ANSYS Announces Record Q2 2018 Financial Results: Driven by Strong Revenue and Earnings Growth


Other Financial Metrics

(in millions, except percentages) Q2 2018  Q2 2017  % Change  % Change
in Constant
Currency
Annual contract value (ACV) $ 293.0  $265.6  10% 8%
Operating cash flows $ 111.1  $112.2  (1)%  


(in millions, except percentages) YTD 2018  YTD 2017  % Change  % Change
in Constant
Currency
ACV $ 586.9  $514.4  14% 10%
Operating cash flows $ 243.5  $238.1  2%  
            


ACV is comprised of the following:

  • the annualized value of maintenance and lease contracts with start dates or anniversary dates during the period, plus
  • the value of perpetual license contracts with start dates during the period, plus
  • the value of fixed-term services contracts completed during the period with an expected duration of 12 months or less, plus
  • the value of work performed during the period on fixed-deliverable services contracts.

Management's 2018 Financial Outlook

The Company's third quarter and fiscal year 2018 revenue and earnings per share guidance is provided below. The revenue and earnings per share guidance is provided on both a GAAP and a non-GAAP basis, and in accordance with both ASC 606 and ASC 605. Non-GAAP financial measures exclude the income statement effects of acquisition adjustments to deferred revenue, stock-based compensation, amortization of acquired intangible assets, acquisition-related transaction costs and measurement-period adjustments related to the Tax Cuts and Jobs Act.

The financial guidance below includes the impact of the Company's acquisition of OPTIS, which closed in May 2018. Refer to the Prepared Remarks document for additional details related to the impact of the OPTIS acquisition on the Company's financial guidance.

Third Quarter 2018 Guidance

The Company currently expects the following for the quarter ending September 30, 2018:

    
(in millions, except per share data) GAAP  non-GAAP
Revenue under ASC 606$261.4 - $281.4 $265.0 - $285.0
Diluted earnings per share under ASC 606$0.63 - $0.79 $0.93 - $1.07
Revenue under ASC 605$296.0 - $306.0 $302.0 - $312.0
Diluted earnings per share under ASC 605$0.93 - $1.01 $1.25 - $1.31
    

Commentary on Fiscal Year 2018 Revenue Guidance

The Company's FY 2018 revenue guidance presented below reflects an adverse currency impact of approximately $15 million as compared to the exchange rates provided with the Company's guidance in May 2018. Accordingly, the constant currency growth rates implied in the revenue guidance below are higher than those provided in the May 2018 guidance.

Fiscal Year 2018 Guidance

The Company currently expects the following for the fiscal year ending December 31, 2018:

    
(in millions, except per share data) GAAP  non-GAAP
Revenue under ASC 606 $1,200.5 - $1,240.5   $1,210.0 - $1,250.0
Diluted earnings per share under ASC 606 $3.79 - $4.12   $4.87 - $5.14
Revenue under ASC 605 $1,207.4 - $1,229.4   $1,223.0 - $1,245.0
Diluted earnings per share under ASC 605 $3.84 - $4.02   $4.97 - $5.09

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