in business
combinations.
(2) Amount represents $12.0 million of amortization expense
associated with intangible assets acquired in business
combinations, $10.5 million of stock-based compensation expense,
$9.3 million of restructuring charges, $0.1 million of transaction
expenses related to business combinations and the $0.1 million
adjustment to revenue as reflected in (1) above.
(3) Amount represents the impact of the adjustments to operating
income referred to in (2) above, adjusted for the related
income tax impact of $17.9 million.
(4) Amount represents the revenue not reported during the period
as a result of the acquisition accounting adjustment associated
with the accounting for deferred revenue in business
combinations.
(5) Amount represents $12.7 million of amortization expense
associated with intangible assets acquired in business
combinations, $7.1 million of stock-based compensation expense and
the $0.1 million adjustment to revenue as reflected in (4)
above.
(6) Amount represents the impact of the adjustments to operating
income referred to in (5) above, adjusted for the related
income tax impact of $6.9 million.
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Forward-Looking
Guidance |
Quarter Ending June 30, 2017 |
|
Earnings Per Share Range - Diluted |
U.S. GAAP
expectation |
$0.66
- $0.76 |
Adjustment to exclude
acquisition-related amortization |
$0.09
- $0.10 |
Adjustment to exclude
stock-based compensation |
$0.07
- $0.09 |
Adjustment to exclude
restructuring charges |
$0.01 - $0.03 |
Non-GAAP
expectation |
$0.88 - $0.93 |
ANSYS, INC. AND SUBSIDIARIES |
Reconciliation of Forward-Looking
Guidance |
Year Ending December 31, 2017 |
|
Earnings Per Share Range -
Diluted |
U.S. GAAP
expectation |
$2.91 - $3.17 |
Adjustment to exclude
acquisition adjustments to deferred revenue |
$0.01 |
Adjustment to exclude
acquisition-related amortization |
$0.35 - $0.37 |
Adjustment to exclude
stock-based compensation |
$0.24 - $0.28 |
Adjustment to exclude
restructuring charges |
$0.08 - $0.11 |
Non-GAAP
expectation |
$3.68 - $3.85 |
Use of Non-GAAP Measures
The Company provides non-GAAP revenue, non-GAAP
operating income, non-GAAP operating profit margin, non-GAAP net
income and non-GAAP diluted earnings per share as supplemental
measures to GAAP regarding the Company's operational performance.
These financial measures exclude the impact of certain items and,
therefore, have not been calculated in accordance with GAAP. A
detailed explanation and of each of the adjustments to such
financial measures is described below. This press release also
contains a reconciliation of each of these non-GAAP financial
measures to its most comparable GAAP financial measure.
Management uses non-GAAP financial measures (a) to evaluate
the Company's historical and prospective financial performance as
well as its performance relative to its competitors, (b) to
set internal sales targets and spending budgets, (c) to
allocate resources, (d) to measure operational profitability
and the accuracy of forecasting, (e) to assess financial
discipline over operational expenditures and (f) as an
important factor in determining variable compensation for
management and its employees. In addition, many financial analysts
that follow the Company focus on and publish both historical
results and future projections based on non-GAAP financial
measures. The Company believes that it is in the best interest of
its investors to provide this information to analysts so that they
accurately report the non-GAAP financial information. Moreover,
investors have historically requested and the Company has
historically reported these non-GAAP financial measures as a means
of providing consistent and comparable information with past
reports of financial results.
