http://www.businesswire.com/news/home/20091105005100/en
* Company Updates 2009 Outlook and Provides Preliminary 2010 Outlook
Highlights
* Non-GAAP revenue of $128.8 million and GAAP revenue of $128.2 million
* Non-GAAP diluted earnings per share of $0.45, or $0.46 adjusted for
restructuring charges and GAAP diluted earnings per share of $0.33
* Operating cash flows of $34.1 million
* Non-GAAP operating profit margin of 50.0%; GAAP operating profit margin of
37.2%
SOUTHPOINTE, Pa.--(Business Wire)--
ANSYS, Inc. (NASDAQ: ANSS), a global innovator of simulation software and
technologies designed to optimize product development processes, today announced
third quarter 2009 results.
Commenting on the Company`s third quarter 2009 performance, Jim Cashman, ANSYS
president & CEO stated, "Our Q3 results continue to reflect a resilient business
in a turbulent global economy. Our business model again delivered good operating
margins and solid cash flows, driven by a relatively stable organic business in
constant currencies. These results are a reflection of our strong value
proposition, combined with strong customer relationships built over many years,
and our dedicated employees. This also marks the one-year anniversary of the
Ansoft acquisition and, even in the current macro environment, we have started
to see some stabilization of this business."
Cashman continued, "While we are still facing the realities of ongoing pressure
on customer spending and prolonged sales cycles, ANSYS delivered revenue in the
upper end of the guidance range, which resulted in overachievement in our
non-GAAP earnings. Since we do not know the timing or shape of any global
recovery, we have maintained our focus on improving our business and investing
in initiatives that will drive our long-term performance, while also continuing
our disciplined expense management practices. We are encouraged by our third
quarter results and believe that the actions that we have taken to date should
position us positively as demand improves."
ANSYS` third quarter 2009 financial results are presented below. The non-GAAP
results exclude the income statement effects of stock-based compensation,
purchase accounting for deferred revenue and acquisition-related amortization of
intangible assets. These third quarter non-GAAP results include approximately
$1.5 million ($1.0 million after tax) of restructuring charges. The year-to-date
results include approximately $2.8 million ($1.8 million after tax) of
restructuring charges and $2.0 million of second quarter tax benefits related to
settlements of tax years previously under audit. Excluding these items, the
Company`s non-GAAP diluted earnings per share for the three and nine months
ended September 30, 2009, would have been $0.46 and $1.25, respectively.
Non-GAAP and GAAP results reflect:
* Total non-GAAP revenue of $128.8 million in the third quarter of 2009 as
compared to $128.8 million in the third quarter of 2008; total non-GAAP revenue
of $374.4 million in the first nine months of 2009 as compared to $349.6 million
in the first nine months of 2008; total GAAP revenue of $128.2 million in the
third quarter of 2009 as compared to $122.2 million in the third quarter of
2008; total GAAP revenue of $366.5 million in the first nine months of 2009 as
compared to $343.0 million in the first nine months of 2008;
* A non-GAAP operating profit margin of 50.0% in the third quarter of 2009 as
compared to 45.6% in the third quarter of 2008; a non-GAAP operating profit
margin of 47.8% in the first nine months of 2009 as compared to 47.0% in the
first nine months of 2008; a GAAP operating profit margin of 37.2% in the third
quarter of 2009 as compared to 31.3% in the third quarter of 2008; a GAAP
operating profit margin of 33.6% in the first nine months of 2009 as compared to
36.1% in the first nine months of 2008;
* Non-GAAP net income of $41.4 million in the third quarter of 2009 as compared
to $38.7 million in the third quarter of 2008; non-GAAP net income of $114.8
million in the first nine months of 2009 as compared to $105.8 million in the
first nine months of 2008; GAAP net income of $30.5 million in the third quarter
of 2009 as compared to $25.8 million in the third quarter of 2008; GAAP net
income of $78.8 million in the first nine months of 2009 as compared to $79.8
million in the first nine months of 2008; and
* Non-GAAP diluted earnings per share of $0.45 in the third quarter of 2009 as
compared to $0.43 in the third quarter of 2008; non-GAAP diluted earnings per
share of $1.25 in the first nine months of 2009 as compared to $1.25 in the
first nine months of 2008; GAAP diluted earnings per share of $0.33 in the third
quarter of 2009 as compared to $0.29 in the third quarter of 2008; GAAP diluted
earnings per share of $0.86 in the first nine months of 2009 as compared to
$0.94 in the first nine months of 2008.
