The non-GAAP financial results highlighted above, and the non-GAAP financial outlook for 2008 and 2009 discussed below, represent non-GAAP financial measures. A reconciliation of these measures to the appropriate GAAP measures, for the three months and nine months ended September 30, 2008 and 2007, and for the 2008 and 2009 financial outlook, is included in the condensed financial information included in this release.
Cashman continued, “Recently, we held our ANSYS 2008 International Users Conference, along with a number of regional user conferences throughout the globe. We received enthusiastic responses from customers and partners not only to our upcoming product launches, but also to our long-term vision and product strategy. We believe that the continued strength of our financial performance validates our strategy to engage customers at new levels driven by the breadth and depth of our world-class simulation capabilities. It also reinforces the importance of continued focus on our customers and their increasingly complex challenges as we build the foundation for the future.”
Cashman concluded by stating, “While we continue to remain optimistic about our near term outlook, and more importantly, our long-term future, we also are faced with the realities and challenges that stem from the economic uncertainty that currently exists across many markets. In spite of these, and as we have demonstrated in the past, we have a combination of internal disciplines and good business visibility which we will use to direct our focus and resources toward delivering results in line with our current outlook for 2009. Our efforts over the last several years have positioned us with a vast array of technologies that set us apart in the industry, continue to bring us new business and increase the adoption rates of ANSYS solutions with our existing customer base. While a great deal of work remains to be done, our strategies and vision have continued to be validated. The opportunity over the long haul appears to be solidifying, and we believe that the ANSYS trajectory of future technology, coupled with our focus on execution and understanding of the business drivers, should enable us to cope with current and future challenges. This is a real testament to all of our employees, partners and expanding array of customers who have propelled us in this endeavor. As we enter into the close of this year, we are committed to continuing to focus and invest to support the needs of our customers and our business, all with an eye toward generating long-term stockholder value.”
Management’s Remaining 2008 and Initial 2009 Financial Outlook
The Company has provided its 2008 and 2009 revenue and earnings per share guidance below. The revenue and 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 income statement effects of purchase accounting for deferred revenue and acquisition-related amortization of intangible assets.
Fourth Quarter 2008 Guidance
The Company currently expects the following for the quarter ending December 31, 2008:
Fiscal Year 2008 Guidance
The Company currently expects the following for the fiscal year ending December 31, 2008:
Fiscal Year 2009 Initial Guidance
The Company currently expects the following for the fiscal year ending December 31, 2009:
Non-GAAP revenue and diluted earnings per share are supplemental financial measures and should not be considered as a substitute for, or superior to, revenue and diluted earnings per share determined in accordance with GAAP.