While management believes that these non-GAAP financial measures
provide useful supplemental information to investors, there are
limitations associated with the use of these non-GAAP financial
measures. These non-GAAP financial measures are not prepared in
accordance with GAAP, are not reported by all of the Company’s
competitors and may not be directly comparable to similarly titled
measures of the Company’s competitors due to potential differences
in the exact method of calculation. The Company compensates for
these limitations by using these non-GAAP financial measures as
supplements to GAAP financial measures and by reviewing the
reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
The adjustments to these non-GAAP financial measures, and the
basis for such adjustments, are outlined below:
Acquisition accounting for deferred revenue and its
related tax impact. Historically, the Company has
consummated acquisitions in order to support its strategic and
other business objectives. In accordance with the fair value
provisions applicable to the accounting for business combinations,
acquired deferred revenue is often recorded on the opening balance
sheet at an amount that is lower than the historical carrying
value. Although this acquisition accounting requirement has no
impact on the Company's business or cash flow, it adversely impacts
the Company's reported GAAP revenue in the reporting periods
following an acquisition. In order to provide investors with
financial information that facilitates comparison of both
historical and future results, the Company provides non-GAAP
financial measures which exclude the impact of the acquisition
accounting adjustment. The Company believes that this non-GAAP
financial adjustment is useful to investors because it allows
investors to (a) evaluate the effectiveness of the methodology
and information used by management in its financial and operational
decision-making, and (b) compare past and future reports of
financial results of the Company as the revenue reduction related
to acquired deferred revenue will not recur when related annual
lease licenses and software maintenance contracts are renewed in
future periods.
Amortization of intangible assets from acquisitions and
its related tax impact. The Company incurs
amortization of intangible assets, included in its GAAP
presentation of amortization expense, related to various
acquisitions it has made. Management excludes these expenses and
their related tax impact for the purpose of calculating non-GAAP
operating income, non-GAAP operating profit margin, non-GAAP net
income and non-GAAP diluted earnings per share when it evaluates
the continuing operational performance of the Company because these
costs are fixed at the time of an acquisition, are then amortized
over a period of several years after the acquisition and generally
cannot be changed or influenced by management after the
acquisition. Accordingly, management does not consider these
expenses for purposes of evaluating the performance of the Company
during the applicable time period after the acquisition, and it
excludes such expenses when making decisions to allocate resources.
The Company believes that these non-GAAP financial measures are
useful to investors because they allow investors to
(a) evaluate the effectiveness of the methodology and
information used by management in its financial and operational
decision-making, and (b) compare past reports of financial
results of the Company as the Company has historically reported
these non-GAAP financial measures.
Stock-based compensation expense and its related tax
impact. The Company incurs expense related to
stock-based compensation included in its GAAP presentation of cost
of software licenses; cost of maintenance and service; research and
development expense; and selling, general and administrative
expense. Stock-based compensation (benefit) incurred in connection
with the Company's deferred compensation plan held in a rabbi trust
includes an offsetting benefit (charge) recorded in other income
(expense). Although stock-based compensation is an expense of the
Company and viewed as a form of compensation, management excludes
these expenses for the purpose of calculating non-GAAP operating
income, non-GAAP operating profit margin, non-GAAP net income and
non-GAAP diluted earnings per share when it evaluates the
continuing operational performance of the Company. Management
similarly excludes income (expense) related to assets held in a
rabbi trust in connection with the Company's deferred compensation
plan. Specifically, the Company excludes stock-based compensation
and income related to assets held in the deferred compensation plan
rabbi trust during its annual budgeting process and its quarterly
and annual assessments of the Company's and management's
performance. The annual budgeting process is the primary mechanism
whereby the Company allocates resources to various initiatives and
operational requirements. Additionally, the annual review by the
board of directors during which it compares the Company's
historical business model and profitability to the planned business
model and profitability for the forthcoming year excludes the
impact of stock-based compensation. In evaluating the performance
of senior management and department managers, charges related to
stock-based compensation are excluded from expenditure and
profitability results. In fact, the Company records stock-based
compensation expense into a stand-alone cost center for which no
single operational manager is responsible or accountable. In this
way, management is able to review, on a period-to-period basis,
each manager's performance and assess financial discipline over
operational expenditures without the effect of stock-based
compensation. The Company believes that these non-GAAP financial
measures are useful to investors because they allow investors to
(a) evaluate the Company's operating results and the
effectiveness of the methodology used by management to review the
Company's operating results, and (b) review historical
comparability in the Company's financial reporting as well as
comparability with competitors' operating results.