* Operating cash flows of $34.1 million in the third quarter of 2009 as compared
to $42.7 million in the third quarter of 2008; operating cash flows of $128.8
million in the first nine months of 2009 as compared to operating cash flows of
$135.0 million in the first nine months of 2008.
The Company`s GAAP results reflect stock-based compensation charges of
approximately $3.2 million ($2.5 million after tax) or $0.03 diluted earnings
per share for the second quarter of 2009 and approximately $9.3 million ($7.4
million after tax) or $0.08 diluted earnings per share for the first nine months
of 2009. The non-GAAP financial results highlighted above, and the non-GAAP
financial outlook for 2009 and 2010 discussed below, represent non-GAAP
financial measures. Reconciliations of these measures to the appropriate GAAP
measures, for the three and nine months ended September 30, 2009 and 2008, and
for the 2009 financial outlook, are included in the condensed financial
information included in this release.
Management`s Remaining 2009 and Preliminary 2010 Financial Outlook
The Company is providing its 2009 revenue and earnings per share guidance below,
as well as its preliminary outlook for 2010. The earnings per share guidance is
provided on both a GAAP basis and a non-GAAP basis. Non-GAAP revenue and
Non-GAAP diluted earnings per share exclude charges for stock-based
compensation, as well as the effects of purchase accounting for deferred revenue
and acquisition-related amortization of intangible assets.
Fourth Quarter 2009 Guidance
The Company currently expects the following for the quarter ending December 31,
2009:
* GAAP revenue in the range of $135.8 - $141.8 million
* Non-GAAP revenue in the range of $136 - $142 million
* GAAP diluted earnings per share of $0.34 - $0.38
* Non-GAAP diluted earnings per share of $0.47 - $0.49
Fiscal Year 2009 Guidance
The Company currently expects the following for the fiscal year ending December
31, 2009:
* GAAP revenue in the range of $502.3 - $508.3 million
* Non-GAAP revenue in the range of $510.4 - $516.4 million
* GAAP diluted earnings per share of $1.20 - $1.24
* Non-GAAP diluted earnings per share of $1.72 - $1.74
Fiscal Year 2010 Preliminary Outlook
The Company currently expects the following for the fiscal year ending December
31, 2010:
* GAAP revenue growth: 8% - 13%
* GAAP operating margin: 35% - 37%
* GAAP tax rate: 34% - 36%
* GAAP diluted EPS growth: 8% - 18%
* Non-GAAP revenue growth: 6% - 11%
* Non-GAAP operating margin: 47% - 49%
* Non-GAAP tax rate: 34% - 36%
* Non-GAAP diluted EPS growth: 5% - 10%
The fourth quarter and fiscal year 2009 guidance excludes restructuring charges,
as well as certain tax-related items as follows:
Excluded from fourth quarter 2009 guidance:
* Non-recurring pre-tax restructuring charges of approximately $1.1 - $1.9
million associated with continued headcount right-sizing initiatives.
* Up to $3 million in tax charges related to cash repatriation activities that
are expected to occur in the fourth quarter.
Excluded from fiscal year 2009 guidance:
* Non-recurring pre-tax restructuring charges of approximately $3.9 - $4.7
million associated with headcount right-sizing initiatives, $2.8 million of
which was recorded in the results for the nine months ended September 30, 2009.
* Up to $3 million in tax charges related to cash repatriation activities that
are expected to occur in the fourth quarter.
* Approximately $2 million in tax benefits related to settlements of tax years
previously under audit, all of which was recorded in the results for the nine
months ended September 30, 2009.
These statements are forward-looking and actual results may differ materially.
ANSYS is unable to predict the likely duration and severity of the current
disruption in the domestic and global economies. Should these economic
conditions continue to deteriorate further, it could result in ANSYS not meeting
the guidance provided above and ANSYS` operating results and financial
performance could be adversely affected. Non-GAAP diluted earnings per share and
Non-GAAP revenue are supplemental financial measures and should not be
considered as a substitute for, or superior to, diluted earnings per share or
revenue determined in accordance with GAAP.
