ANSYS, Inc. Reports First Quarter 2009 Results and Updates Outlook

ANSYS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(Unaudited)

(in thousands, except percentages and per share data)

 
 
   

Three Months Ended

 

March 31, 2009

 

March 31, 2008

   

As
Reported

 

Adjustments

 

Non-GAAP
Results

As
Reported

 

Adjustments

 

Non-GAAP
Results

 

Total revenue

$

116,310

$

5,074(1

)

$

121,384

$

109,545

$

109,545

 
Operating income 34,829 $ 21,081(2 ) 55,910 41,801 $ 9,998(4 ) 51,799
 
Operating profit margin 29.9 % 46.1 % 38.2 % 47.3 %
 
Net income $ 21,095 $ 13,405(3 ) $ 34,500 $ 25,854 $ 6,611(5 ) $ 32,465
 
Earnings per share - diluted:
Diluted earnings per share $ 0.23 $ 0.37 $ 0.32 $ 0.40
Weighted average shares - diluted 92,175 92,175 81,643 81,643
 
    (1)  

Amount represents the revenue not reported during the period as a result of the purchase accounting adjustment associated with EITF 01-3, “Accounting in a Business Combination for Deferred Revenue of an Acquiree.”

 
(2) Amount represents $12.9 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 $3.1 million charge for stock-based compensation, as well as the $5.1 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, adjusted for the related income tax impact of $7.7 million.

 
(4) Amount represents $7.2 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, and a $2.8 million charge for stock-based compensation.
 
(5) Amount represents the impact of the adjustments to operating income referred to in (4) above, adjusted for the related income tax impact of $3.4 million.
 

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