Restructuring charges and the related tax
impact. The Company occasionally incurs expenses for
restructuring its workforce included in its GAAP presentation of
cost of software licenses; cost of maintenance and service;
research and development expense; and selling, general and
administrative expense. Management excludes these expenses for the
purpose of calculating non-GAAP operating income, non-GAAP
operating profit margin, non-GAAP net income and non-GAAP diluted
earnings per share when it evaluates the continuing operational
performance of the Company, as it generally generally does not
incur these expenses as a part of its operations. The Company
believes that these non-GAAP financial measures are useful to
investors because they allow investors to (a) evaluate the
Company's operating results and the effectiveness of the
methodology used by management to review the Company's operating
results, and (b) review historical comparability in the
Company's financial reporting as well as comparability with
competitors' operating results.
Transaction costs related to business
combinations. The Company incurs expenses for
professional services rendered in connection with business
combinations, which are included in its GAAP presentation of
selling, general and administrative expense. These expenses are
generally not tax-deductible. Management excludes these
acquisition-related transaction expenses for the purpose of
calculating non-GAAP operating income, non-GAAP operating profit
margin, non-GAAP net income and non-GAAP diluted earnings per share
when it evaluates the continuing operational performance of the
Company, as it generally would not have otherwise incurred these
expenses in the periods presented as a part of its operations. The
Company believes that these non-GAAP financial measures are useful
to investors because they allow investors to (a) evaluate the
Company's operating results and the effectiveness of the
methodology used by management to review the Company's operating
results, and (b) review historical comparability in the
Company's financial reporting as well as comparability with
competitors' operating results.
Non-GAAP financial measures are not in accordance with, or an
alternative for, GAAP. The Company's non-GAAP financial measures
are not meant to be considered in isolation or as a substitute for
comparable GAAP financial measures, and should be read only in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP.
The Company has provided a reconciliation of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures as listed below:
GAAP Reporting
Measure |
Non-GAAP Reporting Measure |
Revenue |
Non-GAAP
Revenue |
Operating Income |
Non-GAAP
Operating Income |
Operating Profit
Margin |
Non-GAAP
Operating Profit Margin |
Net Income |
Non-GAAP
Net Income |
Diluted Earnings Per
Share |
Non-GAAP
Diluted Earnings Per Share |
About ANSYS, Inc.
If you’ve ever seen a rocket launch, flown on an airplane,
driven a car, used a computer, touched a mobile device, crossed a
bridge, or put on wearable technology, chances are you’ve used a
product where ANSYS software played a critical role in its
creation. ANSYS is the global leader in engineering simulation. We
help the world’s most innovative companies deliver radically better
products to their customers. By offering the best and broadest
portfolio of engineering simulation software, we help them solve
the most complex design challenges and create products limited only
by imagination. Founded in 1970, ANSYS employs thousands of
professionals, many of whom are expert M.S. and Ph.D.-level
engineers in finite element analysis, computational fluid dynamics,
electronics, semiconductors, embedded software and design
optimization. Headquartered south of Pittsburgh, Pennsylvania,
U.S.A., ANSYS has more than 75 strategic sales locations throughout
the world with a network of channel partners in 40+
countries. To join the simulation conversation, please visit:
www.ansys.com/Social@ANSYS.
Forward Looking Information
Certain statements contained in this press release regarding
matters that are not historical facts, including, but not limited
to, statements regarding our projections for revenue and earnings
per share for the second quarter of 2017, fiscal year 2017 (both
GAAP and non-GAAP to exclude acquisition accounting adjustments to
deferred revenue, acquisition-related amortization, stock-based
compensation expense, acquisition-related transaction costs and,
restructuring charges and related tax impacts); statements about
management's views concerning the Company's prospects and outlook
for 2017, including statements and projections relating to the
impact of stock-based compensation, statements regarding
management's use of non-GAAP financial measures, statements
regarding the Company’s workforce realignment and its intended
impacts, the expected timing of recording additional restructuring
charges, and statements regarding the debt and breadth of our
simulation capabilities or our ability to empower our customers to
bring the next generation of products to the market, statements
regarding the demand for ANSYS’ product portfolio, and statements
regarding our focus on improved sales execution are
"forward-looking" statements (as defined in the Private Securities
Litigation Reform Act of 1995). Because such statements are subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.
