ANSYS Announces Q4 Results: Record Finish Reflects Double-Digit Growth in Revenue, ACV, EPS and Operating Cash Flow

(1) 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.
(2) Amount represents $83.3 million of stock-based compensation expense, $4.3 million of excess payroll taxes related to stock-based awards, $40.8 million of amortization expense associated with intangible assets acquired in business combinations, $3.5 million of transaction expenses related to business combinations and the $9.4 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 $47.9 million and increased for a measurement-period adjustment related to the Tax Cuts and Jobs Act of $0.9 million and rabbi trust expense of $0.1 million.

 
 
ANSYS, INC. AND SUBSIDIARIES
ASC 605 Reconciliation of Non-GAAP Measures
(Unaudited)
  Three Months Ended
  December 31, 2018  December 31, 2017
(in thousands, except percentages and per share data) GAAP
Results
  Adjustments  Non-GAAP
Results
  GAAP
Results
  Adjustments  Non-
GAAP
Results
Total revenue $ 335,918   $ 4,147  (1 ) $ 340,065  $302,336  $1,108 (4)$303,444 
Operating income 100,422   37,248  (2 ) 137,670  100,679  28,582 (5)129,261 
Operating profit margin 29.9 %    40.5 % 33.3%   42.6%
Net income $ 88,570   $ 30,005  (3 ) $ 118,575  $52,585  $40,183 (6)$92,768 
Earnings per share – diluted:           
Earnings per share $ 1.04     $ 1.39  $0.61    $1.07 
Weighted average shares 85,472     85,472  86,709    86,709 

(1) 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.
(2) Amount represents $24.5 million of stock-based compensation expense, $0.5 million of excess payroll taxes related to stock-based awards, $7.0 million of amortization expense associated with intangible assets acquired in business combinations, $1.2 million of transaction expenses related to business combinations and the $4.1 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 $7.4 million and increased for rabbi trust expense of $0.2 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 $13.7 million of stock-based compensation expense, $13.4 million of amortization expense associated with intangible assets acquired in business combinations, $0.4 million of transaction expenses related to business combinations and the $1.1 million adjustment to revenue as reflected in (4) above.

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