Conference Call Information
ANSYS will hold a conference call at 10:30 a.m. Eastern Time on November 5, 2009
to discuss third quarter results. To participate in the live conference call,
dial 800-8602442 (US). 866-605-3852 (Canada) or 412-858-4600 (Int`l). The call
will be recorded and a replay will be available approximately one hour after the
call ends. The replay will be available for ten days by dialing 877-344-7529
(US), or 412-317-0088 (Canada and Int`l) and entering the passcode 434689. The
archived webcast can be accessed, along with other financial information, on
ANSYS` website at http://investors.ansys.com.
ANSYS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
September 30, December 31,
2009 2008
ASSETS:
Cash & short-term investments $ 293,706 $ 233,875
Accounts receivable, net 51,056 61,823
Goodwill 1,042,157 1,048,003
Other intangibles, net 336,878 373,398
Other assets 128,932 147,415
Total assets $ 1,852,729 $ 1,864,514
LIABILITIES & STOCKHOLDERS` EQUITY:
Deferred revenue $ 162,144 $ 166,189
Long-term debt (including current portion) 232,131 279,425
Other liabilities 201,413 236,001
Stockholders` equity 1,257,041 1,182,899
Total liabilities & stockholders` equity $ 1,852,729 $ 1,864,514
ANSYS, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
Revenue:
Software licenses $ 76,395 $ 80,226 $ 220,020 $ 227,777
Maintenance and service 51,792 42,021 146,503 115,261
Total revenue 128,187 122,247 366,523 343,038
Cost of sales:
Software licenses 2,417 2,508 7,083 6,911
Amortization 9,005 8,120 27,002 18,072
Maintenance and service 12,295 13,959 36,820 41,041
Restructuring charges 172 - 670 -
Total cost of sales 23,889 24,587 71,575 66,024
Gross profit 104,298 97,660 294,948 277,014
Operating expenses:
Selling, general and administrative 31,719 36,071 98,114 92,933
Research and development 19,462 20,282 59,401 52,768
Amortization 4,115 3,011 12,134 7,362
Restructuring charges 1,370 - 2,178 -
Total operating expenses 56,666 59,364 171,827 153,063
Operating income 47,632 38,296 123,121 123,951
Interest expense (2,313) (3,122) (8,531) (5,349)
Interest income 425 1,672 1,354 4,480
Other income (expense), net 54 (273) (1,251) 281
Income before income tax provision 45,798 36,573 114,693 123,363
Income tax provision 15,269 10,798 35,932 43,605
Net income $ 30,529 $ 25,775 $ 78,761 $ 79,758
Earnings per share - basic:
Basic earnings per share $ 0.35 $ 0.30 $ 0.89 $ 0.99
Weighted average shares - basic 88,284 85,687 88,292 80,831
Earnings per share - diluted:
Diluted earnings per share $ 0.33 $ 0.29 $ 0.86 $ 0.94
Weighted average shares - diluted 91,640 90,117 91,621 84,614
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
(Unaudited)
(in thousands, except percentages and per share data)
Three Months Ended
September 30, 2009 September 30, 2008
As Non-GAAP As Non-GAAP
Reported Adjustments Results Reported Adjustments Results
Total revenue $ 128,187 $ 567(1) $ 128,754 $ 122,247 $ 6,598(4) $ 128,845
Operating income 47,632 16,777(2) 64,409 38,296 $ 20,424(5) 58,720
Operating profit margin 37.2% 50.0% 31.3% 45.6%
Net income $ 30,529 $ 10,884(3) $ 41,413 $ 25,775 $ 12,903(6) $ 38,678
Earnings per share - diluted:
Diluted earnings per share $ 0.33 $ 0.45 $ 0.29 $ 0.43
Weighted average shares - diluted 91,640 91,640 90,117 90,117
(1) Amount represents the revenue not reported during the period as a result of the purchase accounting adjustment associated with accounting for deferred revenue in business combinations.
