ANSYS Announces Record Q2 Financial Results Including

ANSYS Announces Record Q2 Financial Results Including Double-Digit Growth in Revenue, EPS and ACV


ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
*(in thousands)*	June 30, 2019		December 31, 2018
ASSETS:
Cash & short-term investments	$	631,696	$	777,364
Accounts receivable, net	297,798		317,700
Goodwill	1,775,734		1,572,455
Other intangibles, net	282,070		211,272
Other assets⁽¹⁾	525,544		387,173
Total assets	$	3,512,842	$	3,265,964
LIABILITIES & STOCKHOLDERS' EQUITY:
Current deferred revenue	$	321,060	$	328,584
Other liabilities⁽¹⁾	374,496		287,833
Stockholders' equity	2,817,286		2,649,547
Total liabilities & stockholders' equity	$	3,512,842	$	3,265,964

⁽¹⁾Effective January 1, 2019, the Company adopted the new leasing standard, which requires virtually all leases to be recorded on the balance sheet. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with previous guidance. The adoption of the new standard resulted in the recognition of approximately $90 million of lease assets, and corresponding lease liabilities, on the Company's condensed consolidated balance sheet as of January 1, 2019.


ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three Months Ended						Six Months Ended
*(in thousands, except per share data)*	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
Revenue:
Software licenses	$	170,499		$	131,147		$	293,543		$	241,193
Maintenance and service	198,136			174,766			392,222			347,593
Total revenue	368,635			305,913			685,765			588,786
Cost of sales:
Software licenses	6,204			4,099			10,912			8,010
Amortization	4,755			9,087			9,302			17,873
Maintenance and service	29,538			27,264			55,098			53,605
Total cost of sales	40,497			40,450			75,312			79,488
Gross profit	328,138			265,463			610,453			509,298
Operating expenses:
Selling, general and administrative	120,412			95,058			232,581			182,867
Research and development	75,302			58,357			146,040			115,887
Amortization	3,796			3,495			7,555			6,930
Total operating expenses	199,510			156,910			386,176			305,684
Operating income	128,628			108,553			224,277			203,614
Interest income	2,980			2,176			6,422			4,461
Other expense, net	(1,667		)	(1,007		)	(2,092		)	(1,315		)
Income before income tax provision	129,941			109,722			228,607			206,760
Income tax provision	20,191			17,126			32,627			29,884
Net income	$	109,750		$	92,596		$	195,980		$	176,876
Earnings per share – basic:
Earnings per share	$	1.31		$	1.10		$	2.34		$	2.11
Weighted average shares	83,978			84,105			83,871			84,018
Earnings per share – diluted:
Earnings per share	$	1.28		$	1.08		$	2.29		$	2.06
Weighted average shares	85,483			85,986			85,488			86,069

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