All forward-looking statements in this press release are subject to
risks and uncertainties including, but not limited to, the risk
that adverse conditions in the global and domestic markets will
significantly affect ANSYS’ customers’ ability to purchase products
from the Company at the same level as prior periods or to pay for
the Company’s products and services, the risk that declines in the
ANSYS’ customers’ business may lengthen customer sales cycles, the
risk of declines in the economy of one or more of ANSYS’ primary
geographic regions, the risk that ANSYS’ revenues and operating
results will be adversely affected by changes in currency exchange
rates or economic declines in any of the countries in which ANSYS
conducts transactions, the risk that the assumptions underlying
ANSYS' anticipated revenues and expenditures will change or prove
inaccurate, the risk that ANSYS has overestimated its ability to
maintain growth and profitability and control costs, uncertainties
regarding the demand for ANSYS' products and services in future
periods, uncertainties regarding customer acceptance of new
products, the risk of ANSYS’ products future compliance with
industry quality standards and its potential impact on the
Company’s financial results, the risk that the Company may need to
change its pricing models due to competition and its potential
impact on the Company’s financial results, the risk that ANSYS'
operating results will be adversely affected by possible delays in
developing, completing or shipping new or enhanced products, the
risk that enhancements to the Company's products or products
acquired in acquisitions may not produce anticipated sales, the
risk that the Company may not be able to recruit and retain key
executives and technical personnel, the risk that third parties may
misappropriate the Company’s proprietary technology or develop
similar technology independently, the risk of unauthorized access
to and distribution of the Company’s source code, the risk of the
Company’s implementation of its new IT systems, the risk of
difficulties in the relationship with ANSYS’ independent regional
channel partners, the risk of ANSYS’ reliance on perpetual licenses
and the result that any change in customer licensing behavior may
have on the Company’s financial results, the risk that ANSYS may
not achieve the anticipated benefits of its acquisitions or that
the integration of the acquired technologies or products with the
Company’s existing product lines may not be successful, the risk of
perioding reorganizations and changes within ANSYS’ sales
organization, the risk of industry consolidation and the impact it
may have on customer purchasing decisions, and other factors that
are detailed from time to time in reports filed by ANSYS, Inc. with
the Securities and Exchange Commission, including ANSYS, Inc.'s
2016 Annual Report and Form 10-K. We undertake no obligation to
publicly update or revise any forward-looking statements, whether
changes occur as a result of new information or future events,
after the date they were made.
ANSYS and any and all ANSYS, Inc. brand,
product, service and feature names, logos and slogans are
registered trademarks or trademarks of ANSYS, Inc. or its
subsidiaries in the United States or other countries. All
other brand, product, service and feature names or trademarks are
the property of their respective owners.
Visit www.ansys.com for more information. The
ANSYS IR App is now available for download
on iTunes and Google Play. ANSYS also has a strong
presence on the major social channels. To join the simulation
conversation, please visit: www.ansys.com/Social@ANSYS
Beginning June 16, 2017, ANSYS will observe a Quiet Period
during which the business outlook as provided in this press release
and the most recent Annual Report on Form 10-K and Quarterly Report
on Form 10-Q no longer constitute the Company's current
expectations. During the Quiet Period, the business outlook
in these documents should be considered historical, speaking as of
prior to the Quiet Period only and not subject to any update by the
Company. During the Quiet Period, ANSYS' representatives will
not comment on ANSYS' business outlook, financial results or
expectations. The Quiet Period will extend until the day when
ANSYS' second quarter 2017 earnings release is published, which is
currently scheduled for August 3, 2017.
ANSS-F
Contact:
Investors:
Annette Arribas, CTP
724.820.3700
annette.arribas@ansys.com
Media:
Amy Pietzak
724.820.4367
amy.pietzak@ansys.com
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