(2) Amount represents $13.0 million of amortization expense associated with intangible assets acquired in business acquisitions, including amounts primarily related to acquired software, customer list, trademarks and non-compete agreements, a $3.2 million charge for stock-based compensation, as well as the $567,000 adjustment to revenue as reflected in (1) above.
(3) Amount represents the impact of the adjustments to operating income referred to in (2) above, adjusted for the related income tax impact of $5.9 million.
(4) Amount represents the revenue not reported during the period as a result of the purchase accounting adjustment associated with accounting for deferred revenue in business combinations.
(5) Amount represents $11.0 million of amortization expense associated with intangible assets acquired in business acquisitions, including amounts primarily related to acquired software, customer list and non-compete agreements, a $2.8 million charge for stock-based compensation, as well as the $6.6 million adjustment to revenue 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 $7.5 million.
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Measures
(Unaudited)
(in thousands, except percentages and per share data)
Nine Months Ended
September 30, 2009 September 30, 2008
As Non-GAAP As Non-GAAP
Reported Adjustments Results Reported Adjustments Results
Total revenue $ 366,523 $ 7,830(1) $ 374,353 $ 343,038 $ 6,598(4) $ 349,636
Operating income 123,121 $ 56,004(2) 179,125 123,951 $ 40,421(5) 164,372
Operating profit margin 33.6% 47.8% 36.1% 47.0%
Net income $ 78,761 $ 36,024(3) $ 114,785 $ 79,758 $ 26,089(6) $ 105,847
Earnings per share - diluted:
Diluted earnings per share $ 0.86 $ 1.25 $ 0.94 $ 1.25
Weighted average shares - diluted 91,621 91,621 84,614 84,614
(1) Amount represents the revenue not reported during the period as a result of the purchase accounting adjustment associated with accounting for deferred revenue in business combinations.
(2) Amount represents $38.9 million of amortization expense associated with intangible assets acquired in business acquisitions, including amounts primarily related to acquired software, customer list, trademarks and non-compete agreements, a $9.3 million charge for stock-based compensation, as well as the $7.8 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, adjusted for the related income tax impact of $20.0 million.
(4) Amount represents the revenue not reported during the period as a result of the purchase accounting adjustment associated with accounting for deferred revenue in business combinations.
(5) Amount represents $25.1 million of amortization expense associated with intangible assets acquired in business acquisitions, including amounts primarily related to acquired software, customer list and non-compete agreements, an $8.7 million charge for stock-based compensation, as well as the $6.6 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 $14.3 million.
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Quarter Ending December 31, 2009
Earnings Per Share Range
- Diluted
U.S. GAAP expectation $0.34 - $0.38
Adjustment to exclude acquisition-related amortization $0.08 - $0.09
Adjustment to exclude stock-based compensation $0.03 - $0.04
Non-GAAP expectation $0.47 - $0.49
ANSYS, INC. AND SUBSIDIARIES
Reconciliation of Forward-Looking Guidance
Year Ending December 31, 2009
Earnings Per Share Range
- Diluted
U.S. GAAP expectation $1.20 - $1.24
Adjustment to exclude acquisition-related amortization $0.34 - $0.35
Adjustment to exclude purchase accounting adjustments to deferred revenue $0.05
Adjustment to exclude stock-based compensation $0.11 - $0.12
Non-GAAP expectation $1.72 - $1.74
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 our Company focus on and publish both historical results and future
projections based on non-GAAP financial measures. We believe that it is in the
best interest of our 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.
The adjustments to these non-GAAP financial measures, and the basis for such
adjustments, are outlined below:
Purchase accounting for deferred revenue. On July 31, 2008, ANSYS acquired
Ansoft Corporation. In accordance with the fair value provisions of accounting
for deferred revenue in business combinations, acquired deferred revenue of
approximately $7.5 million was recorded on the opening balance sheet, which was
approximately $23.5 million lower than the historical carrying value. Although
this purchase accounting requirement has no impact on the Company`s business or
cash flow, it adversely impacts the Company`s reported GAAP software license
revenue primarily for the first twelve months post-acquisition. In order to
provide investors with financial information that facilitates comparison of both
historical and future results, the Company has provided non-GAAP financial
measures which exclude the impact of the purchase accounting adjustment. The
Company believes that this non-GAAP financial adjustment is useful to investors
because it allows investors to (a) evaluate the effectiveness of the methodology
and information used by management in its financial and operational
decision-making and (b) to compare past and future reports of financial results
of the Company as the revenue reduction related to acquired deferred revenue
will not recur when related annual lease licenses and software maintenance
contracts are renewed in future periods.
