/ Q4 2023 Results

• GAAP and non-GAAP revenue of $805.1 million
• GAAP diluted earnings per share of $3.14 and non-GAAP diluted earnings per share of $3.94
• GAAP operating profit margin of 41.4% and non-GAAP operating profit margin of 53.0%
• Operating cash flows of $232.7 million and unlevered operating cash flows of $242.8 million
• Annual contract value (ACV) of $955.2 million

/ FY 2023 Results

• GAAP and non-GAAP revenue of $2,269.9 million
• GAAP diluted earnings per share of $5.73 and non-GAAP diluted earnings per share of $8.80
• GAAP operating profit margin of 27.6% and non-GAAP operating profit margin of 42.6%
• Operating cash flows of $717.1 million and unlevered operating cash flows of $755.1 million
• ACV of $2,300.5 million
• Deferred revenue and backlog of $1,472.6 million on December 31, 2023

PITTSBURGH, Feb. 21, 2024 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported fourth quarter 2023 GAAP and non-GAAP revenue growth of 16% in reported currency, or 15% in constant currency, when compared to the fourth quarter of 2022. For FY 2023, GAAP and non-GAAP revenue growth was 10% in reported and constant currency when compared to FY 2022. For the fourth quarter of 2023, the Company reported diluted earnings per share of $3.14 and $3.94 on a GAAP and non-GAAP basis, respectively, compared to $2.95 and $3.09 on a GAAP and non-GAAP basis, respectively, for the fourth quarter of 2022. For FY 2023, the Company reported diluted earnings per share of $5.73 and $8.80 on a GAAP and non-GAAP basis, respectively, compared to $5.99 and $7.99 on a GAAP and non-GAAP basis, respectively, for FY 2022. Additionally, the Company reported fourth quarter and FY 2023 ACV growth of 17% and 13% in reported currency, respectively, or 16% and 13% in constant currency, respectively, when compared to the fourth quarter and FY 2022.

On January 15, 2024, the Company entered into a definitive agreement with Synopsys, Inc. (Synopsys) under which Synopsys will acquire Ansys. Under the terms of the agreement, Ansys shareholders will receive $197.00 in cash and 0.3450 shares of Synopsys common stock for each Ansys share, representing an enterprise value of approximately $35.0 billion based on the closing price of Synopsys common stock on December 21, 2023. The transaction is anticipated to close in the first half of 2025, subject to approval by Ansys shareholders, the receipt of required regulatory approvals and other customary closing conditions. Bringing together Synopsys’ pioneering semiconductor electronic design automation with Ansys’ broad simulation and analysis portfolio will create a leader in silicon to systems design solutions.

The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures for the three and twelve months ended December 31, 2023 and 2022 can be found later in this release.

/ Summary of Financial Results

Ansys’ fourth quarter and FY 2023 and 2022 financial results are presented below. The 2023 and 2022 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items. The 2022 period non-GAAP results also exclude the income statement effects of acquisition accounting adjustments to deferred revenue from business combinations closed prior to 2022. This adjustment is not material in 2023.

GAAP and non-GAAP results are as follows: