The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2016 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, 2015 and 2014, and for the 2016 financial outlook, are included in the condensed financial information included in this release.
Constant Currency
In the discussion above, the Company makes reference to revenue growth rates in constant currency. Constant currency amounts exclude the effects of foreign currency fluctuations on the reported results. To present this information, the results for 2015 for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for 2014, rather than the actual exchange rates in effect for 2015.
Information Regarding Increased Share Repurchase Authorization
During fiscal year 2015, the Company repurchased 3.8 million shares, including 1.0 million shares repurchased during the quarter ended December 31, 2015, leaving 2.1 million shares available for repurchase under the existing authorization. Today, the Company announced that the Board of Directors has again increased the authorized share repurchase program to 5.0 million shares.
2016 Financial Outlook
The Company’s first quarter and fiscal year 2016 revenue and earnings per share guidance is provided below. The Company last provided its guidance on November 5, 2015. The previously provided fiscal year 2016 guidance has been updated to reflect changes in currency exchange rates and to consider the recent increases in economic uncertainty and market volatility. The revenue and 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 transaction expenses related to business combinations.
First Quarter 2016 Guidance
The Company currently expects the following for the quarter ending March 31, 2016:
- GAAP revenue in the range of $224.0 - $232.0 million
- Non-GAAP revenue in the range of $224.0 - $232.0 million
- GAAP diluted earnings per share of $0.57 - $0.62
- Non-GAAP diluted earnings per share of $0.74 - $0.77
Fiscal Year 2016 Guidance
The Company currently expects the following for the fiscal year ending December 31, 2016:
- GAAP revenue in the range of $995.0 - $1,030 million ($1.03 billion)
- Non-GAAP revenue in the range of $995.0 million - $1,030 million ($1.03 billion)
- GAAP diluted earnings per share of $2.86 - $3.05
- Non-GAAP diluted earnings per share of $3.53 - $3.69
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 25, 2016 to discuss fourth quarter and fiscal year 2015 results. To participate in the live conference call, dial 866-652-5200 (US) or 412-317-6060 (Canada & 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 one week by dialing 877-344-7529 (US), 855-669-9658 (CAN) or 412-317-0088 (Int’l) and entering the pass code 10079946. 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,
2015 |
December 31,
2014 | |||||||||
|
ASSETS: | ||||||||||
| Cash and short-term investments | $ | 784,614 | $ | 788,778 | ||||||
| Accounts receivable, net | 91,579 | 101,229 | ||||||||
| Goodwill | 1,332,348 | 1,312,182 | ||||||||
| Other intangibles, net | 220,553 | 259,312 | ||||||||
| Other assets | 300,810 | 291,378 | ||||||||
| Total assets | $ | 2,729,904 | $ | 2,752,879 | ||||||
| LIABILITIES and STOCKHOLDERS' EQUITY: | ||||||||||
| Deferred revenue | $ | 364,644 | $ | 332,664 | ||||||
| Other liabilities | 170,833 | 202,714 | ||||||||
| Stockholders' equity | 2,194,427 | 2,217,501 | ||||||||
| Total liabilities and stockholders' equity | $ | 2,729,904 | $ | 2,752,879 | ||||||