Amortization of intangibles from acquisitions and its related tax impact. The
Company incurs amortization of intangibles, included in its GAAP presentation of
amortization expense, related to various acquisitions it has made in recent
years. Management excludes these expenses and their related tax impact for the
purpose of calculating non-GAAP operating income, non-GAAP operating profit
margin, non-GAAP net income and non-GAAP diluted earnings per share when it
evaluates the continuing operational performance of the Company because these
costs are fixed at the time of an acquisition, are then amortized over a period
of several years after the acquisition and generally cannot be changed or
influenced by management after the acquisition. Accordingly, management does not
consider these expenses for purposes of evaluating the performance of the
Company during the applicable time period after the acquisition, and it excludes
such expenses when making decisions to allocate resources. The Company believes
that these non-GAAP financial measures are useful to investors because they
allow investors to (a) evaluate the effectiveness of the methodology and
information used by management in its financial and operational decision-making
and (b) compare past reports of financial results of the Company as the Company
has historically reported these non-GAAP financial measures.
Stock-based compensation expense and its related tax impact. The Company incurs
expense related to stock-based compensation included in its GAAP presentation of
cost of software licenses, cost of maintenance and service, research and
development expense and selling, general and administrative expense. Although
stock-based compensation is an expense of the Company and viewed as a form of
compensation, management excludes these expenses for the purpose of calculating
non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income
and non-GAAP diluted earnings per share when it evaluates the continuing
operational performance of the Company. Specifically, the Company excludes
stock-based compensation during its annual budgeting process and its quarterly
and annual assessments of the Company`s and management's performance. The annual
budgeting process is the primary mechanism whereby the Company allocates
resources to various initiatives and operational requirements. Additionally, the
annual review by the board of directors during which it compares the Company`s
historical business model and profitability as it relates to the planned
business model and profitability for the forthcoming year excludes the impact of
stock-based compensation. In evaluating the performance of senior management and
department managers, charges related to stock-based compensation are excluded
from expenditure and profitability results. In fact, the Company records
stock-based compensation expense into a stand-alone cost center for which no
single operational manager is responsible or accountable. In this way,
management is able to review on a period-to-period basis each manager`s
performance and assess financial discipline over operational expenditures
without the effect of stock-based compensation. The Company believes that these
non-GAAP financial measures are useful to investors because they allow investors
to (a) evaluate the Company`s operating results and the effectiveness of the
methodology used by management to review the Company`s operating results, and
(b) review historical comparability in its financial reporting, as well as
comparability with competitors` operating results.
Non-GAAP financial measures are not in accordance with, or an alternative for,
generally accepted accounting principles in the United States. The Company`s
non-GAAP financial measures are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures, and should be read only in
conjunction with the Company`s consolidated financial statements prepared in
accordance with GAAP.
Pursuant to the requirements of Regulation G, the Company has provided a
reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP financial measures as listed below:
GAAP Reporting Measure Non-GAAP Reporting Measure
Revenue Non-GAAP Revenue
Operating Profit Non-GAAP Operating Profit
Operating Profit Margin Non-GAAP Operating Profit Margin
Net Income Non-GAAP Net Income
Diluted Earnings Per Share Non-GAAP Diluted Earnings Per Share
About ANSYS, Inc.
ANSYS, Inc., founded in 1970, develops and globally markets engineering
simulation software and technologies widely used by engineers and designers
across a broad spectrum of industries. The Company focuses on the development of
open and flexible solutions that enable users to analyze designs directly on the
desktop, providing a common platform for fast, efficient and cost-conscious
product development, from design concept to final-stage testing and validation.
