/ Q3 2024 Results

• Revenue of $601.9 million
• GAAP diluted earnings per share of $1.46 and non-GAAP diluted earnings per share of $2.58
• GAAP operating profit margin of 26.8% and non-GAAP operating profit margin of 45.8%
• Operating cash flows of $174.2 million and unlevered operating cash flows of $184.5 million
• Annual contract value (ACV) of $540.5 million
• Deferred revenue and backlog of $1,463.8 million on September 30, 2024

PITTSBURGH, Nov. 06, 2024 (GLOBE NEWSWIRE) -- ANSYS, Inc. (NASDAQ: ANSS), today reported third quarter 2024 revenue of $601.9 million, an increase of 31% in reported and constant currency when compared to the third quarter of 2023. For the third quarter of 2024, the Company reported diluted earnings per share of $1.46 and $2.58 on a GAAP and non-GAAP basis, respectively, compared to $0.64 and $1.41 on a GAAP and non-GAAP basis, respectively, for the third quarter of 2023. Additionally, the Company reported third quarter ACV growth of 18% in reported and constant currency, when compared to the third quarter of 2023. The Company continues to expect FY 2024 ACV growth to be double-digit.

On January 15, 2024, the Company entered into a definitive agreement with Synopsys, Inc. (Synopsys) under which Synopsys will acquire Ansys. Ansys and Synopsys have received foreign direct investment approvals for the proposed transaction in nearly all of the relevant jurisdictions, and received unconditional clearance from the Israeli Competition Authority on October 9, 2024. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures for the three and nine months ended September 30, 2024 and 2023 can be found later in this release.

/ Summary of Financial Results

Ansys’ third quarter and year-to-date (YTD) 2024 and 2023 financial results are presented below. The 2024 and 2023 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.

Our results are as follows: