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

(2) Amount represents $35.9 million of stock-based compensation expense, $3.5 million of excess payroll taxes related to stock-based awards, $24.8 million of amortization expense associated with intangible assets acquired in business combinations, $2.3 million of transaction expenses related to business combinations and the $5.5 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, decreased for the related income tax impact of $29.9 million and rabbi trust income of $0.1 million, and increased for a measurement-period adjustment related to the Tax Cuts and Jobs Act of $1.4 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 $24.6 million of stock-based compensation expense, $24.1 million of amortization expense associated with intangible assets acquired in business combinations, $11.3 million of restructuring charges, $0.7 million of transaction expenses related to business combinations and the $0.6 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 $30.4 million.


 
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Quarter Ending September 30, 2018
    
  ASC 606  ASC 605
  Earnings
Per Share
Range -
Diluted
  Earnings
Per Share
Range -
Diluted
U.S. GAAP expectation$0.63 - $0.79 $0.93 - $1.01
Adjustment to exclude acquisition adjustments to deferred revenue$0.03 $0.05
Adjustment to exclude acquisition-related amortization$0.08 $0.08
Adjustment to exclude stock-based compensation$0.17 - $0.19 $0.17 - $0.19
Non-GAAP expectation$0.93 - $1.07 $1.25 - $1.31


 
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Year Ending December 31, 2018
    
  ASC 606  ASC 605
  Earnings
Per Share
Range -
Diluted
  Earnings
Per Share
Range -
Diluted
U.S. GAAP expectation$3.79 - $4.12 $3.84 - $4.02
Adjustment to exclude acquisition adjustments to deferred revenue$0.08 $0.13
Adjustment to exclude acquisition-related amortization$0.36 - $0.37 $0.36 - $0.37
Adjustment to exclude stock-based compensation$0.53 - $0.58 $0.53 - $0.58
Adjustment to exclude acquisition-related transaction expenses$0.03 $0.03
Exclusion of measurement-period adjustments related to the Tax Cuts and Jobs Act$0.02 $0.02
Non-GAAP expectation$4.87 - $5.14 $4.97 - $5.09
    


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 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.

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