The Company and its global network of channel partners provide sales, support
and training for customers. Headquartered in Canonsburg, Pennsylvania, U.S.A.,
with more than 60 strategic sales locations throughout the world, ANSYS, Inc.
and its subsidiaries employ over 1,600 people and distribute ANSYS products
through a network of channel partners in over 40 countries. Visit www.ansys.com
for more information.
Forward Looking Information
Certain statements contained in the press release regarding matters that are not
historical facts, including, but not limited to, statements regarding our
projections for revenue and earnings per share for the fourth quarter and fiscal
years 2009 and 2010 (both GAAP and non-GAAP, as applicable, to exclude purchase
accounting for deferred revenue, acquisition-related amortization and
stock-based compensation expense), statements about management's views
concerning the Company`s prospects and outlook for the remainder of 2009, 2010
and subsequent years, including statements and projections relating to the
impact of stock-based compensation, statements regarding management's use of
non-GAAP financial measures, statements regarding the Company`s fourth quarter
and beyond visibility, statements regarding our Q3 results continuing to reflect
a resilient business in a turbulent global economy, statements regarding our
business model again delivering good operating margins and solid cash flows
driven by a relatively stable organic business in constant currencies,
statements regarding results being driven by a strong value proposition,
combined with strong customer relationships built over many years and our
dedicated employees, statements regarding starting to see some stabilization in
the Ansoft business, statements regarding still facing the realities of ongoing
pressure on customer spending and prolonged sales cycles, statements regarding
ANSYS delivering revenue in the upper end of the guidance range which drove
overachievement in our non-GAAP earnings, statements regarding not knowing the
timing or shape of any global recovery, statements regarding maintaining our
focus on improving our business and investing in initiatives that will drive our
long-term performance while also continuing our disciplined expense management
practices, and statements regarding being encouraged by our third quarter
results and believing that the actions we have taken to date should position us
positively as demand improves are "forward-looking" statements (as defined in
the Private Securities Litigation Reform Act of 1995). Because such statements
are subject to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements. All
forward-looking statements in this press release are subject to risks and
uncertainties. These include the risk that the business of ANSYS and Ansoft may
not be combined successfully or such combination may take longer or cost more to
accomplish than expected, the risk that the variable pricing of the senior
credit facility may be less favorable than ANSYS anticipates, and the risk that
operating costs, customer loss and business disruption following the acquisition
of Ansoft may be greater than expected. Additional risks include, but are not
limited to, the risk that the adverse conditions in the global economy and the
disruption in financial markets will significantly affect ANSYS` customers`
ability to make new purchases from the Company or to pay for prior purchases,
the risk of continued or increased declines in the economy of one or more of
ANSYS` primary geographic regions, the risk that ANSYS` operating results will
be adversely affected by changes in currency exchange rates, the risk that the
assumptions underlying ANSYS` anticipated revenues and expenditures will change
or prove inaccurate, the risk that ANSYS has overestimated its ability to
maintain growth and profitability and control costs, uncertainties regarding the
demand for ANSYS` products and services in future periods, the risk that ANSYS
has overestimated the strength of the demand among its customers for its
products, uncertainties regarding customer acceptance of new products including
ANSYS 12.0, the risk that ANSYS` operating results will be adversely affected by
possible delays in developing, completing, or shipping new or enhanced products,
risks that enhancements to the Company`s products may not produce anticipated
sales, the risk of difficulties in the relationship with ANSYS` independent
regional channel partners, and other factors that are detailed from time to time
in reports filed by ANSYS, Inc. with the Securities and Exchange Commission,
including ANSYS, Inc.`s 2008 Annual Report and Form 10-K. We undertake no
obligation to publicly update or revise any forward-looking statements, whether
changes occur as a result of new information or future events, after the date
they were made.
ANSYS, ANSYS Workbench, Ansoft, AUTODYN, CFX, FLUENT and any and all ANSYS, Inc.
brand, product, service and feature names, logos and slogans are registered
trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States
or other countries. All other brand, product, service and feature names or
trademarks are the property of their respective owners.
ANSS-F
ANSYS, Inc.
Investors:
Annette Arribas, 724-514-1782
annette.arribas@ansys.com
or
Media:
Kelly Wall, 724-514-3076
kelly.wall@ansys.com
Copyright Business Wire 2009
